# EDGAR Filing Document

**Accession Number:** 0001595353
**File Stem:** 0001641172-25-024365
**Filing Date:** 2025-8
**Character Count:** 95836
**Document Hash:** 3b9675dfd6e9610020943e43bff2e5ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-024365.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001641172-25-024365

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250815

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Galmed Pharmaceuticals Ltd.
- **CENTRAL INDEX KEY:** 0001595353
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 981147233
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36345
- **FILM NUMBER:** 251224590

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MEITAR LAW OFFICES
- **STREET 2:** 16 ABBA HILLEL SILVER RD.
- **CITY:** RAMAT GAN
- **STATE:** L3
- **ZIP:** 5250608
- **BUSINESS PHONE:** 97236938448

**MAIL ADDRESS:**
- **STREET 1:** C/O MEITAR LAW OFFICES
- **STREET 2:** 16 ABBA HILLEL SILVER RD.
- **CITY:** RAMAT GAN
- **STATE:** L3
- **ZIP:** 5250608

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the Month of August 2025

001-36345

(Commission File Number)

**GALMED PHARMACEUTICALS LTD.**

(Exact name of Registrant as specified in its charter)

**c/o Meitar Law Offices Abba Hillel Silver Rd., Ramat Gan, 5250608**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

On August 15, 2025, Galmed Pharmaceuticals Ltd. (the "Company") held a Special General Meeting of Shareholders (the "Meeting"). At the Meeting, the Company's shareholders voted on the proposal described in the proxy statement for the Meeting included as an exhibit to the Company's report on Form 6-K furnished by the Company with the Securities and Exchange Commission on July 24, 2025. The proposal brought before the shareholders at the Meeting was approved by the shareholders of the Company with the requisite majority in accordance with the Israeli Companies Law, 5759-1999.

A copy of the Company's amended and restated articles of association, approved by shareholders at the Meeting, is attached hereto as Exhibit 99.1.

This Form 6-K is incorporated by reference into the Company's Registration Statements on Form S-8 (Registration Nos. [333-206292](https://www.sec.gov/Archives/edgar/data/1595353/000114420415048005/v417828_s8.htm)<u>,</u> [333-227441](https://www.sec.gov/Archives/edgar/data/1595353/000114420418050116/tv503188_s8.htm)<u>, and</u> [333-284163](https://www.sec.gov/Archives/edgar/data/1595353/000149315225001231/forms-8.htm)) and the Company's Registration Statement on Form F-3 (Registration Nos. [333-272722](https://www.sec.gov/Archives/edgar/data/1595353/000149315223042520/formposam.htm) <u>and</u> [333-283241](https://www.sec.gov/Archives/edgar/data/1595353/000149315224046041/formf-3.htm)).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Amended and Restated Articles of Association](ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Galmed Pharmaceuticals Ltd.** | **Galmed Pharmaceuticals Ltd.** |
| Date: August 15, 2025 | By: | */s/ Allen Baharaff* |
|  |  | Allen Baharaff |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

THE COMPANIES LAW, 5759-1999

AMENDED AND RESTATED ARTICLES OF ASSOCIATION

of

**GALMED PHARMACEUTICALS LTD**

**גלמד פרמסוטקלס בע" מ**

**<u>Preliminary</u>**

1. (a) In
 these Articles, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An **"Annual General Meeting"** shall have the meaning ascribed to such term in Article 50 hereunder.

(b) The
 "**Board of Directors**" or "**Board**" means the board of directors of the Company.

(c) A
 "**Board Meeting**" means a meeting of the Board of Directors.

(d) The
 "**Companies Law**" means the Companies Law, 5759-1999 or any law which may replace or amend it, as shall be in force
 from time to time.

(e) The
 "**Company**" means Galmed Pharmaceuticals Ltd.

(f) A
 "**Special General Meetings**" shall have the meaning ascribed to such term in Article 50 hereunder.

(g) An
 "**Extraordinary Transaction**" shall have the meaning ascribed to such term in the Companies Law.

(h) A
 "**General Meeting**" means a meeting of the Shareholders, whether an Annual General Meeting or a Special General
 Meeting, both as defined herein.

(i) The
 "**Office**" means the registered office of the Company for the time being.

(j) An
 "**Office Holder**" shall have the meaning ascribed to such term in the Companies Law.

(k) The
 "**Register**" means the principal register of Shareholders specified in Article 93, to be kept in accordance with
 the Companies Law, and/or, if the Company shall have any additional or branch register(s), any such additional or branch register(s)
 as the case may be.

(l) The
 "**Restrictive Trade Law**" means the Israel Restrictive Trade Practices Law, 5748-1988.

(m) The
 "**SEC**" means the United States Securities and Exchange Commission.

(n) The
 "**Securities Law**" means the Israel Securities Law, 5728-1968.

(o) A
 "**Shareholder**" means any person registered in the Register as the owner of shares of the Company.

(p) A
 "**Shareholder Resolution**" means a resolution adopted by a simple majority of the voting rights of the Company represented,
 personally or by proxy, and voting with respect thereto, unless a different majority is required in respect to such matter pursuant
 to the Companies Law or these Articles at the time the resolution is voted on, in which case a "**Shareholder Resolution** "
 shall mean a resolution adopted by such required majority.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the provisions of this Article, in these Articles, unless the context otherwise requires, words and expressions used herein which
 are defined in the Companies Law, or any modification thereof in force at the date at which these Articles become binding upon the
 Company, shall have the meaning so defined, words importing the singular shall include the plural and vice versa, words importing
 the masculine gender shall include the feminine and neuter genders and vice versa, words importing persons shall include bodies corporate
 and the captions used herein shall not be deemed to affect the construction of any provision hereof.

(c) The
 Company may donate reasonable amounts to any worthy cause, as determined and approved by the Board of Directors, even if such donation
 is not made for business considerations.

**<u>Purpose</u>**

2. The
 purpose of the Company is to engage in any lawful activity.

**<u>Limited Liability</u>**

3. The
 liability of each Shareholder is limited to the unpaid sum, if any, owing to the Company in consideration for the issuance of the
 shares of the Company held by such shareholder.

**<u>Share Capital</u>**

4. (a) The
 authorized share capital of the Company is 1,620,000,000 (one billion six hundred and twenty million) New Israeli Shekels ()"**NIS** "),
 divided into 900,000,000 (nine hundred million) Ordinary Shares of NIS 1.80 each, all ranking pari passu ()"**Ordinary Shares** ").

(b) Ordinary
 Shares in respect of which all calls have been fully paid shall confer on their holders the right to attend and to vote at General
 Meetings of the Company. Subject to the rights of holders of shares with limited or preferred rights, Ordinary Shares shall confer
 upon the holders thereof equal rights to receive dividends and to participate in the distribution of the assets of the Company upon
 its winding-up, in proportion to the amount paid up or credited as paid up on account of the nominal value of the shares held by
 them respectively and in respect of which such dividends are being paid or such distribution is being made, without regard to any
 premium paid in excess of the nominal value, if any.

**<u>Shares</u>**

5. Without
 prejudice to any special rights previously conferred upon the holders of existing shares of the Company, the Company may, from time
 to time, by Shareholder Resolution, provide for shares with such preferred or deferred rights or rights of redemption 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 such Shareholder Resolution.

6. (a) If
 at any time the share capital is divided into different classes of shares, the Company may by Shareholder Resolution, unless otherwise
 provided by the terms of issue of the shares of that class, modify, convert, broaden, add or otherwise alter the rights, privileges,
 advantages, restrictions and provisions related or unrelated at that time to the shares of any class either with the consent in writing
 of the holders of at least 75% of the issued shares of that class or with the sanction of a resolution passed by a simple majority
 of those present, personally or by proxy, and voting thereon at a separate general meeting of the holders of the shares of that class.

(b) The
 provisions of these Articles relating to General Meetings and to the convening thereof and to notices in respect thereof and to resolutions
 to be passed thereat shall *mutatis mutandis* apply to every separate general meeting as mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 otherwise provided by these Articles, the enlargement of an existing class of shares, or the issuance or allotment of additional
 shares thereof, or the creation of additional shares of that class as a result of conversion of shares from another class or the
 unification with another class shall not be deemed to modify or alter the rights attached to the previously issued shares of such
 class or of any other class.

7. (a) The
 unissued shares shall be under the control of the Board of Directors who may issue or allot them or give any person the option to
 acquire them or otherwise dispose of them for cash or other consideration to such persons, on such terms and conditions, and either
 at a premium or at par, or, subject to the provisions of the Companies Law, at a discount and at such times as the Board of Directors
 may deem fit, and with full authority to serve on any person a call on any shares as provided in Article 15 below, during such time
 and for such consideration as the Board of Directors may deem fit.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may pay a commission to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally,
 for any shares or other securities in the Company, or procuring or agreeing to procure subscriptions, whether absolute or conditional,
 for any shares or other securities in the Company, as the Board of Directors may deem fit. Such commission may be paid in cash or
 in fully or partly paid shares of the Company, or in a combination of such methods.

8. If
 by the conditions of allotment of any share, the whole or any part of the price thereof shall be payable by installments, every such
 installment shall, when due, be paid to the Company by the registered holder of the share for the time being or from time to time
 or by his administrators.

9. (Reserved).

10. Save
 as herein otherwise provided, the Company shall be entitled to treat the registered holder of any share as the absolute owner thereof,
 and, accordingly, shall not, except as ordered by a court of competent jurisdiction, or as by statute required, be bound to recognize
 any equitable or other claim to or interest in such share on the part of any other person and the Company shall not be bound by or
 required to recognize any equitable, contingent, future or partial interest in any shares or any right whatsoever in respect of any
 shares other than an absolute right to the entirety thereof in the registered holder.

**<u>Share Certificates</u>**

11. The
 certificates of title to shares ()"**Share Certificates**") shall be issued under the seal or the rubber stamp of the
 Company and shall bear the manual or facsimile signatures of two Directors, or one Director and the Secretary of the Company, or
 such other persons as are authorized by the Board of Directors. In case any Director, officer or such other authorized person who
 has signed or whose facsimile signature has been placed upon a share certificate shall have ceased to be such Director, officer or
 authorized person before such certificate is issued, it may be issued by the Company with the same effect as if he were such Director,
 officer or authorized person at the date of issue.

12. Every
 Shareholder shall be entitled without payment to receive one Share Certificate representing in aggregate all the shares registered
 in his name.

13. Share
 Certificates of shares registered in the names of two or more persons shall be delivered to the person first named in the Register
 in respect of such co-ownership and such delivery shall be deemed sufficient delivery to all co-owners. The Company shall not be
 bound to issue more than one Share Certificate to the joint holders.

14. If
 a Share Certificate is defaced, lost or destroyed, it may be renewed upon production of such evidence of loss, the provision of such
 indemnities and the payment of such handling fee (if any) as the Board of Directors thinks fit.

**<u>Calls</u>**

15. The
 Board of Directors may from time to time make such calls as it deems fit upon the Shareholders in respect of all moneys unpaid on
 the shares held by them respectively, and by the conditions of allotment thereof not made payable at fixed times, and each Shareholder
 shall pay the amount of every call so made on him to the persons and at the time and place appointed by the Board of Directors. A
 call may be made payable by installments and shall be deemed to have been made when the resolution of the Board of Directors authorizing
 such call is passed.

16. At
 least fourteen days' notice of any call shall be given, specifying the time and place of payment, and to whom such call shall
 be paid, provided that before the time for payment of such call the Board of Directors may, by notice in writing to the Shareholders,
 revoke the same or extend the time for payment thereof.

17. The
 joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

18. If
 by the terms of issue of any share or otherwise any amount is made payable at any fixed time or by installments at fixed times, whether
 on account of the nominal value of the share or by way of premium, every such amount or installment shall be payable as if it were
 a call duly made by the Board of Directors of which due notice had been given, and all the provisions herein contained in respect
 of such calls shall apply to such amount or to such installment.

19. If
 the amount of any call or installment is not paid on or before the due date for payment thereof, then the person who is for the time
 being the owner of the share on which the call was made or the installment became due shall pay interest on the said amount at the
 maximum rate permissible under law for the time being, or at such lesser rate as may be fixed by the Board of Directors from time
 to time, as from the date for payment until the same is actually paid. The Board of Directors shall, however, be at liberty to waive
 the payment of interest, wholly or in part. No Shareholder shall be entitled to receive any dividend or to exercise any privileges
 as a Shareholder until he shall have paid all calls for the time being due and payable on every share held by him whether alone or
 jointly with any other person together with interest and expenses (if any).

20. If
 the Board of Directors deems fit, it may receive from any Shareholder willing to advance the same, any amounts due on account of
 all or any of his shares which have not yet been called or in respect of which the date of payment has not yet fallen due, and, unless
 otherwise agreed with such Shareholder, the Board of Directors may pay him interest on all or any of the amounts so advanced, up
 to the date when the same would, if not paid in advance, have fallen due, at such rate of interest as may be agreed upon between
 the Board of Directors and such Shareholder, and the Board of Directors may at any time repay any amount so advanced by giving such
 Shareholder seven days' prior notice in writing.

21. The
 Board of Directors may determine differences between Shareholders in relation to the amount of any call and to the date of payment.

**<u>Forfeiture and Lien</u>**

22. If
 any Shareholder fails to pay any call or installment on or before the day appointed for payment of the same, the Board of Directors
 may at any time thereafter, as long as the said call or installment remains unpaid, resolve to forfeit all or any of the shares in
 the event the Shareholder does not pay the same, as provided below, together with any interest that may have accrued and all expenses
 that may have been incurred by reason of such non-payment.

23. Notice
 of any such resolution shall be served on the Shareholder. The notice shall specify a day (being not less than 14 days from the date
 of the notice) and a place or places on and at which such call or installment and such interest and expenses as aforesaid are to
 be paid. The notice shall also state that in the event of non-payment at or before the time and at the place appointed, the shares
 in respect of which the call was made or installment is payable will be ipso facto forfeited, save shares that have been fully paid
 for.

24. Any
 forfeiture as aforesaid shall include all dividends declared in respect of the forfeited shares and not actually paid before the
 forfeiture.

25. Any
 share so forfeited shall be the property of the Company, and the Board of Directors may, subject to the provisions hereof, sell,
 re-allot and otherwise dispose of the same as it may deem fit.

26. The
 Board of Directors may, at any time before any share so forfeited shall have been sold, re-allotted or otherwise disposed of, annul
 the forfeiture on such conditions as it deems fit. No such annulment shall estop the Board of Directors from re-exercising its powers
 of forfeiture pursuant to these Articles.

27. Any
 Shareholder whose shares have been forfeited shall cease to be a Shareholder in respect of the forfeited shares, but shall, notwithstanding,
 be liable to pay, and shall forthwith pay, to the Company, all calls, installments, interest and expenses owing upon or in respect
 of such shares at the time of forfeiture, together with interest thereon from the time of forfeiture, until payment, at the maximum
 rate of interest permissible under law for the time being, and the Board of Directors may enforce the payment of such moneys, or
 any part thereof, if it so thinks fit, but shall not be under any obligation to do so.

28. The
 provisions of these Articles relating to forfeiture shall apply to any case of nonpayment of a known sum which, according to the
 terms of issue or allotment of the share, is payable at any fixed time, whether on account of the nominal value of the share or by
 way of premium, as if such sum were payable under a call duly made, notified and delivered.

29. Except
 to the extent that the same may be waived or subordinated in writing, the Company shall have a first and paramount lien upon all
 the shares registered in the name of each Shareholder (without regard to any equitable or other claim or interest in such shares
 on the part of any other person), and upon the proceeds of the sale thereof, for his debts, liabilities and obligations to the Company
 arising from any amount payable by such Shareholder in respect of any unpaid or partly paid share, whether or not such debt, liability
 or obligation has matured. Such lien shall extend to all dividends from time to time declared or paid in respect of such share. Unless
 otherwise decided by the Board, the registration by the Company of a transfer of shares shall be deemed to be a waiver on the part
 of the Company of the lien (if any) on such shares, immediately prior to such transfer.

30. For
 the purpose of enforcing such lien, the Board of Directors may sell the shares subject thereto in such manner as it deems fit; but
 no sale shall be made until the time for the fulfillment or discharge of the debts, liabilities and engagements as aforesaid shall
 have arrived, and until notice in writing of the Company's intention to sell shall have been served on such Shareholder, his
 executors or administrators, and the payment, fulfillment or discharge of such debts, liabilities or engagements shall not have been
 made during the seven days after such notice.

31. The
 net proceeds of any such sale, after payment of the costs thereof, shall be applied in or towards satisfaction of the debts, liabilities
 or engagements of such Shareholder (including debts, liabilities and engagements which have not yet fallen due for payment or satisfaction)
 and the remainder (if any) shall be paid to the Shareholder, his executors, administrators or assigns.

32. Upon
 any sale after forfeiture or for enforcing a lien in exercise of the powers hereinbefore given, the Board of Directors may appoint
 some person to execute an instrument of transfer of the shares sold and cause the purchaser's name to be entered in the Register
 in respect of the shares sold, and the purchaser shall not be bound to see to the regularity of the proceedings, or to the application
 of the purchase money, and after his name has been entered in the Register in respect of such shares, the validity of the sale shall
 not be impeached by any person, and the remedy of any person aggrieved by the sale, if grounds for any remedy exist in accordance
 with law, shall be in damages only and against the Company exclusively.

**<u>Transfer and Transmission of Shares</u>**

33. (a) Any
 transfer of shares of the Company which have not been fully paid-up will be subject to the approval of the Board of Directors. The
 Board of Directors may, at its sole discretion, refuse to approve a transfer of shares as aforesaid, without the requirement to provide
 reasons for its decision.

(b) The
 transfer of shares which have been fully paid-up is not subject to the approval of the Board of Directors.

34. No
 transfer of shares shall be registered or, if such approval is required, approved by the Board of Directors unless a proper instrument
 of transfer has been submitted to the Company (or its transfer agent) together with the Share Certificate for the transferred shares
 (if such has been issued) and with any other evidence the Board of Directors may require in order to prove to its satisfaction the
 rights of the intending transferor in the transferred shares.

35. (a) The
 instrument of transfer shall be signed by the transferor and the transferee, and the transferor shall be considered by the Company
 as the owner of the shares until the transferee is registered in the Register in respect of the shares transferred to him. The Board
 may decide that, with respect to a transfer of fully paid-up shares, the instrument of transfer need only be signed by the transferor.
 The Board may also decide that the signature of a witness on the instrument of transfer is not necessary. The instrument of transfer
 of any share shall be in writing in such usual or accepted form or forms as shall be approved by the Board of Directors.

(b) The
 Company may impose a fee for registration of a share transfer, at such reasonable rate as may be determined by the Board from time
 to time.

36. Instruments
 of transfer that are registered shall remain in the Company's possession; however, instruments of transfer which the Board
 of Directors refuses to register in accordance with Article 33(a), 34 or 35 above shall, on demand made by whomever delivered them,
 be returned to such person together with the Share Certificate (if delivered).

37. The
 executors and administrators of a deceased sole holder of a share, or, if there are no executors or administrators, the persons beneficially
 entitled as heirs of a deceased sole holder, shall be the only persons recognized by the Company as having any title to the share.
 In case of a share registered in the names of two or more holders, the Company shall recognize the survivor or survivors as the only
 persons having any title to or benefit in the share. Nothing herein contained shall release the estate of a deceased joint holder
 from any liability in respect of any share jointly held by him.

38. Any
 person becoming entitled to a share in consequence of the death of any person, upon producing evidence of the grant of probate or
 letters of administration or declaration of succession or such other evidence as the Board of Directors may deem sufficient that
 he sustains the character in respect of which he proposes to act under this Article or of his title, shall be registered as a Shareholder
 in respect of such shares, or may, subject to the regulations as to transfer herein contained, transfer such shares.

39. The
 Company may recognize the receiver or liquidator of any Shareholder in winding-up or dissolution, or the trustee in bankruptcy or
 any official receiver of a bankrupt Shareholder, as being entitled to the shares registered in the name of such Shareholder.

40. The
 receiver or liquidator of a Shareholder in winding-up or dissolution, or the trustee in bankruptcy or any official receiver of any
 bankrupt Shareholder, upon producing such evidence as the Board of Directors may deem sufficient that he sustains the character in
 respect of which he proposes to act under this Article or of his title, may, with the consent of the Board of Directors (which the
 Board of Directors may refuse to grant without giving any reason for its refusal), be registered as a Shareholder in respect of such
 shares, or may, subject to the regulations as to transfer herein contained, transfer such shares.

41. A
 person upon whom the ownership of a share devolves by transmission shall be entitled to receive, and may give a discharge for, any
 dividends or other monies payable in respect of the share but he shall not be entitled in respect of it to receive notices, or to
 attend or vote at General Meetings of the Company, or, save as otherwise provided herein, to exercise any of the rights or privileges
 of a Shareholder, unless and until he shall be registered in the Register.

**<u>Redeemable Shares</u>**

42. The
 Company may, subject to the provisions of the Companies Law, issue redeemable shares and redeem them.

**<u>Alteration and Increase of Share Capital</u>**

43. The
 Company may from time to time, by Shareholder Resolution, whether or not all the shares authorized have been issued, and whether
 or not the whole of the shares then issued has been called up for payment, increase its share capital by the creation of new shares,
 and such increase shall be in such amount and shall be divided into shares of such nominal amounts, and be issued subject to such
 restrictions and terms and with such rights and preferences, as the resolution creating the same shall provide. In particular the
 shares may be issued with preferential or deferred rights as to dividends or the distribution of assets and with special, limited
 or no voting rights.

44. Unless
 otherwise provided in the resolution authorizing the increase of share capital, the new shares shall be subject to the same provisions
 applicable to the shares of the original capital with regard to the payment of calls, lien, forfeiture, transfer, transmission and
 otherwise.

45. The
 Company may, by Shareholder Resolution and in accordance with and subject to the Companies Law:

&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidate
 its share capital or any portion thereof and divide it into shares of larger nominal value than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;(b) divide
 its existing shares or any portion thereof by subdivision into shares of smaller nominal value;

(c) cancel
 any unissued shares provided there is no obligation of the Company, including a contingent obligation, to issue the shares, and reduce
 in such manner its share capital by the amount of the shares which are cancelled; and/or

(d) reduce
 its share capital in any manner permitted by law and subject to any condition required by law.

46. With
 respect to any consolidation of issued shares into shares of larger nominal value, and with respect to any other action which may
 result in fractional shares, the Board of Directors may settle any difficulty which may arise with regard thereto as it deems fit,
 including, *inter alia*, by means of one or more of the following actions, subject to applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;(a) determine,
 as to the holder of shares so consolidated, which issued shares shall be consolidated into each share of larger nominal value;

(b) allot,
 in contemplation of or subsequent to such consolidation or other action, such shares or fractional shares sufficient to preclude
 or remove fractional shareholdings;

(c) redeem
 in the case of redeemable shares, and subject to applicable law, such shares or fractional shares sufficient to preclude or remove
 fractional shareholdings; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) cause
 the transfer of fractional shares by certain Shareholders of the Company to other Shareholders thereof so as to most expediently
 preclude or remove any fractional shareholdings, and cause the transferees to pay the transferors the fair value of fractional shares
 so transferred, and the Board of Directors is hereby authorized to act as agent for the transferors and transferees with power of
 substitution for purposes of implementing the provisions of this Article.

**<u>Purchase of the Company's Shares</u>**

47. The
 Company may, subject to and in accordance with the provisions of the Companies Law, purchase or undertake to purchase, or provide
 finance and/or assistance or undertake to provide finance and/or assistance, directly or indirectly, with respect to the purchase
 of, its shares or securities which may be converted into shares of the Company or which confer rights upon the holders thereof to
 purchase shares of the Company.

**<u>Borrowing Powers</u>**

48. The
 Board of Directors may from time to time, at its discretion, borrow or secure the payment of any sum or sums of money for the purposes
 of the Company. The Directors may raise or secure the repayment of such sum or sums in such manner, at such times and upon such terms
 and conditions in all respects as they think fit and, in particular, by the issue of bonds, perpetual or redeemable debentures, debenture
 stock or any mortgages, charges or other securities on the undertaking of the whole or any part of the property of the Company, both
 present and future, including its uncalled capital for the time being and its called but unpaid capital.

**<u>Record Date for General Meetings</u>**

49. Notwithstanding
 any other provision of these Articles to the contrary, and subject to applicable law, the Board of Directors may fix a date, not
 exceeding 40 days prior to the date of any General Meeting, as the date as of which Shareholders entitled to vote at such meeting
 shall be determined, and all persons who are registered in the Register as holders of voting shares on such date and no others shall
 be entitled to vote at such meeting. A determination of Shareholders of record entitled to vote at any General Meeting shall apply
 to any adjournment of such meeting; provided however, that the Board may fix a new record date for the adjourned meeting.

**<u>General Meetings</u>**

50. An
 annual General Meeting shall be held at least once in every calendar year, not later than 15 months after the last preceding annual
 General Meeting, at such time and place as the Board of Directors may determine, and such meetings shall be called "**Annual General Meetings** ". The function of Annual General Meetings shall be to elect Directors in accordance with these Articles,
 receive and consider the profit and loss account, the balance sheet and the ordinary reports and accounts of the Directors and auditors,
 appoint auditors and transact any other business which under these Articles or applicable law may be transacted by the shareholders
 of a company in general meeting. All other General Meetings shall be called "**Special General Meetings** ".

51. The
 Board of Directors may whenever it thinks fit convene a Special General Meeting, and it shall be obliged to do so upon a request
 in writing as provided in the Companies Law.

52. (a) The
 Company shall not be required to deliver or serve notice (' *Hodaa'*) of General Meetings or of any adjournments
 thereof to any Shareholder.

(b) Without
 derogating from the provisions of Article 52(a) above, the Company will publicize the convening of General Meetings in any manner
 reasonably determined by the Company, such as by filing an appropriate periodic report with the SEC, by posting a notice on the Company's
 website or by publishing in one or more international wire services or in one or more newspapers, and any such publication shall
 be deemed duly made, given and delivered to all Shareholders on the date on which it is first made, posted, filed or published in
 the manner so determined by the Company in its sole discretion.

**<u>Proceedings at General Meetings</u>**

53. (a) No
 business shall be transacted at a General Meeting unless the requisite quorum is present at the commencement of the meeting. Unless
 otherwise provided in these Articles, two or more Shareholders, present in person or by proxy, holding shares conferring in the aggregate
 more than 33.33% of the voting rights of the Company on the record date, shall constitute a quorum.

(b) If
 within half an hour from the time appointed for the General Meeting a quorum is not present, the General Meeting, if convened by
 the Board upon the demand of Shareholders or upon the demand of less than 50% of the Directors then in office or directly by such
 Shareholders or Directors, shall be cancelled. Otherwise, if a General Meeting is called and no quorum is present within half an
 hour from the time appointed for such General Meeting, it shall stand adjourned to the same day in the following week, at the same
 time and place or to such other day, time and place as the Directors may determine and specify in the publication with respect to
 the General Meeting. It shall not be necessary to give notice of or publicize such adjournment. If at such adjourned General Meeting
 a quorum is not present within half an hour from the time stated, any two Shareholders present in person or by proxy shall constitute
 a quorum even if, between them, they represent shares conferring 33.33% or less of the voting rights of the Company.

54. Unless
 otherwise prescribed by applicable law or by these Articles, a resolution of the Shareholders will be deemed adopted if approved
 at a General Meeting at which a quorum is present by a simple majority of the voting rights of the Company (as set forth in Article
 62 below) represented personally or by proxy and voting thereon; *provided, however*, that a resolution with respect to
 the amendment or replacement of the Articles of Association of the Company shall require the affirmative vote of at least 75% of
 the voting rights of the Company represented personally or by proxy and voting thereon at a General Meeting at which a quorum is
 present.

55. (a) The
 Chairman of the Board of Directors will serve as the chairman of General Meetings of the Company. If such Chairman shall have indicated
 in advance that he will not be attending, or shall be unwilling to act in such capacity, or shall not be present within 15 minutes
 from the time stated for the commencement of the meeting, the most senior of the Directors present (such seniority to be determined
 by the length of time such person has served as a Director) and willing to do so will chair the meeting and, if no Director is present
 or if no Directors are willing to chair the meeting, those present may choose from amongst themselves a person to chair the meeting.

(b) The
 chairman of any General Meeting shall not be entitled to a second or casting vote.

56. Every
 question submitted to a General Meeting shall be decided by a show of hands, but if a written ballot is demanded by a Shareholder,
 present in person or by proxy and entitled to vote at the meeting, the same shall be decided by a written ballot. A written ballot
 may be demanded before the proposed resolution is voted upon or immediately after the declaration by the chairman of the results
 of the vote by a show of hands. If a written ballot is demanded after such declaration, the results of the vote by a show of hands
 shall be of no effect and the proposed resolution shall be decided by the written ballot.

57. If
 a written ballot is demanded as aforesaid, it shall be taken in such manner and at such time and place as the chairman of the General
 Meeting directs, and either at once or after an interval or adjournment, or otherwise, and the result of the written ballot shall
 be deemed to be the resolution of the General Meeting in respect of which the written ballot is demanded. The demand for a written
 ballot may be withdrawn at any time before the written ballot is taken.

58. (a) The
 demand for a written ballot shall not prevent the continuation of the General Meeting for the transaction of any business other than
 in respect of the question on which the written ballot has been demanded.

(b) A
 written ballot demanded on the election of a chairman or on a question of an adjournment of a General Meeting shall be taken forthwith.

59. A
 declaration by the chairman of the General Meeting that a resolution has been carried unanimously, or carried by a particular majority,
 or rejected, and an entry to that effect in the book of proceedings of the Company, shall be conclusive evidence of the fact without
 proof of the number or proportion of the votes recorded in favor of or against such resolution.

60. The
 chairman of a General Meeting at which a quorum is present may, with the consent of the holders of a majority of the voting rights
 of the Company represented, personally or by proxy, at the General Meeting and voting on the question of adjournment, adjourn the
 same from time to time and from place to place and the chairman shall do so if so directed by the General Meeting; but no business
 shall be transacted at any adjourned General Meeting other than the business left unfinished at the General Meeting from which the
 adjournment takes place. The Company will publicly announce the adjournment and the matters to be included on the agenda of the adjourned
 General Meeting in the same manner in which it announced the convening of the original General Meeting.

61. Subject
 to applicable law, a resolution in writing signed by all Shareholders then entitled to vote at General Meetings or to which all such
 Shareholders have given their written consent (including, but not limited to, by letter, telegram, telex, facsimile, electronic mail
 or otherwise) shall be deemed to have been adopted as if it were adopted as a Shareholder Resolution at a General Meeting duly convened
 and held. Any such resolution may consist of several documents in like form and signed or consented to as aforesaid, by one or more
 Shareholders.

**<u>Votes of Shareholders</u>**

62. Subject
 to any special conditions, rights or restrictions as to voting rights set forth in the terms of issue of any shares or attached at
 the time to any class of shares, every Shareholder present in person or by proxy, whether in a vote by a show of hands or by written
 ballot, shall have one vote for each Ordinary Share of record held by him.

63. A
 company or other corporate body being a Shareholder of the Company may duly authorize any person it deems fit to be its representative
 at any General Meeting or to execute or deliver a proxy on its behalf, as provided for below. Any person so authorized shall be entitled
 to exercise, on behalf of the corporation which he represents, all the powers which the corporation could have exercised if it were
 an individual Shareholder. Upon request of the chairman of the General Meeting, written evidence of such authorization (in a form
 reasonably acceptable to the chairman) shall be delivered to him.

64. In
 the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion
 of the votes of the other joint holders; and for this purpose seniority shall be determined by the order in which the names stand
 in the Register.

65. Shareholders
 may vote either personally or by proxy, or, if the Shareholder is a company or other corporate body, by a representative pursuant
 to Article 63 above or by a duly authorized proxy, as prescribed hereinafter.

66. Any
 instrument appointing a proxy or representative shall be in writing under the hand of the appointer or of his attorney duly authorized
 in writing, or, if such appointer is a corporation, under its common seal if any, or under the hand of some officer duly authorized
 in that behalf.

67. No
 Shareholder (or proxy or representative of a Shareholder) shall be entitled to vote at a General Meeting unless all calls or other
 sums presently payable in respect of his shares in the Company have been paid.

68. Every
 instrument of proxy, whether for a specified General Meeting or otherwise, shall be in writing in such usual or accepted form or
 forms as shall be approved by the Board of Directors.

69. A
 vote given in accordance with the terms of an instrument of appointment of proxy or representative shall be valid notwithstanding
 the previous death of the principal, or revocation of the appointment, or transfer of the share in respect of which the vote is given,
 unless notice in writing of the death, revocation or transfer shall have been received at the Office or by the chairman of the General
 Meeting before the vote is given.

**<u>The Board of Directors</u>**

70. (a) The
 number of Directors shall be not less than three and not more than eleven, including any External Directors (as defined below). Subject
 to the aforesaid, the number of Directors from time to time shall be determined, from time to time, by a majority of the Directors
 then in office; provided that no decrease in the number of Directors shall shorten the term of any incumbent Director.

(b) If
 at any time the Company shall be required to appoint independent or external directors, such as a public director or directors of
 any other type as may be required by law ()"**External Directors** "), such directors shall serve on the Board at least
 in the number required by law. External Directors will be appointed, removed and serve pursuant to the relevant provisions of the
 law which apply to External Directors. If permitted by applicable law, External Directors will be appointed by the Board.

(c) The
 Directors, other than External Directors required by the Companies Law (who will be chosen and appointed, will serve and whose term
 will expire in accordance with applicable law), shall be appointed in accordance with the provisions of this Article.

(d) The
 Directors shall be divided into three classes, namely Class I, Class II and Class III (except for External Directors required by
 the Companies Law who shall not form part of any class and whose term shall be determined in accordance with applicable law and except
 for Directors appointed by the Board pursuant to Article 70(e) below). Initially, the Directors of each class shall be appointed
 or classified by Shareholder Resolution at the General Meeting at which these Articles are first adopted. Each of the classes shall
 be as nearly equal in number as possible. Each initial Director in Class I shall serve for a term expiring at the end of the Annual
 General Meeting held during the year 2015, each initial Director in Class II shall serve for a term expiring at the end of the Annual
 General Meeting held during the year 2016 and each initial Director in Class III shall serve for a term expiring at the end of the
 Annual General Meeting held during the year 2017. The initial Directors in Class I, Class II and Class III shall serve until the
 end of the relevant Annual General Meeting as set forth above and until their successors have been duly elected or until any such
 Director's appointment terminates as provided in the Companies Law or due to any of the circumstances set forth in Article
 73 below. At each Annual General Meeting, the successors to the class of Directors whose terms expire at the end of that meeting
 shall be elected by Shareholder Resolution to hold office for a term expiring at the end of the Annual General Meeting held in the
 third year following the year of their election and until their successors have been duly elected and qualified or until any such
 Director's appointment terminates as provided for in the Companies Law or due to any of the circumstances set forth in Article
 73 below, in such manner that after the initial terms of office set forth above, all Directors shall be appointed for terms of approximately
 three years, and approximately one-third of the Directors (not including External Directors) shall stand for election each year.

(e) Vacancies
 on the Board of Directors, however arising, including as a result of an increase in the number of Directors pursuant to Article 70(a)
 above, may be filled by a resolution of the majority of the Directors then in office. Each Director appointed in accordance with
 this Article 70(e) shall hold office until the end of the next Annual General Meeting or until such Director's appointment
 terminates as provided for in the Companies Law or due to any of the circumstances set forth in Article 73 below.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 the aforesaid, Directors may not be dismissed from office by the Shareholders or by a General Meeting prior to expiration of their
 term of office pursuant to Article 70(d) or (e) above, and the provisions of Section 230(a) of the Companies Law in this regard shall
 not apply.

(g) Except
 in the case of a person nominated by the Board of Directors, no person shall be eligible to be elected as a Director unless notice
 in writing of the intention to nominate such person is delivered to the Office not later than ten days, and not earlier than 40 days,
 prior to the date scheduled for the Annual General Meeting, signed by a Shareholder entitled to participate in and vote at the scheduled
 meeting, together with the written consent of the proposed nominee and such information regarding the proposed nominee as would have
 been required to be provided to the Company and declared upon by the proposed nominee under applicable law, had such nominee been
 nominated, or intended to be nominated, by the board of directors of a company and any other information reasonably requested by
 the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) In
 the event the number of nominees to serve as Directors at any Annual General Meeting is greater than the number of Directors to be
 elected at such Annual General Meeting as determined pursuant to these Articles, the Directors elected shall be those nominees who
 receive the greatest number of votes up to the number of Directors to be elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event the number of Directors to be elected at any Annual General Meeting (other than External Directors) is greater than the
 number of Directors in that class of Directors whose terms expire at such meeting, then the Annual General Meeting at which such
 Directors are elected shall, to the extent necessary, divide the Directors elected among the classes of Directors in order to keep
 the classes as nearly equal in number as possible, and the initial term of office of any additional Directors so elected to any class
 whose term did not expire at such meeting shall correspond to, and expire together with, the term of office of the Directors in the
 class to which they were elected.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 term of office of a Director (including an External Director) will begin as of the date of the Annual General Meeting at which he
 was elected or as of the date of the meeting of the Board of Directors at which he was appointed (if appointed pursuant to Article
 70(e) above) or at such later date as is determined in the resolution electing or appointing him or pursuant thereto.

(j) Notwithstanding
 any provision of these Articles, or of any law which might otherwise permit a lesser vote, and in addition to the majority required
 pursuant to Article 54 above with respect to amendment or replacement of these Articles, the affirmative vote of at least 75% of
 the voting rights of the Company represented personally or by proxy and voting thereon at a General Meeting at which a quorum is
 present shall be required to alter, amend or repeal this Article 70.

71. (a) A
 Director shall have the right, by written notice to the Company, to appoint a person as an alternate to act in his place, to remove
 the alternate and appoint another in his place and to appoint an alternate in place of an alternate whose office is vacated for any
 reason whatsoever. A person who is not qualified to be appointed as a Director, or a person who serves as a Director or an alternate
 Director, may not be appointed as an alternate Director. All references in these Articles to Directors shall, where the context so
 requires, mean and include alternate Directors.

(b) Any
 notice given to the Company as aforesaid shall become effective on the date fixed therein, upon delivery to the Company or, with
 respect to the appointment of an alternate Director, when approved by a majority of the Directors then in office, whichever is later.
 The approval of the appointing Director will be counted in calculating whether a majority of Directors have approved. Unless the
 appointing Director limits the time or scope of the appointment, the appointment is effective for all purposes until the appointing
 Director ceases to be a Director or terminates the appointment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) An
 alternate for a Director shall, subject to any instructions or limitations contained in the instrument appointing him, have all the
 authority and powers held by the Director for whom he acts as alternate; provided however, that he may not in turn appoint an alternate
 for himself (unless the instrument appointing him otherwise expressly provides); and provided further that an alternate shall have
 no standing at any Board Meeting or any meeting of a committee of the Board at which the Director appointing him is personally present
 or at which the Director appointing him is not entitled to participate in accordance with Article 75 below.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 office of an alternate for a Director shall *ipso facto* be vacated if he is removed by the Director appointing him,
 or if the office of the Director for whom he acts as alternate is vacated for any reason whatsoever, or if one of the circumstances
 described in Article 73 below should occur with respect to the alternate.

(e) An
 alternate Director shall alone be responsible for his actions and omissions and shall not be deemed an agent of the Director who
 appointed him.

(f) Every
 alternate Director shall be entitled to receive, so long as he serves as an alternate, notice of Board Meetings and of meetings of
 any relevant committees.

72. Subject
 to applicable law, a Director who has ceased to hold office shall be eligible for re-election or re-appointment.

73. The
 office of a Director shall *ipso facto* be vacated upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;(a) His
 death, or, if the Director is a legal entity, it has adopted a resolution of voluntary liquidation or winding-up, or a liquidation
 order has been issued with respect thereto;

(b) Should
 he be declared to be legally incompetent;

(c) Should
 he be declared bankrupt;

(d) Should
 he resign his office by notice in writing to the Company; or

(e) As
 otherwise provided in the Companies Law.

74. A
 Director shall not be required to hold qualification shares.

75. (a) Subject
 to the provisions of the Companies Law, no Director or other Office Holder of the Company shall be disqualified by his office from
 holding any office or place of profit within or outside the Company or with any company in which the Company shall be a shareholder
 or otherwise interested, or with any company which is a shareholder of, or otherwise interested in, the Company or from contracting
 with the Company either as vendor, purchaser or otherwise, either on his own behalf or as a director of another company or member
 of a firm or otherwise, nor (unless and to the extent provided otherwise in the Companies Law) shall any such contract, or any contract
 or arrangement entered into by or on behalf of the Company in which any Director or Office Holder shall be in any way interested,
 be void or voidable, nor shall he be liable to account to the Company for any profit arising from any such office or place of profit
 or realized by any such contract or arrangement by reason only of such Director or Office Holder holding that office or of the fiduciary
 relations thereby established, but it is hereby declared that the nature of his interest must be disclosed by him as provided in
 the Companies Law and in any event not later than at the Board Meeting at which the contract or arrangement is first taken into consideration,
 if his interest then exists or, in any other case, at the first Board Meeting after the acquisition of his interest.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 and to the extent provided otherwise in the Companies Law, every Director shall be entitled, after such disclosure, to vote as a
 Director in respect of any contract or arrangement in which he is so interested as aforesaid. Unless and to the extent provided otherwise
 in the Companies Law, a general notice that a Director is a member of any firm or company and is to be regarded as interested in
 all transactions with that firm or company shall be a sufficient disclosure under this Article as regards such Director and the said
 transactions, and after such general notice (unless and to the extent provided otherwise in the Companies Law), it shall not be necessary
 for such Director to give a special notice relating to any particular transaction with that firm or company.

(c) A
 transaction referred to in this Article 75, which is not an Extraordinary Transaction shall be approved by the Board or by a committee
 authorized to do so by the Board. Such approval may be general in nature and may be given in advance. Notwithstanding the aforesaid,
 if according to the provisions of the Companies Law a specific or special approval for a particular transaction or type of transaction
 is required, such transaction shall also require such approval.

&nbsp;&nbsp;&nbsp;&nbsp;(d) An
 Extraordinary Transaction requires approval as provided under the Companies Law.

76. (a) A
 Director may be paid remuneration by the Company for his services as a Director to the extent such remuneration is approved pursuant
 to the Companies Law.

(b) If
 a Director, willing to do so, is called upon to fulfill special services or make special efforts for any of the Company's objects,
 by travelling abroad or staying there or otherwise, the Company may pay him a salary at a fixed rate or a percentage of its profits
 or otherwise as the Board of Directors may decide and subject to approval by Shareholder Resolution and the provisions of the Companies
 Law, and such salary may be in addition to or in place of the fixed remuneration (if any).

**<u>Proceedings of the Board of Directors</u>**

77. (a) The
 Chairman of the Board of Directors shall convene Board Meetings in accordance with the provisions of the Companies Law, and may adjourn
 and otherwise regulate the proceedings of such meetings, as he thinks fit. The quorum for Board Meetings and/or for any matter to
 be brought before the Board shall be a majority of the Directors then in office and entitled to participate and vote with respect
 thereto.

(b) Unless
 and to the extent provided otherwise in the Companies Law, a Director who is an interested party in any transaction shall be counted
 for purposes of a quorum despite his interest.

(c) A
 Director may participate personally or by his alternate.

78. Notice
 of a Board Meeting may be given verbally, by telephone or sent to all Directors at their registered addresses, by telex, facsimile,
 electronic mail or other reliable method of transmission, at least 24 hours prior to the Board Meeting unless all Directors agree
 to shorter notice. Directors will be entitled to participate by way of video or audio conference in such manner that all persons
 participating in the meeting are able to hear each other at the same time, and the Company will cooperate, as may reasonably be required,
 in providing video or audio conferencing capabilities to effectuate such participation.

79. (a) Each
 Director shall have one vote.

(b) All
 resolutions of the Board will be adopted by a simple majority of the Directors present and voting (with the Directors participating
 by video or audio conference, if any, being deemed present and entitled to vote) at a Board Meeting.

80. The
 Board of Directors shall elect one of its members to be the Chairman of the Board of Directors, and may remove such Chairman from
 office and appoint another in his place. The Chairman of the Board of Directors shall take the chair at every Board Meeting, but
 if there is no such Chairman, or if he shall have indicated in advance that he will not be attending, or if at any meeting he is
 not present within 15 minutes of the time appointed for the meeting, or if he is unwilling to take the chair, the Directors present
 shall choose one of their number to be the Chairman of such meeting.

81. The
 Chairman of a Board Meeting, whether he be the Chairman of the Board of Directors or any other member of the Board of Directors,
 shall have no extra or casting vote.

82. A
 Board Meeting at which a quorum is present shall be competent to exercise all the authorities, powers and discretions for the time
 being vested in or exercisable by the Board of Directors.

83. (a) Subject
 to applicable law, the Board of Directors may for any particular matter delegate any or all of its powers to committees consisting
 of one or several Directors, as the Board of Directors may deem fit, including, as aforesaid, the authority to approve transactions
 that are not Extraordinary Transactions, pursuant to Sections 270(l) and 271 of the Companies Law, and the Board of Directors may
 from time to time revoke such delegation.

(b) Any
 committee so formed shall, in the exercise of the powers so delegated, conform to any regulations that may be imposed on it by the
 Board of Directors. The meetings and proceedings of any such committee consisting of two or more members shall be governed by the
 provisions herein contained for regulating the meetings of the Board of Directors, so far as the same are applicable thereto, and
 so far as not superseded by any regulations made by the Board of Directors under this Article.

84. All
 acts performed at or in accordance with any Board Meeting, or any meeting of a committee of the Board of Directors, or by any person
 acting as Director or alternate for a Director, shall, notwithstanding that it may afterwards be discovered that there was some defect
 in the appointment of such Directors or members of a committee of the Board of Directors or person acting as aforesaid or any of
 them, or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and was qualified
 to be a Director, alternate or a member of such a committee, as the case may be.

85. A
 resolution in writing signed by all Directors or members of a committee of the Board of Directors then in office and entitled to
 vote thereon or to which all such Directors or members shall have given their written consent (by letter, telegram, facsimile, electronic
 mail or otherwise) shall be deemed to have been unanimously adopted by a Board Meeting or committee meeting duly convened and held.

**<u>Managing Directors or General Manager</u>**

86. The
 Board of Directors may from time to time appoint one or more persons (whether a Director or not) to be managing director(s), general
 manager(s), chief executive officer(s) and/or president(s) (or any similar function with a different title) of the Company, either
 for a fixed term or without any limitation as to the period for which he is or they are to hold office, and may from time to time
 modify or revoke such titles or (subject to any provisions of any contract between him or them and the Company) remove or dismiss
 him or them from office and appoint another or others in his or their place or places.

87. Subject
 to the provisions of the Companies Law, the remuneration of a managing director, general manager, chief executive officer and/or
 president shall from time to time (subject to any contract between him and the Company) be fixed by the Board of Directors, and may
 be in the form of a fixed salary or commission on dividend, profits or turnover of the Company, or of any other company the Company
 has an interest in, or by participation in profits or in one or more of these forms.

88. Subject
 to the provisions of the Companies Law, the Board of Directors may from time to time entrust to and confer upon a managing director,
 general manager, chief executive officer and/or president for the time being such of the powers exercisable under these Articles
 by the Board of Directors as it may think fit, and may confer such powers for such time, and to be exercised for such objects and
 purposes, and upon such terms and conditions, and with such restrictions, as it thinks expedient; and it may confer such powers,
 either collaterally with, or to the exclusion of, and in substitution for, all or any of the powers of the Board of Directors in
 that behalf; and may from time to time revoke, withdraw, alter or vary all or any of such powers.

**<u>Powers of the Board of Directors</u>**

89. The
 management of the business of the Company shall be vested in the Board of Directors, and the Board of Directors may exercise all
 such powers and do all such acts and things as the Company is, by its Articles of Association or under the law, authorized to exercise
 and do, and are not hereby or by statute directed or required to be exercised or done by the Company in General Meeting, but subject,
 nevertheless, to the provisions of the Companies Law and to these Articles.

90. Without
 prejudice to any of the general powers granted to the Board of Directors in accordance with Article 89 above and any other powers
 granted to it under these Articles, and without restricting or reducing in any way any of the above mentioned powers, it is hereby
 explicitly declared that the Board of Directors shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 appoint a person or persons (whether they be incorporated or not) to receive and hold in trust for the Company any property whatsoever
 that belongs to the Company or that the Company has an interest in, or for any other purpose and to execute and perform all actions,
 deeds and necessary activities with relation to any such trust, and to see to the remuneration of any such trustee(s).

(b) To
 initiate, manage, defend, compromise or discontinue any and all legal proceedings on behalf of or against the Company or its officials
 or that pertain in any way to its affairs, and to compromise and extend the period for payment or discharge of any debt due or suits
 or claims by or against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 refer any suit or claim by or against the Company to arbitration.

(d) To
 determine, from time to time, those authorized to sign in the Company's name on bills of exchange, promissory notes, receipts,
 certificates of receipt, endorsements, checks, certificates of dividend, releases, contracts and other documents of any kind whatsoever.

(e) In
 general, and subject to the provisions of the Companies Law and these Articles, to delegate to any person, firm, company or variable
 group of people, the powers, authority and discretion vested in the Board of Directors.

**<u>Local Management</u>**

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

92. The
 Board of Directors may from time to time, and at any time, establish any local board or agency for managing any of the affairs of
 the Company in any specified locality, in Israel or abroad, and may appoint any person to be a member of such local board, or any
 manager or agent, and may fix their remuneration. Subject to the provisions of the Companies Law, the Board of Directors may from
 time to time, and at any time, delegate to any person so appointed any of the powers, authority and discretions for the time being
 vested in the Board of Directors, and may authorize any member for the time being of any such local board to continue in his office
 notwithstanding any vacancy which may occur, and any such appointment or delegation may be made on such terms and subject to such
 conditions as the Board of Directors may think fit, and the Board of Directors may at any time remove any person so appointed and
 may annul or vary any such delegation. The Board of Directors may authorize any person to whom it has delegated powers, authority
 or discretion, as mentioned, to delegate them or part of them further.

**<u>Register of Shareholders</u>**

93. (a) The
 Company shall keep a Register in which it may record such information as may be deemed appropriate by the Board of Directors and/or
 as may be permitted by the Companies Law or these Articles. In addition, the Company shall record in the Register the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 names and addresses of the Shareholders, the number of shares held by each Shareholder and the amount paid or the amount to be considered
 as paid on the shares of each Shareholder;

(ii) The
 day each person was registered in the Register as a Shareholder;

(iii) The
 amounts called, if any, that are due on the shares of each Shareholder; and

(iv) Any
 other information required by the Companies Law or these Articles to be recorded in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 principal register shall be kept at the Office and, apart from the times the Register is closed in accordance with the provisions
 of the Companies Law or these Articles, shall be open to the inspection of any Shareholder free of charge, and of any other person
 at such fee as the Company shall determine for each matter, during regular business hours.

(c) The
 Register may be closed for such period, if any, as the Board of Directors shall determine from time to time, on the condition that
 the Register shall not be closed for a period exceeding 30 days during any calendar year.

**<u>Minutes and the Seal</u>**

94. (a) The
 Board of Directors shall cause minutes to be duly recorded regarding the names of the Directors present at each Board Meeting and
 each meeting of any committee(s) of the Board of Directors; the names of the Shareholders present at each General Meeting; and the
 proceedings and resolutions of General Meetings and of Board Meetings and meetings of committee(s) of the Board of Directors. Any
 minutes as aforesaid of a Board Meeting, of a meeting of a committee of the Board of Directors or of a General Meeting, if purporting
 to be signed by the chairman of such meeting or by the chairman of the next succeeding meeting, shall be accepted as *prima facie* evidence of the matters therein recorded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The
 Company may have one or more rubber stamps for affixing on documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Board of Directors shall be entitled to authorize any person or persons (even if he or they is or are not Directors(s) of the Company)
 to act and sign on behalf of the Company, and further to delegate such signatory powers, and the acts and signatures of such person
 or persons on behalf of the Company shall bind the Company insofar as such person or persons acted and signed within his or their
 powers aforesaid.

(iii) The
 Board of Directors may provide for a seal. If the Board of Directors so provides, it shall also provide for the safe custody thereof;
 such seal shall not be used except by the authority of the Board of Directors.

**<u>The Secretary, Officers and Attorneys</u>**

95. The
 Board of Directors may appoint a corporate secretary to the Company and may appoint officers, personnel, agents and servants, for
 fixed, provisional or special duties, as the Board of Directors may from time to time deem fit, and may from time to time, in its
 absolute discretion, suspend the service of any one or more of such persons.

96. The
 Board of Directors may determine the powers and duties, as well as the salaries, of such persons and may demand security in such
 cases and in such amounts as it deems fit.

97. The
 Board of Directors may from time to time, and at any time, by power of attorney, appoint any company, firm or person or body of persons,
 whether nominated directly or indirectly by the Board of Directors, to be the attorney(s) of the Company for such purposes and with
 such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board of Directors under these Articles),
 and for such period and subject to such conditions as it thinks fit, and any such power of attorney may contain such provisions for
 the protection and convenience of the above-mentioned attorney(s) and/or of those persons who come into contact with such attorney(s)
 as the Board of Directors may think fit, and may also authorize any such attorney(s) to delegate all or any of the powers, authorities
 and discretion vested in him or them.

**<u>Dividends and Reserve Fund</u>**

98. The
 Board of Directors may, from time to time, set aside, out of the profits of the Company, such sums as it thinks proper, as a reserve
 fund to meet contingencies, or for equalizing dividends, or for special dividends, or for repairing, improving and maintaining any
 of the property of the Company, and for such other purposes as the Board of Directors shall in its absolute discretion think conducive
 to the interests of the Company, and may invest the sums so set aside in such investments as it may think fit, and from time to time
 deal with and vary such investments, and dispose of all or any part thereof for the benefit of the Company, and may divide the reserve
 fund into such special funds as it thinks fit, and employ the reserve fund or any part thereof in the business of the Company, and
 that without being bound to keep the same separate from the other assets of the Company. The Board of Directors may also, without
 placing the same to reserve, carry forward any profits which it deems prudent not to divide.

99. Subject
 to the rights of holders of shares with limited or preferred rights as to dividends, and subject to the provisions of these Articles
 as to the reserve fund, all dividends shall be paid to the Shareholders in proportion to the amount paid up or credited as paid up
 on account of the nominal value of the shares held by them respectively and in respect of which such dividend is being paid, without
 regard to any premium paid in excess of the nominal value, if any, but if any share is issued on terms providing that it shall rank
 for dividend from a particular date, such share will rank for dividend accordingly.

100. Subject
 to the provisions of the Companies Law, the Board of Directors may from time to time declare such dividends as may appear to the
 Board of Directors to be justified by the profits of the Company, and cause the Company to pay such dividends. The Board of Directors
 shall have the full authority to determine the time for payment of such dividends, and the record date for determining the Shareholders
 entitled thereto, provided such date is not prior to the date of the resolution to distribute the dividend, and no Shareholder who
 shall be registered in the Register with respect to any shares after the record date so determined shall be entitled to share in
 any such dividend with respect to such shares.

101. No
 dividend shall be paid other than out of the profits of the Company, as defined in the Companies Law, and no interest shall be paid
 by the Company on dividends.

102. A
 dividend may be paid, wholly or partly, by the distribution of specific assets of the Company or by the distribution of specific
 assets, paid-up shares, debentures or debenture stock of any other company, or in any one or more such ways.

103. The
 Board of Directors may resolve that any moneys, investments or other assets forming part of the undivided profits of the Company
 standing to the credit of the reserve fund, or to the credit of any reserve fund for the redemption of capital, or to the credit
 of any reserve fund for the revaluation of real estate or other assets of the Company or any other reserve fund or investment funds,
 or in the hands of the Company and available for dividends, or representing premiums received on the issue of shares and standing
 to the credit of the share premium account, be capitalized and distributed among such of the Shareholders as would be entitled to
 receive the same if distributed by way of dividend and in the same proportion on the basis that they become entitled thereto as capital;
 and that all or any part of such capitalized fund be applied on behalf of such Shareholders in paying up in full, either at par or
 at such premiums as the resolution may provide, any unissued shares or debentures or debenture stock of the Company which shall be
 distributed accordingly or in or towards the payment, in full or in part, of the uncalled liability on any issued shares or debentures
 or debenture stock; and that such distribution or payment shall be accepted by such Shareholders in full satisfaction of their share
 and interest in the said capitalized sum.

104. For
 the purpose of giving effect to any resolution under the two last preceding Articles, the Board of Directors may settle any difficulty
 which may arise in regard to the distribution as it thinks expedient, and, in particular, without derogating from the generality
 of the foregoing, may issue fractional Share Certificates or make payment in lieu of fractional shares in an amount determined by
 the Board, and may fix the value for distribution of any specific assets, and may determine that cash payments shall be made to any
 Shareholders upon the basis of the value so fixed, or that fractions of less than NIS 0.01 (one New Agora) in value may be disregarded
 in order to adjust the rights of all parties, and may vest any such cash, shares, debentures, debenture stock or specific assets
 in trustees for the persons entitled to the dividend or capitalized fund against such securities as may seem expedient to the Board
 of Directors. Where requisite, a proper contract shall be filed in accordance with the Companies Law, and the Board of Directors
 may appoint any person to sign such contract on behalf of such persons entitled to the dividend or capitalized fund.

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

106. (a) The
 Board of Directors may retain any dividend or other monies payable or property distributable in respect of a share on which the Company
 has a lien, and may apply the same in or towards satisfaction of the debts, liabilities, or engagements in respect of which the lien
 exists.

(b) The
 Board of Directors may, when paying any dividend, resolve to retain any dividend, or other monies payable or property distributable,
 for distribution with respect to a share in respect of which any person is under these Articles entitled to become a Shareholder,
 or which any person is under these Articles entitled to transfer, until such person shall become a Shareholder in respect of such
 share or shall transfer the same.

107. All
 unclaimed dividends or other monies payable in respect of a share may be invested or otherwise made use of by the Board of Directors
 for the benefit of the Company until claimed. The payment by the Board of Directors of any unclaimed dividend or such other monies
 into a separate account shall not constitute the Company a trustee in respect thereof. The principal (and only the principal) of
 an unclaimed dividend or such other moneys shall, if claimed, be paid to a person entitled thereto. Any dividend unclaimed after
 a period of three (3) years from the date of declaration of such dividend shall be forfeited to the benefit of the Company; *provided, however*, that the Company, at its sole discretion, shall be entitled (but not required) to pay any such dividend, or any part
 thereof, as provided above, to a person who would have been entitled thereto had the same not been forfeited.

108. Any
 dividend or other monies payable in cash in respect of a share may be paid by check or warrant sent through the post to, or left
 at, the registered address of the person entitled thereto or by transfer to a bank account specified by such person (or, if two or
 more persons are registered as joint holders of such share to the one whose name appears first in the Register), or to such person
 and at such address as the person entitled thereto may by writing direct. Every such check or warrant shall be made payable to the
 order of the person to whom it is sent, or to such person as the person entitled thereto as aforesaid may direct, and payment of
 the check or warrant by the banker upon whom it is drawn shall be a good discharge to the Company.

109. If
 several persons are registered as joint holders of any share, or are entitled jointly thereto in consequence of the death or bankruptcy
 of the holder or otherwise, any one of them may give effectual receipts for any dividend payable or property distributable on the
 share.

**<u>Books of Account</u>**

110. The
 Board of Directors shall cause accurate books of account to be kept in accordance with the provisions of the Companies Law and any
 other applicable law. The books of account shall be kept at the Office or at any other place or places as the Board of Directors
 may deem fit, and they shall always be open to inspection by Directors. No Shareholder not being a Director shall have the right
 to inspect any account or book or document of the Company except as conferred by law or authorized by the Board of Directors.

**<u>Accounts and Audit</u>**

111. Once
 at least in every year, the accounts of the Company shall be examined and the correctness of the profit and loss account and balance
 sheet ascertained by a duly qualified auditor.

112. The
 appointment, authorities, rights, salaries and duties of the auditor or auditors shall be regulated by the law in force for the time
 being and by the provisions of these Articles; *provided, however*, that the Board of Directors shall fix the remuneration
 of the auditor(s).

**<u>Notices</u>**

113. Without
 derogating from Article 52 above or Article 122 below, any notice or document may be served by the Company upon any Shareholder either
 personally or by sending it by prepaid mail (air mail if sent from Israel to a place outside Israel) addressed to such Shareholder
 at his address as described in the Register or such other address (if any) as he may have designated in writing for the receipt of
 notices and documents. Any notice or document may be served by any Shareholder upon the Company by tendering the same in person to
 the managing director/general manager/chief executive officer/president of the Company at the Office or by sending it by prepaid
 registered mail (air mail if posted outside Israel) to the Company at the Office. Any such notice or document shall be deemed to
 have been served 48 hours after it has been posted (seven days if sent from Israel to a place outside Israel, or if sent to Israel
 from a place outside Israel), or when actually received by the addressee if sooner than 48 hours or seven days, as the case may be,
 after it has been posted, or when actually tendered in person, to such Shareholder (or to the managing director/general manager/chief
 executive officer/president); provided, however, that notice may be sent by cablegram, electronic mail, telex, facsimile or other
 customary method and confirmed by mail as aforesaid, and such notice shall be deemed to have been given the first business day after
 such cablegram, electronic mail, telex, facsimile or other customary method has been sent or when actually received by such Shareholder
 (or by the Company), whichever is earlier. If a notice is, in fact, received by the addressee, it shall be deemed to have been duly
 served when received, notwithstanding that it was defectively addressed, or failed in some other respect, to comply with the provisions
 of this Article.

114. A
 notice may be given by the Company to the joint holders of a share by giving notice to the joint holder named first in the Register
 in respect of the share.

115. Without
 derogating from Article 52 above, any Shareholder whose address is not described in the Register, and who shall not have designated
 in writing an address for the receipt of notices, shall not be entitled to receive any notice from the Company.

116. The
 Company may declare that any document(s) will be delivered or be available for review at the Office or any other place designated
 by the Board of Directors.

117. Whenever
 it is required to give prior notice or publicize a specified number of days in advance or where a notice or publication is valid
 for a specified period, the day of the publication or the day of service of the notice shall be included in such count or period.

118. Service
 of notice to a relative of a Shareholder living at the same address with him will be deemed service to such Shareholder.

119. Subject
 to applicable law, any Shareholder, Director or other person entitled to receive notice in accordance with these Articles or law
 may waive notice, in advance or retroactively, in a particular case or type of case or generally, and if so, notice will be deemed
 as having been duly served, and all proceedings or actions for which the notice was required will be deemed valid.

120. Any
 person entitled to a share by operation of law or by transfer, transmission or otherwise will be bound by any notice served or by
 any publication made pursuant to these Articles with respect to such share prior to his being registered in the Register as owner
 of the shares.

121. It
 shall not be necessary to set forth in detail in any publication as provided for in Article 52(b) above, the full text of any proposed
 resolutions and a general description of the nature of the matters on the agenda will suffice. The Company shall be entitled, however,
 but shall be under no obligation to do so, to specify in any publication in respect of a meeting, a place and a time where and when
 the full text of proposed resolution(s) may be reviewed.

122. Notwithstanding
 anything to the contrary contained herein, the Company may give notice to any Shareholder by filing an appropriate periodic report
 with the SEC, by posting a notice on the Company's website, by publishing in one or more international wire services or in
 one or more newspapers or by publicizing in any other manner reasonably determined by the Company, and the date of such filing, posting
 or other publication shall be deemed the date on which such notice has been served upon such Shareholders. Where notice is given
 by more than one method, it will be deemed served on the earliest of such dates.

123. The
 accidental omission to give notice to any Shareholder pursuant to any applicable law or these Articles or the non-receipt of any
 such notice by any Shareholder entitled to receive notice shall not invalidate any action, transaction, resolution or proceedings
 taken by the Company and/or at or by any General Meeting.

**<u>Winding-Up</u>**

124. If
 the Company shall be wound up, then, subject to applicable law and the rights of holders of shares with limited or preferred rights,
 the assets of the Company available for distribution among the Shareholders shall be distributed to them in proportion to the amount
 paid up or credited as paid up on account of the nominal value of the shares held by them respectively and in respect of which such
 distribution is being made, without regard to any premium paid in excess of the nominal value, if any.

**<u>Indemnification, Insurance and Exemption</u>**

125. (a) The
 Company may, subject and pursuant to the provisions of the Companies Law, indemnify an Office Holder of the Company for all liabilities
 and expenses incurred by him arising from or as a result of any act (or omission) carried out by him as an Office Holder of the Company
 and which is indemnifiable pursuant to applicable law, to the fullest extent permitted by law, including with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Monetary
 liabilities or obligations imposed on the Office Holder in favor of another person pursuant to a court judgment, including a compromise
 judgment or an arbitrator's decision approved by a court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Payments
 which the Office Holder is obligated to make to an injured party as set forth in Section 52(54)(a)(1)(a) of the Securities Law and
 expenses the Office Holder incurred in connection with a proceeding under Chapters H'3, H'4 or I'1 of the Securities
 Law, including reasonable litigation expenses, including attorney's fees, or in connection with Article D of Chapter Four of
 Part Nine of the Companies Law;

(iii) Reasonable
 litigation expenses, including attorney's fees, incurred by the Office Holder in consequence of an investigation or proceeding
 conducted against the Office Holder by an authority that is authorized to conduct such investigation or proceeding, and which was
 concluded without the submission of an indictment against the Office Holder and without imposing on the Office Holder any financial
 obligation in lieu of criminal proceedings, or which was concluded without the submission of an indictment against the Office Holder
 but with imposing on such Office Holder a financial obligation in lieu of criminal proceedings in respect of an offense that does
 not require proof of criminal intent or in connection with a financial sanction;

For the purposes hereof: (i) "a proceeding concluded without the submission of an indictment in a matter in respect of which a criminal investigation was conducted"; and (ii) "financial obligation in lieu of a criminal proceeding", shall have the meanings specified in Section 260(a)(1A) of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Reasonable
 litigation expenses, including attorney's fees incurred by the Office Holder or imposed upon him by a court, in a proceeding
 brought against the Office Holder by the Company or on its behalf or by another person, or in a criminal action in which the Office
 Holder is acquitted, or in a criminal action in which the Office Holder is convicted of an offense that does not require proof of
 criminal intent;

(v) Expenses
 incurred by the Office Holder in connection with a proceeding under Chapter G'1, of the Restrictive Trade Law, including reasonable
 litigation expenses, including attorney's fees;

(vi) Any
 other liability, obligation or expense indemnifiable or which may from time to time be indemnifiable by law.

The Company may indemnify an Office Holder post-factum and may also undertake in advance to indemnify an Office Holder, provided that: (x) an undertaking in advance to indemnify an Office Holder with respect to the matters specified in Article 125(a)(i) above is limited to types of occurrences which, in the opinion of the Board of Directors, in light of the Company's actual activities at the time of the undertaking, are foreseeable and to an amount or to criteria the Board of Directors has determined to be reasonable in the circumstances; and (y) in the undertaking in advance to indemnify an Office Holder, the types of occurrences that the Board of Directors believes to be foreseeable in light of the Company's actual activities at the time the undertaking to indemnify was given are mentioned, as is the amount or criteria that the Board of Directors determined to be reasonable in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may, subject and pursuant to the provisions of the Companies Law, enter into contracts to insure the liability of Office
 Holders of the Company for any liabilities or expenses incurred by or imposed upon them arising from or as a result of any act (or
 omission) carried out by them as Office Holders of the Company, to the fullest extent permitted by law, including in respect of any
 liability imposed on any Office Holder with respect to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A
 breach of his duty of care to the Company or to any other person;

(2) A
 breach of his duty of loyalty to the Company, provided that the Office Holder acted in good faith and had a reasonable basis to believe
 that such act would not prejudice the interests of the Company;

(3) Monetary
 liabilities or obligations imposed on him in favor of another person;

(4) A
 payment which the Office Holder is obligated to make to an injured party as set forth in Section 52(54)(a)(1)(a) of the Securities
 Law and expenses that the Office Holder incurred in connection with a proceeding under Chapters H'3, H'4 or I'1
 of the Securities Law, including reasonable litigation expenses, including attorney's fees, or in connection with Article D
 of Chapter Four of Part Nine of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Expenses
 incurred by the Office Holder in connection with a proceeding under Chapter G'1, of the Restrictive Trade Law, including reasonable
 litigation expenses, including attorney's fees.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company may, to the fullest extent permitted by law, exempt and release an Office Holder of the Company, including in advance, from
 and against all or part of his liability for monetary or other damages due to, or arising or resulting from, a breach of his duty
 of care to the Company. The Directors of the Company are released and exempt from all liability as aforesaid to the fullest extent
 permitted by law with respect to any such breach, which has been or may be committed.

(d) The
 Company may, subject to the provisions of the Companies Law, procure insurance for, indemnify and/or exempt and release any person
 who is not an Office Holder including, without limitation, any employee, agent, consultant or contractor of the Company who is not
 an Office Holder.

(e) The
 Company may, as aforesaid, indemnify, insure and exempt from liability any Office Holder to the fullest extent permitted by applicable
 law. Accordingly: (i) any amendment to the Companies Law, the Securities Law, the Restrictive Trade Law or any other applicable law
 expanding the ability of the Company to indemnify, insure or exempt from liability any Office Holder, or expanding the right of any
 Office Holder to be indemnified, insured or exempted from liability, beyond or in addition to the provisions of these Articles, shall,
 to the fullest extent possible, automatically and immediately apply to the Office Holders of the Company and be deemed as included
 in these Articles to the fullest extent permitted by applicable law; and (ii) any amendment to the Companies Law, the Securities
 Law, the Restrictive Trade Law or any other applicable law adversely affecting the ability of the Company to indemnify, insure or
 exempt from liability any Office Holder or adversely affecting the right of any Office Holder to be indemnified, insured or exempted
 from liability as provided for in these Articles shall have no effect post factum and shall not affect the Company's obligations
 or ability to indemnify, insure or exempt from liability an Office Holder for any act (or omission) carried out prior to such amendment,
 unless otherwise provided by applicable law.

**<u>Forum for Adjudication of Disputes</u>**

126. (a) Unless
 the Company consents in writing to the selection of an alternative forum, with respect to any causes of action arising under the
 U.S. Securities Act of 1933 as amended, against any person or entity, including such claims brought against the Company, its directors,
 officers, employees, advisors, attorneys, accountants or underwriters (who, in each case, shall be deemed third party beneficiaries
 of this Article 126), the federal district courts of the United States of America shall be the exclusive forum for the resolution
 of any complaint asserting a cause of action arising under the U.S. Securities Act of 1933, as amended; and

(b) unless
 the Company consents in writing to the selection of an alternative forum, the competent courts in Tel Aviv, Israel shall be the exclusive
 forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of
 a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's shareholders,
 or (iii) any action asserting a claim arising pursuant to any provision of the Companies Law or the Securities Law. Any person or
 entity purchasing or otherwise acquiring or holding any interest in shares of the Company shall be deemed to have notice of and consented
 to these provisions. This Article 126 shall not apply to causes of action arising under the U.S. Exchange Act of 1934, as amended.