# EDGAR Filing Document

**Accession Number:** 0001901215
**File Stem:** 0001213900-25-093136
**Filing Date:** 2025-9
**Character Count:** 146033
**Document Hash:** 2521a0b51e8741b9c3338bbca55d2a8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-093136.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001213900-25-093136

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250929

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brenmiller Energy Ltd.
- **CENTRAL INDEX KEY:** 0001901215
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41402
- **FILM NUMBER:** 251356787

**BUSINESS ADDRESS:**
- **STREET 1:** 13 AMAL STREET
- **CITY:** ROSH HAAYIN
- **STATE:** L3
- **ZIP:** 4809249
- **BUSINESS PHONE:** 972776935140

**MAIL ADDRESS:**
- **STREET 1:** 13 AMAL STREET
- **CITY:** ROSH HAAYIN
- **STATE:** L3
- **ZIP:** 4809249

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

**Form 6-K**

Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 or 15d-16<br> under the Securities Exchange Act of 1934

For the month of September 2025 (Report No. 2)

Commission File Number: 001-41402

**<u>BRENMILLER ENERGY LTD.</u>**

(Translation of registrant's name into English)

**13 Amal St. 4th Floor, Park Afek**

**Rosh Haayin, 4809249 Israel**<br> (Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

**<u>CONTENTS</u>**

As previously disclosed on a Form 6-K by Brenmiller Energy Ltd., or the Company, on July 25, 2025 the Company entered into a securities purchase agreement, or the SPA, with Alpha Capital Anstalt, or Alpha, pursuant to which the Company agreed to issue and sell to Alpha, subject to certain conditions, up to an aggregate of $25 million in securities across multiple tranches, consisting of preferred shares, pre-funded warrants, and ordinary warrants.

On September 25, 2025, the Company received the required shareholder approval at its Annual and Special General Meeting of Shareholders to, among other things, amend and restate its Articles of Association to, among other things, create a class of preferred shares. Attached hereto as Exhibit 99.1 is the Company's Amended and Restated Articles of Association, as amended on September 25, 2025.

On September 29, 2025, the Company issued 3,800 preferred shares with a stated value of $1,000 per share, or the Preferred Shares, to Alpha for consideration of $3.8 million, or the Equity Closing. Each Preferred Share is convertible into ordinary shares at a fixed conversion price of $2.288 per share. At the Equity Closing, the Company also issued 1,660,839 accompanying ordinary warrants, with an exercise price of $2.40 per share, or the Ordinary Warrants, equal to 100% of the ordinary shares underlying the Preferred Shares, which are exercisable upon issuance and will expire five years from the initial exercise date.

The net proceeds from the Equity Closing will be used for general corporate purposes, working capital and execution of the Company's commercial TES projects across Europe, the U.S. and the Middle East.

The securities referred to herein were offered pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended, or the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder. The securities have not been registered under the Securities Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The Company has agreed to file a registration statement with the Securities and Exchange Commission, or the SEC, to register the resale of the ordinary shares underlying the Preferred Shares and Ordinary Warrants.

This Report is incorporated by reference into the Company's Registration Statements on Form F-3 (File Nos. [333-289219](https://www.sec.gov/Archives/edgar/data/1901215/000121390025071400/ea0250999-f3_brenmiller.htm), [333-283874](https://www.sec.gov/Archives/edgar/data/1901215/000121390024109755/ea0224628-f3_brenmiller.htm), [333-272377](https://www.sec.gov/Archives/edgar/data/1901215/000121390023045758/ea179591-f3_brenmiller.htm) and [333-273028](https://www.sec.gov/Archives/edgar/data/1901215/000121390023052984/ea181096-f3_brenmiller.htm)) and Form S-8 (File Nos. [333-272266](https://www.sec.gov/Archives/edgar/data/1901215/000121390023043984/ea179418-s8_brenmiller.htm), [333-278602](https://www.sec.gov/Archives/edgar/data/1901215/000121390024031870/ea0203640-s8_brenmiller.htm), [333-284377](https://www.sec.gov/Archives/edgar/data/1901215/000121390025005002/ea0228109-s8_brenmiller.htm), and [333-290040](https://www.sec.gov/Archives/edgar/data/1901215/000121390025084535/ea0255577-s8_brenmiller.htm)), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit No.** |  |
| 99.1 | [Amended and Restated Articles of Association of Brenmiller Energy Ltd., as amended on September 25, 2025.](ea025930101ex99-1_brenmiller.htm) |

---

**<u>SIGNATURES</u>**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Brenmiller Energy Ltd.** | **Brenmiller Energy Ltd.** | **Brenmiller Energy Ltd.** |
| Date: September 29, 2025 | By: | /s/ Ofir Zimmerman | /s/ Ofir Zimmerman |
|  |  | Name: | Ofir Zimmerman |
|  |  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Exhibit A**

THE COMPANIES LAW, 1999

A LIMITED LIABILITY COMPANY

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION**

**OF**

**BRENMILLER ENERGY LTD.**

**PRELIMINARY**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In these Articles, the following terms (whether or not capitalized) shall bear the meanings set forth
opposite to them respectively, unless inconsistent with the subject or context.

---

| | |
|:---|:---|
| "Articles" | shall mean these Articles of Association, as amended from time to time. |
| "Black Scholes Consideration Value" | The value based on the Black-Scholes Option Pricing Model obtained from the "OV" function on Bloomberg determined as of the day of consummation of the applicable transaction for pricing purposes. |
| "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 provides. |
| "Commission" | shall mean the United States Securities and Exchange Commission. |
| "Company" | shall mean **BRENMILLER ENERGY LTD.** |
| "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. |
| "Conversion Price" | shall mean $2.288 per Preferred Share. |
| "Director(s)" | shall mean the member(s) of the Board of Directors holding office at any given time, including alternate directors. |
| "Exchange Act" | shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. |
| "External Director(s)" | shall mean as defined in the Companies Law. |
| "General Meeting" | shall mean an Annual General Meeting or Special General Meeting of the Shareholders, as the case may be. |
| "Initial Issuance Date" | shall mean, with to each Preferred Share, the date on which such Preferred Share was issued. |
| "NIS" | shall mean New Israeli Shekels. |
| "Office" | shall mean the registered office of the Company at any given time. |
| "Office Holder" or "Officer" | shall mean as defined in the Companies Law. |

---

---

| | |
|:---|:---|
| "Ordinary Share Equivalents" | shall mean any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares. |
| "Parent Entity" | of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security is quoted or listed on a Trading Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction. |
| "Preferred Majority" | shall mean Preferred Shareholders holding the majority of the issued and outstanding Preferred Shares of the Company. |
| "Preferred SPA" | shall mean any agreement pursuant to which, Preferred Shares are issued to a Person. |
| "Person" | shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. |
| "Rule 144" | shall mean Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. |
| "Securities Act" | shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. |
| "Securities" | shall mean, with respect to Article 7A, such securities issued under a Preferred SPA. |
| "Shareholder(s)" | shall mean the shareholder(s) of the Company, at any given time. |
| "Stated Value" | shall mean $1,000 per Preferred Share. |
| "Subsequent Closing" | shall mean, as applicable, a closing of the respective Preferred SPA. |
| "Subsidiary" | means with respect to any entity at any date, any direct or indirect Person, limited or general partnership, limited liability company, trust, estate, association, joint venture or other business entity of which, at the time of determination, is controlled by the Company. For the avoidance of doubt, for the purposes of Article 7A, Brenmiller Europe S.L. is not a "Subsidiary". |
| "Successor Entity" | Shall mean the Person (or, if so elected by Purchaser, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by Purchaser, the Parent Entity) with which such Fundamental Transaction shall have been entered into. |

---

---

| | |
|:---|:---|
| "Trading Day" | shall mean a day on which the principal Trading Market is open for trading for three or more hours. |
| "Trading Market" | shall mean any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing). |
| "Transfer Agent" | shall mean the Company's transfer agent retained by the Company from time to time. |
| "VWAP" | shall mean, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if any of the Nasdaq markets or exchanges is not a Trading Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported, or (d) in all other cases, the fair market value of a share of Ordinary Shares as determined by an independent appraiser selected in good faith by the Preferred Majority and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. |
| "in writing" or "writing" | shall mean written, printed, photocopied, photographic, typed, sent via email, facsimile or produced by any visible substitute for writing, or partly one and partly another, and signed shall be construed accordingly. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise defined in these Articles or required by the context, terms used herein shall have the
meaning provided therefor under the Companies Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 its entirety and not to any part
hereof; all references herein to Articles, Sections or clauses shall be deemed references to Articles, Sections 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 supranational, national, federal, state, local, or foreign statute or law and all
rules and regulations promulgated thereunder (including, any rules, regulations or forms prescribed by any governmental authority or securities
exchange commission or authority, if and to the extent applicable); 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; reference to month or year means according to the Gregorian calendar; any reference to a "company", "corporate
body" or "entity" shall include a, partnership, corporation, limited liability company, association, trust, unincorporated
organization, or a government or agency or political subdivision thereof, and reference to a "person" shall mean any of the
foregoing or an individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

**<u>LIMITED LIABILITY</u>**

2. The Company is a limited liability company, and therefore each Shareholder's obligations to the
Company shall be limited to the payment of the nominal value of the shares held by such Shareholder, subject to the provisions of the
Companies Law.

**<u>PUBLIC COMPANY; COMPANY'S OBJECTIVES</u>**

3.  **<u>Public Company; Objectives</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a Public Company as such term is defined in and as long as it so qualifies under the Companies
Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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), even if the donation is not within the framework of the company's business considerations, for any purpose that the Board of Directors finds appropriate.

**<u>SHARE CAPITAL</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The authorized share capital of the Company shall consist of (i) 150,000,000 Ordinary Shares, no par-value
each (the "**Ordinary Shares** "), and (ii) 25,000 Preferred Shares, no par-value each (the "**Preferred Shares** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Ordinary Shares shall rank pari passu among themselves in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Preferred Shares shall rank pari passu among themselves in all respects.

6.  **<u>Increase Of Authorized Share Capital</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may, from time to time, by a Shareholders' resolution, whether or not all the shares then
authorized have been issued, and whether or not all the shares theretofore issued have been called up for payment, increase its authorized
share capital by the creation of new shares. Any such increase shall be in such amount and shall be divided into shares of such nominal
amounts, and such shares shall confer such rights and preferences, and shall be subject to such restrictions, as such resolution shall
provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent otherwise provided in such resolution, any new shares included in the authorized
share capital increased as aforesaid shall be subject to all the provisions of these Articles which are applicable to shares of such class
included in the existing share capital without regard to class (and, if such new shares are of the same class as a class of shares included
in the existing share capital, to all of the provisions which are applicable to shares of such class included in the existing share capital).

7.  **<u>Special Or Class Rights; Modification Of Rights</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights attached to any class, unless otherwise provided by the Companies Law or 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 (except for with respect to amending the provisions of Article 7A, which will require
a Preferred Share class vote).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of these Articles relating to General Meetings shall, mutatis mutandis, apply 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 twenty-five percent (25%) of
the issued shares of such class entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

7A. **<u>Rights And Limitations Of Preferred Shares</u>**.

Notwithstanding anything to the contrary under these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Right to Convert</u>. Subject to the provisions of Article 7A(a)(v), at any time or times on or after
the issuance of the Preferred Shares, the holder thereof (a "Preferred Shareholder") shall be entitled to convert any whole
number of Preferred Shares into validly issued, fully paid and non-assessable Ordinary Shares in accordance with 7A(a)(v).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Conversions at Option of Preferred Shareholder</u>. Each Preferred Share shall be convertible, at any
time and from time to time at the option of the Preferred Shareholder thereof, into that number of Ordinary Shares (subject to the limitations
set forth herein) determined by dividing the Stated Value of such Preferred Shares by the Conversion Price (the "**Conversion Ratio** ").
A Preferred Shareholder shall affect conversions by providing the Company with the form of conversion notice as agreed between Company
and Preferred Shareholder (a "**Conversion Notice** "). The date on which such conversion is to be effected, which date
may not be prior to one Trading Day after (and not including) the date of reception by the Company of the Conversion Notice, delivered
by the applicable Preferred Shareholder by pdf via email (such date, the "**Conversion Date**") shall be set forth in the
Conversion Notice. The Company shall be entitled to rely on any Conversion Notice if it is received from the notice address the Company
is provided in connection with such transfer. If no Conversion Date is specified in a Conversion Notice, the Conversion Date shall be
the date that such Conversion Notice to the Company is deemed delivered hereunder. No ink-original Conversion Notice shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Conversion Notice form be required. The calculations
and entries set forth in the Conversion Notice shall control in the absence of manifest or mathematical error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Company's Response</u>. On or before the Conversion Date, the Company shall (1) provided that
(x) the Transfer Agent is participating in the Depository Trust Company ()"**DTC**") Fast Automated Securities Transfer
Program and (y) Ordinary Shares to be so issued are otherwise eligible for resale pursuant to Rule 144 promulgated under the Securities
Act, credit such aggregate number of shares of Ordinary Shares to which Purchaser shall be entitled to Purchaser's or its designee's
balance account with DTC through its Deposit/Withdrawal at Custodian system, or (2) if either of the immediately preceding clauses (x)
or (y) are not satisfied, issue and deliver (via reputable overnight courier) to the address as specified in such Conversion Notice, a
certificate, registered in the name of Purchaser or its designee, for the number of shares of Ordinary Shares to which the Preferred Shareholder
shall be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Company's Failure to Timely Convert</u>. Subject to the Companies Law, the Company and the Preferred
Shareholder may agree on indemnification and other remedies in connection with the Company's failure to timely convert the Preferred
Shares into Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Limitation on Beneficial Ownership</u>. Notwithstanding anything to the contrary contained in these
Articles, the Preferred Shares held by a Preferred Shareholder shall not be convertible by such Preferred Shareholder, and the Company
shall not effect any conversion of any Preferred Shares held by Preferred Shareholder, to the extent (but only to the extent) that such
Preferred Shareholder or any of its affiliates would beneficially own in excess of 9.99% (the "**Maximum Percentage** ")
of the Ordinary Shares of the Company. For the avoidance of doubt, the Company, when acting in good faith at the time of conversion, shall
have no liability for conversions that are not in compliance with the Maximum Percentage. To the extent the above limitation applies,
the determination of whether the Preferred Shares held by such Preferred Shareholder shall be convertible (vis-à-vis other convertible,
exercisable or exchangeable securities owned by Purchaser or any of its affiliates) and of which such securities shall be convertible,
exercisable or exchangeable (as among all such securities owned by Purchaser and its affiliates) shall, subject to such Maximum Percentage
limitation, be determined on the basis of the first submission to the Company for conversion, exercise or exchange (each as the case may
be). No prior inability of a Preferred Shareholder to convert Preferred Shares, or of the Company to issue shares of Ordinary Shares to
Purchaser, pursuant to this Article 7A(a)(v) shall have any effect on the applicability of the provisions of this Article 7A(a)(v) with
respect to any subsequent determination of convertibility or issuance (each as the case may be). For purposes of this Section Article
7A(a)(v), beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of
percentage ownership) shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. The provisions of this Article 7A(a)(v) shall be implemented in a manner otherwise than in strict conformity with the terms
of this Article 7A(a)(v) to correct this Article 7A(a)(v) (or any portion hereof) which may be defective or inconsistent with the intended
Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such Maximum Percentage limitation. The limitations contained in this Article 7A(a)(v) shall apply to a successor Preferred
Shareholder. For any reason at any time, upon the written or oral request of a Preferred Shareholder, the Company shall within one (1)
Trading Day confirm orally and in writing to Preferred Shareholder the number of Ordinary Shares then outstanding, including by virtue
of any prior conversion or exercise of convertible or exercisable securities into Ordinary Shares, including, without limitation, pursuant
to this Article 17A. By written notice to the Company, the Preferred Shareholder may increase or decrease the Maximum Percentage with
respect to such Preferred Shareholder to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such
increase will not be effective until the 61st day after such notice is delivered to the Company, (ii) any such increase or decrease will
apply only to such Preferred Shareholder sending such notice and not to any other Preferred Shareholder. For avoidance of doubt, and subject
further to any additional limitations on Preferred Shareholder's holdings prescribed in this Article 17A, in no event shall the
Maximum Percentage with respect to a Preferred Shareholder, be amended in such manner where such Preferred Shareholder shall hold more
than 24.99% of Company's issued and outstanding Ordinary Shares, without the approval of the Shareholders as required under the
Companies Law (to the extent not secured by such time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding anything to the contrary set forth in this Article 17A, upon conversion of any Preferred
Shares in accordance with the terms hereof, no Preferred Shareholder thereof shall be required to physically surrender the certificate
representing the Preferred Shares to the Company following conversion thereof unless (A) the full or remaining number of Preferred Shares
represented by the certificate are being converted (in which event such certificate(s) shall be delivered to the Company as contemplated
by this article (vi) or (B) Preferred Shareholder has provided the Company with prior written notice (which notice may be included in
a Conversion Notice) requesting reissuance of Preferred Shares upon physical surrender of any Preferred Shares. Each Preferred Shareholder
and the Company shall maintain records showing the number of Preferred Shares so converted by the respective Preferred Shareholder and
the dates of such conversions or shall use such other method, reasonably satisfactory to the Preferred Majority and the Company, so as
not to require physical surrender of the certificate representing the Preferred Shares upon each such conversion. Subject to the Companies
Law, in the event of any dispute or discrepancy, such records of Purchaser establishing the number of Preferred Shares to which the record
Preferred Shareholder is entitled shall be controlling and determinative in the absence of manifest errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Adjustment of Conversion Price upon Subdivision or Combination of Ordinary Shares</u>. With respect
to any unconverted Preferred Shares, if the Company at any time on or after the Initial Issuance Date subdivides (by any stock split,
stock dividend, recapitalization or otherwise) its Ordinary Shares into a greater number of shares (without implementing proper adjustments
to the Preferred Shares), the Conversion Ratio for any unconverted shares, with respect to a Preferred Shareholder, in effect immediately
prior to such subdivision will be proportionately adjusted. Without limiting any provision of this Article (b), with respect to any unconverted
Preferred Shares, if the Company at any time on or after the Initial Issuance Date combines (by any stock split, stock dividend, recapitalization
or otherwise) one or more classes of its Ordinary Shares into a greater number of shares (without implementing proper adjustments to the
Preferred Shares), the Conversion Ratio for any unconverted shares in effect immediately prior to such subdivision will be proportionately
increased. Without limiting any provision of Article (b), with respect to any unconverted shares, if the Company at any time on or after
the Initial Issuance Date combines (by combination, reverse stock split or otherwise) its Ordinary Shares into a smaller number of shares
(without implementing proper adjustments to the Preferred Shares), the Conversion Ratio for any unconverted shares in effect immediately
prior to such combination will be proportionately reduced. Any adjustment pursuant to this Article (b) shall become effective immediately
after the effective date of such subdivision or combination. If any event requiring an adjustment under this Article 7(b)(i) occurs during
the period that a Conversion Price is calculated hereunder, then the calculation of such applicable Conversion Price shall be adjusted
appropriately to reflect such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Rights Upon Fundamental Transactions</u>. The Company shall not enter into or be party to a Fundamental
Transaction unless: (i) the Successor Entity assumes in writing all of the obligations of the Company under this Article 17A pursuant
to written agreements in form and substance satisfactory to the Preferred Majority and approved by the Preferred Shareholder prior to
such Fundamental Transaction, including agreements to deliver to each Preferred Shareholder of Preferred Shares in exchange for such Preferred
Shares a security of the Successor Entity evidenced by a written instrument substantially Article 17A, including, without limitation,
having a dividend rate equal to dividend rate of the Preferred Shares held by each Preferred Shareholder and having similar ranking to
the Preferred Shares, and reasonably satisfactory to the Purchaser and (ii) the Successor Entity (including its Parent Entity) is a publicly
traded Company whose Ordinary Shares are quoted on or listed for trading on a Trading Market. Upon the occurrence of any Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Article 17A referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume (by form of adoption under applicable organizational documents), all of the obligations of the
Company under this Article 17A with the same effect as if such Successor Entity had been named as the Company herein and therein. In addition
to the foregoing, upon consummation of a Fundamental Transaction, the Company shall cause the Successor Entity shall deliver to each Preferred
Shareholder confirmation that there shall be issued upon conversion of the Preferred Shares at any time after the consummation of such
Fundamental Transaction, in lieu of the Ordinary Shares (or other securities, cash, assets or other property (except such items still
issuable under Article 17A(b) (i) which shall continue to be receivable thereafter)) issuable upon the conversion of the Preferred Shares
prior to such Fundamental Transaction, such publicly traded Ordinary Shares (or their equivalent) of the Successor Entity (including its
Parent Entity) that such Preferred Shareholder would have been entitled to receive upon the happening of such Fundamental Transaction
had all the Preferred Shares held by such Preferred Shareholder been converted immediately prior to such Fundamental Transaction (without
regard to any limitations on the conversion of the Preferred Shares contained in this Article 17A), as adjusted in accordance with the
provisions of this Article 17A. The provisions of this Article(b) shall apply similarly and equally to successive Fundamental Transactions
and shall be applied without regard to any limitations on the conversion of the Preferred Shares. "**Fundamental Transaction** "
shall mean any of the following: (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another Person (ii) the Company (or any Subsidiary that owns a majority of the Company's assets on a
consolidated basis), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of
all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted
to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of more than 50%
of the outstanding Ordinary Shares or more than 50% of the voting power of the ordinary shares of the Company, (iv) the Company, directly
or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares
or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme
of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary
Shares or more than 50% of the voting power of the common equity of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Subsequent Equity Sales</u>. Until such time as the Preferred Shareholders hold less than $750,000
of Preferred Shares (including all Preferred Shares issued at any Subsequent Closing), if the Company or any Subsidiary, as applicable
sells or grants any option to purchase or sells or grants any right to reprice, or otherwise sells or issues (or announces any sale, grant
or any option to purchase or other disposition), any Ordinary Shares or Ordinary Shares Equivalents entitling any Person to acquire shares
of Ordinary Shares at an effective price per share that is lower than the then Conversion Price, including all Securities issued at a
Subsequent Closing (such lower price, the "**Base Conversion Price**" and such issuances, collectively, a "**Dilutive Issuance**") (if the holder of the Ordinary Shares or Ordinary Shares Equivalents so issued shall at any time, whether by operation
of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled to receive shares of Ordinary Shares at an effective
price per share that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price
on such date of the Dilutive Issuance), then simultaneously with the consummation of each Dilutive Issuance the Conversion Price shall
be reduced to equal the Base Conversion Price. Notwithstanding the foregoing, no adjustment will be made under this Article 7A(b) (iii)
in respect of an Exempt Issuance, except issuances of Ordinary Shares pursuant to the Company's at-the-market sales facility in
place on the date on which these articles are adopted shall not be deeded an Exempt Issuance for the purposes of this Article 7A(b)(iii).
Provided further, any Securities issued at a Subsequent Closing shall trigger a price reset under this Article 7A(b)(iii). The Company
shall promptly notify the Preferred Shareholders in writing no later than one (1) Trading Day after the issuance of any Ordinary Shares
or Ordinary Shares Equivalents subject to this Article 7A(b)(iii), indicating therein the applicable issuance price, applicable reset
price, exchange price, conversion price and other terms of any Dilutive Issuance (such notice, the "**Dilutive Issuance Notice** ").
For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Article 7A(b)(iii) upon
the occurrence of any Dilutive Issuance, the Preferred Shareholders are entitled to receive a number of Conversion Shares based upon the
Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether a Preferred Shareholder accurately refers
to the Base Conversion Price in the Conversion Notice. This Article 7A(b)(iii) shall not derogate from the provisions of Article 7A(a)(v).

&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. <u>Issuance of Options</u>. If the Company in any manner grants or sells any options (other than options
that qualify as Exempt Issuances) and the lowest price per share for which one Ordinary Share is issuable upon the exercise of any such
option or upon conversion, exercise or exchange of any Ordinary Shares Equivalents issuable upon exercise of any such option is less than
the Base Conversion Price, then such Ordinary Share shall be deemed to be outstanding and to have been issued and sold by the Company
at the time of the granting or sale of such option for such price per share. For purposes of this Article 7A(b)(iii).i., the "lowest
price per share for which one share of Ordinary Share is issuable upon the exercise of any such options or upon conversion, exercise or
exchange of any Ordinary Shares Equivalents issuable upon exercise of any such option" shall be equal to (1) the lower of (x) the
sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one Ordinary Share upon
the granting or sale of such option, upon exercise of such option and upon conversion, exercise or exchange of any Ordinary Shares Equivalent
issuable upon exercise of such option and (y) the lowest exercise price set forth in such option for which one Ordinary Share is issuable
upon the exercise of any such options or upon conversion, exercise or exchange of any Ordinary Shares Equivalents issuable upon exercise
of any such option minus (2) the sum of all amounts paid or payable to the holder of such option (or any other Person) upon the granting
or sale of such option, upon exercise of such option and upon conversion, exercise or exchange of any Ordinary Shares Equivalent issuable
upon exercise of such option plus the value of any other consideration received or receivable by, or benefit conferred on, the holder
of such option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the
actual issuance of such Ordinary Shares or of such Ordinary Shares Equivalents upon the exercise of such options or upon the actual issuance
of such Ordinary Shares upon conversion, exercise or exchange of such Ordinary Shares Equivalents.

&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. <u>Issuance of Ordinary Shares Equivalents</u>. If the Company in any manner issues or sells any Ordinary
Shares Equivalents (other than Ordinary Shares Equivalents that qualify as Exempt Issuances) and the lowest price per share for which
one Ordinary Share is issuable upon the conversion, exercise or exchange thereof is less than the Applicable Price, then such Ordinary
Share shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Ordinary
Shares Equivalents for such price per share. For the purposes of this Article 7A(b)(iii).ii., the "lowest price per share for which
one Ordinary Share is issuable upon the conversion, exercise or exchange thereof" shall be equal to (1) the lower of (x) the sum
of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one Ordinary Share upon the issuance
or sale of the Ordinary Shares Equivalent and upon conversion, exercise or exchange of such Ordinary Shares Equivalent and (y) the lowest
conversion price set forth in such Ordinary Shares Equivalent for which one Ordinary Share is issuable upon conversion, exercise or exchange
thereof minus (2) the sum of all amounts paid or payable to the holder of such Ordinary Shares Equivalent (or any other Person) upon the
issuance or sale of such Ordinary Shares Equivalent plus the value of any other consideration received or receivable by, or benefit conferred
on, the holder of such Ordinary Shares Equivalent (or any other Person). Except as contemplated below, no further adjustment of the Exercise
Price shall be made upon the actual issuance of such Ordinary Shares upon conversion, exercise or exchange of such Ordinary Shares Equivalents,
and if any such issue or sale of such Ordinary Shares Equivalents is made upon exercise of any options for which adjustment of the applicable
Preferred Shares has been or is to be made pursuant to other provisions of this Article 7A(b) (iii).ii., except as contemplated below,
no further adjustment of the Exercise Price shall be made by reason of such issue or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Change in Option Price or Rate of Conversion</u>. If the purchase or exercise price provided for in
any options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Ordinary Shares Equivalents,
or the rate at which any Ordinary Shares Equivalents are convertible into or exercisable or exchangeable for Ordinary Shares increases
or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price
which would have been in effect at such time had such options or Ordinary Shares Equivalents provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Article7A(b)(iii).iii., if the terms of any option or Ordinary Shares Equivalent that was outstanding
as of the date of issuance of the Preferred Shares are increased or decreased in the manner described in the immediately preceding sentence,
then such option or Ordinary Shares Equivalent and the Ordinary Shares deemed issuable upon exercise, conversion or exchange thereof shall
be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Article7A(b) (iii).iii. shall
be made if such adjustment would result in an increase of the Exercise Price then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Calculation of Consideration Received</u>. If any option and/or Ordinary Shares Equivalent and/or adjustment
right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined
by the Preferred Majority, the "**Primary Security** ", and such option and/or Ordinary Shares Equivalent and/or adjustment
right, the "**Secondary Securities** "), together comprising one integrated transaction, the consideration per share of
Ordinary Shares with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest price per share
for which one share of Ordinary Shares was issued in such integrated transaction (or was deemed to be issued pursuant to Section (i) or
(ii) above, as applicable) solely with respect to such Primary Security, minus (y) with respect to such Secondary Securities, the sum
of (I) the Black Scholes Consideration Value of each such option, if any, (II) the fair market value (as determined by the Preferred Shareholder)
or the Black Scholes Consideration Value, as applicable, of such adjustment right, if any, and (III) the fair market value (as determined
by the Preferred Majority) of such Ordinary Shares Equivalent, if any, in each case, as determined on a per share basis in accordance
with this Section Article7A(b)(iii). iv. If any Ordinary Shares, options or Ordinary Shares Equivalents are issued or sold or deemed to
have been issued or sold for cash, the consideration received therefor (for the purpose of determining the consideration paid for such
Ordinary Shares, option or Ordinary Shares Equivalent, but not for the purpose of the calculation of the Black Scholes Consideration Value)
will be deemed to be the net amount of consideration received by the Company therefor. If any Ordinary Shares, options or Ordinary Shares
Equivalents are issued or sold for a consideration other than cash (for the purpose of determining the consideration paid for such Ordinary
Shares, option or Ordinary Shares Equivalent, but not for the purpose of the calculation of the Black Scholes Consideration Value), the
amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists
of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic
average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any Ordinary
Shares, options or Ordinary Shares Equivalents are issued to the owners of the non-surviving entity in connection with any merger in which
the Company is the surviving entity (for the purpose of determining the consideration paid for such Ordinary Shares, option or Ordinary
Shares Equivalent, but not for the purpose of the calculation of the Black Scholes Consideration Value), the amount of consideration therefor
will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such
Ordinary Shares, options or Ordinary Shares Equivalents, as the case may be. The fair value of any consideration other than cash or publicly
traded securities (for the purpose of determining the consideration paid for such Ordinary Shares, option or Ordinary Shares Equivalent,
but not for the purpose of the calculation of the Black Scholes Consideration Value) will be determined jointly by the Company and the
Preferred Majority. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation
(the "Valuation Event"), the fair value of such consideration will be determined within five (5) Trading Days after the tenth
(10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Preferred Majority.
The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such
appraiser shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In addition to share dividends or distributions for which adjustments are to be made pursuant to Article
7A(b), and the dividends payable pursuant Article7A(c)(ii), each Preferred Shareholder shall be entitled to receive, and the Company shall
pay, dividends on shares of Preferred Shares equal (on an as-if-converted-to-Ordinary Share basis) to and in the same form as dividends
actually paid on the Ordinary Shares when, as and if such dividends are paid on the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Preferred Shares shall accrue dividends at the annual rate of eight (8%) of the Stated Value (the
" **Preferred Dividend**") of all Preferred Shares held by the Preferred Shareholders from the date of issuance. The Company
shall take the required actions, within 30 days after receipt of the audited financials for the previous fiscal year and at such meeting
shall, declare and pay all Preferred Dividends accrued through the end of such previous fiscal year which can be declared any paid pursuant
and subject to the terms of Sections 302-303 of the Companies Law or any successor thereof (subject further to any exemptions under the
Companies Law available to the Company, if available, for dividend distribution, which Company shall make reasonable commercial efforts
to utilize). The Company may not pay any other dividend until all accrued Preferred Dividend are paid in full. Subject to the foregoing
and applicable law, the Preferred Dividend shall be paid to the Preferred Shareholder within 30 days after its approval by the Board.
The Preferred Dividend shall be paid in cash. In the event the Company is unable to pay the Preferred Dividend, the Preferred Dividend
shall accrue until the Company can make payment. Subject to applicable law, the Preferred Shareholder may convert any accrued but unpaid
Preferred Dividends into Ordinary Shares at the Conversion Price in the same manner as the Preferred Shares. Subject to the Equity Conditions,
the Company may pay dividends in Ordinary Shares, at the then in effect Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Preferred Shares shall have no voting rights in any General Meeting (except for any class meeting
concerning specific matters of the Preferred Share class meeting, to the extent mandatory under the Companies Law), nor any rights to
receive any notices (or related materials) on convening a general meeting (except for class meetings, if required in accordance with the
aforementioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon conversion into Ordinary Shares, the issued Ordinary Shares shall have the same voting rights as
all other Ordinary Shares.

8.  **<u>Consolidation, Division, Cancellation And Reduction Of Share Capital</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(i) consolidate all or any part of its issued or unissued authorized share capital into shares of a per share
nominal value, which is larger, equal to or smaller than the per share nominal value of its existing shares;

&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, into shares of smaller or the same
nominal value (subject, however, to the provisions of the Companies Law), 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) () cancel any shares which, at the date of the adoption of such resolution, have not been taken or
 agreed to be taken by any person, and reduce the amount of its share capital by the amount of the shares so canceled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reduce its share capital in any manner.

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

&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;(iii) redeem such shares or fractional 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;(iv) 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;(v) 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).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, share certificates shall be
issued under the corporate seal of the Company or its written, typed or stamped name and may bear the signature of one Director, the Company's
CEO, CFO or of any other 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. For the avoidance of doubt, any transfer agent designated by the Company
may issue share certificates on behalf of the Company even if the signatories on the share certificate no longer serve in the relevant
capacities at the time of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Article 9(a) above, each Shareholder shall be entitled to one numbered certificate for all
the shares of any class registered in his name. Each certificate 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 some 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The unissued shares from time to time shall be under the control of the Board of Directors (and to the
full extent permitted by law any Committee (as defined herein) 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 terms relating to calls set forth in Article 13(f) hereof), and either at par or at a premium, or subject to the
provisions of the Companies Law, at a discount and/or with payment of commission, 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, either at par or at a premium, or, subject as aforesaid,
at a discount and/or with payment of commission, during such time and for such consideration as the Board of Directors (or the Committee,
as the case may be) deems fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 no Shareholder will
have the right to require the Company to purchase his 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>** .

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 needs to be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If pursuant to the terms of issuance of a share or otherwise, an amount is made payable at a fixed time
(whether on account of such nominal value of such share or by way of premium), 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).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 such shareholder's 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>** .

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without derogating from Articles 52 and 56 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.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>** **.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 executors or administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 residue (if any) shall be paid to the shareholder, his executors, administrators or assigns.

17.  **<u>Sale After Forfeiture Of Surrender Or In 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 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 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.

**<u>TRANSFER OF SHARES</u>**

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) 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 may reasonably require. 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 Ordinary Shares on the Trading Market.

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 for 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.

**<u>TRANSMISSION OF SHARES</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In case of a share registered in the names of two or more holders, the Company may recognize the survivor(s)
as the sole owner(s) thereof unless and until the provisions of Article 21(b) have been effectively invoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any person becoming entitled to a share in consequence of the death of any person, upon producing evidence
of the grant of probate or letters of administration or declaration of succession (or such other evidence as the Board of Directors may
reasonably deem sufficient (or to an officer of the Company to be designated by the Chief Executive Officer)), shall be registered as
a Shareholder in respect of such share, or may, subject to the provisions as to transfer contained herein, transfer such share.

22.  **<u>Receivers And Liquidators</u>.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 authority to
act in such capacity or under this Article, shall with the consent of the Board of Directors (which the Board of Directors 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.

**<u>GENERAL MEETINGS</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An annual General Meeting ()"**Annual General Meeting**") shall be held at each calendar year
at such time and at such place, either within or out of the State of Israel, as may be determined by the Board of Directors, no later
than fifteen (15) months after the last Annual General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All General Meetings other than Annual General Meetings shall be called "**Special General Meetings** ".

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 or postponement 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, 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 meeting shall apply to any adjournment or postponement of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned or postponed meeting.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Shareholder or Shareholders of the Company holding at least one percent (1%) or a higher percent of
the Ordinary Shares, as may be required by the Companies Law from time to time, of the voting rights of the Company (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 determines that the matter is appropriate to be considered in 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
laws, and the Proposal Request must comply with the requirement 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 certified mail, postage prepaid, and received by the Secretary (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, the 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, and a representation that the Proposing Shareholder(s) intends
to appear in person or by proxy at the meeting; (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, if the Proposing Shareholder wishes to have a position
statement in support of the Proposal Request, a copy of such position statement that complies with the requirement of any applicable law
(if any), (iv) a description of all arrangements or understandings 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.

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

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

26.  **<u>Notice Of General Meetings; Omission To Give Notice</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is not required to give notice of a General Meeting, subject to any mandatory provision of
the Companies Law, and any other requirements applicable to the Company. Notwithstanding anything herein to the contrary, to the extent
permitted under the Companies Law, with the consent of all Shareholders entitled to vote thereon, a resolution may be proposed and passed
at such meeting although a lesser notice period than hereinabove prescribed has been given.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may add additional places for Shareholders to review the full text of the proposed resolutions
to be adopted at a General Meeting, including an internet site.

**<u>PROCEEDINGS AT GENERAL MEETINGS</u>**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the absence of contrary provisions in these Articles, two or more Shareholders, 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, shall constitute
a quorum of General Meetings. A proxy may be deemed to be two (2) or more Shareholders pursuant to the number of Shareholders represented
by the proxy holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 to such meeting (which may be earlier or later than the date pursuant to clause
(i) above), 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
requisition 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 requisition, 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.

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

The Chairperson of the Board of Directors or his or her designee 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 to act as Chairperson, any of the following may preside as Chairperson of the meeting (and in the following order): a Director, Chief Executive Officer, Chief Financial Officer, 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 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>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as required by the Companies Law or these Articles, including, without limitation, Article 39 and
42 below, 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 resolutions with respect to which the Companies Law allows the Company's Articles
to provide otherwise, 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 if so directed by the 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 (whether prior to or at the General Meeting).

If the Company's Board decided to convene a General Meeting, the Board may cancel the General Meeting before the date and time of the General Meeting or any adjournment thereon.

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, every Shareholder shall have one vote for each share held by him of record, on every resolution, without regard to whether the vote thereon is conducted by a show of hands, by written ballot or by any other means.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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(c), seniority shall be determined by the order of registration of the joint holders in the Register of Shareholder.

**<u>PROXIES</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 BRENMILLER ENERGY 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 ___ day of _______, _______ and at any adjournment(s) thereof.

Signed this ____ day of ________, ____________.

(Signature of Appointor)"

or in any such form as may be approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Companies Law, the original instrument appointing a proxy or a copy thereof (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 any and all 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>.** 

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

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

**<u>BOARD OF DIRECTORS</u>**

35.  **<u>Powers Of Board Of Directors</u>.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of the foregoing, the Board of Directors may, from time to time, set aside
any amount(s) out of the profits of the Company as a reserve or reserves for any purpose(s) which the Board of Directors, in its absolute
discretion, shall deem fit, including without limitation, capitalization and distribution of bonus shares, and may invest any sum so set
aside in any manner and from time to time deal with and vary such investments and dispose of all or any part thereof, and employ any such
reserve or any part thereof in the business of the Company without being bound to keep the same separate from other assets of the Company,
and may subdivide or re-designate any reserve or cancel the same or apply the funds therein for another purpose, all as the Board of Directors
may from time to time think fit.

36.  **<u>Exercise Of Powers Of Board Of Directors</u>.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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. In case of an equality
of votes of the Board, the Chairman of the Board shall not have a second casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Directors, and it may from time to time revoke such delegation or alter the composition of any such Committee.
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 pursuant to a resolution by the Committee which would have been valid if such regulation or resolution of the Board had not been
adopted. The meeting 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, so far as not superseded by any regulations adopted by the Board
of Directors or by the Companies Law. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without derogating from the provisions of Article 49, 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.

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

38.  **<u>Number Of Directors</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board of Directors shall consist of such number of Directors, not less than three (3) nor more than
nine (9), including the External Directors (if any), which will be elected if and as required under the Companies Law, as may be fixed
from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 a majority of 70% of the voting power represented at the General Meeting in person or by proxy
and voting thereon, disregarding abstentions from the count of the voting power present and voting.

39.  **<u>Election And Removal Of Directors</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors, excluding the External Directors if any (who shall be elected and serve in office in strict
accordance with the provisions of the Companies Law, if so required by the Companies Law), shall be classified, with respect to the term
for which they each severally hold office, into three classes, as nearly equal in number as practicable, hereby designated as Class I,
Class II and Class III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term of office of the initial Class I directors shall expire at the first Annual General Meeting to
be held in 2024 and when their successors are elected and qualified,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term of office of the initial Class II directors shall expire at the first Annual General Meeting
following the Annual General Meeting referred to in clause (i) above and when their successors are elected and qualified, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The term of office of the initial Class III directors shall expire at the first Annual General Meeting
following the Annual General Meeting referred to in clause (ii) above and when their successors are elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors (other than External Directors), may be elected only in Annual Meetings. At each Annual General
Meeting, commencing with the Annual General Meeting to be held in 2024, each of the successors elected to replace the Directors of a Class
whose term shall have expired at such Annual General Meeting shall be elected to hold office until the third Annual General Meeting next
succeeding his or her election 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the number of Directors (excluding External Directors) that constitutes the Board of Directors is hereafter
changed, the then-serving Directors shall be redesignated to other Classes and/or any newly created directorships or decrease in directorships
shall be apportioned by the Board of Directors among the classes so as to make all classes as nearly equal in number as is practicable,
provided that no decrease in the number of Directors constituting the Board of Directors shall shorten the term of any incumbent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to every Annual General Meeting of the Company at which Directors are to be elected, and subject
to clauses (a) and (f) of this Article, the Board of Directors (or a Committee thereof) shall select, by a resolution adopted by a majority
of the Board of Directors (or such Committee), a number of Persons to be proposed to the Shareholders for election as Directors to the
relevant class at such Annual General Meeting (the "**Nominees** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Proposing Shareholder requesting to include on the agenda of an Annual 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(c) and Article 25 and applicable law. Unless otherwise determined by the Board,
a Proposal Request relating to Alternate Nominee is deemed to be a matter that is appropriate to be considered only in 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 between the Proposing Shareholder(s) or any of its affiliates and each Alternate Nominee; (iii) a declaration signed
by the Alternate Nominee that he consents to be named in the Company's notices and proxy materials relating to the Annual General
Meeting, if provided or published, and, if elected, 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 U.S. Securities and Exchange Commission); (v) a declaration
made by the Alternate Nominee of whether he or she meets the criteria for an independent director and/or 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 shall promptly provide any other information reasonably requested by the Company. 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 pursuant to this Article 39(c) and Article 25, and the Proposing Shareholder
shall be responsible for the accuracy and completeness thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Nominees or Alternate Nominees shall be elected by a resolution adopted at the Annual General Meeting
at which they are subject to election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary herein, this Article 39 and Article 42(f) may only be amended,
replaced or suspended by a resolution adopted at a General Meeting by a majority of 70% of the voting power represented at the General
Meeting in person or by proxy and voting thereon, disregarding abstentions from the count of the voting power present and voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in these Articles, the election, qualification, removal or dismissal
of External Directors shall be only in accordance with the applicable provisions set forth in the Companies Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Directors whose terms of office have expired or terminated may be re-elected. The aforesaid will not apply
to external directors, whose reappointment shall be in accordance with the provisions of the Companies Law and the regulations promulgated
thereunder.

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 appointment or election, or on a later date if so specified in his appointment or election.

41.  **<u>Continuing Directors In The Event Of Vacancies</u>.** 

The Board 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 they number less than the minimum number provided in Article 38 hereof, they may only act in an emergency or to fill the office of director which has become vacant up to a number equal to the minimum number provided for pursuant to Article 38 hereof. 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, or in case of a vacancy due to the number of Directors serving being less than the maximum number stated in Article 38 hereof, the Board shall determine at the time of appointment the class pursuant to Article 39 to which the additional Director shall be assigned.

42.  **<u>Vacation Of Office</u>.** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if he or she is declared bankrupt;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by a resolution adopted at a General Meeting by a majority of 70% of the voting power represented at the
Annual Meeting in person or by proxy and voting thereon, disregarding abstentions from the count of the voting power present and voting.
Such removal shall become effective on the date fixed in such resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) with respect to an External Director, and notwithstanding anything to the contrary herein, only pursuant
to applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if his or her office is vacated by virtue of the order or decision of a competent court (in a litigation
to which the Company is a party). Such removal shall become effective on the date fixed by the court order or decision.

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

Subject to the provisions of the Companies Law and these Articles, no Director shall be disqualified by virtue of his 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 interest, as well as any material fact or document, must be disclosed by him at the meeting of the Board of Directors at which the contract or arrangement is first considered, if his 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 interest.

44.  **<u>Alternate Directors</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of the Companies Law, a Director may, by written notice to the Company, appoint,
remove or replace any person as an alternate for himself; provided that the appointment of such person shall have effect only upon and
subject to its being approved by the Board (in these Articles, an "**Alternate Director** "). Unless the appointing Director,
by the instrument appointing an Alternate Director or by written notice to the Company, limits such appointment to a specified period
of time or restricts it to a specified meeting or action of the Board of Directors, or otherwise restricts its scope, the appointment
shall be for all purposes, and for a period of time concurrent with the term of the appointing Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice to the Company pursuant to Article 44(a) shall be given in person to the Chairperson of the
Board of Directors, or by sending the same in writing to the attention of the Chairperson of the Board of Directors at the principal office
of the Company or to such other person or place as the Board of Directors shall have determined for such purpose, and shall become effective
on the date fixed therein, upon the receipt thereof by the Company (at the place as aforesaid) or upon the approval of the appointment
by the Board, whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Alternate Director shall have all the rights and obligations of the Director who appointed him, provided
however, that (i) he may not in turn appoint an alternate for himself (unless the instrument appointing him otherwise expressly provides),
and (ii) an Alternate Director shall have no standing at any meeting of the Board of Directors or any Committee thereof while the Director
who appointed him is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any individual, who qualifies to be a member of the Board of Directors, may act as an Alternate Director.
One person may not act as Alternate Director for several directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The office of an Alternate Director shall be vacated under the circumstances, mutatis mutandis, set forth
in Article 42, and such office shall ipso facto be vacated if the office of the Director who appointed such Alternate Director is vacated,
for any reason.

**<u>PROCEEDINGS OF THE BOARD OF DIRECTORS</u>**

45.  **<u>Meetings</u>.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Director may at any time, and the Secretary (upon the request of such Director), shall, convene a
meeting of the Board of Directors, but not less than forty-eight (48) hours' notice shall be given of any meeting so convened, unless
such notice is waived by all of the Directors as to a particular meeting or unless the matters to be discussed at such meeting are of
such urgency and importance, as determined by the Chairperson, that notice ought reasonably to be waived under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notice of any such meeting shall be given in writing, including by email.

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

46.  **<u>Quorum</u>.** 

Until otherwise unanimously decided by the Board of Directors (or each of the Board's committees), 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. No business shall be transacted at a meeting of the Board of Directors (or each of the Boar's committees) unless the requisite quorum is present (in person or by any means of communication) when the meeting proceeds to business.

47.  **<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 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.

48.  **<u>Validity Of Acts Despite Defects</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The General Meeting shall be entitled to ratify any act taken by the Board or any committee without authority
or which was tainted by some other defect. From the time of such ratification, every act ratified shall be treated as though lawfully
preformed from the outset.

**<u>CHIEF EXECUTIVE OFFICER</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 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 or their place or places.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise determined by the Board of Directors, the Chief Executive Officer shall have authority
with respect to the management and operations of the Company in the ordinary course of business.

**<u>MINUTES</u>**

50.  **<u>Minutes</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 or a committee thereof, as the case may be, or by the Chairperson of the next succeeding General Meeting, meeting of the Board or meeting of a committee thereof, as the case may be, shall constitute prima facie evidence of the matters recorded therein.

**<u>DIVIDENDS</u>**

51.  **<u>Declaration Of Dividends</u>.** 

Subject to Article 7A(c), the Board of Directors may from time declare, and cause the Company to pay, such dividend as may appear to the Board of Directors to be justified by the profits of the Company and as permitted by the Companies Law. Subject to Article 7A(c), the Board of Directors shall determine the time for payment of such dividends and the record date for determining the Shareholders entitled thereto.

52.  **<u>Amount Payable By Way Of Dividends</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of these Articles (including without limitations, Subject to Article 7A(c)),
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 in proportion to their respective
holdings of the shares in respect of which such dividends are being paid.

53.  **<u>Interest</u>.** 

No dividend shall carry interest as against the Company.

54.  **<u>Capitalization Of Profits, Reserves, Etc</u>.** 

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

55.  **<u>Implementation Of Powers</u>.** 

For the purpose of giving full effect to any resolution under Article 54, and without derogating from the provisions of Article 56 hereof, the Board of Directors may settle any difficulty which may arise in regard to the distribution as it thinks expedient, and, in particular, may fix the value for distribution of any specific assets and may determine that cash payments shall be made to any Shareholders upon the footing of the value so fixed, or that fractions of less value than a certain determined value may be disregarded in order to adjust the rights of all parties, and may vest any such cash, shares, debentures, debenture stock or specific assets in trustees upon such trusts for the persons entitled to the dividend or capitalized fund as may seem expedient to the Board of Directors. Where requisite, a proper contract shall be filed in accordance with Section 291 of the Companies Law, and the Board of Directors may appoint any person to sign such contract on behalf of the persons entitled to the dividend or capitalized fund.

56.  **<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 such Shareholder 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.

57.  **<u>Deductions From Retaining Dividends</u>.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 26 or 27, 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.

58.  **<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 by the Directors 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 seven years 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.

59.  **<u>Mechanics of Payment</u>.** 

Any dividend or other moneys payable in cash in respect of a share may be paid by check or payment order 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 the joint holder whose name is registered first in the Register of Shareholders or his 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 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.

60.  **<u>Receipt from a Joint Holder</u>.** 

If two or more persons are registered as joint holders of any share, or are entitled jointly thereto in consequence of the death or bankruptcy of the holder or otherwise, any one of them may give effectual receipts for any dividend or other moneys payable or property distributable in respect of such share.

**<u>ACCOUNTS</u>**

61.  **<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 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.

62.  **<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 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).

62A. **<u>Internal Auditor</u>.**

To the extent required by the Companies Law the Board of Directors will appoint an internal auditor according to the audit committee's recommendation ("Internal Auditor").

The Internal Auditor shall submit, for the approval of the Board of Directors or the audit committee, as determined by the Board of Directors, a proposal for an annual or periodic work plan, and the Board of Directors or the audit committee shall approve such plan with such changes as it deem fit. Unless the Board of Directors determines otherwise, the work plan shall be submitted to the Board of Directors and approved by it.

**<u>SUPPLEMENTARY REGISTERS</u>**

63.  **<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.

**<u>EXEMPTION, INDEMNITY AND INSURANCE</u>**

64.  **<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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other event, occurrence, matter or circumstance 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.

65.  **<u>Indemnity</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of the Companies Law, the Company may retroactively indemnify an Office Holder
of the Company 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;(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 in respect of an act performed
by the Office Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable litigation expenses, including attorneys' 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 offence that does not require proof of criminal intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reasonable litigation costs, including attorney's 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;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(i) Sub-Article 65(a)(ii) to 65(a)(iv); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sub-Article 65(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;1. the undertaking to indemnify is limited to such events which the Board of Directors shall deem to be likely
to occur 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;2. the undertaking to indemnify shall set forth such events which the Directors shall deem to be likely to
occur 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.

The maximum amount of indemnification payable by the Company with respect to those liabilities and expenses described in Sub-Article 65(a)(i), for each Office Holder and for all Office Holders together, individually or in aggregate, under all letters of indemnification issued or to be issued by the Company, shall not exceed 25% of the Company's equity as set forth in its latest consolidated financial statements as of the date of indemnification or any other amount which will be approved in accordance to applicable law.

66.  **<u>Exemption</u>.** 

Subject to the provisions of the Companies Law, the Company may exempt and release, in advance, any Office Holder from any liability to the Company for damages arising out of a breach of the Office Holder's duty of care towards the Company.

Notwithstanding the foregoing, the Company may not exempt a Director in advance from his liability for damages with respect to violation of his duty of care to the Company with respect to distributions. In addition, the Company may not exempt an Office Holder from his liability to the Company with regard to a resolution and/or a transaction in which the controlling Shareholder and/or any Office Holder has a personal interest.

67. The provisions of Articles 64 through 66 shall also apply to an alternate director.

68.  **<u>General</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amendment to the Companies Law adversely affecting the right of any Office Holder to be indemnified
or insured pursuant to Articles 64 to 68 and any amendments to Articles 64 to 68 shall be prospective in effect, and shall not affect
the Company's obligation or ability to indemnify or insure an Office Holder for any act or omission occurring prior to such amendment,
unless otherwise provided by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of Articles 64 to 68 (i) shall apply to the maximum extent permitted by law (including,
the Companies 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.

**<u>WINDING UP</u>**

69.  **<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 nominal value of their respective holdings of the shares in respect of which such distribution is being made.

**<u>EXCLUSIVE FORUM</u>**

70.  **<u>Exclusive Forum</u>.** 

**<u>NOTICES</u>**

71.  **<u>Notices</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 address as described in the Register of Shareholders or such other address as he may have designated in writing
for the receipt of notices and other documents.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;

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

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
70. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the manner required by applicable law.