# EDGAR Filing Document

**Accession Number:** 0001843588
**File Stem:** 0001213900-26-019872
**Filing Date:** 2026-2
**Character Count:** 183900
**Document Hash:** 0f2155acb7cf7853ad2c4657e887c105
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-019872.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001213900-26-019872

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**EFFECTIVENESS DATE**: 20260224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REE Automotive Ltd.
- **CENTRAL INDEX KEY:** 0001843588
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293676
- **FILM NUMBER:** 26671457

**BUSINESS ADDRESS:**
- **STREET 1:** KIBBUTZ GLIL-YAM
- **CITY:** KIBBUTZ GLIL-YAM
- **STATE:** L3
- **ZIP:** 4690500
- **BUSINESS PHONE:** 954 907 2231

**MAIL ADDRESS:**
- **STREET 1:** KIBBUTZ GLIL-YAM
- **CITY:** KIBBUTZ GLIL-YAM
- **STATE:** L3
- **ZIP:** 4690500

**As filed with the Securities and Exchange Commission on February 24, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**REE Automotive Ltd.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **State of Israel** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **Kibbutz Glil-Yam 4690500, Israel** | **Not Applicable** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**REE Automotive Ltd.**

**2021 Share Incentive Plan**

(Full title of the plan)

**Puglisi & Associates<br> 850 Library Avenue<br> Newark, DE 19711**

(Name and address of agent for service)

**(302) 738-6680**

(Telephone number, including area code, of agent for service)

**Copies to:**

---

| | |
|:---|:---|
| **Ron Ben-Bassat, Esq.** | **Ron Ben-Menachem** |
| **Sullivan & Worcester LLP** | **Herzog Fox & Neeman** |
| **1251 Avenue of the Americas** | **6 Yitzhak Sadeh Street** |
| **New York, NY 10020** | **Tel Aviv 6777506, Israel** |
| **Tel: (212) 660-3000** | **Telephone: (972) (3) 692-2020** |
|  | **Fax: (972) (3) 696-6464** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

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

**EXPLANATORY NOTE**

On November 16, 2021, REE Automotive Ltd. (the "Company" or the "Registrant") filed with the Securities and Exchange Commission (the "Commission") a registration statement on Form S-8 (File No. 333-261130) to register under the Securities Act of 1933, as amended (the "Securities Act") (i) 785,527 Class A ordinary shares, without par value, of the Registrant ("Class A Ordinary Shares") issuable under the REE Automotive Ltd. 2021 Share Incentive Plan (the "2021 Plan"), (ii) 154,284 Class A Ordinary Shares reserved for issuance under the REE Automotive Ltd. Employee Stock Purchase Plan (the "ESPP"); and (iii) 1,037,000 Class A Ordinary Shares issuable upon the exercise of options outstanding under the REE Automotive Ltd. Key Employee Share Incentive Plan (2011) (the "2011 Plan"). Each of the 2021 Plan, the 2021 ESPP and the 2011 Plan has been approved by the Registrant's board of directors (the "Board") and shareholders. On May 23, 2023, the Registrant filed another registration statement on Form S-8 (File No. 333-261130) with the Commission to register (i) an additional 588,986 Class A Ordinary Shares for issuance under the 2021 Plan and (ii) an additional 2,780,570 Class A Ordinary Shares for issuance under the 2011 Plan. All prior share amounts have been adjusted to reflect the 1-for-30 reverse share split of the Registrant's Class A Ordinary Shares and Class B ordinary shares effected on October 18, 2023.

On March 28, 2024, the Registrant filed another registration statement on Form S-8 (File No. 333-278319) with the Commission to register (i) an additional 640,000 Class A Ordinary Shares for issuance under the 2021 Plan, pursuant to the provisions of the 2021 Plan which provide for annual automatic increases in the number of Class A Ordinary Shares reserved for issuance under the 2021 Plan and (ii) an additional 300,000 Class A Ordinary Shares for issuance under the 2021 Plan following approval by the Board. On September 26, 2024, the Registrant filed another registration statement on Form S-8 (File No. 333-282346) with the Commission to register an additional 800,000 Class A Ordinary Shares for issuance under the 2021 Plan following approval by the Board. Each of the previously filed registration statements are referred to herein as the "Prior Registration Statements." On May 19, 2025, the Registrant filed another registration statement on Form S-8 (File No. 333-287381) with the Commission to register an additional 1,624,454 Class A Ordinary Shares for issuance under the 2021 Plan, pursuant to the provisions of the 2021 Plan, which provide for annual automatic increases in the number of Class A Ordinary Shares reserved for issuance under the 2021 Plan. Each of the previously filed registration statements are referred to herein as the "Prior Registration Statements."

In accordance with General Instruction E to Form S-8, the Registrant is filing this registration statement on Form S-8 solely to register an additional 18,000,000 Class A Ordinary Shares for issuance under the 2021 Plan, pursuant to the provisions of the 2021 Plan following approval by the Board. Pursuant to General Instruction E to Form S-8, the contents of the Prior Registration Statements are hereby incorporated by reference in its entirety, with the exception of Items 3 and 8 of Part II of the Prior Registration Statements, each of which is amended and restated in its entirety herein.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the information required in Part I of this registration statement have been or will be sent or given to participating employees as specified in Rule 428(b)(1) under the Securities Act in accordance with the rules and regulations of the Commission. Such documents are not being filed with the Commission either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference into this registration statement pursuant to Item 3 of Part II of this registration statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The Company hereby incorporates by reference in this Registration Statement the following:

● our annual report on <u>[Form 20-F](https://www.sec.gov/Archives/edgar/data/1843588/000162828025025661/ree-20241231.htm)</u> for the fiscal year ended December 31, 2024 filed with the SEC on May 15, 2025 ("Annual Report");

● our current report on Form 6-K filed on [May 15, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025043677/ea0242279-6k_reeauto.htm) (other than the quotes and information in Exhibit 99.1 preceding the caption "Q4 and 2024 Year-End Financial Results and Recent Highlights"); [June 9, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025052312/ea0245085-6k_reeauto.htm) ; [July 3, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025061360/ea0248139-6k_reeauto.htm) ; [October 9, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025097817/ea0260849-6k_reeauto.htm) , [November 12, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025108470/ea0265118-6ka1_reeauto.htm) , [November 17, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025111245/ea0265936-6k_reeauto.htm) , [November 18, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025111772/ea0266156-6k_reeautomotive.htm) (including only the first and third paragraphs and the section titled "Caution About Forward-Looking Statements" of the attached Exhibit 99.1), [December 15, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000121390025121469/ea0269387-6k_reeauto.htm) , [December 30, 2025](https://www.sec.gov/Archives/edgar/data/1843588/000162828025059065/ree-20250630.htm) (with respect to the sections of Exhibit 99.1 titled "Six Months Financial Results as of June 30, 2025, and Recent Highlights" and "Caution About Forward-Looking Statements", the Interim Consolidated Financial Statements (unaudited) attached as Exhibit 99.2, and the "Operating and Financial Review" attached as Exhibit 99.3), [January 7, 2026](https://www.sec.gov/Archives/edgar/data/1843588/000121390026002067/ea0272148-6ka1_reeauto.htm) , and [January 29, 2026](https://www.sec.gov/Archives/edgar/data/1843588/000121390026009159/ea0274578-6k_ree.htm) ;

● the description of our securities contained in <u>[Form 8-A](https://www.sec.gov/Archives/edgar/data/1843588/000121390021038139/ea144598-8a12b_reeauto.htm)</u> filed with the SEC on July 22, 2021, as updated by Exhibit 2.5 to our Annual Report, and as updated by the Exhibit 2.5 included herein.

All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained herein or in a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Notwithstanding the foregoing, no information is incorporated by reference in this Registration Statement where such information under applicable forms and regulations of the Commission is not deemed to be "filed" under Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, unless the report or filing containing such information indicates that the information therein is to be considered "filed" under the Exchange Act or is to be incorporated by reference in this Registration Statement.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Documents** |
| 2.5**\*** | [Description of Securities](ea027799501ex2-5_reeauto.htm) |
| 4.1\* | [Amended and Restated Articles of Association of REE Automotive Ltd.](ea027799501ex4-1_reeauto.htm) |
| 4.2 | [Specimen Class A Ordinary Share Certificate of REE Automotive Ltd., incorporated by reference to Exhibit 4.5 to Amendment No. 3 to the Company's Registration Statement on Form F-4 (File No. 333-254070) filed with the SEC on June 21, 2021.](https://www.sec.gov/Archives/edgar/data/1843588/000121390021033268/ff42021a3ex4-5_reeauto.htm) |
| 5.1\* | [Opinion of Herzog, Fox & Neeman with respect to the legality of the Class A Ordinary Shares.](ea027799501ex5-1_reeauto.htm) |
| 10.1† | [2021 REE Automotive Ltd. Share Incentive Plan, incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form S-8 (File No. 333-261130) filed with the SEC on November 16, 2021](https://www.sec.gov/Archives/edgar/data/1843588/000121390021060120/ea147829ex10-1_reeautomotive.htm)<u>.</u> |
| 10.2† | [REE Automotive Ltd. Key Employee Share Incentive Plan (2011) incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form S-8 (File No. 333-261130) filed with the SEC on November 16, 2021.](https://www.sec.gov/Archives/edgar/data/1843588/000121390021060120/ea147829ex10-2_reeautomotive.htm) |
| 10.3† | [2021 REE Automotive Ltd. Employee Stock Purchase Plan, incorporated by reference to Exhibit 4.6 to the Company's Report on Form 20-F (File No. 001-40649) filed with the SEC on July 28, 2021.](https://www.sec.gov/Archives/edgar/data/1843588/000121390021039131/ea144898ex4-6_reeautomotiv.htm) |
| 23.1\* | [Consent of Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, independent registered accounting firm for the Company<u>.</u>](ea027799501ex23-1_reeauto.htm) |
| 23.2\* | [Consent of Herzog, Fox & Neeman (included in Exhibit 5.1 to this Registration Statement).](ea027799501ex5-1_reeauto.htm) |
| 24.2 | <u>[Power of Attorney of certain officers and directors (included on the signature page to this Registration Statement).](#poa_001)</u> |
| 107\* | [Filing Fee Table.](ea027799501ex-fee_reeauto.htm) |

---

\* Filed herewith

† Indicates a management contract or compensatory plan

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Kibbutz Glil-Yam, State of Israel, on February 24, 2026.

---

| | |
|:---|:---|
| **REE AUTOMOTIVE LTD.** | **REE AUTOMOTIVE LTD.** |
| By: | /s/ Hai Aviv |
| Name: | Hai Aviv |
| Title: | Chief Financial Officer |

---

**POWER OF ATTORNEY**

Each of the undersigned officers and directors of REE Automotive Ltd. hereby constitutes Daniel Barel and Hai Aviv, with full power of substitution, each of them singly our true and lawful attorneys-in-fact and agents to take any actions to enable the Company to comply with the Securities Act, and any rules, regulations and requirements of the SEC, in connection with this registration statement on Form S-8, including the power and authority to sign for us in our names in the capacities indicated below any and all further amendments to this registration statement and any other registration statement filed pursuant to the provisions of Rule 462 under the Securities Act.

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title of Capacities** | **Date** |
| /s/ Daniel Barel | Chief Executive Officer and | February 24, 2026 |
| Daniel Barel | Director (Principal Executive Officer) |  |
| /s/ Hai Aviv | Chief Financial Officer | February 24, 2026 |
| Hai Aviv | (Principal Financial and Accounting Officer) |  |
| /s/ Hicham Abdessamad | Chairman | February 24, 2026 |
| Hicham Abdessamad |  |  |
| /s/ Ittamar Givton | Director | February 24, 2026 |
| Ittamar Givton |  |  |
| /s/ Ahishay Sardes | Director | February 24, 2026 |
| Ahishay Sardes |  |  |
| /s/ Carlton Rose | Director | February 24, 2026 |
| Carlton Rose |  |  |
| <u>/s/ Rajesh Goel</u> | Director | February 24, 2026 |
| Rajesh Goel |  |  |
| <u>/s/ Ayellet (Mimi) Zemah</u> | Director | February 24, 2026 |
| Ayellet (Mimi) Zemah |  |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of REE Automotive Ltd. has signed this registration statement on February 24, 2026

---

| | |
|:---|:---|
| **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** |
| By: | /s/ Donald J. Puglisi |
| Name: | Donald J. Puglisi |
| Title: | Authorized Representative |

---

## Exhibit 2.5

**Exhibit 2.5**

**<u>DESCRIPTION OF SECURITIES</u>**

**Ordinary Shares**

This section summarizes the material rights of the shareholders of REE Automotive ("REE" or the "Company") under Israeli law, and the material provisions of REE's Amended and Restated Articles.

***Share Capital***

The authorized share capital of the company consists of 75,333,333 Class A ordinary shares, without par value ("Class A Ordinary Shares"), and 2,780,570 Class B ordinary shares, without par value ("Class B Ordinary Shares").

All of the outstanding ordinary shares are validly issued, fully paid and non-assessable. The ordinary shares are not redeemable and do not have any preemptive rights.

Other than with respect to Class B Ordinary Shares, REE's board of directors may determine the issue prices and terms for such shares or other securities, and may further determine any other provision relating to such issue of shares or securities. REE may also issue and redeem redeemable securities on such terms and in such manner as REE's board of directors shall determine.

The following descriptions of share capital and provisions of the Amended and Restated Articles are summaries and are qualified by reference to our Amended and Restated Articles.

***Class A Ordinary Shares***

*Voting Rights*

Holders of Class A Ordinary Shares are entitled to cast one vote per each Class A Ordinary Share held as of the applicable record date. Generally, holders of all classes of Ordinary Shares vote together as a single class on all matters (including the election of directors), and an action is approved by REE shareholders if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action.

*Transfer of Shares*

Fully paid Class A Ordinary Shares are issued in registered form and may be freely transferred under its Amended and Restated Articles, unless the transfer is restricted or prohibited by another instrument, applicable law or the rules of Nasdaq. The ownership or voting of Ordinary Shares by non-residents of Israel is not restricted in any way by our Amended and Restated Articles or the laws of the State of Israel, except for ownership by nationals of some countries that at the time are, or have been, in a state of war with Israel.

*Dividend Rights*

REE may declare a dividend to be paid to the holders of Class A Ordinary Shares in proportion to their respective shareholdings. Under the Israeli Companies Law, 5759-1999 (the "Companies Law"), dividend distributions are determined by the board of directors and do not require the approval of the shareholders of a company unless the company's articles of association provide otherwise. REE's Amended and Restated Articles do not require shareholder approval of a dividend distribution and provide that dividend distributions may be determined by its board of directors.

Pursuant to the Companies Law, subject to certain exceptions with respect to the buyback of our Class A Ordinary Shares, the distribution amount is limited to the greater of retained earnings or earnings generated over the previous two years, according to the company's most recently reviewed or audited financial statements (less the amount of previously distributed dividends, if not reduced from the earnings), provided that the end of the period to which the financial statements relate is not more than six months prior to the date of the distribution. If REE does not meet such criteria, then it may distribute dividends only with court approval. In each case, REE is only permitted to distribute a dividend if its board of directors and, if applicable, the court determines that there is no reasonable concern that payment of the dividend will prevent REE from satisfying its existing and foreseeable obligations as they become due.

*Liquidation Rights*

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

*Repurchase*

Class A Ordinary Shares may be repurchased subject to compliance with the Companies Law, in such manner and under such terms as its board of directors shall determine.

***Class B Ordinary Shares***

*Issuance of Class B Ordinary Shares*

Class B Ordinary Shares may be issued only to, and registered in the names of, Daniel Barel and Ahishay Sardes and (i) any entities wholly-owned by Daniel Barel or Ahishay Sardes (each, a "Founder"), or (ii) a spouse upon divorce, as required by settlement, order or decree, or as required by a domestic relations settlement, order or decree, and (iii) the other Founder solely upon the death or permanent disability of the other Founder; provided that in the case of subparagraphs (i) and (ii) the Founder retains the sole power to vote the Class B Ordinary Shares held by such entity or spouse (collectively, "Permitted Class B Owners").

*Voting Rights*

Holders of Class B Ordinary Shares are entitled to cast ten votes per each Class B Ordinary Share held as of the applicable record date. Generally, holders of all classes of Ordinary Shares vote together as a single class on all matters (including the election of directors), and an action is approved by REE shareholders if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action.

Specific actions set forth in REE's Amended and Restated Articles may not be effected by REE without the prior affirmative vote of 100% of the outstanding Class B Ordinary Shares, voting as a separate class. Such actions include the following:

● directly or indirectly, whether by amendment, or through merger, recapitalization, consolidation or otherwise, amend or repeal, or adopt any provision of our Amended and Restated Articles inconsistent with, or otherwise alter, any provision of its Amended and Restated Articles that modifies the voting, conversion or other rights, powers, preferences, privileges or restrictions of the Class B Shares;

● reclassify any outstanding Class A Ordinary Shares into shares having the right to have more than one vote for each share thereof, except as required by law;

● issue any Class B Ordinary Shares (other than (i) Class B Ordinary Shares originally issued by REE after the Closing Date (as defined below) pursuant to the exercise or conversion of options or warrants that, in each case, are outstanding as of the Closing Date and (ii) Class B Ordinary Shares issued to a Founder simultaneously with each Class A Ordinary Share issued to such Founder); or

● authorize, or issue any shares of, any class or series of REE's share capital having the right to more than one (1) vote for each share thereof.

*Dividend Rights*

Holders of Class B Ordinary Shares will not participate in any dividend declared by the board of directors.

*Liquidation Rights*

On the liquidation, dissolution, distribution of assets or winding up of REE, holders of Class B Ordinary Shares will not be entitled to receive any distribution of REE assets of whatever kind.

*Transfers*

Holders of Class B Ordinary Shares are restricted from transferring such shares other than to a Permitted Class B Owner.

*Mandatory Suspension*

Each Class B Ordinary Share will be automatically suspended upon the tenth anniversary of the Closing Date. In addition, the Class B Ordinary Shares will be suspended and have no further voting rights with respect to any Founder:

&nbsp;&nbsp;&nbsp;&nbsp;(i) who holds less than 33% of the Class A Ordinary Shares held
by such Founder immediately following the Effective Time (including those underlying vested and unvested options);

&nbsp;&nbsp;&nbsp;&nbsp;(ii) whose employment as an executive officer is terminated other
than for cause or who resigns as an officer of REE and also ceases to serve as a director;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) who dies or is permanently disabled, except that if the other
Founder holds Class B Ordinary Shares at such time, then the Class B Ordinary Shares held by the Founder who dies or is permanently disabled
will automatically be transferred to the other Founder; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) whose employment as an executive officer is terminated for
cause.

A termination for cause requires a unanimous decision of the board of directors of REE other than the affected Founder.

A termination for "Cause" shall occur 30 days after written notice by REE to a Founder (based upon the unanimous decision of the board of directors, other than such Founder) of a termination for Cause if such Founder shall have failed to cure or remedy such matter, if curable, within such thirty (30) day period. In the event that the basis for Cause is not curable, then such 30 day cure period shall not be required, and such termination shall be effective 10 days after the date REE delivers notice of such termination for Cause. "Cause" shall mean REE's termination of a Founder's employment with REE or any of its subsidiaries as a result of: (i) fraud, embezzlement or any willful act of material dishonesty by such Founder in connection with or relating to such Founder's employment with REE or any of its subsidiaries; (ii) theft or misappropriation of property, information or other assets by such Founder in connection with such Founder's employment with REE or any of its subsidiaries which results in or would reasonably be expected to result in or would reasonably be expect to result in material loss, damage or injury to REE and its subsidiaries, their goodwill, business or reputation; (iii) such Founder's conviction, guilty plea, no contest plea, or similar plea for any felony or any crime that results in or would reasonably be expected to result in material loss, damage or injury to REE and its subsidiaries, their goodwill, business or reputation; (iv) such Founder's use of alcohol or drugs while working that materially interferes with the ability of such Founder to perform such Founder's material duties hereunder; (v) such Founder's material breach of a material REE policy, or material breach of an REE policy that results in or would reasonably be expected to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; or (vi) such Founder's material breach of any of his obligations under the employment agreement between such Founder and REE, as in effect from time to time (the "Founder Employment Agreement"); provided, that, for clauses (i) — (vi) above, REE delivers written notice to such Founder of the condition giving rise to Cause within 90 days after its initial occurrence.

*Repurchase*

The Class B Ordinary Share are not subject to repurchase.

***Exchange Controls***

There are currently no Israeli currency control restrictions on remittances of dividends on Class A Ordinary Shares, proceeds from the sale of the Class A Ordinary Shares or interest or other payments to non-residents of Israel, except for shareholders who are subjects of countries that at the time are, or have been, in a state of war with Israel.

***Registration Rights***

Concurrently with the execution and delivery of the Agreement and Plan of Merger, dated as of February 3, 2021, by and among 10X Capital Venture Acquisition Corp ("10X Capital"), REE and Merger Sub (the "Merger Agreement"), 10X Capital, its executive officers and directors (the "Insiders"), 10X Capital SPAC Sponsor I LLC (the "Sponsor") and certain of the shareholders of REE entered into an Amended and Restated Investors' Rights Agreement (the "Investors' Rights Agreement"), which became effective on July 23, 2021, pursuant to which REE filed a registration statement registering the resale of certain registrable securities under the Securities Act of 1933, as amended (the "Securities Act"). REE has also agreed to provide customary "piggyback" registration rights with respect to such registrable securities and to file a resale shelf registration statement to register the resale under the Securities Act of such registrable securities, subject to required notice provisions to other shareholders party thereto. REE has also agreed to file a resale shelf registration statement to register the resale of Class A Ordinary Shares and warrants held by the Sponsor.

The Investors' Rights Agreement also provides that the Sponsor shall not transfer any of its Class A Ordinary Shares issued in connection with REE's business combination with 10X Capital (the "Merger") until (i) with respect to 25% of such shares, the date that is 90 days following the closing date of the Merger on July 22, 2021 (the "Closing Date"), and (ii) with respect to 75% of such shares, the first to occur of (x) the date that is 12 months following the Closing Date and (y) such time as the closing price of the Class A Ordinary Shares equals or exceeds $13.00 per share for any twenty (20) trading days within any thirty (30) consecutive trading days following the Closing Date. Further, each Insider shall not transfer any of its Class A Ordinary Shares issued in connection with the Merger until the date that is 180 days following the Closing Date. The foregoing restrictions on transfer of the Sponsor's and the Insiders' Class A Ordinary Shares shall terminate and no longer be applicable upon the date following the Closing Date on which REE completes a liquidation, merger, capital stock exchange, or other similar transaction that results in all of REE's shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property.

The Investors' Rights Agreement also provides that REE will pay certain expenses relating to such registrations and indemnify the securityholders against certain liabilities. The rights granted under the Investors' Rights Agreement supersede any prior registration, qualification, or similar rights of the parties with respect to their REE securities or 10X Capital securities, and all such prior agreements shall be terminated.

***Shareholder Meetings***

Under Israeli law, REE is required to hold an annual general meeting of its shareholders once every calendar year and no later than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to in the Amended and Restated Articles as special general meetings. REE's board of directors may call special general meetings of its shareholders whenever it sees fit, at such time and place, within or outside of Israel, as it may determine. In addition, the Companies Law provides that REE's board of directors is required to convene a special general meeting of its shareholders upon the written request of (i) any two or more of its directors, (ii) one-quarter or more of the serving members of its board of directors or (iii) one or more shareholders holding, in the aggregate, either (a) 10% or more of REE's issued and outstanding shares and 1% or more of REE's outstanding voting power or (b) 10% or more of REE's outstanding voting power.

Under Israeli law, one or more shareholders holding at least 1% of the voting rights at the general meeting of shareholders may request that the board of directors include a matter in the agenda of a general meeting of shareholders to be convened in the future, provided that it is appropriate to discuss such a matter at the general meeting (except with respect to the election or removal of a director, in which case at least 5% of the voting rights is required to permit a shareholder to request that the board of directors include such matter on the agenda). REE's Amended and Restated Articles contain procedural guidelines and disclosure items with respect to the submission of shareholder proposals for general meetings. Subject to the provisions of the Companies Law and the regulations promulgated thereunder, shareholders entitled to participate and vote at general meetings of shareholders are the shareholders of record on a date to be decided by the board of directors, which, as a company listed on an exchange outside Israel, may be between four and 60 days prior to the date of the meeting. Furthermore, the Companies Law requires that resolutions regarding the following matters must be passed at a general meeting of shareholders:

● amendments to the articles of association;

● appointment, terms of service and termination of services of auditors;

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

● approval of certain related party transactions;

● increases or reductions of authorized share capital;

● a merger; and

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

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

***Quorum***

Pursuant to REE's Amended and Restated Articles, the quorum required for REE's general meetings of shareholders consists of at least two shareholders present in person or by proxy who hold or represent at least 33⅓% of the total outstanding voting power of its shares, except that if (i) any such general meeting was initiated by and convened pursuant to a resolution adopted by the board of directors and (ii) at the time of such general meeting REE qualifies as a "foreign private issuer," the requisite quorum will consist of two or more shareholders present in person or by proxy who hold or represent at least 25% of the total outstanding voting power of its shares. Notwithstanding the foregoing, a quorum for a general meeting shall also require the presence in person or by proxy of at least one shareholder holding Class B Ordinary Shares if such shares are outstanding. The requisite quorum may be present within half an hour of the time fixed for the commencement of the general meeting. A general meeting adjourned for lack of a quorum shall be adjourned either to the same day in the next week, at the same time and place, to such day and at such time and place as indicated in the notice to such meeting, or to such day and at such time and place as the chairperson of the meeting shall determine. At the reconvened meeting, any number of shareholders present in person or by proxy shall constitute a quorum, unless a meeting was called pursuant to a request by REE shareholders, in which case the quorum required is one or more shareholders, present in person or by proxy and holding the number of shares required to call the meeting as described under "— *Shareholder Meetings*" above. Notwithstanding the foregoing, a quorum for any adjourned general meeting shall also require the presence in person or by proxy of at least one shareholder holding Class B Ordinary Shares if such shares are outstanding.

***Vote Requirements***

REE's Amended and Restated Articles provide that all resolutions of REE shareholders require a simple majority vote, unless otherwise required by the Companies Law or by the Amended and Restated Articles. Under the Companies Law, certain actions require the approval of a special majority, including:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an extraordinary transaction with a controlling shareholder
or in which the controlling shareholder has a personal interest;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms of employment or other engagement of a controlling
shareholder of the company or a controlling shareholder's relative (even if such terms are not extraordinary); and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain compensation-related matters.

Under REE's Amended and Restated Articles, the alteration of the rights, privileges, preferences or obligations of any class of REE's shares (to the extent there are classes other than the ordinary shares) requires the approval of a simple majority of the class so affected (or such other percentage of the relevant class that may be set forth in the governing documents relevant to such class), in addition to the ordinary majority vote of all classes of shares voting together as a single class at a shareholder meeting.

Under REE's Amended and Restated Articles, the approval of (i) a majority of the total voting power of the shareholders if Class B Ordinary Shares remain outstanding and (ii) if no Class B Ordinary Shares remain outstanding, a supermajority of at least 65% of the total voting power of the Shares is generally required to remove any of its directors from office, to amend such provision regarding the removal of any of its directors from office, or certain other provisions regarding the board, shareholder proposals, and the size of REE's board. Another exception to the simple majority vote requirement is a resolution for the voluntary winding up, or an approval of a scheme of arrangement or reorganization, of the company pursuant to Section 350 of the Companies Law, which requires the approval of a majority of the shareholders present and represented at the meeting, and holding at least 75% of the voting rights represented at the meeting and voting on the resolution and pursuant to Section 350(a1) of the Companies Law, in light of the dual classes of its shares may require separate class votes.

***Access to Corporate Records***

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

***Anti-Takeover Provisions; Acquisitions under Israeli Law***

*Full Tender Offer*

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

*Special Tender Offer*

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

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

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

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

*Merger*

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

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

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

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

*Anti-Takeover Measures*

The Companies Law allows us to create and issue shares having rights different from those attached to Ordinary Shares, including shares providing certain preferred rights with respect to voting, distributions or other matters and shares having preemptive rights. As of the date hereof, no preferred shares have been authorized under REE's Amended and Restated Articles. In the future, if REE authorizes, creates and issues a specific class of preferred shares, such class of shares, depending on the specific rights that may be attached to it, may have the ability to frustrate or prevent a takeover or otherwise prevent its shareholders from realizing a potential premium over the market value of Ordinary Shares. The authorization and designation of a class of preferred shares will require an amendment to REE's Amended and Restated Articles which requires the prior approval of the holders of a majority of the voting power of REE participating or otherwise represented in the shareholders' meeting, *<u>provided</u>* that a quorum is present or otherwise represented at the meeting, and *<u>provided</u> <u>further</u>*, that in the event that such class of preferred shares shall have the right to more than one (1) vote for each share thereof, such authorization and designation shall also require the affirmative vote of 100% of the outstanding Class B Ordinary Shares, voting as a separate class. The convening of the meeting, the shareholders entitled to participate and the vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies Law and REE's Amended and Restated Articles, as described above under the paragraphs titled "*— Shareholder Meetings*," "*— Quorum*" and "*— Vote Requirements*."

***Borrowing Powers***

Pursuant to the Companies Law and REE's Amended and Restated Articles, REE's board of directors may exercise all powers and take all actions that are not required under law or under its Amended and Restated Articles to be exercised or taken by its shareholders, including the power to borrow money for company purposes.

***Changes in Capital***

REE's Amended and Restated Articles enable it to increase or reduce its share capital, provided that the creation of a new class of shares with more than one vote per share shall be considered a modification of the Class B Ordinary Shares. Any such changes are subject to Israeli law and must be approved by a resolution duly passed by REE's shareholders at a general meeting of shareholders, provided that modification to the rights attached to the Class B Ordinary Shares shall require approval of shareholders holding 100% of the then issued Class B Ordinary Shares. In addition, transactions that have the effect of reducing capital, such as the declaration and payment of dividends in the absence of sufficient retained earnings or profits, require the approval of both REE's board of directors and an Israeli court.

***Exclusive Forum***

REE's Amended and Restated Articles provide that unless it consents in writing to the selection of an alternative forum, 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 Securities Act. REE's Amended and Restated Articles also provide that unless REE consents in writing to the selection of an alternative forum, the competent courts in Tel Aviv, Israel shall be the exclusive forum for any derivative action or proceeding brought on behalf of REE, any action asserting a breach of a fiduciary duty owed by any of REE's directors, officers or other employees to REE or its shareholders or any action asserting a claim arising pursuant to any provision of the Companies Law or the Israeli Securities Law.

***Transfer Agent and Registrar***

The transfer agent and registrar for Ordinary Shares is Continental Stock Transfer & Trust Company. Its address is 1 State Street, 30th Floor, New York, New York 10004, and its telephone number is 212-509-4000.

## Exhibit 4.1

**Exhibit 4.1**

THE COMPANIES LAW, 1999

A LIMITED LIABILITY COMPANY

----------------

**ARTICLES OF ASSOCIATION**

**OF**

**REE AUTOMOTIVE LTD.**

As Adopted on October 16, 2023

Amended on March 6, 2025, January 22, 2026

**Preliminary**

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

(a) In these Articles, the following terms (whether or not capitalized) shall bear the meanings set forth opposite them, respectively,
unless the subject or context requires otherwise.

---

| | |
|:---|:---|
| "Articles" | shall mean these Articles of Association, as amended from time to time. |
| "Board of Directors" | shall mean the Board of Directors of the Company. |
| "Chairperson" | shall mean the Chairperson of the Board of Directors, or the Chairperson of the General Meeting, as the context implies; |
| "Closing Date" | shall mean [●], 2021. |
| "Companies Law" | shall mean the Israeli Companies Law, 5759-1999 and the regulations promulgated thereunder. The Companies Law shall include reference to the Companies Ordinance (New Version), 5743-1983, of the State of Israel, to the extent in effect according to the provisions thereof. |
| "Company" | shall mean **REE Automotive Ltd.** |
| "Director(s)" | shall mean the member(s) of the Board of Directors holding office at a given time. |
| "Economic Competition Law" | shall mean the Israeli Economic Competition Law, 5758-1988 and the regulations promulgated thereunder. |
| "External Director(s)" | shall have the meaning provided for such term in the Companies Law. |
| "General Meeting" | shall mean an Annual General Meeting or Special General Meeting of the Shareholders (each as defined in Article 23 of these Articles), as the case may be. |
| "NIS" | shall mean New Israeli Shekels. |
| "Office" | shall mean the registered office of the Company at a given time. |
| "Office Holder" or "Officer" | shall have the meaning provided for such term in the Companies Law. |
| "Securities Law" | shall mean the Israeli Securities Law 5728-1968 and the regulations promulgated thereunder. |
| "Shareholder(s)" | shall mean the shareholder(s) of the Company, at a given time. |

---

(b) Unless the context shall otherwise require: words in the singular shall also include the plural, and vice
versa; any pronoun shall include the corresponding masculine, feminine and neuter forms; the words "include", "includes"
and "including" shall be deemed to be followed by the phrase "without limitation"; the words "herein",
"hereof" and "hereunder" and words of similar import refer to these Articles in their entirety and not to any
part hereof; all references herein to Articles or clauses shall be deemed references to Articles or clauses of these Articles; any references
to any agreement or other instrument or law, statute or regulation are to it as amended, supplemented or restated, from time to time (and,
in the case of any law, to any successor provisions or re-enactment or modification thereof being in force at the time); any reference
to "law" shall include any law (' *din* ') as defined in the Interpretation Law, 5741-1981 and any applicable
supranational, national, federal, state, local, or foreign statute or law and shall be deemed also to refer to all rules and regulations
promulgated thereunder; any reference to a "day" or a number of "days" (without any explicit reference otherwise,
such as to business days) shall be interpreted as a reference to a calendar day or number of calendar days; any reference to a business
day or business days shall mean each calendar day other than any calendar day on which commercial banks in New York, New York or Tel-Aviv,
Israel are authorized or required by applicable law to close; reference to a month or year means according to the Gregorian calendar;
any reference to a "Person" shall mean any individual, partnership, corporation, limited liability company, association, estate,
any political, governmental, regulatory or similar agency or body or other legal entity; and reference to "written" or "in
writing" shall include written, printed, photocopied, typed, any electronic communication (including email, facsimile, signed electronically
(in Adobe PDF, DocuSign or any other format)) or produced by any visible substitute for writing, or partly one and partly another, and
signed shall be construed accordingly.

(c) The captions in these Articles are for convenience only and shall not be deemed a part hereof or affect
the construction or interpretation of any provision hereof.

(d) The specific provisions of these Articles shall supersede the provisions of the Companies Law to the extent
permitted thereunder.

**Limited Liability**

2. The Company is a limited liability company and each Shareholder's liability for the Company's
debts is therefore limited (in addition to any liabilities under any contract) to the payment of the full amount (par value (if any) and
premium) such Shareholder was required to pay the Company for such Shareholder's Shares (as defined below) and which amount has
not yet been paid by such Shareholder.

**Company's Objectives**

3.  **<u>Objectives</u>** .

The Company's objectives are to carry on any business, and do any act, which is not prohibited by law.

4.  **<u>Donations</u>** .

The Company may donate a reasonable amount of money (in cash or in kind, including the Company's securities) to worthy purposes, as the Board of Directors may determine in its discretion, even if such donations are not made on the basis or within the scope of business considerations of the Company.

**Share Capital**

5.  **<u>Authorized Share Capital</u>** .

The authorized share capital of the Company shall consist of (i) 75,333,333 Class A Ordinary Shares, without par value (the "Class A Shares") and (ii) 2,780,570 Class B Ordinary Shares, without par value (the "Class B Shares", and together with the Class A Shares, the "Shares"). The rights, powers and preferences of the Class A Shares and Class B Shares shall be as set forth in these Articles.

6. <u>Increase of Authorized Share Capital</u>.

(a) The Company may, from time to time, by a Shareholders' resolution, whether or not all of the shares
then authorized have been issued, and whether or not all of the shares theretofore issued have been called up for payment, increase its
authorized share capital by increasing the number of shares it is authorized to issue by such amount, and such additional shares shall
confer such rights and preferences, and shall be subject to such restrictions, as such resolution shall provide.

(b) Except to the extent otherwise provided in such resolution, any new shares included in the authorized
share capital increase as aforesaid shall be subject to all of the provisions of these Articles that are applicable to shares that are
included in the existing share capital.

7. <u>Special or Class Rights; Modification of Rights</u>.

(a) Subject to Section 7A(d) below, the Company may, from time to time, by a Shareholders' resolution,
provide for shares with such preferred or deferred rights or other special rights and/or such restrictions, whether in regard to dividends,
voting, repayment of share capital or otherwise, as may be stipulated in such resolution.

(b) If at any time the share capital of the Company is divided into different classes of shares, the rights
attached to any class, unless otherwise provided by these Articles, may be modified or cancelled by the Company by a resolution of the
General Meeting of the holders of all shares as one class, without any required separate resolution of any class of shares; provided,
however, that any modification to the rights attached to the Class B Shares shall require approval of Shareholders holding 100% of the
then issued Class B Shares.

(c) The provisions of these Articles relating to General Meetings shall apply, *mutatis mutandis*, to
any separate General Meeting of the holders of the shares of a particular class, it being clarified that the requisite quorum at any such
separate General Meeting shall be two or more Shareholders present in person or by proxy and holding not less than thirty-three and one-third
percent (33⅓%) of the issued shares of such class, provided, however, that if such separate General Meeting of the holders of the
particular class was initiated by and convened pursuant to a resolution adopted by the Board of Directors and which at the time of such
meeting the Company is a "foreign private issuer" under U.S. securities laws, the requisite quorum at any such separate General
Meeting shall be two or more Shareholders present in person or by proxy and holding not less than twenty five percent (25%) of the issued
shares of such class; provided, however, that at all time the requisite quorum at any such separate General Meeting of the Class B Shares
shall be Shareholders present in person or by proxy and holding not less than a majority of the issued shares of such class.

(d) Unless otherwise provided by these Articles, an increase in the authorized share capital, the creation
of a new class of shares, an increase in the authorized share capital of a class of shares, or the issuance of additional shares thereof
out of the authorized and unissued share capital, shall not be deemed, for purposes of this Article 7, to modify or derogate or cancel
the rights attached to previously issued shares of such class or of any other class; provided, however, that the creation of a new class
of shares with more than one vote per share shall be considered a modification of the Class B Shares.

<u>7A.</u> <u>Class B Shares</u>.

*Issuance*

 

(a) From and after the effective time of these Articles, additional Class B Shares may be issued only to,
and registered in the name of, (i) Daniel Barel and Ahishay Sardes (each a "  ***Founder***" and, together, the "  ***Founders*** ")
and (ii) any Permitted Class B Owner.

 

*Voting Power*

 

(b) Except as otherwise provided in these Articles or otherwise required by applicable law, each holder of
Class A Shares shall be entitled to one (1) vote for each Class A Share held and each holder of Class B Shares shall be entitled to ten
(10) votes for each Class B Share held, in each case, as of the applicable date on any matter whether the vote thereon is conducted by
a show of hands, by written ballot, or by any other means. Notwithstanding anything herein to the contrary, in no event shall the aggregate
voting power of a holder of Class B Shares exceed the maximum voting power permitted under applicable law without effecting a tender offer.

*Suspension*

All outstanding Class B Shares owned by a Founder shall (A) automatically and without further action on the part of the Company or any holder of Class B Shares, be suspended for no consideration and shall thereafter have no further voting power, and such shares shall not be re-instated by the Company in the event that all Class A Shares that are then held by such Founder and the Permitted Class B Owners of such Founder (including without limitation all Class A Shares that are the subject of vested or unvested options or other equity awards held by such Founder) represent less than 33% of the Base Class A Shares (as defined below) of such Founder; and (B) be subject to suspension by the Company (without consideration) on the date of the earliest to occurs of (i), (ii) or (iii) below (the "***<u>Trigger Conditions</u>***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when both of the following cumulative conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the earliest to occur of (a) such Founder's employment as an officer of the Company being terminated
not for Cause (as defined below), (b) such Founder resigns as an officer of the Company, or (c) due to death or Permanent Disability (as
defined below), provided, however, in such event of death or Permanent Disability, such Founder's Class B Shares shall be transferred
automatically to the other Founder if the other Founder continues to hold Class B Shares at such time; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such Founder no longer serves as a member of the Board of Directors; <u>OR</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ninety (90) days following the date on which such Founder's employment as an officer of the Company is terminated for Cause; provided, however, that if, prior to the expiration of such ninety-day period, (a) the Board of Directors repeals its determination that such Founder was terminated for Cause or determines that the Cause had been cured, then the provisions of clause (i) above shall apply, or (b) such Founder commences legal proceedings with the competent judicial forum to determine that such determination by the Board of Directors of termination for Cause, was improper or incorrect, then such Founder shall retain its Class B Shares until the earlier of (y) the issuance of a final unappealable judgment confirming the determination of the Board of Directors and (z) the abandonment of such proceedings by the Founder;

<u>OR</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the tenth (10th) anniversary of the Closing Date.

*Protective Provisions*

 

(c) The Company shall not, without the prior affirmative vote of 100% of the outstanding Class B Shares, voting as a separate class, in
addition to any other vote required by applicable law or these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) directly or indirectly, whether by amendment, or through merger, recapitalization, consolidation or otherwise, amend or repeal, or adopt any provision of these Articles inconsistent with, or otherwise alter, any provision of these Articles that modifies the voting, conversion or other rights, powers, preferences, privileges or restrictions of the Class B Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reclassify any outstanding Class A Shares into shares having the right to have more than one (1) vote for each share thereof, except as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue any Class B Shares (other than (i) Class B Shares originally issued by the Company after the Closing Date pursuant to the exercise or conversion of options or warrants that, in each case, are outstanding as of the Closing Date and (ii) Class B Shares issued to a Founder simultaneously with each Class A Share issued to such Founder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) authorize, or issue any shares of, any class or series of the Company's share capital having the right to more than one (1) vote for each share thereof.

*Transfer*

(d) Class B Shares may not be Transferred (as defined below) other than to a Permitted Class B Owner (a "  ***<u>Permitted Transfer</u>*** ").

(e) Any purported transfer of Class B Shares in violation of this Article 7A shall be null and void. If, notwithstanding
the limitations set out in this Article 7A, a person shall voluntarily or involuntarily, purportedly become or attempt to become, the
purported owner (the " <u>Purported Owner</u> ") of Class B Shares in violation of these limitations, then the Purported Owner
shall not obtain any rights in and to such Class B Shares and the purported transfer shall not be recognized by the Company's transfer
agent.

(f) Upon a determination by the Board of Directors that a person has attempted or is attempting to acquire
Class B Shares, or has purportedly transferred or acquired Class B Shares, in each case in violation of the limitations set out in this
Article 7A, the Board of Directors may take such action as it deems advisable to refuse to give effect to such attempted or purported
transfer or acquisition on the books and records of the Company, including without limitation, to institute proceedings to enjoin any
such attempted or purported transfer or acquisition, or reverse any entries or records reflecting such attempted or purported transfer
or acquisition.

(g) The Board of Directors shall have all powers necessary to implement the limitations set out in this Article
7A, including without limitation, the power to prohibit transfer of any Class B Shares in violation thereof.

(h) All certificates or book-entries representing Class B Shares shall bear a legend substantially in the
following form (or in such other form as the Board of Directors may determine):

THE SECURITIES REPRESENTED BY THIS [CERTIFICATE][BOOK-ENTRY] ARE SUBJECT TO THE RESTRICTIONS (INCLUDING RESTRICTIONS ON TRANSFER) SET FORTH IN THE ARTICLES OF ASSOCIATION (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY AND SHALL BE PROVIDED FREE OF CHARGE TO ANY SHAREHOLDER MAKING A REQUEST THEREFOR).

*No Other Rights*

 

(i) Except for the special voting rights set forth herein the Class B Shares shall not bestow upon the holder(s) thereof any other rights,
preferences, or privileges under these Articles or otherwise.

*Definitions*

(j) For purposes of this Article 7A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Base Class A Shares***" shall mean the number of Class A Shares held by such Founder and the Permitted Class B Owners of such Founder equal to (i) the number of issued and outstanding Class A Shares held by such Founder and the Permitted Class B Owners of such Founder as of immediately following the effective time of these Articles, *plus* (ii) all Class A Shares that are the subject of vested or unvested options or other equity awards held by such Founder as of immediately following the effective time of these Articles ("<u>Founder Awards</u>"), *less* (iii) any Class A Shares that are subject to Founder Awards held by such Founder that have performance-based vesting conditions that subsequently fail to vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination for "Cause" shall occur thirty (30) days after written notice by the Company to a Founder (based upon the unanimous decision of the Board of Directors, other than such Founder) of a termination for Cause if such Founder shall have failed to cure or remedy such matter, if curable, within such thirty (30) day period. In the event that the basis for Cause is not curable, then such thirty (30) day cure period shall not be required, and such termination shall be effective ten (10) days after the date the Company delivers notice of such termination for Cause. "***Cause***" shall mean the Company's termination of a Founder's employment with the Company or any of its subsidiaries as a result of: (i) fraud, embezzlement; (ii) any willful act of material dishonesty by such Founder in connection with or relating to such Founder's employment with the Company or any of its subsidiaries that results in or would reasonably be expected to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; (iii) theft or misappropriation of property, information or other assets by such Founder in connection with such Founder's employment with the Company or any of its subsidiaries which results in or would reasonably be expected to result in or would reasonably be expected to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; (iv) such Founder's conviction, guilty plea, no contest plea, or similar plea for any felony or any crime that results in or would reasonably be expected to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; (v) such Founder's use of alcohol or drugs while working that materially interferes with the ability of such Founder to perform such Founder's material duties hereunder; (vi) such Founder's material breach of a material Company policy, or material breach of a Company policy that results in or would reasonably be expected to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; or (vii) such Founder's material breach of any of his obligations under the employment agreement between such Founder and the Company, as in effect from time to time (the "Founder Employment Agreement") which results in or would reasonably be expected to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; *provided*, that, for clauses (i) – (vii) above, the Company delivers written notice to such Founder of the condition giving rise to Cause within ninety (90) days after its initial occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "***Permanent Disability***" shall mean a permanent and total disability such that a Founder is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which would reasonably be expected to result in death within twelve (12) months or which has lasted or would reasonably be expected to last for a continuous period of not less than twelve (12) months as determined by a licensed medical practitioner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "***Permitted Class B Owner***" shall mean (i) entities, directly or indirectly, wholly-owned by (or in the case of a trust solely for the benefit of) a Founder, (ii) a spouse upon divorce, as required by settlement, order or decree, or as required by a domestic relations settlement, order or decree, and (iii) the other Founder solely upon the death or Permanent Disability of the other Founder; provided that in the case of subparagraphs (i) and (ii) the Founder retains the sole power to vote the Class B Shares held by such entity or spouse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "***Transfer***" of a Class B Share shall mean, any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition, whether direct or indirect, of such share or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law (including by merger, consolidation or otherwise), including, without limitation, a transfer of a Class B Share to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership), or the transfer of, or entering into a binding agreement with respect to, Voting Control (as defined below) over such share by proxy or otherwise (other than proxy(ies), voting instruction(s) or voting agreement(s) solicited on behalf of the Board of Directors). Notwithstanding the foregoing, the pledge of Class B Shares by a shareholder that creates a mere security interest in such shares pursuant to a bona fide loan or indebtedness transaction for so long as such shareholder continues to exercise Voting Control over such pledged shares shall not constitute a Transfer within the meaning of this Article VIIA. A "<u>Transfer</u>" shall also be deemed to have occurred with respect to a Class B Share beneficially held by the transferor, if there occurs any act or circumstance that causes such transfer to not be a permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "***Voting Control***" shall mean, with respect to a Class B Share, the power (whether exclusive or shared) to vote or direct the voting of such share by proxy, voting agreement or otherwise.

8. <u>Consolidation, Division, Cancellation and Reduction of Share Capital</u>.

(a) The Company may, from time to time, by or pursuant to an
authorization of a Shareholders' resolution, and subject to applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) consolidate all or any part of its issued or unissued authorized share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) divide or sub-divide its shares (issued or unissued) or any of them and the resolution whereby any share is divided may determine that, as among the holders of the shares resulting from such subdivision, one or more of the shares may, in contrast to others, have any such preferred or deferred rights or rights of redemption or other special rights, or be subject to any such restrictions, as the Company may attach to unissued or new shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cancel any authorized shares which, at the date of the adoption of such resolution, have not been issued to any person nor has the Company made any commitment, including a conditional commitment, to issue such shares, and reduce the amount of its share capital by the amount of the shares so canceled.

(b) With respect to any consolidation of issued shares 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, and, in connection
with any such consolidation or other action which could result in fractional shares, may, without limiting its aforesaid power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) determine, as to the holder of shares so consolidated, which issued shares shall be consolidated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue, in contemplation of or subsequent to such consolidation or other action, shares sufficient to preclude or remove fractional share holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) round up, round down or round to the nearest whole number, any fractional shares resulting from the consolidation or from any other action which may result in fractional shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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 of such fractional shares to pay the transferors thereof the fair value thereof, and the Board of Directors is hereby authorized to act in connection with such transfer, as agent for the transferors and transferees of any such fractional shares, with full power of substitution, for the purposes of implementing the provisions of this sub-Article 8(b)(v).

(c) If the Company in any manner subdivides, combines or reclassifies the outstanding shares of one class
of Ordinary Shares, the outstanding shares of the other class of Ordinary Shares will be subdivided, combined or reclassified in the same
manner; provided, however, that shares of one such class of Ordinary Shares may be subdivided, combined or reclassified in a different
or disproportionate manner if such subdivision, combination or reclassification is approved in advance by the affirmative vote (or written
consent) of the holders of a majority of the outstanding Class A Shares and the holders of 100% of the Class B Shares, each voting separately
as a class.

9. <u>Issuance of Share Certificates, Replacement of Lost Certificates</u>.

(a) To the extent that the Board of Directors determines that all shares shall be certificated or, if the
Board of Directors does not so determine, to the extent that any Shareholder requests a share certificate or the Company's transfer
agent so requires, share certificates shall be issued under the corporate seal of the Company or its written, typed or stamped name and
shall bear the signature of one Director, the Company's Chief Executive Officer, or any person or persons authorized therefor by
the Board of Directors. Signatures may be affixed in any mechanical or electronic form, as the Board of Directors may prescribe.

(b) Subject to the provisions of Article 9(a), each Shareholder shall be entitled to one numbered certificate
for all of the shares of any class registered in his or her name. Each certificate shall specify the serial numbers of the shares represented
thereby and may also specify the amount paid up thereon. The Company (as determined by an officer of the Company to be designated by the
Chief Executive Officer) shall not refuse a request by a Shareholder to obtain several certificates in place of one certificate, unless
such request is, in the opinion of such officer, unreasonable. Where a Shareholder has sold or transferred a portion of such Shareholder's
shares, such Shareholder shall be entitled to receive a certificate in respect of such Shareholder's remaining shares, provided
that the previous certificate is delivered to the Company before the issuance of a new certificate.

(c) A share certificate registered in the names of two or more persons shall be delivered to the person first
named in the Register of Shareholders in respect of such co-ownership.

(d) A share certificate which has been defaced, lost or destroyed, may be replaced, and the Company shall
issue a new certificate to replace such defaced, lost or destroyed certificate upon payment of such fee, and upon the furnishing of such
evidence of ownership and such indemnity, as the Board of Directors in its discretion deems fit.

10. <u>Registered Holder</u>.

Except as otherwise provided in these Articles or the Companies Law, the Company shall be entitled to treat the registered holder of each share as the absolute owner thereof, and accordingly, shall not, except as ordered by a court of competent jurisdiction, or as required by the Companies Law, be obligated to recognize any equitable or other claim to, or interest in, such share on the part of any other person.

11. <u>Issuance and Repurchase of Shares</u>.

(a) The unissued shares from time to time shall be under the control of the Board of Directors (and, to the
extent permitted by law, any Committee thereof), which shall have the power to issue or otherwise dispose of shares and of securities
convertible or exercisable into or other rights to acquire from the Company to such persons, on such terms and conditions (including,
inter alia, price, with or without premium, discount or commission, and terms relating to calls set forth in Article 13(f) hereof), and
at such times, as the Board of Directors (or the Committee, as the case may be) deems fit, and the power to give to any person the option
to acquire from the Company any shares or securities convertible or exercisable into or other rights to acquire from the Company on such
terms and conditions (including, inter alia, price, with or without premium, discount or commission), during such time as the Board of
Directors (or the Committee, as the case may be) deems fit; *provided*, *however*, that this Article 11(a) shall not apply to
Class B Shares.

(b) Other than with respect to the Class B Shares, the Company may at any time and from time to time, subject
to the Companies Law, repurchase or finance the purchase of any shares or other securities issued by the Company, in such manner and under
such terms as the Board of Directors shall determine, whether from any one or more Shareholders. Such purchase shall not be deemed as
payment of dividends and as such, no Shareholder will have the right to require the Company to purchase his or her shares or offer to
purchase shares from any other Shareholders.

12. <u>Payment in Installment</u>.

If pursuant to the terms of issuance of any share, all or any portion of the price thereof shall be payable in installments, every such installment shall be paid to the Company on the due date thereof by the then registered holder(s) of the share or the person(s) then entitled thereto.

13. <u>Calls on Shares</u>.

(a) The Board of Directors may, from time to time, as it, in its discretion, deems fit, make calls for payment
upon Shareholders in respect of any sum (including premium) which has not been paid up in respect of shares held by such Shareholders
and which is not, pursuant to the terms of issuance of such shares or otherwise, payable at a fixed time, and each Shareholder shall pay
the amount of every call so made upon him or her (and of each installment thereof if the same is payable in installments), to the person(s)
and at the time(s) and place(s) designated by the Board of Directors, as any such times may be thereafter extended and/or such person(s)
or place(s) changed. Unless otherwise stipulated in the resolution of the Board of Directors (and in the notice hereafter referred to),
each payment in response to a call shall be deemed to constitute a pro rata payment on account of all the shares in respect of which such
call was made.

(b) Notice of any call for payment by a shareholder shall be
given in writing to such shareholder not less than fourteen (14) days prior to the time of payment fixed in such notice, and shall specify
the time and place of payment, and the person to whom such payment is to be made. Prior to the time for any such payment fixed in a notice
of a call given to a shareholder, the Board of Directors may in its absolute discretion, by notice in writing to such shareholder, revoke
such call in whole or in part, extend the time fixed for payment thereof, or designate a different place of payment or person to whom
payment is to be made. In the event of a call payable in installments, only one notice thereof need be given.

(c) If pursuant to the terms of issuance of a share or otherwise, an amount is made payable at a fixed time,
such amount shall be payable at such time as if it were payable by virtue of a call made by the Board of Directors and for which notice
was given in accordance with paragraphs (a) and (b) of this Article 13, and the provision of these Articles with regard to calls (and
the non-payment thereof) shall be applicable to such amount or such installment (and the non-payment thereof).

(d) Joint holders of a share shall be jointly and severally liable to pay all calls for payment in respect
of such share and all interest payable thereon.

(e) Any amount called for payment which is not paid when due shall bear interest from the date fixed for payment
until actual payment thereof, at such rate (not exceeding the then prevailing debitory rate charged by leading commercial banks in Israel),
and payable at such time(s) as the Board of Directors may prescribe.

(f) Upon the issuance of shares, the Board of Directors may provide for differences among the holders of such
shares as to the amounts and times for payment of calls for payment in respect of such shares.

14. <u>Prepayment</u>.

With the approval of the Board of Directors, any shareholder may pay to the Company any amount not yet payable in respect of his or her shares, and the Board of Directors may approve the payment by the Company of interest on any such amount until the same would be payable if it had not been paid in advance, at such rate and time(s) as may be approved by the Board of Directors. The Board of Directors may at any time cause the Company to repay all or any part of the money so advanced, without premium or penalty. Nothing in this Article 14 shall derogate from the right of the Board of Directors to make any call for payment before or after receipt by the Company of any such advance.

15. <u>Forfeiture and Surrender</u>.

(a) If any shareholder fails to pay an amount payable by virtue of a call, installment or interest thereon
as provided for in accordance herewith, on or before the day fixed for payment of the same, the Board of Directors may at any time after
the day fixed for such payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid,
forfeit all or any of the shares in respect of which such payment was called for. All expenses incurred by the Company in attempting to
collect any such amount or interest thereon, including, without limitation, attorneys' fees and costs of legal proceedings, shall
be added to, and shall, for all purposes (including the accrual of interest thereon) constitute a part of, the amount payable to the Company
in respect of such call.

(b) Upon the adoption of a resolution as to the forfeiture of a Shareholder's share, the Board of Directors
shall cause notice thereof to be given to such shareholder, which notice shall state that, in the event of the failure to pay the entire
amount so payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is
given and which may be extended by the Board of Directors), such shares shall be ipso facto forfeited, provided, however, that, prior
to such date, the Board of Directors may cancel such resolution of forfeiture, but no such cancellation shall stop the Board of Directors
from adopting a further resolution of forfeiture in respect of the non-payment of the same amount.

(c) Without derogating from Articles 51 and 55 hereof, whenever shares are forfeited as herein provided, all
dividends, if any, theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited at the same time.

(d) The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share.

(e) Any share forfeited or surrendered as provided herein, shall become the property of the Company as a dormant
share, and the same, subject to the provisions of these Articles, may be sold, re-issued or otherwise disposed of as the Board of Directors
deems fit.

(f) Any person whose shares have been forfeited or surrendered shall cease to be a shareholder in respect
of the forfeited or surrendered shares, but shall, notwithstanding, be liable to pay, and shall forthwith pay, to the Company, all calls,
interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender, together with interest thereon from
the time of forfeiture or surrender until actual payment, at the rate prescribed in Article 13(e) above, and the Board of Directors, in
its discretion, may, but shall not be obligated to, enforce or collect the payment of such amounts, or any part thereof, as it shall deem
fit. In the event of such forfeiture or surrender, the Company, by resolution of the Board of Directors, may accelerate the date(s) of
payment of any or all amounts then owing to the Company by the person in question (but not yet due) in respect of all shares owned by
such shareholder, solely or jointly with another.

(g) The Board of Directors may at any time, before any share so forfeited or surrendered shall have been sold,
re-issued or otherwise disposed of, nullify the forfeiture or surrender on such conditions as it deems fit, but no such nullification
shall stop the Board of Directors from re-exercising its powers of forfeiture pursuant to this Article 15.

16. <u>Lien</u>.

(a) Except to the extent 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 or her debts, liabilities and engagements
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 engagement has matured. Such lien shall extend to all dividends from time to time declared or paid in respect of such
share. Unless otherwise provided, 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) existing on such shares immediately prior to such transfer.

(b) The Board of Directors may cause the Company to sell a share subject to such a lien when the debt, liability
or engagement giving rise to such lien has matured, in such manner as the Board of Directors deems fit, but no such sale shall be made
unless such debt, liability or engagement has not been satisfied within fourteen (14) days after written notice of the intention to sell
shall have been served on such shareholder, his or her executors or administrators.

(c) The net proceeds of any such sale, after payment of the costs and expenses thereof or ancillary thereto,
shall be applied in or toward satisfaction of the debts, liabilities or engagements of such shareholder in respect of such share (whether
or not the same have matured), and the remaining proceeds (if any) shall be paid to the shareholder, his or her executors, administrators
or assigns.

17. <u>Sale After Forfeiture or Surrender or For Enforcement of Lien</u>.

Upon any sale of a share after forfeiture or surrender or for enforcing a lien, the Board of Directors may appoint any person to execute an instrument of transfer of the share so sold and cause the purchaser's name to be entered in the Register of Shareholders in respect of such share. The purchaser shall be registered as the shareholder and shall not be bound to see to the regularity of the sale proceedings, or to the application of the proceeds of such sale, and after his or her name has been entered in the Register of Shareholders in respect of such share, the validity of the sale shall not be impeached by any person, and the remedy of any person aggrieved by the sale shall be in damages only and against the Company exclusively.

18. <u>Redeemable Shares</u>.

The Company may, subject to applicable law, issue redeemable shares or other securities and redeem the same upon terms and conditions to be set forth in a written agreement between the Company and the holder of such shares or in their terms of issuance.

**Transfer of Shares**

19.  **<u>Registration of Transfer</u>** .

No transfer of shares shall be registered unless a proper writing or instrument of transfer (in any customary form or any other form satisfactory to the Board of Directors or an officer of the Company to be designated by the Chief Executive Officer) has been submitted to the Company (or its transfer agent), together with any share certificate(s) and such other evidence of title as the Board of Directors or an officer of the Company to be designated by the Chief Executive Officer may require. Notwithstanding anything to the contrary herein, shares registered in the name of The Depository Trust Company or its nominee shall be transferrable in accordance with the policies and procedures of The Depository Trust Company. Until the transferee has been registered in the Register of Shareholders in respect of the shares so transferred, the Company may continue to regard the transferor as the owner thereof. The Board of Directors, may, from time to time, prescribe a fee for the registration of a transfer, and may approve other methods of recognizing the transfer of shares in order to facilitate the trading of the Company's shares on the Nasdaq Stock Market or on any other stock exchange on which the Company's shares are then listed for trading.

20. <u>Suspension of Registration</u>.

The Board of Directors may, in its discretion to the extent it deems necessary, close the Register of Shareholders of registration of transfers of shares for a period determined by the Board of Directors, and no registrations of transfers of shares shall be made by the Company during any such period during which the Register of Shareholders is so closed.

**Transmission of Shares**

21.  **<u>Decedents' Shares</u>** .

Upon the death of a Shareholder, the Company shall recognize the custodian or administrator of the estate or executor of the will, and in the absence of such, the lawful heirs of the Shareholder, as the only holders of the right for the shares of the deceased Shareholder, after receipt of evidence to the entitlement thereto, as determined by the Board of Directors or an officer of the Company to be designated by the Chief Executive Officer.

22. <u>Receivers and Liquidators</u>.

(a) The Company may recognize any receiver, liquidator or similar official appointed to wind-up, dissolve
or otherwise liquidate a corporate Shareholder, and a trustee, manager, receiver, liquidator or similar official appointed in bankruptcy
or in connection with the reorganization of, or similar proceeding with respect to a Shareholder or its properties, as being entitled
to the shares registered in the name of such Shareholder.

(b) Such receiver, liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a
corporate Shareholder and such trustee, manager, receiver, liquidator or similar official appointed in bankruptcy or in connection with
the reorganization of, or similar proceedings with respect to a Shareholder or its properties, upon producing such evidence as the Board
of Directors (or an officer of the Company to be designated by the Chief Executive Officer) may deem sufficient as to his or her authority
to act in such capacity or under this Article, shall with the consent of the Board of Directors or an officer of the Company to be designated
by the Chief Executive Officer (which the Board of Directors or such officer may grant or refuse in its absolute discretion), be registered
as a Shareholder in respect of such shares, or may, subject to the regulations as to transfer herein contained, transfer such shares.

**General Meetings**

23.  **<u>General Meetings</u>** .

(a) An annual General Meeting ()"**Annual General Meeting** ")
shall be held at such time and at such place, either within or outside of the State of Israel, as may be determined by the Board of Directors.

(b) All General Meetings other than Annual General Meetings shall be called "**Special General Meetings** ".
The Board of Directors may, at its discretion, convene a Special General Meeting at such time and place, within or outside of the State
of Israel, as may be determined by the Board of Directors.

(c) If so determined by the Board of Directors, an Annual General Meeting or a Special General Meeting may
be held through the use of any means of communication approved by the Board of Directors, provided all of the participating Shareholders
can hear each other simultaneously. A resolution approved by use of means of communications as aforesaid, shall be deemed to be a resolution
lawfully adopted at such general meeting and a Shareholder shall be deemed present in person at such general meeting if attending such
meeting through the means of communication used at such meeting.

24. <u>Record Date for General Meeting</u>.

Notwithstanding any provision of these Articles to the contrary, and to allow the Company to determine the Shareholders entitled to notice of or to vote at any General Meeting or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or grant of any rights, or entitled to exercise any rights in respect of or to take or be the subject of any other action, the Board of Directors may fix a record date for the General Meeting, which shall not be more than the maximum period and not less than the minimum period permitted by law. A determination of Shareholders of record entitled to notice of or to vote at a General Meeting shall apply to any adjournment of the meeting; <u>provided</u>, <u>however</u>, that the Board of Directors may fix a new record date for the adjourned meeting.

25. <u>Shareholder Proposal Request</u>.

(a) Any Shareholder or Shareholders of the Company holding at
least the required percentage under the Companies Law of the voting rights of the Company which entitles such Shareholder(s) to require
the Company to include a matter on the agenda of a General Meeting (the "Proposing Shareholder(s)") may request, subject
to the Companies Law, that the Board of Directors include a matter on the agenda of a General Meeting to be held in the future, provided
that the Board of Directors determines that the matter is appropriate to be considered at a General Meeting (a "Proposal Request").
In order for the Board of Directors to consider a Proposal Request and whether to include the matter stated therein in the agenda of
a General Meeting, notice of the Proposal Request must be timely delivered in accordance with applicable law, and the Proposal Request
must comply with the requirements of these Articles (including this Article 25) and any applicable law and stock exchange rules and regulations.
The Proposal Request must be in writing, signed by all of the Proposing Shareholder(s) making such request, delivered, either in person
or by registered mail, postage prepaid, and received by the General Counsel (or, in the absence thereof, by the Chief Executive Officer
of the Company). To be considered timely, a Proposal Request must be received within the time periods prescribed by applicable law. The
announcement of an adjournment or postponement of a General Meeting shall not commence a new time period (or extend any time period)
for the delivery of a Proposal Request as described above. In addition to any information required to be included in accordance with
applicable law, a Proposal Request must include the following: (i) the name, address, telephone number, fax number and email address
of the Proposing Shareholder (or each Proposing Shareholder, as the case may be) and, if an entity, the name(s) of the person(s) that
controls or manages such entity; (ii) the number of Shares held by the Proposing Shareholder(s), directly or indirectly (and, if any
of such Shares are held indirectly, an explanation of how they are held and by whom), which shall be in such number no less than as is
required to qualify as a Proposing Shareholder, accompanied by evidence satisfactory to the Company of the record holding of such Shares
by the Proposing Shareholder(s) as of the date of the Proposal Request; (iii) the matter requested to be included on the agenda of a
General Meeting, all information related to such matter, the reason that such matter is proposed to be brought before the General Meeting,
the complete text of the resolution that the Proposing Shareholder proposes to be voted upon at the General Meeting, and a representation
that the Proposing Shareholder(s) intend to appear in person or by proxy at the meeting; (iv) a description of all arrangements or understandings,
whether written or oral, between the Proposing Shareholders and any other Person(s) (naming such Person or Persons) in connection with
the matter that is requested to be included on the agenda and a declaration signed by all Proposing Shareholder(s) of whether any of
them has a personal interest in the matter and, if so, a description in reasonable detail of such personal interest; (v) a description
of all Derivative Transactions (as defined below) by each Proposing Shareholder(s) during the previous twelve (12) month period, including
the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, such Derivative
Transactions; and (vi) a declaration that all of the information that is required under the Companies Law and any other applicable law
and stock exchange rules and regulations to be provided to the Company in connection with such matter, if any, has been provided to the
Company. The Board of Directors, may, in its discretion, to the extent it deems necessary, request that the Proposing Shareholder(s)
provide additional information necessary so as to include a matter in the agenda of a General Meeting, as the Board of Directors may
reasonably require.

A "**Derivative Transaction**" means any agreement, arrangement, interest or understanding entered into by, or on behalf or for the benefit of, any Proposing Shareholder or any of its affiliates or associates, whether of record or beneficial: (1) the value of which is derived in whole or in part from the value of any class or series of shares or other securities of the Company, (2) which otherwise provides any direct or indirect opportunity to gain or share in any gain derived from a change in the value of securities of the Company, (3) the effect or intent of which is to mitigate loss, manage risk or benefit of security value or price changes, or (4) which provides the right to vote or increase or decrease the voting power of, such Proposing Shareholder, or any of its affiliates or associates, with respect to any shares or other securities of the Company, which agreement, arrangement, interest or understanding may include, without limitation, any option, warrant, debt position, note, bond, convertible security, swap, stock appreciation right, short position, profit interest, hedge, right to dividends, voting agreement, performance-related fee or arrangement to borrow or lend shares (whether or not subject to payment, settlement, exercise or conversion in any such class or series), and any proportionate interest of such Proposing Shareholder in the securities of the Company held by any general or limited partnership, or any limited liability company, of which such Proposing Shareholder is, directly or indirectly, a general partner or managing member.

(b) The information required pursuant to this Article shall be
updated as of (i) the record date of the General Meeting, (ii) five business days before the General Meeting, and (iii) as of the General
Meeting, and any adjournment or postponement thereof.

(c) The provisions of Articles 25(a) and 25(b) shall apply, *mutatis mutandis,* on any matter to be included
on the agenda of a Special General Meeting which is convened pursuant to a request of a Shareholder duly delivered to the Company in accordance
with the Companies Law.

(d) Notwithstanding anything to the contrary herein, this Article 25 may only be amended, replaced or suspended
by a resolution adopted at a General Meeting by (i) so long as Class B Shares remain outstanding, a majority of the total voting power
of the Shareholders and (ii) if no Class B Shares remain outstanding, a supermajority of at least sixty-five percent (65%) of the total
voting power of the Shareholders.

26. <u>Notice of General Meetings; Omission to Give Notice</u>.

(a) The Company is not required to give notice of a General Meeting, subject to any mandatory provision of
the Companies Law.

(b) The accidental omission to give notice of a General Meeting to any Shareholder, or the non-receipt of
notice sent to such Shareholder, shall not invalidate the proceedings at such meeting or any resolution adopted thereat.

(c) No Shareholder present, in person or by proxy, at any time during a General Meeting shall be entitled
to seek the cancellation or invalidation of any proceedings or resolutions adopted at such General Meeting on account of any defect in
the notice of such meeting relating to the time or the place thereof, or any item acted upon at such meeting.

(d) In addition to any places at which the Company may make available for review by Shareholders the full
text of the proposed resolutions to be adopted at a General Meeting, as required by the Companies Law, the Company may add additional
places for Shareholders to review such proposed resolutions, including an internet site.

**Proceedings at General Meetings**

27.  **<u>Quorum</u>** .

(a) No business shall be transacted at a General Meeting, or at any adjournment thereof, unless the quorum
required under these Articles for such General Meeting or such adjourned meeting, as the case may be, is present when the meeting proceeds
to business.

(b) In the absence of contrary provisions in these Articles, the requisite quorum for any General Meeting
shall be two or more Shareholders (not in default in payment of any sum referred to in Article 13 hereof) present in person or by proxy
and holding shares conferring in the aggregate at least thirty-three and one-third percent (33⅓%) of the voting power of the Company,
provided, however, that with respect to any General Meeting that was initiated by and convened pursuant to a resolution adopted by the
Board of Directors and which at the time of such General Meeting the Company is a "foreign private issuer" under US securities
laws, the requisite quorum shall be two or more Shareholders (not in default in payment of any sum referred to in Article 13 hereof) present
in person or by proxy and holding shares conferring in the aggregate at least twenty five percent (25%) of the voting power of the Company.
For the purpose of determining the quorum present at a certain General Meeting, a proxy may be deemed to be two (2) or more Shareholders
pursuant to the number of Shareholders represented by the proxy holder. Notwithstanding the foregoing, a quorum for any General Meeting
shall also require the presence in person or by proxy of at least one shareholder holding Class B Shares if such shares are outstanding.

(c) If within half an hour from the time appointed for the meeting a quorum is not present, then without any
further notice the meeting shall be adjourned either (i) to the same day in the next week, at the same time and place, (ii) to such day
and at such time and place as indicated in the notice of such meeting, or (iii) to such day and at such time and place as the Chairperson
of the General Meeting shall determine (which may be earlier or later than the date pursuant to clause (i) above). No business shall be
transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting as originally called. At
such adjourned meeting, if the original meeting was convened upon request under Section 63 of the Companies Law, one or more shareholders,
present in person or by proxy, and holding the number of shares required for making such request, shall constitute a quorum, but in any
other case any shareholder (not in default as aforesaid) present in person or by proxy, shall constitute a quorum. Notwithstanding the
foregoing, a quorum for any adjourned General Meeting shall also require the presence in person or by proxy of at least one shareholder
holding Class B Shares if such shares are outstanding.

28. <u>Chairperson of General Meeting</u>.

The Chairperson of the Board of Directors shall preside as Chairperson of every General Meeting of the Company. If at any meeting the Chairperson is not present within fifteen (15) minutes after the time fixed for holding the meeting or is unwilling or unable to act as Chairperson, any of the following may preside as Chairperson of the meeting (and in the following order): a Director designated by the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the General Counsel, the Secretary or any person designated by any of the foregoing. If at any such meeting none of the foregoing persons is present or all are unwilling or unable to act as Chairperson, the Shareholders present (in person or by proxy) shall choose a Shareholder or its proxy present at the meeting to be Chairperson. The office of Chairperson shall not, by itself, entitle the holder thereof to vote at any General Meeting nor shall it entitle such holder to a second or casting vote (without derogating, however, from the rights of such Chairperson to vote as a Shareholder or proxy of a Shareholder if, in fact, he is also a Shareholder or such proxy).

29. <u>Adoption of Resolutions at General Meetings</u>.

(a) Except as required by the Companies Law or these Articles, including, without limitation, Article 39 and
Article 7, a resolution of the Shareholders shall be adopted if approved by the holders of a simple majority of the voting power represented
at the General Meeting in person or by proxy and voting thereon, as one class, and disregarding abstentions from the count of the voting
power present and voting. Without limiting the generality of the foregoing, a resolution with respect to a matter or action for which
the Companies Law prescribes a higher majority or pursuant to which a provision requiring a higher majority would have been deemed to
have been incorporated into these Articles, but for which the Companies Law allows these Articles to provide otherwise (including, Sections
327 and 24 of the Companies Law), shall be adopted by a simple majority of the voting power represented at the General Meeting in person
or by proxy and voting thereon, as one class, and disregarding abstentions from the count of the voting power present and voting.

(b) Every question submitted to a General Meeting shall be decided by a show of hands, but the Chairperson
of the General Meeting may determine that a resolution shall be decided by a written ballot. A written ballot may be implemented before
the proposed resolution is voted upon or immediately after the declaration by the Chairperson of the results of the vote by a show of
hands. If a vote by written ballot is taken 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 such written ballot.

(c) A defect in convening or conducting a General Meeting other than with respect to the existence of a quorum,
including a defect resulting from the non-fulfillment of any provision or condition set forth in the Companies Law or these Articles,
including with regard to the manner of convening or conducting the General Meeting, shall not disqualify any resolution passed at the
General Meeting and shall not affect the discussions or decisions which took place thereat.

(d) A declaration by the Chairperson 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 minute book of the Company, shall be prima facie
evidence of the fact without proof of the number or proportion of the votes recorded in favor of or against such resolution.

30. <u>Power to Adjourn</u>.

A General Meeting, the consideration of any matter on its agenda, or the resolution on any matter on its agenda, may be postponed or adjourned, from time to time and from place to place: (i) by the Chairperson of a General Meeting at which a quorum is present (and he shall do so if directed by the General Meeting, with the consent of the holders of a majority of the voting power represented in person or by proxy and voting on the question of adjournment), but no business shall be transacted at any such adjourned meeting except business which might lawfully have been transacted at the meeting as originally called, or a matter on its agenda with respect to which no resolution was adopted at the meeting originally called; or (ii) by the Board of Directors (whether prior to or at a General Meeting); provided that the Board of Directors may only adjourn or postpone a meeting with the unanimous consent of all members of the Board of Directors.

31. <u>Voting Power</u>.

Subject to the provisions of Article 32(a) and to any provision hereof conferring special rights as to voting, or restricting the right to vote:

(a) except as otherwise provided in these Articles or otherwise required by the Companies Law, each Shareholder
holding Class A Shares and Class B Shares shall at all times vote together as one class on all matters (including the election of directors);
and.

(b) each Shareholder of Class A Shares shall be entitled to one vote for each Class A Share held as of the
applicable record date on any matter whether the vote thereon is conducted by a show of hands, by written ballot, or by any other means,
and each Shareholder of Class B Shares shall be entitled to ten votes for each Class B Share held as of the applicable record date on
any matter whether the vote thereon is conducted by a show of hands, by written ballot, or by any other means as shall be determined by
the Board of Directors.

32. <u>Voting Rights.</u> 

(a) No shareholder shall be entitled to vote at any General Meeting (or be counted as a part of the quorum
thereat), unless all calls then payable by him or her in respect of his or her shares in the Company have been paid.

(b) A company or other corporate body being a Shareholder of the Company may duly authorize any person to
be its representative at any meeting of the Company or to execute or deliver a proxy on its behalf. Any person so authorized shall be
entitled to exercise on behalf of such Shareholder all the power, which the Shareholder could have exercised if it were an individual.
Upon the request of the Chairperson of the General Meeting, written evidence of such authorization (in form acceptable to the Chairperson)
shall be delivered to him or her.

(c) Any Shareholder entitled to vote may vote either in person or by proxy (who need not be a Shareholder
of the Company), or, if the Shareholder is a company or other corporate body, by representative authorized pursuant to Article (b) above.

(d) If two or more persons are registered as joint holders of any share, the vote of the senior who tenders
a vote, in person or by proxy, shall be accepted to the exclusion of the vote(s) of the other joint holder(s). For the purpose of this
Article 32(d), seniority shall be determined by the order of registration of the joint holders in the Register of Shareholders.

(e) If a Shareholder is a minor, under protection, bankrupt or legally incompetent, or in the case of a corporation,
is in receivership or liquidation, it may, subject to all other provisions of these Articles and any documents or records required to
be provided under these Articles, vote through his, her or its trustees, receiver, liquidator, natural guardian or another legal guardian,
as the case may be, and the persons listed above may vote in person or by proxy.

**Proxies**

33.  **<u>Instrument of Appointment</u>** .

(a) An instrument appointing a proxy shall be in writing and shall be substantially in the following form:

"I   of   <br> *(Name of Shareholder)* *(Address of Shareholder)*

Being a shareholder of REE Automotive Ltd. hereby appoints

  of   <br> *(Name of Proxy)* *(Address of Proxy)*

as my proxy to vote for me and on my behalf at the General Meeting of the Company to be held on the<u> </u> day of _________,<u> </u>_________ and at any adjournment(s) thereof.

Signed this ____ day of ___________, ________.

(Signature of Appointor)"

or in any usual or common form or in such other form as may be approved by the Board of Directors. Such proxy shall be duly signed by the appointor of such person's duly authorized attorney, or, if such appointor is company or other corporate body, in the manner in which it signs documents which binds it together with a certificate of an attorney with regard to the authority of the signatories.

(b) Subject to the Companies Law, the original instrument appointing a proxy or a copy thereof certified by
an attorney (and the power of attorney or other authority, if any, under which such instrument has been signed) shall be delivered to
the Company (at its Office, at its principal place of business, or at the offices of its registrar or transfer agent, or at such place
as notice of the meeting may specify) not less than forty eight (48) hours (or such shorter period as the notice shall specify) before
the time fixed for such meeting. Notwithstanding the above, the Chairperson shall have the right to waive the time requirement provided
above with respect to all instruments of proxies and to accept instruments of proxy until the beginning of a General Meeting. A document
appointing a proxy shall be valid for every adjourned meeting of the General Meeting to which the document relates.

34. <u>Effect of Death of Appointor of Transfer of Share and or Revocation of Appointment</u>.

(a) A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding the prior
death or bankruptcy of the appointing Shareholder (or of his or her attorney-in-fact, if any, who signed such instrument), or the transfer
of the share in respect of which the vote is cast, unless written notice of such matters shall have been received by the Company or by
the Chairperson of such meeting prior to such vote being cast.

(b) Subject to the Companies Law, an instrument appointing a proxy shall be deemed revoked (i) upon receipt
by the Company or the Chairperson, subsequent to receipt by the Company of such instrument, of written notice signed by the person signing
such instrument or by the Shareholder appointing such proxy canceling the appointment thereunder (or the authority pursuant to which such
instrument was signed) or of an instrument appointing a different proxy (and such other documents, if any, required under Article 33(b)
for such new appointment), provided such notice of cancellation or instrument appointing a different proxy were so received at the place
and within the time for delivery of the instrument revoked thereby as referred to in Article 33(b) hereof, or (ii) if the appointing Shareholder
is present in person at the meeting for which such instrument of proxy was delivered, upon receipt by the Chairperson of such meeting
of written notice from such Shareholder of the revocation of such appointment, or if and when such Shareholder votes at such meeting.
A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding the revocation or purported cancellation
of the appointment, or the presence in person or vote of the appointing Shareholder at a meeting for which it was rendered, unless such
instrument of appointment was deemed revoked in accordance with the foregoing provisions of this Article 34(b) at or prior to the time
such vote was cast.

**Board of Directors**

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

(a) The Board of Directors may exercise all such powers and do all such acts and things as the Board of Directors
is authorized by law or as the Company is authorized to exercise and do and are not hereby or by law required to be exercised or done
by the General Meeting. The authority conferred on the Board of Directors by this Article 35 shall be subject to the provisions of the
Companies Law, these Articles and any regulation or resolution consistent with these Articles adopted from time to time at a General Meeting,
provided, however, that no such regulation or resolution shall invalidate any prior act done by or pursuant to a decision of the Board
of Directors which would have been valid if such regulation or resolution had not been adopted.

(b) The General Meeting shall be allowed to assume the powers of the Board of Directors for a specific matter
and a specific time period which shall not exceed the time period required under the circumstances.

36. <u>Exercise of Powers of the Board of Directors</u>.

(a) A meeting of the Board of Directors at which a quorum is present in accordance with Article 45 shall be
competent to exercise all the authorities, powers and discretion vested in or exercisable by the Board of Directors.

(b) Unless otherwise set forth herein, a resolution proposed at any meeting of the Board of Directors shall
be deemed adopted if approved by a majority of the Directors present, entitled to vote and voting thereon when such resolution is put
to a vote.

(c) The Board of Directors may adopt resolutions, without convening a meeting of the Board of Directors, in
writing or in any other manner permitted by the Companies Law.

37. <u>Delegation of Powers</u>.

(a) The Board of Directors may, subject to the provisions of the Companies Law, delegate any or all of its
powers to committees (in these Articles referred to as a "**Committee of the Board of Directors** ", or "**Committee** "),
each consisting of one or more persons who are Directors, and it may from time to time revoke such delegation or alter the composition
of any such Committee. Any Committee so formed shall, in the exercise of the powers so delegated, conform to any regulations imposed on
it by the Board of Directors, subject to applicable law. No regulation imposed by the Board of Directors on any Committee and no resolution
of the Board of Directors shall invalidate any prior act done or pursuant to a resolution by the Committee which would have been valid
if such regulation or resolution of the Board of Directors had not been adopted. The meetings and proceedings of any such Committee of
the Board of Directors shall, mutatis mutandis, be governed by the provisions herein contained for regulating the meetings of the Board
of Directors, to the extent not superseded by any regulations adopted by the Board of Directors. Unless otherwise expressly prohibited
by the Board of Directors, in delegating powers to a Committee of the Board of Directors, such Committee shall be empowered to further
delegate such powers to a sub-committee of Directors.

(b) The Board of Directors may from time to time appoint a Secretary to the Company, as well as Officers,
agents, employees and independent contractors, as the Board of Directors deems fit, and may terminate the service of any such person.
The Board of Directors may, subject to the provisions of the Companies Law, determine the powers and duties, as well as the salaries and
compensation, of all such persons.

(c) The Board of Directors may from time to time, by power of attorney or otherwise, appoint any person, company,
firm or body of persons to be the attorney or attorneys of the Company at law or in fact for such purposes(s) and with such powers, authorities
and discretions, and for such period and subject to such conditions, as it deems fit, and any such power of attorney or other appointment
may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board of Directors deems
fit, and may also authorize any such attorney to delegate all or any of the powers, authorities and discretions vested in him or her.

38. <u>Number of Directors</u>.

(a) The Board of Directors shall consist of such number of Directors (not less than three (3) nor more than
eleven (11), including the External Directors, if any were elected) as may be fixed from time to time by resolution of the General Meeting.

(b) Notwithstanding anything to the contrary herein, this Article 38 may only be amended or replaced by a
resolution adopted at a General Meeting by (i) so long as Class B Shares remain outstanding, a majority of the total voting power of the
Shareholders and (ii) if no Class B Shares remain outstanding, a supermajority of at least sixty-five percent (65%) of the total voting
power of the Shareholders.

39. <u>Election and Removal of Directors</u>.

(a) The Directors, including the External Directors (if any were elected), shall be elected by a resolution
adopted at the General Meeting at which they are subject to election. A Director may only be removed by resolution adopted at a General
Meeting.

(b) At each Annual General Meeting, commencing with the Annual General Meeting to be held in 2022, each Nominee
or Alternate Nominee elected at such Annual General Meeting to serve as a Director whose term shall have expired or who shall have been
removed from office at such Annual General Meeting shall be elected to hold office until the Annual General Meeting next succeeding his
or her election, unless removed earlier by resolution adopted at a General Meeting, and until his or her respective successor shall have
been elected and qualified. Notwithstanding anything to the contrary, each Director shall serve until his or her successor is elected
and qualified or until such earlier time as such Director's office is vacated.

(c) Prior to every General Meeting of the Company at which Directors
are to be elected, and subject to clauses (a) and (g) of this Article, the Board of Directors shall select, by a resolution adopted by
a majority of the Board of Directors a number of Persons to be proposed to the Shareholders for election as Directors at such General
Meeting (the "**Nominees** ").

(d) Any Proposing Shareholder requesting to include on the agenda of a General Meeting a nomination of a Person
to be proposed to the Shareholders for election as Director (such person, an "**Alternate Nominee** "), may so request provided
that it complies with this Article 39(d), Article 25 and applicable law. Unless otherwise determined by the Board of Directors, a Proposal
Request relating to an Alternate Nominee is deemed to be a matter that is appropriate to be considered only at an Annual General Meeting.
In addition to any information required to be included in accordance with applicable law, such a Proposal Request shall include information
required pursuant to Article 25, and shall also set forth: (i) the name, address, telephone number, fax number and email address of the
Alternate Nominee and all citizenships and residencies of the Alternate Nominee; (ii) a description of all arrangements, relations or
understandings during the past three (3) years, and any other material relationships, between the Proposing Shareholder(s) or any of its
affiliates and each Alternate Nominee; (iii) a declaration signed by the Alternate Nominee that he or she consents to be named in the
Company's notices and proxy materials and on the Company's proxy card relating to the General Meeting, if provided or published,
and that he or she, if elected, consents to serve on the Board of Directors and to be named in the Company's disclosures and filings;
(iv) a declaration signed by each Alternate Nominee as required under the Companies Law and any other applicable law and stock exchange
rules and regulations for the appointment of such an Alternate Nominee and an undertaking that all of the information that is required
under law and stock exchange rules and regulations to be provided to the Company in connection with such an appointment has been provided
(including, information in respect of the Alternate Nominee as would be provided in response to the applicable disclosure requirements
under Form 20-F or any other applicable form prescribed by the SEC); (v) a declaration made by the Alternate Nominee of whether he or
she meets the criteria for an independent director and, if applicable, External Director of the Company under the Companies Law and/or
under any applicable law, regulation or stock exchange rules, and if not, then an explanation of why not; and (vi) any other information
required at the time of submission of the Proposal Request by applicable law, regulations or stock exchange rules. In addition, the Proposing
Shareholder(s) and each Alternate Nominee shall promptly provide any other information reasonably requested by the Company, including
a duly completed director and officer questionnaire, in such form as may be provided by the Company, with respect to each Alternate Nominee.
The Board of Directors may refuse to acknowledge the nomination of any person not made in compliance with the foregoing. The Company shall
be entitled to publish any information provided by a Proposing Shareholder or Alternate Nominee pursuant to this Article 39(d) and Article
25, and the Proposing Shareholder and Alternate Nominee shall be responsible for the accuracy and completeness thereof.

(e) The Nominees or Alternate Nominees shall be elected by a resolution adopted at the General Meeting at
which they are subject to election. Notwithstanding Articles 26(a) and 26(c), in the event of a Contested Election, the method of calculation
of the votes and the manner in which the resolutions will be presented to the General Meeting shall be determined by the Board of Directors
in its sole and absolute discretion. The Board of Directors may consider, among other things, the following methods: (i) election of competing
slates of Director nominees (determined in a manner approved by the Board of Directors) by a majority of the voting power represented
at the General Meeting in person or by proxy and voting on such competing slates, (ii) election of individual Directors by a plurality
of the voting power represented at the General Meeting in person or by proxy and voting on the election of Directors (which shall mean
that the nominees receiving the largest number of "for" votes will be elected in such Contested Election), (iii) election
of each nominee by a majority of the voting power represented at the General Meeting in person or by proxy and voting on the election
of Directors, provided that if the number of such nominees exceeds the number of Directors to be elected, then as among such nominees
the election shall be by plurality of the voting power as described above, and (iv) such other method of voting as the Board of Directors
deems appropriate, including use of a "universal proxy card" listing all Nominees and Alternate Nominees by the Company. For
the purposes of these Articles, election of Directors at a General Meeting shall be considered a "Contested Election" if the
aggregate number of Nominees and Alternate Nominees at such meeting exceeds the total number of Directors to be elected at such meeting,
with the determination thereof being made by the General Counsel of the Company (or, in the absence thereof, by the Chief Executive Officer
of the Company).

(f) Notwithstanding anything to the contrary herein, this Article 39 and Article 42(e) may only be amended,
replaced or suspended by a resolution adopted at a General Meeting by (i) so long as any Class B Shares remain outstanding, a majority
of the total voting power of the Shareholders and (ii) if no Class B Shares remain outstanding, a supermajority of at least sixty-five
percent (65%) of the total voting power of the Shares.

(g) Notwithstanding anything to the contrary in these Articles, the election, qualification, removal or dismissal
of External Directors, if so elected, shall be only in accordance with the applicable provisions set forth in the Companies Law.

40. <u>Commencement of Directorship</u>.

Without derogating from Article 39, the term of office of a Director shall commence as of the date of his or her appointment or election, or on a later date if so specified in his or her appointment or election.

41. <u>Continuing Directors in the Event of Vacancies</u>.

The Board of Directors (and, if so determined by the Board of Directors, the General Meeting) may at any time and from time to time appoint any person as a Director to fill a vacancy (whether such vacancy is due to a Director no longer serving or due to the number of Directors serving being less than the maximum number stated in Article 38 hereof). In the event of one or more such vacancies in the Board of Directors, the continuing Directors may continue to act in every matter, provided, however, that if the number of Directors serving is less than the minimum number provided for pursuant to Article 38 hereof, they may only act in an emergency or to fill the office of a Director which has become vacant up to a number equal to the minimum number provided for pursuant to Article 38 hereof, or in order to call a General Meeting of the Company for the purpose of electing Directors to fill any or all vacancies. The office of a Director that was appointed by the Board of Directors to fill any vacancy shall only be for the remaining period of time during which the Director whose service has ended was filled would have held office. Notwithstanding anything to the contrary herein, this Article 41 may only be amended, replaced or suspended by a resolution adopted at a General Meeting by (i) so long as any Class B Shares remain outstanding, a majority of the total voting power of the Shareholders and (ii) if no Class B Shares remain outstanding, a supermajority of at least sixty-five percent (65%) of the total voting power of the Shareholders.

42. <u>Vacation of Office</u>.

The office of a Director shall be vacated and he shall be dismissed or removed:

(a) ipso facto, upon his or her death;

(b) if he or she is prevented by applicable law from serving as a Director;

(c) if the Board of Directors determines that due to his or her mental or physical state he or she is unable
to serve as a director;

(d) if his or her directorship expires pursuant to these Articles and/or applicable law;

(e) by a resolution adopted at a General Meeting by (i) so long as any Class B Shares remain outstanding,
a majority of the total voting power of the Shareholders and (ii) if no Class B Shares remain outstanding, a supermajority of at least
sixty-five percent (65%) of the total voting power of the Shares (with such removal becoming effective on the date fixed in such resolution);

(f) by his or her written resignation, such resignation becoming effective on the date fixed therein, or upon
the delivery thereof to the Company, whichever is later; or

(g) with respect to an External Director, if so elected, and notwithstanding anything to the contrary herein,
only pursuant to applicable law.

43. <u>Conflict of Interests; Approval of Related Party Transactions</u>.

(a) Subject to the provisions of applicable law and these Articles, no Director shall be disqualified by virtue
of his or her office from holding any office or place of profit in the Company or in any company in which the Company shall be a shareholder
or otherwise interested, or from contracting with the Company as vendor, purchaser or otherwise, nor shall any such contract, or any contract
or arrangement entered into by or on behalf of the Company in which any Director shall be in any way interested, be avoided, nor, other
than as required under the Companies Law, shall any Director 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's holding that office
or of the fiduciary relations thereby established, but the nature of his or her interest, as well as any material fact or document, must
be disclosed by him or her at the meeting of the Board of Directors at which the contract or arrangement is first considered, if his or
her interest then exists, or, in any other case, at no later than the first meeting of the Board of Directors after the acquisition of
his or her interest.

(b) Subject to the Companies Law and these Articles, a transaction between the Company and an Office Holder,
and a transaction between the Company and another entity in which an Office Holder of the Company has a personal interest, in each case,
which is not an Extraordinary Transaction (as defined by the Companies Law), shall require only approval by the Board of Directors or
a Committee of the Board of Directors (subject in each case to Nasdaq listing requirements). Such authorization, as well as the actual
approval, may be for a particular transaction or more generally for specific type of transactions.

**Proceedings of the Board of Directors**

44.  **<u>Meetings</u>** .

(a) The Board of Directors may meet and adjourn its meetings and otherwise regulate such meetings and proceedings
as the Board of Directors thinks fit.

(b) A meeting of the Board of Directors shall be convened by the Secretary upon instruction of the Chairperson
or upon a request of at least two Directors which is submitted to the Chairperson or in any event that such meeting is required by the
provisions of the Companies Law. In the event that the Chairperson does not instruct the Secretary to convene a meeting upon a request
of at least two (2) Directors within seven (7) days of such request, then such two Directors may convene a meeting of the Board of Directors.
Any meeting of the Board of Directors shall be convened upon not less than two (2) days' notice, unless such notice is waived in writing
by all of the Directors as to a particular meeting or by their attendance at such meeting or unless the matters to be discussed at such
meeting are of such urgency and importance that notice is reasonably determined by the Chairperson as ought to be waived or shortened
under the circumstances.

(c) Notice of any such meeting shall be given orally, by telephone, in writing or by mail, facsimile, email
or such other means of delivery of notices as the Company may apply, from time to time.

(d) Notwithstanding anything to the contrary herein, failure to deliver notice to a Director of any such meeting
in the manner required hereby may be waived by such Director, and a meeting shall be deemed to have been duly convened notwithstanding
such defective notice if such failure or defect is waived prior to action being taken at such meeting, by all Directors entitled to participate
at such meeting to whom notice was not duly given as aforesaid. Without derogating from the foregoing, no Director present at any time
during a meeting of the Board of Directors shall be entitled to seek the cancellation or invalidation of any proceedings or resolutions
adopted at such meeting on account of any defect in the notice of such meeting relating to the date, time or the place thereof or the
convening of the meeting.

45. <u>Quorum</u>.

Until otherwise unanimously decided by the Board of Directors, a quorum at a meeting of the Board of Directors shall be constituted by the presence in person or by any means of communication of a majority of the Directors then in office who are lawfully entitled to participate and vote in the meeting provided for that for as long as at least two (2) holders of Class B Shares are represented as directors on the Board of Directors ("**Class B Directors**") the presence of at least one (1) of the two Class B Directors in person or by any means of communication shall be required in order to constitute a quorum except where all Class B Directors have waived such requirement in writing with respect to a specific meeting of the Board of Directors. No business shall be transacted at a meeting of the Board of Directors unless the requisite quorum is present (in person or by any means of communication on the condition that all participating Directors can hear each other simultaneously) when the meeting proceeds to business. If within thirty (30) minutes from the time appointed for a meeting of the Board of Directors a quorum is not present, the meeting shall stand adjourned at the same place and time forty-eight (48) hours thereafter unless the Chairperson has determined that there is such urgency and importance that a shorter period is required under the circumstances. If an adjourned meeting is convened in accordance with the foregoing and a quorum is not present within thirty (30) minutes of the announced time, the requisite quorum at such adjourned meeting shall be, any two (2) Directors, if the number of then serving directors is up to five (5), and any three (3) Directors, if the number of then serving directors is more than five (5), in each case who are lawfully entitled to participate in the meeting and who are present at such adjourned meeting (provided that in no event shall a quorum exist where to the extent that the Class B Directors condition described above is not met). At an adjourned meeting of the Board of Directors the only matters to be considered shall be those matters which might have been lawfully considered at the meeting of the Board of Directors originally called if a requisite quorum had been present, and the only resolutions to be adopted are such types of resolutions which could have been adopted at the meeting of the Board of Directors originally called.

46. <u>Chairperson of the Board of Directors</u>.

The Board of Directors shall, from time to time, elect one of its members to be the Chairperson of the Board of Directors, remove such Chairperson from office and appoint in his or her place. The Chairperson of the Board of Directors shall preside at every meeting of the Board of Directors, but if there is no such Chairperson, or if at any meeting he is not present within fifteen (15) minutes of the time fixed for the meeting or if he is unwilling to take the chair, the Directors present shall choose one of the Directors present at the meeting to be the Chairperson of such meeting. The office of Chairperson of the Board of Directors shall not, by itself, entitle the holder to a second or casting vote.

47. <u>Validity of Acts Despite Defects</u>.

All acts done or transacted at any meeting of the Board of Directors, or of a Committee of the Board of Directors, or by any person(s) acting as Director(s), shall, notwithstanding that it may afterwards be discovered that there was some defect in the appointment of the participants in such meeting or any of them or any person(s) acting as aforesaid, or that they or any of them were disqualified, be as valid as if there were no such defect or disqualification, except if the defect was a failure to meet the required quorum, in which case, said act shall not be valid.

**Chief Executive Officer**

48.  **<u>Chief Executive Officer</u>** .

The Board of Directors shall from time to time appoint one or more persons, whether or not Directors, as Chief Executive Officer of the Company who shall have the powers and authorities set forth in the Companies Law, and may confer upon such person(s), and from time to time modify or revoke, such titles and such duties and authorities of the Board of Directors as the Board of Directors may deem fit, subject to such limitations and restrictions as the Board of Directors may from time to time prescribe. Such appointment(s) may be either for a fixed term or without any limitation of time, and the Board of Directors may from time to time (subject to any additional approvals required under, and the provisions of, the Companies Law and of any contract between any such person and the Company) fix their salaries and compensation, remove or dismiss them from office and appoint another or others in his, her or their place or places.

**Minutes**

49.  **<u>Minutes</u>** <u>.</u> 

Any minutes of the General Meeting or the Board of Directors or any Committee thereof, if purporting to be signed by the Chairperson of the General Meeting, the Board of Directors or a Committee thereof, as the case may be, or by the Chairperson of the next succeeding General Meeting, meeting of the Board of Directors or meeting of a Committee, as the case may be, shall constitute prima facie evidence of the matters recorded therein.

**Dividends**

50.  **<u>Declaration of Dividends</u>** .

The Board of Directors may from time to time declare, and cause the Company to pay dividends as permitted by the Companies Law. The Board of Directors shall determine the time for payment of such dividends and the record date for determining the shareholders entitled thereto. Notwithstanding the foregoing, no dividends shall be declared or paid with respect to the Class B Shares.

51. <u>Amount Payable by Way of Dividends</u>.

Subject to the provisions of these Articles and subject to the rights or conditions attached at that time to any share in the capital of the Company granting preferential, special or deferred rights or not granting any rights with respect to dividends, any dividend paid by the Company shall be allocated among the Shareholders (not in default in payment of any sum referred to in Article 13 hereof) entitled thereto on a *pari passu* basis in proportion to their respective holdings of the issued and outstanding Shares in respect of which such dividends are being paid.

52. <u>Interest</u>.

No dividend shall carry interest as against the Company.

53. <u>Payment in Specie</u>.

If so declared by the Board of Directors, a dividend declared in accordance with Article 50 may be paid, in whole or in part, by the distribution of specific assets of the Company or by distribution of paid up shares, debentures or other securities of the Company or of any other companies, or in any combination thereof, in each case, the fair value of which shall be determined by the Board of Directors in good faith.

54. <u>Implementation of Powers</u>.

The Board of Directors may settle, as it deems fit, any difficulty arising with regard to the distribution of dividends, bonus shares or otherwise, and in particular, to issue certificates for fractions of shares and sell such fractions of shares in order to pay their consideration to those entitled thereto, or to set the value for the distribution of certain assets and to determine that cash payments shall be paid to the Shareholders on the basis of such value, or that fractions whose value is less than NIS 0.01 shall not be taken into account. The Board of Directors may instruct to pay cash or convey these certain assets to a trustee in favor of those people who are entitled to a dividend, as the Board of Directors shall deem appropriate.

55. <u>Deductions from Dividends</u>.

The Board of Directors may deduct from any dividend or other moneys payable to any Shareholder in respect of a share any and all sums of money then payable by him or her to the Company on account of calls or otherwise in respect of shares of the Company and/or on account of any other matter of transaction whatsoever.

56. <u>Retention of Dividends</u> <u>.</u> 

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

(b) The Board of Directors may retain any dividend or other moneys payable or property distributable in respect
of a share in respect of which any person is, under Articles 21 or 22, entitled to become a Shareholder, or which any person is, under
said Articles, entitled to transfer, until such person shall become a Shareholder in respect of such share or shall transfer the same.

57. <u>Unclaimed Dividends</u>.

All unclaimed dividends or other moneys 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 of any unclaimed dividend or such other moneys into a separate account shall not constitute the Company a trustee in respect thereof, and any dividend unclaimed after a period of one (1) year (or such other period determined by the Board of Directors) from the date of declaration of such dividend, and any such other moneys unclaimed after a like period from the date the same were payable, shall be forfeited and shall revert to the Company, provided, however, that the Board of Directors may, at its discretion, cause the Company to pay any such dividend or such other moneys, or any part thereof, to a person who would have been entitled thereto had the same not reverted to the Company. The principal (and only the principal) of any unclaimed dividend of such other moneys shall be if claimed, paid to a person entitled thereto.

58. <u>Mechanics of Payment</u>.

Any dividend or other moneys payable in cash in respect of a share, less the tax required to be withheld pursuant to applicable law, may, as determined by the Board of Directors in its sole discretion, 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 or are entitled jointly thereto in consequence of the death or bankruptcy of the holder or otherwise, to any one of such Persons or his or her bank account or the person who the Company may then recognize as the owner thereof or entitled thereto under Article 21 or 22 hereof, as applicable, or such person's bank account), or to such person and at such other address as the person entitled thereto may by writing direct, or in any other manner the Board of Directors deems appropriate. Every such check or warrant or other method of payment 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. Every such check shall be sent at the risk of the Person entitled to the money represented thereby.

**Accounts**

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

The Company's books of account shall be kept at the Office of the Company, or at such other place or places as the Board of Directors may think fit, and they shall always be open to inspection by all Directors. No shareholder, not being a Director, shall have any right to inspect any account or book or other similar document of the Company, except as explicitly conferred by law or authorized by the Board of Directors. The Company shall make copies of its annual financial statements available for inspection by the shareholders at the principal offices of the Company. The Company shall not be required to send copies of its annual financial statements to the Shareholders.

60. <u>Auditors</u>.

The appointment, authorities, rights and duties of the auditor(s) of the Company, shall be regulated by applicable law, provided, however, that in exercising its authority to fix the remuneration of the auditor(s), the Shareholders in General Meeting may act (and in the absence of any action in connection therewith shall be deemed to have so acted) to authorize the Board of Directors (with right of delegation to a Committee thereof or to management) to fix such remuneration subject to such criteria or standards, and if no such criteria or standards are so provided, such remuneration shall be fixed in an amount commensurate with the volume and nature of the services rendered by such auditor(s). The General Meeting may, if so recommended by the Board of Directors, appoint the auditors for a period that may extend until the third Annual General Meeting after the Annual General Meeting in which the auditors were appointed.

61. <u>Fiscal Year</u>.

The fiscal year of the Company shall be the 12 months period ending on December 31 of each calendar year.

**Supplementary Registers**

62.  **<u>Supplementary Registers</u>** .

Subject to and in accordance with the provisions of Sections 138 and 139 of the Companies Law, the Company may cause supplementary registers to be kept in any place outside Israel as the Board of Directors may think fit, and, subject to all applicable requirements of law, the Board of Directors may from time to time adopt such rules and procedures as it may think fit in connection with the keeping of such branch registers.

**Exemption, Indemnity and Insurance**

63.  **<u>Insurance</u>** .

Subject to the provisions of the Companies Law with regard to such matters, the Company may enter into a contract for the insurance of the liability, in whole or in part, of any of its Office Holders imposed on such Office Holder due to an act performed by or an omission of the Office Holder in the Office Holder's capacity as an Office Holder of the Company arising from any matter permitted by law, including the following:

(a) a breach of duty of care to the Company or to any other person;

(b) a breach of his or her duty of loyalty to the Company, provided that the Office Holder acted in good faith
and had reasonable grounds to assume that act that resulted in such breach would not prejudice the interests of the Company;

(c) a financial liability imposed on such Office Holder in favor of any other person; and

(d) any other event, occurrence, matters or circumstances under any law with respect to which the Company
may, or will be able to, insure an Office Holder, and to the extent such law requires the inclusion of a provision permitting such insurance
in these Articles, then such provision is deemed to be included and incorporated herein by reference (including, without limitation, in
accordance with Section 56h(b)(1) of the Securities Law, if and to the extent applicable, and Section 50P of the Economic Competition
Law).

64. <u>Indemnity</u>.

(a) Subject to the provisions of the Companies Law, the Company may retroactively indemnify an Office Holder
of the Company to the maximum extent permitted under applicable law, including with respect to the following liabilities and expenses,
provided that such liabilities or expenses were imposed on such Office Holder or incurred by such Office Holder due to an act performed
by or an omission of the Office Holder in such Office Holder's capacity as an Office Holder of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a financial liability imposed on an Office Holder in favor of another person by any court judgment, including a judgment given as a result of a settlement or an arbitrator's award which has been confirmed by a court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable litigation expenses, including legal fees, expended by the Office Holder as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, or in connection with a financial sanction, provided that (1) no indictment (as defined in the Companies Law) was filed against such Office Holder as a result of such investigation or proceeding; and (2) no financial liability in lieu of a criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation or proceeding or if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent or in relation to a monetary sanction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reasonable litigation costs, including legal fees, expended by an Office Holder or which were imposed on an Office Holder by a court in proceedings filed against the Office Holder by the Company or in its name or by any other person or in a criminal charge in respect of which the Office Holder was acquitted or in a criminal charge in respect of which the Office Holder was convicted for an offence which did not require proof of criminal intent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other event, occurrence, matter or circumstance under any law with respect to which the Company may, or will be able to, indemnify an Office Holder, and to the extent such law requires the inclusion of a provision permitting such indemnity in these Articles, then such provision is deemed to be included and incorporated herein by reference (including, without limitation, in accordance with Section 56h(b)(1) of the Israeli Securities Law, if and to the extent applicable, and Section 50P(b)(2) of the RTP Law).

(b) Subject to the provisions of the Companies Law, the Company may undertake to indemnify an Office Holder, in advance, with respect
to those liabilities and expenses described in the following Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Sub-Article 64(a)(i) to 64(a)(iv); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Sub-Article 64(a)(i), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the undertaking to indemnify is limited to such events which the Directors shall deem to be foreseeable in light of the operations of the Company at the time that the undertaking to indemnify is made and for such amounts or criterion which the Directors may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the undertaking to indemnify shall set forth such events which the Directors shall deem to be foreseeable in light of the operations of the Company at the time that the undertaking to indemnify is made, and the amounts and/or criterion which the Directors may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances.

65. <u>Exemption</u>.

Subject to the provisions of the Companies Law, the Company may, to the maximum extent permitted by law, exempt and release, in advance, any Office Holder from any liability for damages arising out of a breach of a duty of care.

66. <u>General</u>.

(a) Any amendment to the Companies Law or any other applicable law adversely affecting the right of any Office
Holder to be indemnified, insured or exempt pursuant to Articles 63 to 65 and any amendments to Articles 63 to 65 shall be prospective
in effect, and shall not affect the Company's obligation or ability to indemnify, insure or exempt an Office Holder for any act
or omission occurring prior to such amendment, unless otherwise provided by applicable law.

(b) The provisions of Articles 63 to 65 (i) shall apply to the maximum extent permitted by law (including,
the Companies Law, the Securities Law and the Economic Competition Law); and (ii) are not intended, and shall not be interpreted so as
to restrict the Company, in any manner, in respect of the procurement of insurance and/or in respect of indemnification (whether in advance
or retroactively) and/or exemption, in favor of 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; and/or any Office Holder to the extent that such insurance and/or
indemnification is not specifically prohibited under law.

67. <u>Permitted Transfers</u>.

Each Locked-Up Shareholder and its Permitted Transferees may Transfer the Locked-up Shares during the Lock-up Period (a) if such Locked-Up Shareholder is an individual, (i) to an immediate family member, a charitable organization or a trust or other entity formed for estate planning purposes for the benefit of an immediate family member, (ii) by will, testamentary document, intestacy or by virtue of laws of descent and distribution upon the death of such Locked-Up Shareholder, or (iii) pursuant to a qualified domestic relations order or in connection with a divorce settlement or any related court order, (b) if such Locked-Up Shareholder is corporation, limited liability company, partnership, trust or other entity, to any shareholder, member, partner or trust beneficiary as part of a distribution, or to any corporation, partnership or other entity that is an affiliate (as defined in Rule 405 of the Securities Act of 1933, as amended) of such Locked-Up Shareholder, (c) in the event of a liquidation, merger, stock exchange or other similar transaction which results in all of the Company's shareholders having the right to exchange their Ordinary Shares for cash, securities or other property, (d) consolidation, merger or other similar transaction in which the Company is the surviving entity that results in the directors and officers of the Company as of immediately prior to such consolidation, merger or other similar transaction ceasing to comprise a majority of the Company's board of directors (in the case of directors) or management (in the case of officers) of the surviving entity, (e) if such Shares were acquired by such Locked-Up Shareholder in open market transactions following the date hereof, (f) to the Company in connection with the "net" or "cashless" exercise of options or other rights to purchase Ordinary Shares held by such Locked-Up Shareholder in satisfaction of any tax withholding or exercise price obligations through cashless surrender or otherwise; provided that any Ordinary Shares issued upon exercise of such option or other rights shall remain subject to the terms of these Articles; or (g) in connection with the conversion or reclassification of the outstanding preferred shares held by such Locked-Up Shareholder into Ordinary Shares in connection with the closing of the Merger; provided that any such Ordinary Shares received upon such conversion or reclassification shall remain subject to the provisions of these Articles; *provided*, *however*, that, in the case of clauses (a) and (b), such transferees shall enter into a written agreement with the Company agreeing to be bound by the transfer restrictions set forth herein; and *provided further* with respect to clauses (a) and (b), that any such transfer shall not involve a disposition for value..

Notwithstanding anything to the contrary herein, each Locked-Up Shareholder may enter into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act (a "***Rule 10b5-1 Plan***") after the date of these Articles relating to the sale of such Locked-Up Shareholder's Shares, provided that the securities subject to such plan may not be transferred until after the expiration of the Lock-Up Period; provided further, that no filing by the undersigned, the Company or any other person under the Exchange Act or other public announcement in connection with the establishment or existence of such plan shall be required or shall be made voluntarily prior to the expiration of the Lock-Up Period.

For the purposes of this Article 68 (i) "***immediate family***" shall mean any relationship by blood, marriage, domestic partnership or adoption, not more remote than first cousin; and (ii) "***Permitted Transferees***" shall mean with respect to any Locked-Up Shareholder any other entity which controls, is controlled by, or is under common control with, such Locked-Up Shareholder, and as to any Locked-Up Shareholder which is a partnership, its partners and affiliated partnerships managed by the same management company or managing general partner or by an entity which controls, is controlled by, or is under common control with, such management company or managing general partner.

Such Locked-Up Shareholder will be subject to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of such Locked-Up Shareholder's Shares except in compliance with the foregoing restrictions.

**Winding Up**

68.  **<u>Winding Up</u>** .

If the Company is wound up, then, subject to applicable law and to the rights of the holders of shares with special rights upon winding up, the assets of the Company available for distribution among the Shareholders shall be distributed to them in proportion to the number of issued and outstanding shares held by each Shareholder. Notwithstanding the foregoing, the Class B shares shall not be entitled to any distribution hereunder.

**Notices**

69.  **<u>Notices</u>** .

(a) Any written notice or other document may be served by the Company upon any Shareholder either personally,
by facsimile, email or other electronic transmission, or by sending it by prepaid mail (airmail if sent internationally) addressed to
such Shareholder at his or her address as described in the Register of Shareholders or such other address as the Shareholder may have
designated in writing for the receipt of notices and other documents.

(b) Any written notice or other document may be served by any Shareholder upon the Company by tendering the
same in person to the Secretary or the Chief Executive Officer of the Company at the principal office of the Company, by facsimile transmission,
or by sending it by prepaid registered mail (airmail if posted outside Israel) to the Company at its Office.

(c) Any such notice or other document shall be deemed to have been served:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of mailing, forty-eight (48) hours after it has been posted, or when actually received by the addressee if sooner than forty-eight hours after it has been posted, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of overnight air courier, on the next business day following the day sent, with receipt confirmed by the courier, or when actually received by the addressee if sooner than three business days after it has been sent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) in the case of personal delivery, when actually tendered in person, to such addressee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of facsimile, email or other electronic transmission, on the first business day (during normal business hours in place of addressee) on which the sender receives automatic electronic confirmation by the addressee's facsimile machine that such notice was received by the addressee or delivery confirmation from the addressee's email or other communication server.

(d) 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 7070.

(e) All notices to be given to the Shareholders shall, with respect
to any share to which persons are jointly entitled, be given to whichever of such persons is named first in the Register of Shareholders,
and any notice so given shall be sufficient notice to the holders of such share.

(f) Any Shareholder whose address is not described in the Register
of Shareholders, 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.

(g) Notwithstanding anything to the contrary contained herein,
notice by the Company of a General Meeting, containing the information required by applicable law and these Articles to be set forth
therein, which is published, within the time otherwise required for giving notice of such meeting, in either or several of the following
manners (as applicable) shall be deemed to be notice of such meeting duly given, for the purposes of these Articles, to any Shareholder
whose address as registered in the Register of Shareholders (or as designated in writing for the receipt of notices and other documents)
is located either inside or outside the State of Israel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Company's shares are then listed for trading on a national securities exchange in the United States or quoted in an over-the-counter market in the United States, publication of notice of a General Meeting pursuant to a report or a schedule filed with, or furnished to, the SEC pursuant to the Securities Exchange Act of 1934, as amended; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) on the Company's internet site.

(h) The mailing or publication date and the record date and/or
date of the meeting (as applicable) shall be counted among the days comprising any notice period under the Companies Law and the regulations
thereunder.

**Amendment**

70.  **<u>Amendment</u>** .

Any amendment of these Articles shall require the approval of the General Meeting of shareholders in accordance with these Articles.

**Forum for Adjudication of Disputes**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 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.

\* \* \*

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

February 24, 2026

To:

REE Automotive Ltd.

Kibbutz Glil-Yam 4690500

Israel

Re: **<u>REE Automotive Ltd. - Registration Statement on Form S-8</u>**

Ladies and Gentlemen:

We have acted as Israeli counsel for REE Automotive Ltd., an Israeli company (the "<u>Company</u>"), in connection with the registration statement on Form S-8 (the "<u>Registration Statement</u>") filed by the Company with the United States Securities and Exchange Commission (the "<u>SEC</u>") on the date hereof pursuant to the United States Securities Act of 1933, as amended (the "<u>Securities Act</u>"), relating to the registration of an additional 18,000,000 Class A ordinary shares, without par value, of the Company (the "<u>Additional Ordinary Shares</u>"), to be issued under the Company's 2021 Share Incentive Plan (the "<u>2021 Plan</u>"), pursuant to the provisions of the 2021 Plan.

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the 2021 Plan, the Registration Statement, the Company's Amended and Restated Articles of Association (the "<u>Articles</u>") and such other agreements, certificates, resolutions, minutes and other statements of corporate officers and other representatives of the Company and other documents as we have deemed necessary or appropriate as a basis for this opinion.

In rendering our opinion, we have assumed the authenticity of all original documents submitted to us as certified, conformed or photographic copies thereof, the genuineness of all signatures and the due authenticity of all persons executing such documents. We have assumed the same to have been complete and accurate. We have also assumed the truth of all facts communicated to us by the Company and that all resolutions, consents, minutes and protocols of meetings of the Company's board of directors and the shareholders of the Company which have been provided to us are true and accurate and have been properly prepared in accordance with the Articles and all applicable laws, including, without limitation, the Company's board of directors' approval of (i) the 2021 Plan, and (ii) the registration of the Additional Ordinary Shares to be issued under the 2021 Plan and (iii) the increases of the registered share capital of the Company.

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

Based upon and subject to the foregoing, we are of the opinion that the Additional Ordinary Shares have been duly authorized and, subject to the requisite corporate approvals will be, when issued and delivered in accordance with the terms of the 2021 Plan and the related awards and agreements, validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving this opinion and such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, the rules and regulations of the Securities and Exchange Commission promulgated thereunder or Item 509 of Regulation S-K promulgated under the Securities Act.

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

---

| |
|:---|
| Very truly yours, |
| /s/ Herzog Fox & Neeman |
| Herzog Fox & Neeman |

---

Herzog Tower, 6 Yitzhak Sadeh St. Tel Aviv 6777506, Israel Tel: +972-3-692-2020, Fax: +972-3-696-6464

www.herzoglaw.co.il

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2021 Share Incentive Plan of REE Automotive Ltd. of our report dated May 15, 2025, with respect to the consolidated financial statements of REE Automotive Ltd. included in its Annual Report (Form 20-F) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| Tel Aviv, Israel | /s/ Kost Forer Gabbay & Kasierer |
| February 24, 2026 | A Member of EY Global |

---

## Ex-Filing

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

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**REE Automotive Ltd.**

**Table 1: Newly Registered Securities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A ordinary shares, no par value per share | (1) | Other | 18000000 | $0.5605 | $10089000.00 | 0.0001381 | $1393.30 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $10089000.00 |  | 1393.30 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1393.30 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, or the Securities Act, this Registration Statement also includes an indeterminate number of additional shares that become issuable under REE Automotive Ltd. 2021 Share Incentive Plan, or the 2021 Plan, as a result of any share dividend, share split, recapitalization or other similar transaction effected without the receipt of consideration leading to an increase in the number of outstanding shares. The fee is based on the number of Class A ordinary shares, no par value per share, or the Class A Ordinary Shares, which may be issued in connection with securities awards that may be granted under the 2021 Plan that this Registration Statement on Form S-8 relates to and is estimated in accordance with Rule 457(c) and (h) under the Securities Act solely for the purpose of calculating the registration fee based upon the average of the high ($0.5800) and low ($0.5410) sales prices of the registrant's Class A Ordinary Shares as reported on the Nasdaq Capital Market on February 19, 2026.