Document:

Exhibit
10.5

 

EXHIBIT
C

 

INVESTOR
RIGHTS AGREEMENT

 

THIS
INVESTOR RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by and among:

 

		(1)	Cellebrite
                                            DI Ltd., a company organized under the State of Israel (the “Company”);

 

		(2)	certain
                                            equityholders of TWC Tech Holdings II Corp., a Delaware corporation ( “TWCT”),
                                            listed on Schedule A hereto that will receive Ordinary Shares (as defined below) pursuant
                                            to the transactions contemplated by the Business Combination Agreement (as defined below)
                                            (the “SPAC Holders”); and

 

		(3)	SUNCORPORATION,
                                            a Japanese listed company (JASDAQ: 6736) (“SUN”), IGP SAFERWORLD, LIMITED PARTNERSHIP
                                            (“IGP”) and the equityholders of the Company designated on Schedule B hereto
                                            as Cellebrite Original Ordinary Equityholders (collectively, with Sun and IGP, the “Cellebrite
                                            Equityholders” and, together with the SPAC Holders and any person or entity who
                                            hereafter becomes a party to this Agreement pursuant to Section 6.2 of this Agreement,
                                            a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS,
the Company, Cupcake Merger Sub, Inc. (“Merger Sub”), and TWCT have entered into that certain Business
Combination Agreement and Plan of Merger, dated as of April 8, 2021 (as amended or supplemented from time to time, the
“Business Combination Agreement”), pursuant to which, among other things, Merger Sub will merge with and into
TWCT (the “Merger”), with TWCT surviving the Merger as a wholly-owned subsidiary of the Company;

 

WHEREAS,
the Company and the Investors listed as “Holders” on the signature page thereto (collectively, the “Company Investors”)
are parties to that certain Investors Rights Agreement, dated June 17, 2019 (the “Prior Company Agreement”);

 

WHEREAS,
TWCT and the SPAC Holders are parties to that certain Registration Rights Agreement, dated September 10, 2020 (the “Prior TWCT
Agreement”);

 

WHEREAS,
the Company and the Company Investors desire to terminate the Prior Company Agreement in its entirety and to accept the rights created
pursuant to this Agreement in lieu of the rights granted to them under the Prior Company Agreement;

 

WHEREAS,
TWCT and the SPAC Holders desire to terminate the Prior TWCT Agreement in its entirety and to accept the rights created pursuant to this
Agreement in lieu of the rights granted to them under the Prior TWCT Agreement; and

 

WHEREAS,
in connection with the consummation of the transactions described above (the “Transactions”), the Company and the
Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect
to the Registrable Securities (as defined below) on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

             

             

    

 

Article
I

 

DEFINITIONS

 

1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings
set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Chief Executive Officer of the Company or the Board, after consultation with counsel to the Company, (i) would be required to
be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case
of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii)
would not be required to be made at such time if the Registration Statement were not being filed, declared effective or used, as the
case may be, and (iii) the Company has a bona fide business purpose for not making such information public.

 

“Action”
means any claim, action, suit, audit, examination, assessment, arbitration, mediation or inquiry, or any proceeding or investigation,
by or before any Governmental Authority.

 

“affiliate”
of any particular person means any other person controlling, controlled by or under common control with such person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a person whether through the ownership
of voting securities, its capacity as a sole or managing member or otherwise.

 

“Agreement”
shall have the meaning given in the Preamble hereto.

 

“Articles
of Association” means the articles of association of the Company (as amended, modified or supplemented from time to time).

 

“Board”
means the board of directors of the Company.

 

“Block
Trade” shall have the meaning given in Section 2.4.1.

 

“Business
Combination Agreement” shall have the meaning given in the Recitals hereto.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or Tel Aviv, Israel
are authorized or required by Law to close.

 

“Cellebrite
Equityholders” shall have the meaning given in the Preamble hereto.

 

“Closing”
shall have the meaning given in the Business Combination Agreement.

 

“Closing
Date” shall have the meaning given in the Business Combination Agreement.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Recitals hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.

 

“Company
Ordinary Shares” means the ordinary shares, with par value of NIS [●] per share, of the Company.

 

“Company
Warrant” has the meaning assigned to such term in the Business Combination Agreement.

 

“Confidential
Information” shall have the meaning given in Section 5.5.

 

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“Demanding
Holder” shall have the meaning given in Section 2.1.4.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority Inc.

 

“Form
F-1 Shelf” shall have the meaning given in Section 2.1.1.

 

“Form
F-3 Shelf” shall have the meaning given in Section 2.1.1.

 

“Governing
Documents” shall have the meaning assigned to such term in the Business Combination Agreement.

 

“Governmental
Authority” means any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory
or administrative agency (which for the purposes of this Agreement shall include FINRA and the Commission), governmental commission,
department, board, bureau, agency or instrumentality, court or tribunal.

 

“Governmental
Order” means any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or
with any Governmental Authority.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto, for so long as such person or entity holds any Registrable Securities.

 

“Indemnification
Sources” shall have the meaning given in Section 5.1.3.

 

“Indemnified
Liabilities” shall have the meaning given in Section 5.1.1.

 

“Indemnitee-Related
Entities” shall have the meaning given in Section 5.1.3.

 

“Independent
Committee” means the audit committee of the Board.

 

“Jointly
Indemnifiable Claims” shall have the meaning given in Section 5.1.3.

 

“Law”
means any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any Governmental Authority and shall include
applicable case law interpreting the foregoing.

 

“Lock-Up
Period” shall have the meaning given in the Articles of Association.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.1.5.

 

“Merger”
shall have the meaning given in the Recitals hereto.

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus or necessary to make the statements in a Registration Statement or Prospectus, (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.

 

“Ordinary
Shares” shall mean the ordinary shares of the Company, no par value.

 

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“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable
Securities prior to the expiration of the Lock-Up Period pursuant to the Sponsor Support Agreement and the Articles of Association.

 

“Person”
shall mean any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint
venture, joint stock company, governmental authority or instrumentality or other entity of any kind.

 

“Piggyback
Registration” shall have the meaning given in Section 2.2.1.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) any outstanding Ordinary Shares held by a Holder immediately following the Closing (including Ordinary
Shares distributable pursuant to the Business Combination Agreement), (b) any Ordinary Shares that may be acquired by Holders upon the
exercise of a warrant or other right to acquire Ordinary Shares held by a Holder immediately following the Closing, (c) any Ordinary
Shares or warrants to purchase Ordinary Shares (including any Ordinary Shares issued or issuable upon the exercise of any such warrant)
of the Company otherwise acquired or owned by a Holder following the date hereof to the extent that such securities are “restricted
securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined in Rule 144) of the Company
and for so long as the Holder may be deemed to be an Underwriter pursuant to Rule 145(c), and (d) any other equity security of the Company
or any of its subsidiaries issued or issuable with respect to any securities referenced in clause (a), (b) or (c) above by way of a stock
dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or similar transaction;
provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities
upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such securities shall have become effective under
the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement by the applicable Holder; (B) such securities shall have been otherwise transferred, new certificates for such securities not
bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities
shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities
may be sold without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act (but with no volume
or other restrictions or limitations including as to manner or timing of sale); and (E) such securities have been sold to, or through,
a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the expenses of a Registration, including, without limitation, the following:

 

(A)
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
Inc.) and fees of any national securities exchange on which the Ordinary Shares are then listed;

 

(B)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for
the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

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(C)
printing, messenger, telephone and delivery expenses;

 

(D)
reasonable fees and disbursements of counsel for the Company;

 

(E)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with such Registration; and

 

(F)
reasonable fees and expenses of one legal counsel selected by the majority-in-interest of the Demanding Holders in an Underwritten Offering
(not to exceed $35,000 without the consent of the Company).

 

“Registration
Statement” shall mean any registration statement that covers Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement or Prospectus, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting
Holders” shall have the meaning given in Section 2.1.5.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf”
shall mean the Form F-1 Shelf, the Form F-3 Shelf or any Subsequent Shelf Registration, as the case may be.

 

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in accordance
with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including
a Piggyback Registration.

 

“SPAC
Holders” shall have the meaning given in the Preamble.

 

“Sponsor”
shall mean TWC Tech Holdings II, LLC, a Delaware  limited liability company.

 

“Sponsor
Indemnitees” shall have the meaning given in Section 5.1.1.

 

“Sponsor
Parties” means each of the Sponsor, each other SPAC Holder, their respective affiliates, any of respective officers, directors
or employees, and any Persons to whom Company Ordinary Shares have been transferred and is or has become parties to this Agreement pursuant
to one of the following types of transfers (irrespective of whether a restriction on Transfer then applies) by any of the foregoing Persons:
(i) Transfers of Company Ordinary Shares to a trust, or other entity formed for estate planning purposes for the primary benefit of the
spouse, domestic partner, parent, sibling, child or grandchild of the undersigned or any other person with whom the Transferring Person
has a relationship by blood, marriage or adoption not more remote than first cousin; (ii) Transfers by will or intestate succession upon
the death of the Transferring Person; (iii) the Transfer of Company Ordinary Shares pursuant to a qualified domestic order, court order
or in connection with a divorce settlement; (iv) if the Transferring Person is a corporation, partnership (whether general, limited or
otherwise), limited liability company, trust or other business entity, (A) Transfers to any affiliate, including another corporation,
partnership, limited liability company, trust or other business entity that controls, is controlled by or is under common control or
management with the Transferring Person, or (B) distributions of Company Ordinary Shares to partners, limited liability company members
or shareholders of the Transferring Person, including, for the avoidance of doubt, where the Holder is a partnership, to its general
partner or a successor partnership or fund, or any other funds managed by such partnership; (v) if the Transferring Person is a trust,
Transfers to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust; (vi) Transfers to the officers or
directors of the Company or the Sponsor or their respective affiliates; (vii) Transfers to a nominee or custodian of a Person to whom
a Transfer would be permissible under the foregoing clauses (i) through (vi).

 

    5

     

    

 

“Sponsor
Support Agreement” shall mean the Sponsor Support Agreement, dated as of April 8, 2021, by and among TWCT, Sponsor, the Company
and the other parties thereto, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time
to time.

 

“Subsequent
Shelf Registration” shall have the meaning given in Section 2.1.2.

 

“Subsidiary”
shall mean, with respect to any Person (for purposes of this definition, the “Controlling Company”), any other Person
(i) of which a majority of the outstanding voting securities or other voting equity interests, or a majority of any other interests having
the power to direct or cause the direction of the management and policies of such other Person, are owned, directly or indirectly, by
the Controlling Company and/or (ii) with respect to which the Controlling Company or its Subsidiaries is a general partner or managing
member, and, in each case of the foregoing clauses (i) and (ii), any predecessor or successor of such other Person.

 

“Transactions”
shall have the meaning given in the Recitals hereto.

 

“Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b).

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal and not as part of such dealer’s market-making
activities.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.

 

“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.

 

Article
II

REGISTRATIONS AND OFFERINGS

 

2.1
Shelf Registration.

 

2.1.1
Filing. The Company shall file within thirty (30) days after the Closing Date, and use commercially reasonable efforts to cause
to be declared effective as soon as practicable thereafter, a Registration Statement for a Shelf Registration on Form F-1 (the “Form
F-1 Shelf”) or, if the Company is eligible to use a Registration Statement on Form F-3, a Shelf Registration on Form F-3 (the
“Form F-3 Shelf”), in each case, covering the resale of all the Registrable Securities (determined as of two business
days prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The Company
shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective
amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use and in compliance with the
provisions of the Securities Act until such time as there are no longer any Registrable Securities. In the event the Company files a
Form F-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form F-1 Shelf (and any Subsequent Shelf Registration)
to a Form F-3 Shelf as soon as practicable after the Company is eligible to use Form F-3.

 

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2.1.2
Subsequent Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly
as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining the prompt withdrawal
of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably
practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of
such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration”)
registering the resale of all Registrable Securities (determined as of two business days prior to such filing), and pursuant to any method
or combination of methods legally available to, and requested by, any Holder named therein.

 

If
a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf
Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being
agreed that the Subsequent Shelf Registration shall be an automatic shelf registration statement (as defined in Rule 405 promulgated
under the Securities Act) if the Company is a well- known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act)
at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration continuously effective,
available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. Any such Subsequent Shelf Registration shall be on Form F-3 to the extent that the Company is eligible to use such form.
Otherwise, such Subsequent Shelf Registration shall be on another appropriate form.

 

2.1.3
Additional Registerable Securities. In the event that any Holder holds Registrable Securities that are not registered for resale
on a delayed or continuous basis, the Company, upon request of any such Holder or Holders that hold in the aggregate at least one percent
(1.0%) of the Registrable Securities, shall use its commercially reasonable efforts to cause the resale of such Registrable Securities
to be covered within sixty (60) days of such request by either, at the Company’s option, the Shelf (including by means of a post-effective
amendment) or a Subsequent Shelf Registration and cause the same to become effective as soon as practicable after such filing and such
Shelf or Subsequent Shelf Registration shall be subject to the terms hereof; provided, however, that the Company shall only be required
to cause such Registrable Securities to be so covered twice per calendar year for the Cellebrite Equityholders, the SPAC Holders, and
the Other Equityholders, respectively.

 

2.1.4
Requests for Underwritten Shelf Takedowns. At any time and from time to time when an effective Shelf is on file with the Commission,
any Cellebrite Equityholder or SPAC Holder (any of the Cellebrite Equityholders or the SPAC Holders being, in such case, a “Demanding
Holder”) may request to sell all or any portion of its Registrable Securities in an Underwritten Offering or other coordinated
offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that the Company
shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed to be
sold by the Demanding Holder with a total offering price reasonably expected to exceed, in the aggregate, $25.0 million (the “Minimum
Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company,
which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. Subject
to Section 2.4.4, the Company and the Demanding Holder shall jointly select the Underwriters for such offering (which shall consist of
one or more reputable internationally recognized investment banks). The Cellebrite Equityholders or the SPAC Holders may each demand
not more than two (2) Underwritten Shelf Takedowns pursuant to this Section 2.1.4 in any 12-month period, provided, however,
that this number of offerings may be increased by the decision of an Independent Committee. Notwithstanding anything to the contrary
in this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including
a Form F-3, that is then available for such offering.

 

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2.1.5
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith,
advises the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such
Underwritten Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares
or other equity securities that the Company desires to sell and all Ordinary Shares or other equity securities, if any, that have been
requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration rights held by any
other shareholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering
without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering
(such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, before including any Ordinary Shares or other equity securities proposed
to be sold by Company or by other holders of Ordinary Shares or other equity securities, first the Registrable Securities of the Demanding
Holders and the Requesting Holders (excluding in each case any Cellebrite Original Ordinary Equityholders) (if any) (pro rata based on
the respective number of Registrable Securities held by each Demanding Holder and Requesting Holder) that can be sold without exceeding
the Maximum Number of Securities and second, the Registrable Securities of the Demanding Holders and the Requesting Holders that are
Cellebrite Original Ordinary Equityholders (if any) (pro rata based on the respective number of Registrable Securities held by each Demanding
Holder and Requesting Holder) that can be sold without exceeding the Maximum Number of Securities. To facilitate the allocation of Registrable
Securities in accordance with the above provisions, the Company or the Underwriters may round the number of shares allocated to any Holder
to the nearest 100 shares. The Company shall not be required to include any Registrable Securities in such Underwritten Shelf Takedown
unless the Holders accept the terms of the underwriting as agreed upon between the Company and its Underwriters.

 

2.1.6
Withdrawal. Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing
such Underwritten Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have
the right to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Shelf Takedown;
provided that any Cellebrite Equityholder or SPAC Holder may elect to have the Company continue an Underwritten Shelf Takedown if the
Minimum Takedown Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown
by the Cellebrite Equityholders or the SPAC Holders or any of their respective Permitted Transferees, as applicable. If withdrawn, a
demand for an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown for purposes of Section 2.1.4,
unless either (i) the Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown or (ii) the Holder reimburses the
Company for all Registration Expenses with respect to such Underwritten Shelf Takedown; provided that, if a Cellebrite Equityholder or
a SPAC Holder elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten
Shelf Takedown shall instead count as an Underwritten Shelf Takedown demanded by the Cellebrite Equityholders or the SPAC Holders, as
applicable, for purposes of Section 2.1.4. Following the receipt of any Withdrawal Notice, the Company shall promptly forward
such Withdrawal Notice to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior
to its withdrawal under this Section 2.1.6, other than if a Demanding Holder elects to pay such Registration Expenses pursuant
to clause (ii) of the second sentence of this Section 2.1.6.

 

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2.2
Piggyback Registration.

 

2.2.1
Piggyback Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of,
or if the Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for
the account of shareholders of the Company (or by the Company and by the shareholders of the Company including, without limitation, an
Underwritten Shelf Takedown pursuant to Section 2.1 hereof), other than a Registration Statement (or any registered offering with
respect thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement
on Form F-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto),
(iii) for an offering of debt that is convertible into equity securities of the Company or, (iv) for a dividend reinvestment plan or
(v) for a rights offering, then the Company shall give written notice of such proposed offering to all of the Holders of Registrable
Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement or,
in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus or prospectus
supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included in such
offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such
offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to include in such registered offering such number
of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such registered
offering, a “Piggyback Registration”). Subject to Section 2.2.2, the Company shall, in good faith, cause such
Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially reasonable efforts
to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities requested by the
Holders pursuant to this Section 2.2.1 to be included therein on the same terms and conditions as any similar securities of the
Company included in such registered offering and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable Securities in a Piggyback Registration
shall be subject to such Holder’s agreement to enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering.

 

2.2.2
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of Ordinary Shares or other equity securities that the Company desires to sell, taken together
with (i) the Ordinary Shares or other equity securities, if any, as to which Registration or a registered offering has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder,
(ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the Ordinary
Shares or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate
written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

 

(a) If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities held by each Holder, which
can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities, if any, as to which Registration
or a registered offering has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the
Company, which can be sold without exceeding the Maximum Number of Securities;

 

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(b) 
If the Registration or registered offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the Ordinary Shares or other equity securities,
if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to Section
2.2.1, pro rata, based on the respective number of Registrable Securities held by each Holder, which can be sold without exceeding
the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of other persons or entities that
the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be
sold without exceeding the Maximum Number of Securities; and

 

(c) 
If the Registration or registered offering is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section 2.1
hereof, then the Company shall include in any such Registration or registered offering securities pursuant to Section 2.1.5.

 

2.2.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdrawal
from an Underwritten Shelf Takedown, and related obligations, shall be governed by Section 2.1.6) shall have the right to withdraw
from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf
Registration, the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback
Registration used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request
for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the
Commission in connection with a Piggyback Registration (which, in no circumstance, shall include the Shelf) at any time prior to the
effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.6),
the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2.2.3.

 

2.2.4
Unlimited Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration
effected pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.

 

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2.3
Market Stand-off.

 

2.3.1
In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade), each Holder given an opportunity
to participate in the Underwritten Offering pursuant to the terms of this Agreement agrees that it shall not Transfer any Ordinary Shares
or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), subject to customary
exceptions including without limitation transfers to affiliates, gifts, exercise of options, without the prior written consent of the
Company, during the 90-day period beginning on the date of pricing of such offering or such shorter period during which the Company agrees
not to conduct an underwritten primary offering of Ordinary Shares or other equity securities, except in the event the Underwriters managing
the offering otherwise agree by written consent. Each Holder agrees to execute a customary lock-up agreement in favor of the Underwriters
to such effect (in each case on substantially the same terms and conditions as all such Holders).

 

2.4
Block Trades.

 

2.4.1
Notwithstanding the foregoing, at any time and from time to time when an effective Shelf is on file with the Commission and effective,
if a Demanding Holder wishes to engage in an underwritten or other coordinated registered offering not involving a “roadshow,”
an offer commonly known as a “block trade” (a “Block Trade”), with a total offering price reasonably expected
to exceed, in the aggregate, either (x) $50 million or (y) all remaining Registrable Securities held by the Demanding Holder, then notwithstanding
the time periods provided for in Section 2.1.4, such Demanding Holder need only to notify the Company of the Block Trade at least
five (5) business days prior to the day such offering is to commence and the Company shall as expeditiously as possible use its commercially
reasonable efforts to facilitate such Block Trade; provided that the Demanding Holders representing a majority of the Registrable Securities
wishing to engage in the Block Trade shall use commercially reasonable efforts to work with the Company and any Underwriters prior to
making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related
to the Block Trade.

 

2.4.2
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade,
a majority-in-interest of the Demanding Holders initiating such Block Trade shall have the right to submit a Withdrawal Notice to the
Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Block Trade. Notwithstanding anything to
the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a block trade
prior to its withdrawal under this Section 2.4.2.

 

2.4.3
Notwithstanding anything to the contrary in this Agreement, Section 2.2 hereof shall not apply to a Block Trade initiated by a
Demanding Holder pursuant to this Agreement.

 

2.4.4
The Demanding Holder in a Block Trade shall have the right to select the Underwriters for such Block Trade (which shall consist of one
or more reputable internationally recognized investment banks).

 

Article
III

COMPANY PROCEDURES

 

3.1
General Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts
to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof,
and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and
use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
have ceased to be Registrable Securities;

 

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3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by Holders of at least $50 million of the Registrable Securities registered on such
Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable
to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement
effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution
set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such
Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

 

3.1.4
prior to any public offering of Registrable Securities (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) may request (or provide evidence
satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification) and (ii) take such action
necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other
governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and
things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to
consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required
to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which
it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

3.1.5
cause all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company
are then listed;

 

3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.7
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable), furnish a copy thereof to each
seller of such Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that
is to be incorporated by reference therein);

 

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3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10 
permit a representative of any Holder, the Underwriters, if any, and any attorney or accountant retained by such Holder(s) or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that such representatives or Underwriters agree to confidentiality
arrangements reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

3.1.11 
obtain a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering or other coordinated offering that is registered pursuant to a Registration Statement, in customary form and covering such matters
of the type customarily covered by “comfort” letters as the managing Underwriter or other similar type of sales agent or
placement agent may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12 
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any,
and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being
given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions
and negative assurance letters, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.13 
in the event of any Underwritten Offering or other coordinated offering that is registered pursuant to a Registration Statement, enter
into and perform its obligations under an underwriting agreement, sales agreement or placement agreement, in usual and customary form,
with the managing Underwriter, sales agent or placement agent of such offering;

 

3.1.14 
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then in
effect);

 

3.1.15 
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50 million with respect
to an Underwritten Offering pursuant to Section 2.1.4, use its reasonable efforts to make available senior executives of the Company
to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in such Underwritten
Offering; and

 

3.1.16 
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration.

 

Notwithstanding
the foregoing, the Company shall not be required to provide any documents or information to an Underwriter or other sales agent or placement
agent if such Underwriter or other sales agent or placement agent has not then been named with respect to the applicable Underwritten
Offering or other coordinated offering that is registered pursuant to a Registration Statement.

 

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3.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the
Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
or agents’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition
of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3
Requirements for Participation in Registration Statement Underwritten Offerings. Notwithstanding anything in this Agreement to
the contrary, if any Holder does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s
Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel,
that such information is necessary to effect the registration and such Holder continues thereafter to withhold such information. No person
may participate in any Underwritten Offering or other coordinated offering for equity securities of the Company pursuant to a Registration
initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any
arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up
agreements, underwriting or other agreements and other customary documents as may be reasonably required under the terms of such arrangements.
The exclusion of a Holder’s Registrable Securities as a result of this Section 3.3 shall not affect the registration of
the other Registrable Securities to be included in such Registration.

 

3.4
Suspension of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

3.4.1
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders
shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus
correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as
soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may
be resumed.

 

3.4.2
If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would (a)
require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement of financial statements that
are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith judgment of the majority of the
Board such Registration, cause serious and irreparable harm to the Company and the majority of the Board concludes as a result that it
is essential to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written notice
of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest
period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights
under this Section 3.4.2, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their
use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities, provided,
however, that the Company shall not exercise its rights under this Section 3.4.2 on more than three (3) occasions or for
more than sixty (60) consecutive calendar days, or more than one hundred and twenty (120) total calendar days, in each case during any
twelve (12) month period.

 

3.4.3
(a) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing
of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated Registration and provided
that the Company continues to actively employ, in good faith, all reasonable efforts to maintain the effectiveness of the applicable
Shelf Registration Statement, or (b) if, pursuant to Section 2.1.4, Holders have requested an Underwritten Shelf Takedown and
the Company and such Holders are unable to obtain the commitment of underwriters to firmly underwrite such offering, the Company may,
upon giving prompt written notice of such action to the Holders, delay any other registered offering pursuant to Section 2.1.4
or 2.4.

 

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3.5
Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act
and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly filed or
furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been furnished
or delivered to the Holders pursuant to this Section 3.5. The Company further covenants that it shall take such further action
as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities
held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated
under the Securities Act (or any successor rule then in effect). Upon the request of any Holder, the Company shall deliver to such Holder
a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

Article
IV

REGISTRATION RIGHTS INDEMNIFICATION AND CONTRIBUTION

 

4.1
Registration Rights Indemnification.

 

4.1.1
The Company agrees to indemnify and hold harmless, to the extent permitted by law, each Holder of Registrable Securities, and each of
such Holder’s officers, directors, trustees, employees, partners, managers, members, equityholders, beneficiaries, affiliates and
agents and each Person, if any, who controls such Holder, within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act, against all losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation outside
attorneys’ fees reasonably incurred) to which they may become subject under the Securities Act, the Exchange Act, or other federal
or state law arising out of or based on (A) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus,
offering circular, free writing prospectus or other similar document (including any related Registration Statement, notification, or
the like) incident to any such Registration, qualification, compliance or sale, or based on any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
in which they were made, (B) any violation or alleged violation by the Company of any Law applicable to the Company in connection with
any such Registration, qualification, compliance or sale, or (C) any failure to register or qualify Registrable Securities in any state
where the Company or its agents have affirmatively undertaken or agreed in writing that the Company will undertake such Registration
or qualification on behalf of the Holders of such Registrable Securities, and will reimburse, as incurred, each such Holder and each
such director, officer, trustee, employee, partner, manager, member, equityholder, beneficiary, affiliate, agent and controlling person,
for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability or action.

 

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4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information with respect to such Holder as the Company reasonably requests for use in connection with
any such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by law, shall
indemnify and hold harmless the Company, its directors, officers and agents and each person who controls the Company (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation reasonable
outside attorneys’ fees) arising out of or resulting from any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that such untrue or alleged untrue statement or omission or alleged omission is contained in any information so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several,
among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion
to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.

 

4.1.3
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent
to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money
is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim
or litigation.

 

4.1.4
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault
of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however,
that the liability of any Holder under this Section 4.1.5 shall be limited to the amount of the net proceeds received by such
Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3
above, any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation
or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.1.5
were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this Section 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this Section 4.1.5 from any person who was not guilty of such fraudulent
misrepresentation.

 

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Article
V

Additional
Agreements

 

5.1
Indemnification; Exculpation.

 

5.1.1
As an inducement for the Sponsor to enter into this Agreement and approve the transactions contemplated by the Business Combination Agreement,
subject in each case to restrictions under applicable Law and to compliance by the Sponsor in all material respects with Section 5.1.9,
the Company will, indemnify, exonerate and hold the Sponsor and each of its respective direct and indirect partners, equityholders, members,
managers, affiliates, directors, officers, shareholders, fiduciaries, managers, controlling Persons, employees, representatives and agents
and each of the partners, equityholders, members, affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees
and agents of each of the foregoing (collectively, the “Sponsor Indemnitees”) free and harmless from and against any
and all Actions, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’
fees and expenses) incurred by the Sponsor Indemnitees or any of them before the date of this Agreement (collectively, the “Indemnified
Liabilities”), arising out of any Action arising directly or indirectly out of, or in any way relating to, the Business Combination
Agreement, the Transaction Agreements (as defined in the Business Combination Agreement) and the transactions and related filings contemplated
by the Business Combination Agreement and the Transaction Agreements (other than any such Indemnified Liabilities (x) to the extent such
Indemnified Liabilities arise out of any breach by such Sponsor Indemnitee of the Business Combination Agreement, any Transaction Agreement
or any written agreement between such Sponsor Indemnitee, on the one hand, and the Company, on the other hand (in each case, to the extent
such Sponsor Indemnitee is a party thereto) or, subject to applicable Law, the breach by such Sponsor Indemnitee of any fiduciary or
other duty or obligation of such Sponsor Indemnitee to its direct or indirect equityholders, creditors or affiliates, or (y) to the extent
such Indemnified Liabilities are directly caused by such Person’s willful misconduct); provided, however, that if
and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company will make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities that is payable pursuant to this Section 5.1.1
to the extent permissible under applicable Law. For the purposes of this Section 5.1, none of the circumstances described
in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable
judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply
to any Sponsor Indemnitee as to any previously advanced indemnity payments made by the Company, then such payments shall be promptly
repaid by such Sponsor Indemnitee to the Company. The rights of any Sponsor Indemnitee to indemnification hereunder will be in addition
to any other rights any such Person may have under any other agreement or instrument to which such Sponsor Indemnitee is or becomes a
party or is or otherwise becomes a beneficiary or under Law or under the Governing Documents of the Company or its Subsidiaries, provided,
however, that (x) each Sponsor Indemnitee shall use commercially reasonable efforts to mitigate the Indemnified Liabilities, including
by using commercially reasonable efforts to pursue all applicable rights of recovery or contribution available to each Sponsor Indemnitee
from third parties (excluding Indemnitee-Related Entities (as defined below)) and making applicable claims under all available insurance
policies and using commercially reasonable efforts to pursue such claims; and (y) any amount actually received by any Sponsor Indemnitee
from any such other source (including the insurance policy) with respect to the Indemnified Liabilities shall be subject to the provisions
of Section 5.1.7. Each party hereto agree that each of the Sponsor Indemnitees shall be third-party beneficiaries with respect
to this Section 5.1, entitled to enforce this Section 5.1 as though each such Sponsor Indemnitee was a party to this Agreement.

 

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5.1.2
If any Action shall be brought or asserted against any Sponsor Indemnitee in respect of which indemnification may be sought pursuant
to this Section 5.1, such Sponsor Indemnitee shall promptly notify the Company in writing; provided, that the failure to
notify the Company shall not relieve it from any liability that it may have under this Section 5.1 except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the Company shall not relieve it from any liability that it may have to a Sponsor Indemnitee otherwise than
under the preceding paragraphs of this Section 5.1. If any such Action shall be brought or asserted against a Sponsor Indemnitee
and it shall have notified the Company thereof, absent the Sponsor Indemnitee’s reasonable conclusion that an actual or potential
differing of interests exists between the Company and such Sponsor Indemnitee, the Company shall be entitled to participate therein and,
to the extent that it shall wish, to assume the defense thereof (by providing notice of such election within thirty (30) days of receipt
of notice of such Action from such Sponsor Indemnitee), with counsel reasonably satisfactory to the Sponsor Indemnitee and shall pay
the reasonable fees and expenses of such counsel related to such Action, as incurred. After notice from the Company to a Sponsor Indemnitee
of its election to assume the defense thereof, except as set forth in Section 5.1.3, the Company shall not be liable to such Sponsor
Indemnitee under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by
such Sponsor Indemnitee, in connection with the defense thereof other than reasonable costs of investigation. Each Sponsor Indemnitee
shall reasonably cooperate with the Company and its representatives and advisors and shall give the Company and its representatives and
advisors commercially reasonable access to all information, documents and files within such Sponsor Indemnitee’s custody and control,
and to relevant witnesses with respect to any claim that in respect of which indemnification may be sought pursuant to this Section
5.1, in each case, solely to the extent reasonable and necessary to defend any such Action; provided, that the parties hereto
shall use commercially reasonable efforts to avoid the production of any information provided pursuant to this Section 5.1 (consistent
with applicable Law), and to cause all communications among employees, counsel and others representing either party to any such Action
to be made so as to preserve any applicable attorney-client or work-product privileges.

 

5.1.3
In any such Action, any Sponsor Indemnitee shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Sponsor Indemnitee unless (i) the Company and the Sponsor Indemnitee shall have mutually agreed to the
contrary; (ii) the Company has failed within a reasonable time to retain counsel reasonably satisfactory to the Sponsor Indemnitee; or
(iii) the Sponsor Indemnitee reasonably concludes that retention of its own counsel is appropriate due to (x) actual or potential differing
interests between the Sponsor Indemnitee and the Company and/or other named parties in any such or potential Action or (y) because there
are one or more different defenses that conflict with respect to such Action. It is understood and agreed that the Company shall not,
in connection with any Action or related Action in the same jurisdiction, be liable for the reasonable fees and expenses of more than
one separate firm (in addition to any local counsel which shall be limited to one firm in each jurisdiction) for all Sponsor Indemnitees,
and that all such reasonable fees and expenses shall be paid or reimbursed as they are incurred upon receipt from the Sponsor Indemnitee
of a written request for payment thereof accompanied by a written statement with reasonable, non-privileged supporting detail of such
fees and expenses. The Company or its Subsidiaries, in the defense of any Action for which a Sponsor Indemnitee would be entitled to
indemnification under the terms of this Section 5.1, shall not, without the consent of such Sponsor Indemnitee, such consent not
to be unreasonably conditioned, withheld or delayed, enter into any settlement unless it (a) includes as a term thereof the giving by
the claimant or plaintiff or class therein to such Sponsor Indemnitee of an unconditional release from all liability with respect to
such Action, (b) does not impose any limitations (equitable or otherwise) on such Sponsor Indemnitee, and (c) does not include a statement
as to or an admission of fault, culpability or a failure to act by or on behalf of such Sponsor Indemnitee, and provided, that the only
consideration for such settlement is a monetary payment that will be paid in full by the Company or its Subsidiaries.

 

    18

     

    

 

5.1.4
The Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to any Sponsor Indemnitee
in respect of Indemnified Liabilities in connection with any Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance
with (as applicable) the terms of (i) the Israeli Companies Law, 1999 and the Company’s Governing Documents, each as amended, (ii)
any director indemnification agreement, (iii) this Agreement, any other agreement between the Company or any of its Subsidiaries and
such Sponsor Indemnitee (or its affiliates) pursuant to which such Sponsor Indemnitee is indemnified, (v) the Laws of the jurisdiction
of incorporation or organization of any Subsidiary of the Company and/or (vi) the Governing Documents of the Company’s Subsidiaries
((i) through (vi) collectively, the “Indemnification Sources”), irrespective of any right of recovery such Sponsor
Indemnitee (or its affiliates) may have from any corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise (other than the Company, any of its Subsidiaries or the insurer under and pursuant to any insurance
policy of the Company or any of its Subsidiaries) from whom such Sponsor Indemnitee may be entitled to indemnification with respect to
which, in whole or in part, the Company or any of its Subsidiaries may also have an indemnification obligation (collectively, the “Indemnitee-Related
Entities”). Under no circumstance shall the Company or any of its Subsidiaries be entitled to any right of subrogation or contribution
by the Indemnitee-Related Entities and no right of advancement or recovery any Sponsor Indemnitee may have from the Indemnitee-Related
Entities shall reduce or otherwise alter the rights of such Sponsor Indemnitee or the obligations of the Company or any of its Subsidiaries
under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities shall make any payment to any Sponsor Indemnitee
in respect of indemnification with respect to any Jointly Indemnifiable Claim, (x) the Company shall reimburse the Indemnitee-Related
Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (y) to the
extent not previously and fully reimbursed by the Company pursuant to clause (x), the Indemnitee-Related Entity making such payment shall
be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Sponsor Indemnitee against
the Company, and (z) such Sponsor Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably
necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities
effectively to bring suit to enforce such rights. Each party hereto agrees that each of the Indemnitee-Related Entities shall be third-party
beneficiaries with respect to this Section 5.1, entitled to enforce this Section 5.1.4 as though each such Indemnitee-Related
Entity were a party to this Agreement. For purposes of this Section 5.1.4, the term “Jointly Indemnifiable Claims”
shall be broadly construed and shall include, without limitation, any Indemnified Liabilities for which any Sponsor Indemnitee shall
be entitled to indemnification from both (1) the Company and/or any of its Subsidiaries pursuant to the Indemnification Sources, on the
one hand, and (2) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and such Sponsor
Indemnitee (or its affiliates) pursuant to which such Sponsor Indemnitee is indemnified, the Laws of the jurisdiction of incorporation
or organization of any Indemnitee-Related Entity and/or the Governing Documents of any Indemnitee-Related Entity, on the other hand..

 

5.1.5
In no event shall any Sponsor Indemnitee be liable to the Company or any of its Subsidiaries for any act, alleged act, omission or alleged
omission that does not constitute willful misconduct or fraud of such Sponsor Indemnitee as determined by a final, nonappealable determination
of a court of competent jurisdiction.

 

5.1.6
Notwithstanding anything to the contrary contained in this Investor Rights Agreement, for purposes of this Section 5.1, the term
Sponsor Indemnitees shall not include any Sponsor or its any of its partners, equityholders, members, affiliates, directors, officers,
fiduciaries, managers, controlling Persons, employees and agents or any of the partners, equityholders, members, affiliates, directors,
officers, fiduciaries, managers, controlling Persons, employees and agents of any of the foregoing who, in each case, is an officer or
director of the Company or any of its subsidiaries in such capacity as officer or director. Such officers and directors are or will be
subject to separate indemnification in such capacity through this Agreement and/or the Governing Documents and other agreements and instruments
of the Company and its Subsidiaries.

 

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5.1.7
The rights of any Sponsor Indemnitee to indemnification pursuant to this Section 5.1 will be in addition to any other rights any
such Person may have under any other section of this Agreement or any other agreement or instrument to which such Sponsor Indemnitee
is or becomes a party or is or otherwise becomes a beneficiary or under Law or under the Governing Documents of the Company and its Subsidiaries.5.1.8
Notwithstanding the foregoing provisions of this Article V, all payments to be made by the Company and its Subsidiaries pursuant
to the foregoing provisions of this Article V shall be limited to the amount of any Indemnified Liabilities that remains after
deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment actually received by the Sponsor
Indemnitee from any third parties (other than the Company and its Subsidiaries) in respect of any such Action, net of any out-of-pocket
costs and expenses of recovery, the amount of any deductibles or retentions, and increases in premiums. If any Sponsor Indemnitee receives
any payment from the Company or its Subsidiaries in respect of any Indemnified Liability and the Sponsor Indemnitee recovers from a third
party insurance proceeds or any other amount in respect of the underlying claim or demand asserted pursuant to this Article V
against the Company or such Subsidiary, such Sponsor Indemnitee shall, as soon as reasonably practicable, pay over to the Company or
such Subsidiary such insurance proceeds or other amount so recovered (after deducting therefrom the amount of reasonable and documented
out-of-pocket costs and expenses incurred by it in procuring such recovery, the amount of any deductibles or retentions, and any increases
in premiums), but not in excess of the sum of any amount previously paid by the Company and its Subsidiaries to or on behalf of the Sponsor
Indemnitee in respect of such claim.

 

5.1.9
As a condition precedent to the Sponsor Indemnitees’ rights under this Section 5.1, the Sponsor hereby confirms that, as
of the date hereof, (i) the Sponsor has management liability and professional liability insurance coverage under private equity insurance
liability policies obtained by True Wind Capital Management, L.P. and such policies together have an aggregate limit set forth hereto
on Schedule C (the policies referred to in this clause (i), the “Sponsor Insurance Policies”) and (ii) the
Sponsor is a member managed limited liability company and does not have any directors or officers. Without the prior written consent
of the Company, the Sponsor shall not waive, amend or modify the Sponsor Insurance Policies in a manner that adversely affects in any
material respect the coverage under the Sponsor Insurance Policies as of the date hereof and shall use reasonable best efforts to maintain
such coverage (or substantially equivalent or better coverage) in all material respects for the six-year period following the Closing.
Notwithstanding the foregoing, and for the avoidance of doubt, (a) the following amendments shall not be deemed to adversely affect in
any material respect the coverage under the Sponsor Insurance Policies: (i) amendments that are clerical in nature or are intended to
correct typographical errors, (ii) amendments to add additional named insureds under the Sponsor Insurance Policies, (iii) amendments
to reflect an assignment made in accordance with the Sponsor Insurance Policies and (iv) amendments required to comply with applicable
Law (if any) and (b) the Sponsor shall be permitted to replace one or more of the Sponsor Insurance Policies with policies providing
substantially similar or better coverage. The Sponsor shall provide evidence of such coverage under the Sponsor Insurance Policies that
is reasonably satisfactory to the Company upon the written request of the Company provided, that the Company agrees to keep such
evidence of such coverage confidential subject to the requirements of applicable law or legal process.

 

5.1.10 
Notwithstanding anything herein to the contrary, to the extent that the Company is unable to fulfill its obligations, in whole or in
part, under this Section 5.1 as a result of applicable Law, then the Company shall cause its applicable Subsidiaries who are not
similarly constrained or restricted by applicable Law to fulfill such obligations of behalf of the Company under this Section 5.1.

 

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5.2
Sponsor Directors. Subject to applicable Law, for so long as any nominee of the Sponsor serves as a director of the Company (a
“Sponsor Director”), (i) the Company shall provide such Sponsor Director with the same expense reimbursement, benefits,
indemnity, exculpation and other arrangements provided to the other non-executive directors of the Company who are not “external
directors” under the Companies Law, subject to the payment of additional benefits for committee membership and/or chair positions,
as well as expert director status under the Companies Law, and (ii) the Company’s Governing Documents and any indemnification agreements
with directors (whether such right is contained in the Governing Documents or another document) shall contain provisions pursuant to
which the Company shall not amend, alter or repeal any right to indemnification or exculpation covering or benefiting any Sponsor Director
as and to the extent consistent with applicable Law, (except to the extent such amendment or alteration permits the Company to provide
broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto). Subject to applicable Law, for so
long as any Sponsor Director is serving or participating on the Board, (i) the Company shall not implement or maintain any trading policy,
equity ownership guidelines (including with respect to the use of Rule 10b5-1 plans and preclearance or notification to the Company of
any trades in the Company’s securities) or similar guideline or policy with respect to the trading of securities of the Company
that applies to any shareholder of the Company in its capacity as such or any shareholder’s affiliates (including a policy that
limits, prohibits, or restricts any shareholder of the Company or its affiliates from entering into any hedging or derivative arrangements),
in each case other than any director designee of such shareholder (including in respect of the Sponsor, the Sponsor Directors) solely
in his or her individual capacity if such shareholder engages in the investment of securities in the ordinary course of its business
and confirms to the reasonable satisfaction of the Company that it has established its own policies and procedures for compliance with
insider trading restrictions under applicable Laws, (ii) any share ownership requirement for the Sponsor Directors serving on the Board
will be deemed satisfied by the securities owned by the Sponsor, the Sponsor Parties and/or their respective affiliates and under no
circumstances shall any of such policies, procedures, processes, codes, rules, standards and guidelines impose any restrictions on the
transfers of securities by the Sponsor, the Sponsor Parties or their respective affiliates (other than in connection with any bona fide
insider trading policies), and (iii) under no circumstances shall any policy, procedure, code, rule, standard or guideline applicable
to the Board be violated by any Sponsor Director (x) accepting an invitation to serve on another board of directors of a company whose
principal lines(s) of business do not compete with the principal line(s) of business of the Company or failing to notify an officer or
director of the Company prior to doing so, (y) receiving compensation from the Sponsor or its affiliates, or (z) failing to offer his
or her resignation from the Board except as otherwise expressly provided in this Agreement or the Governing Documents, and, in each case
of (i), (ii) and (iii), it is agreed that any such policies in effect from time to time that purport to impose terms inconsistent with
this Section 5.2 shall not apply to the extent inconsistent with this Section 5.2.

 

5.3
Other Business Opportunities.

 

5.3.1
The Company hereby confirms that no Sponsor Director shall have any duty or obligation to the Company and its Subsidiaries, other than
such mandatory duties and obligations set forth under applicable Laws (including with respect of having no limitations upon his or her
ability to exploit business opportunities that he or she receives not resulting from his or her position in the Company) and has no obligations
other than such mandatory duties and obligations set forth under applicable Laws to share with the Company or any of its Subsidiaries
information that came to his or her possession not resulting from his or position in the Company.

 

5.3.2
Each of the parties hereby, to the fullest extent permitted by applicable Law (but subject to the mandatory obligations and duties set
forth in applicable Law):

 

(a) 
confirms that none of the Sponsor nor any of its affiliates have any duty to the Company or any of its Subsidiaries or to any other Investor
other than the specific covenants and agreements set forth in this Agreement;

 

    21

     

    

 

(b) 
acknowledges and agrees that (A) in the event of any conflict of interest between the Company or any of its Subsidiaries, on the one
hand, and any of the Sponsor or any of its affiliates, on the other hand, the Sponsor or such applicable affiliates may act in its best
interest and (B) none of the Sponsor or any of its affiliates, shall be obligated (1) to reveal to the Company or any of its Subsidiaries
confidential information belonging to or relating to the business of such person or any of its affiliates or (2) to recommend or take
any action in its capacity as a direct or indirect shareholder or director, as the case may be, that prefers the interest of the Company
or its Subsidiaries over the interest of such person.

 

5.3.3
Each of the parties hereto agrees that the waivers, limitations, acknowledgments and agreements set forth in this Section ‎5.14
shall not apply to any alleged claim or cause of action against a Sponsor Director based upon the breach or nonperformance by such
person of this Agreement or any other agreement to which such person is a party.

 

5.4
Sharing of Information. To the extent permitted by antitrust, competition or any other applicable Law, each of the Company and
the Holders agrees and acknowledges that the Sponsor may share confidential, non-public information about the Company and its Subsidiaries
(“Confidential Information”) with the Sponsor Parties in order to enable the Sponsor to monitor its investment in
the Company. Each Sponsor Party recognizes that it, or its affiliates and representatives, has acquired or will acquire Confidential
Information the use or disclosure of which could cause the Company substantial loss and damages that could not be readily calculated
and for which no remedy at law would be adequate. Accordingly, each Sponsor Party covenants and agrees with the Company that it will
not (and will cause its respective controlled affiliates and representatives not to) at any time, except with the prior written consent
of the Company, directly or indirectly, disclose any Confidential Information known to it to any third party, unless (a) such information
becomes known to the public through disclosure made or approved by the Company, (b) disclosure is required by applicable Law (including
any filing following the Closing with the Commission pursuant to applicable securities Laws) or court of competent jurisdiction or requested
by a governmental or regulatory authority; provided, that (other than in the case of any required filing following the Closing with the
Commission or in connection with any routine audit or examination as described below) such Sponsor Party promptly notifies the Company
of such requirement or request and takes commercially reasonable steps, at the sole cost and expense of the Company, to minimize the
extent of any such required disclosure, (c) such information was available or becomes available to such Sponsor Party before, on or after
the Closing, without restriction, from a source (other than the Company) without any breach of duty to the Company or (d) such information
was independently developed by such Sponsor Party, its affiliates or its representatives without the use of the Confidential Information.
Notwithstanding the foregoing, nothing in this Agreement shall prohibit any Sponsor Party from disclosing Confidential Information (x)
to any affiliate or representative of such Sponsor Party, or any limited partner, member or shareholder of any of the foregoing, provided,
that such person shall be bound by an obligation of confidentiality with respect to such Confidential Information and such Sponsor Party
shall be responsible for any breach of this Section 5.5 by any such person or (y) if such disclosure is made to a governmental
or regulatory authority with jurisdiction over such Sponsor Party in connection with a routine audit or examination that is not specifically
directed at the Company or the Confidential Information, provided, that such Sponsor Party shall request that confidential treatment
be accorded to any information so disclosed. No Confidential Information shall be deemed to be provided to any person, including any
affiliate of the Sponsor Parties unless such Confidential Information is actually provided to such Person. 

 

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Article
VI

MISCELLANEOUS

 

6.1
Notices. All notices, requests, claims, demands and other communications among the parties shall be in writing and shall be deemed
to have been duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered
or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery
service or (iv) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as
follows:

 

If
to the Company:

 

Cellebrite
DI Ltd.

94 Shlomo Shmeltzer st. 

Petach
Tikva, Israel 

		Attention:	Avital
                                            Futterman

		Email:	Avital.Futterman@cellebrite.com

 

with
copies (which shall not constitute actual or constructive notice) to:

 

White
& Case LLP

3000 El Camino Real, 2 Palo Alto Square, Suite 900

Palo
Alto, CA 94306-2109

		Attention:	Colin
                                            Diamond

Tali
Sealman

Emery
Choi

		Email:	cdiamond@whitecase.com

tsealman@whitecase.com

emery.choi@whitecase.com

 

and

 

Meitar
Law Offices

16
Abba Hillel Silver Rd.

Ramat
Gan 5250608, Israel

		Attention:	Raanan
                                            Lerner

Keren
Egozi

		Email:	raanan@meitar.com

kerene@meitar.com

 

If
to TWCT:

 

TWC
Tech Holdings II Corp.

Four Embarcadero Center, Suite 2100

San Francisco, California 94111

		Attention:	Rufina
                                            Adams

		Email:	rufina@truewindcapital.com

 

with
a copy to (which shall not constitute actual or constructive notice):

 

Simpson
Thacher & Bartlett LLP

2475
Hanover Street

Palo
Alto, CA 94304

		Attention:	Atif
                                            I. Azher

                                            Naveed Anwar

		Email:	aazher@stblaw.com

                                            naveed.anwar@stblaw.com

 

    23

     

    

 

and

 

Simpson
Thacher & Bartlett LLP

425
Lexington Ave.

New
York, NY 10017

		Attention:	Mark
                                            Brod 

		Email:	mbrod@stblaw.com

 

and

 

Herzog
Fox & Neeman

4
Weizmann Street

Tel
Aviv 6423904

Israel

		Attention:	Yair
                                            Geva

                                            Ran Hai

		Email:	gevay@herzogalw.co.il

                                            ranh@herzoglaw.co.il

 

If
to any Holder, to such address indicated on the Company’s records with respect to such shareholder party or to such other address
or addresses as such shareholder party may from time to time designate in writing.

 

6.2
Assignment; No Third Party Beneficiaries.

 

6.2.1
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part.

 

6.2.2
A Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, to any person
to whom it transfers Registrable Securities; provided that such Registrable Securities remain Registrable Securities following such transfer
and such person agrees to become bound by the terms and provisions of this Agreement.

 

6.2.3
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the
Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 6.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).

 

6.2.4
Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted
successors and assigns. Any attempted assignment in violation of the terms of this Section 6.2 shall be null and void, ab initio.

 

6.2.5
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 6.2 hereof.

 

6.3
Captions; Counterparts. The headings, subheadings and captions contained in this Agreement are inserted for convenience only and
shall not affect in any way the meaning or interpretation of this Agreement. This Agreement and any amendment hereto may be executed
in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement or any amendment hereto by electronic means, including docusign,
e-mail, or scanned pages shall be effective as delivery of a manually executed counterpart to this Agreement or any amendment hereto.

 

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6.4
Governing Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement, shall
be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of
any jurisdiction other than the State of Delaware, except to the extent that the laws of the State of Israel are mandatorily applicable.

 

6.5
Jurisdiction; Waiver of Jury Trial.

 

6.5.1
Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the Chancery Court of the State of
Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal court sitting in the
Borough of Manhattan, State of New York, New York County), for the purposes of any Proceeding (as defined in the Business Combination
Agreement), claim, demand, action or cause of action (a) arising under this Agreement or (b) in any way connected with or related or
incidental to the dealings of the parties hereto in respect of this Agreement, and irrevocably and unconditionally waives any objection
to the laying of venue of any such Proceeding in any such court, and further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such Proceeding has been brought in an inconvenient forum. Each party hereby irrevocably and
unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any Proceeding, claim,
demand, action or cause of action against such party (i) arising under this Agreement or (ii) in any way connected with or related or
incidental to the dealings of the parties hereto in respect of this Agreement, (A) any claim that such party is not personally subject
to the jurisdiction of the courts as described in this Section 6.5 for any reason, (B) that such party or such party’s property
is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts (whether through service
of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (C) that
(x) the Proceeding, claim, demand, action or cause of action in any such court is brought against such party in an inconvenient forum,
(y) the venue of such Proceeding, claim, demand, action or cause of action against such party is improper or (z) this Agreement, or the
subject matter hereof, may not be enforced against such party in or by such courts. Each party agrees that service of any process, summons,
notice or document by registered mail to such party’s respective address set forth in Section 6.5 shall be effective service
of process for any such Proceeding, claim, demand, action or cause of action.

 

6.5.2
THE PARTIES HERETO EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY PROCEEDING, CLAIM, DEMAND,
ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR UNDER ANY ANCILLARY DOCUMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES HERETO EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH PROCEEDING, CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART
OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL
BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.5.

 

    25

     

    

 

6.6
Amendments and Modifications. Upon the written consent of (a) the Company and (b) the Holders of a majority of the total Registrable
Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such
provisions, covenants or conditions may be amended or modified; provided, however, that in the event any such waiver, amendment or modification
(including with respect to any defined term as used therein, whether or not such defined term is defined therein) would be adverse in
any material respect to the material rights or obligations hereunder of a Holder of at least five (5.0%) percent of the Registrable Securities,
the written consent of such Holder will also be required; provided further that in the event any such waiver, amendment or modification
(including with respect to any defined term as used therein, whether or not such defined term is defined therein) would be disproportionate
and adverse in any material respect to the material rights or obligations hereunder of a Holder, the written consent of such Holder will
also be required; provided further that and amendment or modification to, or waiver of, Article V (including with respect to any defined
term as used therein, whether or not such defined term is defined therein) that adversely affects any right granted to the Sponsor (including
with respect to any Sponsor Director) or Financial Investor shall require the prior written consent of the Sponsor or such Financial
Investor, as applicable. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on
the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights
or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

6.7 Termination
of Existing Registration Rights. The registration rights granted under this Agreement shall supersede any registration,
qualification or similar rights of the Holders with respect to any shares or securities of TWCT or the Company granted under any
other agreement, including, but not limited to, the Prior Company Agreement, and
any of such preexisting registration, qualification or similar rights and such agreements shall be terminated and of no further
force and effect.

 

6.8
Term. This Agreement shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities.
The provisions of Sections 3.5, 6.1, 6.4, 6.5, 6.10, 6.11, and Article IV and Article
V shall survive any termination. In the event the Business Combination Agreement is terminated in accordance with its terms, this
Agreement shall automatically terminate and be of no further force and effect.

 

6.9
Holder Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities
held by such Holder in order for the Company to make determinations hereunder.

 

6.10
  Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.11
  Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments
delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written, including without limitation the Prior Company Agreement and the Prior TWCT Agreement.

 

[Remainder
of the page intentionally left blank] 

 

    26

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	COMPANY:	 
	 	 
	CELLEBRITE
    DI LTD.	 
	 	 
	By:	/s/       
	 
	Title:	 	 

 

[Signature Page to Investor Rights Agreement] 

 

     

     

    

 

	HOLDERS:	 
	 	 
	SUN
    CORPORATION	 
	 	 
	By:	/s/              
	 
	Name: 	 	 
	Title:	 	 

 
[Signature Page to Investor Rights Agreement] 

 

     

     

    

 

	HOLDERS:	 
	 	 
	ISRAELI
    GROWTH PARTNERS	 
	 	 
	By:	/s/              
	 
	Name: 	 	 
	Title:	 	 

 
[Signature Page to Investor Rights Agreement] 

 

     

     

    

 

	HOLDERS:	 
	 	 
	[SPAC
    Holder]	 
	 	 
	By:	/s/              
	 
	Name: 	 	 
	Title:	 	 

 

[Signature
Page to Investor Rights Agreement] 

 

     

     

    

 

	HOLDERS:	 
	 	 
	[CELLEBRITE
    EQUITYHOLDER]	 
	 	 
	By:	/s/              
	 
	Name: 	 	 
	Title:	 	 

 
[Signature
Page to Investor Rights Agreement]

 

     

     

    

 

Schedule
A

SPAC Holders

 

TWC
Tech Holdings II, LLC

 

[to
list the other Sponsor Parties]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule
B

Cellebrite Equityholder

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule
C

 

[Sponsor Insurance Policies]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT 
A

 

Addendum Agreement

 

This
Addendum Agreement (“Addendum Agreement”) is executed on [   ], 20[   ], by the undersigned (the “New
Holder”) pursuant to the terms of that certain Investor Rights Agreement dated as of [   ], 2021 (the “Agreement”),
by and among the Company and the other parties thereto, as such Agreement may be amended, supplemented or otherwise modified from time
to time. Capitalized terms used but not defined in this Addendum Agreement shall have the respective meanings ascribed to such terms
in the Agreement. By the execution of this Addendum Agreement, the New Holder agrees as follows:

 

1. Acknowledgment. New Holder acknowledges that New Holder is acquiring certain Company Ordinary Shares of the Company (the
“Shares”) as a transferee of such Shares from a party in such party’s capacity as a holder of Registrable Securities
under the Agreement, and after such transfer, New Holder shall be considered an “Investor” and a holder of Registrable Securities
for all purposes under the Agreement.

 

2. Agreement. New Holder hereby (a) agrees that the Shares shall be bound by and subject to the terms of the Agreement and
(b) adopts the Agreement with the same force and effect as if the New Holder were originally a party thereto.

 

3. Notice. Any notice required or permitted by the Agreement shall be given to New Holder at the address or facsimile number
listed below New Holder’s signature below.

 

	NEW HOLDER:	ACCEPTED
AND AGREED
	 	 	CELLEBRITE DI LTD,
	 	 	 
	Print Name:	                    	 	Print
    Name:	                    

 

	By:	 	 	By:Exhibit 10.6

 

THE
COMPANIES LAW, 1999

A
LIMITED LIABILITY COMPANY

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

 

ARTICLES
OF ASSOCIATION

OF

CELLEBRITE
DI LTD.

 

As
Adopted on _____, 2021

 

Preliminary

 

		1.	Definitions;
                                            Interpretation. 

 

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

 

	 	“Affiliate”	shall mean (i) with respect to any entity, any entity or individual which, either itself or via one or more intermediaries, controls, is controlled by or is under common control with, such entity; (ii) with respect to an entity which is an investment fund organized  as a limited partnership, any of its general or limited partners, and any affiliated limited partnership managed by the same management company or managing general partner of such entity or any entity or individual which, via one or more intermediaries, controls, is controlled by, or is under common control with, such management company or managing general partner, or (iii) with respect to any investment fund organized as alimited liability company, the members of any limited liability company and/or affiliated limited liability companies managed by the same management company or managing member of such limited liability company or by any entity or individual which, via one or more intermediaries, controls, is controlled by, or is under common control with, such management company or managing member. The term “control” as used in this definition shall mean the holding of the majority of the shares of such party, or the power to appoint the majority of the directors of such party or the power to direct the management and policies of such party, through contractual means or otherwise.
	 	 	 
	 	“Articles”	shall mean these Articles of Association, as amended from time to time.
	 	 	 
	 	“Board of Directors”	shall mean the Board of Directors of the Company.
	 	 	 
	 	“Chairperson”	shall mean the Chairperson of the Board of Directors, or the Chairperson of the General Meeting, as the context implies;
	 	 	 
	 	“Class I SUN Director”	shall mean the Director designated by SUN to serve in the class of directors designated as Class I pursuant to Article 39, including his or her alternate director in accordance with Articles 38 through 41 and Article 43.

 

    - 1 -

     

    

 

	 	“Class
    II SUN Director”	shall mean the Director
    designated by SUN to serve in the class of directors designated as Class II pursuant to Article 39, including his or her alternate
    director in accordance with Articles 38 through 41 and Article 43.
	 	 	 
	 	“Class I Sun Director
    Term”	shall mean the period commencing
    on the date hereof and ending on the date on which the SUN Parties beneficially own in the aggregate less than 20% but at least 10%
    of the issued and outstanding Shares, as adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations,
    reclassifications, combination, exchange of shares or other like change or transaction with respect to the Shares.
	 	 	 
	 	“Class II SUN Director
    Term”	shall mean the period commencing
    on the date hereof and ending on the date on which the SUN Parties cease to beneficially own in the aggregate at least 20% of the
    issued and outstanding Shares, as adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations,
    reclassifications, combination, exchange of shares or other like change or transaction with respect to the Shares.
	 	 	 
	 	 “Class II TWCT
    Director”	shall mean the Director
    designated by TWCT to serve in the class of directors designated as Class II pursuant to Article 39, including his or her alternate
    director in accordance with Articles 38 through 41 and Article 43.
	 	 	 
	 	“Class III TWCT Director”	shall mean the Director
    designated by TWCT to serve in the class of directors designated as Class III pursuant to Article 39, including his or her alternate
    director in accordance with Articles 38 through 41 and Article 43.
	 	 	 
	 	“Class II TWCT Director
     Term”	shall mean the period commencing
    on the date hereof and ending on the earlier of (i) the date immediately following the 2023 AGM and (ii) the date on which the TWCT
    Parties beneficially own in the aggregate less than two-thirds (2/3) of the number of Shares beneficially owned by the TWCT Parties
    on the date hereof, as adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications,
    combination, exchange of shares or other like change or transaction with respect to the Shares.
	 	 	 
	 	“Class III TWCT Director
    Term”	shall mean the period commencing
    on the date hereof and ending on the earlier of (i) the date immediately prior to the 2027 AGM and (ii) the date on which the TWCT
    Parties beneficially own in the aggregate less than one-third (1/3) of the number of Shares beneficially owned by the TWCT Parties
    on the date hereof, as adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications,
    combination, exchange of shares or other like change or transaction with respect to the Shares.
	 	 	 
	 	“Company”	shall mean Cellebrite DI
    Ltd.

 

    - 2 -

     

    

 

	 	“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.
	 	 	 
	 	“Director(s)”	shall mean the member(s) of the Board of Directors holding office at a given time.
	 	 	 
	 	“Economic Competition Law”	shall mean the Israeli Economic Competition Law, 5758-1988 and the regulations promulgated thereunder.
	 	 	 
	 	 “External Director(s)”	shall have the meaning provided for such term in the Companies Law.
	 	 	 
	 	“General Meeting”	shall mean an Annual General Meeting or Special General Meeting of the Shareholders (each as defined in Article 23 of these Articles), as the case may be.
	 	 	 
	 	“IGP”	shall mean IGP Saferworld, Limited Partnership.
	 	 	 
	 	“IGP Director”	shall mean the Director designated by IGP to serve in the class of directors designated as Class II pursuant to Article 39, including his or her alternate director in accordance with Articles 38 through 41 and Article 43.
	 	 	 
	 	“IGP Director Term”	shall mean the period commencing on the date hereof and ending on the date on which the IGP Parties cease to beneficially own in the aggregate at least 10% of the issued and outstanding Shares, as adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications, combination, exchange of shares or other like change or transaction with respect to the Shares.
	 	 	 
	 	“IGP Parties”	shall mean each of IGP and any Affiliate thereof.
	 	 	 
	 	“NIS”	shall mean New Israeli Shekels.
	 	 	 
	 	“Office”	shall mean the registered office of the Company at a given time.
	 	 	 
	 	“Office Holder” or “Officer”	shall have the meaning provided for such term in the Companies Law.
	 	 	 
	 	“Securities Law”	shall mean the Israeli Securities Law 5728-1968 and the regulations promulgated thereunder. 
	 	 	 
	 	“Shareholder(s)”	shall mean the shareholder(s) of the Company, at any given time.
	 	 	 
	 	“SUN”	shall mean SUN CORPORATION, a Japanese listed company. 
	 	 	 
	 	“SUN Parties”	shall mean each of SUN and any Affiliate thereof.
	 	 	 
	 	 “TWCT”	TWC Tech Holdings II, LLC, a Delaware limited liability company.
	 	 	 
	 	“TWCT Parties”	shall mean the “Sponsor Parties” as defined in the Investor Rights Agreement of the Company dated as of [    ], 2021, by and among the Company, certain equityholders of TWC Tech Holdings II Corp set forth on Schedule A thereto, SUN and IGP and the equityholders of the Company designated on Schedule B thereto .

 

    - 3 -

     

    

 

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

 

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

 

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

 

Limited
Liability

 

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

 

Company’s
Objectives

 

		3.	Objectives.
                                            

 

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

 

		4.	Donations.

 

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

 

Share
Capital

 

		5.	Authorized
                                            Share Capital.

 

(a)
The authorized share capital of the Company shall consist of is NIS [●], divided into [●] Ordinary Shares[, par value
NIS 0.00001 per share]1 (the “Shares”).

 

 (b) The Shares shall rank pari passu in all respects. The Shares may be redeemable to the extent set forth in Article 18.

 

 

		1	TBD
– removing the par value as part of the amendment and restatement of the articles such that the Shares would be of no par value
going forward.

 

    - 4 -

     

    

 

		6.	Increase
                                            of Authorized Share Capital.

 

 (a) The Company may, from time to time, by a Shareholders’ resolution, whether or not all of the shares then authorized have been issued, and whether or not all of the shares theretofore issued have been called up for payment, increase its authorized share capital by increasing the number of shares it is authorized to issue. 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.

 

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

 

		7.	Special
                                            or Class Rights; Modification of Rights.

 

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

 

 (b) If at any time the share capital of the Company is divided into different classes of shares, the rights attached to any class, unless otherwise provided by these Articles, may be modified or cancelled by the Company by a resolution of the General Meeting of the holders of all shares as one class, without any required separate resolution of any class of shares.

 

 (c) The provisions of these Articles relating to General Meetings shall apply, mutatis mutandis, to any separate General Meeting of the holders of the shares of a particular class, it being clarified that the requisite quorum at any such separate General Meeting shall be two or more Shareholders present in person or by proxy and holding not less than thirty-three and one-third percent (331⁄3%) of the issued shares of such class, provided, however, that if such separate General Meeting of the holders of the particular class was initiated and convened pursuant to a resolution adopted by the Board of Directors and at the time of such meeting the Company is a “foreign private issuer” under the US securities laws, the requisite quorum at any such separate General Meeting shall be two or more Shareholders present in person or by proxy and holding not less than twenty five percent (25%) of the issued shares of such class.

 

 (d) Unless otherwise provided by these Articles, an increase in the authorized share capital, the creation of a new class of shares, an increase in the authorized share capital of a class of shares, or the issuance of additional shares thereof out of the authorized and unissued share capital, shall not be deemed, for purposes of this Article 7, to modify or derogate or cancel the rights attached to previously issued shares of such class or of any other class.

 

    - 5 -

     

    

 

		8.	Consolidation,
                                            Division, Cancellation and Reduction of Share Capital.

 

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

 

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

 

(ii) divide
or sub-divide its shares (issued or unissued) or any of them, into shares of smaller or the same par 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;

 

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

 

(iv) reduce
its share capital in any manner.

 

 (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:

 

(i) determine,
as to the holder of shares so consolidated, which issued shares shall be consolidated (and the par value of any such consolidated shares);

 

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

 

(iii) redeem
such shares or fractional shares sufficient to preclude or remove fractional share holdings;

 

(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

 

(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.	Issuance
                                            of Share Certificates, Replacement of Lost Certificates.

 

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

 

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

 

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

 

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

 

    - 6 -

     

    

 

		10.	Registered
                                            Holder.

 

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.	Issuance
                                            and Repurchase of Shares.

 

 (a) The unissued shares from time to time shall be under the control of the Board of Directors (and, to the extent permitted by law, any Committee thereof), which shall have the power to issue or otherwise dispose of shares and of securities convertible or exercisable into or other rights to acquire from the Company to such persons, on such terms and conditions (including, inter alia, price, with or without premium, discount or commission, and terms relating to calls set forth in Article 1313(f) hereof), and at such times, as the Board of Directors (or the Committee, as the case may be) deems fit, and the power to give to any person the option to acquire from the Company any shares or securities convertible or exercisable into or other rights to acquire from the Company on such terms and conditions (including, inter alia, price, with or without premium, discount or commission), during such time as the Board of Directors (or the Committee, as the case may be) deems fit.

 

 (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 as such, no Shareholder will have the right to require the Company to purchase his or her shares or offer to purchase shares from any other Shareholders.

 

		12.	Payment
                                            in Installment.

 

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.	Calls
                                            on Shares.

 

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

 

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

 

 (c) If pursuant to the terms of issuance of a share or otherwise, an amount is made payable at a fixed time (whether on account of the par 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).

 

    - 7 -

     

    

 

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

 

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

 

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

 

		14.	Prepayment.

 

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

 

		15.	Forfeiture
                                            and Surrender.

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 8 -

     

    

 

		16.	Lien.

 

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

 

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

 

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

 

		17.	Sale
                                            After Forfeiture or Surrender or For Enforcement of Lien.

 

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

 

		18.	Redeemable
                                            Shares.

 

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

 

Transfer
of Shares

 

		19.	Registration
                                            of Transfer.

 

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

 

		20.	Suspension
                                            of Registration.

 

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

 

    - 9 -

     

    

 

 

Transmission
of Shares

 

		21.	Decedents’
                                            Shares.

 

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

 

		22.	Receivers
                                            and Liquidators.

 

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

 

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

 

General
Meetings

 

		23.	General
                                            Meetings.

 

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

 

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

 

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

 

		24.	Record
                                            Date for General Meeting.

 

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

 

    - 10 -

     

    

 

		25.	Shareholder
                                            Proposal Request.

 

 (a) Any Shareholder or Shareholders of the Company holding at least the required percentage under the Companies Law of the voting rights of the Company which entitles such Shareholder(s) to require the Company to include a matter on the agenda of a General Meeting (the “Proposing Shareholder(s)”) may request, subject to the Companies Law, that the Board of Directors include a matter on the agenda of a General Meeting to be held in the future, provided that the Board of Directors determines that the matter is appropriate to be considered at a General Meeting (a “Proposal Request”). In order for the Board of Directors to consider a Proposal Request and whether to include the matter stated therein in the agenda of a General Meeting, notice of the Proposal Request must be timely delivered in accordance with applicable law, and the Proposal Request must comply with the requirements of these Articles (including this Article 25) and any applicable law and stock exchange rules and regulations. The Proposal Request must be in writing, signed by all of the Proposing Shareholder(s) making such request, delivered, either in person or by registered mail, postage prepaid, and received by the 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, a Proposal Request must include the following: (i) the name, address, telephone number, fax number and email address of the Proposing Shareholder (or each Proposing Shareholder, as the case may be) and, if an entity, the name(s) of the person(s) that controls or manages such entity; (ii) the number of Shares held by the Proposing Shareholder(s), directly or indirectly (and, if any of such Shares are held indirectly, an explanation of how they are held and by whom), which shall be in such number no less than as is required to qualify as a Proposing Shareholder, accompanied by evidence satisfactory to the Company of the record holding of such Shares by the Proposing Shareholder(s) as of the date of the Proposal Request; (iii) the matter requested to be included on the agenda of a General Meeting, all information related to such matter, the reason that such matter is proposed to be brought before the General Meeting, the complete text of the resolution that the Proposing Shareholder proposes to be voted upon at the General Meeting, and a representation that the Proposing Shareholder(s) intend to appear in person or by proxy at the meeting; (iv) a description of all arrangements or understandings 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.

 

    - 11 -

     

    

 

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, 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, with respect to any
shares or other securities of the Company, which agreement, arrangement, interest or understanding may include, without limitation, any
option, warrant, debt position, note, bond, convertible security, swap, stock appreciation right, short position, profit interest, hedge,
right to dividends, voting agreement, performance-related fee or arrangement to borrow or lend shares (whether or not subject to payment,
settlement, exercise or conversion in any such class or series), and any proportionate interest of such Proposing Shareholder in the
securities of the Company held by any general or limited partnership, or any limited liability company, of which such Proposing Shareholder
is, directly or indirectly, a general partner or managing member.

 

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

 

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

 

(d)
Notwithstanding anything to the contrary herein, this Article 25 may only be amended, replaced or suspended by a resolution adopted at
a General Meeting by a supermajority of at least [●]% of the total voting power of the Shareholders.

 

		26.	Notice
                                            of General Meetings; Omission to Give Notice.

 

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

 

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

 

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

 

    - 12 -

     

    

 

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

 

Proceedings
at General Meetings

 

		27.	Quorum.

 

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

 

 

(b)
In the absence of contrary provisions in these Articles, the requisite quorum for any General Meeting shall be two or more Shareholders
(not in default in payment of any sum referred to in Article 13 hereof) present in person or by proxy and holding shares conferring in
the aggregate at least thirty-three and one-third percent (331⁄3%) of the voting power of the Company, provided, however, that with
respect to any General Meeting that was initiated by and convened pursuant to a resolution adopted by the Board of Directors and at the
time of such General Meeting the Company is a “foreign private issuer” under the US securities laws, the requisite quorum
shall be two or more Shareholders (not in default in payment of any sum referred to in Article 13 hereof) present in person or by proxy
and holding shares conferring in the aggregate at least twenty five percent (25%) of the voting power of the Company. A proxy may be
deemed to be two (2) or more Shareholders pursuant to the number of Shareholders represented by the proxy holder.

 

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

 

		28.	Chairperson
                                            of General Meeting. 

 

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

 

    - 13 -

     

    

 

		29.	Adoption
                                            of Resolutions at General Meetings.

 

(a)
Except as required by the Companies Law or these Articles, including, without limitation, Article 39 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 for which the Companies Law allows these Articles to provide otherwise (including, Sections 327 and 24 of the Companies Law), shall
be adopted by a simple majority of the voting power represented at the General Meeting in person or by proxy and voting thereon, as one
class, and disregarding abstentions from the count of the voting power present and voting.

 

(b)
Every question submitted to a General Meeting shall be decided by a show of hands, but the Chairperson of the General Meeting may determine
that a resolution shall be decided by a written ballot. A written ballot may be implemented before the proposed resolution is voted upon
or immediately after the declaration by the Chairperson of the results of the vote by a show of hands. If a vote by written ballot is
taken after such declaration, the results of the vote by a show of hands shall be of no effect, and the proposed resolution shall be
decided by such written ballot.

 

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

 

(d)
A declaration by the Chairperson of the General Meeting that a resolution has been carried unanimously, or carried by a particular majority,
or rejected, and an entry to that effect in the minute book of the Company, shall be prima facie evidence of the fact without proof of
the number or proportion of the votes recorded in favor of or against such resolution.

 

		30.	Power
                                            to Adjourn.

 

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

 

		31.	Voting
                                            Power.

 

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 the Shareholder 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.	Voting
                                            Rights.

 

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

 

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

 

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

 

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

 

    - 14 -

     

    

 

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

  

Proxies

 

		33.	Instrument
                                            of Appointment.

 

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

 

	 	

    “I
	 	of	 
	 	 	(Name
    of Shareholder)	 	(Address
    of Shareholder)
	 	Being
    a shareholder of Cellebrite DI Ltd. hereby appoints
	 	 	 	of	 
	 	 	(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 usual or common form or in such other form as may be approved by the Board of Directors. Such proxy shall be duly signed by the
appointor of such person’s duly authorized attorney, or, if such appointor is company or other corporate body, in the manner in which
it signs documents which binds it together with a certificate of an attorney with regard to the authority of the signatories.

 

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

 

		34.	Effect
                                            of Death of Appointer of Transfer of Share and or Revocation of Appointment.

 

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

 

    - 15 -

     

    

 

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

 

Board
of Directors

 

		35.	Powers
                                            of the Board of Directors.

 

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

 

(b)
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.	Exercise
                                            of Powers of the Board of Directors.

 

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

 

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

 

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

 

    - 16 -

     

    

 

		37.	Delegation
                                            of Powers.

  

(a)
The Board of Directors may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees (in these
Articles referred to as a “Committee of the Board of Directors”, or “Committee”), each consisting
of one or more persons (who may or may not be Directors), and it may from time to time revoke such delegation or alter the composition
of any such Committee. Any Committee so formed shall, in the exercise of the powers so delegated, conform to any regulations imposed
on it by the Board of Directors, subject to applicable law. No regulation imposed by the Board of Directors on any Committee and no resolution
of the Board of Directors shall invalidate any prior act done or pursuant to a resolution by the Committee which would have been valid
if such regulation or resolution of the Board of Directors had not been adopted. The meetings and proceedings of any such Committee of
the Board of Directors shall, mutatis mutandis, be governed by the provisions herein contained for regulating the meetings of the Board
of Directors, to the extent not superseded by any regulations adopted by the Board of Directors. Unless otherwise expressly prohibited
by the Board of Directors, in delegating powers to a Committee of the Board of Directors, such Committee shall be empowered to further
delegate such powers. Notwithstanding anything else herein to the contrary but subject to applicable law and the rules of any stock exchange
on which the Shares are then listed, until the end of the Class I SUN Director Term, the Class I SUN Director (or, if applicable, and
at the discretion of SUN, the Class II SUN Director), shall be appointed to any Committee including any future M&A Committee, if
such will be set up by the Board of Directors (unless otherwise agreed by the written consent of a majority of the Shares held by the
SUN Holders); any amendment to this sentence of Article 37(a) shall also require the written consent of a majority of the Shares held
by the SUN Holders. Notwithstanding anything else herein to the contrary but subject to applicable law and the rules of any stock exchange
on which the Shares are then listed, until the end of the Class III TWCT Director Term, the Class III TWCT Director (or, if applicable,
and at the discretion of TWCT, the Class II TWCT Director), shall be appointed to any Committee to which the Board of Directors delegated
any of its powers (which, for the sake of clarity, does not include the audit committee or compensation committee of the Board of Directors,
unless otherwise decided by the Board of Directors) or to any future M&A Committee, if such will be set up by the Board of Directors
(unless otherwise agreed by the written consent of a majority of the Shares held by the TWCT Parties); any amendment to this sentence
of Article 37(a) shall also require the written consent of a majority of the Shares held by the TWCT Parties.

 

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

 

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

 

		38.	Number
                                            of Directors.

 

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

 

(b)
Notwithstanding the foregoing, (i) during the Class II SUN Director Term, two members of the Board shall be appointed, removed and replaced
by the SUN Holders, one of whom shall be the Class I SUN Director and one of whom shall be the Class II SUN Director, and (ii) during
the Class I SUN Director Term, one member of the Board, who shall be the Class I SUN Director, shall be appointed, removed and replaced
by the SUN Holders, provided, in each case, that any appointment hereunder (x) is subject to the board composition rules under applicable
law and the rules of any stock exchange on which the Shares are then listed; and (y) shall be reasonably acceptable to the Board of Directors.

 

    - 17 -

     

    

 

(c)
Notwithstanding the foregoing, (i) during the Class II TWCT Director Term, two members of the Board shall be appointed, removed and replaced
by TWCT, one of whom shall be the Class II TWCT Director and one of whom shall be the Class III TWCT Director and (ii) during the Class
III TWCT Director Term (following expiration of the Class II TWCT Director Term), one member of the Board, who shall be the Class III
TWCT Director, shall be appointed, removed and replaced by the TWCT, provided, in each case, that any appointment hereunder is subject
to the independence rules of any stock exchange on which the Shares are then listed and shall be reasonably acceptable to the Board of
Directors.

 

(d)
Notwithstanding the foregoing, during the IGP Director Term, one member of the Board shall be appointed, removed and replaced by the
IGP Holders, which director shall be a Class II Director, provided that any appointment hereunder is subject to the board composition
rules under applicable law and the rules of any stock exchange on which the Shares are then listed and shall be reasonably acceptable
to the Board of Directors.

 

(e)
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 at least [●]% of the total voting power of the Company’s shareholders, provided that (i) any amendment
to Article 38(b) or this Article 38(e)(i) shall also require the written consent of a majority of the Shares held by the SUN Holders,
(ii) any amendment to Article 38(c) or this Article 38(e)(ii) shall also require the written consent of a majority of the Shares held
by the TWCT Parties and (iii) any amendment to Article 38(d) or this Article 38(e)(iii) shall also require the written consent of a majority
of the Shares held by the IGP Holders.

 

		39.	Election
                                            and Removal of Directors.

 

(a)
Subject to Articles 38 and 41, the Directors, excluding the External Directors, if any were elected, 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, with each of the Class I SUN Director, Class II SUN Director, Class II TWCT Director, Class III TWCT
Director and IGP Director, as applicable, assigned to their respective classes. The Board of Directors may assign members of the Board
of Directors already in office to such classes at the time such classification becomes effective.

 

(i)
The term of office of the initial Class I directors shall expire at the Annual General Meeting to be held in 2022 (the “2022
AGM”) and when their successors are elected and qualified,

 

(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 (the “2023 AGM”) and when their successors are elected and qualified, and

 

(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 (the “2024 AGM”) and when their successors are elected and qualified,

 

(b)
Subject to Article 38, at each Annual General Meeting, commencing with the Annual General Meeting to be held in 2022, a Nominee or Alternate
Nominee (each as defined below) elected at such Annual General Meeting to serve as a Director in 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.

 

    - 18 -

     

    

 

 (c) If the number of Directors (excluding External Directors, if any were elected) that comprises the Board of Directors is hereafter changed by the Board of Directors, any newly created directorships or decrease in directorships shall be so apportioned by the Board of Directors among the classes 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 and that no decrease in the number of Directors constituting the Board of Directors can limit TWCT’s right to appoint the Class II TWCT Director or the Class III TWCT Director, SUN’s right to appoint the Class I SUN Director or the Class II SUN Director or IGP’s right to appoint the IGP Director.

 

 (d) Prior to every General Meeting of the Company at which Directors are to be elected, and subject to clauses (a) and (h) 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 at such General Meeting (the “Nominees”).

 

 (e) Any Proposing Shareholder requesting to include on the agenda of a General Meeting a nomination of a Person to be proposed to the Shareholders for election as Director (such person, an “Alternate Nominee”), may make such request provided that it complies with this Article 39(e), Article 25 and applicable law. Unless otherwise determined by the Board of Directors, a Proposal Request relating to an Alternate Nominee is deemed to be a matter that is appropriate to be considered only at an Annual General Meeting. In addition to any information required to be included in accordance with applicable law, such a Proposal Request shall include information required pursuant to Article 25, and shall also set forth: (i) the name, address, telephone number, fax number and email address of the Alternate Nominee and all citizenships and residencies of the Alternate Nominee; (ii) a description of all arrangements, relations or understandings during the past three (3) years, and any other material relationships, between the Proposing Shareholder(s) or any of its Affiliates and each Alternate Nominee; (iii) a declaration signed by the Alternate Nominee that he or she consents to be named in the Company’s notices and proxy materials and on the Company’s proxy card relating to the General Meeting, if provided or published, and that he or she, if elected, consents to serve on the Board of Directors and to be named in the Company’s disclosures and filings; (iv) a declaration signed by each Alternate Nominee as required under the Companies Law and any other applicable law and stock exchange rules and regulations for the appointment of such an Alternate Nominee and an undertaking that all of the information that is required under law and stock exchange rules and regulations to be provided to the Company in connection with such an appointment has been provided (including, information in respect of the Alternate Nominee as would be provided in response to the applicable disclosure requirements under Form 20-F (or Form 10-K, if applicable) or any other applicable form prescribed by the U.S. Securities and Exchange Commission (the “SEC”)); (v) a declaration made by the Alternate Nominee of whether he or she meets the criteria for an independent director and, if applicable, External Director of the Company under the Companies Law and/or under any applicable law, regulation or stock exchange rules, and if not, then an explanation of why not; and (vi) any other information required at the time of submission of the Proposal Request by applicable law, regulations or stock exchange rules. In addition, the Proposing Shareholder(s) and each Alternate Nominee shall promptly provide any other information reasonably requested by the Company, including a duly completed director and officer questionnaire, in such form as may be provided by the Company, with respect to each Alternate Nominee. The Board of Directors may refuse to acknowledge the nomination of any person not made in compliance with the foregoing. The Company shall be entitled to publish any information provided by a Proposing Shareholder or Alternate Nominee pursuant to this Article 39(e) and Article 25, and the Proposing Shareholder and Alternate Nominee shall be responsible for the accuracy and completeness thereof.

 

    - 19 -

     

    

 

 (f) The Nominees or Alternate Nominees shall be elected by a resolution adopted at the General Meeting at which they are subject to election. Notwithstanding Articles 25(a) and 25(c), in the event of a Contested Election, the method of calculation of the votes and the manner in which the resolutions will be presented to the General Meeting shall be determined by the Board of Directors in its discretion. In the event that the Board of Directors does not or is unable to make a determination on such matter, then the method described in clause [(ii)][(iii)] below shall apply. The Board of Directors may consider, among other things, the following methods: (i) election of competing slates of Director nominees (determined in a manner approved by the Board of Directors) by a majority of the voting power represented at the General Meeting in person or by proxy and voting on such competing slates, (ii) election of individual Directors by a plurality of the voting power represented at the General Meeting in person or by proxy and voting on the election of Directors (which shall mean that the nominees receiving the largest number of “for” votes will be elected in such Contested Election), (iii) election of each nominee by a majority of the voting power represented at the General Meeting in person or by proxy and voting on the election of Directors, provided that if the number of such nominees exceeds the number of Directors to be elected, then as among such elected nominees the election shall be by plurality of the voting power as described above, and (iv) such other method of voting as the Board of Directors deems appropriate, including use of a “universal proxy card” listing all Nominees and Alternate Nominees by the Company. For the purposes of these Articles, election of Directors at a General Meeting shall be considered a “Contested Election” if the aggregate number of Nominees and Alternate Nominees at such meeting exceeds the total number of Directors to be elected at such meeting, with the determination thereof being made by the Secretary (or, in the absence thereof, by the Chief Executive Officer of the Company) as of the close of the applicable notice of nomination period under Article 25 or under applicable law, based on whether one or more notice(s) of nomination were timely filed in accordance with Article 25, this Article 39 and applicable law; provided, however, that the determination that an election is a Contested Election shall not be determinative as to the validity of any such notice of nomination; and provided, further, that, if, prior to the time the Company mails its initial proxy statement in connection with such election of Directors, one or more notices of nomination of an Alternate Nominee are withdrawn such that the number of candidates for election as Director no longer exceeds the number of Directors to be elected, the election shall not be considered a Contested Election. At any General Meeting at which Directors are to be elected, each Shareholder shall be entitled to cast a number of votes with respect to nominees for election to the Board of Directors up to the total number of Directors to be elected at such meeting. Shareholders shall not be entitled to cumulative voting in the election of Directors.

 

 (g) Notwithstanding anything to the contrary herein, this Article 39 and Article 42(e) may only be amended, replaced or suspended by a resolution adopted at a General Meeting by a majority of at least [●]% of the total voting power of the Company’s shareholders.

 

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

 

		40.	Commencement
                                            of Directorship.

 

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

 

    - 20 -

     

    

 

 

		41.	Continuing
                                            Directors in the Event of Vacancies.

 

The
Board of Directors (and, if so determined by the Board of Directors, the General Meeting) may at any time and from time to time appoint
any person as a Director to fill a vacancy (whether such vacancy is due to a Director no longer serving or due to the number of Directors
serving being less than the maximum number stated in Article 38 hereof). In the event of one or more such vacancies in the Board of Directors,
the continuing Directors may continue to act in every matter, provided, however, that if the number of Directors serving is less than
the minimum number provided for pursuant to Article 38 hereof, they may only act in an emergency or to fill the office of a Director
which has become vacant up to a number equal to the minimum number provided for pursuant to Article 38 hereof, or in order to call a
General Meeting of the Company for the purpose of electing Directors to fill any or all vacancies. The office of a Director that was
appointed by the Board of Directors to fill any vacancy shall only be for the remaining period of time during which the Director whose
service has ended was filled would have held office, 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 of Directors shall determine at the time of appointment the class pursuant to Article
39 to which the additional Director shall be assigned. Notwithstanding the foregoing, (a) (i) during the Class II SUN Director Term,
the filling of a vacancy in the seat on the Board of Directors held by the Class I SUN Director or Class II SUN Director shall be made
in accordance with Article 38(b) and (ii) during the Class I SUN Director Term, the filling of a vacancy in the seat on the Board of
Directors held by the Class I TWCT Director shall be made in accordance with Article 38(b); (b) (i) during the Class II TWCT Director
Term, the filling of a vacancy in the seat on the Board of Directors held by the Class II TWCT Director or Class III TWCT Director shall
be made in accordance with Article 38(c)38(b) and (ii) during the Class III TWCT Director Term, the filling of a vacancy in the seat
on the Board of Directors held by the Class III TWCT Director shall be made in accordance with Article 38(b) and (c) during the IGP Director
Term, the filling of a vacancy in the seat on the Board of Directors held by the IGP Director shall be made in accordance with Article
38(b). Notwithstanding anything to the contrary herein, this Article 41 may only be amended, replaced or suspended by a resolution adopted
at a General Meeting by a majority of at least [●]% of the total voting power of the Company’s shareholders, provided that
(i) any amendment to clause (a) of the preceding sentence of this Article 41(a) or this clause (i) shall also require the written consent
of a majority of the Shares held by the SUN Holders, (ii) any amendment to clause (b) of the preceding sentence of this Article 41 or
this clause (ii) shall also require the written consent of a majority of the Shares held by the TWCT Parties and (iii) any amendment
to clause (c) of the preceding sentence of this Article 41 or this clause (iii) shall also require the written consent of a majority
of the Shares held by the IGP Holders.

 

		42.	Vacation
                                            of Office.

 

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

 

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

 

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

 

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

 

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

 

 (e) (other than with respect to a Class I SUN Director, Class II SUN Director, Class II TWCT Director, Class III TWCT Director or IGP Director, the removal of each of whom is subject to Section 38(b), (c) and (d), as applicable) by a resolution adopted at a General Meeting by a majority of at least 65% of the total voting power of the Company’s Shareholders (with such removal becoming effective on the date fixed in such resolution);

 

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

 

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

 

(i)
So long as there is a Class I SUN Director or Class II SUN Director, any amendment to this Article 42 shall require the written consent
of a majority of the Shares held by the SUN Holders; (ii) So long as there is a Class II TWCT Director or Class III TWCT Director, any
amendment to this Article 42 shall require the written consent of a majority of the Shares held by the TWCT Parties; and (iii) So long
as there is an IGP Director, any amendment to this Article 42 shall require the written consent of a majority of the Shares held by the
IGP Holders.

 

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		43.	Conflict
                                            of Interests; Approval of Related Party Transactions.

 

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

 

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

 

Proceedings
of the Board of Directors

 

		44.	Meetings.
                                            

 

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

 

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

 

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

 

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

 

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		45.	Quorum.

 

Until
otherwise unanimously decided by the Board of Directors, a quorum at a meeting of the Board of Directors shall be constituted by the
presence in person or by any means of communication of a majority of the Directors then in office who are lawfully entitled to participate
and vote in the meeting. No business shall be transacted at a meeting of the Board of Directors unless the requisite quorum is present
(in person or by any means of communication on the condition that all participating Directors can hear each other simultaneously) when
the meeting proceeds to business. If within 30 minutes from the time appointed for a meeting of the Board of Directors a quorum is not
present, the meeting shall stand adjourned at the same place and time 48 hours thereafter unless the Chairperson has determined that
there is such urgency and importance that a shorter period is required under the circumstances. If an adjourned meeting is convened in
accordance with the foregoing and a quorum is not present within 30 minutes of the announced time, the requisite quorum at such adjourned
meeting shall be any two (2) Directors, if the number of Directors then serving is up to five (5), and any three (3) Directors, if the
number of Directors then serving is more than five (5), in each case who are lawfully entitled to participate in the meeting and who
are present at such adjourned meeting. At an adjourned meeting of the Board of Directors the only matters to be considered shall be those
matters which might have been lawfully considered at the meeting of the Board of Directors originally called if a requisite quorum had
been present, and the only resolutions to be adopted are such types of resolutions which could have been adopted at the meeting of the
Board of Directors originally called.

 

		46.	Chairperson
                                            of the Board of Directors.

 

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

 

		47.	Validity
                                            of Acts Despite Defects.

 

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.

 

Chief
Executive Officer

 

		48.	Chief
                                            Executive Officer.

 

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

 

    - 23 -

     

    

 

Minutes

 

		49.	Minutes.
                                            

 

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

 

Dividends

 

		50.	Declaration
                                            of Dividends.

 

The
Board of Directors may from time to time declare, and cause the Company to pay dividends as permitted by the Companies Law. The Board
of Directors shall determine the time for payment of such dividends and the record date for determining the shareholders entitled thereto.

 

		51.	Amount
                                            Payable by Way of Dividends.

 

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

 

		52.	Interest.

 

No
dividend shall carry interest as against the Company.

 

		53.	Payment
                                            in Specie.

 

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

 

		54.	Implementation
                                            of Powers.

 

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

  

		55.	Deductions
                                            from Dividends.

 

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

 

		56.	Retention
                                            of Dividends. 

 

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

 

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

    - 24 -

     

    

 

		57.	Unclaimed
                                            Dividends.

 

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

 

		58.	Mechanics
                                            of Payment.

 

Any
dividend or other moneys payable in cash in respect of a share, less the tax required to be withheld pursuant to applicable law, may,
as determined by the Board of Directors in its sole discretion, be paid by check or warrant sent through the post to, or left at, the
registered address of the person entitled thereto or by transfer to a bank account specified by such person (or, if two or more persons
are registered as joint holders of such share or are entitled jointly thereto in consequence of the death or bankruptcy of the holder
or otherwise, to any one of such Persons or his or her bank account or the person who the Company may then recognize as the owner thereof
or entitled thereto under Article 21 or 22 hereof, as applicable, or such person’s bank account), or to such person and at such
other address as the person entitled thereto may by writing direct, or in any other manner the Board of Directors deems appropriate.
Every such check or warrant or other method of payment shall be made payable to the order of the person to whom it is sent, or to such
person as the person entitled thereto as aforesaid may direct, and payment of the check or warrant by the banker upon whom it is drawn
shall be a good discharge to the Company. Every such check shall be sent at the risk of the Person entitled to the money represented
thereby.

 

Accounts

 

		59.	Books
                                            of Account.

 

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

 

		60.	Auditors.

 

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

 

    - 25 -

     

    

 

		61.	Fiscal
                                            Year.

 

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

 

Supplementary
Registers

 

		62.	Supplementary
                                            Registers.

 

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

 

Exemption,
Indemnity and Insurance

 

		63.	Insurance.

 

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

 

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

 

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

 

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

 

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

 

    - 26 -

     

    

 

		64.	Indemnity.

 

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

 

(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;

 

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

 

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

 

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

 

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

 

(i) Sub-Article
6464(a)(i)(a)(ii) to 64(a)(iv); and

 

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

 

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

 

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

 

    - 27 -

     

    

 

		65.	Exemption.

 

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

 

		66.	General.

 

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

 

(b)
The provisions of Articles 63 to 65 (i) shall apply to the maximum extent permitted by law (including, the Companies Law, the Securities
Law and the Economic Competition Law); and (ii) are not intended, and shall not be interpreted so as to restrict the Company, in any
manner, in respect of the procurement of insurance and/or in respect of indemnification (whether in advance or retroactively) and/or
exemption, in favor of any person who is not an Office Holder, including, without limitation, any employee, agent, consultant or contractor
of the Company who is not an Office Holder; and/or any Office Holder to the extent that such insurance and/or indemnification is not
specifically prohibited under law.

 

Winding
Up

 

		67.	Winding
                                            Up.

 

If
the Company is wound up, then, subject to applicable law and to the rights of the holders of shares with special rights upon winding
up, the assets of the Company available for distribution among the Shareholders shall be distributed to them in proportion to the number
of issued and outstanding shares held by each Shareholder.

 

Notices

 

		68.	Notices.

 

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

 

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

 

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

 

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

 

(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;

 

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

 

(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.

 

    - 28 -

     

    

 

(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 6868.

 

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

 

(f)
Any Shareholder whose address is not described in the Register of Shareholders, and who shall not have designated in writing an address
for the receipt of notices, shall not be entitled to receive any notice from the Company.

 

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

 

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

 

(ii) on
the Company’s internet site.

 

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

 

Amendment

 

		69.	Amendment.

 

Any
amendment of these Articles shall require, in addition to the approval of the General Meeting of shareholders in accordance with these
Articles, also the approval of the Board of Directors with the affirmative vote of a majority of the then serving Directors.

 

    - 29 -

     

    

 

Forum
for Adjudication of Disputes

 

		70.	Forum
                                            for Adjudication of Disputes.

 

Unless
the Company consents in writing to the selection of an alternative forum, with respect to any causes of action arising under the U.S.
Securities Act of 1933, as amended, against any person or entity, including such claims brought against the Company, its directors, officers,
employees, advisors, attorneys, accountants, or underwriters, the federal district courts of the United States of America shall be the
exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. Securities Act of 1933, as amended;
and (b) unless the Company consents in writing to the selection of an alternative forum, the competent courts in Tel Aviv, Israel shall
be the exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting
a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company’s
shareholders, or (iii) any action asserting a claim arising pursuant to any provision of the Companies Law or the Securities Law.
Any person or entity purchasing or otherwise acquiring or holding any interest in shares of the Company shall be deemed
to have notice of and consented to these provisions.

 

“Market
Stand-Off” Agreement

 

		71.	Lock-up
                                            Provisions.

 

(a)
Certain Definitions. The following terms shall have the meanings as defined below for all purposes of this Section 71:

 

(i) “Applicable
Holder” means TWCT Parties, SUN, IGP, Yossi Carmil, Dana Garner and any other Person selling Shares in the PIPE Investment
(as defined in the Merger Agreement), and each Person to whom any of the foregoing Persons transfers any Shares (excluding any PIPE Shares
(as defined in the Merger Agreement) or Shares acquired in the public market after the Closing Date) prior to expiration of the Lock-Up
Period.

 

(ii) “Lock-Up
Period” shall mean the period beginning on the Closing Date (as defined in the Merger Agreement) and ending on the earlier
of (i) the date that is 180 days after the Closing Date and (ii) the consummation of a bona fide liquidation, merger, stock exchange,
reorganization, tender offer, change of control or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Shares for cash, securities or other property subsequent to the Closing Date, so long as the Company’s
shareholders as of immediately prior to such transaction hold less than 50% of the equity interests of the acquiror, successor entity
or surviving entity (as applicable).

 

(iii) “Lock-Up
Shares” shall mean the Shares (including any Shares issued upon exercise or settlement of options or other equity securities)
held by any Shareholder and their respective Permitted Transferees immediately following the Closing (excluding (1) any PIPE Shares,
(2) Shares acquired in the public market, and (3) Shares received by stockholders of the SPAC (excluding the TWCT Parties) pursuant to
the Merger Agreement or the exercise of any Company Warrants (as defined in the Merger Agreement)), provided that 15% of the Shares (which
shall be equitably adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications,
combination, exchange of shares or other like change or transaction with respect to the Shares occurring on or after the Closing) held
by any Shareholder that is not an Applicable Holder (including any Shares issued upon exercise or settlement of options or other equity
securities) which would otherwise be Lock-Up Shares shall not be Lock-Up Shares.

 

(iv) “Merger
Agreement” shall mean the Business Combination Agreement and Plan of Merger, dated as of April [●], 2021 (as amended
or supplemented from time to time, the) by and among the Company, Merger Sub (as defined in the Merger Agreement) and TWC Tech Holdings
II Corp., a Delaware corporation (“SPAC”).

 

    - 30 -

     

    

 

(v) 
“Permitted Transfer” means any Transfer of Shares (including Lock-Up Shares), Company Warrants (i) to (A) any officer
or director of SPAC, the Company or TWCT, (B) any Affiliates or family members of the Transferring Shareholder or the officers or directors
of a Transferring Shareholder, the SPAC, Company or the TWCT Parties, or (C) any direct or indirect partners, members or equity holders
of TWCT or a Shareholder who is an investment fund or a fund manager or its Affiliates or any related investment funds or vehicles controlled
or managed by such Persons or their respective Affiliates (including, for the avoidance of doubt, where any such Person, including the
TWCT Parties, is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership);
(ii) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which
is a member of the individual’s immediate family or an Affiliate of such Person, or to a charitable organization; (iii) in the
case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an individual,
pursuant to a qualified domestic relations order, divorce settlement, divorce decree or separation agreement; (v) to a nominee or custodian
of a Person to whom a Transfer would be permitted under clauses (i) through (iv) above; (vi) in connection with any bona fide mortgage,
encumbrance or pledge to a financial institution in connection with any bona fide loan or debt transaction or enforcement thereunder,
including foreclosure thereof; (vii) in connection with any legal, regulatory or other order; (viii) to the SPAC, the Company or TWCT;
(ix) in connection with the exercise of stock options, including through a “net” or “cashless” exercise, or receipt
of shares upon vesting of restricted stock units granted pursuant to an equity incentive plan; (x) forfeitures of Shares to satisfy tax
withholding requirements upon the vesting of equity-based awards granted pursuant to an equity incentive plan, or (xi) solely with respect
to the Applicable Holders, (A) following the occurrence of a Triggering Event or (B) in connection with (but subject to the completion
of) a bona fide liquidation, merger, stock exchange, reorganization, tender offer or Change of Control (as defined in the Merger Agreement)
approved by the Board of Directors or a duly authorized Committee thereof or other similar transaction which results in all of the Shareholders
having the right to exchange their Shares for cash, securities or other property subsequent to the Closing Date; provided, however,
that (1) in the case of clauses (i) through (vi) such transferees must enter into a written agreement with the Company agreeing to be
bound by the transfer restrictions set forth in this Section 71 (to the extent applicable), and (2) solely for purposes of this Section
71, no more than thirty percent (30%) of the Lock-Up Shares issued to each Applicable Holder (which number of Lock-Up Shares shall be
equitably adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications, combination,
exchange of shares or other like change or transaction with respect to the Shares occurring on or after the Closing) may be Transferred
pursuant to clause (xi)(A). In addition, up to fifteen percent (15%) of the Shares (including Shares issued upon exercise or settlement
of options or other equity securities) as of the Closing Date held by each Person who is not an Applicable Holder and who holds Lock-Up
Shares as of the Closing Date (which number of Shares shall be equitably adjusted for stock splits, reverse stock splits, stock dividends,
reorganizations, recapitalizations, reclassifications, combination, exchange of shares or other like change or transaction with respect
to the Shares occurring on or after the Closing) may be Transferred following the occurrence of a Triggering Event.

 

(vi) “Permitted
Transferee” shall mean any Person to whom a Shareholder is permitted to Transfer Lock-Up Shares prior to the expiration of
the Lock-Up Period pursuant to a Permitted Transfer.

 

(vii) “PIPE
Shares” shall mean Shares sold in the PIPE Investment (as defined in the Merger Agreement).

 

(viii) “Transfer”
shall mean, with respect to any Person, (A) the sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge,
grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase
of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16
of the Exchange Act, in each case with respect to any security owned, including ownership of record or the power to vote (including,
without limitation, by proxy or power of attorney), by such Person, (B) the entry into any swap or other arrangement that transfers to
another Person, in whole or in part, any of the economic consequences of ownership of any security owned by such Person, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (C) the public announcement of
any intention to effect any transaction specified in clause (A) or (B).

 

    - 31 -

     

    

 

(ix) 
“Triggering Event” means that the VWAP (as defined in the Merger Agreement) of the Shares is greater than or equal
to $15.00 over any twenty (20) Trading Days (as defined in the Merger Agreement) within any thirty (30) Trading Day period commencing
no earlier than 90 days following the Closing, (which shall be equitably adjusted for stock splits, reverse stock splits, stock dividends,
reorganizations, recapitalizations, reclassifications, combination, exchange of shares or other like change or transaction with respect
to the Shares occurring on or after the Closing).

 

(b)
Subject to Section 71(c) below, no Shareholder shall Transfer any Lock-Up Shares until the end of the Lock-Up Period.

 

(c)
Notwithstanding the provisions set forth in Section 1.71(b), each Shareholder or its respective Permitted Transferees may Transfer the
Lock-Up Shares during the Lock-Up Period pursuant to a Permitted Transfer.

 

(d)
Notwithstanding the provisions set forth in Section 1.71(b), each Shareholder or its respective Permitted Transferees may enter into
a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act (a “Rule 10b5-1 Plan”) relating to the
sale of any Lock-Up Shares provided that the securities subject to such plan may not be transferred until after the expiration
of the Lock-Up Period; provided, further, that no filing by the undersigned, the Company or any other person under the Exchange
Act or other public announcement in connection with the establishment or existence of such plan shall be required or shall be made voluntarily
prior to the expiration of the Lock-Up Period.

 

(e)
In order to enforce this Section 71, the Company may impose stop-transfer instructions with respect to the Lock-Up Shares until the end
of the Lock-Up Period.

 

(f)
For the avoidance of doubt, each Shareholder shall retain all of its rights as a shareholder of the Company with respect to the Lock-Up
Shares during the Lock-Up Period, including, without limitation, the right to vote any Lock-Up Shares that such Shareholder is entitled
to vote, the right to receive dividends and other distributions (whether payable in the form of cash, stock or other assets), and to
have all other economic rights (including, without limitation, the right to receive any consideration payable upon conversion or exchange).

 

(g)
If any Applicable Holder is granted a release or waiver from any lock-up restriction (such Applicable Holder, a “Triggering
Holder”) imposed in connection with the Closing (whether pursuant to a contract or hereunder) prior to the expiration of the
Lock-up Period, then all other Applicable Holders shall also be granted an early release from its obligations hereunder on the same terms
and on a pro-rata basis with respect to such number of Lock-Up Shares rounded down to the nearest whole security equal to the product
of (i) the total percentage of Lock-Up Shares held by the Triggering Holder immediately following the consummation of the Closing that
are being released from the lock-up restriction multiplied by (ii) the total number of Lock-Up Shares held by the undersigned immediately
following the consummation of the Closing.

 

***

 

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32 -

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