Document:

Exhibit 4.5

 

DESCRIPTION OF THE
REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO
SECTION 12 OF THE

SECURITIES EXCHANGE ACT
OF 1934

 

As
of April 15, 2021, Vistas Media Acquisition Company Inc. has three classes of securities registered under Section 12 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”): (1) our units; (2) our Class A common stock;
and (3) our warrants.

 

The
following description of our units, Class A common stock, and warrants is a summary and does not purport to be complete. It is subject
to and qualified in its entirety by reference to our amended and restated certificate of incorporation and our Bylaws (the “Bylaws”),
each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.5 is
a part. We encourage you to read our amended and restated certificate of incorporation, our Bylaws and the applicable provisions of Delaware
General Corporations Law (Title 8, Chapter 1 of the Delaware Code) (the “DGCL”).

 

Terms
not otherwise defined herein shall have the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit
4.5 is a part.

 

General

 

Pursuant
to our amended and restated certificate of incorporation, we are authorized to issue 380,000,000 shares of our Class A common stock and
20,000,000 shares of our Class B common stock, as well as 1,000,000 shares of preferred stock, $0.0001 par value each.

 

Description of Units

 

Public Units

 

Each
unit has an offering price of $10.00 and consists of one share of Class A common stock and one redeemable warrant. Each whole warrant
entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment
as described in our prospectus (the “Prospectus”). Pursuant to the warrant agreement, a warrant holder may
exercise its warrants only for a whole number of the shares of Company’s Class A common stock. This means only a whole warrant
may be exercised at any given time by a warrant holder. For example, if a warrant holder holds one-half of one warrant to purchase
a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds two-halves of one warrant, such
whole warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share, subject to adjustment as
described in the Prospectus.

Private Placement Units

 

The
private placement units (including the private placement shares, the private placement warrants and the shares of Class A common
stock issuable upon exercise of such warrants) are identical to the units sold in the initial public offering (the “Public
Offering”) except that (a) they will not be transferable, assignable or salable until 30 days after the completion
of our initial business combination (except, among other limited exceptions as described in the Prospectus, to our officers and directors
and other persons or entities affiliated with our sponsor), (b) so long as they are held by members of our sponsor, I-Bankers or
their permitted transferees the private placement warrants (i) will not be redeemable by us and (ii) may be exercised by the
holders on a cashless basis, and (c) they will be entitled to registration rights, as described below.

     

     

    

In
order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such working
capital loans may be convertible into private placement-equivalent units at a price of $10.00 per unit at the option of the lender.
Such units would be identical to the private placement units, including as to exercise price, exercisability and exercise period of the
underlying warrants. The terms of such working capital loans by our sponsor or its affiliates, or our officers and directors, if any,
have not been determined and no written agreements exist with respect to such loans.

 

In
addition, holders of our private placement units are entitled to certain registration rights. Notwithstanding the foregoing, I-Bankers may
not exercise its demand and “piggyback” registration rights after five and seven years, respectively, after the effective
date of the registration statement of which the Prospectus forms a part and may not exercise its demand rights on more than one occasion.

 

Description
of Class A Common Stock

 

Stockholders
of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common
stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders
except as required by law. Unless specified in our amended and restated certificate of incorporation, or as required by applicable provisions
of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required
to approve any such matter voted on by our stockholders. Our board of directors is divided into three classes, each of which will generally
serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect
to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can
elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.

 

Because
our amended and restated certificate of incorporation authorizes the issuance of up to 380,000,000 shares of Class A common
stock, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to
increase the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote
on the business combination to the extent we seek stockholder approval in connection with our initial business combination. Our board
of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those
directors appointed prior to our first annual meeting of stockholders) serving a three-year term.

 

In
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until no later than one year
after our first fiscal year end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to
hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is
made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to
the consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which
requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial
business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance
with Section 211(c) of the DGCL.

     

     

    

 

We
will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares,
subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share (subject
to increase of up to an additional $0.20 per share in the event that our sponsor elects to extend the period of time to consummate a
business combination by the full six months, as described in more detail in the Prospectus). The per share amount we will distribute
to stockholders who properly exercise their redemption rights will not be reduced by the fee payable to I-Bankers pursuant to the
business combination marketing agreement. See the section entitled “Underwriting — Business Combination Marketing Agreement.”
Our initial stockholders, sponsor, officers and directors have entered into written agreements with us, pursuant to which they have agreed
to waive their redemption rights with respect to any founder shares, private placement shares and public shares they hold in connection
with the completion of our initial business combination. Unlike many special purpose acquisition companies that hold stockholder votes
and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public
shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote
is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our
amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender
offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation
requires these tender offer documents to contain substantially the same financial and other information about our initial business combination
and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is
required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many special purpose
acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to
the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the
shares of common stock voted are voted in favor of our initial business combination. However, the participation of our sponsor, officers,
directors, advisors or their affiliates in privately-negotiated transactions (as described in the Prospectus), if any, could result
in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to
vote, against such initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common
stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.

 

If
we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder,
together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without
our prior consent. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess
Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their
influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their
investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions
with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue
to hold that number of shares exceeding 20% and, in order to dispose of such shares would be required to sell their shares in open market
transactions, potentially at a loss.

 

If
we seek stockholder approval in connection with our initial business combination, I-Bankers, our initial stockholders, sponsor, officers
and directors have agreed to vote any founder shares, representative shares and private placement shares they hold and any public shares
purchased during or after the Public Offering in favor of our initial business combination. As a result, we would need 3,585,001, or
35.9%, of the 10,000,000 public shares sold in the Public Offering to be voted in favor of an initial business combination in order to
have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised).
Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed
transaction.

 

     

     

    

Pursuant
to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within 12 months
from the closing of the Public Offering (or up to 18 months from the closing of the Public Offering if we extend the period of time
to consummate a business combination by the full amount of time, as described in more detail in the Prospectus), we will (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days
thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less
up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions,
if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims
of creditors and the requirements of other applicable law. I-Bankers and our initial stockholders have entered into agreements with
us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their
founder shares, private placement shares and representative shares if we fail to complete our initial business combination within 12 months
from the closing of the Public Offering (or up to 18 months from the closing of the Public Offering if we extend the period of time
to consummate a business combination by the full amount of time, as described in more detail in the Prospectus) or any extended period
of time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate
of incorporation. However, if I-Bankers or our initial stockholders or management team acquire public shares in or after the Public
Offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to
complete our initial business combination within the prescribed time period.

 

In
the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each
class of shares, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There
are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity
to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then
outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein.

 

Description of Class B
Common Stock

 

The
founder shares are designated as Class B common stock and, except as described below, are identical to the shares of Class A
common stock included in the units being sold in the Public Offering, and holders of founder shares have the same stockholder rights
as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail
below, (ii) our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to
which they have agreed (A) to waive their redemption rights with respect to any founder shares and public shares they hold in connection
with the completion of our initial business combination, (B) to waive their redemption rights with respect to any founder shares
and public shares they hold in connection with a stockholder vote to approve an amendment to our amended and restated certificate of
incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial
business combination within 12 months (or up to 18 months) from the closing of the Public Offering or with respect to any other
material provisions relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their
rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial
business combination within 12 months (or up to 18 months) from the closing of the Public Offering or any extended period of
time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate
of incorporation, although they will be entitled to liquidating distributions from the trust account with respect to any public shares
they hold if we fail to complete our initial business combination within such time period, and (iii) the founder shares are automatically
convertible into shares of Class A common stock concurrently with or immediately following the consummation of our initial business
combination on a one-for-one basis, subject to adjustment as described herein and in our amended and restated certificate of incorporation.
If we submit our initial business combination to our public stockholders for a vote, our initial stockholders have agreed to vote their
founder shares and any public shares purchased during or after the Public Offering in favor of our initial business combination.

 

     

     

    

 

The founder
shares will automatically convert into shares of Class A common stock concurrently with or immediately following the consummation
of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations,
recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A
common stock or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number
of shares of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis,
20% of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions
of shares of Class A common stock by public stockholders and without giving effect to the private placements), including the total
number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities
or rights issued or deemed issued, by the company in connection with or in relation to the consummation of the initial business combination,
excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible into shares
of Class A common stock issued, or to be issued, to any seller in the initial business combination and any private placement units
issued to our sponsor, officers or directors upon conversion of working capital loans, provided that such conversion of founder shares
will never occur on a less than one-for-one basis.

 

With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and
other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier
of (A) one year after the completion of our initial business combination or earlier if, subsequent to our initial business combination,
the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after our initial business combination, and (B) the date following the completion of our initial business combination on which we
complete a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the
right to exchange their Class A common stock for cash, securities or other property. Up to 375,000 founder shares will be forfeited
by our sponsor depending on the exercise of the underwriters’ over-allotment option.

 

Description of Preferred Stock

 

Our
amended and restated certificate of incorporation authorizes 1,000,000 shares of preferred stock and provides that shares of preferred
stock may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any,
designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations
and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without stockholder approval,
issue shares of preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders
of the common stock and could have anti-takeover effects. The ability of our board of directors to issue shares of preferred stock
without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing
management. We have no preferred shares outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred
stock, we cannot assure you that we will not do so in the future. No shares of preferred stock are being issued or registered in the
Public Offering.

 

Description of Warrants

 

	1.	Public Stockholders’ Warrants

 

Each
warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share (or such lower
price as we may determine pursuant to the terms of the warrant agreement), subject to adjustment as discussed below, at any time commencing
on the later of 12 months from the closing of the Public Offering and 30 days after the completion of our initial business
combination, provided in each case that we have an effective registration statement under the Securities Act covering the shares of Class A
common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise
their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified
or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. The warrants will expire
five years after the completion of our initial business combination, at 5:00 p.m., New York City time (or such later date as we
may determine pursuant to the terms of the warrant agreement), or earlier upon redemption or liquidation.

 

     

     

    

 

We will not
be obligated to deliver any Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such
warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the
warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with
respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of Class A common stock upon
exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that
the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will
not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to
net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of
a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock
underlying such unit. 

 

We have agreed that as soon
as practicable, but in no event later than fifteen (15) business days after the closing of our initial business combination, we will use
our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common
stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the
provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise
of the warrants is not effective by the sixtieth (60th) business day after the closing of our initial business combination,
warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to
maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9)
of the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock are at the time of any exercise
of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to
do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we
will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption

 

Once the warrants become
exercisable, we may call the warrants for redemption for cash:

 

		•	in whole and not in part;

 

		•	at a price of $0.01 per warrant;

 

		•	upon not less than 30 days’ prior written notice of
redemption (the “30-day redemption period”) to each warrant holder; and

 

		•	if, and only if, the closing price of the common stock equals
or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like and
for certain issuances of Class A common stock and equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination as described elsewhere in the Prospectus) for any 20 trading days within a 30-trading day period
ending three business days before we send to the notice of redemption to the warrant holders.

 

If and when the warrants
become redeemable by us for cash, we may exercise our redemption right even if we are unable to register or qualify the underlying securities
for sale under all applicable state securities laws.

     

     

    

We have established the
last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities for capital raising
purposes in connection with the closing of our initial business combination as described elsewhere in the Prospectus) as well as the
$11.50 warrant exercise price after the redemption notice is issued.

 

Redemption
procedures

 

If we call
the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise his,
her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants
on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that
are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable
upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price
by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the
product of the number of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value”
of our Class A common stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair
market value” will mean the average closing price of the Class A common stock for the 10 trading days ending on the third
trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage
of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common
stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless
exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.
We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial
business combination. If we call our warrants for redemption and our management does not take advantage of this option, the holders of
the private placement warrants and their permitted transferees would still be entitled to exercise their private placement warrants for
cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all
warrant holders been required to exercise their warrants on a cashless basis.

 

A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the
right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as
a holder may specify) of the Class A common stock outstanding immediately after giving effect to such exercise.

 

If
the number of outstanding shares of Class A common stock is increased by a share capitalization payable in shares of Class A
common stock, or by a split-up of common stock or other similar event, then, on the effective date of such share capitalization,
split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased
in proportion to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders
to purchase Class A common stock at a price less than the fair market value will be deemed a share capitalization of a number of
shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold
in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for Class A common stock) and (ii) the quotient of (x) the price per share of Class A common stock paid in such rights
offering and (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or
exercisable for shares of Class A common stock, in determining the price payable for Class A common stock, there will be taken
into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair
market value means the volume weighted average price of shares of Class A common stock as reported during the ten (10) trading day
period ending on the trading day prior to the first date on which the Class A common stock trades on the applicable exchange or
in the applicable market, regular way, without the right to receive such rights.

 

     

     

    

 

In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the
holders of Class A common stock on account of such Class A common stock (or other securities into which the warrants are convertible),
other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders
of Class A common stock in connection with a proposed initial business combination, or (d) in connection with the redemption
of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased,
effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or
other assets paid on each share of Class A common stock in respect of such event.

If the number of outstanding
shares of Class A common stock is decreased by a consolidation, combination, reverse share split or reclassification of Class A
common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion
to such decrease in the outstanding shares of Class A common stock.

 

Whenever
the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the
warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants
immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock
so purchasable immediately thereafter.

 

In
addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes
in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per
share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors
and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares
held by our initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for
the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions),
and (z) the volume weighted average trading price of our Class A common stock during the 20 trading day period starting on
the trading day after the day on which we consummate our initial business combination (such price, the “Market Value”) is
below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of
the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described in the Prospectus.

 

In case of
any reclassification or reorganization of the outstanding Class A common stock (other than those described above or that solely
affects the par value of such Class A common stock), or in the case of any merger or consolidation of us with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or
reorganization of our outstanding Class A common stock), or in the case of any sale or conveyance to another corporation or entity
of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders
of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
the warrants and in lieu of the Class A common stock immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of Class A common stock or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less
than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of
Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder
of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise
price will be reduced as specified in the warrant agreement based on the Black-Scholes Warrant Value (as defined in the warrant
agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when
an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise
do not receive the full potential value of the warrants.

     

     

    

The warrants will be issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, and that all other modifications or amendments will require the vote or written consent of the holders of at
least 50% of the then outstanding public warrants, and, solely with respect to any amendment to the terms of the private placement warrants,
a majority of the then outstanding private placement warrants. You should review a copy of the warrant agreement, which will be filed
as an exhibit to the registration statement of which the Prospectus is a part, for a complete description of the terms and conditions
applicable to the warrants.

 

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date
at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as
indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check
payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common
stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance of Class A
common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to
be voted on by stockholders.

 

	2.	Private Placement Warrants

 

The
private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not
be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other
limited exceptions as described under the section of the Prospectus entitled “Principal Stockholders — Restrictions
on Transfers of Founder Shares and Private Placement Securities,” to our officers and directors and other persons or entities affiliated
with our sponsor) and they will not be redeemable by us so long as they are held by our sponsor, I-Bankers (and/or its designees)
or their permitted transferees. Our sponsor, I-Bankers (and/or its designees) and their permitted transferees, have the option to
exercise the private placement warrants on a cashless basis. Except as described below, the private placement warrants have terms and
provisions that are identical to those of the warrants being sold as part of the units in the Public Offering, including as to exercise
price, exercisability and exercise period. If the private placement warrants are held by holders other than our sponsor, I-Bankers (and/or
its designees) or their permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders
on the same basis as the warrants included in the units being sold in the Public Offering.

 

In
addition, for as long as the private placement warrants are held by I-Bankers or its designees or affiliates, they may not be exercised
after five years from the effective date of the registration statement of which the Prospectus forms a part.

 

If
holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price
of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value”
shall mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading
day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these
warrants will be exercisable on a cashless basis so long as they are held by our sponsor, I-Bankers (and/or its designees) or their
permitted transferees is because it is not known at this time whether they will be affiliated with us following an initial business combination.
If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to
have policies in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods
of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession
of material non-public information. Accordingly, unlike public stockholders who could sell the shares of Class A common stock
issuable upon exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. As a
result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 

In order to finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers
and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such working capital loans may be
convertible into private placement-equivalent units at a price of $10.00 per unit at the option of the lender. Such units would
be identical to the private placement units, including as to exercise price, exercisability and exercise period of the underlying warrants.
The terms of such working capital loans by our sponsor or its affiliates, or our officers and directors, if any, have not been determined
and no written agreements exist with respect to such loans.

 

     

     

    

 

In
addition, holders of our private placement warrants are entitled to certain registration rights.

 

Our
sponsor and I-Bankers (and/or its designees) have agreed not to transfer, assign or sell any of the private placement units (including
the underlying securities and the Class A common stock issuable upon exercise of any of the private placement warrants) until the
date that is 30 days after the date we complete our initial business combination, except that, among other limited exceptions as
described in the Prospectus made to our officers and directors and other persons or entities affiliated with our sponsor.

 

Representative Warrants

 

We granted to I-Bankers (and/or
its designees) 500,000 warrants exercisable at $12.00 per share (or an aggregate exercise price of $6,000,000 (or $6,900,000 if the underwriters’
over-allotment option is exercised in full)) upon the closing of the Public Offering. The warrants may be exercised for cash or on
a cashless basis, at the holder’s option, at any time during the period commencing on the later of the first anniversary of the
effective date of the registration statement of which the Prospectus forms a part and the closing of our initial business combination
and terminating on the fifth anniversary of such effectiveness date. Notwithstanding anything to the contrary, I-Bankers has agreed
that neither it nor its designees will be permitted to exercise the warrants after the five-year anniversary of the effective date
of the registration statement of which the Prospectus forms a part. The warrants and such shares purchased pursuant to the warrants have
been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the
date of the effectiveness of the registration statement of which the Prospectus forms a part pursuant to FINRA Rule 5110(g)(1). Pursuant
to FINRA Rule 5110(g)(1), these securities may not be sold, transferred, assigned, pledged or hypothecated or the subject of any
hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person
for a period of 180 days immediately following the effective date of the registration statement of which the Prospectus forms a part
except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners. The warrants grant
to holders certain registration rights with respect to the registration under the Securities Act of the shares of Class A common
stock issuable upon exercise of the warrants. The exercise price and number of shares of Class A common stock issuable upon exercise
of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or our recapitalization, reorganization,
merger or consolidation. However, the warrants will not be adjusted for issuances of shares of Class A common stock at a price below
its exercise price. We will have no obligation to net cash settle the exercise of the warrants. The holder of the warrants will not be
entitled to exercise the warrants for cash unless a registration statement covering the securities underlying the warrants is effective
or an exemption from registration is available.Document

Exhibit 10.2

SIMILARWEB LTD.
The 2012 Incentive Option Plan
1.    PURPOSE OF THE PLAN
The purpose of this 2012 Incentive Option Plan (the “Plan”) is to promote the interests of SimilarWeb Ltd. (the “Company”) and its shareholders by attracting and retaining the best available personnel for positions of substantial responsibility, providing additional incentive to employees, office holders and service providers and promoting a close identity of interests between those individuals and entities and the Company, and to enable the Company, under appropriate circumstances, to donate share capital for charitable purposes.
2.    DEFINITIONS
As used herein, the following definitions shall apply:
2.1    “Administrator” means the Board or the Committee, as shall administer the Plan, as set forth herein.
2.2    “Articles” mean the Company’s Articles of Association, as amended from time to time.
2.3    “Board” means the Board of Directors of the Company.
2.4    “Committee” means the Company’s compensation committee, or in the case there is no such committee, a committee appointed in order to administer the Plan, and until such committee is appointed, the Board.
2.5    “Companies Law” means the Israeli Companies Law 5759 - 1999.
2.6    “Employee” means: (I) any person, employed by the Company or employed by any Related Entity; and (II) any Office Holder (as such term is defined in the Companies Law), officer or Director of the Company or a Related Entity.
2.7    “Exercise Price” means the price that is to be paid in order to exercise an Option.
2.8    “Group” means the Company and the Related Entities taken together.
2.9    “IPO” means an initial public offering of the Company’s Shares.
2.10    “Option” means an option to purchase a Share according to the provisions of this Plan.
2.11    “Option Grant” means a single grant of Options to a certain Participant as determined by the Board or the Committee.
2.12    “Option Grant Letter Agreement” means the notice letter attached to this Plan as Exhibit A.
2.13    “Participant” means a person or entity that has been granted Options.

2.14    “Related Entity” means any parent or subsidiary of the Company.  In addition, Related Entity shall include any business, corporation, partnership, limited liability company or other entity in which the Company, or the Company’s parent or a subsidiary holds a substantial ownership and/or interest, directly or indirectly, and is determined by the Board to be a Related Entity.
2.15    “Service Provider” means a person or entity who is engaged by the Company or any Related Entity to render services (e.g., consulting services, advisory services, development services, marketing and sale services or any other services, including suppliers) to the Company or a Related Entity.
2.16    “Share” means the Company’s Ordinary A Share of NIS 0.01 par value, or that was issued following an exercise of an Option.
2.17    “Total Option Amount” means the amount of Options granted to a Participant in a single Option Grant.
3.    ADMINISTRATION OF THE PLAN
3.1    Subject to the provisions of the Plan, any applicable law, the Articles and any other binding commitments taken by the Company, the Board or the Committee shall have the power and authority to administer the Plan.  Such power and authority shall include, but not be limited to: (i) approval of Option Grants and the determination of the terms and provisions of respective Option Grants, including, the vesting schedules of the Options; the Exercise Price thereof; provisions concerning the time or times when and the extent to which Options may be exercised; the nature and duration of restrictions as to transferability; or any other special conditions relating to an Option Grant; (ii) the acceleration of any Participant’s right to exercise Options, in whole or in part; (iii) the interpretation of the provisions of the Plan; (iv) altering, amending or rescinding any resolution or act previously taken by the Committee; and (v) the determination of any other matter which is necessary or desirable for, or incidental to, the administration of the Plan, as set forth in the Plan.
3.2    Notwithstanding the above, the Board shall have the power and authority to take any act the Committee is empowered and authorized to take and to alter amend or rescind any act or resolution taken by the Committee.
3.3    The Committee shall consist of such number of directors as may be appointed by the Board.
3.4    The Board shall have the exclusive discretion and power to grant Options.  Such power may be delegated by the Board to the Committee subject to the provisions of the Companies Law.
3.5    All Committee resolutions and decisions, including the interpretation and construction of any provision of the Plan, shall be final and conclusive unless otherwise determined by the Board.
2

3.6    No member of the Board or of the Committee shall be held liable for any act or determination made in good faith with respect to the Plan or any Option Grant.
4.    SHARES RESERVED FOR THE PLAN
4.1    Subject to adjustments, as set forth in Section 9 below, a total of 762 Ordinary A Shares, of NIS 0.01 par value each, from the Company’s authorized share capital shall be reserved and subject to the Plan (the “Reserved Shares”).
4.2    Until termination of the Plan the Company shall at all times reserve sufficient number of Ordinary A Shares in its authorized share capital to cover for all Reserved Shares that were not issued.
4.3    Without derogating from Section 4.2 above:
4.3.1    The Company need not reserve Shares with respect to Options that terminated, expired or were canceled for any reason prior to exercise thereof.
4.3.2    In the case that there are certain Reserved Shares, which remain unissued and which are not subject to outstanding Options, then the Board may resolve that such Reserved Shares shall cease to be reserved.
5.    DESIGNATION OF PARTICIPANTS; OPTION GRANTS
5.1    The Board may grant Option Grants to the following persons and entities:
5.1.1    Employees.
5.1.2    Service Providers and their employees.
5.1.3    Charitable entities or other persons or entities that Option Grants may be donated to in order to promote charitable purposes.
5.2    Unless determined otherwise by the Board or Committee, a Participant shall not be required to pay any consideration for an Option Grant.
6.    VESTING; EXERCISE PERIOD
6.1    Unless determined otherwise by the Committee, upon approval of the Option Grant or thereafter, Options underlying an Option Grant shall vest over Four (4) years, commencing on the vesting commencement date (the “Vesting Commencement Date”) as determined by the Committee.
6.2    The vesting schedule of each Option Grant shall be as determined by the Committee.  However, unless determined otherwise by the Committee, upon approval of the Option Grant or thereafter, the following shall apply:
25% of the Total Option Amount shall vest on the first anniversary of the Vesting Commencement Date, and additional 6.25% of the Total Option Amount shall vest on the last day of each three months period immediately after the first anniversary of the Vesting Commencement Date.
3

In the case that as a consequence of the vesting schedule mentioned above a fraction of vested Option is created, then such fraction shall be rounded up or down, as determined by the Company.
6.3    Notwithstanding anything to the contrary in this Plan, all Options shall terminate and not bestow any rights on their owner after ten years from the date the Options were granted.  All Options that have not been exercised by such date shall expire immediately and the Participants shall not have any claim against the Company with respect thereto.
6.4    The period within which Options are exercisable shall be called the “Exercise Period”.  Options which have not been exercised during the Exercise Period shall expire immediately, and will be automatically returned to the Options pool and may be re-allocated.
7.    TERMINATION OF EMPLOYMENT WITH THE GROUP
In the event that the Participant is an Employee at the time of the Option Grant, whose employment with the Group was subsequently terminated, for whatever reason but subject to Section 7.6 (including but not limited to (i) dismissal of a Participant or (ii) a Participant’s resignation, or (iii) death of a Participant or (iv) disability of a Participant), then the following provisions shall apply:
7.1    The date on which employment was terminated under applicable labor laws, or, in the case an Employee is not an employee under applicable labor laws the date in which such Employee ceases to be an Employee as defined in the Plan, shall be deemed the date in which such Employee’s employment was terminated (“Employment Termination Date”).
7.2    On the Employment Termination Date all Options that are not vested shall immediately expire.
7.3    In the event that the Participant’s termination of employment is not due to the Participant’s death (but does include termination due to Disability), then the Participant will be entitled to exercise all, or part of, the vested Options that have not expired, for a period of ninety (90) days after the Employment Termination Date.  After such ninety (90) days period, all unexercised Options will automatically expire.
For purposes of this Section 7.3, “Disability” shall mean the inability, due to illness or injury, to engage in any gainful occupation for which the individual is suited by education, training or experience, which condition continues for at least six (6) months.
7.4    Notwithstanding the above, in the event of termination of employment due to the Participant’s death or Disability, the Participant (if applicable) or Participant’s estate, or other person who acquired the right to exercise the Options by way of bequest or inheritance, may, but only within six (6) months after the date of such death, exercise all, or part of, the vested Options that have not expired.  After such six (6) months period, all unexercised options shall automatically expire.
7.5    Notwithstanding this Section 7, all Options granted to a certain Employee (whether vested or unvested) will immediately expire if the termination of the Participant’s 
4

employment is due to Participant’s breach of his/her employment agreement (whether written or oral) including without limitation, a breach of non compete obligations, or breach of his/her fiduciary duties towards the Company or a Related Entity as determined by the Committee, in its sole discretion, or any other termination by the company for “cause” (if such term is defined otherwise in the employment agreement with the Employee) or in the case that competent court or other authority resolves that such employee is not entitled to discharge compensation.
7.6    For the purposes of this Plan, the Committee or Board is authorized to determine if and when a Participant terminated his/her employment with the Company, and due to what reason, subject to the provisions of Israeli labor laws with respect to Israeli employees.
7.7    The Committee or the Board shall be entitled, prospectively and retroactively, to extend the periods in which Options (either vested or unvested) do not expire and remain exercisable after the Employment Termination Date.
7.8    In no event shall the Company be required to notify a Participant regarding the expiration of the applicable exercise period prior thereto.
8.    TERMINATION OF ENGAGEMENT WITH THE GROUP
In the event that a Participant is not an Employee, and the engagement of such Participant with the Group is terminated, or such engagement materially and adversely changes, then, unless otherwise specified in the Option Grant Letter Agreement, or otherwise determined by the Committee, on the date of such termination or change, all Options that have not vested by then shall expire and the vested options shall remain exercisable as specified in sections 7.3, 7.4 or 7.5, as the case may be, which shall apply mutatis mutandis to such Participant.
9.    ADJUSTMENTS
9.1    Merger, Sale of the Company or Sale of the Company’s Assets.
In the event of a merger of the Company into another corporation, in a way that the Company shall no longer continue to exist as a legal entity subsequent to such merger, the sale of all, or substantially all of the Company’s issued and outstanding shares to a third party or the sale of all, or substantially all of the assets of the Company (each of them, a “Transaction”), then the following provisions shall apply, as will be determined by the Board, at its sole discretion:
9.1.1    Each outstanding Option shall be assumed by, or an equivalent option shall be substituted by the successor corporation or a parent or subsidiary of the successor corporation.
9.1.2    In the event that the successor corporation does not agree to assume the Options or to substitute them with equivalent options, the Committee may in lieu of such assumption or substitution, provide for the Participant to have the right to exercise the Options as to all, or part of the Shares, including certain Shares as to which it would not otherwise be exercisable.
5

9.1.3    In addition to Section 9.1.2 above, and if Section 9.1.1 does not apply, the Committee may notify the Participants that all Options that are exercisable shall remain so for a period of no less then seven (7) days from the date of such notice, and that all Options will terminate upon the expiration of such period.  In any case, the Committee may condition the termination of all said Options upon consummation of the Transaction.
9.2    Bonus Shares
In the event that the Company issues any of its shares as bonus shares to all its shareholders, on a pro rata basis, then the number of Shares received upon exercise of certain Options shall be increased to the number of Shares the Participant would have held after the issuance of the bonus shares had such Participant exercised such Options immediately before the issuance of the bonus shares.
9.3    Reorganization; Separation
If the Company is separated, reorganized, or consolidated with another corporation (other than as part of a Transaction) while Options which were not yet exercised remain outstanding under this Plan, the Company shall use reasonable efforts to maintain the rights of each Participant through such separations, reorganizations or consolidations, or compensate the Participant for such event in lieu of the Options such Participant holds.  The Committee, at its sole discretion, shall determine what steps shall be taken according to this section 9.3.
9.4    Changes in Capitalization
If the outstanding shares of the Company shall at anytime be changed or exchanged by declaration of a share split, reverse share split, combination or reclassification of Ordinary A Shares, or any other increase or decrease in the number of the Company’s Ordinary A Shares effected without receipt of consideration by the Company from the shareholders, then the number, class and kind of Shares subject to this Plan or subject to any Options therefore granted, and the Exercise Prices of the Options, shall be appropriately and equitably adjusted so as to maintain the proportionate number of Shares without changing the aggregate Exercise Prices of the Options (except in case the Exercise Price is equal to the par value of the shares, in which case the Exercise Price will be increased respectively).  However no adjustment shall be made by reason of the distribution of subscription rights on outstanding shares, or conversion of securities into shares of the Company.
9.5    Other terms and conditions
9.5.1    The allocation of each Option Grant hereunder is subject to the relevant Participant’s agreement to sign any document he/she is required to sign pursuant to the provisions of this section 9.  If a Participant refuses to sign any such documents, the Committee or Board may determine that the Options held by the Participant or by a trustee for such Participant’s benefit shall immediately expire.
9.5.2    Such adjustments as mentioned in this Section 9 shall be made by the Committee, whose determination in such respect shall be final, binding and conclusive.
6

9.5.3    Anything herein to the contrary notwithstanding, if prior to an IPO, there is a bona fide offer to purchase all or substantially all of the issued and outstanding shares of the Company, or upon a reorganization separation or the like, all or substantially all of the shares of the Company are to be exchanged for securities of another company, then each Participant shall be obliged to sell or exchange (in accordance with the value of such Participant’s Options and Shares pursuant to the terms of such transaction) as the case may be, any Shares such Participant purchases hereunder, in accordance with the instructions issued by the Board in connection with such transaction, which will be given according to a policy of the Board concerning all of the Participants under the Plan and the Participant shall have no claim against the Board and its policy.
10.    ASSIGNABILITY AND SALE OF OPTIONS
No Option shall be assignable, transferable, given as collateral, hypothecated pledged or encumbered and no right with respect to the Options shall be given to any third party whatsoever, and during the lifetime of each Participant, each and all of such Participant’s rights to purchase Shares hereunder shall be exercisable only by such Participant.
11.    TERM AND EXERCISE OF OPTIONS
11.1    Options shall be exercised by a Participant by giving written notice to the Company, in the form substantially attached hereto as Exhibit B or such other form(s) and method as may be determined by the Company from time to time (the “Exercise Notice”).
11.2    The Exercise Price shall be payable upon the exercise of the Option in cash or by check, or other form satisfactory to the Committee.
11.3    The Exercise Price will be paid in NIS, or if the Exercise Price is fixed in U.S. dollars, in U.S. dollars or in accordance with the representative rate of exchange of the U.S. dollar, last published by the Bank of Israel at the time of actual payment, or as provided for by the Company.
11.4    Each Participant will be entitled to exercise, upon signing the Exercise Notice and any additional documents as required by the Company, and paying the Exercise Price, all, or part of the Options that are vested at the Exercise Period.
11.5    Options shall not be deemed exercised unless: (I) the Company receives a duly signed Exercise Notice including all relevant details; and (II) the Company receives the Exercise Price.
11.6    The Options may be exercised only to purchase whole Shares, and in no case may a fraction of a Share be purchased.  If any fractional Shares would be deliverable upon exercise, such fraction shall be rounded up or down, to the nearest whole number.  Half of a Share will be rounded up.
11.7    Each Option granted under this Plan shall be exercisable during the Exercise Period.  Subject to adjustments, as set forth in Section 9 above, the exercise of one Option shall entitle the Participant to hold one Share.
7

11.8    Without derogating from any restrictions mentioned hereinabove, the exercise of the Options is being subject to the following terms, restrictions and conditions as may be in effect on the time of the exercise of the Options is requested: (i) any applicable law or regulation; (ii) any order or limitation set by any stock exchange in which the Company’s securities may be traded (e.g., blackout periods, and lock up after an IPO); and (iii) any limitation undertaken by the Company with respect of the shares of the Company, including limitations set forth by Company’s underwriters.  Such period of restriction of sale or exercise shall not be counted as part of the applicable exercise period.
12.    RIGHTS AND OBLIGATIONS ATTACHED TO THE SHARES
12.1    No Participant shall have any of the rights or privileges of a shareholder of the Company with respect to any of the Shares, unless and until, following exercise, the registration of the Participant as holder of such Shares in the Company’s register of members is duly completed.
12.2    The rights and obligations attached to the Shares will be as set forth in the Articles.  The Shares may be subject to rights of first refusal, co-sale rights and other rights specified in the Articles.
12.3    The Participant waives any of the following rights to the extent such rights are attached to the Shares: (i) pre-emptive rights in relation to issuance of new securities in the Company; (ii) rights of first refusal in relation with any sale of shares of the Company; (iii) co-sale rights in relation with any sale of shares of the Company.
12.4    Unless provided otherwise by the Committee, until an IPO, all voting rights, and rights to receive information from the Company with respect to the Shares shall be granted to the Board or as determined by the Board, in accordance with Exhibit C attached hereto.
12.5    Without derogating from any restrictions mentioned hereinabove, by accepting an Option Grant, each Participant agrees that the sale or disposal of Shares is subject to the following terms, restrictions and conditions as may be in effect on the time when such sale or disposal is requested: (i) any applicable law or regulation; (ii) any order or limitation set by any stock exchange in which the Company’s securities may be traded (e.g., blackout periods, and lock up after an IPO); and (iii) any limitation undertaken by the Company with respect of the shares of the Company, including limitations set forth by Company’s underwriters.
12.6    Until an IPO the Company shall have the authority to endorse upon the certificate or certificates representing the Shares such legends referring to the foregoing restrictions, and any other applicable restrictions, as it may deem appropriate (and which do not violate the Participant’s rights according to this Agreement).
12.7    By accepting an Option Grant, each Participant agrees that in the case of an IPO or after registering the Company’s securities for trading, to sign any document and approve any resolution or restriction upon the Shares, or modify the terms of allocation of the Shares, if such Participants signature or approval or such restriction or modification were reasonably required, in the Committee’s discretion, in order to facilitate the Company in meeting all the underwriters and stock exchange demands and all applicable securities and corporate laws and regulations.
8

12.8    The Participant shall not sell, pledge, transfer or otherwise dispose of any Shares in transactions which violate, according to the Company’s sole discretion, any applicable laws, rules and regulations, or the Articles.
12.9    No transfer of Shares shall be effective if the Committee determines that the transferee is a competitor of the Company (either directly or indirectly).
12.10    Notwithstanding anything to the contrary in this Section 12, as long as Shares are held by a trustee for the benefit of a Participant (if applicable) the Shares shall not be sold, pledged, transferred or otherwise disposed of, by the Participant until an IPO, or until such time or event as determined by the Committee, either individually or with respect to all Participants.
13.    TERM OF THE PLAN
This Plan shall be effective as of July __, 2012, which is the day it was adopted by the Board and shall terminate when all the Options are exercised into Shares or expired in accordance with the provisions of this Plan or such other date as shall be determined by the Board, which date shall be no later than July __, 2022.
14.    AMENDMENTS; TERMINATION
14.1    The Board may, at any time and from time to time, amend, alter or terminate the Plan, provided, however, that the rights of the Participants shall not be adversely affected, unless such Participants agreed to such amendment, alteration or termination.
14.2    The Plan may be terminated at any time by an action of the Board, but any such termination will not terminate any Options granted under this Plan, which are then outstanding, without the consent of the Participant that is holding such Options.
15.    BINDING EFFECT
The provisions of the Plan shall be binding upon the heirs, executors, administrators, and successors of the Participants.
16.    GOVERNMENT REGULATIONS AND OTHER RESTRICTIONS
16.1    This Plan, the Option Grant Letter Agreements, the grant and exercise of Options hereunder, the obligation of the Company to issue the Shares, and any other act or obligation of the Company or any related individual or entity acting in connection with this Plan are all subject to the Articles, all applicable laws, rules, and regulations, whether of the State of Israel or of the United States or any other state having jurisdiction over the Company and any Participant.
16.2    By accepting an Option Grant, each Participant agrees not to sell, pledge, transfer or otherwise dispose of any of the Shares such Participant may hold except in compliance with: (I) the United States Securities Act of 1933, as amended, and the rules and regulations thereunder if applicable; and (II) the Israeli Securities Law 5728 – 1968; and (III) any other applicable securities law, regulations or other rules set by any stock exchange in which the Company’s securities may be traded; and to further agree that certificates evidencing any of such Shares shall bear appropriate legend to reflect such restrictions.  The Company does not obligate itself to 
9

register any shares under the United States Securities Act of 1933, as amended or any other securities laws.
17.    TAX CONSEQUENCES, INDEMNIFICATION
17.1    Any tax consequences (pursuant to Israeli or any other applicable law that the relevant Participant is subject to), including tax consequences due to adjustments, made in accordance with Section 9 above, arising from the grant or exercise of any Option, the payment for Shares covered thereby, or any other event or act (of the Company or any Participant) relating to the Plan, shall be borne solely by each Participant.
17.2    The Company and/or the Board and/or the Committee and/or a trustee for the Plan shall not be required to release any Share certificates or transfer any Shares to a Participant until all required tax payments have been fully made.
17.3    The Company may withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source.  In the case that applicable law requires so, the Company shall deduct taxes at source.  Such deduction may be made from any proceeds attributed to the exercise of the Options and sale of Shares, or from any proceeds the Participant is entitled to receive from the Group or other proceeds such Participant owns and are held by the Group, including from Participant’s salary or other proceeds he/she is entitled to receive from the Company or a Related Entity.  It is explicitly stated herein that each Participant who is an Employee, by accepting an Option Grant agrees to the deduction from his/her salary of any amounts that in the Company’s determination are required to be deducted under applicable law in connection with the Plan.  In any such case, the Company shall be entitled to offset any amounts due to such Participant on account of such taxes.
17.4    In the case that the Company, or any other person on its behalf is required to pay taxes, that under applicable law should have been paid by the Participant, then such Participant shall immediately either pay such tax, or, if such tax was already paid, reimburse the Company, or such other person for the total amount paid.
17.5    Neither the Company, nor any Related Entity nor anyone on their behalf, shall give, or be deemed to be giving any Participant, or a potential Participant, advice regarding tax consequences relating to the Plan and issuance of securities thereunder.  Each Participant shall rely solely, while considering participation in the Plan, on the advice of such Participant’s consultants.
18.    CONTINUANCE OF EMPLOYMENT OR ENGAGEMENT
Neither the Plan nor any Option Grant shall be construed to impose any obligation on any entity included in the Group to continue any Participant’s employment with it (in the case that the Participant is an Employee) or to maintain any business engagement with such Participant.  Nothing in the Plan or in any Option Grant shall confer upon any Participant any right to continue to be employed by the Group or to maintain any other business engagement with it, or restrict the right of any entity included in the Group to terminate such employment or business engagement at any time.
10

19.    RULES PARTICULAR TO SPECIFIC COUNTRIES
19.1    Notwithstanding anything herein to the contrary, the terms and conditions of the Plan may be amended with respect to particular types of Participants as determined by the Board (for example, Israeli employees, employees that are subject to US taxation) by an addendum to the Plan (the “Appendix”).
19.2    The Company may adopt one or more Appendixes.  Each Appendix shall be approved by the Board and as required or advisable under applicable law.
19.3    The terms of an Appendix shall govern only with respect to the types of Participants specified in such Appendix.
19.4    In the case that the terms and conditions set forth in an Appendix conflict with any provisions of the Plan, the provisions of the Appendix shall govern with respect to Participants that are subject to such Appendix, provided, however, that such Appendix shall not be construed to grant the Participants rights not consistent with the terms of the Plan, unless specifically provided in such Appendix.
20.    NON-EXCLUSIVITY OF THE PLAN
20.1    The adoption of the Plan by the Board shall not be construed as amending, modifying or rescinding any previously approved incentive arrangements or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of Options other than under this Plan, and such arrangements may be either applicable generally or only in specific cases.
20.2    The grant of Options hereunder shall neither entitle the recipient thereof to participate, nor disqualify him from participating in, any other grant of Options pursuant to this Plan or any other option or stock plan of the Company.
21.    MULTIPLE AGREEMENTS; OTHER CORPORATE ACTIONS
21.1    The terms of each Option Grant may differ from other Options Grants granted under the Plan at the same time, or at any other time.  The Board may also grant more than one Option Grant to a certain Participant during the term of this Plan, either in addition to, or in substitution for, one or more Option Grants previously granted to such Participant.
21.2    Under no circumstances shall the Plan be construed to grant any right to a Participant, or any other third party, to postpone, delay or affect any corporate action resolved by the Company.
22.    GOVERNING LAW & JURISDICTION
This Plan shall be governed by, construed and enforced in accordance with the laws of the State of Israel, without giving effect to the principles of conflict of laws.  Any dispute or claim shall be put to the Board’s resolution.  Subject to the above, the competent courts of Tel-Aviv, Israel shall have sole jurisdiction in any matter pertaining to this Plan, and any other issue related to it.
11

23.    NO WAIVER
The failure of the Company or any other party acting on its behalf or assisting it in implementing the Plan to enforce at any time any provisions of the Plan shall not be construed to constitute a waiver of such provision or of any other provision hereof.
24.    NOTICES
24.1    Any notice, request, demand or other communication required or permitted under the Plan shall be in writing and shall be deemed to have been duly given, made and received only by personal delivery or if sent by certified mail, postage prepaid, return receipt requested, overnight delivery service, facsimile transmission (with confirmation of delivery), or confirmed e-mail to the address of the Company (if sent to the Company), or to the address of the Participant as such was provided by him in the Option Grant Letter Agreement, unless such address is changed by written notice received by the Company.
24.2    Except as otherwise set forth herein, any notice sent by mail shall be deemed to be given six days after deposit with the relevant post service; any notice sent by overnight delivery service shall be deemed given the first business day after deposited with the delivery service; and any notice sent by facsimile transmission or e-mail, shall be deemed given when transmitted if sent during normal business hours or if not, on the next business day; and any notice given by personal delivery shall be deemed given on the date of delivery.
24.3    In the case a certain Participant changes his or her contact details, in a way that the contact details provided to the Company by him do not enable the Company to provide notices and other communications to such Participant, then such Participant shall be deemed to have waived his or her right to receive any notices, and the Committee shall have the right, in its sole discretion, to take any appropriate action under the circumstances.
12

Appendixes
Appendix A: Terms of grant of options to Israeli employees
Exhibits:
Exhibit A: Option Grant Letter Agreement
Exhibit B: Form of Exercise Notice
Exhibit C: Proxy
13

Appendix A
Terms of grant of Options to Israeli employees
1.    Purpose of the Appendix
1.1    This Appendix (the “Appendix”) is made as part of the Plan (as defined herein whereas all terms not otherwise defined herein shall have the meaning ascribed to them in the Plan) and pursuant to the provisions of Section 102 of the Income Tax Ordinance (as defined herein).
1.2    This Appendix governs grants of Options to Israeli Employees, either by a Trustee, or without a Trustee.
2.    Definitions
As used herein, the following definitions shall apply:
2.1    “Capital Gain Method” means choosing the alternative of capital gain method under Section 102.
2.2    “Eligible Participant” means any employee as such term is defined in Section 102.  Without derogating from the foregoing Eligible Participant shall include any employee or Office Holder (as such term is defined in the Companies Law) of the Company or any Subsidiary except for such persons that are deemed to be ‘Ba’al Shlita’ under Section 32 to the Income Tax Ordinance.
2.3    “Deposit Date” means the date in which options were deposited with the Trustee for the benefit of a certain Participant.
2.4    “Income Tax Authorities” mean the Israeli income tax authorities that are authorized to give approvals in relation with this Appendix and Option Grants to Eligible Participants.
2.5    “Income Tax Ordinance” means the Israeli Income Tax Ordinance (New Version) 1961, as amended from time to time.
2.6    “Labor Income Method” means choosing the alternative of labor income method under Section 102.
2.7    “Participant” means any Eligible Participant who is granted with Options.
2.8    “Plan” means the 2012 Incentive Option Plan this Appendix is attached to.
2.9    “Realization Event” means, with respect to each Option Grant granted to a certain Participant, the earlier to occur of: (I) transfer of Securities from the Trustee to such Participant; or (II) the sale of Shares by the Trustee; or (III) one day before such Participant is no longer an Israeli resident (as provided for in Section 100A to the Income Tax Ordinance).
14

2.10    “Release Term” means: (i) in the case of Capital Gains Method, a period ending twenty four (24) months after the Deposit Date; (ii) In the case of Labor Income Method ‘Release Term’ shall mean a period ending twelve (12) months after the Deposit Date.
2.11    “Section 102” means Section 102 to the Income Tax Ordinance as amended from time to time, and / or as superseded and any rules regulations or instructions promulgated or enacted under such Section 102.
2.12    “Securities” mean Options subject to a certain Option Grant and Shares received subsequent exercise of such Options.
2.13    “Tax Method” means either Capital Gains Method or Labor Income Method.
2.14    “Trust” means a trust, maintained under the Trust Agreement entered into between the Company and the Trustee for administration of grant of Options under Section 102.
2.15    “Trust Agreement” means the agreement between the Company and the Trustee as may be in effect from time to time specifying the duties and authorities of the Trustee.
2.16    “Trust Assets” mean all Securities and other assets held in Trust for the benefit of the Participants pursuant to this Appendix and the Trust Agreement
2.17    “Trustee” means IBI Trust Management who was, or shall be appointed by the Board of Directors of the Company and approved by the Income Tax Authorities to hold the Trust Assets.
3.    Provisions of the Appendix shall govern
The provisions of the Appendix shall supersede and govern in the case of any inconsistency or conflict arising between the provisions of the Appendix and the provisions of the Plan, provided, however, that this Appendix shall not be construed to grant Participant rights not consistent with the terms of the Plan, unless specifically provided herein.
4.    Selection of Tax Method — Capital Gains Method
The Company chooses the Capital Gain Method (‘Maslul Revach Hon’).  This choice may be changed in the future, by a Board resolution, provided, however, that the change in selection is permissible under the provisions of Section 102.
5.    Holding of Securities by the Trustee
5.1    All Securities shall be issued to the Trustee to be held in the Trust for the benefit of the relevant Participants.  All certificates representing Securities issued to the Trustee under this Appendix shall be deposited with the Trustee, and shall be held by the Trustee until such time that such Options or Shares are released from the Trust as herein provided.
5.2    After the Release Term is over, a Participant shall be entitled to instruct the Trustee to transfer the Shares held for such Participant’s benefit to such Participant, provided, however, that the Trustee confirms that all applicable tax as set in Section 102 was actually paid and the Trustee holds a confirmation to that effect from Income Tax Authorities.
15

5.3    In the case that the Company distributes dividends, than the amount of dividends with respect of Shares held in Trust shall be paid to the Participants that are the beneficial holders of such Shares, subject to deduction at source of the applicable tax.
6.    Provisions governing this Appendix and Plan
Notwithstanding anything to the contrary in the Plan or elsewhere in this Appendix:
6.1    The Plan shall have one, sole, Trustee.
6.2    The Appendix shall be subject to one Tax Method, unless the provisions of Section 102 allow otherwise.
6.3    Unless the provisions of Section 102 allow otherwise, the Participants shall not be entitled to cause a Realization Event to occur unless the Release Term is fulfilled.
6.4    All rights or benefits that are received subsequent to the grant or exercise the Options or the Shares underlying such Options (including and not limited to bonus shares) shall be deposited with the Trustee until the end of the Release Term, and all such rights and benefits shall be subject to the Tax Method selected by the Company.
7.    Effectiveness of the Appendix.
This Appendix shall become effective, and Option Grants may be granted hereunder only after receipt the required approvals under Section 102 from the Income Tax Authorities.
8.    Additional limitations
8.1    The Company shall not issue Options to a Participant unless such Participant confirmed in writing that he/she is aware of the provisions of Section 102 and the applicable Tax Method, and such Participant agreed in writing to the terms of the Trust Agreement, and that he/she shall not cause a Realization Event to occur before the Release Term is over.  The form for the above confirmation shall be determined by the Committee, and shall be attached to the Plan as Exhibit A.
8.2    By accepting an Option Grant, each Participant agrees irrevocably to discharge the Trustee, the Company and any other office holder, employee or agent thereof from any liability with respect of any action or decision duly taken and bona fide executed in relation with the Plan, or relating to any Option Grant or Shares.
8.3    The Trustee shall use the voting rights vested in any such shares issued upon the exercise of any Options granted under the Plan, in accordance with Exhibit C of the Plan.
9.    Grant of Options not by a Trustee
Notwithstanding the above, the Company shall be entitled to allocate Option Grants not according to the Tax Methods, but by direct grant to Participants, provided, however, that the requirements of Section 102 are met.
16

10.    Governing Law
Notwithstanding anything to the contrary in the Plan, this Appendix shall be governed by, construed and enforced in accordance with the laws of the state of Israel, without giving effect to the principles of conflict of laws.  Any dispute or claim shall be put to the Board’s resolution.  Subject to the above, the competent courts of Tel-Aviv, Israel shall have sole jurisdiction in any matter pertaining to this Appendix, and any other issue related to it.
17

Exhibit A
Option Grant Letter Agreement
This letter agreement (the “Agreement”) is made as of _________ __, 201__, by and among SimilarWeb Ltd. (the “Company”), an Israeli Company with main place of business at _______________, Israel, and ______________, an Israeli citizen, I.D number ________ (the “Participant”).
Whereas    The Company adopted an Incentive Option Plan (together with applicable Appendixes, the “Plan”), a copy of which was reviewed by the Participant; and
Whereas    The Company resolved to grant to the Participant an Option Grant, subject to the terms and conditions herein; and
NOW, THEREFORE, it is agreed as follows:
1.    All terms not defined herein shall have the meaning ascribed to them in the Plan.
2.    The Company resolved to grant certain options (the “Option Grant”) to purchase the Company’s Ordinary A Shares to the Participant.
3.    The terms of the Option Grant are as follows:
3.1    Number of Options: ______ (_____________).
3.2    Vesting Schedule – as defined in the Plan / _____________.
[Choose the relevant alternative]
3.3    Vesting Commencement Date: _______ __, 201_.
3.4    Exercise Price per options: US$______ per share.
4.    The grant of the Option Grant is conditioned upon, and shall not become effective unless and until the Participant agreeing to the terms of this Agreement.
5.    Contact details and personal details of the Participant as supplied by it:
5.1    Full name: ________________.
5.2    Identification / registration number: ______________.  [For Israeli citizens or entities]
5.3    Address: ________________
5.4    Telephone (home): _____________.
5.5    Cellular Phone: _____________
5.6    Facsimile: _____________
5.7    E-mail: _____________
18

6.    The grant is made in accordance with the terms of the Plan.
7.    Prior to signing this Agreement Participant had the reasonable opportunity to review the Plan and consult with his / her advisors (such advisors shall not include the Company or anyone on the Company’s behalf) as Participant deemed fit.
8.    Participant hereby confirms that he /she received reasonable opportunity to review the Plan and understand its terms, and that Participant agrees to the terms and provisions of the Plan.
9.    The Participant acknowledges and agrees that the Company may be merged, or acquired or sold to a third party, and in such case, by signing this Agreement, the Participant grants the Board, or anyone on behalf of the Board, the right to sign on behalf of such Participant any document or agreement reasonably necessary, in the Board’s discretion, in order to consummate such acquisition, merger or sale.
10.    Participant hereby confirms that he /she is aware of the provisions of Section 102 (the updated Section 102 is attached hereto as Schedule A) and the applicable Tax Method.
11.    Participant shall not exercise shares (as such term is defined in Section 102) before the Release Term.
12.    Participant agrees to the terms in the Trust Agreement (attached hereto as Schedule B).
[Sections 10 – 12 are applicable only to grants under Appendix A]
Sincerely yours,
																		
				
	Similarweb Ltd.		______________[Participant]	
						
	By:			Name:		
						
	Title:					

19

Exhibit B
Form of Exercise Notice
To: Similarweb Ltd. (the “Company”)
Attention: Secretary, CFO
1.    Exercise of Option.  Effective as of today, _________ __, 201__, I the undersigned (“Participant”) hereby elects to exercise Participant’s option to Shares, each 0.01 NIS par value of the Company (hereinafter the: “Shares”), under and pursuant to the Company’s 2012 Incentive Option Plan (the “Plan”) and the Option Grant Letter Agreement dated _________ __, 201__ (the “Option Agreement”).
2.    Delivery of Payment.  Participant herewith delivers to the Company the full payment for the Shares, as set forth in the Option Agreement.
3.    Representations of Participant.  Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.
4.    Rights as Shareholder.  Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Shares, notwithstanding the exercise of the Option.  The Shares shall be issued to Participant as soon as practicable after the Option is exercised.  No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance of the Shares.
5.    Waiver of Rights.  The Participant hereby waives any of the following rights to the extent such rights are attached to the Shares: (i) pre-emptive rights in relation to issuance of new securities in the Company; (ii) rights of first refusal in relation with any sale of shares of the Company; (iii) co-sale rights in relation with any sale of shares of the Company
6.    Tax Consultation.  Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s purchase or disposition of the Shares.  Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company or any Related Entity for any tax advice.
									
	Submitted by:	
	PARTICIPANT	
			
	Signature:		
			
	Print Name:		
			
	Address:		

20

Exhibit C
SIMILARWEB LTD.
IRREVOCABLE PROXY
The undersigned holder, being an [employee/service provider/Director] of SimilarWeb Ltd. (the “Company”), an Israeli corporation, or a subsidiary thereof, who holds (or will hold, after exercising options to purchase the Company’s Ordinary A Shares) Ordinary A Shares of the Company (the “Shares”), hereby appoint the Company’s Secretary (or another person, in the Company’s discretion) (the “Proxy Holder”) as my proxy to vote for me and on my behalf at shareholders meetings of the Company with respect to the Shares.  The Proxy Holder is hereby appointed as my true and lawful proxy and attorney-in-fact, with full power of substitution and revocation, to attend meetings of the shareholders of the Company to be held at any time, or any continuation or adjournment thereof, to vote or take action by written consent with respect to the Shares, on all matters as the Proxy Holder shall determine in its discretion, including, without limitation, shareholders meetings, shareholders actions by written consent and waivers.  In addition, the undersigned hereby appoint the Proxy Holder as my true and lawful proxy and attorney-in-fact, with full power of substitution, to receive all notices to which I am entitled to by virtue of contract or the Company’s Articles of Association.  Furthermore, the undersigned hereby appoint the Proxy Holder as my exclusive true and lawful proxy and attorney-in-fact, with full power of substitution, to request from the Company and to receive all information or documentation which I am entitled to by virtue of contract, the Company’s Articles of Association or applicable law, as the Proxy Holder shall deem fit in its discretion.
This Proxy is irrevocable, for an indefinite time, or until another date as determined by the Company’s Compensation Committee or Board.  Notwithstanding the foregoing, this Proxy shall terminate automatically upon the consummation of an initial public offering of the Company’s securities.  The undersigned further agrees that this proxy is coupled with an interest.
In the case that the Shares shall be held for my benefit by a trustee (the “Trustee”), then this Proxy shall act as irrevocable instructions in writing to the Trustee, so the Trustee shall perform all of the above with respect to the Shares.
This Irrevocable Proxy shall be governed by and construed in accordance with the laws of the State of Israel, without regard to its conflict of laws principles.
This Irrevocable Proxy is effective as of ______, 20__.
												
			
	Signature		
				
	Name:			
	Date:			
				
	Witness:			Acknowledged and Agreed to:
				
	Witness			PROXY HOLDER:
	Name:			

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]