Exhibit 1.2



THE COMPANIES LAW



ARTICLES OF ASSOCIATION



OF VUANCE LTD.



Interpretation



1. In these Articles of Association the
following terms will have the meanings described below, unless the context requires otherwise:



|“Articles”             | These Articles of Association, as may be amended from time to time.                                                                                                                                                                                           
|---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                       |                                                                                                                                                                                                                                                               
|“Audit Committee”      | The audit committee of the Board of Directors, established according to these Articles and the Law.                                                                                                                                                           
|                       |                                                                                                                                                                                                                                                               
|“Board of Directors”   | The Company’s board of directors.                                                                                                                                                                                                                             
|                       |                                                                                                                                                                                                                                                               
|“Company”              | VUANCE LTD.                                                                                                                                                                                                                                                   
|                       |                                                                                                                                                                                                                                                               
|“Director”             | A member of the Company’s Board of Directors.                                                                                                                                                                                                                 
|                       |                                                                                                                                                                                                                                                               
|“General Meeting”      | A meeting of the company’s Shareholders convened according to these Articles and the Law.                                                                                                                                                                     
|                       |                                                                                                                                                                                                                                                               
|“Independent Director” | A Director that qualifies as independent in accordance with the rules of the U.S. Securities and Exchange
Commission and of any securities exchange in which the Company has registered its shares on and in accordance with any applicable
law or regulation.
|                       |                                                                                                                                                                                                                                                               
|“Law”                  | The Companies Law - 1999, including any regulations and regulatory orders relating thereto and to the Company, as will be in effect from time to time.                                                                                                        
|                       |                                                                                                                                                                                                                                                               
|“Officer”              | A Director, General Manager, President, Chief Executive Officer (“CEO”), Deputy General Manager, Assistant                                                                                                                                                    











|                    | General Manager, and any person holding such office in the Company, even if bearing a different title, and any other manager being directly subordinated to the CEO.
|------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                    |                                                                                                                                                                     
|“Ordinary Majority” | An ordinary majority of all votes properly cast at a General Meeting, without taking into account abstentions.                                                      
|                    |                                                                                                                                                                     
|“Register”          | The register of Shareholders, including branch registers the Company may maintain, kept according to the Law.                                                       
|                    |                                                                                                                                                                     
|“Secretary”         | The Company’s corporate secretary, as may be appointed by the Board from time to time.                                                                              
|                    |                                                                                                                                                                     
|“Share Capital”     | The Company’s registered share capital, as authorized in these Articles.                                                                                            
|                    |                                                                                                                                                                     
|“Shareholder”       | Any person or entity that is a holder of shares of the Company according to these Articles and the Law                                                              
|                    |                                                                                                                                                                     
|“Special Majority”  | A majority of at least sixty-six percent (66%) of all votes properly cast at a General Meeting, without taking into account abstentions.                            
|                    |                                                                                                                                                                     
|“Voting Instrument” | A written form for Shareholders to use, according to these Articles and the Law, in voting at General Meetings.                                                     
|                    |                                                                                                                                                                     
|“Writing”           | A handwritten, typewritten, facsimile, print, e-mail or any other legally recognized form of communication that can be read.                                        



| | 2. | In these Articles, unless the context otherwise requires, terms used herein shall have the meanings
ascribed to them in the Law. In addition, words importing the singular will include the plural, and vice versa. Words importing
the masculine gender will include the feminine, and words importing persons will include companies, partnerships, associations
and all other legal entities. Days, months and years refer to the Gregorian calendar.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | In the event that an Article is revised or a new Article is added to these Articles, which contradicts
an original Article, the revised or added Article(s) will prevail.
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| | 4. | Unless the context requires otherwise, wherever it is specified in these Articles that the provisions
thereof are according to or subject to the provisions of the Law and/or any other applicable law, rules or regulations, the intention
is to mandatory legislation provisions only.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Public Company



5.      (a) The Company is a public company
as defined in the Law.



| | (b) | Subject to any limitation or restriction under any law, the transfer of shares in the Company is
not restricted.
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| | (c) | The number of Shareholders is unlimited.
| | --- | ----------------------------------------



| | (d) | The Company may issue any form of its shares or other securities to the public.
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| | 6. | The liability of each of the Shareholders of the Company is limited to the greater amount of the
two - the Share's nominal value, or the amount, which the Shareholder is called to pay to the Company for the shares, which have
been allocated to him but have not yet been paid for by him.
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Permissible
Objects



| | 7. | The Objects of the Company may include any activity permitted
by law.
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| | 8. | The Company may contribute, from time to time, reasonable amounts to worthwhile causes, even if
the contribution is not based on profit-oriented business considerations.
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Name and
Registered Office



| | 9. | The name of the Company is: Vuance Ltd. and in
Hebrew: ויואנס בע"מ.
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| | 10. | The Registered Office of the Company will be at such place as the Board of Directors shall determine
from time to time.
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Share
Capital



| | 11. | The authorized Share Capital of the Company is NIS 305,882.2 divided into 52,000,000 Ordinary Shares
of the Company, nominal value NIS 0.0588235 each.
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Alteration
of Share Capital





| | 12. | The Company may from time to time, by a Resolution of Shareholders at a General Meeting, whether
or not all the shares then authorized have been issued, and whether or not all the shares then issued have been called up for payment,
increase its authorized Share Capital by the creation of new shares. Such increase shall be in such amount, divided into shares
of such nominal amounts, subject to such restrictions and terms and with such rights and preferences, as the Resolution creating
the same shall provide.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | Unless otherwise provided in the Resolution authorizing the increase of Share Capital, the new
shares shall be subject to the same provisions applicable to the shares included in the existing Share Capital with regard to the
payment of calls, lien, forfeiture, transfer, transmission and otherwise.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | The Company may, by a resolution of the Shareholders at a General Meeting:
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| | (a) | consolidate and re-divide its Share Capital, fully or partly, into shares of larger nominal (par)
value than its existing shares;
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| | (b) | divide, by sub-division of its existing shares or any of them, into shares of smaller nominal (par)
value than is fixed by the Memorandum of Association and these Articles; provided, however, that the proportion between the amount
paid and the amount unpaid on each share which is not fully paid up shall be retained at such sub-division;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | cancel any shares of its issued or unissued share capital, and decrease the amount of its authorized
share capital by the amount of the shares so canceled, subject to any commitment (including a conditional commitment) given by
the Company in respect of such shares and provided that the cancellation of any issued shares shall be equally made on a pro-rata
basis with respect to all issued shares of the Company;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | reduce its Share Capital in any manner, subject to any approval required by law.
| | --- | --------------------------------------------------------------------------------



The Shareholders may delegate
to the Company’s Board of Directors, the authority to resolve with respect to execution of actions set forth in Sections
14(a) and 14(b) above, within a time frame and subject guidelines and limitations approved at a General Meeting.



| | 15. | If, as a result of a consolidation or split of shares authorized under these Articles, fractions
of a share will stand to the credit of any Shareholder, the Board is authorized, at its discretion, to act as follows:
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| | (a) | determine that fractions of shares that do not entitle their owners to a whole share, will be sold
by the Company, and that the consideration for such sale be paid to the beneficiaries, on terms the Board may determine;
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| | (b) | allot to every Shareholder who holds a fraction of a share resulting from a consolidation and/or
a split, shares of the class that existed prior to the consolidation and/or split, in a quantity that, when consolidated with the
fraction, will constitute a whole share, and such allotment will be considered valid immediately prior to the consolidation or
split;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | determine the manner for paying the amounts to be paid for shares allotted in accordance with Sub-Section
(b) above, including on account of bonus shares; and/or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | determine that the owners of fractions of shares will not be entitled to receive a whole share
in respect of a share fraction or that they may receive a whole share with a different par value than that of the fraction of a
share.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Allotment and Rights of Shares



| | 16. | Subject to these Articles and to the terms of any General Meeting resolution creating new shares,
the allotment and issue of shares will be as determined by the Board of Directors, who may in its sole discretion allot and issue
such shares to persons on terms and conditions and at such times as determined by the Board of Directors, including the allotment
of bonus shares.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17. | (a) Each ordinary share will entitle its owner to receive notices of, to attend, and to cast one
vote at a General Meeting.
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| | (b) | All shares of the Company of the same class shall rank
pari passu in respect of dividends, allotment of bonus shares, distribution of assets or otherwise.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



|18. | (a) | The rights granted to Shareholders
of any class of shares issued with preferred or other special rights will not, unless specifically provided by the terms of issue
of the shares of that class, be deemed to be modified by the creation or issue of shares of a different class.
|--- | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Unless otherwise provided for by the terms of issuance of particular class of shares, the Company
may create or change rights, preferences, restrictions and provisions related to one or more of the classes of shares, after receipt
of consent in writing of all Shareholders of the affected class, or a Resolution passed at a General Meeting of such class. These
Articles will apply, as applicable, to every such separate General Meeting of a class.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19. | The rights applicable to any shares, whether in the original Share Capital or any increased Share
Capital, may be changed according to the provisions of these Articles, provided however, that the Company will not disparately
reduce or restrict the existing Shareholders' voting rights through any corporate action or issuance.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------















Repurchase of shares



| | 20. | The Company may, at any time and from time to time, subject to the Law, purchase back or finance
the purchase of any shares or other securities issued by the Company, in such manner and under such terms as the Board of Directors
shall determine, whether from any one or more Shareholders. Such purchase shall not be deemed a payment of dividends; and no Shareholder
will have the right to require the Company to purchase his shares or to offer to purchase shares from any other Shareholder.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Share Register and Share Certificates



| | 21. | The Company will maintain a Register of Shareholders according to the Law. The Company may maintain
the Register of Shareholders or one or two branch Registers of Shareholders, in Israel or another jurisdiction, which will be considered
as part of the Register.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22. | The Company will not be bound by or required to recognize any right or interest in any share other
than rights or interests of the Shareholder duly registered in the Register or otherwise proven in accordance with these Articles
and the Law.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23. | Every person whose name duly appears as a shareholder in the Register or who otherwise establishes
proof of ownership in accordance with these Articles and the Law, will have the right without payment to receive, within two (2)
months after allotment or registration of transfer (unless the conditions of allotment or transfer provide for a longer period),
a stamped certificate for all the shares registered in his name. The certificate will specify the number of shares for which it
is issued. In case of joint Shareholders the Company will not be required to issue more than one certificate to all the joint Shareholders.
Delivery of a certificate to any of the joint Shareholders will be sufficient delivery to all. Every certificate will be signed
by two Directors and countersigned by the Secretary or by other persons nominated by the Board of Directors for that purpose. The
Company may withhold the issue of share certificates for shares not fully paid up.
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| | 24. | If any share certificate will be defaced, worn out, destroyed or lost, it may be replaced following
production of any evidence, provision of any indemnity and payment of any of the Company’s out of pocket expenses as the
Board of Directors will require. In case of defacement or wearing out, replacement will require delivery of the old certificate.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Share
Warrants, Options and Debentures



| | 25. | The Company may issue from time to time share warrants, options on shares, debentures and similar
forms of securities. The price, terms and conditions of any such securities will be determined by the Board of Directors.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 26. | Subject to the applicable provisions of the Law, the Company may issue and redeem redeemable preference
shares and redeemable warrants. The terms of redemption of, and the rights and obligations attached to such securities, shall be
determined by the Board of Directors, either in general or with respect to a particular issue.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Lien on
Shares



| | 27. | The Company will have a lien on every share for all amounts payable by a shareholder in respect
of such share, whether or not such payables have matured. However, the Board of Directors may at any time declare any share to
be wholly or partly exempt from the provisions of this Article. The Company’s lien, if any, on a share will extend to all
dividends payable on that share.
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| | 28. | The Company may sell any shares on which it has a lien at such time and in such manner as will
be determined by the Board of Directors. However, no sale will be made prior to the lapse of fourteen (14) days from the date of
sending a notice in writing to the registered Shareholders, demanding payment of such sum and giving notice of the Company’s
intention to sell in default. To give effect to any such sale, the Board of Directors may authorize transfer of the shares sold
to the purchaser who will be registered as the holder of the Shares. The Company will receive the net proceeds of the sale which
will be applied in payment of the sum then payable on the lien. The balance of the sale proceeds, if any, will be paid to the person
holding the shares immediately prior to the sale, subject to any lien for sums that were not currently payable for the shares prior
to the sale.
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Calls
on Shares; Forfeiture of Shares



| | 29. | The Board of Directors may, at its discretion, from time to time authorize the amount and manner
of the consideration to be given to the Company for shares. The Board may also make calls on Shareholders for any moneys unpaid
on their shares. Each Shareholder will be liable to pay the amount of every call so made on him to the persons and at the times,
places and installments specified by the Board. A call may be revoked or postponed as the Board may determine.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 30. | A call will be considered to have been made, at the time the Board of Directors approves the resolution
authorizing such call.
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| | 31. | The joint shareholders of a share will be jointly and severally liable for the payment of all calls
and related installments.
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| | 32. | The Board of Directors may, at its discretion, authorize receipt of advances from any shareholder
relating to future calls on shares. The Board may authorize interest to be paid as may be agreed with the advancing shareholder.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 33. | Any sum that, by the terms of a share, is payable upon the share’s allotment or at any fixed
date, will be considered to be a call duly made and payable on the date fixed for such payment. In case of non-payment of such
sum, the relevant provisions of these Articles will apply as if such sum were a call duly made and notified according to these
Articles.
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| | 34. | The Board of Directors may, upon the issue of shares, differentiate between the Shareholders as
to the amount of calls to be paid and the times of payment.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | 35. | If any shareholder fails to pay all or part of any call or installment of a call on or before the
day set for such payment, the Board of Directors may serve a notice on such Shareholder. The notice will require payment of the
amount remaining unpaid together with interest, at such rate as the Board will determine, and any expenses that may have accrued
by reason of such non-payment. The notice will state a date, not less than fourteen (14) days from the date of the notice, on or
before which such call or installment, and all interest and expenses that have accrued by reason of such non-payment are to be
paid. It will also state the place where payment is to be made, and will state that in the event of non-payment on or before the
time and at the place set, the shares for which such call was made will be liable to be forfeited. If the requirements of any such
notice are not met, any share for which such notice has been given may, as long as the payment required by the notice has not been
made, be forfeited by a resolution of the Board to that effect. A forfeiture of shares will include all dividends applicable to
the shares not actually paid before the forfeiture, even if the dividend has already been declared.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 36. | When any shares have been forfeited in accordance with these Articles, notice of forfeiture will
be promptly given to the Shareholder or to the person entitled to the shares by transmission, as the case may be. An entry of such
notice having been given and of the date of the forfeiture of the applicable shares will be made in the Register. However, a forfeiture
will not be invalid solely due to the failure to give such notice or to make such entry in the Register.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|37. | (a) | Following
a forfeiture, the Board of Directors may, at any time before the forfeited share has been otherwise disposed of, revoke the forfeiture
and return the share to the Shareholder on terms determined by the Board.
|--- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Every forfeited share may be sold or re-allotted or otherwise disposed of, to any other person,
on such terms as the Board of Directors may determine.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | 38. | A person whose shares have been forfeited will remain liable to pay to the Company all calls made
and not paid on such shares at the time of forfeiture, and interest thereon to date of payment, in the same manner as if the shares
had not been forfeited. Such person will also remain liable to satisfy any claims and demands which the Company might have enforced
regarding the shares at the time of forfeiture, without any deduction or allowance for the value of the shares at the time of forfeiture.
However, if the Company chooses to sell the forfeited shares, then the net consideration received by the Company for such shares
will be deducted from the amount the person whose shares have been forfeited is liable to pay the Company.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













| | 39. | The forfeiture of a share will cause the extinction at the time of forfeiture of all claims and
demands against the Company regarding the share, and all other rights and liabilities relating to the share as between the forfeiting
Shareholder and the Company, except as provided by law.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 40. | A written declaration by a Director that a share has been duly forfeited according to these Articles
and stating the date of forfeiture, will be conclusive evidence of the facts stated in the declaration against any persons claiming
to be entitled to the forfeited shares. Such declaration, together with the Company’s receipt for the consideration, if any,
given for the forfeited shares on their sale or disposition, and a duly signed share certificate delivered to the purchaser, will
confer good title to the shares. Such purchaser will be registered as the holder of the shares.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Conversion
of Shares into Stock



|41. | (a) | The Company may, by
a Resolution of the Shareholders at a General Meeting, convert any paid-up shares into stock, and may reconvert any stock into
paid-up shares of any denomination.
|--- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The holders of stock may transfer the same, or any part thereof, in the same manner, and subject
to the same regulations, as the shares from which the stock arose might, prior to conversion, have been transferred, or as near
thereto as circumstances admit; but the Board of Directors may from time to time fix the minimum amount of stock transferable,
and restrict or forbid the transfer of fractions of that minimum.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The holders of stock shall, according to the amount
of stock held by them, have the same rights, privileges, and advantages as regards dividends, voting at General Meetings, and
other matters as if they held the shares from which the stock arose, but no such privileges or advantage, except participation
in the dividends and profits of the Company, shall be conferred by any such aliquot part of stock as would not, if existing in
shares, have conferred that privilege or advantage.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Such of the Articles of the Company, as are applicable to paid-up shares shall apply to stock,
and the words "share" and "Shareholder" therein shall include "stock" and "Stockholder".
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Transfer
of Shares



| | 42. | Transfer of fully paid up shares in the Company shall not require the approval of the Board of
Directors.
| | --- | ---------------------------------------------------------------------------------------------------------











| | 43. | No transfer of shares shall be registered unless a proper instrument of transfer has been submitted
to the Company, coupled, to the extent applicable, with the certificate for the shares to be transferred, and any other evidence
as the Board of Directors may reasonably require of the title of the transferor. The transferor will be considered to remain the
Shareholder until the name of the transferee is entered in the Register for the applicable shares.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 44. | The instrument of transfer of any share shall be in the usual or customary form or as near thereto
as possible, and shall be signed by the transferor and transferee.
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| | 45. | The Board of Directors may decline to register any transfer of shares, which have not been fully
paid up.
| | --- | ---------------------------------------------------------------------------------------------------------



| | 46. | The transfer books, the Register and registers of debenture-holders may be closed during such time
as the Board of Directors deems fit, not exceeding a total of thirty (30) days in each year.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 47. | The Board of Directors may determine a fee to be charged for registration of a transfer.
| | --- | ----------------------------------------------------------------------------------------



Transmission of Shares upon
Death, Bankruptcy or Dissolution



| | 48. | The executors and administrators of the deceased sole holder of a share or, if there are no executors
or administrators, such persons, heirs (as evidenced by a probate or such other evidence as the Board of Directors may reasonably
deem sufficient) shall be the only persons recognized by the Company as having any title to the share. In case of a share registered
in the name of two or more holders, the Company shall recognize the survivor or survivors as the only persons having any title
to or benefit in the share.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 49. | The receiver or liquidator of a Shareholder in winding-up or dissolution, or the trustee in bankruptcy,
or any official receiver of any bankrupt Shareholder, upon producing such evidence as the Board of Directors may deem sufficient
as to his authority to act in such capacity under this Article, may be registered as a Shareholder in respect of such shares, or
may, subject to the regulations as to transfer herein contained, transfer such shares.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Borrowing Powers



| | 50. | The Company may from time to time, at its discretion, borrow or secure the payment of any sum or
sums of money for the purposes of the Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | 51. | The Company may raise the funds for or secure the repayment
of such sum or sums in such manner, at such times and upon such terms and conditions as it deems fit and, in particular, by the
issue of bonds, perpetual or redeemable debentures, debenture stock, or any mortgages or charges, on the whole or any part of
the property of the Company, both present and future, including its uncalled capital at that time and its called but unpaid capital.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------















Convening of General Meetings



| | 52. | General Meetings will be held at least once in every calendar year at the time and place, and with
an agenda, as may be determined by the Board of Directors. Shareholders representing at least ten percent (10%) of the Company’s
outstanding share capital and one percent (1%) of the Company’s voting power may request the Chairman of the Board to add
appropriate items to a General Meeting agenda.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 53. | Unless otherwise determined by the Board of Directors and subject to the Law and applicable rules
and regulations, the business of a General Meeting shall be to receive the financial statements and the Board of Directors report,
to elect Directors, to appoint independent certified accountants, and to transact any other business which according to these Articles,
the Law or any applicable rules or regulations, is to be addressed at a General Meeting. Each annual General Meeting will be called
an “Annual Meeting”, and any other General Meeting will be called a “Special Meeting”.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 54. | Each Annual Meeting will take place no later than fifteen
(15) months after the previous Annual Meeting, and no later than the end of the applicable calendar year. The Board may convene
a Special Meeting at any time it deems necessary.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 55. | The Board of Directors will convene a Special Meeting
on receipt of a written request from any of:
| | --- | --------------------------------------------------------------------------------------------------



| | (a) | two (2) Directors or twenty-five percent (25%) of the
total number of Directors;
| | --- | --------------------------------------------------------------------------------



| | (b) | one (1) or more Shareholders, holding at least five percent
(5%) of the issued Share Capital and at least one percent (1%) of the Shareholders’ voting power; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | one (1) or more Shareholders holding no less that five
percent (5%)of the Company’s issued voting shares.
| | --- | ---------------------------------------------------------------------------------------------------------



| | 56. | A Special Meeting requested under Article 55 above will be convened within the period specified
in the relevant provisions of the Law. If the Board of Directors fails to convene such meeting within such time, then the required
Special Meeting may be convened, in the same manner as for other Special Meetings, by any of the Directors and/or by Shareholders
who requested the convening (representing at least one-half of such Shareholders’ voting rights), provided it is convened
no later than three (3) months after submission of the written request to the Board.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 57. | The Board of Directors will set a record date in accordance
with the requirements of the Law, for Shareholders entitled to receive notice of and vote at a General Meeting. Subject to the
terms of the Law, the date to be determined by the Board, shall not precede the date for which a General Meeting was called by
more than forty (40) nor by less than four (4) days (or any longer or shorter period permitted by Law). The determination of a
record date shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may set a new record
date for the adjourned meeting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 58. | A written notice of the convening of a General Meeting will be given, at least twenty-one (21)
days in advance, or a longer period as may be required under the Law or any other applicable rules and regulations. The notice
will specify the place, date and time of the Meeting, the record date, and other items as specified in the Law. The place of the
meeting will be in Israel unless otherwise specified by the Board.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



59.   (a)      The
accidental omission to give notice of a General Meeting to, or the non receipt of notice by, any Shareholder entitled thereto,
shall not invalidate the proceedings at such meetings.



(b)      No shareholder
present, in person or by proxy, at the commencement of a General Meeting shall be entitled to seek the revocation of any proceedings
or resolutions adopted at such General Meeting on account of any defect in the notice of such meeting relating to the time or the
place thereof.



Proceedings at General Meetings



| | 60. | No business will be transacted at any General Meeting or at any adjourned meeting unless a quorum
is present. The quorum at any General Meeting or at any adjourned meeting, will be at least two (2) Shareholders present in person,
by Proxy or by a Voting Instrument and holding or representing at least thirty three and one third percent (33 1/3%) of the issued
voting ordinary shares.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 61. | If within one-half (1/2) hour from the time set for the
holding of a General Meeting a quorum is not present, the meeting will be adjourned to the same day, time and place in the next
week or as will be determined in the notice to the Shareholders, or another date and place as shall be determined by the Board
of Directors.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 62. | Except as provided in these Articles, the Law and any other applicable rules and regulations, all
business transacted at a General Meeting will be decided by a resolution adopted by a simple majority of the votes cast at the
General Meeting, not taking into account abstentions.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 63. | The Chairman of the Board of Directors will preside at
any General Meeting as the chairman of the General Meeting, but if there will be no such Chairman, or if at any General Meeting
he will not be present or is unwilling to act as Chairman of the General Meeting, the Shareholders present will choose any Director
to act as Chairman of the meeting. If no Director is present, or if all the Directors present decline to take the chair, the Shareholders
present will choose a Shareholder present to be chairman of the meeting. The chairman of any General Meeting shall not be entitled
to a second or tie-breaking vote.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













| | 64. | The chairman of a General Meeting may, with the consent
of any General Meeting at which a quorum is present (and will if so directed by the meeting) adjourn the meeting from time to
time and from place to place. No Shareholder will have the right to any other notice of adjournment. However, whenever a General
Meeting is adjourned for twenty one (21) days or more, notice of the adjourned General Meeting will be given in the same manner
as for the original General Meeting. No business shall be transacted at any adjourned meeting other than the business which might
have been transacted at the meeting as originally called.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Voting
at General Meetings; Voting Instruments



| | 65. | Shareholders in the Company who are registered in the
Register on the date determined by the Board of Directors in its resolution to convene a General Meeting and who are present at
the meeting, in person or by proxy, or deemed to be present by a Voting Instrument, shall be entitled to participate in and vote
at the General Meeting.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 66. | The vote may be by show of hands, by secret ballot, by
Voting Instrument or by any other manner authorized by the Board of Directors consistent with the Law. A Shareholder will have
one (1) vote for each share held by him. However, unless otherwise determined by the Board, no Shareholder will be permitted to
vote at a General Meeting or to appoint a Proxy to so vote unless he has paid all calls for payment and all moneys due to the
Company from him with respect to his shares.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 67. | A Proxy present at a General Meeting will have the same
rights as a Shareholder with respect to voting at a General Meeting. A Proxy may be granted to any person, whether or not such
person is a Shareholder.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 68. | The vote of the senior of any joint Shareholders, whether
in person, by Voting Instrument or by Proxy, will be accepted to the exclusion of the votes of other joint Shareholders. For the
purpose of these Articles, seniority will be determined by the order in which the names appear in the Register.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 69. | An objection to a Shareholder’s or a Proxy’s
right to vote in a General Meeting must be raised at the applicable meeting or adjourned meeting in which that person was supposed
to vote. The chairman of the meeting will decide whether to accept or reject any objection raised at the proper time regarding
the vote of a Shareholder or Proxy, and the chairman of the General Meeting’s decision will be final. Every vote not disqualified
as provided above will be valid for all matters at the General Meeting.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 70. | A Shareholder that is a corporation or other form of
legal entity will have the right to appoint a person to be its representative at any General Meeting. The representative so appointed
will have the right to exercise on behalf of the entity he represents all the powers that the entity itself might exercise in
connection with the General Meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 71. | A Shareholder who has been declared legally incompetent
or has otherwise been appointed a legal guardian, may, following proof of appointment of a legal guardian or similar representative,
vote at a General Meeting through such guardian or similar representative, whether in person, by Voting Instrument or by Proxy.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 72. | A vote by Proxy or by Voting Instrument will be considered
valid even in the event of the death or declaration of incompetence of the appointee/signatory or the cancellation of the Proxy
appointment or Voting Instrument or expiration of a Proxy appointment or Voting Instrument in accordance with the Law and any
other applicable rules and regulations, or the transfer of the shares for which the Proxy appointment or Voting Instrument was
given, unless the Company receives at the Registered Office, prior to a General Meeting, a written notice as specified below.
For a Voting Instrument or Proxy appointment that has been provided to the Company for a specific General Meeting to be considered
invalid, a written notice of cancellation of a Voting Instrument or a Proxy appointment must be duly signed by the applicable
Shareholder specifying the applicable shares, the name of the Shareholder, legal representative or successor in interest and nature
of the event invalidating the Proxy appointment or Voting Instrument. In the event of voting by a secret ballot or by Voting Instrument,
a notice canceling the appointment of a Proxy will be valid if it is signed by the appointee/signatory or its legal representative
or successor in interest and received at the Registered Office no later than one (1) hour before the beginning of the vote.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 73. | A Shareholder will have the right, to vote by a Voting
Instrument as an alternative to voting in person or by Proxy. In all applicable cases, the Company will send the Voting Instrument
to the Shareholders before the applicable General Meeting, no later than the time set for that purpose in the Law.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 74. | A Shareholder has the right to vote by a separate Proxy
with respect to each share held by him, provided that each Proxy will have a separate letter of appointment containing the serial
number of the shares for which the Proxy is entitled to vote. If a specific share is included in more than one (1) letter of appointment,
then no Proxy will have the right to vote such share.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 75. | An instrument appointing a Proxy, which is not limited in time, will expire twelve (12) months
after the date of its execution. If the appointment is for a limited time period, even exceeding twelve (12) months, the instrument
will be valid for such period as specified in the instrument.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



76.     (a)   A
Voting Instrument, instrument of appointment of a Proxy, power of attorney or other instrument relating to voting at a General
Meeting, must be in writing.











| | (b) | Any instrument of appointment a of proxy, whether for
any specified meeting or otherwise shall, as far as circumstances permit, be in the following form or in any other acceptable
form approved by the Board of Directors:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



“I, , of , being the holder
of shares of NIS each, hereby appoint Mr. of to vote for me and on my behalf at the General Meeting of the Company to be held on
the day of in the year and at any adjourned meeting of such meeting.”



IN WITNESS
WHEREOF I have set my hand this ___ day of the month of _____________ in the year _____."



| | (c) | The original or a copy of such confirmed instrument will
be delivered to the Registered Office, or to such other place in Israel or abroad as the Board may from time to time designate,
at least twenty-four (24) hours before the time set for the applicable original or adjourned General Meeting. Otherwise, that
person will not be entitled to vote that share through the instrument. At the request of the chairman of a General Meeting, written
evidence of such authorization, in a reasonably acceptable form and content, satisfactory to the chairman of the General Meeting,
shall be furnished to the chairman of the General Meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Role and Composition of The
Board of Directors



| | 77. | The Board of Directors will set the policies of the Company
and oversee the execution by the General Manager of his tasks and acts. The Board will have all residual powers not granted under
these Articles or by law to any other Company body.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 78. | The General Meeting may assume powers granted under these
Articles or by Law to the Board of Directors. However, any decision to assume such powers must be adopted by a Special Majority
and must specify the matters and time period for which such powers are assumed.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 79. | The number of Directors may be determined from time to
time by the Board. Unless otherwise determined by the Board, the number of Directors comprising the Board will be at least four
(4) and not more than ten (10). The majority of the Directors will be Independent Directors, and at least two (2) of the Directors
shall be External Directors in accordance with the requirements of the Law. A Director is not required to be a Shareholder.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 80. | The Directors will be entitled to be reimbursed for reasonable
expenses incurred by them in performing their services as Directors. The External Directors shall be paid for their services,
as prescribed under the Law and as resolved by the General Meeting.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 81. | Subject to the provisions of the Law, a Director (or
any other Officer) shall not be disqualified by his holding of such office with the Company from holding any other office or function
with the Company (other than the office of an Internal Auditor or Independent Certified Accountant) or from giving services for
consideration to the Company, save that the additional employment of a Director and the terms thereof must be approved, as required
by the Law; nor will a Director (or any other Officer) be disqualified by the holding of such office with the Company from holding
any other office or function or from giving services for consideration to a company in which the Company holds any shares or in
which it is interested in any other way.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Election,
Appointment and Removal of Directors



| | 82. | Directors will be elected annually by the Shareholders
at the Annual Meeting. Directors may be nominated in accordance with rules and regulations that may apply to the Company. Directors
will hold office until the conclusion of the next Annual Meeting or until their earlier removal or resignation. However, if no
Directors are elected at an Annual Meeting, then the persons who served as Directors immediately prior to the Annual Meeting shall
be deemed reelected at the same meeting, and will continue to serve as Directors unless otherwise determined by the Annual Meeting.
Directors will be eligible for re-election.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 83. | Notwithstanding Article 82 above:
| | --- | ---------------------------------



| | (a) | the General Meeting may resolve that a director be elected for a period longer than by the next
Annual Meeting but not longer than the third next Annual Meeting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Shareholders holding a majority of the outstanding share capital of the Company may remove or elect
directors by a written notice to the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | A General Meeting may, remove any Director from his office before the end of his term and can,
by a resolution adopted by a simple majority, elect another person in his place.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 84. | The Chairman of the Board of Directors will be appointed
by the Board from the Directors elected to their office. Such Director will serve as Chairman of the Board of Directors until
he ceases to hold the office of Director or until the General Meeting replaces him.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 85. | The Board of Directors will have the power, from time
to time, to appoint additional Directors if the current number of Directors is less than ten (10) or such other maximum number
approved by the Board of Directors. Any Director so appointed will hold office until the conclusion of the next Annual Meeting,
unless he is removed or resigns earlier.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 86. | Where the office of a Director has been vacated, the
remaining Directors may continue to act, but if their number is reduced below the minimum number specified in these Articles,
or if the number of the Directors elected by a General Meeting is lower than the minimum number specified in these Articles, then
the Director or Directors continuing to hold office shall not act except in case of an emergency, or for the purpose of increasing
the number of Directors, by way of appointment of additional Directors, or for the purpose of convening a General Meeting of the
Company, but not for any other purpose.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 87. | Subject to the terms of the Law, a Director will be removed
if he:
| | --- | ------------------------------------------------------------------



| | (a) | becomes bankrupt or enters into similar status (and if the Director is a company, upon its winding-up);
| | --- | -------------------------------------------------------------------------------------------------------



| | (b) | dies or is declared legally incompetent;
| | --- | ----------------------------------------



| | (c) | resigns his office by notice in writing given to the
Company;
| | --- | -------------------------------------------------------------



| | (d) | is removed by a resolution of a General Meeting; or
| | --- | ---------------------------------------------------



| | (e) | upon the occurrence of any of the applicable events set
forth in the Law.
| | --- | -------------------------------------------------------------------------



Substitute
Director



88.      (a)   A
Director may, by notice in writing to the Company and subject to Sub-Section (b), appoint for a specific meeting a substitute (hereinafter
referred to as "Substitute Director"), revoke the appointment of such Substitute Director and appoint another
in his place. Any appointment, or revocation of appointment of a Substitute Director shall become effective on the date set in
the respective notice of appointment or revocation, as the case may be, but not before delivery thereof to the Company.



| | (b) | A person may not act as a Substitute Director if he is
not qualified to be appointed a Director or if he currently serves as a Director or Substitute Director.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | A Substitute Director shall be entitled to receive notices
of the meeting of the Board of Directors for which he has been appointed and to attend and vote at such meeting as if he were
a Director, and he shall have all the rights and be subject to all obligations of the Director for whom he acts as Substitute
Director.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The office of a Substitute Director shall ipso facto
be vacated at the end of the meeting of the Board of Directors for which he has been so appointed; if he is removed from office
in accordance with Sub-Section (a) hereof; if the office of the Director by whom he has been appointed Substitute Director is
vacated for any reason whatsoever or upon the death of the Substitute Director or upon the occurrence of any of the events referred
to in Article 88.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













External
Directors



| | 89. | The Board of Directors will include at least two (2)
External Directors or such other number, all as required in order to comply with the qualifications described in the Law.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 90. | An External Director will be nominated by a majority vote at a General Meeting, provided that:
| | --- | ----------------------------------------------------------------------------------------------



| | (a) | The majority vote at the General Meeting will include at least one- third (1/3) of the total number
of the votes of the non-controlling Shareholders voting at the meeting. For the purposes of this Article, abstentions will not
be counted towards the total number of the non-controlling Shareholders; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The total number of non-controlling Shareholders voting against the resolution appointing the External
Director, is not more than one percent (1%) of the total voting rights in the Company.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 91. | The compensation and indemnification of expenses of External
Directors will be determined in accordance with the applicable provisions of the Law.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | 92. | An External Director will be appointed for a period of
three (3) years. The term of his office may be extended by a resolution of the General Meeting for an additional three (3) years.
An External Director may be removed from his office only in accordance with the applicable provisions of the Law.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Board of
Directors Meetings



| | 93. | The Board of Directors may convene, adjourn and otherwise
regulate its meetings, as it deems fit; provided, however, that the Board will meet at least once in every three (3) months period.
Unless otherwise determined by the Board, the quorum for a Board meeting will be not less than thirty percent (30%) of the then
number of Directors but in any event not less then two directors.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 94. | No business shall be transacted at a meeting of the Board
of Directors unless the requisite quorum is present at the commencement of the meeting, and no resolution shall be adopted unless
the requisite quorum is present when the resolution is voted upon.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 95. | Issues arising at any Board of Directors’ meeting
will be decided by a majority of votes cast at the meeting. In case of a tie, the Chairman will not have a second or casting vote.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













| | 96. | Each Director will receive at least 3 (three) days prior
notice of a Board meeting. Such notice may be given by any means of communication as determined by the Chairmen or the Secretary,
including, among others, telephone, facsimile or e-mail. Such notice will include the time and location of the meeting and a reasonable
description of the meeting’s agenda. Notwithstanding anything to the contrary herein, failure to deliver notice to a Director
of any such meeting in the manner required hereby may be waived (in advance or retroactively) by such Director, and a meeting
shall be deemed to have been duly convened notwithstanding such defective notice of such failure or defect. Without derogating
from the foregoing, no Director present at the commencement of a meeting of the Board of Directors shall be entitled to seek the
revocation of any proceedings or resolutions adopted at such meeting on account of any defect in the notice of such meeting relating
to the time or the place thereof.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 97. | At the request of any Director, the Secretary will summon
a meeting of the Board of Directors.
| | --- | ----------------------------------------------------------------------------------------------



| | 98. | The Chairman of the Board of Directors shall take the
chair at all meetings of the Board of Directors, but if there is no Chairman, or if at any meeting he is not present within fifteen
(15) minutes of the time appointed for the meeting, or if he is unwilling to take the chair at the meeting, the Directors present
shall choose on Director to serve as the Chairman of such meeting.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99. | A meeting of the Board of Directors at which a quorum is present shall be competent to exercise
all the authorities, powers and discretions by or under the Law and the Articles of the Company at that time vested in or exercisable
by the Board of Directors.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 100. | Directors may participate in a Board meeting or Board committee meeting by means of a telephone
conference or other communications media, provided that all participating Directors can hear each other simultaneously. Participation
by such means will be considered as presence in person at a meeting.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 101. | All acts done at any meeting of the Board of Directors,
or of a Committee of the Board of Directors, or by any person acting as a Director shall, notwithstanding that it may afterwards
be discovered that there was some defect in the appointment of such Directors or members of a Committee of the Board of Directors
or persons acting as aforesaid or any of them, or that they or any of them were disqualified, be as valid as if every such person
had been duly appointed and was qualified to be Director or a member of such Committee of the Board of Directors.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 102. | A resolution in writing signed by all of the Directors
or to which all of the Directors have agreed in writing or by telephone or facsimile, shall be as valid and effective for all
purposes as if passed at a meeting of the Board of Directors duly convened and held, and for the purpose of this Article "Director"
shall include, if duly appointed therefore, a Substitute Director.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













| | 103. | Minutes in writing signed by the Chairman will serve as evidence of a resolution passed at a duly
convened meeting of the Board of Directors.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------



Committees
of the Board of Directors



| | 104. | Subject to the applicable provisions of the Law regarding
matters that the Board may not delegate to a committee, the Board of Directors may delegate any of its powers to committees consisting
of at least three (3) Directors, provided that each such committee shall include at least one (1) External Director. The Board
of Directors may from time to time revoke such delegation or alter the composition of any such committee. Any committee so formed
will exercise its powers in accordance with any directions given to it by the Board.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 105. | A Board committee may elect a chairman. If no such chairman is elected, or if at any meeting the
chairman is not present within fifteen (15) minutes after the time appointed for holding the meeting, the committee members present
may choose a committee member to be chairman of the meeting. Unless otherwise specifically directed by the Board of Directors,
the meetings and proceedings of any committee will be governed by the applicable provisions in these Articles regulating the meetings
and proceedings of the Board.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 106. | A committee may meet and adjourn as its members may determine.
Issues arising at any meeting will be determined by a majority of votes of the members present. In case of a tie the chairman
of the committee will not have a second or tie breaking vote.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 107. | The Board of Directors will appoint an Audit Committee. The composition, responsibilities and authorities
of the Audit committee shall be in accordance with the Law and with the applicable rules and regulations the Company is subject
to.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Local Management



| | 108. | The Board of Directors may from time to time, provide
for the management and transaction of the affairs of the Company in any specified locality, whether in Israel or abroad, in such
manner as it deems fit, and the provisions contained in the next following Article shall be without prejudice to the general powers
vested by these Articles on the Board of Directors.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 109. | The Board of Directors may from time to time, and at
any time, establish any local board or agency for managing any of the affairs of the Company in any such specified locality, and
may appoint any person to be a member of such local board, or any manager or agent, and may fix their remuneration. Subject to
the provisions of the Law, the Board of Directors may from time to time, and at any time, delegate to any person so appointed
any of the powers, authorities and discretions at that time vested in the Board of Directors, on such terms and subject to such
conditions as the Board of Directors deems fit, and the Board of Directors may at any time remove any person so appointed and
may revoke or vary any such delegation.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













General
Manager



| | 110. | The Board of Directors shall from time to time appoint
one or more persons, whether or not Directors as Chief Executive Officer or Officers, General Manager or Managers, or President
of the Company, either for a fixed or an unlimited term, and from time to time (subject to any provisions of the Law and of any
contract between any such person and the Company) remove or dismiss him or them from office and appoint another or others in his
or their stead.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 111. | The remuneration of a General Manager, Chief Executive
Officer and President, shall from time to time (subject to the provisions of the Law and any contract between him and the Company)
be determined by the Board of Directors, and may be subject to a recommendation of the majority of the Independent Directors,
or of a compensation committee comprised solely of Independent Directors.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 112. | The General Manager shall be responsible for the day-to-day
management of the Company’s affairs within the framework of the Company’s policy set by the Board of Directors and
subject to its directions; he shall have all management and execution powers not vested by the Law or these Articles in any other
Organ, and he will be subject to the supervision of the Board of Directors. Subject to the provisions of the Law, the Board of
Directors may from time to time, and at any time, entrust to and confer upon the General Manager such powers exercisable under
the Articles by the Board of Directors as it may deem fit, and may confer such powers for such time, and to be exercised for such
objects and purposes, and upon such terms and conditions, and with such restrictions, as it deems expedient; and it may confer
such powers, either collaterally with, or to the exclusion of, and in substitution for, all or any of the powers of the Board
of Directors in that behalf; and may from time to time revoke, withdraw, alter, or vary all or any of such powers.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dividends
and Reserves



| | 113. | The Board of Directors may from time to time declare
and cause the Company to pay to the Shareholders such interim or final dividend as the Board of Directors deems appropriate considering
the profits of the Company and in compliance with the provisions of the Law. The Board may set the dividend record date (which
date may be on or after the date of declaration) and the time for payment.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 114. | No dividend shall be paid otherwise than out of the profits
of the Company.
| | ---- | ---------------------------------------------------------------------------



| | 115. | No dividend shall be paid other than in compliance with
the provisions of the Law; and no dividend shall carry interest as against the Company.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------













| | 116. | The Board of Directors may, before declaring any dividend,
set aside, out of the profits of the Company, such sums as it deems appropriate, as a reserve fund to meet contingencies, or for
equalization of dividends, or for special dividends, or for repairing, improving and maintaining any of the property of the Company,
or for such other purposes as the Board of Directors shall in its absolute discretion deem conducive to the interests of the Company;
and may invest such sum(s) so set aside in such investments as it may deem fit, and from time to time vary such investments, and
dispose of all or any part thereof for the benefit of the Company, and may divide the reserve fund into such special funds as
it deems fit, and use the reserve fund or any part thereof in the business of the Company, and that without being bound to keep
the same separate from the other asset of the Company.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 117. | Subject to special rights of Shareholders and subject
to the provisions of these Articles, dividends, whether in cash or in bonus shares, shall be paid or distributed, as the case
may be, to Shareholders pro rata to the amount paid up or credited as paid up on account of the of their shares, without taking
into consideration any premium paid thereon; but the amount paid up on account of a share prior to call being made thereon or
prior to the due date for payment thereof, and on which the Company is paying interest, shall not, for purposes of this Article,
be deemed to be an amount paid up on account of a share. Notwithstanding the above, and to the extent that the rights attached
to the shares or the terms of issue thereof otherwise provide, the Board of Directors may determine that any amount paid on a
share during the period in respect of which the dividend has been declared shall entitle the holder of such share only to a proportionate
amount of the dividend having regard to the date of the payment of the said amount of capital.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 118. | Unless otherwise directed by the Board of Directors or
by a General Meeting, any dividend may be paid by check or bank transfer to the registered address of the Shareholder; or in case
of joint Shareholders, to the one of them first named in the Register regarding the joint holding. The receipt of the person whose
name on the record date appears on the Register as the owner of any share, or in the case of joint Shareholders, of any one of
such joint Shareholders, will be sufficient evidence of all payments made for such share. All dividends unclaimed after having
been declared may be invested or otherwise used as directed by the Board for the benefit of the Company until claimed. Upon the
lapse of seven (7) years from the declaration of such dividends, the Company will have no obligation to pay the unclaimed dividend.
No unclaimed dividend or interest will bear interest from the Company.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 119. | Without derogation from the provisions of Section 113,
upon the recommendation of the Board of Directors approved by a resolution at a General Meeting, any General Meeting may resolve
that any moneys, investments, or other assets forming part of the undivided profits of the Company standing to the credit of the
reserve fund, or to the credit of the reserve fund for the redemption of capital or in the hands of the Company and available
for distribution of dividends, or representing premiums received on the issue of shares and standing to the credit of the share
premium account, be capitalized and distributed among such of the Shareholders as would be entitled to receive the same if distributed
by way of dividend and in the same proportion and on the same basis ; and that all or any part of such capitalized fund be applied
on behalf of such Shareholders in paying up in full, either at par or at such premiums as the resolution may provide, any unissued
shares or debentures of the Company, which shall be distributed accordingly and shall be accepted by such Shareholders in full
satisfaction of their rights in the said capitalized sum.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 120. | Without derogation from the provisions of Section 113,
a General Meeting may resolve that a dividend be paid, in whole or in part, in cash and/or by the distribution of specific assets
and, in particular, by distribution of paid-up shares, paid-up debentures, or debenture stock of any other company, or in any
one or more combinations of such ways.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 121. | In order to give effect to any resolution regarding the distribution of shares or debentures by
way of capitalization of profits as aforesaid, the Board of Directors may:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | settle, in such manner as it deems fit, any difficulty
arising with regard to the distribution and take any steps it deems fit to overcome such difficulty;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | issue certificates for fractions of shares or resolve
that fractions of lesser amount than that decided upon by the Board of Directors will not be taken into account for the purpose
of adjusting the rights of the shareholders, or sell fractions of shares and pay the net consideration to the persons entitled
thereto;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | sign on the shareholders' behalf any contract or other document that may be required in order to
give effect to the distribution, and in particular it may sign and submit for registration a contract as mentioned in section 291
of the Law;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | make any arrangement or other settlement required, in the board of directors' opinion, to facilitate
the distribution.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | 122. | The Board of Directors may deduct from any dividend or
other amount to be paid in respect of shares held by any Shareholder, whether alone or together with another Shareholder, any
sum or sums due from him and payable by him, alone or together with any other person, to the Company on account of calls or the
like.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 123. | If several persons are registered as joint holders of
any share, any one of them may give valid receipts for any dividends payable on the share.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------





Minutes





| | 124. | The Board of Directors shall cause minutes to be duly
entered in books provided for that purpose:
| | ---- | -------------------------------------------------------------------------------------------------













| | (a) | of the names of the Directors present at each meeting
of the Board of Directors and of any Committee of the Board of Directors;
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (b) | of the names of the Shareholders present at each General
Meeting;
| | --- | -----------------------------------------------------------------



| | (c) | of all directions given by the Board of Directors to any Committee of the Board of Directors;
| | --- | ---------------------------------------------------------------------------------------------



| | (d) | of the proceedings and resolutions of General Meetings
and of meetings of the Board of Directors and Committees of the Board of Directors.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 125. | Any minutes, as aforesaid, of a meeting of the Board
of Directors, which is confirmed and signed by the chairman of the meeting or by the Chairman of the Board of Directors, and any
minutes of a meeting of a Committee of the Board of Directors or of a General Meeting, if signed by the chairman of such meeting,
shall be accepted as prima facie evidence of the matters therein recorded.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Stamp and
rights of signature



| | 126. | The Company shall have a stamp, and the Board of Directors
shall provide for the safe custody of such stamp.
| | ---- | ------------------------------------------------------------------------------------------------------------



| | 127. | The Board of Directors shall be entitled to authorize
any person(s) (even if such person(s) is/are not Director(s) of the Company) to act and sign on behalf of the Company, and the
acts and signatures of such person or persons on behalf of the Company shall bind the Company insofar as such person or persons
acted and signed within the scope of his or their authority.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
Secretary, officers and Attorneys



| | 128. | Unless otherwise determined by the Board of Directors,
the Chairman of the Board of Directors, the President or any committee or officer authorized by the Board of Directors may from
time to time appoint a Secretary for the Company, as well as other officers, personnel, agents and employees, to permanent, temporary
or special positions, and the General Manager may determine and/or modify their titles, powers, duties, remuneration, salaries
and bonuses. The Chairman of the Board of Directors, the President, or any committee or officer authorized by the Board of Directors
may from time to time, in its discretion, revoke such appointments, modify their scope, or suspend the service of any one or more
of such persons.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | 129. | The Board of Directors may from time to time, and at
any time, by power of attorney, appoint any company, firm or person or body of persons, whether nominated directly or indirectly
by the Board of Directors, to be the Company’s Attorney or Attorneys for such purposes and with such powers, authorities
and discretions (not exceeding those vested in or exercisable by the General Manager under the Law or these Articles), and for
such period and subject to such conditions as it deems fit, and any such power of attorney may contain such provisions for the
protection and convenience of persons dealing with any such Attorney as the General Manager may deem fit, and may also authorize
any such Attorney to delegate all or any of the powers, authorities and discretions vested in him.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













Accounts



| | 130. | The Board of Directors will cause the Company’s
books of accounts to be kept in accordance with legal requirements. A Shareholder who is not a Director shall not have any right
of inspecting any account or book or document of the Company except as conferred upon him by Law or authorized by the Board of
Directors or by the General Meeting.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 131. | The Company will issue financial statements as required
by the Law and other applicable rules and regulations. The issued financial statements will be available for inspection by the
Board of Directors and Shareholders at the Registered Office during regular office hours.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Independent
Certified Accountants



| | 132. | The Company will appoint Independent Certified Accountants
at a General Meeting. The Independent Certified Accountants will hold office until the end of the next Annual Meeting. However,
the Shareholders at a General Meeting may remove the Independent Certified Accountants or extend the term of appointment for up
to three (3) years. The independency, certification and registration of the Independent Certified Accountant shall be in accordance
with the Law and applicable rules and regulations.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 133. | The fee of the Independent Certified Accountants will
be set and approved by the Board of Directors.
| | ---- | ----------------------------------------------------------------------------------------------------



Internal
Auditor



|134. | (a) | The Board of Directors,
subject to the recommendation of the Audit Committee, will appoint an Internal Auditor for the Company. The Internal Auditor will
report to the General Manager.
|---- | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Internal Auditor may only be removed or replaced
in accordance with the applicable provisions of the Law.
| | --- | -------------------------------------------------------------------------------------------------------------





Mergers



| | 135. | Notwithstanding Section 327 of the Law, the Company may
approve any Merger as defined in the Law, by a resolution adopted by a simple vote cast at a General Meeting, not taking into
account abstentions.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













Notices



|136. | (a) | Notices by the Company to a Shareholder shall be
given by registered mail to the address, if any, supplied by such Shareholder for the purpose of giving notices, as listed in
the Register. In the absence of such address, notice shall be deemed to have been given by posting thereof at the Registered Office
of the Company. Notice may also be given by way of transmission of facsimile and/or e-mail, based on details of such Shareholder
as listed in the Register.
|---- | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

.

| | (b) | Notice by registered mail or notice sent to any address
outside of the State of Israel shall be deemed received three (3) days from the date on which a properly addressed, prepaid enclosure
containing the notice was mailed. Notice by facsimile and/or e-mail, shall be deemed to be received one (1) day from their transmission.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 137. | Notice to joint Shareholders may be given by sending
it only to the Shareholder first named in the Register for the applicable shares.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------



|138. | (a) | The Board of Directors may authorize other methods
of notice to Shareholders that are consistent with the Law and applicable rules and regulations.
|---- | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Notices of General Meetings will contain the information
required by the Law and applicable rules and regulations.
| | --- | ------------------------------------------------------------------------------------------------------------------



Exemption,
Insurance and Indemnity



| | 139. | The Company may exempt any Officer from his liability
to the Company for breach of duty of care, to the maximum extent permitted by law, before or after the occurrence giving rise
to such liability.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 140. | Subject to the provisions of the Law, the Company may
exempt and release in advance or retroactively, any Officer from liability resulting from his breach of his duty of care to the
Company.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 141. | Subject to the provisions of the Law, the Company may
procure, as the Board may from time to time determine, Directors’ and Officers’ liability insurance covering the liabilities
of an Officer for any act done by him by virtue of being an Officer, in respect of any of the following:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | breach of duty of care towards the Company or towards
any other person;
| | --- | -----------------------------------------------------------------------



| | (b) | breach of fiduciary duty towards the Company, provided
that such Officer acted in good faith and had a reasonable basis to assume that his action would not harm the interests of the
Company;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | (c) | financial liabilities imposed on him in favor of a third
party; or
| | --- | ------------------------------------------------------------------



| | (d) | any other event for which insurance of an Officer is or may be permitted.
| | --- | -------------------------------------------------------------------------



| | 142. | Subject to the provisions of the Law, the Company may
undertake in advance or retroactively to indemnify any past or present Officer in respect of a liability or expense as detailed
in Article 143 below, imposed on him as a result of an act carried out in his capacity as an Officer. However, if made in advance,
such undertaking will be limited to the kinds of events that, in the Board’s opinion, are foreseeable at the time of the
approval of the indemnification undertaking and will be limited to the amount fixed by the Board as reasonable under the circumstances
which shall not exceed 25% of the Company’s Shareholders Equity for the time being.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 143. | An indemnity, as provided in Article 142 above, may be
issued in respect of a liability or expense as follows:
| | ---- | --------------------------------------------------------------------------------------------------------------



| | (a) | financial liability imposed upon said Officer in favor of another
person by virtue of a decision by a court of law, including a decision by way of settlement or a decision in arbitration which
has been confirmed by a court of law;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | reasonable expenses of the proceedings, including lawyers’ fees, expended by the Officer
or imposed on him by the court for:
| | --- | ----------------------------------------------------------------------------------------------------------------------------



(1) proceedings
issued against him by or on behalf of the Company or by a third party;



(2) criminal proceedings
in which the Officer was acquitted; or



(3) criminal
proceedings in which he was convicted in an offense, which did not require proof of criminal intent; or



| | (c) | any other liability or expense for which the indemnification
of an Officer is not precluded by Law.
| | --- | ---------------------------------------------------------------------------------------------------



| | 144. | Subject to the provisions of the Law, the Company may
issue an undertaking in advance or retroactively to indemnity any person, including an Officer, who acts or acted on behalf or
at the request of the Company as a director or officer of another company in which the Company, directly or indirectly, is a shareholder,
or in which the Company has any other interest. Such indemnity will be in respect of a liability or expense referred to in Article
143 above, imposed on him as a result of an act carried out by him in his capacity as a director or officer of the other company.
However, such undertaking, if made in advance, will be limited to the kinds of events that, in the Board’s opinion, are
foreseeable at the time of the approval of the indemnification undertaking and will be limited to the amount set by the Board
as reasonable under the circumstances which shall not exceed 25% of the Company’s Shareholders Equity for the time being.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 145. | Subject to the provisions of the Law, nothing in these
Articles will limit the Company, in any manner, from entering into an agreement of liability insurance, or in granting an exemption
or indemnification in respect of:
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | an Officer, or a director or officer of another company
as provided in Article 144 above, to the extent that the insurance, exemption or indemnity is not prohibited by law; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any person who is not an officer, or a director of another
company as provided in Article 144 above, including but not limited to employees and representatives of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Reorganization
and Winding Up



| | 146. | If the Company will be wound up voluntarily the liquidators may, with the approval of a Special
Majority of the Shareholders voting at a General Meeting, divide among the Shareholders any part of the Company’s assets
remaining after payment of all of the Company’s outstanding obligations. Such approval may also vest any part of the Company’s
assets to trustees under trusts for the benefit of the Shareholders as the liquidators may determine.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 147 | On any sale of the Company or its assets through a liquidation
or winding-up, a Special Majority of the Shareholders voting at a General Meeting may authorize the Board of Directors or liquidators
to: (a) accept fully or partly paid up Shares, debentures, or other Company securities, whether registered in Israel or in other
jurisdictions, whether existing or contingent, for the purchase in whole or in part of Company property and, if the profits of
the Company permit, distribute such shares, securities or any other Company property among the Shareholders without requiring
their realization, or vest the same in trustees for their benefit; and/or (b) distribute or appropriate the Company’s cash,
Shares, other securities, benefits or property as so approved at the General Meeting. In such case, all Shareholders will be bound
to accept any valuation on distribution so authorized, and will waive all rights in relation to such valuation, except where otherwise
required by law.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Amendments
to Articles



| | 148. | These Articles may be amended, in whole or in part, by
an Ordinary Majority of the Shareholders voting at a General Meeting.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------