# EDGAR Filing Document

**Accession Number:** 0001828098
**File Stem:** 0001213900-25-111559
**Filing Date:** 2025-11
**Character Count:** 401501
**Document Hash:** cd871d5517bcf200fbe5aab7f434e4f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-111559.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001213900-25-111559

**CONFORMED SUBMISSION TYPE**: F-3

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Steakholder Foods Ltd.
- **CENTRAL INDEX KEY:** 0001828098
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOD & KINDRED PRODUCTS [2000]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291594
- **FILM NUMBER:** 251491516

**BUSINESS ADDRESS:**
- **STREET 1:** 5 DAVID FIKES ST.,
- **CITY:** REHOVOT
- **STATE:** L3
- **ZIP:** 7632805
- **BUSINESS PHONE:** 972-73-332-2853

**MAIL ADDRESS:**
- **STREET 1:** 5 DAVID FIKES ST.,
- **CITY:** REHOVOT
- **STATE:** L3
- **ZIP:** 7632805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MeaTech 3D Ltd.
- **DATE OF NAME CHANGE:** 20210224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Meat-Tech 3D Ltd.
- **DATE OF NAME CHANGE:** 20201013

**As filed with the Securities and Exchange Commission on November 17, 2025**

**Registration No. 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM F-3**

**REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933**

**Steakholder Foods Ltd.**

(Exact name of registrant as specified in its charter)

Not Applicable

(Translation of Registrant's name into English)

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| | |
|:---|:---|
| **State of Israel** | **Not applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

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**5 David Fikes St., P.O. Box 4061**

**Rehovot, Israel 7638205**

**Tel +972 73-332-2853**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Steakholder Foods USA, Inc.**

**1007 North Orange Street, 10th Floor**

**Wilmington, Delaware 19801**

**(302) 485-5218**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:**

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| | |
|:---|:---|
| **Gary Emmanuel, Esq.**<br> **David Huberman, Esq.**<br> **Greenberg Traurig, P.A.**<br> **One Azrieli Center<br> Round Tower, 30th floor<br> 132 Menachem Begin Rd**<br> **Tel Aviv 6701101**<br> **Tel: +972 3-636-6000** | **Shachar Hadar, Adv.**<br> **Matthew Rudolph, Adv.**<br> **Meitar \| Law Offices**<br> **16 Abba Hillel Silver Rd.**<br> **Ramat Gan 5250608, Israel**<br> **Tel: +972-3-610-3100** |

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**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement is declared effective.

If only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

The information in this preliminary prospectus is not complete and may be changed. The selling shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.

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| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED NOVEMBER 17, 2025** |

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![](image_001.jpg)

**Up to 1,217,603 American Depositary Shares, each representing four thousand (4,000) Ordinary Shares**

This prospectus relates to the resale, by the selling shareholders identified in this prospectus, of up to an aggregate of up to 1,217,603 of our American Depositary Shares, or ADSs, each ADS representing four thousand (4,000) ordinary shares, no par value, or Ordinary Shares, consisting of: (i) (A) up to 297,618 ADSs issuable upon the exercise of series A warrants, or the Series A Warrants, issued in October 2025, (B) up to 595,236 ADSs issuable upon the exercise of series B warrants, or the Series B Warrants, issued in October 2025, and (C) up to 20,833 ADSs issuable upon the exercise of placement agent warrants, or the Placement Agent Warrants, issued in October 2025, in each case as further described below under "Prospectus Summary — Recent Developments — Warrant Repricing", (ii) (A) 158,465 ADSs issued pursuant to a share purchase agreement, or the Share Purchase Agreement, in connection with our acquisition of Twine Solutions Ltd., or Twine and the Acquisition Transaction, and (B) up to 145,355 ADSs issuable upon the exercise of pre-funded milestone warrants, or the Pre-Funded Milestone Warrants, issued pursuant to the Share Purchase Agreement in connection with the Acquisition Transaction, and (iii) 96 ADSs issued upon the conversion of a convertible loan, or the June 2025 Convertible Loan, all as further described below under "Prospectus Summary — Recent Developments — Private Placement, Convertible Loans and Acquisition Transaction."

The selling shareholders are identified in the table commencing on page 10. We will not receive any proceeds from the sale of the ADSs by the selling shareholders. All net proceeds from the sale of the ADSs covered by this prospectus will go to the selling shareholders. However, we may receive the proceeds from any exercise of warrants if the selling shareholders do not exercise the warrants on a cashless basis, if and when exercised. See "Use of Proceeds."

The selling shareholders may sell all or a portion of the ADSs from time to time in market transactions through any market on which our ADSs are then traded, in negotiated transactions or otherwise, and at prices and on terms that will be determined by the then prevailing market price or at negotiated prices directly or through a broker or brokers, who may act as agent or as principal or by a combination of such methods of sale. We will bear all of the expenses incurred in connection with the registration of these ADSs. The selling shareholders will pay any underwriting discounts and selling commissions and/or similar charges incurred in connection with the sale of the ADSs. See "Plan of Distribution".

Our ADSs are listed on the Nasdaq Capital Market under the symbol "STKH." The last reported sale price of our ADSs on November 14, 2025 was $2.55 per ADS.

**The securities offered in this prospectus involve a high degree of risk. See "Risk Factors" beginning on page 5 of this prospectus to read about factors you should consider before purchasing any of our securities.**

**Neither the U.S. Securities and Exchange Commission, or the SEC, nor any state or other foreign securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is , 2025.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [About this Prospectus](#a_001) | ii |
| [Prospectus Summary](#a_002) | 1 |
| [Risk Factors](#a_003) | 5 |
| [Special Note Regarding Forward-Looking Statements](#a_004) | 7 |
| [Use of Proceeds](#a_005) | 8 |
| [Capitalization](#a_006) | 9 |
| [Selling Shareholders](#a_007) | 10 |
| [Description of Share Capital](#a_008) | 13 |
| [Description of American Depositary Shares](#a_015) | 21 |
| [Plan of Distribution](#a_009) | 28 |
| [Legal Matters](#a_010) | 30 |
| [Experts](#a_011) | 30 |
| [Where You Can Find More Information](#a_012) | 30 |
| [Incorporation Of Certain Information By Reference](#a_013) | 31 |
| [Enforceability of Civil Liabilities](#a_014) | 32 |

---

i

**About This Prospectus**

Unless the context suggests otherwise, all references to "Steakholder Foods," "we," "us," "our," the "Company," the "Registrant" and all similar designations refer to Steakholder Foods Ltd., an Israeli company, and its consolidated subsidiaries.

You should rely only on the information contained in this prospectus, including information incorporated by reference herein, and any free writing prospectus prepared by or on behalf of us or to which we have referred you. Neither we nor the selling shareholders have authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. This prospectus does not constitute an offer to sell, or a solicitation of an offer to purchase, the securities offered by this prospectus in any jurisdiction to or from any person to whom or from whom it is unlawful to make such offer or solicitation of an offer in such jurisdiction. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of our securities.

For investors outside of the United States: Neither we nor the selling shareholders have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus.

The terms "dollar," "U.S. dollar" and "$" refer to the United States dollar, the lawful currency of the United States of America.

We are incorporated under the laws of the State of Israel and we believe that pursuant to the rules and regulations of the SEC, we are currently eligible for treatment as a "foreign private issuer." As a foreign private issuer, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

Additionally, we are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, and are eligible for reduced public company reporting requirements.

**PRESENTATION OF FINANCIAL INFORMATION**

We report our financial statements under generally accepted accounting principles in the United States, or U.S. GAAP.

On January 26, 2020, Steakholder Foods (then called Ophectra Real Estate and Investment Ltd., or Ophectra), a company incorporated under the laws of the State of Israel whose shares were traded on the Tel Aviv Stock Exchange, or TASE, merged with MeaTech Ltd., or MeaTech, a privately-held Israeli company developing cultivated meat technologies, whereupon the name Ophectra was changed to Meat-Tech 3D Ltd., and later changed to MeaTech 3D Ltd., or MeaTech 3D, and then to Steakholder Foods Ltd. in July 2022. In connection with the merger, MeaTech's shareholders transferred 100% of MeaTech's share capital to Steakholder Foods, and in return Steakholder Foods allotted such shareholders 60% of its issued and paid-up share capital, as well as milestone-based warrants at no exercise price. At the closing of the merger, MeaTech's directors and officers were appointed to equivalent positions at Steakholder Foods.

As Steakholder Foods was the surviving entity of the merger, and continued the pre-merger business operations, utilizing the pre-merger management and employees of MeaTech, the transaction was treated as a reverse acquisition that does not constitute a business combination.

Therefore, our consolidated financial statements and financial data included herein for all periods through and including December 31, 2019 were adjusted retroactively to reflect the financial statements of MeaTech (now called Steakholder Foods), other than the information concerning earnings per share, which is presented according to the equity information of Steakholder Foods and our consolidated financial statements and financial data included herein from January 1, 2020 onward relate to Steakholder Foods.

Certain figures included in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

ii

**TRADEMARKS AND TRADENAMES**

We own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business, including our corporate name, logos and website names. Other trademarks, service marks and trade names appearing in this prospectus are the property of their respective owners. Solely for convenience, some of the trademarks, service marks and trade names referred to in this prospectus are listed without the® and™ symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks, service marks and trade names.

**Neither we nor the selling shareholders have taken any action to permit a public offering of the securities outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of the securities and the distribution of this prospectus outside of the United States.** 

iii

**PROSPECTUS SUMMARY**

 

*This summary highlights information contained in other parts of this prospectus or incorporated by reference into this prospectus from our filings with the SEC, listed in the section of the prospectus entitled "Incorporation of Certain Information by Reference." Because it is only a summary, it does not contain all of the information that you should consider before purchasing our securities in this offering and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere or incorporated by reference into this prospectus. You should read the entire prospectus, the registration statement of which this prospectus is a part, and the information incorporated by reference herein in their entirety, including the "Risk Factors" and our financial statements and the related notes incorporated by reference into this prospectus, before making an investment decision. Some of the statements in this prospectus and the documents incorporated by reference herein constitute forward-looking statements that involve risks and uncertainties. See information set forth under the section "Special Note Regarding Forward-Looking Statements."*

**Our Company**

We are an international deep-tech company that initiated activities in 2019 and are listed on the Nasdaq Capital Market under the ticker "STKH". We are focusing on developing and selling 3D-printing production machines, utilizing advanced technologies to revolutionize the food and textiles industries.

In the food industry, we have developed alternative protein machinery, initially for three-dimensional printing of meat and seafood analogs, followed by hybrid meats that combine cultivated and plant-based elements. We believe that our alternative protein and cultivated meat technologies hold significant potential to reduce the environmental impact of food production (including reducing carbon footprint and promoting biodiversity), improve the supply chain, and offer consumers a range of new product offerings.

We provide production technology and associated supplies needed to commercially produce structured alternative protein products. To that end, we have developed three-dimensional printing capabilities that can mimic meat and seafood texture, flavor, nutritional values and more. Our initial commercial offering combines three-dimensional printers and their supplies, primarily plant-based ingredient blends for printing plant-based meat and fish analogs. So far, we have developed two main types of three-dimensional printer: (1) meat printer - a food production machine that produces meat analogs with a fibrous texture, mimicking meats such as beef, pork and chicken; and (2) fish printer – a food production machine that produces fish and seafood analogs with a flaky texture, such as fish and seafood. These first commercial offerings are intended to affordably generate revenues for our partners and customers by manufacturing plant-based meat and fish analogs, which are not expected to require the lengthy regulatory processes associated with cultivated meats and other novel foods.

At the same time, our wholly-owned subsidiary, Twine Solutions Ltd., or Twine, is disrupting the textile industry with its proprietary waterless thread and yarn dyeing technology. By eliminating the need for traditional dye baths and cumbersome supply chain, Twine's systems enable on-demand, sustainable color application directly at the point of production—accelerating time-to-market, saving water and reducing waste. Serving leading fashion, apparel, accessories and home décor brands, Twine empowers manufacturers to meet both operational and environmental goals without compromising on color quality or performance, with a view to a smarter and more efficient future in textile production.

We are led by our Chief Executive Officer, Arik Kaufman, who has founded various Nasdaq- and TASE - traded foodtech companies, and is a founding partner of BlueOcean Sustainability Fund, LLC, led by Ashton Kutcher, Guy Oseary and Effie Epstein, which has partnered with us to assist in attempting to accelerate our growth. Mr. Kaufman holds extensive personal experience in the fields of food-tech and bio-tech, and has led and managed numerous complex commercial negotiations, as part of local and international fundraising, mergers and acquisitions, or M&A, transactions. We have carefully selected personnel for the rest of our executive management team who possess substantial industry experience and share our core values.

**Corporate Information**

We were incorporated in May 2018 in Israel as DocoMed Ltd., and originally provided digital health services. In July 2019, we changed our name to MeaTech, and commenced our cultured meat technology development operations. In January 2020, MeaTech completed a merger with Ophectra, whereupon the name Ophectra was changed to Meat-Tech 3D Ltd., and later changed to MeaTech 3D Ltd. and then Steakholder Foods Ltd.

Our principal executive offices are located at 5 David Fikes St., P.O. Box 4061, Rehovot 7638205 Israel. The phone number at our principal executive offices is +972-73-332-2853. We maintain a corporate website at www.steakholderfoods.com. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

**Recent Developments**

 

*ADS Ratio Change*

Effective as of April 28, 2025, we adjusted the ratio of the ADSs in relation to the Ordinary Shares. The adjustment changed the ratio from one (1) ADS representing one hundred (100) Ordinary Shares to a new ratio of one (1) ADS representing five hundred (500) Ordinary Shares. This ratio adjustment effectively served as a one-for-five reverse ADS split for ADS holders.

Effective as of September 10, 2025, we adjusted the ratio of the ADSs in relation to the Ordinary Shares. The adjustment changed the ratio from one (1) ADS representing five hundred (500) Ordinary Shares to a new ratio of one (1) ADS representing four thousand (4,000) Ordinary Shares. This ratio adjustment effectively served as a one-for-eight reverse ADS split for ADS holders.

Unless otherwise noted, the financial information, share numbers, option numbers, warrant numbers, other derivative security numbers and exercise prices appearing in this prospectus, including those as of dates prior to the completion of the ADS ratio changes, have been adjusted to give effect to such changes. Documents incorporated by reference into the registration statement of which this prospectus forms a part that were filed prior to the respective effective dates of the ADS ratio changes, do not give effect to such changes.

*Private Placement, Convertible Loans and Acquisition Transaction*

On June 5, 2025, we entered into a securities purchase agreement, or the June 2025 Private Placement Agreement, with Gefen Capital Investments LP., or Gefen, a major shareholder of Twine, for the purchase and sale in the June 2025 Private Placement of 15,536 ADS, at an offering price of $56.00 per ADS. The June 2025 Private Placement closed on June 10, 2025.

The gross proceeds to us from the June 2025 Private Placement were $870,000. We used the proceeds from the June 2025 Private Placement to provide funding to Twine pursuant to the Twine Convertible Loan Agreement (as defined below).

On June 5, 2025, we entered into a convertible loan agreement, or the June 2025 Convertible Loan Agreement, with D.B.W. Holdings (2005) Ltd., or the Lender, pursuant to which, on June 10, 2025, the Lender provided us with a convertible loan in the amount of $870,000, or the D.B.W. CLA Loan Amount. The D.B.W. CLA Loan Amount bore interest at the rate of 8% per annum until converted into our ADSs, upon completion of the Acquisition Transaction on October 31, 2025, at a conversion price of $56.00 per ADS, or the D.B.W. Conversion Price. We used the D.B.W. CLA Loan Amount to provide funding to Twine pursuant to the Twine Convertible Loan Agreement (as defined below).

On June 5, 2025, we entered into a convertible loan agreement, or the Twine Convertible Loan Agreement, with Twine, pursuant to which on June 10, 2025, we provided Twine with a convertible loan in the amount of $1,740,000, or the Twine CLA Loan Amount. The proceeds from the Twine Convertible Loan Agreement are intended to be used by Twine to accelerate its commercial expansion. Pursuant to the Twine Convertible Loan Agreement, as amended, upon consummation of the Acquisition Transaction on October 31, 2025, we converted the Twine CLA Loan Amount into Series BB Preferred Shares of Twine, at a conversion price of $0.02079 per Twine Conversion Share. The Twine CLA Loan Amount bore interest at the rate of 8% per annum until converted.

On August 6, 2025, we filed a registration statement with the SEC, providing for the resale of the ADSs issued pursuant to the June 2025 Private Placement Agreement and the June 2025 Convertible Loan Agreement. The registration statement was declared effective by the SEC on August 13, 2025 and we have committed to keep it effective at all times until the selling shareholders no longer own any securities being registered herein. The registration statement pursuant to which this prospectus relates includes the resale by the Lender of an additional 96 ADSs that were issued to the Lender upon the conversion of the outstanding D.B.W. CLA Loan Amount, including accrued interest.

On June 5, 2025, we entered into a non-binding memorandum of understanding with Twine with respect to the Acquisition Transaction. On September 21, 2025, we entered into the Purchase Agreement with some of the shareholders of Twine, or the Accepting Shareholders, in connection with the Acquisition Transaction. Pursuant to the Purchase Agreement and following execution of joinder agreements by the other shareholders of Twine, or the Remaining Shareholders, themselves, or by Twine by virtue of a bring-along provision under Twine's articles of association, we acquired all of the issued and outstanding share capital of Twine on a fully diluted basis in exchange for our issuance to certain shareholders of Twine, or the Receiving Shareholders, by way of a private placement, of 633,860,000 ordinary shares (represented by 158,465 ADSs), and (b) Pre-Funded Milestone Warrants exercisable upon the reaching of predefined milestones or if the holder of such warrants holds less than the Beneficial Ownership Limitation, as defined below vesting into 581,420,000 ordinary shares (represented by 145,355 ADSs), all exercisable during a period of ten (10) years from the date of issuance and together with the ADS Allocation, currently representing approximately 20.2% of our outstanding share capital (assuming the exercise of all Pre-Funded Milestone Warrants) after such issuances. In connection with the Purchase Agreement, Gefen agreed that, until the third anniversary of the closing date of the Acquisition Transaction, it shall refrain from voting all ADSs owned by Gefen against any person nominated or otherwise proposed by Yaron Kaiser or Arik Kaufman for election or appointment to our board of directors.

Following the approval of our shareholders at an annual general meeting held on October 28, 2025, the Acquisition Transaction closed on October 31, 2025, and resulted in Twine becoming a wholly-owned subsidiary of the Company.

*Warrant Repricing*

On September 30, 2025, we entered into inducement offer letter agreements, or the Inducement Letters, with certain holders, or the Holders, of certain of our existing warrants to purchase up to 297,618, ADS, or the Existing Warrants, and collectively, the Warrant Repricing.

Pursuant to the Inducement Letters, the Holders agreed to exercise for cash their Existing Warrants to purchase an aggregate of 297,618 ADSs at a reduced exercise price of $5.00 per ADS (after giving effect to a ratio change effected on September 10, 2025), in consideration of our agreement to issue two new series of warrants, or the New Warrants, to purchase up to an aggregate of 892,854 ADSs, or the New Warrant Shares, at an exercise price of $5.00 per ADS, which became exercisable on October 28, 2025, the date on which our shareholders approved the increase of authorized shares of the Company, or the Shareholder Approval Date, until (i) with respect to Series A Warrants to purchase an aggregate of 297,618 ADSs, the five (5) year anniversary of the later of (x) the Shareholder Approval Date and (y) the date that the registration statement, or this Registration Statement, pursuant to which this prospectus relates is declared effective by the SEC providing for the resale of the New Warrant Shares by the holders of the New Warrants, and (ii) with respect to Series B Warrants to purchase an aggregate of 595,236 ADSs, the eighteen (18) month anniversary of the later of t(x) he Shareholder Approval Date and (y) the date that this Registration Statement is declared effective by the SEC. We received aggregate gross proceeds of approximately $1.5 million from the Warrant Repricing, before deducting placement agent fees and other offering expenses payable by us.

We engaged H.C. Wainwright & Co., LLC, or Wainwright, to act as our exclusive placement agent in connection with the transactions contemplated by the Inducement Letters and we paid Wainwright a cash fee equal to 7.5% of the aggregate gross proceeds received from the Warrant Repricing. We also issued to Wainwright or its designees the Placement Agent Warrants to purchase up to 20,833 ADSs (representing 7.0% of the Existing Warrants exercised), which have the same terms as the Series A Warrants except the Placement Agent Warrants have an exercise price equal to $6.25 per ADS (125% of the reduced exercise price of the Existing Warrants). The Placement Agent Warrants are exercisable from the date of issuance until the five (5) year anniversary of the later of the (x) Shareholder Approval Date and (y) the date that this Registration Statement is declared effective by the SEC. The closing of the transactions contemplated pursuant to the Inducement Letters occurred on October 1, 2025.

In connection with the Warrant Repricing, the selling shareholders named in this prospectus may offer and sell up to an aggregate of 913,687 ADSs, consisting of: (i) 297,618 ADSs issuable upon the exercise of the Series A Warrants, (ii) 595,236 ADSs issuable upon the exercise of the Series B Warrants and 20,833 ADSs issuable upon the exercise of the Placement Agent Warrants.

**The Offering**

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| | |
|:---|:---|
| ***Ordinary Shares currently outstanding*** | 5,424,956,659 Ordinary Shares, represented or representable by approximately 1,356,239 ADSs. |
| ***ADSs offered by the selling shareholders*** | Up to 1,217,603 of our ADSs consisting of: (i) up to 297,618 ADSs issuable upon the exercise of the Series A Warrants, (ii) up to 595,236 ADSs issuable upon the exercise of the Series B Warrants, (ii) up to 20,833 ADSs issuable upon the exercise of the Placement Agent Warrants, (iv) 158,465 ADSs issued in connection with the Acquisition Transaction, (v) up to 145,355 ADSs issuable upon the exercise of the Pre-Funded Milestone Warrants issued in connection the Acquisition Transaction, and (vi) 96 ADSs issued upon the conversion of the June 2025 Convertible Loan. The selling shareholders are identified in the table commencing on page 10. |
| ***Ordinary shares to be outstanding assuming the exercise in full of the warrants held by the selling shareholders*** | 9,661,124,659 Ordinary Shares, represented or representable by approximately 2,415,281 ADSs. |
| ***Use of proceeds*** | We will not receive any proceeds from the sale of the ADSs by the selling shareholders. All net proceeds from the sale of the ADSs covered by this prospectus will go to the selling shareholders. However, we may receive the proceeds from any exercise of warrants if the selling shareholders do not exercise the warrants on a cashless basis, if and when exercised. See the section of this prospectus titled "Use of Proceeds." |
| ***Nasdaq Capital Market Symbol*** | Our ADSs are listed on the Nasdaq Capital Market under the symbol "STKH." |
| ***Risk factors*** | Before investing in our securities, you should carefully read and consider the "Risk Factors" beginning on page 5 of this prospectus. |

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Unless otherwise indicated, the information above is based on 5,424,956,659 Ordinary Shares representable by approximately 1,356,239 ADSs outstanding as of November 14, 2025, including shares whose allocation has been approved by a general meeting of our shareholders but which have not yet been allocated, and excludes:

● 1,183,064 ADSs issuable upon the exercise of investor warrants, pre-funded milestone warrants and warrants issued to placement agents (or their designees) to purchase ADSs, at a weighted-average exercise price of $18.77 per ADS;

● 1,120 ADSs issuable upon the exercise of options and restricted share units to purchase ADSs, at a weighted average exercise price of $243.42 per ADS;

● 25,978 of our ADSs representing shares reserved for future issuance under the Steakholder Foods Ltd. 2022 Share Incentive Plan, or the 2022 Share Incentive Plan; and

● 1,554 ADSs issuable to a consultant upon exercise of options at an exercise price to be determined at the time of exercise using a pre-determined formula.

Unless otherwise indicated, all information in this prospectus assumes no exercise of the outstanding options or warrants into Ordinary Shares as described above.

**RISK FACTORS**

 

*An investment in our securities involves significant risks. Before making an investment in our securities, you should carefully read all of the information contained in this prospectus and in the documents incorporated by reference herein. For a discussion of risk factors that you should carefully consider before deciding to purchase any of our securities, please review the additional risk factors disclosed below, the information under the heading "Risk Factors" and the section entitled "Risk Factors" contained in our annual report on Form 20-F for the year ended December 31, 2024 filed with the SEC on March 31, 2025. In addition, please read "About this Prospectus" and "Special Note Regarding Forward-Looking Statements" in this prospectus, where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this prospectus. Please note that additional risks not currently known to us or that we currently deem immaterial also may adversely affect our business, operations results of operations, financial condition and prospects.*

***The sale of a substantial amount of our ADSs, including resale of the ADSs issuable upon the exercise of the Warrants held by the selling shareholders in the public market could adversely affect the prevailing market price of our ADSs.***

We are registering for resale an aggregate of 1,217,603 ADSs consisting of: (i) up to 297,618 ADSs issuable upon the exercise of the Series A Warrants, (ii) up to 595,236 ADSs issuable upon the exercise of the Series B Warrants, (iii) up to 20,833 ADSs issuable upon the exercise of the Placement Agent Warrants, (iv) 158,465 ADSs issued in connection with the Acquisition Transaction, (v) up to 145,355 ADSs issuable upon the exercise of the Pre-Funded Milestone Warrants issued in connection the Acquisition Transaction, and (vi) 96 ADSs issued upon the conversion of the June 2025 Convertible Loan. Sales of substantial amounts of our ADSs in the public market, or the perception that such sales might occur, could adversely affect the market price of ADSs, and the market value of our other securities. We cannot predict if and when the selling shareholders may sell such ADSs in the public markets. Furthermore, in the future, we may issue additional ADSs, Ordinary Shares or other equity or debt securities convertible into ADSs or Ordinary Shares. Any such issuance could result in substantial dilution to our existing shareholders and could cause our ADS price to decline.

***Conditions in Israel, including Israel's conflicts with Hamas and other parties in the Middle East, as well as political and economic instability, may adversely impact our business operations.***

We are incorporated under Israeli law, and most of our directors, officers and other employees are based in Israel. Accordingly, our business and operations are directly affected by economic, political, geopolitical, and military conditions in Israel.

Since the establishment of the State of Israel in 1948 and in recent years, armed conflicts between Israel and its neighboring countries, Hamas (an Islamist terrorist militia and political group that controls the Gaza Strip), Hezbollah (an Islamist terrorist militia and political group based in Lebanon) and other terrorist organizations active in the region. These conflicts have involved missile strikes, hostile infiltrations and terrorism against civilian targets in various parts of Israel, which have negatively affected business conditions in Israel.

In October 2023, Hamas terrorists infiltrated Israel's southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers within the State of Israel. These attacks resulted in extensive deaths, injuries and kidnapping of civilians and soldiers. Following the attack, Israel's security cabinet declared war against Hamas and a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror attacks. In January 2025, Israel and Hamas entered into a ceasefire agreement, which remained in effect until March 18, 2025, when hostilities resumed. On October 9, 2025, Israel and Hamas entered into a renewed ceasefire agreement, calling for a permanent end of the war. However, there are no assurances that such an agreement will hold. While the conflict has created heightened security concerns, disruptions to business operations, and economic instability, the ceasefire may contribute to improved regional stability. However, the security situation remains fluid, and any renewed military actions, restrictions, or government-imposed measures could adversely affect our operations, supply chains, and financial condition.

Since the commencement of these events, there have been continued hostilities along Israel's northern border with Lebanon (with the Hezbollah terror organization) and on other fronts from various extremist groups in the region, such as the Houthis in Yemen and various rebel militia groups in Syria and Iraq. In October 2024, Israel began limited ground operations against Hezbollah in Lebanon, and in November 2024, a ceasefire was brokered between Israel and Hezbollah, but there are no guarantees as to whether the agreement will hold or whether further hostilities will resume.

In addition, in April 2024 and October 2024, Iran launched direct attacks on Israel involving hundreds of drones and missiles and threatened to continue to attack Israel and is widely believed to be developing nuclear weapons. In June 2025, in light of continued nuclear threats and intelligence assessments indicating imminent attacks, Israel launched a preemptive strike directly targeting military and nuclear infrastructure inside Iran, aimed at disrupting Iran's capacity to coordinate or launch further hostilities against Israel, as well as to degrade its nuclear program. In response, Iran launched multiple waves of drones and ballistic missiles at Israeli cities. While most of these attacks were intercepted, several caused civilian casualties and damage to infrastructure. While a ceasefire was reached between Israel and Iran in June 2025 after 12 days of hostilities, the situation remains volatile. A broader regional conflict involving additional state and non-state actors remains a significant risk. Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq. These situations may potentially escalate in the future to more violent events which may affect our operations.

While our facilities have not been damaged during the current war, the hostilities with Hamas, Hezbollah, Iran and its proxies and others have caused and may continue to cause damage to private and public facilities, infrastructure, utilities, and telecommunication networks, and may potentially disrupt our operations and supply chains. In addition, Israeli organizations, government agencies and companies have been subject to extensive cyber attacks. This could lead to increased costs, risks to employee safety, and challenges to business continuity, with potential financial losses.

In connection with the ongoing war, several hundred thousand Israeli military reservists were drafted to perform immediate military service, and military reservists are expected to perform long reserve duty service in the coming years. As of the date hereof, only several of our employees are called to active military duty. The absence of our employees due to their military service in the current or future wars or other armed conflicts may materially and adversely affect our ability to conduct our operations. Since the war broke out on October 7, 2023, our operations have not been adversely affected by this situation.

While the intensity and duration of the security situation in Israel have been difficult to predict, as were the economic implications on our business and operations and on Israel's economy in general, the ceasefire marks a potential shift towards stability in the region. If sustained, this could reduce the risk of disruptions to our business and the Israeli economy in general. However, if the war is renewed or expands to other fronts, such as Lebanon, Syria and the West Bank, our operations may be harmed.

Our commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli government currently covers the reinstatement value of certain direct damages that are caused by terrorist attacks or acts of war, we cannot assure you that such government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses or damages incurred by us could have a material adverse effect on our business.

The global perception of Israel and Israeli companies, influenced by actions by international judicial bodies, may lead to increased sanctions and other negative measures against Israel, as well as Israeli companies and academic institutions. There is also a growing movement among countries, activists, and organizations to boycott Israeli goods, services and academic research or restrict business with Israel, which could affect business operations. If these efforts become widespread, along with any future rulings from international tribunals against Israel, they could significantly and negatively impact business operations.

Prior to the October 2023 war, the Israeli government pursued changes to Israel's judicial system and has recently renewed its efforts to effect such changes. In response to the foregoing developments, certain individuals, organizations, and institutions, both within and outside of Israel, voiced concerns that such proposed changes, if adopted, may negatively impact the business environment in Israel. Such proposed changes may also lead to political instability or civil unrest. If such changes to Israel's judicial system are pursued by the government and approved by the parliament, this may have an adverse effect on our business, results of operations, and ability to raise additional funds, if deemed necessary by our management and board of directors.

 ****

***SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS***

Some of the statements made under "Prospectus Summary," "Risk Factors," "Use of Proceeds," and elsewhere incorporated by reference in this prospectus constitute forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "project," "anticipates," "believes," "estimates," "predicts," "potential," "intends," or "continue," or the negative of these terms or other comparable terminology.

These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans, and strategies; statements that contain projections of results of operations or of financial condition; expected capital needs and expenses; statements relating to the research, development, completion and use of our products; and all statements (other than statements of historical facts) that address activities, events, or developments that we intend, expect, project, believe, or anticipate will or may occur in the future.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

 ****

● our estimates regarding our expenses, future revenue, capital requirements and needs for additional financing;

● our expectations regarding the success of the alternative protein manufacturing technologies we are developing;

● our research and development activities associated with technologies for alternative protein manufacturing, including three-dimensional protein production, which involves a lengthy and complex process;

● our expectations regarding sales of products based on our alternative protein technologies;

● our ability to successfully manage our planned growth, and any future acquisitions, joint ventures, collaborations or similar transactions;

● the competitiveness of the market for our alternative protein technologies;

● our ability to enforce our intellectual property rights and to operate our business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties;

● our ability to predict and timely respond to preferences for alternative proteins and new trends;

● our ability to attract, hire and retain qualified employees and key personnel;

● security, political and economic instability globally and in the Middle East that could harm our business, including due to current security situation in Israel; and

● other risks and uncertainties, including those listed under the heading "Risk Factors" in our most recent annual report on Form 20-F.

These statements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in this prospectus in greater detail under the heading "Risk Factors" and elsewhere in this prospectus. You should not rely upon forward-looking statements as predictions of future events.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this prospectus.

**USE OF PROCEEDS**

We will not receive any proceeds from the sale of the ADSs by the selling shareholders. All net proceeds from the sale of the ADSs covered by this prospectus will go to the selling shareholders. We expect that the selling shareholders will sell their ADSs as described under "Plan of Distribution."

We may receive proceeds from the exercise of the Series A Warrants, Series B Warrants, Placement Agent Warrants and Pre-Funded Milestone Warrants, collectively, the Warrants, to the extent that these Warrants are exercised for cash by the selling shareholders. Warrants, however, are exercisable on a cashless basis under certain circumstances. If all of the Warrants mentioned above were exercised for cash in full, the proceeds would be approximately $4.5 million. We intend to use the net proceeds of such Warrant exercise, if any, for funding research and development and for other working capital and general corporate purposes, including mergers, acquisitions and investments. As a result, our management will retain broad discretion in the allocation and use of the net proceeds of this offering, and the investors will be relying on the judgment of our management with regard to the use of these net proceeds. Pending such uses, we intend to invest the net proceeds in short-term, interest-bearing securities, investment grade securities, certificates of deposit or direct or guaranteed obligations of the U.S. government. We can make no assurances that any of the Warrants will be exercised, or if exercised, that they will be exercised for cash, the quantity which will be exercised or in the period in which they will be exercised.

**CAPITALIZATION**

The following table sets forth our capitalization:

● on an actual basis as of June 30, 2025; and

● on a pro forma basis, giving effect to: (i) the sale between July 2025 and November, 2025 of 238,618 ADSs in at-the-market sales at an average offering price of $8.27 per ADS, and after deducting the placement agent fees and estimated offering expenses payable by us, resulting in net proceeds of approximately $1.9 million; (ii) the issuance and sale in a follow-on public offering in July 2025, or the July 2025 Public Offering, of 23,022 ADSs and accompanying common warrants at the combined public offering price of $8.40 per ADS and 274,598 pre-funded warrants and accompanying common warrants at the combined public offering price of $8.32 per ADS for aggregate net proceeds of approximately $2.0 million, after deducting the Placement Agent's fees and estimated offering expenses payable by us, (iii) the exercise of 297,619 common warrants and 274,598 pre-funded warrants from the July 2025 Public Offering for aggregate gross proceeds of approximately $1.4 million, (iv) the issuance of 16,023 ADSs as a result of the conversion of approximately $0.9 million of the June 2025 Convertible Loan in connection with the Acquisition Transaction, and (v) the issuance of 158,465 ADSs and the Pre-Funded Milestone Warrants in the Acquisition Transaction, as if such events had occurred on or before June 30, 2025 (collectively, the "Pro Forma Adjustments").

The following depiction of our capitalization on a pro forma as adjusted basis as of June 30, 2025 reflects the Pro Forma Adjustments, and does not reflect exercise of any options or warrants. The information in this table should be read in conjunction with and is qualified by reference to the financial statements and notes thereto and other financial information incorporated by reference into this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of<br> June 30,<br> 2025<br> (unaudited)** | **As of<br> June 30,<br> 2025<br> (unaudited)** |
|  | **Actual** | **Pro<br> Forma** |
|  | (U.S.$ in thousands) | (U.S.$ in thousands) |
| **Long-term liabilities:** | $874 | $- |
| **Shareholders' equity:** |  |  |
| Ordinary shares, no par value |  |  |
| Receivables on account of shares | (122) | (122) |
| Additional paid-in capital | 86744 | 93961 |
| Accumulated deficit | (82541) | (82564) |
| Total shareholders' equity | 4111 | 11275 |
| **Total capitalization (long-term liabilities and equity)** | $4985 | $11275 |

---

The above table is based on 915,704,159 Ordinary Shares representable by 228,926 ADSs issued and outstanding as of June 30, 2025, and excludes:

● 1,603 ADSs (representing approximately 6,410,000 Ordinary Shares) issuable upon the exercise of options and settlement of restricted share units to purchase ADSs, at a weighted average exercise price of $342.93 per ADS;

● 25,792 of our ADSs (representing approximately 103,168,500 Ordinary Shares) reserved for future issuance under our 2022 Share Incentive Plan;

● 15,927 ADSs (representing approximately 63,709,000 Ordinary Shares) issuable upon the exercise of the June 2025 Convertible Loan at a conversion price of $56.00 per ADS, based on a good-faith estimate of the maximum number of ADSs issuable upon such conversion;

● 1,554 ADSs (representing approximately 6,216,000 Ordinary Shares) issuable to a consultant upon exercise of options at an exercise price to be determined at the time of exercise using a pre-determined formula; and

● 103,189 ADSs (representing approximately 412,753,660 Ordinary Shares) issuable upon the exercise of investor warrants to purchase ADSs outstanding as of that date, at a weighted average exercise price of $168.49 per ADS.

**SELLING SHAREHOLDERS**

The ADSs being offered by the selling shareholders are those ADSs (i) issuable upon the exercise of the Warrants, (ii) issued in the Acquisition Transaction and (iii) issued upon the conversion of the June 2025 Convertible Loan. For additional information regarding the issuances of the ADSs, see "Prospectus Summary — Recent Developments — Warrant Repricing" and "Prospectus Summary — "Prospectus Summary — Recent Developments — Private Placement, Convertible Loans and Acquisition Transaction". We are registering the ADSs in order to permit the selling shareholders to offer the ADSs for resale from time to time. Except for the relationship engendered pursuant to the Warrant Repricing, June 2025 Private Placement, June 2025 Convertible Loan and Acquisition Transaction, the selling shareholders have not had any material relationship with us within the past three years.

The table below lists the selling shareholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Exchange Act, and the rules and regulations thereunder) of ADSs held by each of the selling shareholders. The second column lists the number of ADSs beneficially owned by the selling shareholder, based on its respective ownership of ADSs and ADSs that have been or may be issued pursuant to the Warrants, the Acquisition Transaction or the June 2025 Convertible Loan. The third column lists the ADSs being offered by this prospectus by the selling shareholders.

This prospectus covers the resale of the number of ADSs issued or issuable pursuant to the Warrants, the Acquisition Transaction or the June 2025 Convertible Loan. The fourth column assumes the sale of all of the ADSs offered by the selling shareholders pursuant to this prospectus. Under the terms of the Warrants, the selling shareholders may not exercise the warrants to the extent such exercise would cause such selling shareholder, together with its affiliates, to beneficially own a number of ordinary shares which would exceed 4.99% or 9.99% of our then outstanding ordinary shares following such exercise, excluding for purposes of such determination ordinary shares not yet issuable upon exercise of the warrants which have not been exercised. The number of shares does not reflect this limitation. The selling shareholders may sell all, some or none of its ordinary shares or investor warrants in this offering. See "Plan of Distribution."

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selling Shareholder** | **ADSs<br> Beneficially<br> Owned<br> Prior to<br> Offering (1)** |  | **Maximum<br> Number of<br> ADSs to be<br> Sold<br> Pursuant<br> to this<br> Prospectus** |  | **Number of<br> ADSs<br> Owned<br> After the<br> Offering** |  | **Percentage of<br> Ordinary<br> Shares Owned<br> After the<br> Offering** |
| Gefen Capital Investments, LP (2) | 297082 | (3) | 281546 | (4) | 15536 | (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*% |
| D.B.W. Holdings (2005) Ltd. (6) | 16023 | (7) | 96 | (8) | 15927 | (9) | \*% |
| Hudson Bay Master Fund Ltd. (10) | 446528 | (11) | 446427 | (12) | 101 | (13) | \*% |
| Intracoastal Capital LLC (14) | 446427 | (15) | 446427 | (15) |  |  | -% |
| Maruito Co., Ltd. (16) | 17819 | (17) | 17819 | (17) |  |  | -% |
| Alon Bar-Shany (18) | 4455 | (19) | 4455 | (19) |  |  | -% |
| Augustus Trading LLC (20) | 13359 | (21) | 13359 | (21) |  |  | -% |
| Noam Rubinstein (22) | 14247 | (23) | 6562 | (24) | 7685 | (25) | \*% |
| Wilson Drive Holdings LLC (26) | 704 | (27) | 704 | (27) |  |  | -% |
| Charles Worthman (28) | 452 | (29) | 208 | (30) | 244 | (31) | \*% |

---

\* Denotes less than 1%.

(1) Beneficial
 ownership is determined in accordance with SEC rules and generally includes voting or investment
 power with respect to securities. ADSs subject to warrants currently exercisable, or exercisable
 within 60 days of November 14, 2025 are counted as outstanding for computing the percentage
 of the selling shareholder holding such options or warrants but are not counted as outstanding
 for computing the percentage of any other selling shareholders.

(2) The
 selling shareholder is a Delaware limited partnership whose address is 85 Medinat Hayehudim
 St., Herzliya Israel 4676670. David Wiessman may be deemed to beneficially own our securities
 held by the selling shareholder by virtue of his voting rights.

(3) Consists
 of (i) 15,536 ADSs issued in the June 2025 Private Placement, (ii) 136,191 ADSs issued in
 the Acquisition Transaction and (iii) 145,355 ADSs issuable upon the exercise of the Pre-Funded
 Milestone Warrants.

(4) Consists
 of (i) 136,191 ADSs issued in the Acquisition Transaction and (ii) 145,355 ADSs issuable
 upon the exercise of the Pre-Funded Milestone Warrants.

(5) Consists
 of 15,536 ADSs issued in the June 2025 Private Placement.

(6) The
 selling shareholder is an Israeli corporation whose address is 85 Kibbutz Galuyot St., Even
 Yehuda Israel 4051585. David Wiessman is the controlling shareholder of the selling shareholder,
 and may be deemed to beneficially own our securities held by the selling shareholder.

(7) Consists
 of 16,023 ADSs issued pursuant to the June 2025 Convertible Loan.

(8) Consists
 of 96 ADSs issued pursuant to the June 2025 Convertible Loan.

(9) Consists of 15,927 ADSs issued pursuant to the June 2025 Convertible
 Loan.

(10) Hudson
Bay Capital Management LP, the investment manager of Hudson Bay Master Fund Ltd., has voting and investment power over these securities.
Sander Gerber is the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP.
Each of Hudson Bay Master Fund Ltd. and Sander Gerber disclaims beneficial ownership over these securities. The principal business address
of Hudson Bay is c/o Hudson Bay Capital Management LP, 290 Harbor Dr., 3rd Floor, Stamford, CT 06902.

(11) Consists
 of (i) 101 ADSs, (ii) 148,809 ADSs issuable upon the exercise of Series A Warrants and (iii)
 297,618 ADSs issuable upon the exercise of Series B Warrants.

(12) Consists
 of (i) 148,809 ADSs issuable upon the exercise of Series A Warrants and (iii) 297,618 ADSs
 issuable upon the exercise of Series B Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(13) Consists of 101 ADSs.

(14) The
 securities are directly held by Intracoastal Capital LLC, or Intracoastal. Mitchell P. Kopin
 ("Mr. Kopin") and Daniel B. Asher ("Mr. Asher"), each of whom are
 managers of Intracoastal, have shared voting control and investment discretion over the securities
 reported herein that are held by Intracoastal. As a result, each of Mr. Kopin and Mr. Asher
 may be deemed to have beneficial ownership (as determined under Section 13(d) of the Exchange
 Act) of the securities reported herein that are held by Intracoastal. The warrants are subject
 to a beneficial ownership limitation of 4.99%, which restricts the selling shareholder from
 exercising that portion of the warrants that would result in the selling stockholder and
 its affiliates owning, after exercise, a number of shares of ordinary shares in excess of
 the beneficial ownership limitation. The number of ordinary shares set forth in the above
 table does not reflect the application of this limitation. The address of Intracoastal is
 245 Palm Trail, Delray Beach, FL 33483.

(15) Consists
 of (i) 148,809 ADSs issuable upon the exercise of Series A Warrants and (iii) 297,618 ADSs
 issuable upon the exercise of Series B Warrants.

(16) The
 selling shareholder is a Japanese corporation whose address is 1 Chome-6-30 Nishiki, Naka
 Ward, Nagoya, Aichi, Japan 460-0003. Hiroki Ishiguro may be deemed to beneficially own our securities
 held by the selling shareholder by virtue of his position as President of the corporation.

(17) Consists
 of 17,819 ADSs issued in the Acquisition Transaction.

(18) The
 address of the selling shareholder is 369 Pashosh St., Modi'in-Maccabim-Re'ut,
 Israel 7179901.

(19) Consists
 of 4,455 ADSs issued in the Acquisition Transaction.

(20) The number of shares beneficially owned prior to this offering consist
of ADSs issuable upon exercise of placement agent warrants which have been received as compensation. Orsium Capital LLC, the authorized
agent to Augustus Trading LLC, has discretionary authority to vote and dispose of the securities held by Augustus Trading LLC and may
be deemed to be the beneficial owner (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended) of these securities.
Olivier Morali, in his capacity as managing member of Orsium Capital LLC, may also be deemed to have investment discretion and voting
power over the shares held by Augustus Trading LLC. Orsium Capital LLC and Mr. Morali each disclaims any beneficial ownership of these
securities.

(21) Consists
 of 13,359 ADSs issuable upon the exercise of Placement Agent Warrants.

(22) Referenced person is affiliated with Wainwright. Wainwright is a registered
broker-dealer and acted as the placement agent in the Warrant Repricing. It's address is 430 Park Avenue, New York, NY 10022. Referenced
person has sole voting and dispositive power over the securities held. The number of ADSs beneficially owned prior to this offering consist
of ADSs issuable upon exercise of placement agent warrants, which were received as compensation. Referenced person acquired the placement
agent warrants in the ordinary course of business and, at the time the placement agent warrants were acquired, the selling shareholder
had no agreement or understanding, directly or indirectly, with any person to distribute such securities.

(23) Consists
 of (i) 7,685 ADSs issuable upon the exercise of previously-issued placement agent warrants,
 and (ii) 6,562 ADSs issuable upon the exercise of Placement Agent Warrants.

(24) Consists
 of 6,562 ADSs issuable upon the exercise of Placement Agent Warrants.

(25) Consists
 of 7,685 ADSs issuable upon the exercise of previously-issued placement agent warrants.

(26) The number of shares beneficially owned prior to this offering consist
of ADSs issuable upon exercise of placement agent warrants which have been received as compensation. The securities are held by Wilson
Drive Holdings LLC. Craig Schwabe is the managing member Wilson Drive Holdings LLC and has the power to vote and dispose the securities
held. Mr. Schwabe is affiliated with Wainwright, a registered broker-dealer, with a registered address of 430 Park Ave, 3rd Floor, New
York, NY 10022. The securities were acquired in the ordinary course of business and, at the time the securities were acquired, the selling
shareholder had no agreement or understanding, directly or indirectly, with any person to distribute such securities.

(27) Consists
 of 704 ADSs issuable upon the exercise of Placement Agent Warrants.

(28) Referenced person is affiliated with Wainwright. Wainwright is a registered
broker-dealer and acted as the placement agent in the Warrant Repricing. The address of Wainwright is 430 Park Avenue, New York, NY 10022.
Referenced person has sole voting and dispositive power over the securities held. The number of ADSs beneficially owned prior to this
offering consist of ADSs issuable upon exercise of placement agent warrants, which were received as compensation. Referenced person acquired
the placement agent warrants in the ordinary course of business and, at the time the placement agent warrants were acquired, the selling
shareholder had no agreement or understanding, directly or indirectly, with any person to distribute such securities.

(29) Consists
 of (i) 244 ADSs issuable upon the exercise of previously-issued placement agent warrants,
 and (ii) 208 ADSs issuable upon the exercise of Placement Agent Warrants.

(30) Consists
 of 208 ADSs issuable upon the exercise of Placement Agent Warrants.

(31) Consists
 of 244 ADSs issuable upon the exercise of previously-issued placement agent warrants.

**DESCRIPTION OF SHARE CAPITAL**

The following description of our share capital is a summary of the material terms of our articles of association and Israeli corporate law regarding our Ordinary Shares and the holders thereof. This description contains all material information concerning our Ordinary Shares but does not purport to be complete.

**Articles of Association**

Our purpose as set forth in our articles of association is to engage in any lawful activity. Our Israeli company number is 520041955. The address of our registered office is 5 David Fikes St., P.O. Box 4061, Rehovot, Israel 7638205.

**Share capital**

Our authorized share capital consists of 50,000,000,000 Ordinary Shares.

All of our outstanding Ordinary Shares are validly issued, fully paid and non-assessable. Our Ordinary Shares are not redeemable and do not have any preemptive rights.

**Ordinary Shares**

In the last three years (since November 2022), we have issued 1,018,063 ADSs representing Ordinary Shares in a combination of private and public offerings.

**Warrants**

In the last three years, we have issued warrants to purchase Ordinary Shares representable by an aggregate of 1,366,578 ADSs to investors and underwriters, of which no warrants have expired, warrants to purchase an aggregate of 328,869 ADSs have been exercised and 1,037,709 of which are currently outstanding. The exercise prices of the warrants range from $5.00 to $500.00 per ADS.

**Options and Restricted Share Units**

In the last three years, we have issued options to consultants to purchase an aggregate of 185 ADSs which remain outstanding. None of the options issued in the last three years have been exercised. The exercise price of the options is $4.00 per ADS.

In the last three years, we have issued restricted share units to directors, employees and consultants vesting into an aggregate of 788 ADSs which remain outstanding, with no exercise price.

**Convertible Loans**

In the last three years, we received a convertible loan in the amount of $870,000, which was converted with accrued interest at the rate of 8% per annum into 16,023 ADSs upon the consummation of the Acquisition Transaction.

**Transfer of shares**

Our fully paid Ordinary Shares are issued in registered form and may be freely transferred under our amended and restated articles of association, unless the transfer is restricted or prohibited by another instrument, applicable law or the rules of a stock exchange on which the Ordinary Shares are listed for trade. The ownership or voting of our Ordinary Shares by non-residents of Israel is not restricted in any way by our amended and restated articles of association or the laws of the State of Israel, except for ownership by nationals of some countries that are, or have been, in a state of war with Israel.

**Election of directors**

Under our amended and restated articles of association, our board of directors must consist of not less than three (3) but no more than seven (7) directors. Pursuant to our amended and restated articles of association, each of our directors is appointed by a simple majority vote of holders of our Ordinary Shares, participating and voting at an annual general meeting of our shareholders provided that (i) in the event of a contested election the method of calculation of the votes and the manner in which the resolutions will be presented to our shareholders at the general meeting shall be determined by our board of directors in its discretion, and (ii) in the event that our board of directors does not or is unable to make a determination on such matter, then the directors will be elected by a plurality of the voting power represented at the general meeting in person or by proxy and voting on the election of directors. In addition, our directors are divided into three classes, one class being elected each year at the annual general meeting of our shareholders, and serve on our board of directors until the third annual general meeting following such election or re-election or until they are removed by a vote of 65% of the total voting power of our shareholders at a general meeting of our shareholders or upon the occurrence of certain events in accordance with the Israeli Companies Law, 5759-1999, or the Companies Law, and our amended and restated articles of association. In addition, our amended and restated articles of association provide that vacancies on our board of directors may be filled by a vote of a simple majority of the directors then in office. A director so appointed will hold office until the next annual general meeting of our shareholders for the election of the class of directors in respect of which the vacancy was created, or in the case of a vacancy due to the number of directors being less than the maximum number of directors stated in our amended and restated articles of association, until the next annual general meeting of our shareholders for the election of the class of directors to which such director was assigned by our board of directors.

**Dividend and liquidation rights**

We may declare a dividend to be paid to the holders of our Ordinary Shares in proportion to their respective shareholdings. Under the Companies Law, dividend distributions are determined by the board of directors and do not require the approval of the shareholders of a company unless the company's articles of association provide otherwise. Our amended and restated articles of association do not require shareholder approval of a dividend distribution and provide that dividend distributions may be determined by our board of directors.

Pursuant to the Companies Law, the distribution amount is limited to the greater of retained earnings or earnings generated over the previous two years, according to our then last reviewed or audited financial statements (less the amount of previously distributed dividends, if not reduced from the earnings), provided that the end of the period to which the financial statements relate is not more than six months prior to the date of the distribution. If we do not meet such criteria, then we may distribute dividends only with court approval; as a company listed on an exchange outside of Israel, however, court approval is not required if the proposed distribution is in the form of an equity repurchase, provided that we notify our creditors of the proposed equity repurchase and allow such creditors an opportunity to initiate a court proceeding to review the repurchase. If within 30 days such creditors do not file an objection, then we may proceed with the repurchase without obtaining court approval. In each case, we are only permitted to distribute a dividend if our board of directors and, if applicable, the court determines that there is no reasonable concern that payment of the dividend will prevent us from satisfying our existing and foreseeable obligations as they become due.

In the event of our liquidation, after satisfaction of liabilities to creditors, our assets will be distributed to the holders of our Ordinary Shares in proportion to their shareholdings. This right, as well as the right to receive dividends, may be affected by the grant of preferential dividend or distribution rights to the holders of a class of shares with preferential rights that may be authorized in the future.

 **Shareholder Meetings**

Under Israeli law, we are required to hold an annual general meeting of our shareholders once every calendar year and no later than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to in our amended and restated articles of association as special general meetings. Our board of directors may call special general meetings of our shareholders whenever it sees fit, at such time and place, within or outside of Israel, as it may determine. In addition, the Companies Law and the regulations promulgated thereunder provide that our board of directors is required to convene a special general meeting of our shareholders upon the written request of (1) any two or more of our directors, (2) one-quarter or more of the serving members of our board of directors or (3) as a company listed on an exchange in the U.S., one or more shareholders holding, in the aggregate, either (a) 10% or more of our outstanding issued shares and 1% or more of our outstanding voting power or (b) 10% or more of our outstanding voting power.

Under Israeli law, one or more shareholders holding at least 1% of the voting rights at the general meeting of the shareholders may request that the board of directors include a matter in the agenda of a general meeting of the shareholders to be convened in the future, provided that it is appropriate to discuss such a matter at the general meeting. Notwithstanding the foregoing, as a company listed on an exchange outside of Israel, a matter relating to the appointment or removal of a director may only be requested by one or more shareholders holding at least 5% of the voting rights at the general meeting of the shareholders. Our amended and restated articles of association contain procedural guidelines and disclosure items with respect to the submission of shareholder proposals for general meetings.

Subject to the provisions of the Companies Law and the regulations promulgated thereunder, shareholders entitled to participate and vote at general meetings of shareholders are the shareholders of record on a date to be decided by the board of directors, which, as a company listed on an exchange outside Israel, may be between four and 60 days prior to the date of the meeting. Furthermore, the Companies Law requires that resolutions regarding the following matters must be passed at a general meeting of shareholders:

● amendments to our articles of association;

● appointment, terms of service or and termination of service of our auditors;

● appointment of directors, including external directors (if applicable);

● approval of certain related party transactions;

● increases or reductions of our authorized share capital;

● a merger; and

● the exercise of our board of directors' powers by a general meeting, if our board of directors is unable to exercise its powers and the exercise of any of its powers is required for our proper management.

The Companies Law requires that a notice of any annual general meeting or special general meeting be provided to shareholders at least 21 days prior to the meeting and if the agenda of the meeting includes, among other things, the appointment or removal of directors, the approval of transactions with office holders or interested or related parties, or an approval of a merger, notice must be provided at least 35 days prior to the meeting. Under the Companies Law and our amended and restated articles of association, shareholders are not permitted to take action by way of written consent in lieu of a meeting.

**Voting rights**

All Ordinary Shares have identical voting and other rights in all respects.

***Quorum***

Pursuant to our amended and restated articles of association, holders of our Ordinary Shares have one vote for each ordinary share held on all matters submitted to a vote before the shareholders at a general meeting of shareholders. The quorum required for our general meetings of shareholders consists of at least two shareholders present in person or by proxy in accordance with the Companies Law who hold or represent at least 33<sup>1</sup>⁄<sub>3</sub>% of the total outstanding voting power of our shares, except that if (i) any such general meeting was initiated by and convened pursuant to a resolution adopted by the board of directors and (ii) at the time of such general meeting we qualify as to use the forms and rules of a "foreign private issuer," the requisite quorum will consist of two or more shareholders present in person or by proxy who hold or represent at least 25% of the total outstanding voting power of our shares. The requisite quorum shall be present within half an hour of the time fixed for the commencement of the general meeting. A general meeting adjourned for lack of a quorum shall be adjourned either to the same day in the next week, at the same time and place, to such day and at such time and place as indicated in the notice to such meeting, or to such day and at such time and place as the chairperson of the meeting shall determine. At the reconvened meeting, any number of shareholders present in person or by proxy shall constitute a quorum, unless a meeting was called pursuant to a request by our shareholders, in which case the quorum required is one or more shareholders, present in person or by proxy and holding the number of shares required to call the meeting as described above.

***Vote requirements***

Our amended and restated articles of association provide that all resolutions of our shareholders require a simple majority vote, unless otherwise required by the Companies Law or by our amended and restated articles of association. Under the Companies Law, certain actions require the approval of a special majority, including: (i) an extraordinary transaction with a controlling shareholder or in which the controlling shareholder has a personal interest, (ii) the terms of employment or other engagement of a controlling shareholder of the company or a controlling shareholder's relative (even if such terms are not extraordinary) and (iii) certain compensation-related matters. Under our amended and restated articles of association, the alteration of the rights, privileges, preferences or obligations of any class of our shares (to the extent there are classes other than Ordinary Shares) requires the approval of a simple majority of the class so affected (or such other percentage of the relevant class that may be set forth in the governing documents relevant to such class), in addition to a majority of all classes of shares voting together as a single class at a shareholder meeting. Under our amended and restated articles of association, the approval of the holders of at least 65% of the total voting power of our shareholders is generally required to remove any of our directors from office.

***Access to corporate records***

Under the Companies Law, all shareholders generally have the right to review minutes of our general meetings, our shareholder register (including with respect to material shareholders), our articles of association, our financial statements, other documents as provided in the Companies Law, and any document we are required by law to file publicly with the Israeli Registrar of Companies or the Israel Securities Authority. Any shareholder who specifies the purpose of its request may request to review any document in our possession that relates to any action or transaction with a related party which requires shareholder approval under the Companies Law. We may deny a request to review a document if we determine that the request was not made in good faith, that the document contains a trade secret or a patent or that the document's disclosure may otherwise impair our interests.

**Acquisitions under Israeli law**

*Full tender offer.* A person wishing to acquire shares of a public Israeli company who would, as a result, hold over 90% of the target company's voting rights or the target company's issued and outstanding share capital (or of a class thereof), is required by the Companies Law to make a tender offer to all of the company's shareholders for the purchase of all of the issued and outstanding shares of the company (or the applicable class). If (a) the shareholders who do not accept the offer hold less than 5% of the issued and outstanding share capital of the company (or the applicable class) and the shareholders who accept the offer constitute a majority of the offerees that do not have a personal interest in the acceptance of the tender offer or (b) the shareholders who did not accept the tender offer hold less than 2% of the issued and outstanding share capital of the company (or of the applicable class), all of the shares that the acquirer offered to purchase will be transferred to the acquirer by operation of law. A shareholder who had its shares so transferred may petition an Israeli court within six months from the date of acceptance of the full tender offer, regardless of whether such shareholder agreed to the offer, to determine whether the tender offer was for less than fair value and whether the fair value should be paid as determined by the court. However, an offeror may provide in the offer that a shareholder who accepted the offer will not be entitled to petition the court for appraisal rights as described in the preceding sentence, as long as the offeror and the company disclosed the information required by law in connection with the full tender offer. If the full tender offer was not accepted in accordance with any of the above alternatives, the acquirer may not acquire shares of the company that will increase its holdings to more than 90% of the company's voting rights or the company's issued and outstanding share capital (or of the applicable class) from shareholders who accepted the tender offer. Shares purchased in contradiction to the full tender offer rules under the Companies Law will have no rights and will become dormant shares.

*Special tender offer.* The Companies Law provides that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if as a result of the acquisition the purchaser would become a holder of 25% or more of the voting rights in the company. This requirement does not apply if there is already another holder of 25% or more of the voting rights in the company. Similarly, the Companies Law provides that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if as a result of the acquisition the purchaser would become a holder of more than 45% of the voting rights in the company, if there is no other shareholder of the company who holds more than 45% of the voting rights in the company. These requirements do not apply if (i) the acquisition occurs in the context of a private placement by the company that received shareholders' approval as a private placement whose purpose is to give the purchaser 25% or more of the voting rights in the company, if there is no person who holds 25% or more of the voting rights in the company or as a private placement whose purpose is to give the purchaser 45% of the voting rights in the company, if there is no person who holds 45% of the voting rights in the company, (ii) the acquisition was from a shareholder holding 25% or more of the voting rights in the company and resulted in the purchaser becoming a holder of 25% or more of the voting rights in the company, or (iii) the acquisition was from a shareholder holding more than 45% of the voting rights in the company and resulted in the purchaser becoming a holder of more than 45% of the voting rights in the company. A special tender offer must be extended to all shareholders of a company. A special tender offer may be consummated only if (i) at least 5% of the voting power attached to the company's outstanding shares will be acquired by the offeror and (ii) the number of shares tendered in the offer exceeds the number of shares whose holders objected to the offer (excluding the purchaser, its controlling shareholders, holders of 25% or more of the voting rights in the company and any person having a personal interest in the acceptance of the tender offer, or anyone on their behalf, including any such person's relatives and entities under their control).

In the event that a special tender offer is made, a company's board of directors is required to express its opinion on the advisability of the offer, or shall abstain from expressing any opinion if it is unable to do so, provided that it gives the reasons for its abstention. The board of directors shall also disclose any personal interest that any of the directors has with respect to the special tender offer or in connection therewith. An office holder in a target company who, in his or her capacity as an office holder, performs an action the purpose of which is to cause the failure of an existing or foreseeable special tender offer or is to impair the chances of its acceptance, is liable to the potential purchaser and shareholders for damages, unless such office holder acted in good faith and had reasonable grounds to believe he or she was acting for the benefit of the company. However, office holders of the target company may negotiate with the potential purchaser in order to improve the terms of the special tender offer, and may further negotiate with third parties in order to obtain a competing offer.

If a special tender offer is accepted, then shareholders who did not respond to or that had objected the offer may accept the offer within four days of the last day set for the acceptance of the offer and they will be considered to have accepted the offer from the first day it was made.

In the event that a special tender offer is accepted, then the purchaser or any person or entity controlling it or under common control with the purchaser or such controlling person or entity at the time of the offer may not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger with the target company for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an offer or merger in the initial special tender offer. Shares purchased in contradiction to the special tender offer rules under the Companies Law will have no rights and will become dormant shares.

*Merger.* The Companies Law permits merger transactions if approved by each party's board of directors and, unless certain conditions described under the Companies Law are met, a simple majority of the outstanding shares of each party to the merger that are represented and voting on the merger. The board of directors of a merging company is required pursuant to the Companies Law to discuss and determine whether in its opinion there exists a reasonable concern that as a result of a proposed merger, the surviving company will not be able to satisfy its obligations towards its creditors, such determination taking into account the financial status of the merging companies. If the board of directors determines that such a concern exists, it may not approve a proposed merger. Following the approval of the board of directors of each of the merging companies, the boards of directors must jointly prepare a merger proposal for submission to the Israeli Registrar of Companies.

For purposes of the shareholder vote of a merging company whose shares are held by the other merging company, or by a person or entity holding 25% or more of the voting rights at the general meeting of shareholders of the other merging company, or by a person or entity holding the right to appoint 25% or more of the directors of the other merging company, unless a court rules otherwise, the merger will not be deemed approved if a majority of the shares voted on the matter at the general meeting of shareholders (excluding abstentions) that are held by shareholders other than the other party to the merger, or by any person or entity who holds 25% or more of the voting rights of the other party or the right to appoint 25% or more of the directors of the other party, or any one on their behalf including their relatives or corporations controlled by any of them, vote against the merger. In addition, if the non-surviving entity of the merger has more than one class of shares, the merger must be approved by each class of shareholders. If the transaction would have been approved but for the separate approval of each class or the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request of holders of at least 25% of the voting rights of a company, if the court holds that the merger is fair and reasonable, taking into account the valuation of the merging companies and the consideration offered to the shareholders. If a merger is with a company's controlling shareholder or if the controlling shareholder has a personal interest in the merger, then the merger is instead subject to the same special majority approval that governs all extraordinary transactions with controlling shareholders.

Under the Companies Law, each merging company must deliver to its secured creditors the merger proposal and inform its unsecured creditors of the merger proposal and its content. Upon the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there exists a reasonable concern that, as a result of the merger, the surviving company will be unable to satisfy the obligations of the merging company, and may further give instructions to secure the rights of creditors.

In addition, a merger may not be completed unless at least 50 days have passed from the date that a proposal for approval of the merger is filed with the Israeli Registrar of Companies and 30 days from the date that shareholder approval of both merging companies is obtained.

***Anti-takeover measures***

The Companies Law allows us to create and issue shares having rights different from those attached to our Ordinary Shares, including shares providing certain preferred rights with respect to voting, distributions or other matters and shares having preemptive rights. Under our amended and restated articles of association, we may authorize, create, and issue shares with such preferred or deferred rights or other special rights and/or such restrictions, whether in regard to dividends, voting, repayment of share capital or otherwise, as may be stipulated in a resolution of the shareholders of the Company. We currently have no class of shares with such preferred or special rights. In the future, if we do authorize, create and issue a specific class of preferred shares, such class of shares, depending on the specific rights that may be attached to it, may have the ability to frustrate or prevent a takeover or otherwise prevent our shareholders from realizing a potential premium over the market value of their Ordinary Shares. The authorization and designation of a class of preferred shares will requirea resolution of our shareholders in a general meeting of shareholders, duly authorizing the creation of such class of preferred shares. The convening of the meeting, the shareholders entitled to participate and the vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies Law and our amended and restated articles of association.

In addition, we have a classified board structure, whereby our directors are divided into three classes with staggered three-year terms. At each annual general meeting of our shareholders, the election or re-election of directors (other than external directors, if any) following the expiration of the term of office of the directors of that class of directors will be for a term of office that expires on the third annual general meeting following such election or re-election, such that from the annual general meeting of 2023 and thereafter, each year the term of office of only one class of directors will expire. We believe this mechanism effectively limits the ability of any investor or potential investor or group of investors or potential investors to gain control of our board of directors.

**Approval of Business Combination Transactions**

According to our amended and restated articles of association, unless otherwise approved by our board of directors in advance, we cannot enter into a business combination (as defined in the amended and restated articles of association) with any shareholder or any of its affiliates and/or investors for a period of three years following (i) with respect to any shareholder holding twenty percent (20%) or more of the voting power of our share capital and (ii) with respect to all shareholders, each time as such shareholder and/or any of its affiliates and/or investors become(s) (other than due to a buyback, redemption or cancellation of shares by us) the holder(s) (beneficially or of record) of 20% or more of the issued and outstanding voting power of our share capital.

**Forum Selection Clause**

Our amended and restated articles of association provide that unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, or Securities Act; and, for the avoidance of any doubt, such provision does not apply to any claim asserting a cause of action arising under the Exchange Act. Our amended and restated articles of association also provide that unless we consent in writing to the selection of an alternative forum, the competent courts in Tel Aviv, Israel shall be the exclusive forum for any derivative action or proceeding brought on behalf of us, any action asserting a breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our shareholders or any action asserting a claim arising pursuant to any provision of the Companies Law or the Israeli Securities Law, 5728-1968, and the regulations promulgated thereunder.

**Amendment of Amended and Restated Articles of Association**

Any amendment of our amended and restated articles of associations requires, in addition to the approval of a general meeting of our shareholders, the approval of our board of directors with the affirmative vote of a majority of the then-serving directors.

**Borrowing Powers**

Pursuant to the Companies Law and our amended and restated articles of association, our board of directors may exercise all powers and take all actions that are not required under law or under our amended and restated articles of association to be exercised or taken by our shareholders, including the power to borrow money for company purposes.

**Changes in capital**

Our amended and restated articles of association enable us to increase or reduce our share capital. Any such changes are subject to Israeli law and must be approved by a resolution duly passed by our shareholders at a general meeting of shareholders. In addition, transactions that have the effect of reducing capital, such as the declaration and payment of dividends in the absence of sufficient retained earnings or profits, require the approval of both our board of directors and an Israeli court.

**Transfer Agent**

The transfer agent and registrar for our Ordinary Shares is Computershare. Its address is 1290 Avenue of the Americas, 9th Floor, New York, NY 10104, and its telephone number is (212) 805-7100.

**Exchange Controls**

There are currently no Israeli currency control restrictions on remittances of dividends on our Ordinary Shares, proceeds from the sale of the shares or interest or other payments to non-residents of Israel.

**Description of American Depositary Shares**

The Bank of New York Mellon, as depositary, registers and delivers the ADSs. Each ADS represents four thousand Ordinary Shares (or a right to receive four thousand Ordinary Shares). Each ADS also represents any other securities, cash or other property which may be held by the depositary. The depositary's office at which the ADSs are administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

You may hold ADSs either (A) directly (i) by having an American Depositary Receipt, or ADR, which is a certificate evidencing a specific number of ADSs, registered in your name or (ii) by having uncertificated ADSs registered in your name or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, or DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

Registered holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.

ADS holders are not treated as shareholders and do not have shareholder rights. Israeli law governs shareholder rights. The depositary is the holder of the Ordinary Shares underlying the ADSs. Registered holders of ADSs have ADS holder rights. A deposit agreement among us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.

The following is a summary of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR. For directions on how to obtain copies of those documents see "Where You Can Find More Information."

***Dividends and Other Distributions***

*How will you receive dividends and other distributions on the shares?*

The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on Ordinary Shares or other deposited securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of Ordinary Shares your ADSs represent.

**Cash.** The depositary will convert any cash dividend or other cash distribution we pay on the Ordinary Shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.

Before making a distribution, any withholding taxes or other governmental charges that must be paid will be deducted. The depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some or all of the value of the distribution.

**Shares.** The depositary may distribute additional ADSs representing any Ordinary Shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell Ordinary Shares which would require it to deliver a fraction of an ADS (or ADSs representing those Ordinary Shares) and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed Ordinary Shares (or ADSs representing those Ordinary Shares) sufficient to pay its fees and expenses in connection with that distribution.

**Rights to purchase additional shares.** If we offer holders of our securities any rights to subscribe for additional Ordinary Shares or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. *In that case, you will receive no value for them.* The depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary exercises rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of Ordinary Shares, new ADSs representing the new Ordinary Shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

**Other Distributions.** The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the depositary will have a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash, or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, Ordinary Shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our Ordinary Shares or any value for them if it is illegal or impractical for us to make them available to you.

***Deposit, Withdrawal and Cancellation***

*How are ADSs issued?*

The depositary will deliver ADSs if you or your broker deposits Ordinary Shares or evidence of rights to receive Ordinary Shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

*How can ADS holders withdraw the deposited securities?*

You may surrender your ADSs to the depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the Ordinary Shares and any other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to the extent it would require delivery of a fraction of a deposited share or other securities. The depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.

 

*How do ADS holders interchange between certificated ADSs and uncertificated ADSs?*

You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

***Voting Rights*** 

*How do you vote?*

ADS holders may instruct the depositary how to vote the number of deposited Ordinary Shares their ADSs represent. If we request the depositary to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders' meeting and send or make voting materials available to you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical, subject to the laws of Israel and the provisions of our articles of association or similar documents, to vote or to have its agents vote the Ordinary Shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.

*Except by instructing the depositary as described above, you won't be able to exercise voting rights unless you surrender your ADSs and withdraw the Ordinary Shares. However, you may not know about the meeting enough in advance to withdraw the Ordinary Shares.* In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote the Ordinary Shares represented by your ADSs. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to exercise your right to vote and there may be nothing you can do if the Ordinary Shares represented by your ADSs are not voted as you requested.

In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to deposited securities, if we request the depositary to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 30 days in advance of the meeting date.

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***Fees and Expenses***

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| **Persons depositing or withdrawing Ordinary Shares or<br> ADS holders must pay** | **For** |
| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance of ADSs, including issuances resulting from a distribution of Ordinary Shares or rights or other property cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates |
| $.05 (or less) per ADS | Any cash distribution to ADS holders |
| A fee equivalent to the fee that would be payable if securities distributed to you had been Ordinary Shares and the Ordinary Shares had been deposited for issuance of ADSs | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders |
| $.05 (or less) per ADS per calendar year | Depositary services |
| Registration or transfer fees | Transfer and registration of Ordinary Shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw Ordinary Shares |
| Expenses of the depositary | Cable (including SWIFT), telex and facsimile transmissions (when expressly provided in the deposit agreement) |
|  | Converting foreign currency to U.S. dollars |
| Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or Ordinary Shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | As necessary |
| Any charges incurred by the depositary or its agents for servicing the deposited securities | As necessary |

---

The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing Ordinary Shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.

The depositary may convert foreign currency itself or through any of its affiliates or the custodian or we may convert foreign currency and pay U.S. dollars to the depositary. Where the depositary converts foreign currency itself or through any of its affiliates, the depositary acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, fees and transaction spreads that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained by it or its affiliates in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be most favorable to ADS holders, subject to its obligations to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions made by the depositary is available upon request. Where the custodian converts foreign currency, the custodian has no obligation to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends or other distributions from us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.

 ****

***Payment of Taxes***

You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.

***Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities***

The depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to do by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish.

If deposited securities are redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.

If there is any change in the deposited securities such as a subdivision, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities, the depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender of the ADSs.

If there is a replacement of the deposited securities and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADSs in exchange for new ADSs identifying the new deposited securities.

If there are no deposited securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become apparently worthless, the depositary may call for surrender or of those ADSs or cancel those ADSs upon notice to the ADS holders.

***Amendment and Termination***

*How may the deposit agreement be amended?*

We may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.

*How may the deposit agreement be terminated?*

 

The depositary will initiate termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:

● 60 days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment;

● we delist the ADSs from an exchange in the United States on which they were listed and do not list them on another exchange in the United States or list our Ordinary Shares on an exchange outside the United States and make arrangements for trading of ADSs on the U.S. over the counter market within a reasonable time;

● the depositary has reason to believe the ADSs have become, or will become, ineligible for registration on Form F-6 under the Securities Act;

● we appear to be insolvent or enter insolvency proceedings;

● all or substantially all the value of the deposited securities has been distributed either in cash or in the form of securities;

● there are no deposited securities underlying the ADSs or the underlying deposited securities have become apparently worthless; or

● there has been a replacement of deposited securities.

If the deposit agreement will terminate, the depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

After the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities, but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties under the deposit agreement except as described in this paragraph.

 ****

***Limitations on Obligations and Liability***

*Limits on our obligations and the obligations of the depositary; limits on liability to holders of ADSs*

The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

● are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith, and the depositary will not be a fiduciary or have any fiduciary duty to holders of ADSs

● are not liable if we are or it is prevented or delayed by law or circumstances beyond our or its control from performing our or its obligations under the deposit agreement;

● are not liable if we exercise or it exercises discretion permitted under the deposit agreement;

● are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;

● have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;

● are not liable for the acts or omissions of any securities depository, clearing agency or settlement system;

● may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person; and

● the depositary has no duty to make any determination or provide any information as to our tax status, or any liability for any tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.

In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.

***Requirements for Depositary Actions***

Before the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:

● payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any Ordinary Shares or other deposited securities;

● satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and

● compliance with regulations it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents.

The depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so.

***Your Right to Receive the Ordinary Shares Underlying your ADSs***

ADS holders have the right to cancel their ADSs and withdraw the underlying Ordinary Shares at any time except:

● when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of Ordinary Shares is blocked to permit voting at a shareholders' meeting; or (iii) we are paying a dividend on our shares;

● when you owe money to pay fees, taxes and similar charges; or

● when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of Ordinary Shares or other deposited securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

***Direct Registration System***

 

In the deposit agreement, all parties to the deposit agreement acknowledge that the Direct Registration System, or DRS, and Profile Modification System, or Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary's reliance on and compliance with instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.

***Shareholder Communications; Inspection of Register of Holders of ADSs***

The depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available to you if we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.

***Jury Trial Waiver***

The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.

You will not by agreeing to the terms of the deposit agreement, be deemed to have waived our or the depositary's compliance with U.S. federal securities laws or the rules and regulations promulgated thereunder.

**Transfer Agent**

The depositary for the ADSs representing our Ordinary Shares is the Bank of New York Mellon. Its address is 240 Greenwich Street, New York, New York 10286 and its telephone number is (212) 495-1784.

**PLAN OF DISTRIBUTION**

The selling shareholders of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal market or any other stock exchange, market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. The selling shareholders may use any one or more of the following methods when selling securities:

● ordinary brokerage transactions and transactions in which the broker dealer solicits purchasers;

● block trades in which the broker dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker dealer as principal and resale by the broker dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● settlement of short sales;

● in transactions through broker dealers that agree with the selling shareholders to sell a specified number of such securities at a stipulated price per security;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● a combination of any such methods of sale; or

● any other method permitted pursuant to applicable law.

The selling shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.

Broker dealers engaged by the selling shareholders may arrange for other brokers dealers to participate in sales. Broker dealers may receive commissions or discounts from the selling shareholders (or, if any broker dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with the Financial Industry Regulatory Authority, or FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

In connection with the sale of the securities or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The selling shareholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The selling shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The selling shareholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The selling shareholders has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.

We are required to pay certain fees and expenses incurred by us incident to the registration of the securities. We have agreed to indemnify the selling shareholders against certain losses, claims, damages, and liabilities, including liabilities under the Securities Act.

We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the selling shareholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for us to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the ADSs for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the ADSs by the selling shareholders or any other person. We will make copies of this prospectus available to the selling shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

**LEGAL MATTERS**

Greenberg Traurig, P.A., Tel Aviv, Israel, has passed upon certain legal matters regarding the securities offered hereby under U.S. law, and Meitar \| Law Offices, Ramat Gan, Israel, has passed upon certain legal matters regarding the securities offered hereby under Israeli law. If the securities are distributed in an underwritten offering, certain legal matters will be passed upon for the underwriters by counsel identified in the applicable prospectus supplement.

**EXPERTS**

The consolidated financial statements of Steakholder Foods Ltd. as of December 31, 2024 and 2023, and for each of the years in the three-year period ended December 31, 2024, have been incorporated by reference herein in reliance upon the report of Somekh Chaikin, a member firm of KPMG International, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

The audit report covering the December 31, 2024 consolidated financial statements contains an explanatory paragraph that states that significant losses and negative cash flows from operations and accumulated deficit raise substantial doubt about the entity's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of that uncertainty.

**WHERE YOU CAN FIND MORE INFORMATION**

We are subject to the reporting requirements of the Exchange Act that are applicable to a foreign private issuer. In accordance with the Exchange Act, we file reports, including annual reports on Form 20-F, with the SEC. We also furnish to the SEC under cover of Form 6-K material information required to be made public in Israel, filed with and made public by any stock exchange or distributed by us to our shareholders. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and our officers, directors and principal shareholders are exempt from the "short-swing profits" reporting and liability provisions contained in Section 16 of the Exchange Act and related Exchange Act rules.

The registration statement on Form F-3 of which this prospectus forms a part, including the exhibits and schedules thereto, and reports and other information are filed by us with, or furnished to, the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers, such as us, that file electronically with the SEC (*http://www.sec.gov*).

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

We are allowed to incorporate by reference the information we file with the SEC, which means that we can disclose important information to you by referring to those documents. The information incorporated by reference is considered to be part of this prospectus. We incorporate by reference in this prospectus the documents listed below:

● our annual report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/1828098/000101376225004452/ea0234658-20f_steak.htm) for the year ended December 31, 2024, filed with the SEC on March 31, 2025, or 2024 Annual Report.

● our Form 6-Ks furnished with the SEC on [March 31, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000101376225004470/ea0236315-6k_steakhold.htm) , [April 23, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025034651/ea0239038-6k_steakholder.htm) , [May 16, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025044886/ea0242132-6k_steakholder.htm) , [June 11, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025053279/ea0245398-6k_steakholde.htm) , [July 15, 2025](https://www.sec.gov/Archives/edgar/data/1828098/000121390025063922/ea0248887-6k_steakholder.htm) , [July 16, 2025](https://www.sec.gov/Archives/edgar/data/1828098/000121390025064751/ea0248996-6k_steakhold.htm) , [July 28, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025067900/ea0250403-6k_steakhold.htm) , [August 27, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025080945/ea0253658-6k_steak.htm) , [September 4, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025084499/ea0255779-6k_steakholder.htm) , [September 5, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025085068/ea0255498-6k_steak.htm) , [September 22, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025089772/ea0258202-6k_steak.htm) , [September 22, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025089774/ea0257187-6k_steak.htm) , [October 1, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025094374/ea0259462-6k_steak.htm) , [October 27, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025102592/ea0262562-6k_steak.htm) , [October 29, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025103294/ea0262565-6k_steakhold.htm) , [November 4, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025105628/ea0263660-6k_steakhold.htm) and [November 10, 2025](http://www.sec.gov/Archives/edgar/data/1828098/000121390025107878/ea0264750-6k_steakhold.htm) (in each case, to the extent expressly incorporated by reference into our effective registration statements on Form F-3); and

● the description of our Ordinary Shares contained in (i) our Registration Statement on [Form F-1](http://www.sec.gov/Archives/edgar/data/1828098/000117891321001002/zk2125753.htm) , as amended (File No. 333-253257), filed with the SEC on March 11, 2021, which is incorporated by reference into our Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1828098/000117891321000926/zk2125706.htm) (File No. 001-40173) filed with the SEC on March 5, 2021, pursuant to Section 12(b) of the Exchange Act, including any amendment or report filed for the purpose of updating such description, as updated by (ii) [Exhibit 2.3](https://www.sec.gov/Archives/edgar/data/1828098/000101376225004452/ea023465801ex2-3_steak.htm) to the 2024 Annual Report, and any amendment or report filed for the purpose of further updating that description.

All subsequent annual reports filed by us pursuant to the Exchange Act on Form 20-F prior to the termination of an offering shall be deemed to be incorporated by reference to this prospectus and to be a part hereof from the date of filing of such documents. We may also incorporate part or all of any Form 6-K subsequently submitted by us to the SEC prior to the termination of an offering by identifying in such Forms 6-K that they, or certain parts of their contents, are being incorporated by reference herein, and any Forms 6-K so identified shall be deemed to be incorporated by reference in this prospectus and to be a part hereof from the date of submission of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

The information relating to us contained in this prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated or deemed to be incorporated by reference in this prospectus.

As you read the above documents, you may find inconsistencies in information from one document to another. If you find inconsistencies between the documents and this prospectus, you should rely on the statements made in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes thereto, contained in the documents incorporated by reference herein.

We will provide to each person, including any beneficial owner, to whom a prospectus is delivered, without charge, upon written or oral request, a copy of any or all of the information that has been incorporated by reference in this prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct your written or telephone requests to our headquarters, which are currently located at 5 David Fikes St., Rehovot 7632805, Israel, Attn: Corporate Secretary of the Company, telephone number: +972-73-332-2853. Copies of these filings and submissions may also be accessed at our website, www.steakholderfoods.com. Information contained in our website is not part of this prospectus.

You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover of this prospectus, or such earlier date, that is indicated in this prospectus. Our business, financial condition, results of operations and prospects may have changed since that date.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the State of Israel. Service of process upon us and upon our directors and officers and the Israeli experts named in this prospectus, substantially all of whom reside outside the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our assets and substantially all of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers may not be collectible within the United States.

We have irrevocably appointed Steakholder Foods USA, Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this offering or any purchase or sale of Securities in connection with this offering. The address of our agent is 1007 North Orange Street, 10<sup>th</sup> Floor, Wilmington, Delaware, 19801, United States.

We have been informed by our legal counsel in Israel, Meitar \| Law Offices, that it may be difficult to initiate an action with respect to U.S. securities law in original actions instituted in Israel or obtain a judgement based on the civil liability provisions of the U.S. federal securities laws. Israeli courts may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most appropriate forum to hear such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proved as a fact which can be a time-consuming and costly process. Certain matters of procedure may also be governed by Israeli law.

Moreover, an Israeli court will not enforce a non-Israeli judgment if (among other things) it was given in a state whose laws do not provide for the enforcement of judgments of Israeli courts (subject to exceptional cases), or if its enforcement is likely to prejudice the sovereignty or security of the State of Israel, or if it was obtained by fraud or in absence of due process, or if it is at variance with another valid judgment that was given in the same matter between the same parties, or if a suit in the same matter between the same parties was pending before a court or tribunal in Israel, at the time the foreign action was brought.

If a foreign judgment is enforced by an Israeli court, it generally will be payable in Israeli currency, which can then be converted into non-Israeli currency and transferred out of Israel. The usual practice in an action before an Israeli court to recover an amount in a non-Israeli currency is for the Israeli court to issue a judgment for the equivalent amount in Israeli currency at the rate of exchange in force on the date of the judgment, but the judgment debtor may make payment in foreign currency. Pending collection, the amount of the judgment of an Israeli court stated in Israeli currency ordinarily will be linked to the Israeli consumer price index plus interest at the annual statutory rate set by Israeli regulations prevailing at the time. Judgment creditors must bear the risk of unfavorable exchange rates.

**Up to 1,217,603 American Depositary Shares, each representing four thousand (4,000) Ordinary Shares**

![](image_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**, 2025**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 8. Indemnification of Directors, Officers and Employees**

Under the Israeli Companies Law, 5759-1999, or the Israeli Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. An Israeli company may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach of duty of care, but only if a provision authorizing such exculpation is included in its articles of association. Our amended articles of association include such a provision, to the fullest extent permitted by law. The company may not exculpate in advance a director from liability arising out of a prohibited dividend or other distribution to shareholders.

Under the Israeli Companies Law and the Israeli Securities Law, 5728-1968, or the Israeli Securities Law, a company may indemnify an office holder in respect of the following liabilities and expenses incurred for acts performed by him or her as an office holder, either pursuant to an undertaking made in advance of any such event or following an event, provided its articles of association include a provision authorizing such indemnification:

● a financial liability imposed on him or her in favor of another person pursuant to a judgment, including a settlement or arbitrator's award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company's activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned foreseen events and amount or criteria;

● reasonable litigation expenses, including attorneys' fees, incurred by the office holder (1) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) no financial liability was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; and (2) in connection with a monetary sanction;

● reasonable litigation expenses, including attorneys' fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf, or by a third party, or in connection with criminal proceedings in which the office holder was acquitted, or as a result of a conviction for an offense that does not require proof of criminal intent; and

● expenses, including reasonable litigation expenses and legal fees, incurred by an office holder in relation to an administrative proceeding instituted against such office holder, or certain compensation payments made to an injured party imposed on an office holder by an administrative proceeding, pursuant to certain provisions of the Israeli Securities Law.

Under the Israeli Companies Law and the Israeli Securities Law, a company may insure an office holder against the following liabilities incurred for acts performed by him or her as an office holder if and to the extent provided in the company's articles of association:

● a breach of the duty of loyalty to the company, provided that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company;

● a breach of the duty of care to the company or to a third party, to the extent such a breach arises out of the negligent conduct of the office holder;

● a financial liability imposed on the office holder in favor of a third party; and

● expenses, including reasonable litigation expenses and legal fees, incurred by an office holder in relation to an administrative proceeding instituted against such office holder or certain compensation payments to an injured party imposed on an office holder by an administrative proceeding, pursuant to certain provisions of the Securities Law.

Under the Israeli Companies Law, a company may not indemnify, exculpate or enter into an insurance contract for office holder liability, for any of the following:

● a breach of the duty of loyalty, except for indemnification and insurance for a breach of the duty of loyalty to the company to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;

● a breach of the duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;

● an act or omission committed with intent to derive illegal personal benefit; or

● a fine, monetary sanction or forfeit levied against the office holder.

Under the Israeli Companies Law, exculpation, indemnification and insurance of office holders in a public company must be approved by the compensation committee and the board of directors and, with respect to the chief executive officer and a director or (under certain circumstances), also by the shareholders. See Item 6C to the 2024 Annual Report "Directors, Senior Management and Employees —Board Practices—Fiduciary Duties and Approval of Related Party Transactions." However, the insurance of office holders shall not require shareholder approval and may be approved only by the compensation committee, if the engagement terms are determined in the company's compensation policy and that policy was approved by the shareholders by a special majority (as described in Item 6C to the 2024 Annual Report "Directors, Senior Management and Employees —Board Practices—Fiduciary Duties and Approval of Related Party Transactions"), provided that the policy is on market terms and is not likely to materially impact the company's profitability, assets or obligations.

Our amended articles of association permit us to exculpate, indemnify and insure our office holders to the fullest extent permitted under the Israeli Companies Law and the Israeli Securities Law. We have obtained directors' and officers' liability insurance for the benefit of our office holders and intend to continue to maintain such coverage and pay all premiums thereunder to the fullest extent permitted by the Israeli Companies Law.

We have entered into indemnification and exculpation agreements with each of our current officers and directors exculpating them from a breach of their duty of care to us to the fullest extent permitted by the Israeli Companies Law and undertaking to indemnify them to the fullest extent permitted by the Israeli Companies Law and the Israeli Securities Law, to the extent that these liabilities are not covered by insurance. This indemnification is limited to events determined as foreseeable by our board of directors based on our activities, as set forth in the indemnification agreements. Under such indemnification agreements, the maximum aggregate amount of indemnification that we may pay to any and all of our currently serving or future officers and directors together may not exceed the higher of $5 million and 25% of our shareholders equity according to our most recent financial statements at the time of payment. In the opinion of the SEC, however, indemnification of directors and office holders for liabilities arising under the Securities Act of 1933, as amended, is against public policy and therefore unenforceable.

**Item 9. Exhibits and Financial Statement Schedules**

(a) ***Exhibits***

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Amended and Restated Articles of Association of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registrant's Report on Form 6-K furnished to the SEC on October 29, 2025)](https://www.sec.gov/Archives/edgar/data/1828098/000121390025103294/ea026256501ex99-1_steakhold.htm) |
| 4.1 | [Form of Deposit Agreement between Steakholder Foods Ltd. (f/k/a MeaTech 3D Ltd.), the Bank of New York Mellon as Depositary, and owners and holders from time to time of ADSs issued by the Company (incorporated herein by reference to Exhibit 4.1 to the registrant's registration statement on Form F-1, as amended, filed with the SEC on March 5, 2021 (File No. 333-253527))](https://www.sec.gov/Archives/edgar/data/1828098/000117891321000919/exhibit_4-1.htm) |
| 4.2 | [Form of Specimen American Depositary Receipt (incorporated herein by reference to Exhibit 4.1 to the registrant's registration statement on Form F-1, as amended, filed with the SEC on March 5, 2021 (File No. 333-253527))](https://www.sec.gov/Archives/edgar/data/1828098/000117891321000919/exhibit_4-1.htm) |
| 5.1\* | [Opinion of Meitar \\| Law Offices, Israeli counsel to the registrant](ea026594001ex5-1_steak.htm) |
| 10.1 | [Securities Purchase Agreement, dated as of June 5, 2025, between Steakholder Foods Ltd. and Gefen Capital Investments LP. (incorporated herein by reference to Exhibit 10.1 to the registrant's Report on Form 6-K furnished to the SEC on June 11, 2025)](https://www.sec.gov/Archives/edgar/data/1828098/000121390025053279/ea024539801ex10-1_steak.htm) |
| 10.2 | [Convertible Loan Agreement, dated as of June 5, 2025, between Steakholder Foods Ltd. and D.B.W. Holdings (2005) Ltd. (incorporated herein by reference to Exhibit 10.2 to the registrant's Report on Form 6-K furnished to the SEC on June 11, 2025)](https://www.sec.gov/Archives/edgar/data/1828098/000121390025053279/ea024539801ex10-2_steak.htm) |
| 10.3 | [Convertible Loan Agreement, dated as of June 5, 2025, between Steakholder Foods Ltd. and Twine Solutions Ltd. (incorporated herein by reference to Exhibit 10.3 to the registrant's Report on Form 6-K furnished to the SEC on June 11, 2025)](https://www.sec.gov/Archives/edgar/data/1828098/000121390025053279/ea024539801ex10-3_steak.htm) |
| 10.4\* | [Share Purchase Agreement. Dated September 21. 2025, by and among Twine Solutions Ltd., each of the Accepting Shareholders (as defined therein) and Steakholder Foods Ltd.](ea026594001ex10-4_steak.htm) |
| 10.5\* | [Form of Pre-Funded Milestone Warrant](ea026594001ex10-5_steak.htm) |
| 10.6 | [Form of Inducement Letter (incorporated herein by reference to Exhibit 10.1 to the registrant's Report on Form 6-K furnished to the SEC on October 1, 2025)](https://www.sec.gov/Archives/edgar/data/1828098/000121390025094374/ea025946201ex10-1_steak.htm) |
| 10.7 | [Form of New Warrant (incorporated herein by reference to Exhibit 10.2 to the registrant's Report on Form 6-K furnished to the SEC on October 1, 2025)](https://www.sec.gov/Archives/edgar/data/1828098/000121390025094374/ea025946201ex10-2_steak.htm) |
| 10.8 | [Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 10.3 to the registrant's Report on Form 6-K furnished to the SEC on October 1, 2025)](https://www.sec.gov/Archives/edgar/data/1828098/000121390025094374/ea025946201ex10-3_steak.htm) |
| 23.1\* | [Consent of Somekh Chaikin, member firm of KPMG International, independent registered public accounting firm](ea026594001ex23-1_steak.htm) |
| 23.2\* | [Consent of Meitar \\| Law Offices, Israeli counsel to the registrant (included in Exhibit 5.1)](ea026594001ex5-1_steak.htm) |
| 24.1\* | [Power of Attorney (included in the signature page of the Registration Statement)](#a_016) |
| 107\* | [Filing Fee Table](ea026594001ex-fee_steak.htm) |

---

\* Filed herewith.

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

The Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, the registrant is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.

(b) ***Financial Statement Schedules***

All schedules have been omitted because either they are not required, are not applicable or the information is otherwise set forth in the consolidated financial statements and related notes thereto.

**Item 10. Undertakings**

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made,
 a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To include any prospectus required by section 10(a)(3) of the Securities
 Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the prospectus any facts or events arising after the
 effective date of the registration statement (or the most recent post- effective amendment thereof) which, individually or in the
 aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
 any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
 was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of
 prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
 than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the
 effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution
 not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and a(l)(iii) do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That for the purpose of determining any liability under the Securities
 Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement
 relating to the securities offered therein, and this offering of such securities at that time shall be deemed to be the initial bona
 fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment
 any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to
 include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous
 offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided
 that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to
 this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current
 as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a
 post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act
 or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished
 to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated
 by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability under the Securities
 Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Each prospectus filed by the registrant pursuant to Rule 424(b)(3)
 shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the
 registration statement; and

---

| | |
|:---|:---|
| i.. | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that No statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The undersigned registrant hereby undertakes that, for purposes of
 determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a)
 or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual
 report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
 shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
 at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) That for purposes of determining any liability under the Securities
 Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule
 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4), or 497(h) under the Securities
 Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Insofar as indemnification for liabilities arising under the Securities
 Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described
 in Item 6 hereof, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public
 policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
 (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
 in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
 with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
 precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy
 as expressed in the Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rehovot, State of Israel on this 17<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| **STEAKHOLDER FOODS LTD.** | **STEAKHOLDER FOODS LTD.** |
| By: | /s/ Arik Kaufman |
| Name: | Arik Kaufman |
| Title: | *Chief Executive Officer* |

---

**POWER OF ATTORNEY**

The undersigned officers and directors of Steakholder Foods Ltd. hereby constitute and appoint Arik Kaufman, with full power of substitution, our true and lawful attorneys-in-fact and agents to take any actions to enable the Company to comply with the Securities Act, and any rules, regulations and requirements of the SEC, in connection with this registration statement on Form F-3, including the power and authority to sign for us in our names in the capacities indicated below any and all further amendments to this registration statement and any other registration statement filed pursuant to the provisions of Rule 462 under the Securities Act.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| /s/ *Yaron Kaiser* | Chairman of the Board of Directors | November 17, 2025 |
| Yaron Kaiser |  |  |
| /s/ *Arik Kaufman* | Chief Executive Officer | November 17, 2025 |
| Arik Kaufman | (Principal Executive Officer) |  |
| /s/ *Oren Attiya* | Vice President, Finance | November 17, 2025 |
| Oren Attiya | (Principal Financial and Accounting Officer) |  |
| /s/ *Eli Arad* | Director | November 17, 2025 |
| Eli Arad |  |  |
| /s/ *David Gerbi* | Director | November 17, 2025 |
| David Gerbi |  |  |
| /s/ *Sari Singer* | Director | November 17, 2025 |
| Sari Singer |  |  |
| /s/ *Limor Ganot* | Director | November 17, 2025 |
| Limor Ganot |  |  |
| /s/ *Snir Wiessman* | Director | November 17, 2025 |
| Snir Wiessman |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Steakholder Foods Ltd., has signed this registration statement on November 17, 2025.

---

| | |
|:---|:---|
| Steakholder Foods USA, Inc. | Steakholder Foods USA, Inc. |
| Authorized U.S. Representative | Authorized U.S. Representative |
| By: | /s/ Arik Kaufman |
| Name: | Arik Kaufman |
| Title: | Authorized Representative |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

November 17, 2025

Steakholder Foods Ltd.

5 David Fikes St., P.O. Box 4061

Rehovot, Israel 7638205

**RE: <u>Steakholder Foods Ltd.</u>**

Ladies and Gentlemen:

We have acted as Israeli counsel to Steakholder Foods Ltd., a company organized under the laws of the State of Israel (the "**Company**"), in connection with the filing by the Company of a registration statement on Form F-3 (the "**Registration Statement**") with the Securities and Exchange Commission (the "**SEC**") pursuant to Rule 415 promulgated under the Securities Act of 1933, as amended (the "**Securities Act**"), relating to the resale by the selling shareholders identified in the Registration Statement of up to an aggregate amount of 1,217,603 American Depositary Shares ("**ADSs**"), each representing four thousand (4,000) ordinary shares, no par value, of the Company (the "**Ordinary Shares**"), consisting of: (i) (A) up to 297,618 ADSs issuable upon the exercise of series A warrants (the "**Series A Warrants**"), issued in October 2025, (B) up to 595,236 ADSs issuable upon the exercise of series B warrants (the "**Series B Warrants**"), issued in October 2025, and (C) up to 20,833 ADSs issuable upon the exercise of placement agent warrants (the "**Placement Agent Warrants**"), issued in October 2025; (ii) (A) 158,465 ADSs issued in a private placement, pursuant to that certain Share Purchase Agreement by and between the Company and Gefen Capital Investments' LP. – Series Twine ("**Twine**"), dated June 5, 2025 (the "**SPA**"), (B) up to 145,355 ADSs issuable upon the exercise of pre-funded milestone warrants (the "**Pre-Funded Milestone Warrants**", and together with the Series A Warrants, Series B Warrants and Placement Agent Warrants, the "**Warrants**"), issued pursuant to the SPA; and (iii) 96 ADSs issuable upon the conversion of a convertible loan, pursuant to that certain Convertible Loan Agreement by and between the Company and D.B.W. Holdings (2005) Ltd., dated June 5, 2025 (the "**CLA**").

In connection herewith, we have examined the originals, photocopies or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement to which this opinion is attached as an exhibit; (ii) the articles of association of the Company, as currently in effect (the "**Articles**"); (iii) resolutions of the board of directors of the Company (the "**Board**") including the resolutions dated September 30, 2025, and November 16, 2025 and resolutions of the shareholders of the Company dated October 28, 2025; and (iv) such other corporate records, agreements, documents and other instruments, and such certificates or comparable documents of public officials and of officers of the Company as we have deemed relevant and necessary as a basis for the opinions hereafter set forth. We have also made inquiries of such officers as we have deemed relevant and necessary as a basis for the opinions hereafter set forth.

In such examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified copies or confirmed as photostatic copies, and the authenticity of the originals of such latter documents. We have also assumed the truth of all facts communicated to us by the Company and that all minutes of meetings of the Board and the shareholders of the Company that have been provided to us are true and accurate and have been properly prepared in accordance with the Articles and all applicable laws.

We have further assumed that at the time of issuance and to the extent any such issuance would exceed the maximum share capital of the Company currently authorized, the number of ordinary shares that the Company is authorized to issue shall have been increased in accordance with the Company's Articles such that a sufficient number of ordinary shares are authorized and available for issuance under the Articles.

Based upon and subject to the foregoing, we are of the opinion that (i) the Ordinary Shares underlying the Warrants have been duly authorized, and when any Warrant is exercised pursuant to the terms thereof, the Ordinary Shares issuable at that time by the Company underlying the ADSs will be validly issued, fully paid and non-assessable, (ii) the Ordinary Shares represented by ADSs issued pursuant to the SPA, as described in the Registration Statement, are validly issued, fully paid and non-assessable and (iii) the Ordinary Shares represented by ADSs issuable pursuant to the CLA have been duly authorized, and when issued in accordance with the terms of the CLA, the Ordinary Shares represented by ADSs will be validly issued, fully paid and non-assessable.

Members of our firm are admitted to the Bar in the State of Israel, and we do not express any opinion as to the laws of any other jurisdiction. This opinion is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated.

We consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm appearing under the caption "Legal Matters" and "Enforceability of Civil Liabilities" in the prospectus forming part of the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, the rules and regulations of the SEC promulgated thereunder or Item 509 of the SEC's Regulation S-K promulgated under the Securities Act.

This opinion letter is rendered as of the date hereof and we disclaim any obligation to advise you of facts, circumstances, events or developments that may be brought to our attention after the date of the Registration Statement that may alter, affect or modify the opinions expressed herein.

---

| |
|:---|
| Very truly yours, |
| */s/ Meitar \| Law Offices* |
| Meitar \| Law Offices |

---

## Exhibit 10.4

**Exhibit 10.4**

**<u>SHARE PURCHASE AGREEMENT</u>**

**THIS SHARE PURCHASE AGREEMENT** (this "**Agreement**") made effective as of September 21, 2025 (the "**Effective Date**"), by and among Twine Solutions Ltd., an Israeli company, Registration No. 515218717 (the "**Company**"), each of the Accepting Shareholders (as defined below) and Steakholder Foods Ltd., an Israeli company, Registration No. 520041955 (the "**Buyer"**). Each of the Company, the Accepting Shareholders and the Buyer shall be referred to herein as a "**Party**" and collectively, the "**Parties**".

**WHEREAS**, the Accepting Shareholders signatory hereto own, beneficially and of record, as of the date hereof, at least 51% of the issued and outstanding share capital of the Company and, by virtue of signing this Agreement, have accepted the offer extended by Buyer and agreed to sell to Buyer all of their respective portions of the Acquired Shares, free from all Encumbrances (as defined below), on the terms and subject to the conditions set forth in this Agreement;

**WHEREAS,** the Buyer desires to purchase from the Current Shareholders the Acquired Shares (as defined below), pursuant to the terms and conditions more fully set forth in this Agreement (the "**Acquisition**"); and

**WHEREAS**, following the Acquisition, the Company will become a wholly-owned Subsidiary of the Buyer;

**WHEREAS**, the Board of Directors of the Company and of the Buyer have (i) determined that this Agreement, the Acquisition, and the other transactions contemplated by this Agreement are fair to and in the best interests of the Company and the Buyer (as the case may be) and their respective shareholders, and (ii) approved this Agreement, the Acquisition and Transaction.

**NOW**, **THEREFORE**, in consideration of the mutual promises and covenants set forth herein, the Parties hereby agree as follows:

1.  **<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. For purposes hereof:

"**3(i) Options**" means Buyer Options subject to Tax pursuant to Section 3(i) of the Ordinance.

"**102 Trustee"** means a trustee appointed by the Buyer and approved by the ITA in accordance with Section 102 of the Ordinance, and any regulations promulgated thereunder, for the purpose of holding and administering Buyer Options granted under Section 102 and the Plan.

"**341 Legal Proceeding**" means a pending legal proceeding with respect to the compulsory sale of Acquired Shares pursuant to the Bring-Along Provisions that is filed by a Remaining Shareholder with a court of competent jurisdiction in accordance with Section 341(b) of the Companies Law during the one-month period following the delivery of the Bring-Along and Company Notice.

"**Accounts Date**" means June 30, 2025.

"**Accepting Shareholders**" means (i) the Current Shareholders of the Company signatories hereto as of the date of this Agreement, (ii) the Remaining Shareholders that have delivered a duly executed Joinders (as defined below) and (iii) each of the Remaining Shareholders in relation to which the Company or its designee has executed a Joinder to this Agreement on its behalf, pursuant to Section 3.5.

"**Acquired Shares**" means a total of 9,782,052 Ordinary Shares and of a total number of 361,917,886<sup>1</sup> Preferred Shares representing 100% of the issued and outstanding share capital of the Company on a Fully Diluted Basis except for any shares to which the Buyer shall be entitled to receive as a result of a conversion pursuant to the Twine Convertible Loan Agreement;

"**ADS**" means American Depositary Share of the Buyer, each representing 4,000 Buyer's Ordinary Shares.

"**Affiliate**" means with respect to any person or entity, any person or entity directly or indirectly, controlling such person, controlled by or under common control with such person or entity, without limitation, any general partner, managing member, officer or director of that person or entity, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with that person or entity. For this purpose: "**Control**" shall mean : (i) the ability to direct, or cause the direction of, the management and policies of the relevant person, whether through the ownership of voting securities, by contract or otherwise, and whether directly or indirectly, or (ii) the beneficial ownership (directly or indirectly, including through one or more intermediaries) of 50% or more of the ownership interests in such person, including the issued and outstanding share capital, voting rights or other ownership interests or the right to appoint the majority of the directors (or the equivalent thereof) in such person;

"**Applicable Laws**" means all laws, regulations, directives, statutes, subordinate legislation, all judgments, orders, notices, instructions, decisions and awards of any court or competent authority or tribunal exercising statutory or delegated powers issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity and all statutory guidance and policy notes having a force of law, in each case to the extent applicable to the parties or any of them, or as the context requires.

"**Balance Sheet**" means the unaudited trial balance sheet of the Company as of December 31, 2024, and June 30, 2025, a copy of which is attached to <u>Schedule 6.14 of the Schedule of Exceptions</u>.

"**Bring-Along Provision**" means Article 27 of the Company's current articles of association (the "**Current Articles**");

"**Business Day**" means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, a legal holiday in the State of Israel or any day on which banking institutions in the State of New York or in the State of Israel are authorized or required by law or other governmental action to close; provided, however, that, for calculating Business Days with respect to any action to be taken by the Company hereunder, Friday after 1:00 p.m. (Tel Aviv time) shall not be considered a Business Day;

"**Buyer Option**" means an Option, under the Plan, and Section 102 of the Ordinance, which shall apply to the fullest extent permissible, having vesting schedule and exercise price as determined by the board of directors of the Buyer.

**"Buyer's Ordinary Shares"** means ordinary shares with no par value per share of the Buyer.

"**Companies Law**" means the Israeli Companies Law 5759-1999 and any regulations promulgated thereunder.

<sup>1</sup> NTD: calculated assuming a Closing Date of October 30, and without any conversion under the Twine Convertible Loan Agreement.

"**Company Option**" means any option to purchase Ordinary Shares of the Company, granted under the Company Plan;

"**Company Plan**" means the Company's Share Option Plan 2015;

"**Current Shareholders**" means all of the shareholders of the Company on the date hereof as set forth in **<u>Exhibit A1</u>**, attached hereto;

"**Data Protection Law**" means all Applicable Laws in connection with data protection and privacy protection which apply to the Group Companies, including without limitation the European Regulation (EU) 2016/679 (the General Data Protection Regulation) and the Israel Privacy Protection Law 5741-1981 and the rules and regulations promulgated thereunder;

"**D.B.W. Holdings (2005) Ltd. Convertible Loan Agreement**" means that certain convertible loan agreement by and between the Buyer and D.B.W. Holdings (2005) Ltd. dated June 5, 2025, for the provision of the Principal Amount (as defined therein) to the Buyer.

"**Disclosed**" means fully, fairly and specifically disclosed in the Schedule of Exceptions.

"**Deposit Agreement**" means the Deposit Agreement dated March 16, 2021, among the Buyer, The Bank of New York Mellon as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

"**Depositary**" means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

"**Encumbrances**" means any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, option, right of first refusal, right of first negotiation, right of first notice, preemptive right, title reversion agreement, easement, servitude, proxy, voting trust or agreement, transfer restriction under any shareholder or similar agreement except for any encumbrance or other restriction imposed directly pursuant to this Agreement, under any applicable law, and solely with regard to the Accepting Shareholders - the Current Articles and the RRA.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**Fully Diluted Basis**" means with respect to any person, all issued and outstanding share capital of any class, warrants, options, convertible loans, rights and convertible securities of such person, all on an as-if exercised and as-converted basis (including all rights and promises of any kind that could directly or indirectly result in any right to receive or purchase any of the foregoing).

"**Fundamental Representations**" means the representations and warranties set forth in Sections 6 (Organization; Good Standing), 6.2 (Share Capital), 6.3 (Authorization; Approvals), 6.5 (Insolvency), and 6.9 (Intellectual Property).

"**Gefen Loans**" shall have the meaning set forth in the <u>Section 6.8 of the Schedules of Exceptions</u>.

"**Gefen Private Placement Agreement**" means certain securities purchase agreement by and between the Buyer and Gefen Capital Investments' L.P. – Series Twine, dated June 5, 2025, for the provision of the Subscription Amount (as defined therein).

"**Governmental Entity**" means any government or governmental or regulatory body thereof, whether federal, state, local or foreign, or any agency, instrumentality or authority thereof, or any competent court or arbitral body, exercising executive, legislative, judicial, regulatory or administrative functions, including but not limited to the SEC and the ITA.

**"Granted Options**" shall have the meaning ascribed to it in Section ‎4.4 below.

"**Key Persons**" for the Company means each of the following: (1) Allon Maoz, and (2) Alon Bar-Shany and for the Buyer means each of the following: (1) Arik Kaufman, and (2) Yaron Kaiser.

"**Knowledge of the Company**" or "**Company's Knowledge**" means any fact, thing or matter actually known by any of the Key Persons.

"**Knowledge of the Buyer**" or "**Buyer's Knowledge**" means any fact, thing or matter actually known by any of the directors or management of Buyer.

"**Indemnification Agreements**" means the indemnification agreements to be executed by (i) the directors who will be appointed to the Buyer's board of directors which will be nominated as set forth herein, and (ii) the Key Persons and each of the directors of the Company immediately after Closing, effective as of Closing, in accordance with the provisions of Section 4.1 hereinafter, in the form attached hereto as **<u>Exhibits B1 & B2</u>**, respectively.

"**Intellectual Property**" means patents, utility models, trademarks, service marks, trade and business names, registered designs, design rights, copyright rights, trade secrets, confidential information of all kinds and other similar proprietary rights which may subsist in any part of the world and whether registered or not, including, where such rights are obtained or enhanced by registration, any registration of such rights and rights to apply for such registrations;

"**Insider Trading Policy**" means a true and complete copy of the Buyer's insider trading policy, as the same may be amended, supplemented or restated from time to time, as attached as Exhibit 11.1 to the Most Recently Filed Form 20-F of the Buyer.

"**Inventions**" means any patent applications, patents, know-how, technical information, work product, designs, ideas concepts, information, materials, processes, data, programs, improvements, innovations, discoveries, developments, artwork, works of authorship, concepts, drawings, algorithms, techniques, methods, systems, processes, compositions of matter, computer software programs, databases and mask works formulae, other copyrightable works, and technique, whether or not patentable, copyrightable or protectable as trade secrets, irrespective of whether registered as a patent, copyright, trademark or in another form.

"**ITA**" means Israel Tax Authority.

 ****

"**Material Adverse Effect**" means a significant event, circumstance, or change that is unknown on the date hereof, that is materially adverse to the business, assets (including intangible assets), liabilities, condition (financial or otherwise) property or results of operation of a Party in a manner that makes the viability of such Party's business reasonably unlikely (for example: liquidation proceedings being enforced against a Party), *except* that any effect to the extent resulting or arising from any of the following shall not be considered when determining whether a Material Adverse Effect has occurred: (a) any changes to global or local economic, political, financial or securities market conditions; (b) any changes or developments in conditions in the industries or markets in which the relevant Party operates, (c) any act of war (whether or not declared), armed hostilities or terrorism, or any escalation or worsening of any such act of war, armed hostilities or terrorism threatened or underway as of the date of this Agreement; (d) any changes in applicable laws or regulations or IFRS/GAAP or other accounting standards or the interpretation thereof which are applicable to the relevant Party and its Subsidiaries; or (e) any material international or national calamity or earthquake, hurricane, pandemic or other natural disaster or act of God; *provided*, that in each case of the preceding clauses, such condition or change does not have a disproportionate effect on the Party relative to similarly situated businesses in the industries and jurisdictions in which such Party operates.

"**Major Seller**" means any Current Shareholder who, directly or indirectly (including through one or more affiliates or nominees), holds two percent (2%) or more of the issued and outstanding share capital of the Buyer immediately following the Closing Date.

"**Nasdaq**" means the Nasdaq Stock Market LLC or any successor thereto.

"**Optionee**" means the employees of the Company listed in **<u>Exhibit C</u>** attached hereto.

"**Ordinance**" means the Israeli Income Tax Ordinance [New Version] 5721-1961 and all the regulations, rules and orders promulgated thereunder.

"**Ordinary Shares**" means ordinary shares, par value ILS 0.01 each of the Company.

"**Permits**" means any approvals, authorizations, consents, licenses or permits of a Governmental Entity.

"**Person**" or "**person**" means (i) any individual, firm, company, limited liability company, joint stock corporation or other company, governmental body, joint venture, association, trust or partnership, works council, or any other entity of any kind (whether or not having a separate legal personality), and (ii) a reference to that person's legal personal representatives and successors.

"**Plan**" means the 2022 Share Incentive Plan, as approved by the Buyer Board of Directors on June 10, 2022.

"**Preferred Shares**" means Series BB preferred shares, par value ILS 0.01 each ("**BB Preferred Shares**"), and Series BB-1 preferred shares, par value ILS 0.01 each ("**BB-1 Preferred Shares**"), warrants to purchase AA Preferred Shares, par value ILS 0.01 each and warrants to purchase BB-1 Preferred Shares.

"**Pre-Funded Milestone Warrant**" means a warrant to purchase one (1) Buyer's ADS exercisable upon either: (i) deployment of the new version TwineX1, or (b) the completion of the delivery by Company of five (5) new printers to customers (the "**Milestone**"), or (c) prior to achievement of the Milestone subject to the Equity Blocker, exercisable during a period of ten (10) years from the date of grant with an exercise price equal to US$0.01, which shall be in the form of **<u>Exhibit D1</u>** attached hereto

"**Receiving Shareholders**" means those Current Shareholders that are allotted ADS's, Pre-Funded Warrants and/or Pre-Funded Milestone Warrants pursuant to this Agreement.

"**Registration**" means the registration for trading on the Trading Markets of the Buyer's Ordinary Shares and ADS's issued and issuable upon exercise of the Securities.

"**Remaining Shareholders**" means all Current Shareholders of the Company, other than the Accepting Shareholders.

"**Resale Registration Statement**" means a registration statement covering the resale of the ADSs and Warrant ADSs by the Receiving Shareholders.

**"Requisite Shareholder Approval"** means the approval of the Agreement and the Transactions by shareholders holding at least 51% of the issued and outstanding share capital of the Company, according to their voting rights as set forth on the Current Articles, voting as a single class (the **"Requisite Shareholder Approval")**.

"**ROC**" means the Israeli Registrar of Companies.

"**RRA**" means the Second Amended and Restated Registration Rights Agreement dated October 30, 2024 among the Company and the other parties thereto.

"**Rule 144**" means Rule 144 promulgated under the Securities Act.

"**Securities**" means the securities issued in the Share Issuance and the Warrant Grant, as well as the ADSs issuable upon the exercise of the Pre-Funded Warrant and the Pre-Funded Milestone Warrant.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

**"Securities Issuance**" means jointly the Share Issuance and the Warrant Grant.

"**Share Issuance**" means the issuance of such number of 158,465 ADS(s) representing 633,860,000 Buyer's Ordinary Shares representing immediately after such issuance 20.5% of the Buyers' issued and outstanding share capital (assuming no other issuance of shares).

"**SEC**" means the U.S. Securities and Exchange Commission.

**"Schedules of Exceptions**" shall have the meaning ascribed to it in Section 6 below.

"**Subsidiary**" means any person of which securities or other ownership interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the ordinary voting power (or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests) are, as of such date, owned by the Buyer or the Company, as the case may be, directly or indirectly through one or more intermediaries.

"**Tax**" or "**Taxation**" means and includes all forms of taxation and statutory and governmental, state, provincial, local governmental or municipal charges, income, franchise, profits, gross receipts, capital gains, capital stock, transfer, sales, use, value-added, occupation, property, excise, severance, windfall profits, stamp, license, payroll, social security, withholding and other taxes, assessments, charges, duties, fees, levies, escheat or other governmental charges, duties, contributions and levies, withholdings and deductions wherever and whenever imposed and all related penalties, charges, costs and interest, and shall include any liability for such amounts as a result of (i) being a transferee or successor or member of a combined, consolidated, unitary or affiliated group, or (ii) a contractual obligation to indemnify any person or other entity.

"**Taxation Authority**" means the ITA and any governmental or other authority competent to impose Taxation in each jurisdiction in which the Company or any Subsidiary operates.

**"Tax Returns**" means all material tax returns, statements, forms and reports (including, elections, declarations, disclosures, schedules, estimates and informational tax returns) for Taxes.

"**Trading Day**" means a day on which the Nasdaq Capital Market is open for trading.

"**Trading Market**" means any of the following markets or exchanges on which ADSs are listed or quoted for trading on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"**Transactions**" means the transactions contemplated by this Agreement and the Transaction Agreements.

"**Transaction Agreements**" means this Agreement, the Indemnification Agreements, the Lock-Up Agreement, and all other documents and contractual obligations to be executed and delivered in connection herewith and therewith.

"**Twine Convertible Loan Agreement"** means that certain convertible loan agreement by and between the Company and the Buyer dated June 5, 2025, for the provision of the Principal Amount (as defined therein) to the Company and together with the Gefen Private Placement Agreement and the D.B.W. Holdings (2005) Ltd. Convertible Loan Agreement, the "**Additional Agreements**".

"**Warrant ADSs**" the ADSs issuable upon the exercise of the Pre-Funded Milestone Warrant.

"**TwineX1**" means the digital waterless thread dyeing system developed by Twine Solutions Ltd. and marketed under the name "TwineX1".

"**Warrant Grant**" means the grant of the Pre-Funded Milestone Warrant as set forth in **<u>Exhibit D1</u>**, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. Terms not defined in Section 1.1, shall have the meaning ascribed to them anywhere else in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. Words and defined terms denoting the singular number include the plural and vice versa and the use of
any gender shall be applicable to all genders.

&nbsp;&nbsp;&nbsp;&nbsp;1.4. The paragraph headings are for the sake of convenience only and shall not affect the interpretation of
this Agreement. The words "includes" and "including" and their syntactical variants mean "includes, but is not
limited to" and "including, without limitation," and corresponding syntactical variant expressions.

&nbsp;&nbsp;&nbsp;&nbsp;1.5. The recitals, schedules, appendices, annexes and exhibits hereto form an integral part of this Agreement.

2.  **<u>The Transactions; The Closing</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1. At the Closing, (i) the Current Shareholders shall severally but simultaneously, sell, assign, transfer,
and deliver to the Buyer the applicable amount of Acquired Shares to be sold by them, as detailed in  **<u>Exhibit A1</u>** attached
hereto, representing 100% of the Acquired Shares ,free from all Encumbrances, and Buyer shall accept the Acquired Shares and will purchase
good and valid title to the Acquired Shares from the Current Shareholders, (ii) Buyer, in consideration for the Acquired Shares, shall
issue the Securities Issuance to the Receiving Shareholders in accordance with the allocation set out in  **<u>Exhibit E</u>** , attached
hereto (the "**ADS & Warrant Allocation Table** "); all on the terms and subject to the conditions set forth in this
Agreement; *provided, however*, that with respect to the Securities Issuance to the Receiving Shareholders, Buyer acknowledges that
the issue of the entire amount of the Securities Issuance attributable to each Receiving Shareholder shall only be allocated in respect
of the portion of Acquired Shares comprising BB-1 Preferred Shares of the Company, and Receiving Shareholders' interests in the
portion of Acquired Shares comprising other classes of Company shares shall be deemed to be transferred to Buyer with no allocation of
the Securities Issuance. For the avoidance of doubt, Section 2.1(i) may be effected by the Company pursuant to Section 3.5. It is hereby
agreed that until the fulfillment of the Milestone, the Pre-Funded Milestone Warrant may be exercised, if, following such exercise, the
Holder (as defined therein), including any assignee or transferee thereof, holds Buyer's Ordinary Shares which do not exceed 24.99%
of the issued and outstanding share capital of the Buyer (the "**Equity Blocker** ").

&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Closing</u>. The closing of the transactions contemplated hereby (the "**Closing** ")
shall take place remotely, via the exchange of documents and signatures, no later than the earlier of (i) the fifth Business Day after
the date that all of the conditions to the Closing set forth in Sections 3.2, 3.3 and 3.4 shall have been satisfied or waived by the Party
entitled to waive the same (other than those conditions which, by their terms, are to be satisfied or waived at the Closing), and (ii)
October 30, 2025, or at such other time and place as the Accepting Shareholders and the Buyer may jointly designate. The date on which
the Closing actually takes place is referred to in this Agreement as the "**Closing Date** ".

3.  **<u>Actions at Closing and Conditions Precedent; Bring-Along</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1.  **<u>Actions at Closing</u>** . At the Closing, the following actions shall occur, all of which shall
be deemed to take place simultaneously and no action shall be deemed to have been completed or any document shall be deemed to have been
delivered until all such actions have been completed and all such documents have been delivered (unless waived in writing by the relevant
Party for whose benefit such action should have been completed or such document or certificate should have been delivered):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.  **<u>Resolutions</u>** . Each of the Parties shall deliver to the other Parties copies of the resolutions
and consents of its requisite organs approving the execution, delivery and performance by such Party of this Agreement and any other Transaction
Agreements it is a party to, including all of the transactions contemplated hereunder and thereunder and all exhibits and appendices attached
hereto and thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. <u>Share Certificates and Transfer Deeds</u>. Each Current Shareholder shall deliver to Buyer (i) share
certificates evidencing the Acquired Shares acquired from such Current Shareholder and identified on  **<u>Schedule 3.1.2</u>** , or
an affidavit of lost share certificate, and (ii) a share transfer deed or a warrant transfer deed, as applicable, in the forms set forth
on  **<u>Exhibits H1</u>** , and  **<u>H2</u>** , respectively, attached hereto, evidencing the transfer of title and conveyance of
the Acquired Shares set forth opposite such Shareholder's name on  **<u>Exhibit A</u>** . For the Avoidance of doubt, the delivery
of documents pursuant to this Section 3.1.2, may be effected by the Company pursuant to Section 3.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3. <u>Resignation of Directors</u>. Copies of the duly signed resignations from the Board of directors of
the Company by Mr. Shlomo Even and Mr. David Wiessman, in the form attached hereto as  **<u>Schedule 3.1.3</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4. <u>Share Register</u>. The Company shall register the sale of the Acquired Shares to the Buyer in the
share register of the Company and deliver to the Buyer within 24 hours of the Closing a copy thereof, certified by the Company's Chief
Executive Officer as of the date of the Closing, in the form attached hereto as  **<u>Schedule 3.1.4</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;3.2.  **<u>Conditions to Closing of all Parties</u>** . The Parties' obligation to consummate the Closing
is subject to the satisfaction and fulfillment, on or before the Closing, of each of the following conditions (any or all of which may
be waived, in whole or in part, by the written consent of all Parties hereto, at its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. <u>Consents of and Filings to Governmental Entities</u>. The consents of and/or Filings to the Governmental
Entities listed in  **<u>Schedule 3.2.1</u>** shall be obtained and effective as of Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. <u>No Action</u>. No proceeding shall be pending before any court or judicial body to prohibit or materially
restrain the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. No Applicable Law preventing, materially restraining, prohibiting or making illegal the consummation of
the transactions contemplated by this Agreement, shall be outstanding and in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. <u>Shareholder Joinders</u>. Either (a) each Remaining Shareholder shall have executed and delivered to
Buyer a Joinder; or (b) (i) the Bring Along and Company Notice shall have been duly delivered pursuant to Section 3.5, (ii) the Requisite
Shareholder Approval has been obtained pursuant to Section 3.5, (iii) the Company, on behalf of any Remaining Shareholder who fails to
execute and deliver a Joinder and the documents set forth in Section 3.1.2, shall have executed and delivered such documents pursuant
to Section 3.5 and (iv) a notice period of 30 days from the date of delivery of the Bring Along and Company Notice shall have expired
and at such time there shall have been no 341 Legal Proceeding initiated (unless the court adjudicating the 341 Legal Proceeding approves
the consummation of the purchase of all Acquired Shares pursuant to this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;3.3.  **<u>Conditions to Closing by Buyer</u>** . Buyer's obligation to consummate the Closing is subject
to the satisfaction and fulfillment, on or before the Closing, of each of the following conditions (any or all of which may be waived,
in whole or in part, by the Buyer, at its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1. <u>Accurate Representations and Warranties</u>. The representations and warranties of the Company and
the Receiving Shareholders contained in Section 5 and Section 6 were true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2. <u>Performance</u>. The Company shall have performed and complied in all material respects with all covenants
and obligations contained in this Agreement that are required to be performed or complied with by it on or before Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3. <u>Compliance Certificate</u>. The Company shall deliver to Buyer at the Closing a certificate certifying
that the conditions specified in Sections 3.3.1, 3.3.2, have been fulfilled, in the form attached hereto as  **<u>Schedule 3.3.3.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4. <u>No Material Adverse Effect</u>. No Material Adverse Effect has occurred between the date of this Agreement
and the Closing Date, and is continuing as of the Closing Date, with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5. <u>Conversion of Certain Debt</u>. The Gefen Loans shall have been converted to Company equity as of Closing
(the "**Loan Conversion** "). The amount of on-going liabilities of the Company as of the date of the Closing shall be set
out in  **<u>Schedule 3.3.5</u>** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.6. <u>Board of Directors</u>. Copies of resolutions of the Board of the Company in the form attached hereto
as  **<u>Schedule 3.3.6</u>** by which, inter alia (i) the execution, delivery and performance by the Company of the Transaction Agreements,
and the transactions contemplated hereby and thereby shall be approved; (ii) the Loan Conversion shall be approved; (iii) All unvested
Company options shall expire upon the Closing<sup>.</sup>; (iv) at the Closing, all vested Company Options shall be substituted with the
right to receive consideration (if any) in accordance with the Company Plan, this Agreement and the Current Articles; and (v) the members
of the Company's board shall empower a certain director execute any document or take any such action on behalf of each Remaining
Shareholders in accordance with Section 3.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.7. <u>Shareholders</u>. Copies of the resolutions of the Company's shareholders in the form attached
hereto as  **<u>Schedule 3.3.7</u>** , by which, inter alia: (i) the execution, delivery and performance by the Company of the Transaction
Agreements to which it is a party, and the transactions contemplated hereby and thereby shall be approved; and (ii) the Loan Conversion
shall be ratified and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.8. <u>Lock-Up Agreements</u>. The Lock-up Agreements duly executed by each of the Major Sellers in substantially
the form attached as  **<u>Schedule 3.3.8</u>** hereto (the "**Lock-up Agreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.9. <u>Appointment to the Board of the Company</u>. The Buyer shall have appointed Arik Kaufman to the Board
of Directors of the Company, effective as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.10. <u>Additional Agreements</u>. Each of the Additional Agreements by and among the parties thereto shall
have become effective in accordance with its terms and shall remain in full force and effect as of the Closing Date, without any amendment,
waiver, or other modification adverse, when applicable, to the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;3.4.  **<u>Conditions to Closing by the Company and Current Shareholders</u>** . The Company's and Current
Shareholders' obligation to consummate the Closing is subject to the satisfaction and fulfillment, on or before the Closing, of
each of the following conditions (any or all of which may be waived (except for 3.4.3 and 3.4.4), in whole or in part, by the majority
of the Accepting Shareholders, at their sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1. <u>Accurate Representations and Warranties</u>. The representations and warranties of the Buyer set forth
in Section 7 hereof were true and correct when made and unless stated otherwise in writing shall be true and correct in all material respects
as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2. <u>Performance</u>. The Buyer shall have performed and complied with all covenants and obligations contained
in this Agreement that are required to be performed or complied with by it on or before Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3. <u>Legend</u> *.* The Shares to be issued under the Share Issuance and if and when applicable under
any Warrant Grant as the case may be, shall bear a legend clarifying they have not been registered with the SEC or the securities commission
of any state in reliance upon an exemption from registration under the Securities Act, and, accordingly, may not be offered or sold except
pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the securities act and in
accordance with the provisions of the Lock-up Agreement and with, *mutatis mutandis* applicable provision of Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4. <u>Compliance Certificate</u>. Buyer shall deliver to the other Parties at the Closing a certificate certifying
that the conditions specified in Sections 3.4.1 and 3.4.2 have been fulfilled, in the form attached hereto as  **<u>Schedule 3.4.4</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5. <u>Issuance</u>. At Closing, the Buyer shall have issued the Securities Issuance to the Receiving Shareholders
in accordance with the allocation set out the ADS & Warrant Allocation Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.6. <u>Indemnification Agreements</u>. Each of the Key Persons, Limor Ganot and Snir Wiessman and the Company
shall enter into an indemnification agreement in the form, *mutatis mutandis*, as attached hereto as  **<u>Exhibit B2</u>** , which
shall be in full force and effect immediately upon Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.7. <u>Board of Directors</u>. Copies of resolutions of the Board of the Buyer in the form attached
 hereto as  **<u>Schedule 3.4.7</u>** by which, inter alia (i) the execution, delivery and performance by the Buyer of the
 Transaction Agreements, and the transactions contemplated hereby and thereby shall be approved; (ii) the recommendation to the
 Shareholders of the Buyer to approve the appointment of Limor Ganot and Snir Wiesmann as directors of the Buyer; and (iii)
 reservation a sufficient number of Buyers' Ordinary Shares for issuance upon exercise of the Granted Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.8. <u>Shareholders</u>. Copies of the resolutions of the Buyer's shareholders in the form attached
hereto as  **<u>Schedule 3.4.8</u>** , by which, inter alia: (i) the execution, delivery and performance by the Buyer of the Transaction
Agreements, and the transactions contemplated hereby and thereby shall be approved; and (iii) the persons set forth in Section 3.4.7(ii)
have been appointed as directors of the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.9. <u>No Material Adverse Effect</u>. No Material Adverse Effect has occurred between the date of this Agreement
and the Closing Date, and is continuing as of the Closing Date, with respect to the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.10. <u>Qualifications</u>. All Permits of Governmental Entities that are required in connection with the lawful
issuance and sale of the Share Issuance pursuant to this Agreement shall be obtained and effective as of Closing.

&nbsp;&nbsp;&nbsp;&nbsp;3.5.  **<u>Bring-Along.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1. By executing this Agreement, the Accepting Shareholders signatory hereto, are deemed to have accepted,
for purpose of the Bring Along Provision and Section 341 of the Companies Law, the offer extended by Buyer to purchase their respective
portion of the Acquired Shares, which offer is conditioned upon the sale of all of the Acquired Shares to Buyer, on the terms and conditions
set forth in this Agreement. Among the Accepting Shareholders, there are expected to be certain shareholders of the Company who will not
be issued any securities under the Securities Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2. Within 10 days following the execution of this Agreement, in accordance with the Bring-Along Provision,
the Company shall deliver a written notice substantially in the form attached hereto as  **<u>Schedule 3.6.2</u>** (the "  **<u>Bring-Along and Company Notice</u>**") to each Remaining Shareholder, requesting, among other things, such Remaining Shareholder to sell its
respective portion of Acquired Shares to the Buyer on the terms and conditions of this Agreement and the execution of a joinder to this
Agreement, substantially in the form attached hereto as  **<u>Schedule 3.5.2</u>** (each, a "  **<u>Joinder</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3. In accordance with the Bring-Along Provision, the Bring-Along and Company Notice shall also provide: (i)
the name of the Buyer, (ii) the proposed amount and form of consideration and terms and conditions of payment offered by the Buyer; and
(iii) the names of, and number of shares held of record by the Accepting Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.4. Upon delivery of a duly executed Joinder by a Remaining Shareholder, such Remaining Shareholder shall
be deemed an Accepting Shareholder for all purposes hereunder, bound by and subject to the provisions of this Agreement as an Accepting
Shareholder, and  **<u>Exhibit A</u>** shall automatically be updated by the Company accordingly and delivered to the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.5. Prior to the Closing, the Company shall take all actions pursuant to the Bring-Along Provision or Section
341 of the Companies Law in order to effectuate the Closing in relation to any Remaining Shareholder that (i) has not executed and delivered
a Joiner or any document pursuant to this Agreement, including, without limitation, a share transfer deed or (ii) has failed to perform
any action pursuant to this Agreement, including, without limitation, delivery of share certificate, in each case at least one Business
Day prior to the Closing (but after at least 30 days from the date on which such document was requested). Subject to and pursuant to the
Bring-Along Provision and Section 341 of the Companies Law, such actions may include, without limitation, the execution and delivery of
a Joinder and a share transfer deed on behalf of any such Remaining Shareholder, cancelling the share certificate of such Remaining Shareholder
and the issuance of a new share certificate in the name of the Buyer with respect to the Acquired Shares held immediately prior to Closing
by such Remaining Shareholder. Upon the execution of a Joinder by the Company on behalf of a Remaining Shareholder pursuant to this Section,
such Remaining Shareholder shall be deemed an Accepting Shareholder for all purposes hereunder, bound by and subject to the provisions
of this Agreement as an Accepting Shareholder, and  **<u>Exhibit A</u>** shall automatically be updated by the Company accordingly and
delivered to the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.6. Nothing herein shall be construed or interpreted so as to derogate from the provisions of Section 341
of the Companies Law and the Bring Along Provision requiring each Current Shareholder that has not executed this Agreement on the date
hereof to sell its Acquired Shares pursuant to this Agreement.

4.  **<u>Post Closing Actions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Post Closing Buyer Board of Directors</u>. The Parties shall take all necessary action, so that as
of the Closing Date the Buyer Board of Directors will consist of up to seven (7) directors ()"**Number of Directors** "),
consisting of up to (i) five (5) directors, including two (2) serving external directors as serving prior to the Closing, and (ii) two
(2) directors as designated prior to the Closing by the Receiving Shareholders. Buyer Board of Directors shall comply with the diversity
standards then-applicable to directors of companies listed on Nasdaq and with all rules, regulations and requirements (including but not
limited to all director independence and corporate governance rules) of each of the Companies Law and Nasdaq. The two (2) directors designated
by the Receiving Shareholders shall have the same rights and terms of engagement as all current Directors of Buyer, including, but not
limited to, all matters regarding compensation, indemnification and insurance.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Filing with ROC</u>. Within three (3) Business Days following the Closing Date, the Company shall file
with the ROC a notice of the sale of the Acquired Shares to the Buyer, including, without limitation, the updated shareholding structure,
in accordance with the provisions of the Companies Law. The Company shall deliver to the Buyer a copy of the ROC's acknowledgment
of receipt of such filing promptly upon its availability.

&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Executive Officers</u>. The individuals serving as the executive officers and to the Advisory Board
of the Company and of the Buyer (to the extent applicable) immediately prior to the Closing, as set forth on  **<u>Schedule 4.3A</u>** ,
will be the same individuals (in the same office) as that of the Company and of the Buyer respectively immediately after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Option Grant</u>. As soon as possible after the Closing (but in no event more than 45 days after the
Closing), subject to the requirements of the capital gain tax route of section 102 of the Ordinance (i) the Buyer shall take all actions required to approve the grant of an aggregate of 135,032,000 Buyer Options, represented by 33,758
ADS to the Optionees (the "**Granted Options** "), in accordance with the allocation set out in  **<u>Exhibit C</u>** (the
" **Options Allocation Table**") and (ii) the Buyer shall enter into an award agreement with each of the Optionees, in the
form attached hereto as  **<u>Schedule 4.4</u>** , evidencing the grant of the respective portion of the Granted Options to each Optionee
in accordance with the allocation set forth in the Options Allocation Table and the applicable vesting schedule and (iii) Buyer shall
deliver to each Optionee written notice documenting the duly authorized grant of the Granted Options, such notice shall specify the number
of Buyer Options subject to the Granted Options, as well as the exercise price of the Granted Options. Notwithstanding anything to the
contrary, the Buyer shall update the 102 Trustee on the Company's status as an "employing Company", under the Plan on the Closing
Date.

5.  **<u>Representations & Warranties of the Current Shareholders</u>** 

Each of the Accepting Shareholders hereby represents and warrants, severally and not jointly, to the Buyer as follows, as of the date hereof and as of the Closing Date, and acknowledges that the Buyer is entering into this Agreement in reliance thereon:

&nbsp;&nbsp;&nbsp;&nbsp;5.1.  **<u>Ownership of Shares</u>** . Such Accepting Shareholder is the sole owner of its portion of the
Acquired Shares, as listed opposite to its name on  **<u>Exhibit A</u>** , free and clear of any Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;5.2.  **<u>Requisite Power and Authority</u>** . Such Accepting Shareholder has legal capacity to enter into,
deliver and perform this Agreement and the other Transaction Agreements to which it is a party, and to consummate the transactions contemplated
hereby and thereby. Each of this Agreement and the other Transaction Agreements to which it is a party constitute the valid and binding
obligation of such Accepting Shareholder, enforceable against such Accepting Shareholder in accordance with its respective terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors' rights generally, and (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies.

6.  **<u>Representations & Warranties of the Company</u>** 

The Company hereby represents and warrants to the Buyer as follows, as of the date hereof and as of the Closing Date (except, to the extent that a representation is expressly made as of a specific date, in which case such representation is, and shall at Closing be, made as at such specified date and as of the Closing Date), and acknowledges that the Buyer is entering into this Agreement in reliance thereon, subject to the disclosures set forth in the Schedule of Exceptions attached hereto as **<u>Exhibit F</u>** (the "**Schedule of Exceptions**"), if any, which disclosures shall be deemed to be part of the representations and warranties made hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;6.1.  **<u>Organization, Good Standing</u>** . The Company is duly organized and validly existing under the
laws of Israel, and has full corporate power and authority to carry on its business as presently conducted. The Company is duly qualified
to transact business and is in good standing in each jurisdiction in which it operates and in which the failure to so qualify would have
a Material Adverse Effect. The Company has all requisite power and authority to execute and deliver the Transaction Agreements as contemplated
hereby or which are ancillary hereto and to consummate the transactions contemplated hereby and thereby. The Company is not in violation
of reporting and payment obligations under applicable legal requirements of the ROC. The Company hereby represents that it has no Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;6.2.  **<u>Share Capital</u>** . The authorized share capital of the Company is, and shall be as of the immediately
prior to the Closing, NIS 10,256,805.09 divided into: (i) 482,517,882 Ordinary Shares, par value NIS 0.01 each, of which 9,782,052 are
issued and outstanding; (ii) 73,000,000 Preferred AA Shares, par value NIS 0.01 each, none of which are issued and outstanding; (iii)
300,000,000 Preferred BB Shares, par value NIS 0.01 each, of which 204,485,933 are issued and outstanding; (iv) 37,887,495 Incentive Preferred
Shares, par value NIS 0.01 each, none of which are issued and outstanding; and (v) 132,275,132 Preferred BB-1 Shares, par value NIS 0.01
each, of which 42,087,542 are issued. All outstanding shares of the Company have been duly authorized and validly issued and are fully
paid and non-assessable and are free and clear of any Encumbrances.

Other than as specifically detailed in <u>Schedule 6.2 of the Schedule of Exceptions</u> (i) there is no agreement or commitment to create any Encumbrance over the shares of the Company (ii) There are no agreements or commitments outstanding which call for the issuance of any shares or debentures or other securities of the Company or to accord to any person the right to call for the issue of any such shares, debentures or other securities (iii) the Company has no interest in the share capital of any other company (iv) the Company does not act or carry on business in partnership with any other person or is a party to any joint venture, (v) The Company does not have any branch, agency, place of business or permanent establishment outside its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;6.3.  **<u>Authorization; Approvals</u>** . Except as set forth on <u>Schedule 6.3 of the Schedule of Exceptions</u>,
The Company has full power and authority to enter into and perform this Agreement and the other Transaction Agreements to which it is
a party and all other documents which are to be executed and delivered by the Company at Closing. Except as set forth on <u>Schedule 6.3 of the Schedule of Exceptions</u>, all corporate action on the part of the Company, its directors and its shareholders, to the extent
required under its organizational documents or under any applicable law, for the authorization, execution and delivery of the Transaction
Agreements, the performance of all obligations of the Company thereunder has been taken prior to the Closing, and the Transaction Agreements,
when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against
the Company in accordance with their respective terms except to the extent that such enforceability is subject to, and limited by, (a)
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to
or affecting the enforcement of creditors' rights generally; or (b) laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies. Subject to the fulfillment of all conditions to Closing set out in Section 3.2, 3.3 and 3.4 of this
Agreement, the execution, delivery and performance by the Company of the Transaction Agreements will not constitute a breach of any applicable
laws or regulations in any relevant jurisdiction or result in a breach of or constitute a default under (i) any provision of the certificate
of incorporation or any other organizational documents of the Company; (ii) any order, judgment or decree of any court or governmental
authority by which the Company is bound; (iii) any material agreement or instrument to which the Company or any Subsidiary is a party
or by which it is bound; or (iv) result in the termination or impairment of any material license, approval, permit or authorization issued
by any Governmental Entity to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;6.4.  **<u>Constitutional and Corporate Matters</u>** . The copies of the incorporation documents the Company,
have been provided to the Buyer, are complete and accurate and fully set out the rights and restrictions attaching to the shares of the
Company. The statutory books required to be maintained under the Companies Law (or under any equivalent legislation under another jurisdiction
that applies to the Group Companies) of the Company have been properly kept in all material respects, are up to date and contain complete
and accurate details of all matters required by applicable laws to be entered in them. No written notice that any of them is incorrect
or should be rectified has been received by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;6.5.  **<u>Insolvency</u>** . Except as set forth on <u>Schedule 6.5 of the Schedule of Exceptions</u>, the
Company is not insolvent or unable to pay its debts as they fall due or has stopped paying its debts. Except as set forth on <u>Schedule 6.5 of the Schedule of Exceptions</u>, no order has been made, or resolution passed for the winding up the Company. Except as set forth
on <u>Schedule 6.5 of the Schedule of Exceptions</u>, no administrator or any receiver or manager has been appointed by any Person in
respect of the Company or all or any of their assets and to the Knowledge of the Company, no steps have been taken to initiate any such
appointment and no voluntary arrangement has been proposed. Except as set forth on <u>Schedule 6.5 of the Schedule of Exceptions</u>,
the Company has not become subject to any analogous proceedings, appointments or arrangements under the laws of any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;6.6.  **<u>Governmental Entities Consents and Filings</u>** . Except as set forth on <u>Schedule 6.6 of the Schedule of Exceptions</u>, no Permits with any Governmental Entity are required on the part of the Company or any Subsidiary for the
consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6.7.  **<u>Litigation</u>** . Except as listed on <u>Schedule of the Schedule of Exceptions</u>, there is
no claim, action, suit, proceeding, arbitration, criminal charge or to the Knowledge of the Company investigation pending or currently
threatened (i) against the Company or any of its officers or directors (in their capacity as such), and there are no circumstances likely
to give rise to any such proceedings; or (ii) that questions the validity of the Transaction Agreements or the right of the Company to
enter into them, or to consummate of the transactions contemplated thereby, or that would reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect. The Company is not a party to or named as subject to the provisions of any order, writ,
injunction, judgment or decree of any court.

&nbsp;&nbsp;&nbsp;&nbsp;6.8.  **<u>Arrangements with Related Parties</u>** . Except as listed on <u>Schedule 6.8 of the Schedule of Exceptions</u>, no indebtedness (actual or contingent) and no contract or arrangement is outstanding between the Company on the one hand
and any of the Current Shareholders on the other hand. Except as listed on <u>Schedule 6.8 of the Schedule of Exceptions</u>, to the
Knowledge of the Company, no Current Shareholder has any interest (direct or indirect) in any business which competes or is likely to
compete with any business presently carried on by the Company and none of Current Shareholders intends to acquire any such interest. The
Company is not party to any contract, arrangement or understanding with any current or former employee or current or former director of
the Company, or any person connected with any of such persons, or in which any such person is interested (whether directly or indirectly),
other than on normal commercial terms in the ordinary and usual course of business.

&nbsp;&nbsp;&nbsp;&nbsp;6.9.  **<u>Intellectual Property</u>** . The Company own or have a right to use all Intellectual Property
that is necessary for the conduct of the Company's business as currently conducted, without any conflict with, violation or infringement
(or in the case of third-party patents, patent applications, trademarks, trademark applications, service marks, or service mark applications,
without any violation or infringement to the Knowledge of the Company of the rights of others, including prior employees or consultants,
or academic institutions with which any of them are currently affiliated or have been affiliated in the past. To the Company's Knowledge,
no product or service marketed or sold (or proposed to be marketed or sold) by the Company and its Subsidiaries violates or will violate
any license or infringes or will infringe any rights to any patents, patent applications, trademarks, trademark applications, service
marks, trade names, copyrights, trade secrets, licenses, domain names, mask works, information and proprietary rights, and processes of
any other party. Other than with respect to commercially available software products under standard end-user object code license agreements,
there is no outstanding option, license, agreement, claim, encumbrance, or shared ownership interest of any kind relating to the Company
and its Subsidiaries Intellectual Property, the Company is not bound by or a party to any options, licenses, or agreements of any kind
with respect to the Intellectual Property of any other person. The Company has not received any written communications alleging that the
Company has violated or, by conducting their business, would violate any of the Intellectual Property of any other person. The Company
has obtained and possesses valid licenses to use all of the software programs present on the computers and other software-enabled electronic
devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company's
business. <u>Schedule 6.9 of the Schedule of Exceptions</u> lists all patents, patent applications, trademarks, trademark applications,
service marks, service mark applications, tradenames, registered copyrights, and licenses to and under any of the foregoing, in each case
owned by the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;6.10.  **<u>Compliance with other Instruments. No Breach.</u>** The Company is not in material violation or
in default (i) of any provisions of its current Articles of Association, (ii) of any judgment, order, writ, or decree of any court or
another competent authority to which it or its assets are subject; or (iii) to the Knowledge of Company, of any material provision of
law, rule or regulation applicable to the Company, that is material to its business. Subject to the fulfillment of conditions to Closing
set out in Sections 3.2, 3.3 and 3.4 of this Agreement, the execution, delivery and performance of the Transaction Agreements and the
consummation of the transactions contemplated hereby or thereby will not (a) result in any such violation or be in conflict with any such
provision, instrument, judgment, order, writ or decree, or (b) otherwise require the consent or approval of any person, which consent
or approval has not been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;6.11.  **<u>Licenses</u>** . Except as set forth on <u>Schedule 6.11 of the Schedule of Exceptions</u>, the
Company has all material franchises, permits, licenses and any similar authority necessary for the conduct of its business in the places
and in the manner in which such business is carried on, and which are material to its business (the "**Licenses** "). The
Company is not in default in any material respect under any of such Licenses. All such Licenses are in full force and effect and to the
Knowledge of the Company there are no grounds for the revocation or non-renewal of any License.

&nbsp;&nbsp;&nbsp;&nbsp;6.12.  **<u>Material Agreements; Actions</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.1. Except for this Agreement and as set forth on <u>Schedule 6.12.1 of the Schedule of Exceptions</u>, there
are no agreements, written or oral understandings or contracts or proposed transactions to which the Company is a party that involve (a)
the grant of any exclusive rights to any party, or containing any "most favored nation" rights or rights of first refusal,
rights of first negotiation, right of first notice or similar rights, (b) indebtedness for borrowed money, including guarantees of such
indebtedness, or contracts under which the Company assumes, or otherwise becomes liable for, the obligations of any third party, in each
such case, in an amount of at least ILS50,000, (or equivalent amount in any other currency) (c) any partnership, joint venture or limited
liability company agreement or concerning any equity or partnership interest in any third party, (d) the acquisition or disposition of
any business or material assets of the Company (whether by merger, sale of stock, sale of such assets or otherwise), (e) restrictions
on Company to engage in the operation of its business as currently conducted, and (f) a Governmental Entity as a party (each, a "**Material Agreement** "). Except as set forth on <u>Schedule 6.12.1 of the Schedule of Exceptions,</u> the Company is not in material breach
of any Material Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.2. Each Material Agreement is in full force and effect and is enforceable by the Company in accordance with
its respective terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization, or others laws of general application
relating to or affecting the enforcement of creditors' rights generally, or (ii) the effect of rules of law governing the availability
of equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;6.13.  **<u>Financial Condition.</u>** Since the Accounts Date, and except as set forth on <u>Schedule 6.13 of the Schedule of Exceptions</u>: (i) the business of the Company has been conducted in the ordinary course so as to maintain the business
as a going concern; (ii) the Company has not suffered any Material Adverse Effect (iii) no asset of a value in excess of ILS 50,000 (or
equivalent amount in any other currency) has been acquired or disposed of nor has there been any agreement to acquire or dispose of any
such asset; (iv) no liability (actual or contingent) has been incurred which is of an amount in excess of ILS 50,000 (or equivalent amount
in any other currency) other than in the ordinary course of business; (v) no dividend or other distribution (as such term is defined in
the Companies Law or under any equivalent legislation under another jurisdiction that applies to the Group Companies) has been declared,
made or paid by the Company or by any of its Subsidiaries; and (vi) The Company has not borrowed or raised any money from and no capital
expenditure (save in the ordinary course of business) has been incurred as a result of the entry into any agreement or arrangement with
any third party;

&nbsp;&nbsp;&nbsp;&nbsp;6.14.  **<u>Financial Statements</u>.** The Company has made available to the Buyer the Balance Sheet. The
Balance Sheet has been prepared, in all material respects, based on the Company's management's best knowledge and estimation,
but does not represent audited or reviewed numbers. The Company believes that the Balance Sheet adequately represents in all material
respects the assets, liabilities, profit and loss and operating results of the Company as of the dates, and for the periods, indicated
therein and are not inaccurate or misleading in any substantial respect, except that such financial information is subject to normal audit
adjustments. Except as set forth in the Balance Sheet and <u>Schedule 6.14 of the Schedule of Exceptions</u>, the Company has no material
liabilities or obligations, contingent or otherwise, other than (a) liabilities incurred in the ordinary course of business subsequent
to the date of the most recent balance sheet included in the Financial Statements and (b) obligations under contracts and commitments
incurred in the ordinary course of business and not required under generally accepted accounting principles to be reflected in the Financial
Statements, which, in both cases, individually or in the aggregate do not exceed ILS 50,000. Except as set forth in <u>Schedule 6.14 of the Schedule of Exceptions</u>, at the Accounts Date, the Company had no other liability (whether actual, contingent, unquantified or
disputed) or outstanding capital commitment which should be disclosed or provided for in the Balance Sheet and is not disclosed or provided
for therein. Company has not factored, discounted or securitized any of its receivables, nor has it engaged in any financing of a type
which would not be required to be shown or reflected in the disclosed or fully provided for.

&nbsp;&nbsp;&nbsp;&nbsp;6.15.  **<u>Title to Property and Assets</u>** . The Company owns or legally leases its property and assets
free and clear of all Encumbrances, except for floating liens to ensure credit line with the bank or statutory liens for the payment of
current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do not materially
impair the Company's ownership or use of such property or assets. With respect to the property and assets they lease, <u>except as set forth in Schedule 6.15 of the Schedule of Exceptions</u>, the Company is in compliance in all material respects with such leases
and, to the Knowledge of Company, hold a valid leasehold interest free of any Encumbrances other than to the lessors of such property
or assets.

&nbsp;&nbsp;&nbsp;&nbsp;6.16.  **<u>Government Incentives and Grants</u>** . Except as set forth in <u>Schedule 6.16 of the Schedule of the Schedule of Exceptions</u>, the Company has not received or have applied for any grants, incentives, benefits (including tax benefits)
and subsidies from any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;6.17.  **<u>Employees and Consultants</u>** . <u>Schedule 6.17A of the Schedule of Exceptions</u> sets forth
a detailed description of (i) all compensation, including salary, bonus, severance obligations and deferred compensation paid or payable
for each current officer or employee (ii) details of any person who has accepted an offer of employment made by Company but whose employment
has not yet started and of any employee who was given or who received a notice of termination of his or her employment but whose date
of termination has not yet arrived. Each current employee, consultant, and officer of the Company has assigned to the Company all Intellectual
Property rights he or she owns that he, she or it solely or jointly conceived, reduced to practice, developed or made during the period
of his, her or its employment or consulting relationship with the Company that (a) relate, at the time of conception, reduction to practice,
development, or making of such Intellectual Property right, to the Company's business as then conducted, (b) were developed on any
amount of the Company's time or with the use of any of the Company's equipment, supplies, facilities or information or (c)
resulted from the performance of services for the Company. No current or former employee or consultant has excluded any work or invention
from his or her assignment of inventions. To the Company's Knowledge, no such employees or consultants is in violation thereof. <u>Schedule 6.17B of the Schedule of Exceptions</u> sets forth a detailed description of the terms and conditions of each equity benefit
plan established and maintained by Company, of any grants of options performed thereupon and of any exercise thereof. Except as set forth
in <u>Schedule 6.17C of the Schedule of Exceptions</u>, Company has made all required contributions for severance pay, managers insurance
or pension plan for each employee as applicable, and has complied in all material respects with all Applicable Laws relating to employment
of employees. The Company is not and has never been a party to any collective bargaining agreement, or other contract or arrangement with
a labor union, trade union or other organization or body involving any of its employees or employee representatives, or is otherwise required
(under any Applicable Law, under any contract or otherwise) to provide benefits or working conditions under any of the foregoing. The
company is and has ever been a member of any employers' association or organization. The Company has ever paid, is required to pay
and has ever been requested to pay any payment (including professional organizational handling charges) to any employers' association
or organization. The Company is not subject to any extension order issued by the Israeli Minister of Labor (*tzavei harchava*), other
than an extension order of general applicability to all Israeli employers. <u>Schedule 6.17C</u> of the <u>Schedule of Exceptions</u> sets forth a true and complete list of all current independent service providers and contractors (the "**Contractors** ")
of the Company, and includes each Contractor's name, date of commencement, engaging entity, work location, term of engagement, scope
of services (e.g. number of hours per month), and rate of all regular compensation and benefits, bonus or any other compensation payable.
Except as set forth in <u>Schedule 6.17D</u> of the <u>Schedule of Exceptions</u>, the Contractors are not entitled to any payment or
benefit, and all Contractors can be terminated on notice of thirty (30) days or less to the Contractor. All Contractors are and classified
as independent contractors and are not entitled to receive from any Company any employment benefits. Company does not engage any personnel
through manpower agencies. Company is not aware of a material violation of any agreement with any of its current employees or Contractors
or of any unsatisfied obligations of any nature to any of its former employees or Contractors, and their termination was in compliance
with all material Applicable Laws and contracts. Neither the execution and delivery of this Agreement nor the consummation of the transactions
contemplated hereby or any termination of employment or service in connection therewith will (i) result in any payment or benefit (including
severance, golden parachute, bonus or otherwise), becoming due to any employee, (ii) result in any forgiveness of indebtedness, (iii)
materially increase any payments or benefits otherwise payable by the Company or (iv) result in the acceleration of the time of payment
or vesting of any such benefits. Neither the execution nor delivery of this Agreement, nor the carrying on of any of the Company's
business as presently conducted nor any activity of any of the Company's officers, directors, employees or Contractors in connection
with the carrying on of Company's business as presently conducted, to the Knowledge of Company, conflict with or result in a breach
of the terms, conditions, or provisions of, or constitute a default under, any contract or agreement under which any of such officers,
directors, employees, or consultants is now bound.

&nbsp;&nbsp;&nbsp;&nbsp;6.18.  **<u>Tax</u>** . <u>Except as set forth in Schedule 6.18 of the Schedule of Exceptions</u>, all Tax
Returns of the Company required by law to be filed have been timely and duly filed and all material Taxes, obligations, fees and other
governmental charges upon the Company, or its properties, or its income or assets, that are due and payable or required to be withheld,
have been timely paid or withheld in full, other than those presently payable without penalty or interest or for which appropriate reserves
have been established. To the knowledge of the Company, the Company, is not currently the subject of an audit or other examination of
Taxes by the Taxation Authority (and no such audit is threatened in writing) nor has the Company received any written notices within the
past five years from any Taxation Authority relating to any issue which could reasonably be expected to affect the Tax liability of the
Company. Except as set forth in <u>Schedule 6.18 of the Schedule of Exceptions</u>, the Company (A) has not entered into an agreement
or waiver (that has not expired) or has been requested to enter into an agreement or waiver extending any statute of limitations relating
to the payment or collection of Taxes of the Company or (B) is not presently contesting the Tax liability of the Company before any court,
tribunal or agency. Company has not received any written notice or indication that the Company has been involved in any scheme, arrangement,
transaction or series of transactions in which the main purpose or one of the main purposes was the evasion or avoidance of Tax. The Company
is resident for Tax purposes solely in Israel and is duly registered for all Taxes the registration for which is required by law. Except
as set forth in <u>Schedule 6.18 of the Schedule of Exceptions</u>, Company has not received any written notice from any Taxation Authority
that requires or will require it to withhold Taxes from any payment made since the Accounts Date or which will or may be made after the
date of this Agreement. Except as set forth in <u>Schedule 6.18 of the Schedule of Exceptions</u>, the Company is not or has not become
liable to pay, nor to the Knowledge of the Company, are there any circumstances by virtue of which the Company is likely to become liable
to pay, any penalty, fine, surcharge or interest in connection with any Tax. Except as set forth in <u>Schedule 6.18 of the Schedule of Exceptions</u>, the Company has duly and timely filed all income or other material tax returns required to have been filed by it, and
there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year. All documents in the possession
or under the control of Company to which Company is a party and which attract stamp duty have been duly stamped and all amounts payable
thereon have been duly paid.

&nbsp;&nbsp;&nbsp;&nbsp;6.19.  **<u>Corporate Documents.</u>** The Current Articles in effect are in the form provided to the Buyer.
The copy of the minute books of the Company provided to the Buyer contains minutes of all meetings of directors, any committee thereof,
if any, and shareholders and all actions by written consent without a meeting by the directors and shareholders in the last 3 years and
accurately reflects in all material respects all actions by the directors (and any committee of directors) and shareholders with respect
to all transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;6.20.  **<u>Anti-Corruption</u>** . The Company is in compliance in all material respects with applicable laws
relating to anti-money laundering, anti-terrorism financing and anti-corruption. To the Knowledge of the Company, the Company, nor any
of their directors, officers, employees or agents (in their capacity as such) has, directly or indirectly, made, offered, promised, authorized,
accepted or agreed to receive, any payment, gift, bribe, kickback or anything of value: (i) in violation of any applicable anti-corruption
law; (ii) to or for the benefit of any Government Entity official for the purposes of influencing such official act or decision; or (iii)
to or for the benefit of any person to secure any improper advantage; (iv) and in relation to (ii) and (iii) above, with the intention
of winning or retaining business or a business advantage for the Company. There is and has been no claim, enquiry, investigation, action,
suit or proceeding pending or threatened in writing by or against the Company before any court, arbitrator, regulator or other governmental
body, in connection with any violation or alleged violation of any anti-corruption law or anti-money laundering law. No fine or penalty
or other type of disciplinary action has been imposed or threatened in writing to be imposed on the Company for any infringement of any
anti-corruption law or anti-money laundering law. The Company and, to the Knowledge of Company or any of the Current Shareholders, no
officer, employee, representative or agent of Company has not been investigated (or is being investigated or is subject to a pending or
threatened investigation) or is involved in an investigation (as a witness or possible suspect) in relation to any of the matters set
out herein by any law enforcement, regulatory agency or Governmental Entity, or has admitted to, or been found by a court in any jurisdiction
to have engaged in, violated Anti-Corruption Law, and to the Company's Knowledge, there are no circumstances which are likely to
give rise to any such investigation, admission, finding. The company has not conducted (or is conducting) an internal investigation in
relation to any allegations of the matters set out herein. No officer has reported in writing a violation or suspected violation of the
matters described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;6.21.  **<u>Disclosure</u>** . No representation or warranty of the Company contained in this Agreement, as
qualified by the Schedule of Exceptions, and no certificate furnished or to be furnished to Buyer at the Closing contains any untrue statement
of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading
in light of the circumstances under which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;6.22.  **<u>No Other Representations</u>.** The Company acknowledges that it makes the representations and
warranties under this Section 6 with the intention of inducing the Buyer to enter into this Agreement and each of the other Transaction
Agreements and the Buyer enters into this Agreement and the other Transaction Agreements on the basis of, and in full reliance on, each
of those representations and warranties.

7.  **<u>Representations & Warranties of Buyer</u>** 

The Buyer hereby represents and warrants to the other Parties hereto as follows, as of the date hereof and as of the Closing Date (except, to the extent that a representation is expressly made as of a specific date, in which case such representation is, and shall at Closing be, made as at such specified date), and acknowledge that the Current Shareholders are entering into this Agreement in reliance thereon, subject to the disclosures set forth in the Schedule of Exceptions attached hereto as **<u>Exhibit G</u>** (the "**Buyer Schedule of Exceptions**"), if any, which disclosures shall be deemed to be part of the representations and warranties made hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;7.1.  **<u>Organization; Authorization.</u>** The Buyer has been duly organized and is validly existing and
in good standing under the laws of the State of Israel, and has full corporate power and authority to carry on its business as presently
conducted. The Buyer has full power and authority to enter into and perform this Agreement and the other Transaction Agreements to which
it is a party and all other documents which are to be executed and delivered by the Buyer at Closing and otherwise to carry out its obligations
hereunder and thereunder. Except as set forth in <u>Schedule 7.1 of the Buyer Schedule of Exceptions</u> neither the Buyer nor any
Subsidiary is in violation nor default of any of the provisions of its respective memorandum of association, articles of association,
certificate or articles of incorporation, bylaws, operating agreement, or other organizational or charter documents. Each of the Buyer
and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary. To the Buyer's knowledge,
no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such
power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;7.2.  **<u>Filings, Consents and Approvals</u>** . All corporate action on the part of the Buyer, its directors
and its shareholders, to the extent required under its organizational documents or under any applicable law, for the authorization, execution
and delivery of the Transaction Agreements and the performance of all obligations of the Buyer have been taken, and the Transaction Agreements,
when executed and delivered by Buyer, shall constitute valid and legally binding obligations of the Buyer, enforceable against the Buyer
in accordance with their respective terms. The Buyer is not required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Buyer of the Transaction Agreements, other than: (i) the filings
required pursuant to Section 3.2 of this Agreement, (ii) application(s) to each applicable Trading Market for the listing of the ADSs
for trading thereon in the time and manner required thereby, including the filing of a Listing of Additional Shares notice with Nasdaq,
(iii) such filings as are required to be made under applicable state securities laws, and (iv) filings required by the Israeli Registrar
of Companies (collectively, the "  **<u>Required Approvals</u>** "). This Agreement does not require the consent or approval
of any third person or entity, including any government agency. Buyer has full power and authority to execute, deliver and perform this
Agreement. Subject to the fulfillment of all conditions to Closing set out in Section 3.2 of this Agreement, the execution, delivery and
performance by the Buyer of the Transaction Agreements will not constitute a breach of any applicable laws or regulations in any relevant
jurisdiction or result in a breach of or constitute a default under (i) any provision of the certificate of incorporation or any other
organizational documents of the Company; (ii) any order, judgment or decree of any court or governmental authority by which the Buyer
is bound; (iii) statute, law, ordinance, rule or regulation applicable to the Buyer or (iv) any material agreement or instrument to which
the Buyer is a party or by which it is bound or give rise to a right of termination, acceleration or modification of any obligation or
loss of any benefit under any contract or other instrument to which the Buyer is a party .

&nbsp;&nbsp;&nbsp;&nbsp;7.3.  **<u>Buyer Options; The Plan.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1. The Buyer has reserved for issuance to employees, non-employee directors, and Contractors 103,912,000Buyer's
Ordinary Shares under the Plan duly adopted by the Buyer Board of Directors on June 10, 2022 and approved by the general meeting of the
shareholders of the Buyer on March 30, 2023, which plan has been duly authorized and is in full force and effect, of which a sufficient
number of Buyer's Ordinary Shares are reserved to cover the Granted Options to be issued to the Optionees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2. Except for as set forth in <u>Schedule 7.3 of the Buyer Schedule of Exceptions</u> and the Plan and the
Buyer Options granted or promised thereunder, the Buyer has never adopted, sponsored or maintained any share option plan or any other
plan or agreement providing for equity compensation to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3. The Plan qualifies as a capital gains route plan under Section 102(b)(2) of the Ordinance ()"**Section 102**") and has received a favorable determination or approval letter from, or is otherwise approved by, or deemed approved by
passage of time without objection by, the ITA. All Buyer Options that were issued under the capital gains route plan pursuant to Section
102 (the "**102 Trustee Options** "), and the shares issued upon exercise of the 102 Trustee Options (the "**102 Trustee Shares** "), were and are currently in full compliance with all applicable requirements of Section 102(b)(2) of the Ordinance (including
the relevant sub-sections of Section 102) and the written requirements of the ITA. Such compliance includes, without limitation, the filing
of all necessary documents with the ITA, the grant of 102 Trustee Options only after the required 30-day period following the filing of
the Plan with the ITA, the receipt of all required written consents, the grant of 102 Trustee Options only to individuals eligible for
such benefits under Section 102, the appointment of 102 Trustee to hold the 102 Trustee Options and the 102 Trustee Shares, the receipt
of all required tax rulings, and the proper deposit of such 102 Trustee Options and 102 Trustee Shares with the 102 Trustee in accordance
with the terms of Section 102, applicable regulations and rules, and the guidance published by the ITA on July 24, 2012, as well as the
clarification dated November 6, 2012. All Buyer Options that were originally intended by the Buyer to be granted and taxed under Section
102 are so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;7.4.  **<u>Issuance of the Securities; Registration</u>** . The Securities are duly authorized and, when issued
and paid for in accordance with the applicable Transaction Agreements, will be duly and validly issued, fully paid and nonassessable,
free and clear of all Encumbrances imposed by the Buyer. The Warrant ADSs, when issued in accordance with the terms of the Transaction
Agreements, will be validly issued, fully paid, and nonassessable, free and clear of all Encumbrances imposed by the Buyer other than
restrictions on transfer provided for in the Transaction Agreements or by law. The Buyer has reserved from its duly authorized Buyer's
Ordinary Shares a number of Buyer's Ordinary Shares for the issuance of ADSs pursuant to the Securities Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;7.5.  **<u>Statutory Reporting</u>** . The Buyer has filed all reports, schedules, forms, statements and other
documents required to be filed by the Buyer under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof subject to the reliefs available to the Buyer by virtue of its status as "foreign private issuer", for the one year
preceding the date hereof (or such shorter period as the Buyer was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein being collectively referred to herein as the
"  **<u>SEC Reports</u>**") on a timely basis or has received a valid extension of such time of filing and has filed any
such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, and the Receiving Shareholders may
rely on such SEC Reports as of their applicable dates, as if they are included as Buyer representations herein. The financial statements
of the Buyer included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the SEC with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with U.S.
generally accepted accounting principles applied on a consistent basis during the periods involved ("  **<u>US GAAP</u>** "),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by US GAAP, and fairly present in all material respects the financial position of the Buyer and
its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;7.6.  **<u>Registration Rights</u>** . Except as provided in Section 8.9, no Person has any right to cause
the Buyer or any Subsidiary to effect the registration under the Securities Act of any securities of the Buyer or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;7.7.  **<u>Private Placement</u>** . No registration under the Securities Act is required for the offer and
sale of the Securities by the Buyer to each Current Shareholder contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;7.8.  **<u>Investment Company</u>** . The Company is not, and is not an Affiliate of, and immediately after
receipt of payment for the Securities, will not be or be an Affiliate of, an "investment company" within the meaning of the
Investment Company Act of 1940, as amended. The Buyer shall conduct its business in a manner so that it will not become an "investment
company" subject to registration under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;7.9.  **<u>Shell Company</u>** . Since the inception of its alternative protein development technologies in
2019, neither the Buyer nor any Subsidiary is or has ever been a "shell company" (as defined in Rule 405 of the Securities
Act).

&nbsp;&nbsp;&nbsp;&nbsp;7.10.  **<u>Internal Accounting Controls</u>** . The Buyer and the Subsidiaries maintain a system of internal
accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's
general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with U.S. GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general
or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Buyer and the Subsidiaries have established disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Buyer and the Subsidiaries and designed such disclosure
controls and procedures to ensure that information required to be disclosed by the Buyer in the reports it files or submits under the
Exchange Act will be recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms.
The Buyer's Chief Executive Officer and Vice President of Finance, as the certifying officers, have evaluated about the effectiveness
of the disclosure controls and procedures of the Buyer and the Subsidiaries as of the period covered in the Most Recently Filed Form 20-F.
There have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Buyer
and its Subsidiaries that are reasonably likely to materially affect, the internal control over financial reporting of the Buyer and its
Subsidiaries as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;7.11.  **<u>No Disqualification Events</u>** . With respect to the Securities to be offered and sold hereunder
in reliance on Rule 506 under the Securities Act, none of the Buyer, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Buyer participating in the offering hereunder, any beneficial owner of 20% or more of the Buyer's
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Buyer in any capacity at the time of sale (each, an "Issuer Covered Person" and, together,
"Issuer Covered Persons") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). The Buyer has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.
The Buyer has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to each Current
Shareholder a copy of any disclosures provided thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;7.12.  **<u>Accountants</u>** . The Buyer's accounting firm is as set forth in the SEC Reports. To the
knowledge and belief of the Buyer, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and
(ii) shall express its opinion with respect to the financial statements to be included in the registration statement and other Buyer filings
with the SEC and will express its opinion for the fiscal year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;7.13.  **<u>No Disagreements with Accountants and Lawyers</u>** . There are no disagreements of any kind presently
existing, or reasonably anticipated by the Buyer to arise, between the Buyer and the accountants and lawyers formerly or presently employed
by the Buyer and the Buyer is current with respect to any fees owed to its accountants and lawyers which could affect the Buyer's
ability to perform any of its obligations under any of the Transaction Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;7.14.  **<u>Broker/Dealer Relationships</u>** . Neither the Buyer nor any Subsidiary or any related entities
(i) is required to register as a "broker" or "dealer" in accordance with the provisions of the Exchange Act or
(ii) directly or indirectly through one or more intermediaries, controls or is a "person associated with a member" or "associated
person of a member" (within the meaning set forth in the FINRA Manual).

&nbsp;&nbsp;&nbsp;&nbsp;7.15.  **<u>Emerging Growth Company Status</u>** . From the time of the initial filing of the Buyer's
first registration statement with the SEC through the date hereof, the Buyer has been and is an "emerging growth company,"
as defined in Section 2(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;7.16.  **<u>Foreign Private Issuer</u>** . The Buyer qualifies as a "foreign private issuer" within
the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;7.17.  **<u>Sarbanes-Oxley</u>** . The Buyer and the Subsidiaries are in compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof and as of the Closing Date, and any
and all applicable rules and regulations promulgated by the SEC thereunder that are effective as of the date hereof and as of the Closing
Date.

&nbsp;&nbsp;&nbsp;&nbsp;7.18.  **<u>Listing and Maintenance Requirements</u>** . The Buyer's Ordinary Shares and ADSs are registered
pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Buyer has taken no action designed to, or which to its knowledge is likely
to have the effect of, terminating the registration of the Buyer's Ordinary Shares and/or ADSs under the Exchange Act nor has the Buyer
received any notification that the SEC is contemplating terminating such registration. Except as disclosed in the SEC Reports, the Buyer
has not, in the twelve (12) months preceding the date hereof, received notice from any Trading Market on which the Buyer's Ordinary Shares
and ADSs are or has been listed or quoted to the effect that the Buyer is not in compliance with the listing or maintenance requirements
of such Trading Market. The Buyer acknowledges and agrees that the representations contained in this Section 3.1 shall not modify, amend
or affect each Current Shareholder's right to rely on the Buyer's representations and warranties contained in this Agreement
or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions
contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation
or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions
in the future. Except for such matters which are beyond the Buyer's control, which the Buyer is not currently aware of any, to the
best of the Buyer's knowledge, the Buyer is, and has no reason to believe that it will not be in the foreseeable future continue
to be, in compliance with all such listing and maintenance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;7.19.  **<u>Share Capital</u>** . The authorized share capital of the Buyer is, and shall be as of the Closing,
50,000,000,000 Buyer's Ordinary Shares of no par value each *.* The issued and outstanding share capital of the Buyer, on a Fully
Diluted Basis, on the date hereof, is as set forth in <u>Schedule 7.19 hereto</u> (which will be updated by the Buyer immediately prior
to the Closing Date). All outstanding shares of the Buyer have been duly authorized and validly issued and are fully paid and non-assessable
and are free and clear of any Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;7.20.  **<u>Insolvency</u>** . The Buyer is not insolvent or unable to pay its debts as they fall due or has
stopped paying its debts. No order has been made or resolution passed for the winding up of the Buyer. No administrator or any receiver
or manager has been appointed by any Person in respect of the Buyer or all or any of its assets and, to the Knowledge of the Buyer, no
steps have been taken to initiate any such appointment, and no voluntary arrangement has been proposed. The Buyer has not become subject
to any analogous proceedings, appointments or arrangements under the laws of any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;7.21.  **<u>Governmental Entities Consents and Filings</u>** . Except as set forth in <u>Schedule ‎‎7.21 of the Buyer Schedule of Exceptions</u> no Permits with any Governmental Entity are required on the part of the Buyer for the consummation
of the transactions contemplated by this Agreement, except for those that have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;7.22.  **<u>Litigation</u>** . Except as set forth in <u>Schedule ‎‎7.22 of the Buyer Schedule of Exceptions</u>,
there is no claim, action, suit, proceeding, arbitration, criminal charge or, to the Knowledge of the Buyer, investigation pending or
currently threatened (i) against the Buyer, or any of its officers or directors (in their capacity as such), and there are no circumstances
likely to give rise to any such proceedings; or (ii) that questions the validity of the Transaction Agreements or the right of the Buyer
to enter into them, or to consummate the transactions contemplated thereby, or that would reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect on the Buyer. The Buyer is not a party to or named as subject to the provisions of any
order, writ, injunction, judgment or decree of any court.

&nbsp;&nbsp;&nbsp;&nbsp;7.23.  **<u>No Material Adverse Affect</u>** . Since the date hereof and until the Closing, (i) the business
of the Buyer shall have been conducted in the ordinary course so as to maintain the business as a going concern; and (ii) the Buyer shall
not have suffered any Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;7.24.  **<u>Arrangements with Related Parties</u>** . Except as set forth in <u>Schedule 7.24 ‎‎of the Buyer Schedule of Exceptions</u>, there are no indebtedness (actual or contingent) and no contract or arrangement outstanding between
the Buyer, on the one hand, and any of its Affiliates, on the other hand. To the Knowledge of the Buyer, no Affiliate of the Buyer has
any interest (direct or indirect) in any business which competes or is likely to compete with any business presently carried on by the
Buyer and none of its Affiliates intends to acquire any such interest. The Buyer is not party to any contract, arrangement or understanding
with any current or former employee or current or former director of the Buyer, or any person connected with any of such persons, or in
which any such person is interested (whether directly or indirectly), other than on normal commercial terms in the ordinary and usual
course of business.

&nbsp;&nbsp;&nbsp;&nbsp;7.25.  **<u>Intellectual Property</u>** . Except as set forth in <u>Schedule ‎‎7.25 of the Buyer Schedule of Exceptions</u>, the Buyer owns or has a right to use all Intellectual Property that is necessary for the conduct of the Buyer's
business as currently conducted, without any conflict with, violation or infringement (or in the case of third-party patents, patent applications,
trademarks, trademark applications, service marks, or service mark applications, without any violation or infringement to the Knowledge
of the Buyer) of the rights of others, including prior employees or consultants, or academic institutions with which any of them are currently
affiliated or have been affiliated in the past. To the Buyer's Knowledge, no product or service marketed or sold (or proposed to
be marketed or sold) by the Buyer violates or will violate any license or infringes or will infringe any rights to any patents, patent
applications, trademarks, trademark applications, service marks, trade names, copyrights, trade secrets, licenses, domain names, mask
works, information and proprietary rights, and processes of any other party. Other than with respect to commercially available software
products under standard end-user object code license agreements, there is no outstanding option, license, agreement, claim, encumbrance,
or shared ownership interest of any kind relating to the Buyer's Intellectual Property, nor is the Buyer bound by or a party to
any options, licenses, or agreements of any kind with respect to the Intellectual Property of any other person. The Buyer has not received
any written communications alleging that the Buyer has violated or, by conducting its business, would violate any of the Intellectual
Property of any other person. The Buyer has obtained and possesses valid licenses to use all of the software programs present on the computers
and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use
in connection with the Buyer's business.

&nbsp;&nbsp;&nbsp;&nbsp;7.26.  **<u>Compliance with other Instruments; No Breach</u>** . The Buyer is not in material violation or
in default (i) of any provisions of its current organizational documents, (ii) of any judgment, order, writ, or decree of any court or
another competent authority to which it or its assets are subject; or (iii) to the Knowledge of Buyer, of any material provision of law,
rule or regulation applicable to the Buyer, that is material to its business. The execution, delivery and performance of the Transaction
Agreements and the consummation of the transactions contemplated hereby or thereby will not (a) result in any such violation or be in
conflict with any such provision, instrument, judgment, order, writ or decree, or (b) otherwise require the consent or approval of any
person, which consent or approval has not been obtained

&nbsp;&nbsp;&nbsp;&nbsp;7.27.  **<u>License</u>** . The Buyer has no material franchises, permits, licenses and any similar authority
necessary for the conduct of its business in the places and in the manner in which such business is carried on, and which are material
to its business.

&nbsp;&nbsp;&nbsp;&nbsp;7.28.  **<u>Title to Property and Assets</u>** . Except as set forth in <u>Schedule ‎‎7.28 of the Buyer Schedule of Exceptions</u>, the Buyer owns or legally leases its property and assets free and clear of all Encumbrances, except for floating
liens to ensure credit line with the bank or statutory liens for the payment of current taxes that are not yet delinquent and encumbrances
and liens that arise in the ordinary course of business and do not materially impair the Buyer's ownership or use of such property
or assets. With respect to the property and assets it leases, the Buyer is in compliance in all material respects with such leases and,
to the Knowledge of Buyer, holds a valid leasehold interest free of any Encumbrances other than to the lessors of such property or assets.

&nbsp;&nbsp;&nbsp;&nbsp;7.29.  **<u>Tax</u>** . Except as set forth in <u>Schedule ‎‎7.29 of the Buyer Schedule of Exceptions</u>,
all Tax Returns of the Buyer required by law to be filed have been timely and duly filed and all material Taxes, obligations, fees and
other governmental charges upon the Buyer, or its properties, or its income or assets, that are due and payable or required to be withheld,
have been timely paid or withheld in full, other than those presently payable without penalty or interest or for which appropriate reserves
have been established. To the knowledge of the Buyer, the Buyer, is not currently the subject of an audit or other examination of Taxes
by the Taxation Authority (and no such audit is threatened in writing) nor has the Buyer received any written notices within the past
five years from any Taxation Authority relating to any issue which could reasonably be expected to affect the Tax liability of the Buyer.
The Buyer (A) has not entered into an agreement or waiver (that has not expired) or has been requested to enter into an agreement or waiver
extending any statute of limitations relating to the payment or collection of Taxes of the Buyer or (B) is not presently contesting the
Tax liability of the Buyer before any court, tribunal or agency. The Buyer has not received any written notice or indication that the
Buyer has been involved in any scheme, arrangement, transaction or series of transactions in which the main purpose or one of the main
purposes was the evasion or avoidance of Tax. The Buyer is resident for Tax purposes solely in its jurisdiction of incorporation and is
duly registered for all Taxes the registration for which is required by law. The Buyer has not received any written notice from any Taxation
Authority that requires or will require it to withhold Taxes from any payment made since its most recent fiscal year-end or which will
or may be made after the date of this Agreement. The Buyer is not or has not become liable to pay, nor to the Knowledge of the Buyer,
are there any circumstances by virtue of which the Buyer is likely to become liable to pay, any penalty, fine, surcharge or interest in
connection with any Tax. The Buyer has duly and timely filed all income or other material tax returns required to have been filed by it,
and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year. All documents in the possession
or under the control of Buyer to which Buyer is a party and which attract stamp duty have been duly stamped and all amounts payable thereon
have been duly paid.

&nbsp;&nbsp;&nbsp;&nbsp;7.30.  **<u>Anti-Corruption</u>** . The Buyer is in compliance in all material respects with applicable laws
relating to anti-money laundering, anti-terrorism financing and anti-corruption. To the Knowledge of the Buyer, the Buyer, nor any of
its directors, officers, employees or agents (in their capacity as such) has, directly or indirectly, made, offered, promised, authorized,
accepted or agreed to receive, any payment, gift, bribe, kickback or anything of value: (i) in violation of any applicable anti-corruption
law; (ii) to or for the benefit of any Government Entity official for the purposes of influencing such official act or decision; or (iii)
to or for the benefit of any person to secure any improper advantage; (iv) and in relation to (ii) and (iii) above, with the intention
of winning or retaining business or a business advantage for the Buyer. There is and has been no claim, enquiry, investigation, action,
suit or proceeding pending or threatened in writing by or against the Buyer before any court, arbitrator, regulator or other governmental
body, in connection with any violation or alleged violation of any anti-corruption law or anti-money laundering law. No fine or penalty
or other type of disciplinary action has been imposed or threatened in writing to be imposed on the Buyer for any infringement of any
anti-corruption law or anti-money laundering law. The Buyer and, to the Knowledge of Buyer or any of its stockholders, no officer, employee,
representative or agent of Buyer has not been investigated (or is being investigated or is subject to a pending or threatened investigation)
or is involved in an investigation (as a witness or possible suspect) in relation to any of the matters set out herein by any law enforcement,
regulatory agency or Governmental Entity, or has admitted to, or been found by a court in any jurisdiction to have engaged in, violated
Anti-Corruption Law, and to the Buyer's Knowledge, there are no circumstances which are likely to give rise to any such investigation,
admission, finding. The Buyer has not conducted (or is conducting) an internal investigation in relation to any allegations of the matters
set out herein. No officer has reported in writing a violation or suspected violation of the matters described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;7.31.  **<u>Disclosure of Information</u>** . The Buyer has had an opportunity to discuss the Company's
business, management, financial affairs and the terms and conditions of the sale and issuance of the Shares with the Company's management
and has had an opportunity to review the Company's facilities. The Buyer understands that such discussions, as well as any other
written information delivered by the Company and the Current Shareholders to the Buyer, were intended to describe the aspects of the Company's
business which the Buyer believes to be material. The foregoing, however, does not limit or modify the representations or warranties of
the Company and the Current Shareholders in Sections 5 and 6 of this Agreement or the right of the Buyer to rely thereon.

8.  **<u>Covenants</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1.  **<u>Buyer Shareholder Consent</u>** . Buyer's undertaking under Article 3.1.1 (Resolutions) of
the Agreement is incorporated by reference herein. For such purpose, prior to mailing a proxy statement concerning, *inter-alia*,
a shareholder approval, to the extent required (the "**Proxy Statement** "), Buyer shall provide the Company with a reasonable
opportunity to review and comment on such portion of the Proxy Statement (or any amendment thereof) relating to securing a shareholder
approval for purposes of this Agreement (the "**Relevant Material**") and will in good faith consider applicable comments
of the Company regarding the Relevant Material.

&nbsp;&nbsp;&nbsp;&nbsp;8.2.  **<u>Transfer Restrictions</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities may only be disposed of in compliance with state and federal securities laws. In <u>connection</u> with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Buyer or to an Affiliate of a Receiving Shareholder or in connection with a pledge as contemplated in Section 8.2(c), the Buyer may require the transferor thereof to provide to the Buyer an opinion of counsel selected by the transferor and reasonably acceptable to the Buyer, the form and substance of which opinion shall be reasonably satisfactory to the Buyer, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Receiving Shareholder under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Receiving Shareholder agrees to the imprinting of a legend on the Securities, so long as required by this Section 8.2, in the following form (in addition to any legend required by applicable state securities or "blue sky" laws):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR ANY STATE SECURITIES LAWS AND ACCORDINGLY MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE BUYER SHALL HAVE RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES [AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY] UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS." The Receiving Shareholders will, after expiration of the restricted period, offer, sell, pledge or otherwise transfer the Securities only pursuant to registration under the Securities Act or an available exemption therefrom and in accordance with all applicable state and foreign securities laws. Without limiting the foregoing, the Receiving Shareholders will not, in connection with its resale of the Securities, make any untrue statement of a material fact or omit to state any material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading. Each Receiving Shareholder agrees that, in connection with its resale of Securities, it will provide to the persons who purchase Securities no information regarding the Buyer that is not contained in the SEC Filings, the Buyer's website, or written materials approved in advance in writing by the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the written request by a Receiving Shareholder to the Buyer if, at the time of such request, such Receiving Shareholder covenants and agrees that it has resold or will resell the Securities only (i) (A) pursuant to a Resale Registration Statement in a manner described under the caption "Plan of Distribution" in such Resale Registration Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules, and regulations, including, without limitation, any applicable prospectus delivery requirements of the Securities Act, or (B) in compliance with an available exemption under the Securities Act, including, without limitation, Section 4(a)(1) of the Securities Act and/or Rule 144 promulgated thereunder, and (ii) concurrently with such request, a Receiving Shareholder delivers to the Buyer, its counsel or the Depositary a customary written certification that the requirements set forth in clause (i) are accurate, the Buyer shall, no later than one (1) Trading Day following the delivery by the Receiving Shareholder to the Depositary, as applicable, of one or more legended certificates or book-entry statements representing any Securities subject to such request, together with such other documentation from the Receiving Shareholder and its designated broker-dealer as the Depositary, as applicable, deem reasonably necessary and appropriate, authorize the Depositary, as applicable, to remove the Securities Act restrictive legend (and any stop transfer instructions placed against transfer thereof) contemplated by Section 8.2(c) affixed to the Securities (as applicable) subject to such request. At the times the Buyer authorizes the removal of the Securities Act restrictive legends on the Securities subject to such request (and any stop transfer instructions placed against transfer thereof) pursuant to this Section 8.2(d), the Buyer shall, at its sole expense, use its commercially reasonable efforts to cause its legal counsel to issue to the Depositary, as applicable, a legal opinion or direction letter authorizing the Depositary, as applicable, to remove the Securities Act restrictive legends contemplated by Section 8.2(c) on the Securities (as applicable) subject to such request (which legal opinion or direction letter may be delivered to the Depositary, as applicable, in advance setting forth the conditions to the removal of such legends). The Buyer shall be responsible for the fees of its Depositary and the Buyer's legal counsel associated with any such legend removals. If counsel to the Buyer fails to provide a legal opinion reasonably satisfactory to the Depositary, as applicable, in accordance with this Section, the Receiving Shareholder shall have the right to provide an opinion of counsel selected by the Receiving Shareholder, the cost of which shall be borne by the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Receiving Shareholder has resold Securities in a manner described under the caption "Plan of Distribution" in a Resale Registration Statement, the Receiving Shareholder shall (i) send a confirmation to the Depositary setting forth the number of such Securities that have been so resold and the date of such resales (such confirmation, the "Depositary Confirmation") and (ii) deliver to the Depositary customary documentation reasonably satisfactory to the Depositary with respect to such resold Securities, including a customary broker's representation letter confirming, among other things, that the Receiving Shareholder has resold such Securities in a manner described under the caption "Plan of Distribution" in such Resale Registration Statement and in compliance any relevant prospectus delivery requirements (collectively, the "Depositary Deliverables"). With respect to the Securities resold by the Receiving Shareholder as described in the preceding sentence and as to which the Receiving Shareholder has delivered the Depositary Deliverables with respect to such resold Securities, the Buyer shall (i) pay to the Depositary the fee payable under the Deposit Agreement for the issuance of the ADS, and (ii) instruct the ADSs Depositary, upon deposit of the Buyer's Ordinary Shares and the payment of the ADS issuance fee by the Buyer, to deliver and credit such Securities using the DWAC or deliver order (DO) system maintained by DTC (or any similar program hereafter adopted by DTC performing substantially the same function) to the account with DTC of the Receiving Shareholder's designated broker-dealer as specified in the Depositary Deliverables with respect to such resold Securities. Concurrently with such instruction and payment, the Buyer shall confirm to the Depositary that the Resale Registration Statement was effective and could be relied upon to sell such ADSs as of the relevant date of sale and that the Receiving Shareholder is named as a selling shareholder in the prospectus included in the Resale Registration Statement. Any Securities or so delivered (x) shall only be used by the Receiving Shareholder' broker-dealer to deliver such Securities to DTC for the purpose of settling the Receiving Shareholder 's share delivery obligations with respect to the sale of such Securities, which may include delivery to other accounts of such broker-dealer and inclusion in the number of Securities delivered by that broker-dealer in "net settling" that broker-dealer's trading of the ADSs, including its positions with the broker-dealers of the respective persons who purchase such Securities from the Receiving Shareholder, and (y) shall remain "restricted securities" as such term is defined in Rule 144(a)(3) under the Securities Act until so delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Buyer agrees that, no later than two Trading Days following the delivery by a Receiving Shareholder to the Buyer and or the Depositary, as applicable, the documentation deliverable by such Receiving Shareholder pursuant to Section 8.2(d) or the Depositary Deliverables pursuant to Section 8.2(e), as applicable (such date, the "Legend Removal Date"), deliver or cause to be delivered to the Receiving Shareholder a certificate representing such ADSs that is free from all restrictive and other legends (or provide evidence of issuance in book entry form). The Buyer may not make any notation on its records or give instructions to the Depositary that enlarge the restrictions on transfer set forth in this Section 8.2. Certificates for ADSs subject to legend removal hereunder shall be transmitted by the ADSs Depositary, upon deposit of the Buyer's Ordinary Shares and the payment of the ADS issuance fee by the Buyer, to deliver and credit such Securities using the DWAC or deliver order (DO) system maintained by DTC (or any similar program hereafter adopted by DTC performing substantially the same function) to the account with DTC of the Receiving Shareholder's designated broker-dealer as specified by the Receiving Shareholder. As used herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Receiving Shareholder agrees that it will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a Resale Registration Statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 8.2 is predicated upon the Buyer's reliance upon this understanding.

&nbsp;&nbsp;&nbsp;&nbsp;8.3.  **<u>Furnishing of Information</u>** . Until the earliest of the time that no Receiving Shareholder
owns Securities, the Buyer covenants to maintain the registration of the ADSs and Buyer's Ordinary Shares under the applicable section
under the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Buyer after the date hereof pursuant to the Exchange Act even if the Buyer is not then subject to the reporting
requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;8.4.  **<u>Integration</u>** . The Buyer shall not sell, offer for sale or solicit offers to buy or otherwise
negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of
the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be
integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would
require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing
of such subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;8.5.  **<u>Securities Laws Disclosure; Publicity</u>** . The Buyer shall not later than one (1) Business Day
following the Closing Date, file a Report on Form 6-K disclosing the material terms of the transactions contemplated hereby and including
the Transaction Agreements as exhibits thereto, with the SEC within the time required by the Exchange Act. From and after the issuance
of such report, the Buyer represents to each Receiving Shareholder that it shall have publicly disclosed all material, non-public information
delivered to any Receiving Shareholder by the Buyer or any of its Subsidiaries, or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Agreements. The Buyer and each Major Seller shall consult
with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Buyer nor any
Major Seller shall issue any such press release nor otherwise make any such public statement without the prior consent of the Buyer, with
respect to any press release of any Major Seller, or without the prior consent of each Major Seller, with respect to any press release
of the Buyer, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case
the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding
the foregoing, the Buyer shall not publicly disclose the name of any Receiving Shareholder, or include the name of any Major Seller in
any filing with the SEC or any regulatory agency or Trading Market, without the prior written consent of such Major Seller, except (a)
as required by federal securities laws in connection with the filing of final Transaction Agreements with the SEC and (b) to the extent
such disclosure is required by law or Trading Market regulations, in which case the Buyer shall provide such Receiving Shareholders with
prior written notice of such disclosure permitted under this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;8.6.  **<u>Non-Public Information</u>** . Except with respect to the material terms and conditions of the
transactions contemplated by the Transaction Agreements, which shall be disclosed pursuant to Section 8.5, the Buyer covenants and agrees
that neither it, nor any other Person acting on its behalf will provide any Receiving Shareholder or its agents or counsel with any information
that constitutes, or the Buyer reasonably believes constitutes, material, non-public information, unless prior thereto such Receiving
Shareholder shall have consented in writing to the receipt of such information and agreed in writing with the Buyer to keep such information
confidential. The Buyer understands and confirms that each Receiving Shareholder shall be relying on the foregoing covenant in effecting
transactions in securities of the Buyer. To the extent that the Buyer or any of its Subsidiaries, or any of their respective officers,
directors, agents, employees or affiliates delivers any material, non-public information to a Receiving Shareholder without such Receiving
Shareholder's consent, the Buyer hereby covenants and agrees that such Current Shareholder shall not have any duty of confidentiality,
except as required by laws and regulations (including in accordance with the Buyer's Insider Trading Policy, in the case of which
such compliance shall last until the Effectiveness Date, as defined below), to the Buyer or any of its Subsidiaries, or any of their respective
officers, directors, employees, affiliates or agents, or a duty to the Buyer or any of its Subsidiaries, or any of their respective officers,
directors, employees, affiliates or agents, not to trade on the basis of, such material, non-public information, provided that such Receiving
Shareholder shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes,
or contains, material, non-public information regarding the Buyer or any Subsidiary, the Buyer shall simultaneously with the delivery
of such notice file such notice with the SEC pursuant to a Report on Form 6-K. The Buyer understands and confirms that each Receiving
Shareholder shall be relying on the foregoing covenant in effecting transactions in securities of the Buyer. In the event that as contemplated
above, any such Receiving Shareholder does receive any such material non-public information, such Receiving Shareholder acknowledges and
agrees that, by virtue of becoming a shareholder of the Buyer and/or by reason of receiving or having access to such information, such
Receiving Shareholder may become privy to material non-public information relating to the Buyer and its Subsidiaries (if any). Accordingly,
each Receiving Shareholder hereby severally (and not jointly) undertakes and covenants to the Buyer that, with effect from the date hereof
(or, where applicable, the date on which such Receiving Shareholder first receives or gains access to such information), and until the
Effectiveness Date (as defined in Section 8.9), it shall: (a) comply, and procure that its directors, officers, employees, agents, and
Affiliates (to the extent applicable) comply, in all respects with the Buyer's Insider Trading Policy; (b) not, and shall procure
that none of its directors, officers, employees, agents or Affiliates shall, directly or indirectly, deal or engage in any transaction
involving the purchase or sale of securities of the Buyer while in possession of material non-public information, or otherwise engage
in any conduct in contravention of any applicable laws, rules or regulations relating to insider dealing, market abuse, or the misuse
of any such material non-public information; and (c) not disclose, divulge, or communicate any such material non-public information to
any third party except in accordance with applicable law and the Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;8.7.  **<u>Reservation of ADSs and Buyer's Ordinary Shares</u>** . As of the date hereof, the Buyer has reserved
and the Buyer shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of ADSs, and associated
underlying Buyer's Ordinary Shares, for the purpose of enabling the Buyer to deliver the ADS's at Closing, as well as permit the
exercise of the Pre-Funded Warrant and the Pre-Funded Milestone Warrant, according to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;8.8.  **<u>Form D; Blue Sky Filings</u>** . The Buyer agrees to timely file a Form D with respect to the Securities
as required under Regulation D and to provide a copy thereof, promptly upon request of any Receiving Shareholder. The Buyer shall take
such action as the Buyer shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for
sale to each Receiving Shareholder at the Closing under applicable securities or "Blue Sky" laws of the states of
the United States, if necessary, and shall provide evidence of such actions promptly upon request of any Receiving Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;8.9.  **<u>Registration Procedures and Expenses</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Buyer shall file a registration statement providing for the resale by the Receiving Shareholders of the underlying Securities (the "**Resale Filing**"). The Buyer shall (i) file the Resale Filing within 30 days of the receipt of all information required for the Resale Filing regarding the Company as advised by the Buyer's legal counsel and auditors (the "**Company Information**"), including audited financial statements for 2024 and comparison periods, and (ii) to cause such registration statement to become effective within three Trading Days (the "**Effectiveness Date**") after the Buyer or its counsel has been advised that the staff of the SEC has "no review" or no further comments and to keep such registration statement effective at all times until the Receiving Shareholders no longer owns any Securities. The Receiving Shareholders shall notify the Buyer promptly, but in any case within 14 days, once it no longer owns any Securities. In the event that the registration statement is not (i) filed by the aforesaid deadlines, then, in addition to any other rights the Receiving Shareholders may have hereunder or under applicable law, on the applicable deadline, and on each monthly anniversary of such deadline until the registration statement is filed, the Buyer shall pay to the Receiving Shareholders an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 1.0% multiplied by the aggregate market value of the Securities. If the Buyer fails to pay any partial liquidated damages pursuant to this Section 8.9 in full within seven days after the date payable, the Buyer will pay interest thereon at a rate of 15% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Receiving Shareholder s, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the registration statement being filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the aforementioned in this Section 8.9, if the Buyer completes the Closing before the Effectiveness Date, the Buyer shall be entitled to postpone the Effectiveness Date by up to additional 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Buyer shall provide the Receiving Shareholders an opportunity to review all disclosures regarding the Receiving Shareholders and any plan of distribution proposed by them in connection with the preparation of any registration statement. Notwithstanding anything to the contrary contained herein, in no event shall the Buyer be permitted to name any Receiving Shareholder or Affiliate of a Receiving Shareholder as an "underwriter" without the prior written consent of such Receiving Shareholder; provided, that if the SEC requires that a Receiving Shareholder be identified as a statutory underwriter in a registration statement, such Receiving Shareholder will have the option, in its sole and absolute discretion, to either (i) have the opportunity to withdraw from the registration statement, as the case may be, upon its prompt written request to the Buyer or (ii) be included as such in the registration statement, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;8.10.  **<u>Form S-8</u>** .

With respect to the Granted Options, Buyer shall ensure that its Registration Statement on Form S-8 to be effective commencing no later than the Buyer's 2025 Form 20-F filing with the SEC has a sufficient number of Buyer's Ordinary Shares registered thereunder for issuance under the Plan to cover the Granted Options. For so long as any Granted Options remain outstanding, (i) Buyer shall use commercially reasonable efforts to maintain the effectiveness of such registration statement on Form S-8; (ii) Buyer shall promptly file such additional Form S-8 registration statements and/or amendments and/or supplements as may be necessary to register a sufficient number of Buyer's Ordinary Shares for issuance pursuant thereto upon exercise of the Granted Options; and (iii) Buyer shall reserve a sufficient number of Buyer's ordinary shares for issuance upon exercise of the Granted Options.

9.  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1.  **<u>Limitation on Liability of the Accepting Shareholders</u>** . Notwithstanding anything in this
Agreement to the contrary, the liability of each Accepting Shareholder shall be several and not joint and shall not exceed under any circumstance
whatsoever the consideration received by such Accepting Shareholder pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.2.  **<u>Release</u>** . Each Accepting Shareholder fully and irrevocably waives and releases the Company
and its affiliates, shareholders, directors, officers, employees, agents, attorneys, successors, and assigns ()"**Releasees** ")
from all claims, known or unknown, related suspected or unsuspected, mature or unmatured, in law, contract or in equity (collectively,
the "**Claims**") which the Accepting Shareholder in its capacity as a shareholder of the Company (and\or anyone on its
behalf) now has or ever had against any of the Releasees, including, but not limited, to this Agreement, the Acquisition, the Transactions
and allocation of consideration pursuant to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.3.  **<u>Parties' Efforts to Close</u>** . Each Party to this Agreement shall make reasonable efforts to
do all acts and things necessary, proper or advisable (including filing all documents necessary and providing all required information)
for effecting the consummation of the Transactions in the most expeditious manner possible, including taking all actions as are necessary
to expeditiously satisfy the conditions to Closing set forth in Sections 3.2, 3.3, and 3.4 of this Agreement. Without limiting the generality
of the foregoing or any other obligation under this Agreement, the Parties shall make reasonable best efforts, and take reasonable steps
necessary, to obtain all the regulatory approvals required for the Closing of the Transactions, and without limiting the generality of
the foregoing, shall, take any and all actions reasonably required to avoid, remove or satisfy each and every impediment, limitation or
condition imposed by any Governmental Entity or by any other third party in connection with the Transactions, so as to enable the Parties
hereto to expeditiously consummate the Transactions as soon as commercially practicable.

&nbsp;&nbsp;&nbsp;&nbsp;9.4.  **<u>Confidentiality; Public Announcements</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.1. Each Party hereby undertakes that, until the Closing, it shall maintain, and shall cause all of its respective
directors, officers, and employees, its Affiliates and its shareholders and anyone on their behalf, to maintain, in strict confidence,
all Confidential Information, and not to allow any third party to have access to any Confidential Information. Each Party hereby undertakes
that it shall, and shall cause all of its respective directors, officers, and employees, its Affiliates and shareholders and anyone on
their behalf, to disclose any Confidential Information to its consultants and other representatives ()"**Authorized Representatives** ")
only on a "need to know" basis, provided that such Authorized Representatives are bound by confidentiality undertakings which
are at least as strict as the undertakings set out herein, and provided further, that it shall remain liable to any unauthorized disclosure
of Confidential Information by its and its Affiliates' Authorized Representatives.

For the purpose of this Section ‎9.3.1, "**Confidential Information**" shall mean all documents and information in connection with the Parties, their Subsidiaries, if applicable, and other entities which they hold (or will hold from time to time) and/or their shareholders, including, without limitation, information concerning their activities, operations, results, financial reports and other financial information, proprietary rights, business plans, research and development, services, products, customers, and suppliers, and in connection with this Agreement and any other of the Transaction Agreements. Notwithstanding the foregoing, documents and information shall not be deemed Confidential for the purpose of this Section ‎9.3.1 if (i) such information is in the public domain at the time of disclosure; (ii) the disclosing Party can demonstrate that such information (a) became publicly available not due to a breach of this Section ‎9.3.1 by such Party, or (b) was obtained from a third party without breach of any confidentiality obligations; (iii) such information is otherwise required to be disclosed by (a) any applicable law or regulations; (b) a competent court; or (c) a governmental (or quasi-governmental), administrative or regulatory authority, provided, however, that subject to a applicable law a Party will use all reasonable efforts to notify the disclosing Party of the obligation to make such disclosure in advance of the disclosure so that the disclosing Party will have a reasonable opportunity to object to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.2. As of the Closing, the provisions of Section 9.3.1 shall terminate and be of no further force and effect.
If this Agreement is terminated in accordance with its terms prior to the Closing, the Parties, their respective Affiliates and anyone
on their behalf will continue to maintain the confidentiality of all information and materials obtained from the other side (or from the
other side's authorized representatives), in accordance with the terms and provisions of Section 9.3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.3. Notwithstanding anything to the contrary contained herein, Company and Current Shareholders specifically
acknowledge and understand that Buyer is a public company traded on Nasdaq, therefore it is required to make certain disclosures and publications
under applicable laws which may include this Agreement and/or the Parties' engagement.

&nbsp;&nbsp;&nbsp;&nbsp;9.5.  **<u>Indemnification of Officers and Directors of Company</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.1. From and after the Closing, Buyer shall fulfill and honor (and shall cause the Company to fulfill and
honor) in all respects the obligations of the Company pursuant to any indemnification agreements or provisions under the Current Articles
and the RRA to the persons entitled to be indemnified, insured or exculpated pursuant to such provisions (the current and former directors
and officers of the Company being referred to collectively as the "**D&O Indemnitee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.2. Prior to Closing, the Company shall obtain a seven-year "tail" directors' and officers'
liability insurance policy covering acts or omissions occurring prior to the Closing Date with respect to the D&O Indemnitees on terms
with respect to such coverage and amount no less favourable in the aggregate to the Company's directors and officers currently covered
by such insurance than those of such policy in effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.3. This Section shall survive the consummation of the Closing, is intended to benefit and may be enforced
by the D&O Indemnitees (as third party beneficiaries), and shall be binding on all successors and assigns of Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;9.6.  **<u>Entire Agreement</u>** . This Agreement constitutes the full and entire understandings and agreements
between the parties hereto regarding the subject matters hereof and supersedes all prior agreements, proposals, understandings and arrangements,
oral or written, if any between the Parties hereto with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;9.7.  **<u>Amendment and Waiver</u>** . Any term of this Agreement may be amended only with the written consent
of all Parties hereto. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach
or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before
or after that waiver.

&nbsp;&nbsp;&nbsp;&nbsp;9.8.  **<u>Successors</u>** . The provisions hereof shall inure to the benefit of, and be binding upon, the
Parties, successors, assigns, heirs, executors, and administrators of the Parties hereto. Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties to this Agreement or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.9.  **<u>No Assignment</u>** . Neither Party may assign its rights or obligations hereunder without the
prior written consent of the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;9.10.  **<u>Delays or Omissions</u>** . No failure, delay or omission to exercise any right, power, or remedy
accruing to any party hereto upon any breach or default hereunder shall be deemed a waiver thereof or of any other breach or default theretofore
or thereafter occurring. Any waiver, permit, consent, or approval of any kind or character on the part of any party of any breach or default
under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;9.11.  **<u>Cumulative Remedies</u>** . Subject to the terms of this Agreement, all remedies, either under
this Agreement or by law or otherwise, afforded to any party hereto shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;9.12.  **<u>Severability</u>** . If any provision of this Agreement is held by a court of competent jurisdiction
to be unenforceable under applicable law, then such provision shall be excluded from this Agreement, and such unenforceability shall not
affect any other provision of this Agreement. Upon such determination, the Parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the
Transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;9.13.  **<u>Expenses</u>** . Each Party hereto shall bear its respective costs and expenses (including legal
fees) incurred by it in connection with his Agreement and the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;9.14.  **<u>Further Assurances</u>** . Without derogating from the generality of Section 9.1, Company shall,
and shall cause its Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such
further actions as may be reasonably required to carry out the provisions hereof and give effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;9.15.  **<u>Governing Law</u>** . This Agreement and the other Transaction Agreements shall be governed by
and construed in accordance with the laws of the State of Israel. Any dispute or controversy arising out of or in connection with this
Agreement or any of the other Transaction Agreements shall be submitted to the exclusive jurisdiction of the competent courts located
in Tel-Aviv, Israel only, to the exclusion of any other court.

&nbsp;&nbsp;&nbsp;&nbsp;9.16.  **<u>Counterparts</u>** . This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original enforceable against the party signing such counterpart, and all of which together shall constitute one and
the same instrument. A signed copy of this Agreement delivered by e-mail or other means of electronic transmission shall be deemed to
have the same legal effect as delivery of an original signed copy of this Agreement. This Agreement may be signed by electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;9.17.  **<u>Schedules and Annexes</u>** . As soon as practical following the date of this Agreement, and in
any event prior to the Closing Date, the parties shall agree in good faith the form and content of all schedules, annexes, appendices
and exhibits which are referenced herein but are not attached hereto as of the date hereof

&nbsp;&nbsp;&nbsp;&nbsp;9.18.  **<u>Notices</u>** . All notices and other communications required or permitted hereunder to be given
to a Party to this Agreement shall be in writing and shall be given in person (including by courier service), by registered mail, or by
email (provided that written confirmation of receipt is provided), addressed to such Party's address as set forth below or at such other
address as the Party shall have furnished to each other Party in writing in accordance with this provision:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to the Company: | &nbsp;&nbsp; Twine Solutions Ltd.<br> Attention: Allon Maoz, CEO<br> Address: Amal St.1,<br> Rosh Haayin Israel<br> E-mail: |
|  | &nbsp;&nbsp; <u>With a copy (which shall not constitute notice) to</u>:<br>Fischer (FBC & Co.)<br> Address: 146 Menachem Begin Rd., Tel Aviv-Jaffa, Israel<br> Attention: Guy Lotem, Adv.<br> Telephone No.:<br> Email: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to the Buyer: | &nbsp;&nbsp; Steakholder Foods Ltd.<br> Attention: Arik Kaufman, CEO<br> Address: PO Box 4061, Ness Ziona 7414001, Israel<br> E-mail: |
|  | &nbsp;&nbsp; <u>With a copy (which shall not constitute notice) to</u>:<br>DTKGG & Co.<br> BSR 4 Tower, 33 floor<br> Adress: 7 Metsada Street, Bnei Brak, Israel<br> Attention: Ronen Kantor, Adv.<br> Telephone No.:<br> E-mail: |

---

Or such other address with respect to a Party as such Party shall notify each other party in writing as above provided. All communications delivered in person (including by courier service) shall be deemed to have been given upon delivery, those given by email shall be deemed given on the Business Day following transmission with confirmed answer back, and all notices and other communications sent by registered mail shall be deemed given five (5) days after posting.

&nbsp;&nbsp;&nbsp;&nbsp;9.19.  **<u>Saturdays, Sundays, Holidays, etc</u>** . If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right
may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;9.20.  **<u>Construction</u>** . The parties agree that each of them and/or their respective counsel have reviewed
and had an opportunity to revise the Transaction Agreements and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Agreements or any amendments
thereto. In addition, each and every reference to ADS and share prices and ADSs and Ordinary Shares in any Transaction Document shall
be subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the
ADSs and Ordinary Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.21. <u>Termination</u>. This Agreement may be terminated by the Company or by the Current Shareholders, by
written notice to the Buyer, if the Closing has not been consummated on or before November 15, 2025 provided, however, that no such termination
will affect the right of any party to sue for any breach by any other party (or parties).

 

*[Signature Pages to Follow]*

**IN WITNESS WHEREOF**, the Parties hereto have executed this Share Purchase Agreement on the date first above written.

---

| | | |
|:---|:---|:---|
| **The Company:** | **The Company:** | **The Buyer:** |
| **Twine Solutions Ltd.** | **Twine Solutions Ltd.** | **Steakholder Foods Ltd.** |
| By: **Allon Maoz** | By: **Allon Maoz** | By: **Arik Kaufman** |
| Title: **Chief Executive Officer** | Title: **Chief Executive Officer** | Title: **Chief Executive Officer** |
| Signature: | **/s/ Allon Maoz** | **/s/ Arik Kaufman** |
| **Accepting Shareholder:** | **Accepting Shareholder:** | **Accepting Shareholder:** |
| **Gefen Capital Investments L.P** | **Gefen Capital Investments L.P** | **New Era Capital Partners L.P.** |
| By: **Limor Ganot** | By: **Limor Ganot** | By: **Ran Simcha** |
| Title: **Partner** | Title: **Partner** | Title: **Managing Partner** |
| Signature: | **/s/ Limor Ganot** | **/s/ Ran Simcha** |
| **Accepting Shareholder:** | **Accepting Shareholder:** | **Accepting Shareholder:** |
| **New Era Capital Partners SPV V, L.P.** | **New Era Capital Partners SPV V, L.P.** | **Second Delaware 2003, LLC** |
| By: **Ran Simcha** | By: **Ran Simcha** | By: **Robert Keane** |
| Title: **Managing Partner** | Title: **Managing Partner** | Title: **Manager** |
| Signature: | **/s/ Ran Simcha** | **/s/ Robert Keane** |

---

*[Signature Pages to Twine Solutions Ltd. September 2025 SPA]*

---

| | | | |
|:---|:---|:---|:---|
| **Accepting Shareholder:** | **Accepting Shareholder:** | **Accepting Shareholder:** | **Accepting Shareholder:** |
| **Coats Industrial Europe Holdings B.V** | **Coats Industrial Europe Holdings B.V** | **Maruito Co., Ltd.** | **Maruito Co., Ltd.** |
| By: **Jeffrey Soal** | By: **Jeffrey Soal** | By: **Hiroki Ishiguro** | By: **Hiroki Ishiguro** |
| Title: **Legal Director** | Title: **Legal Director** | Title: **President** | Title: **President** |
| Signature: | **/s/ Jeffrey Soal** | Signature: | **/s/ Hiroki Ishiguro** |
| **Accepting Shareholder:** | **Accepting Shareholder:** | **Accepting Shareholder:** | **Accepting Shareholder:** |
| **Alon Bar Shany** | **Alon Bar Shany** | **8834512 Canada Inc.** | **8834512 Canada Inc.** |
|  |  | By: **Ben Lieberman** | By: **Ben Lieberman** |
| Signature: | **/s/ Alon Bar Shany** | Title: **Director** | Title: **Director** |
|  |  | Signature: | **/s/ Ben Lieberman** |

---

*[Signature Pages to Twine Solutions Ltd. September 2025 SPA]*

## Exhibit 10.5

**Exhibit 10.5**

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

**PRE-FUNDED MILESTONE WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES**

**STEAKHOLDER FOODS LTD.**

Warrant No.: [__] Issue Date: [__], 2025

Number of American Depositary Shares: 145,355

THIS PRE-FUNDED MILESTONE WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the "<u>Warrant</u>") certifies that, for value received, Gefen Capital Investments, LP or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the "<u>Initial Exercise Date</u>") and on or prior to the close of business on October [__], 2035 (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from Steakholder Foods Ltd, an Israeli company limited by shares (the "<u>Company</u>"), up to 581,420,000Ordinary Shares (the "<u>Warrant Shares</u>") represented by 145,355 American Depositary Shares ("<u>ADSs</u>"), each ADS representing 4,000 Ordinary Shares, as subject to adjustment hereunder (the "<u>Warrant ADSs</u>"). The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the "<u>Purchase Agreement</u>"), dated September 21, 2025, among the Company and the Receiving Shareholders signatory thereto.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Subject to the successful achievement of either: (a) the deployment of the new version Twine1X, or (b) the completion of the delivery by Company of five (5) new printers to customers (each a "<u>Business Milestone</u>"), exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the date of successful achievement of the Business Milestone (the "<u>Milestone Date</u>") and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or *.pdf* copy via e-mail attachment) of the Notice of Exercise in the form annexed hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Within two (2) Trading Days following the exercise as aforesaid under sub-Section (a), the Holder shall deliver the aggregate Exercise Price of the Warrant ADSs thereby purchased by wire transfer or cashier's check drawn on a United States bank or, if available, pursuant to the cashless exercise procedure specified in Section 2(c) below. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledges and agrees that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Exercise Price</u>. The exercise price per ADS under this Warrant shall be $0.01, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant ADSs to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading
Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading
hours" (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii)
the Bid Price of an ADS on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder's execution of
the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and
is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of
Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to
Section 1(a) hereof after the close of "regular trading hours" on such Trading Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) = the Exercise
Price of this Warrant, as adjusted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X) = the number
of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the bid price of an ADS for the time in question (or the nearest preceding date) on the Trading Market on which an ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of an ADS for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported in the "Pink Sheets" published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported in the "Pink Sheets" published by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the ADSs so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant ADSs Upon Exercise</u>. Within 1 Trading day of the date that a Notice of Exercise is delivered to the Company, and the Company has received the aggregate Exercise Price, the Company shall deposit the Warrant Shares subject to such exercise with The Bank of New York Mellon, the Depositary for the ADSs (the "<u>Depositary</u>") and instruct the Depositary to credit the account of the Holder's prime broker with The Depository Trust Company through its Deposit/Withdrawal At Custodian system ("<u>DWAC</u>") or Delivery Order system ("<u>DO</u>") if the Depositary is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares represented by the Warrant ADSs to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise, by the date that is two (2) Trading Days (such date, the "<u>Warrant ADS Delivery Date</u>"). The Warrant Shares represented by the Warrant ADSs shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become the beneficial owner of such Warrant Shares represented by the Warrant ADSs for all purposes, as of the date the Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price prior to the issuance of such Warrant ADSs (or by cashless exercise, if permitted) is received within two Trading Days following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The Company agrees to maintain a depositary that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Milestone Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant ADSs subject to such notice(s) by 4:00 p.m. (New York City time) on the Milestone Date and the Milestone Date shall be the Warrant ADS Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant ADS Delivery Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant ADSs pursuant to Section 2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; <u>provided</u>, <u>however</u>, that the Holder shall be required to return any Warrant ADSs or Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration of Holder's right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Fractional Shares or Scrip</u>. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of this Warrant. As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of Warrant ADSs, all of which taxes and expenses shall be paid by the Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Depositary fees required processing of any Notice of Exercise. The Company shall pay all Depositary fees required for processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for electronic delivery of the Warrant ADSs, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Closing of Books</u>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Holder's Exercise Limitations</u>. Notwithstanding anything to the contrary contained herein, and solely <u>prior to the achievement of the Business Milestone,</u> the Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with its Affiliates collectively would beneficially own in excess of 24.99% (the "<u>Maximum Percentage</u>") of the number of Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by the Holder and its Affiliates shall include the number of Ordinary Shares underlying ADSs held by the Holder and all of its Affiliates plus the number of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude the number of Ordinary Shares underlying ADSs which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder or of its Affiliates subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 2(e). For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of this Warrant, in determining the number of Ordinary Shares underlying ADSs the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of Ordinary Shares as reflected in (x) the Company's most recent Annual Report on Form 20-F, Current Report on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company setting forth the number of Ordinary Shares outstanding (the "<u>Reported Outstanding Share Number</u>"). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of Ordinary Shares then outstanding and, to the extent that such Notice of Exercise would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 2(e), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant ADSs to be purchased pursuant to such Notice of Exercise (the number of shares by which such purchase is reduced, the "<u>Reduction Shares</u>") and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any of its Affiliates since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and its Affiliates being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder's and its Affiliates' aggregate beneficial ownership exceeds the Maximum Percentage (the "<u>Excess Shares</u>") shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. For purposes of clarity, the Ordinary Shares issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(e) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 3(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. Notwithstanding the provisions of this sub-Section (viii), it is clarified, that following the Milestone Date this sub-Section (viii) shall lapse and no longer apply or limit the exercise of this Warrant in any way whatsoever.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as applicable, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of shares or ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares, ADSs or any shares of capital stock of the Company, as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of ADSs (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of ADSs outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares or ADSs (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares or ADSs as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transactions</u>. The Company shall not enter into or be party to a Fundamental Transaction (as defined below) unless the Successor Entity (as defined below) assumes in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements, including agreements, if so requested by the Holder, to deliver to each holder of the Warrants in exchange for such Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, an adjusted exercise price equal to the value for the Ordinary Shares reflected by the terms of such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock equivalent to the Ordinary Shares represented by ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Any security issuable or potentially issuable to the Holder pursuant to the terms of this Warrant on the consummation of a Fundamental Transaction shall be registered and freely tradable by the Holder without any restriction or limitation or the requirement to be subject to any holding period pursuant to any applicable securities laws if any securities issued to any other equity holder of the Company are registered on Form F-4 or any successor form. Upon the occurrence or consummation of any Fundamental Transaction, and it shall be a required condition to the occurrence or consummation of any Fundamental Transaction that, the Company and the Successor Entity or Successor Entities, jointly and severally, shall succeed to, and the Company shall cause any Successor Entity or Successor Entities to jointly and severally succeed to, and be added to the term "Company" under this Warrant (so that from and after the date of such Fundamental Transaction, each and every provision of this Warrant referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Company and the Successor Entity or Successor Entities, jointly and severally, may exercise every right and power of the Company prior thereto and shall assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company in this Warrant, and, solely at the request of the Holder, if the Successor Entity and/or Successor Entities is a publicly traded corporation whose common stock is quoted on or listed for trading on a Trading Market in the United States, shall deliver (in addition to and without limiting any right under this Warrant) to the Holder in exchange for this Warrant a security of the Successor Entity and/or Successor Entities evidenced by a written instrument substantially similar in form and substance to this Warrant and exercisable for a corresponding number of shares of capital stock of the Successor Entity and/or Successor Entities (the "<u>Successor Capital Stock</u>") equivalent to the Ordinary Shares underlying the ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction (such corresponding number of shares of Successor Capital Stock to be delivered to the Holder shall be equal to the quotient of (i) the aggregate dollar value of all consideration (including cash consideration and any consideration other than cash ("<u>Non-Cash Consideration</u>"), in such Fundamental Transaction, as such values are set forth in any definitive agreement for the Fundamental Transaction that has been executed at the time of the first public announcement of the Fundamental Transaction or, if no such value is determinable from such definitive agreement, as determined in accordance with Section 5(a) with the term "Non-Cash Consideration" being substituted for the term "Exercise Price") that the Holder would have been entitled to receive upon the happening of such Fundamental Transaction or the record, eligibility or other determination date for the event resulting in such Fundamental Transaction, had this Warrant been exercised immediately prior to such Fundamental Transaction or the record, eligibility or other determination date for the event resulting in such Fundamental Transaction (without regard to any limitations on the exercise of this Warrant) divided by (ii) the per share closing sale price of such corresponding capital stock on the Trading Day immediately prior to the consummation or occurrence of the Fundamental Transaction), and with an identical exercise price to the Exercise Price hereunder (such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting after the consummation or occurrence of such Fundamental Transaction the economic value of this Warrant that was in effect immediately prior to the consummation or occurrence of such Fundamental Transaction, as elected by the Holder solely at its option). Upon occurrence or consummation of the Fundamental Transaction, and it shall be a required condition to the occurrence or consummation of such Fundamental Transaction that, the Company and the Successor Entity or Successor Entities shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the occurrence or consummation of the Fundamental Transaction, as elected by the Holder solely at its option, ADSs, Successor Capital Stock or, in lieu of the ADSs or Successor Capital Stock (or other securities, cash, assets or other property purchasable upon the exercise of this Warrant prior to such Fundamental Transaction), such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights), which for purposes of clarification may continue to be ADSs, if any, that the Holder would have been entitled to receive upon the happening of such Fundamental Transaction or the record, eligibility or other determination date for the event resulting in such Fundamental Transaction, had this Warrant been exercised immediately prior to such Fundamental Transaction or the record, eligibility or other determination date for the event resulting in such Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the occurrence or consummation of any Fundamental Transaction pursuant to which holders Ordinary Shares or ADSs are entitled to receive securities, cash, assets or other property with respect to or in exchange for Ordinary Shares or ADSs (a "<u>Corporate Event</u>"), the Company shall make appropriate provision to insure that, and any applicable Successor Entity or Successor Entities shall ensure that, and it shall be a required condition to the occurrence or consummation of such Corporate Event that, the Holder will thereafter have the right to receive upon exercise of this Warrant at any time after the occurrence or consummation of the Corporate Event, ADSs or Successor Capital Stock or, if so elected by the Holder, in lieu of ADSs (or other securities, cash, assets or other property) purchasable upon the exercise of this Warrant prior to such Corporate Event (but not in lieu of such items still issuable under Sections 3(c) and 3(d), which shall continue to be receivable on the ADSs or on the such shares of stock, securities, cash, assets or any other property otherwise receivable with respect to or in exchange for ADSs), such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights and any Ordinary Shares) which the Holder would have been entitled to receive upon the occurrence or consummation of such Corporate Event or the record, eligibility or other determination date for the event resulting in such Corporate Event, had this Warrant been exercised immediately prior to such Corporate Event or the record, eligibility or other determination date for the event resulting in such Corporate Event (without regard to any limitations on exercise of this Warrant). The provisions of this Section 3(e) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events. "<u>Fundamental Transaction</u>" means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company or any of its "significant subsidiaries" (as defined in Rule 1-02 of Regulation S-X) to one or more Persons, or (iii) make, or allow one or more Persons to make, or allow the Company to be subject to or have its Ordinary Shares be subject to or party to one or more persons making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the outstanding Ordinary Shares calculated as if any Ordinary Shares held by all Persons making or party to, or Affiliated with any Persons making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of Ordinary Shares such that all Persons making or party to, or Affiliated with any Person making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding Ordinary Shares, or (iv) consummate a securities purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Persons whereby all such Persons, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding Ordinary Shares, (y) at least 50% of the outstanding Ordinary Shares calculated as if any Ordinary Shares held by all the Persons making or party to, or Affiliated with any Person making or party to, such securities purchase agreement or other business combination were not outstanding; or (z) such number of Ordinary Shares such that the Persons become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding Ordinary Shares, or (v) reorganize, recapitalize or reclassify its Ordinary Shares such that such modified Ordinary Shares no longer have the residual right to dividends or distributions from the Company or the residual right to vote on matters given under Israeli law to holders of Ordinary Shares, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Person individually or the Persons in the aggregate to be or become the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares not held by all such Persons as of the date of this Warrant calculated as if any Ordinary Shares held by all such Persons were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares or other equity securities of the Company sufficient to allow such Persons to effect a statutory short form merger or other transaction requiring other shareholders of the Company to surrender their Ordinary Shares without approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction. Notwithstanding anything contained herein, any transaction which results in a Company subsidiary that is not wholly-owned by the Company becoming a wholly-owned subsidiary of the Company shall not be considered a "Fundamental Transaction" and shall not otherwise trigger any adjustment or rights under this Warrant. "<u>Successor Entity</u>" means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent Entity (as defined below)) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into. "<u>Parent Entity</u>" of a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity whose common stock or equivalent equity security is quoted or listed on a Trading Market, or, if there is more than one such Person or such entity, such Person or entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares or ADSs are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares or ADSs of record shall be entitled to exchange their Ordinary Shares or ADSs for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. This Warrant and all rights hereunder are not transferable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Dispute Resolution</u>. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant ADSs, the Company shall submit the disputed determinations or arithmetic calculations via e-mail within one (1) Business Day of receipt of the Notice of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant ADSs within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price or the disputed arithmetic calculation of the Warrant ADSs to the Company's independent, outside accountant. The Company shall cause at its expense the accountant to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such accountant's determination or calculation shall be binding upon all parties absent demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>No Rights as Shareholder Until Exercise</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares and Warrant ADSs acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Page Follows)*

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| **STEAKHOLDER FOODS LTD** | **STEAKHOLDER FOODS LTD** |
| By: |  |
|  | Name: |
|  | Title: |

---

**NOTICE OF EXERCISE**

To: STEAKHOLDER FOODS LTD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: _______________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

**EXHIBIT B**

ASSIGNMENT FORM

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase Warrant ADSs.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

---

| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature:<u> </u> |  |
| Holder's Address:<u> </u> |  |

---

## Exhibit 23.1

**Exhibit 23.1**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We consent to the use of our report dated March 31, 2025, with respect to the consolidated financial statements of Steakholder Foods Ltd., incorporated herein by reference and to the reference to our firm under the heading "Experts" in the prospectus.

---

| |
|:---|
| /s/ Somekh Chaikin |
| Somekh Chaikin |
| Member Firm of KPMG International |

---

Tel Aviv, Israel

November 17, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-3**

**Steakholder Foods Ltd.**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary shares, no par value, as represented by American Depositary Shares | (1) | Other | 4870412000 | $0.0007 | $3409288.40 | 0.0001381 | $470.83 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $3409288.40 |  | 470.83 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $470.83 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, the Registrant is also registering hereunder an indeterminate number of additional ordinary shares that shall be issuable pursuant to Rule 416 to prevent dilution resulting from stock splits, stock dividends or similar transactions. Ordinary shares are represented by American Depositary Shares, or ADSs, each of which represents 4,000 ordinary shares of the registrant. ADSs issuable upon deposit of the ordinary shares registered hereby have been registered pursuant to a separate registration statement on Form F-6 (File No. 333-253915). Consists of 4,870,412,000 ordinary shares represented by an aggregate of 1,217,603 ADSs consisting of (i) (A) up to 297,618 ADSs issuable upon the exercise of series A warrants, (B) up to 595,236 ADSs issuable upon the exercise of series B warrants and (C) up to 20,833 ADSs issuable upon the exercise of placement agent warrants, in each case issued in a warrant repricing transaction in October 2025, (ii) (A) 158,465 ADSs issued pursuant to a share purchase agreement in October 2025 and (B) up to 145,355 ADSs issuable upon the exercise of pre-funded milestone warrants issued pursuant to a share purchase agreement in October 2025 and (C) 96 ADSs issued upon the conversion of a convertible loan in June 2025. All 1,217,603 ADSs are to be offered for resale by the selling shareholders named in the prospectus contained in this Registration Statement on Form F-3. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act and based upon the average of the high and low sale prices of the Registrant's ADSs on the Nasdaq Capital Market on November 14, 2025, divided by 4,000 (to give effect to the 1:4,000 ratio of ADSs to ordinary shares). The Registrant will not receive any proceeds from the sale of its ADSs by the selling shareholders.