Document:

Document

Exhibit 10.1

 

August 31, 2022

Re:    Clawback re: Accelerated Vesting of Time-Based and Performance-Based RSUs

Dear Jeremy:

    Reference is made to that certain Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement, dated as of August 2, 2021, by and between you and Traeger, Inc. (the “Company” and, such agreement, the “Time-Vesting Agreement”) and that certain Performance-Based Restricted Stock Unit Grant Notice and Performance-Based Restricted Stock Unit Agreement, dated as of August 2, 2021, by and between you and the Company (the “Performance-Vesting Agreement” and, together with the Time-Vesting Agreement, the “Award Agreements”).  Capitalized but undefined terms used herein have the meanings set forth in the applicable Award Agreement.

As you know, the Company has decided to accelerate the vesting of 2,075,455 RSUs (as defined in the Time-Vesting Agreement) and 518,864 Earned PSUs (as defined in the Performance-Vesting Agreement), effective August 31, 2022 (the “Acceleration Date”).  

    You and the Company acknowledge and agree that (1) payment of applicable withholding tax obligations with respect to the accelerated vesting of the RSUs and Earned PSUs shall be timely made by you by cash or check, (2) if you experience a termination of Service for any reason prior to the originally scheduled vesting date of the applicable RSU or Earned PSU, you will forfeit and return to the Company on such termination date, without payment, a number of shares of the Company’s common stock subject to the RSUs or Earned PSUs, as applicable, that would not otherwise have vested (i.e., because your Service terminated before the applicable vesting date) and (3) the shares underlying the RSUs and Earned PSUs shall remain subject to the Post-Vesting Transfer Restrictions set forth in Section 4.4 of the applicable Award Agreement (and references therein to the applicable Vesting Date shall refer to the originally scheduled vesting date of the applicable RSU or Earned PSU, and not the Acceleration Date).  If you sell or otherwise dispose of or transfer shares underlying such RSUs or Earned PSUs, as applicable, prior to the applicable original Vesting Date and in accordance with Section 4.4 of the applicable Award Agreement, then, in lieu of the forfeiture set forth in clause (2) of the preceding sentence, you agree and acknowledge that you shall pay to the Company an amount equal to the value of the share on the settlement date of any RSU or Earned PSU that would have otherwise been forfeited pursuant to the preceding sentence  plus any gain that you realize in connection with such sale or other disposition or transfer.  

Exhibit 10.1

Notwithstanding the generality of the foregoing, the treatment described in the preceding paragraph shall not apply to any RSUs or Earned PSUs (and the underlying shares of the Company’s common stock) to the extent the vesting of such RSUs or Earned PSUs would accelerate in connection with (1) a Qualifying Termination or (2) a Change in Control, in either case, pursuant to the Award Agreements and the Plan. 

    This letter may be delivered electronically and may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same document.  This letter shall be governed by and construed and enforced in accordance with Delaware law without regard to the conflict of laws provisions thereof.

Please indicate your acceptance and acknowledgement of, and agreement to, the foregoing by signing below.  

Sincerely,

TRAEGER, INC.

By: __/s/ Dominic Blosil ___________
Name: Dominic Blosil 
Title:  Chief Financial Officer 

Agreed and Acknowledged:

_/s/ Jeremy Andrus____________                            
Name: Jeremy Andrus
Title:  Chief Executive OfficerExhibit 4.1

 

SHAREHOLDERS
RIGHTS AGREEMENT

 

This
Shareholders Rights Agreement (this “Agreement”) is made and entered into as of March 9, 2021 by and among
(1) Amir Nechmad, an Israeli resident, Israeli ID no. ***, having his address at ***, Israel, E-mail: ***; (2) Yair
Nechmad (“Yair”), an Israeli resident, Israeli ID no. ***, having his address at ***, Israel, E-mail:
***; (3) Yair Nechmad Ltd., a company organized under the laws of the State of Israel, company number 51-486655-7,
having its registered office at ***, Israel, E-mail: *** (“Yair
Ltd”; for the purposes of this Agreement, Yair and Yair Ltd. shall be considered one shareholder); and (4) David
Ben-Avi, an Israeli resident, Israeli ID no. ***, having his address at ***, Israel,
E-mail: *** (each, a “Shareholder” and, together, the “Shareholders”)

 

RECITALS

 

WHEREAS,
the Shareholders are shareholders of Nayax Ltd. (the “Company”), which intends to list its shares for trading on a
recognized stock exchange (the “Stock Exchange”) as part of an initial public offering of its shares (the “IPO”);
and

 

WHEREAS,
the Shareholders are interested in regulating the legal relationship between them in connection with their shareholdings in the Company
as of September 30, 2020 subject to the completion of the IPO by December 31, 2021, including in relation to any additional
Shares as may be acquired by the Shareholders prior to or following the IPO, in accordance with the terms and provisions of this Agreement
and for the period stipulated herein.

 

NOW,
THEREFORE, in consideration of the mutual promises contained in this Agreement, the parties
hereto agree as follows:

 

		1.	Preamble, Headings and Definitions

 

		1.1.	In this
                                            agreement, unless the context dictates otherwise, the following terms shall have the said
                                            meaning assigned alongside them:

 

	“The
    Companies Law”	means the Israeli
    Companies Law, 5759-1999.
	 	 
	“Business
    Day”	means any day other than:
    (a) Friday and Saturday; and (b) any other day on which the majority of banks in Israel are closed for business.
	 	 
	“Control”	as such term is defined in the
    Israeli Securities Law, 5728-1968;
	 	 
	“Security
    Interest”	means any mortgage, charge,
    pledge, lien, attachment, assignment, security interest, hypothecation, option, right to acquire, or any other encumbrance or third
    party right or interest of any kind; or any agreement or arrangement or obligation to create any of the same.

 

    - 1 -

     

    

 

	“Share”
    or “Shares”	means,

 

		(a)	prior
                                            to the completion of the IPO: (i) ordinary share(s) of the Company, par value NIS
                                            0.0001 each; (ii) ordinary A share(s) of the Company, par value NIS 0.0001 each;
                                            and (iii) ordinary B share(s) of the Company, par value NIS 0.0001 each; and

 

		(b)	following
                                            the completion of the IPO, ordinary share(s) of the Company, par value NIS 0.0001 each.

 

	“Permitted
    Transferee”	means, with respect
    to a Shareholders, any of the following:

 

		(a)	such
                                            Shareholder's wife (or widow) or children;

 

		(b)	an
                                            entity Controlled by, Controlling, or under common Control with a Shareholder;

 

		(c)	a
                                            legal successor or heir of such Shareholder.

 

	“Transfer”	means a sale,
    transfer, assignment, gift, grant of rights to a third party or any other disposal of, whether directly or indirectly.

 

		2.	Applicability

 

		2.1.	This Agreement
                                            will apply to all Shares held by the Shareholders as of the date of this Agreement, and to
                                            any additional Shares as may be acquired by the Shareholders at any time thereafter during
                                            the term of this Agreement. For the sake of clarity, this Agreement shall not apply to all
                                            such Shares that will be offered for sale by certain Shareholders in the framework of the
                                            IPO.

 

		2.2.	For as
                                            long as the Shareholders hold Shares indirectly through Dually Ltd., the provisions of Section 5
                                            below shall also apply mutatis mutandis with respect to the holding in such Shares.

 

		3.	Board of Directors

 

		3.1.	Each of
                                            the Shareholders undertakes to exercise all the voting power and influence available to such
                                            Shareholder, in his/its capacity as a shareholder of the Company, including, without limitation,
                                            by participating in and voting all the Shares owned or controlled by such Shareholder at
                                            each general meeting of the shareholders of the Company (a “General Meeting”),
                                            to ensure that (i) the articles of association of the Company (the “Articles”)
                                            shall determine that the appointment of directors to the board of directors of the Company
                                            (the “Board”) shall be under the exclusive authority of the General Meeting,
                                            that the Board will be comprised of up to seven (7) members and that the members of
                                            the Board shall elect one of its members to serve as the chairman of the board; and (ii) the
                                            election or appointment of the members of the Board shall be in accordance with the following:

 

		3.1.1.	Each of
                                            the Shareholders (together with his/its Permitted Transferees), that holds at least 15% of
                                            the issued and outstanding share capital of the Company, shall be entitled to recommend the
                                            identity of one (1) director.

 

    - 2 -

     

    

 

		3.1.2.	The
                                            identity of up to two (2) directors shall be as recommended by the Shareholders, in
                                            accordance with the provisions of Section 3.3 below; provided that one (1) of
                                            such directors shall qualify as an independent director ("תלוי
                                            בלתי דירקטור") as
                                            such term is defined in the Companies Law (the “Independent Director”).

 

		3.1.3.	The Shareholders,
                                            in accordance with the provisions of Section 3.3 below, shall recommend the identity
                                            of the external directors, as such term is defined in the Companies Law ("External
                                            Directors"). According to the provisions of the Companies Law as at the date of
                                            this Agreement, the number of External Directors serving on the Board shall be at least two
                                            (2).

 

		3.2.	Each Shareholder
                                            entitled to recommend the identity of a member of the Board in accordance with Section 3.1.1
                                            above, will provide the other Shareholders, in writing, with the name of his/its recommended
                                            director prior to the date of the relevant General Meeting, in order to enable the Shareholders
                                            to vote at the General Meeting for the appointment of such director.

 

		3.3.	The identity
                                            of the Shareholders' recommendee(s) to serve on the Board in accordance with Sections
                                            3.1.2 and 3.1.3 above shall be determined by a unanimous consent of all of the Shareholders.
                                            However, in the event where one of the Shareholders (in this Section 3.3, the "Minority
                                            Shareholder") shall hold less than two-thirds (2/3) of the number of Shares held
                                            by each of the other two Shareholders (in this Section 3.3, the "Majority Shareholders"),
                                            and the Shareholders are not able to reach a unanimous consent as to the identity
                                            of such recommendee(s) to serve on the Board, then the identity of the Shareholders'
                                            recommendee(s) to serve on the Board in accordance with Sections 3.1.2 and 3.1.3 above
                                            shall be determined by the unanimous consent of the Majority Shareholders. To the extent
                                            that the Shareholders cannot reach consent with respect to the identity of the directors
                                            to be appointed in accordance with Sections 3.1.2 and 3.1.3 above, then to the fullest extent
                                            allowed by law, the Shareholders shall vote for the reappointment to the Board of the directors
                                            already serving on the board and which were appointed to the Board in accordance with Sections
                                            3.1.2 and 3.1.3 above.

 

		3.4.	Each Shareholder
                                            entitled to recommend members of the Board undertakes that their recommendee(s) to serve
                                            on the Board will comply with the qualification conditions of a director (or an Independent
                                            Director or External Director, as the case may be) as set out in the Companies Law.

 

		3.5.	Each of
                                            the Shareholders undertakes to vote all of the Shares owned by him/it at the General Meeting:
                                            (a) in favor of the appointment of members of the Board whose identities have been determined
                                            in accordance with the provisions of this Section 03, and (b) against the appointment
                                            of members of the Board whose identities have not been determined in accordance with
                                            the provisions of this Section 03.

 

		3.6.	Each Shareholder
                                            undertakes that should a resolution be brought at a General Meeting for the termination of
                                            the tenure of a director who was designated by an individual Shareholder or by the Shareholders
                                            as a group in accordance with this Section 3, each Shareholder will vote all of his/its
                                            Shares at such General Meeting, in accordance with the directives of the applicable Shareholder
                                            or Shareholders who originally recommended such director.

 

    - 3 -

     

    

 

		3.7.	Should
                                            the position of a director (including the Independent Director or any External Director)
                                            be vacated, the Shareholder or the Shareholders as a group that recommended such director
                                            in accordance with the provisions of this Section 03 shall be entitled to recommend
                                            another director in his or her stead for an additional tenure, subject to any applicable
                                            law, and the Shareholders shall use their best efforts to convene a General Meeting on the
                                            agenda of which is the appointment of such a director, and shall vote all the Shares owned
                                            by them at each General Meeting to ensure the appointment of such a director. Sections 3.1
                                            through 3.6 hereof shall apply to such appointment, mutatis mutandis.

 

		4.	Preliminary Meetings

 

		4.1.	All of
                                            the Shareholders (one representative of each Shareholder and his/its Permitted Transferees)
                                            shall convene at the time and place which shall be coordinated between them, at least four
                                            (4) Business Days before each General Meeting (a “Preliminary Meeting”)
                                            (whether annual or extraordinary), and will discuss all matters on the agenda of the General
                                            Meeting (except for the appointment of directors to the Company, with respect to which the
                                            provisions of Section 03 above shall apply).

 

		4.2.	At any
                                            Preliminary Meeting convened in accordance with this Section 4, the Shareholders shall
                                            attempt to reach a joint decision as to how the Shareholders shall vote all (but not part)
                                            of the Shares owned or controlled by them at the upcoming General Meeting.

 

		4.3.	If the
                                            Shareholders were able to reach a unanimous decision at the Preliminary Meeting as
                                            to how the Shareholders shall vote their Shares in respect of a certain resolution on the
                                            agenda of the upcoming General Meeting, each Shareholder will vote all of his/its Shares
                                            at the relevant General Meeting, in accordance with such decision.

 

		4.4.	If
                                            a Preliminary Meeting is not held with respect to a certain resolution on the agenda of the
                                            General Meeting, or if the Shareholders do not reach a unanimous decision as to how
                                            the Shareholders shall vote their Shares in respect of a certain resolution on the agenda
                                            of the General Meeting, then each Shareholder will vote all of his/its Shares at the relevant
                                            General Meeting in a manner which preserves the status-quo (הקיים
                                            המצב את המשמר באופן
                                            ,כלומר).

 

		4.5.	Notwithstanding
                                            the provisions of Sections 4.3 and 4.4 above, in the event where one of the Shareholders
                                            (the "Minority Shareholder") shall hold less than two- thirds (2/3) of the
                                            number of Shares held by each of the other two Shareholders (the "Majority Shareholders"),
                                            and the Shareholders do not reach a unanimous decision at the Preliminary Meeting
                                            as to how the Shareholders shall vote their Shares in respect of a certain resolution on
                                            the agenda of the General Meeting, then: (a) if the Majority Shareholders reach an agreement
                                            as to how the Shareholders shall vote their Shares in respect of a certain resolution on
                                            the agenda of the General Meeting, each Shareholder (including the Minority Shareholder)
                                            will vote all of his/its Shares at the relevant General Meeting, in accordance with the decision
                                            reached by the Majority Shareholders; and (b) if the Majority Shareholders do not reach
                                            a an agreement as to how the Shareholders shall vote their Shares in respect of a certain
                                            resolution on the agenda of the General Meeting, then each Shareholder (including the Minority
                                            Shareholder) will vote all of his/its Shares at the relevant General Meeting in a manner
                                            which preserves the status-quo (הקיים המצב
                                            את המשמר באופן ,כלומר).

 

    - 4 -

     

    

 

		4.6.	Preliminary
                                            Meetings may be held by way of a physical meeting, a conference call, a video call or in
                                            any other way allowing for the participation of each of the Shareholders.

 

		4.7.	The quorum
                                            for convening a Preliminary Meeting will be the presence, within half an hour of the time
                                            set for the start of the Preliminary Meeting, of all of the Shareholders (one representative
                                            of each Shareholder and his/its Permitted Transferees). If, half an hour after the time set
                                            for the Preliminary Meeting, such quorum is not present, the meeting shall be adjourned to
                                            the next Business Day, at the same time and place, or to another earlier or later time as
                                            shall be agreed upon in writing by all of the Shareholders (the “Adjourned Preliminary
                                            Meeting”). If, at the Adjourned Preliminary Meeting, no such quorum is present
                                            within half an hour, then the Adjourned Preliminary Meeting will be held with any number
                                            of participants from amongst the Shareholders, provided such participants include
                                            at least two of the Shareholders.

 

		5.	Limitations on Transferability
                                            of Shares

 

		5.1.	The Transfer
                                            of Shares shall be subject to the provisions of this Section 5.

 

		5.2.	Subject
                                            to any additional limitations applicable to any Shareholder under applicable law (including
                                            limitations under the Stock Exchange's regulations, if relevant), and subject to the provisions
                                            of Sections 5.4 below, any Shareholder shall be entitled to sell Shares on the Stock Exchange.

 

		5.3.	Bring
                                            Along

 

		5.3.1.	In the
                                            event that Shareholders who hold the majority of the Shares held by the Shareholders (the
                                            “Proposing Shareholders”) wish to accept an offer to sell all of the Shares
                                            they hold to any third party by way of a share sale, merger or otherwise (the “Buyer”),
                                            and such Buyer has made its offer contingent upon the sale to such Buyer of all of the Shares
                                            held by all of the Shareholders (the “Sale Transaction”), then, at the
                                            closing of such Sale Transaction, the other Shareholder (the “Forced Shareholder”)
                                            shall be obligated to (i) sell all of the Shares he/it holds to the Buyer at the same
                                            price per share and upon the same terms and conditions as the Proposing Shareholders, and
                                            (ii) execute and deliver such instruments of conveyance and transfer and take such other
                                            action, including voting such Shareholder’s Shares in the General Meeting in favor
                                            of any Sale Transaction proposed by the Proposing Shareholders and executing any purchase
                                            agreements, or related documents, as such Proposing Shareholders and the Buyer execute in
                                            order to carry out the terms and provisions of this Section 5; provided
                                            that the price per Share actually paid to the Forced Shareholder in such Sale Transaction,
                                            is at least ten percent (10%) greater than the average closing price of the Company's shares
                                            on the Stock Exchange during the thirty (30) trading days preceding the day on which the
                                            Sale Transaction is offered to the Forced Shareholder.

 

		5.3.2.	Notwithstanding
                                            the provisions of Section 4 above, in the event that a Sale Transaction shall be subject
                                            to the approval of the General Meeting, a decision of the Shareholders at the Preliminary
                                            Meeting shall not be required, and to the extent the conditions of this Section 5.3
                                            are met, all of the Shareholders shall be obligated to vote all of the Shares held by them,
                                            at the General Meeting, in favor of the approval of the Sale Transaction.

 

    - 5 -

     

    

 

		5.4.	Right
                                            of First Offer on Shares sold on the Stock Exchange

 

		5.4.1.	If
                                            a Shareholder (the “Selling Party”) wishes to sell Shares in the framework
                                            of the continuous trading ("רציף מסחר")
                                            on the Stock Exchange, then such Selling Party shall
                                            send to the other Shareholders a written notice (the “Sale Notice”) at
                                            least one (1) Business Day in advance of such sale, in which the Selling Party shall
                                            specify (i) the number of Shares that the Selling Party proposes to sell (the “Offered
                                            Shares”) and (ii) the price under which the Selling Party will not sell the
                                            Offered Shares on the Stock Exchange (the “Limit Price”). Such Sale Notice
                                            shall constitute an irrevocable offer to sell the Offered Shares to the other Shareholders
                                            (the “ROFO Shareholders”) at the Limit Price.

 

		5.4.2.	At any
                                            time within one (1) Business Day after delivery of the Sale Notice (the “ROFO
                                            Option Period”), the ROFO Shareholders may elect to accept the offer to purchase
                                            all (and not less than all) of the Offered Shares by giving written notice of such election
                                            (the “ROFO Acceptance Notice”) to the Selling Party within the ROFO Option
                                            Period, which notice shall indicate that the ROFO Shareholders (or some of them) are willing
                                            to purchase all of the Offered Shares at the Limit Price and the allocation of the Offered
                                            Shares among the ROFO Shareholders. A ROFO Acceptance Notice shall constitute a valid, legally
                                            binding and enforceable agreement for the sale and purchase of the Offered Shares, and the
                                            Offered Shares shall be sold by the Selling Party to the relevant ROFO Shareholders at the
                                            Limit Price when they are free and clear of any Security Interest within one (1) Business
                                            Day following the expiration of the ROFO Option Period.

 

		5.4.3.	To the
                                            extent the ROFO Shareholders do not deliver an Acceptance Notice to the Selling Party within
                                            the ROFO Option Period, the Selling Party may, within two (2) Business Days after the
                                            expiration of the ROFO Option Period (the “Sale Period”), sell all or
                                            any of the Offered Shares on the Stock Exchange, at a price which shall not be lower than
                                            98% of the Limit Price. Following the Sale Period, any sale of Shares by the Selling Party
                                            in the framework of the continuous trading on the Stock Exchange will be subject to the provisions
                                            of this Section 5.4.

 

		5.5.	Right
                                            of First Offer on Shares sold Off-Market

 

		5.5.1.	If
                                            a Selling Party wishes to sell or otherwise Transfer outside of the framework of the continuous
                                            trading on the Stock Exchange ( מחוץ
                                            עסקה לבורסה), any or all
                                            of such Selling Party’s Shares, to any person other than to a Permitted Transferee
                                            of such Selling Party, then such Selling Party shall send to the other Shareholders (the
                                            “Offerees”) a written notice (the “Offer”) in which
                                            the Selling Party shall specify the following information: (i) the number of Shares
                                            that the Selling Party proposes to sell or Transfer (the “Transfer Shares”);
                                            (ii) the price that the Selling Party intends to receive in respect of the Transfer
                                            Shares, which shall be stated in cash, and the terms of payment thereof and (iii) the
                                            material terms and conditions of the proposed sale or Transfer. Such Offer shall constitute
                                            an irrevocable offer to sell the Transfer Shares to the Offerees, at a purchase price equal
                                            to the price contained, and on the same terms and conditions as set forth, in the Offer.

 

    - 6 -

     

    

 

		5.5.2.	At any
                                            time within seven (7) Business Days after delivery of the Offer (the “Relevant
                                            Period”), the Offerees may elect to accept the offer to purchase, in the aggregate,
                                            all (and not less than all) of the Transfer Shares by giving a written notice of such election
                                            (the “Acceptance Notice”) to the Selling Party within the Relevant Period,
                                            which notice shall indicate that the Offerees (or some of them) are willing to purchase all
                                            of the Transfer Shares and the allocation of the Transfer Shares among the Offerees. An Acceptance
                                            Notice shall constitute a valid, legally binding and enforceable agreement for the sale and
                                            purchase of the Transfer Shares, and the Transfer Shares shall be sold by the Selling Party
                                            to the relevant Offerees when they are free and clear of any Security Interest, as soon as
                                            practicable after receipt of the Acceptance Notice, and in any event by no later than fifteen
                                            (15) days following the expiration of the Relevant Period.

 

		5.5.3.	Subject
                                            to the Tag Along Right set forth in Section 5.6 below, if the Offerees do not deliver
                                            to the Selling Party an Acceptance Notice within the Relevant Period, the Selling Party may,
                                            within sixty (60) days after the expiration of the Relevant Period (the “Transfer
                                            Period”), sell all such Transfer Shares to any third party, on terms and conditions
                                            that are not more favorable to such third party than those set forth in the Offer. Following
                                            the Transfer Period, any sale or Transfer of Shares by a Selling Party outside of the framework
                                            of the continuous trading on the Stock Exchange, to any person other than to a Permitted
                                            Transferee of such Selling Party, shall be subject to the provisions of this Section 5.45.5.

 

		5.6.	Tag
                                            Along Right

 

		5.6.1.	Without
                                            derogating from the provisions of Section 5.5 above, if (i) a Shareholder wishes
                                            to sell or Transfer Shares, outside of the framework of the continuous trading on the Stock
                                            Exchange, in one or a series of related transactions, constituting the lower of: (a) 10%
                                            of the Company's issued and outstanding share capital; or (b) 50% of his/its holdings
                                            in the Company, and (ii) the Offerees do not deliver an Acceptance Notice to the Selling
                                            Party within the Relevant Period to exercise the Right of First Offer under Section 5.5
                                            above, and (iii) if the Selling Party wishes to sell or Transfer Shares to a person
                                            which is not a Permitted Transferee of such Selling Party, then the Selling Party shall send
                                            a written notification to the Offerees, at least seven (7) Business Days prior to the
                                            closing of any transaction during the Transfer Period with respect to such Shares, which
                                            shall identify the proposed purchaser (the “Purchaser”) and the terms
                                            of the sale (the “Tag-Along Notice”). Each Offeree receiving the Tag-Along
                                            Notice shall have the right to notify the Selling Party, in writing (the “Participation
                                            Notice”), within three (3) Business Days after he/it had received the Tag
                                            Along Notice (the “Tag-Along Period”), that he/it wishes to participate
                                            in the Selling Party’s sale of the Transfer Shares, and to sell to the Purchaser up
                                            to that number of Shares owned by him/it determined by multiplying the total number of Transfer
                                            Shares by a fraction the numerator of which is the number of Shares owned by the relevant
                                            Offeree and the denominator of which is the total number of Shares owned by him/it, the Selling
                                            Party and the other Offerees which delivered a Participation Notice to the Selling Party
                                            within the Tag- Along Period. The sale shall be effected under the same terms set out in
                                            the Tag-Along Notice.

 

    - 7 -

     

    

 

		5.6.2.	A Participation
                                            Notice shall be irrevocable. A failure by an Offeree to send a Participation Notice to the
                                            Selling Party within the Tag-Along Period, shall be deemed a waiver by such Offeree of its
                                            Tag-Along right in respect of the Transfer Shares.

 

		5.6.3.	To the
                                            extent any or all of the Offerees shall exercise their Tag-Along right, the number of the
                                            Transfer Shares that the Selling Party may sell to the Purchaser shall be correspondingly
                                            reduced. At the closing of the sale of the Transfer Shares to the Purchaser, the Selling
                                            Party shall transfer its Shares to the Purchaser only if the Purchaser concurrently therewith
                                            purchases, on the same terms and conditions specified in the Tag-Along Notice, all of the
                                            Shares as to which a Participation Notice has been delivered. The Offerees who delivered
                                            a Participation Notice within the Tag-Along Period shall deliver their portion of the Transfer
                                            Shares to the Purchaser, when they are free and clear of any Security Interest.

 

		5.6.4.	If all
                                            the Offerees do not send a Participation Notice within the Tag-Along Period, or otherwise
                                            waive their right to tag-along pursuant to the terms hereof, then the Selling Party shall
                                            be entitled to Transfer the Transfer Shares to the Purchaser, provided, however, that in
                                            no event shall the Selling Party Transfer any of the Transfer Shares on terms more favorable
                                            to Selling Party than those stated in the Tag-Along Notice, and, provided, further, that
                                            any of the Transfer Shares not Transferred to the Purchaser within sixty (60) days after
                                            the expiration of the Tag-Along Period, shall be subject again to the provisions of this
                                            Section 5.6.

 

		5.6.5.	For the
                                            avoidance of doubt, the Tag-Along right under this Section 5.6 shall not be applicable
                                            with respect to sales of Shares by Shareholders in the framework of the continuous trading
                                            on the Stock Exchange.

 

		5.7.	Notwithstanding
                                            Sections 5.4, 5.5 and 5.6 above, a Shareholder shall be permitted to sell or Transfer, in
                                            each calendar year (in one or more transactions), Shares consisting of up to 2% of the issued
                                            and outstanding share capital of the Company as of immediately following the completion of
                                            the IPO, whether in the framework of the continuous trading on the Stock Exchange, or outside
                                            of the framework of the continuous trading on the Stock Exchange, without being subject to
                                            any Right of First Offer or Tag Along Rights of the other Shareholders in accordance with
                                            Sections 5.4, 5.5 and 5.6 above.

 

		5.8.	Transfer
                                            to Permitted Transferees

 

Notwithstanding
any provision to the contrary in this Section 5, a Shareholder shall have the right to Transfer all or part of his/its Shares to
his/its Permitted Transferees, and the provisions of this Section 5 shall not apply with respect to such Transfer, provided that
(a) such Permitted Transferee has agreed in writing (i) to adhere to and observe the provisions of this Agreement as if he/it
was the transferor, and signed this Shareholders Rights Agreement, and (ii) to transfer such Shares to the Shareholder which held
such Shares initially in the event such Permitted Transferee ceases at any time to be a Permitted Transferee of such Shareholder, and
(b) such Shareholder shall ipso facto be deemed to have agreed to guarantee performance by such Permitted Transferee of its obligations
pursuant to clause (a).

 

    - 8 -

     

    

 

		5.9.	Pledge
                                            on Shares

 

		5.9.1.	Each Shareholder
                                            shall be entitled to pledge all or any part of his/its Shares at any time, provided that
                                            with respect to pledges on Shares which will be created following the completion of the IPO
                                            only, any Transfer of Shares subject to such Security Interests (including in the framework
                                            of enforcement proceeding relating to such pledge) shall be subject to all limitations on
                                            Transfer of Shares included in Section 5 (Limitations on Transferability of Shares).

 

		5.9.2.	Notwithstanding
                                            the provisions of Section 5.9.1 above, following the completion of the IPO, a Shareholder
                                            shall be entitled to pledge up to twenty five (25%) of the Shares held by such Shareholder
                                            immediately following the completion of the IPO, and such pledge(s) shall not be subject
                                            to the provisions of Section 5 (Limitations on Transferability of Shares).

 

		5.10.	Indirect
                                            Transfer of Rights

 

For as
long as any Shareholder holds any Shares of the Company through a corporation under his Control, such Shareholder and/or any of its Permitted
Transferees (subject to the provisions of Section 5.8 above) must remain the Controlling shareholders of such corporation and shall
not be allowed to Transfer Control over such corporation.

 

		6.	Representations & Warranties

 

Each
of the Shareholders hereby represents and warrants toward the other Shareholders, as follows:

 

		6.1.	Such Shareholder,
                                            if an entity, is duly organized and validly existing under the laws of the jurisdiction in
                                            which it is registered, and has all requisite power and authority to execute and deliver
                                            this Agreement, and to carry out and perform its obligations under the terms of this Agreement.

 

		6.2.	This Agreement
                                            constitutes a valid and legally binding obligation of such Shareholder, legally enforceable
                                            against such Shareholder in accordance with its terms.

 

		6.3.	The execution,
                                            delivery and performance by such Shareholder of this Agreement and compliance therewith,
                                            does not and will not result in any violation of or conflict with: (a) any agreements
                                            or undertakings to which the Shareholder is a party or by which it is bound; or (b) if
                                            the Shareholder is an entity - the Shareholder's constitutional documents.

 

		6.4.	Such Shareholder
                                            is not, at the time hereof, and will not be for the duration of the term of this Agreement,
                                            a party to any shareholders' agreement, voting agreement or any similar instrument with any
                                            other shareholders of the Company.

 

		7.	Term; Termination

 

		7.1.	This Agreement
                                            will come into force retroactively as of September 30, 2020 and shall automatically
                                            terminate if the IPO is not completed by December 31, 2021.

 

    - 9 -

     

    

 

		7.2.	Notwithstanding
                                            the provisions of Section 7.1 above, Sections 3.1(i), 3.1.2, 3.1.3, and 5 shall come
                                            into force only following the IPO.

 

		7.3.	This Agreement
                                            shall remain in force for so long as there is no single shareholder in the Company that holds
                                            more Shares than the total amount of Shares held by all Shareholders and/or their Permitted
                                            Transferees together (a “Termination Event”). Upon the occurrence of a
                                            Termination Event, this Agreement shall terminate automatically. The termination of this
                                            Agreement shall not release any party from a breach of the Agreement which occurred prior
                                            to its termination.

 

		7.4.	Notwithstanding
                                            the provisions of Section 7.3 above, in the event where (god forbid) one of the Shareholders
                                            will pass away or a legal guardian shall be appointed for him, the remaining Shareholders
                                            (the "Remaining Shareholders") shall have the option, upon a unanimous decision
                                            of the Remaining Shareholders, without the need for consent from the legal successor(s) or
                                            heir(s) of such deceased Shareholder or from the legal guardian so appointed (as applicable),
                                            to either (i) continue the Agreement on its terms (in which case, the provisions of
                                            this Agreement shall continue to apply, including with respect to the legal successor(s) or
                                            heir(s) of the deceased Shareholder or with respect to the legal guardian appointed,
                                            as applicable), or (ii) terminate the Agreement unless new agreements are reached between
                                            the Remaining Shareholders and the legal successor(s) or heir(s) of the deceased
                                            Shareholder or the legal guardian appointed, as applicable.

 

		8.	Miscellaneous

 

		8.1.	Accumulation
                                            of Shareholding. In determining the number or percentage of Shares held by any Shareholder
                                            for the purposes of this Agreement, the number of Shares held by each Shareholder shall be
                                            aggregated with the number of Shares held by the Permitted Transferee(s) of such Shareholder.

 

		8.2.	Articles
                                            of Association. In the event of any contradiction between the Articles of Association
                                            of the Company and this Agreement, as between the Shareholders, the provisions of this Agreement
                                            shall prevail. The Shareholders shall refrain from voting their shares in the Company in
                                            favor of amending the Company’s Articles of Association in a way that contradicts or
                                            otherwise diminishes from the provisions of this Agreement.

 

		8.3.	Additional
                                            Shares. In the event of any share split, share dividend, recapitalization, reorganization,
                                            combination or the issuance, acquisition or receipt of additional Shares, the provisions
                                            of this Agreement shall apply also to any Shares issued to or otherwise held by the Shareholders.

 

		8.4.	Governing
                                            Law; Forum for Dispute Resolution.

 

		8.4.1.	This Agreement
                                            shall be governed by the laws of the State of Israel.

 		8.4.2.	Except
                                            as otherwise provided in Section 8.4.3 below, any dispute in connection with this Agreement
                                            shall be resolved exclusively and finally by a confidential binding arbitration, by a sole
                                            arbitrator to be nominated by mutual written consent of the Shareholders. In the event that
                                            no nomination is made within 15 days from a Shareholder’s written request, the arbitrator
                                            shall be appointed by the Israeli Institute of Commercial Arbitration at the written request
                                            of a Shareholder. The arbitration proceedings shall be conducted 

 

    - 10 -

     

    

 

pursuant to the Arbitration
                                            Law, 1968 (the “Arbitration Law”). The arbitration proceedings shall take
                                            place in the Gush Dan area in Israel and shall be conducted in Hebrew. The arbitrator shall
                                            be subject to substantive law, but shall not be subject to procedural law and evidence law,
                                            and will be obligated to provide his/her decisions and the reasons and basis for his decisions
                                            (including, without limitation, the grant of any remedies) in detail and in writing. The
                                            decisions and award of the arbitrator shall be final and binding upon the parties. The arbitrator
                                            will have the same power to grant all appropriate legal and equitable relief to the extent
                                            possible, both by way of interim relief and as a part of the final award, as may be granted
                                            by any court of competent jurisdiction, in order to carry out the terms of this Agreement
                                            (including declaratory and injunctive relief and damages). All awards and orders of the arbitrator,
                                            including interim relief, may be enforced by any court of competent jurisdiction. Unless
                                            otherwise determined by the arbitrator, all Shareholders which are parties to the arbitration
                                            proceeding shall equally share all fees and expenses of the arbitrator and each of the parties
                                            shall personally bear all other costs and fees, including attorney’s fees, incurred
                                            by that party in the course of the arbitration.

 

		8.4.3.	Notwithstanding
                                            the foregoing, a party may apply to a court of competent jurisdiction in Tel Aviv, Israel
                                            for provisional relief in the form of a temporary restraining order or preliminary injunction,
                                            or other provisional remedy, including in order to prevent breaches of this Agreement and
                                            to specifically enforce the terms and provisions of this Agreement.

 

		8.4.4.	Without
                                            limitation of the foregoing in this Section 8.4, the exclusive jurisdiction in connection
                                            with this Agreement shall be with the appropriate courts in Tel Aviv – Jaffa in Israel.
                                            This Section 8.4 constitutes an arbitration deed.

 

		8.5.	Notices.
                                            All notices or other communications in connection with this Agreement shall be in writing,
                                            shall be given in person, by registered mail or by e-mail, and shall be delivered to the
                                            relevant party's address, as specified in the preface of this Agreement. All notices or communications
                                            shall be deemed to have been duly delivered to the addressee thereof: (i) if hand delivered,
                                            on the day of delivery, (ii) if delivered by E-mail transmission, on the Business Day
                                            on which such transmission is sent and confirmed, and (iii) if mailed by registered
                                            mail, two (2) Business Days following the date it was mailed.

 

Each Shareholder
may, from time to time, change the address or the email address to which notices and communications to him/it are to be delivered or
mailed hereunder, by notice delivered or sent to the other parties in accordance herewith.

 

		8.6.	Entire
                                            Agreement. This Agreement constitutes the entire agreement among the parties in respect
                                            of the subject matters of this Agreement and supersedes all other prior agreements and understandings,
                                            both written and oral, between the parties with respect to such subject matters.

 

		8.7.	Headings.
                                            The headings contained in this Agreement are solely for convenience of reference and shall
                                            not affect the interpretation of this Agreement.

 

    - 11 -

     

    

 

		8.8.	Counterparts.
                                            This Agreement may be executed in one or more counterparts, each of which shall be deemed
                                            an original, but all of which together shall constitute one and the same instrument.

 

		8.9.	Delays
                                            or Omissions; Waiver. No delay or omission to exercise any right, power, or remedy accruing
                                            to any Shareholder upon any breach or default by another Shareholder under this Agreement
                                            shall impair any such right or remedy nor shall it be construed to be a waiver of any such
                                            breach or default, or any acquiescence therein or in any similar breach or default thereafter
                                            occurring.

 

		8.10.	Amendments.
                                            This Agreement may be amended or modified in whole or in part only by a duly authorized
                                            written agreement that refers to this Agreement and is signed by all the Shareholders.

 

		8.11.	Limitations
                                            on Rights of Third Parties. Nothing expressed or implied in this Agreement is intended
                                            or shall be construed to confer upon or give any person, other than the Shareholders and
                                            their respective Permitted Transferees, any rights or remedies under this Agreement.

 

		8.12.	Severability.
                                            If any provision of this Agreement is held by a court of competent jurisdiction to be invalid,
                                            illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
                                            shall not in any way be affected, impaired or invalidated thereby.

 

		8.13.	Assignment.
                                            Except as expressly permitted herein, this Agreement is not assignable by any Shareholder,
                                            and no Shareholder shall assign or otherwise transfer, in whole or in part, this Agreement,
                                            and/or any of its rights, interests or obligations hereunder to any third party, without
                                            the prior written consent of the other Shareholders, and any such assignment without such
                                            prior written consent shall be null and void.

 

[Signature Page Follows]

 

    - 12 -

     

    

 

IN WITNESS WHEREOF,
this Shareholders Rights Agreement has been duly executed as of the date first above written.

 

	 	 	 
	/s/ Amir Nechmad	 	/s/ Yair Nechmad
	AMIR NECHMAD	 	YAIR NECHMAD
	 	 	 
	/s/ David Ben-Avi	 	/s/ Yair Nechmad
	DAVID BEN-AVI	 	YAIR NECHMAD LTD.

 

[Signature Page to
Shareholders Rights Agreement]

 

    - 13 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]