Document:

Exhibit 4.11

 

FORM OF
WARRANT AGREEMENT

 

WARRANT AGREEMENT

 

between

 

SATIXFY COMMUNICATIONS LTD.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

THIS WARRANT AGREEMENT (this
 “Agreement”), dated as of [●], 2022, is by and between SatixFy Communications Ltd., a limited liability
company organized under the laws of the State of Israel (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent (the “Warrant Agent,” also referred to herein as
the “Transfer Agent”).

 

WHEREAS, on March 8,
2022, that certain Business Combination Agreement (the “Business Combination Agreement”) was entered into
by and among the Company, Endurance Acquisition Corp., a Cayman Islands exempted company (the “SPAC”), and
SatixFy MS, a Cayman Islands exempted company (“Merger Sub”);

 

WHEREAS, in connection
with the transactions contemplated by the Business Combination Agreement, the Company and certain parties (the
 “Subscribers”) have entered into certain subscription agreements, dated as of March 8, 2022 (as amended or
modified from time to time, collectively, the “Subscription Agreements”), pursuant to which, among other
things, each Subscriber has agreed to subscribe for and purchase from the Company on the Closing Date (as defined in the Business
Combination Agreement) concurrent with the Closing (as defined in the Business Combination Agreement), and the Company has agreed to
issue and sell to each such Subscriber on the Closing Date concurrent with the Closing, an aggregate of 2,910,000 units (the
 “PIPE Units”), each PIPE Unit consisting of (i) one (1) ordinary share of the Company, par value
NIS 0.01 per share (the “Ordinary Shares”) and (ii) one-half of one redeemable warrant (a
 “Warrant”) to be issued pursuant to this Agreement, for a purchase price of $10.00 per unit (the
 “Price Per Unit”) set forth in the applicable Subscription Agreement in exchange for the purchase price
set forth therein, on the terms and subject to the conditions set forth in the applicable Subscription Agreement (the equity
financing under all Subscription Agreements, collectively, hereinafter referred to as the “PIPE
Financing”);

 

WHEREAS, each whole Warrant
entitles the holder thereof to purchase one Ordinary Share of the Company for $11.50 per share, subject to adjustment as described herein.
Only whole Warrants are exercisable. A holder of the Warrants will not be able to exercise any fraction of a Warrant;

 

    

    

    

 

WHEREAS, in connection with
the transactions contemplated by the Business Combination Agreement, the Company, the SPAC and the Warrant Agent entered into that certain
Assignment, Assumption and Amendment Agreement, dated as of [●], 2022 (the “Assignment, Assumption and Amendment Agreement”),
pursuant to which the SPAC assigned to the Company all of the SPAC’s right, title and interest in and to that certain warrant agreement,
dated as of September 14, 2021, by and among the SPAC, the Warrant Agent and the other parties thereto (the “Existing
Warrant Agreement” and, as amended by the Assignment, Assumption and Amendment Agreement, the “Warrant Assumption
Agreement”), as of the Effective Time (as defined in the Business Combination Agreement) and the Company assumed, and agreed
to pay, perform, satisfy and discharge in full, as the same become due, all of the SPAC’s liabilities and obligations under the
Warrant Assumption Agreement arising from and after the Effective Time. The warrants outstanding under the Warrant Assumption Agreement
as of the date of this Agreement (the “Assumed Warrants”) include (i) 7,630,000 warrants issued, collectively,
to Endurance Antarctica Partners, LLC, a Cayman Islands limited liability company, and Cantor Fitzgerald & Co., bearing the
legend set forth in Exhibit B thereto, to purchase Ordinary Shares (collectively, the “Private Placement Warrants”)
and (ii) 10,000,000 warrants as part of units sold to public investors in connection with the SPAC’s initial public offering
(the “Public Warrants”) of its Ordinary Shares, with each whole Private Placement Warrant and Public Warrant,
after giving effect to the Warrant Assumption Agreement, being exercisable for one Ordinary Share and with an exercise price of $11.50
per share;

 

WHEREAS, pursuant to the terms
of the Subscription Agreements, the Warrants shall be issued on the same terms and subject to the same limitations applicable to the Public
Warrants as described in the Warrant Assumption Agreement and as provided herein, except that the Warrants (i) will bear a unique
CUSIP identifier, (ii) will be subject to the resale restrictions and registration rights set forth in the Subscription Agreements
and (iii) until registered with the Commission (as defined below) under an effective Registration Statement (as defined below), will
bear the book-entry restrictive legend set forth in Exhibit B hereto;

 

WHEREAS, pursuant to the Subscription
Agreements, and on the terms and conditions set forth therein, the Company has agreed to file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Registration Statement”) registering,
among other things, the resale of the Ordinary Shares, the Warrants and the Ordinary Shares underlying the Warrants that comprise the
PIPE Units, and to have the Registration Statement declared effective (any such date of effectiveness, the “Effectiveness
Date”) as soon as practicable after the filing thereof;

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

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NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.             Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.             Warrants.

 

2.1          Form of
Warrant. Each Warrant shall be issued in registered form only in the form of Exhibit A hereto and shall contain the legend in
Exhibit B hereto until disposed of pursuant to the Registration Statement after the Effectiveness Date.

 

2.2          Effect
of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement,
a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3          Registration.

 

2.3.1          Warrant
Register. The Warrant Agent shall maintain a register of the warrants in book-entry form (the “Warrant Register”),
for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in book-entry form in the names of the respective holders thereof in such denominations
and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. As soon as reasonably practicable following
any sale of the Warrants pursuant to the Registration Statement after the Effectiveness Date, ownership of beneficial interests in such
Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have
accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in
its account, a “Participant”).

 

If the Depositary subsequently
ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making
other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have
the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the
Warrant Agent for cancellation each book-entry Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary
definitive certificates in physical form evidencing such Warrants, which shall be in the form annexed hereto as Exhibit A.

 

Physical certificates, if
issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Company’s Board of Directors (the “Board”),
Chief Executive Officer, President, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person
whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the
Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of
issuance.

 

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2.3.2          Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on
any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for
all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4          Detachability
of Warrants. The Ordinary Shares and Warrants comprising the PIPE Units are not attached and may be sold or transferred separately
without any instruction or detachment obligations on the part of the Subscriber, Company or the Warrant Agent.

 

2.5          No
Fractional Warrants Other Than as Part of the PIPE Units. The Company shall not issue fractional Warrants other than as part
of the PIPE Units, each of which is comprised of one Ordinary Share and one-half of one Warrant. If a holder of Warrants would be entitled
to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such
holder.

 

3.             Terms
and Exercise of Warrants.

 

3.1          Warrant
Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments
provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price”
as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,”
to the extent permitted hereunder) at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty
(20) Business Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or
applicable law); provided, that the Company shall provide at least three (3) Business Days prior written notice of such reduction
to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants. For
purposes of this agreement, “Business Day” means any day other than a Friday, Saturday, Sunday or any other
day on which commercial banks are required or authorized to close in the State of New York or Tel-Aviv, Israel.

 

3.2          Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (i) commencing
on the date that is thirty (30) days after the Closing (as defined in the Business Combination Agreement), and (ii) terminating at
5:00 p.m., New York City time, on the earliest to occur of: (x) the date that is five (5) years after the Closing and (y) 5:00
p.m., New York City time, on the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement under the Securities Act
or a valid exemption from registration being available. Except with respect to the right to receive the Redemption Price (as defined below)
(other than with respect to an Inapplicable Redemption), each Warrant not exercised on or before the Expiration Date shall become void,
and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time, on
the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided,
that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants
and, provided further that any such extension shall be identical in duration among all the Warrants.

 

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3.3          Exercise
of Warrants.

 

3.3.1          Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent with
the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full Ordinary Share
as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange
of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

 

(a)          in
lawful money of the United States, in good certified check or wire payable to the Warrant Agent;

 

(b)          [Reserved];

 

(c)          [Reserved];

 

(d)          as
provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

 

(e)          as
provided in Section 7.4 hereof.

 

3.3.2          Issuance
of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such
Warrant a book-entry position or certificate, as applicable, for the number of full Ordinary Shares to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new
book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant shall not have
been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise
of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with
respect to the Ordinary Shares underlying the Warrants is then effective and a prospectus relating thereto is current, subject to the
Company’s satisfying its obligations under Section 7.4 or unless a valid exemption from registration is available. No
Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary
Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under
the securities laws of the state of residence of the Registered Holder of the Warrants. Subject to Section 4.7, a Registered
Holder of Warrants may exercise its Warrants only for a whole number of Ordinary Shares. The Company may require holders of Warrants to
settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on
a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional
interest in an Ordinary Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to
such holder.

 

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3.3.3          Valid
Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement and the Company’s
Amended and Restated Memorandum and Articles of Association, as amended from time to time, (the “Articles”)
shall be validly issued, fully paid and non-assessable.

 

3.3.4          Date
of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued shall
for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the Warrant, or book-entry
position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of
such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share
transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder
of such Ordinary Shares at the close of business on the next succeeding date on which the share transfer books or book-entry system are
open.

 

3.3.5          Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it
makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant,
and such holder shall 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 9.8%
(the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise.
For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall
include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is
being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the
Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible
notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained
herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes
of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares
as reflected in (1) the Company’s most recent annual report on Form 20-F, report on Form 6-K or other public filing
with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the
Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request
of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number
of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to
the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number
of outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase
or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however,
that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

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4.             Adjustments.

 

4.1          Share
Dividends.

 

4.1.1          In
Split-Ups. If after the date hereof, and subject to the provisions of Section 4.7 below, the number of outstanding Ordinary
Shares is increased by a share dividend payable in Ordinary Shares, or by a split-up of Ordinary Shares or other similar event, then,
on the effective date of such share dividend, split-up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant
shall be increased in proportion to such increase in the outstanding Ordinary Shares. A rights offering to holders of the Ordinary Shares
entitling holders to purchase Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall be deemed
a share dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares 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 the
Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights
offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for
securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall 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 the Ordinary Shares as reported during the ten (10) trading day period
ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights.

 

4.1.2          Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the Company’s
capital shares into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above or (b) Ordinary
Cash Dividends (as defined below) (any non-excluded event being referred to herein as an “Extraordinary Dividend”),
then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each Ordinary
Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share
amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of
declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections
of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or
to the number of Ordinary Shares issuable on exercise of each Warrant) to the extent it does not exceed $0.50 (being 5% of the offering
price of the PIPE Units in the Offering).

 

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4.2          Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 4.7 hereof, the number of outstanding Ordinary
Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary Shares or other similar event,
then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of
Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding Ordinary Shares.

 

4.3          Adjustments
in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in
subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such
Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares
purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the
number of Ordinary Shares so purchasable immediately thereafter.

 

4.4          [Reserved];

 

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4.5          Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
(other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value
of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders
of the Warrants shall 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 Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of
the rights represented thereby, the kind and amount of shares 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 his, her or its Warrant(s) immediately prior to such event (the “Alternative
Issuance”); provided, however, that (i) if the holders of the Ordinary Shares were entitled to exercise
a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the
kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable
shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation
or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted
by the holders of the Ordinary Shares under circumstances in which, upon completion of such tender or exchange offer, the maker thereof,
together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of
which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially
(within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding Ordinary Shares,
the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property
to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the
expiration of such tender or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased
pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as
nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further, that if
less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of
Ordinary Shares 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 properly exercises
the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant
to a report on Form 6-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference
of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below)
(but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant
Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating
such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each Ordinary Share shall
be the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from
the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event,
and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of
the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Ordinary Shares
consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average
price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective
date of the applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered by subsection
4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.5,
as applicable. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share
issuable upon exercise of the Warrant.

 

4.6          Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Ordinary Shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event
specified in Sections 4.1, 4.2, 4.3, or 4.5, the Company shall give written notice of the occurrence of such
event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

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4.7          No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder
of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon
such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.

 

4.8          Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of Ordinary Shares as is stated in the Warrants initially issued
pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.9          Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall
appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall
give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and
purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment; provided,
however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.9 as a result of any
issuance of securities in connection with the transactions contemplated by the Business Combination Agreement. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5.             Transfer
and Exchange of Warrants.

 

5.1          Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant
shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to
time upon request.

 

5.2          Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the
Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a
Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in
exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Warrants must also bear a restrictive legend.

 

    10

    

    

 

5.3          Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance
of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the PIPE Units.

 

5.4          Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5          Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6.             Redemption.

 

6.1          Redemption
of Warrants for Cash. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during
the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3
below, at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference Value equals or exceeds $18.00 per share
(subject to adjustment in compliance with Section 4 hereof) and (b) there is an effective registration statement under
the Securities Act covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating
thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below).

 

6.2          Redemption
of Warrants for Ordinary Shares. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described
in Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided that (i) the Reference Value equals
or exceeds $10.00 per share (subject to adjustment in compliance with Section 4 hereof) and (ii) if the Reference Value
is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the outstanding Private Placement Warrants
are also concurrently called for redemption on the same terms as the Warrants. During the 30-day Redemption Period in connection with
a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless
basis” pursuant to subsection 3.3.1 and receive a number of Ordinary Shares determined by reference to the table below,
based on the Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Redemption
Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”).
Solely for purposes of this Section 6.2, the “Redemption Fair Market Value” shall mean the volume weighted average
price of the Ordinary Shares for the ten (10) trading days immediately following the date on which notice of redemption pursuant
to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2,
the Company shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after
the ten (10) trading day period described above ends.

 

    11

    

    

 

	Redemption Date (period to

 expiration of warrants)	 	Fair Market Value of Shares of Ordinary Shares	 
	 	 	≤10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The
exact Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption Fair
Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number of Ordinary
Shares to be issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line interpolation between the
number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable,
based on a 365- or 366-day year, as applicable.

 

The share prices set forth
in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant
is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant
immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so
adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable
upon exercise of a Warrant. If the Exercise Price is adjusted pursuant to Section 4.1.2 hereof, the adjusted share prices
in the column headings shall equal the share prices immediately prior to such adjustment less the decrease in the Exercise Price pursuant
to such Exercise Price adjustment. In no event shall the Warrants be exercisable in connection with a Make-Whole Exercise for more than
0.361 Ordinary Shares per Warrant (subject to adjustment).

 

    12

    

    

 

6.3          Date
Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants
pursuant to Sections 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption Date”).
Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the
Redemption Date (period lasting from such time until the Redemption Date, the “30-day Redemption Period”) to
the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice
mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received
such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which
any Warrants are redeemed pursuant to Sections 6.1 or 6.2 and (b) “Reference Value” shall
mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending
on the third trading day prior to the date on which notice of the redemption is given.

 

6.4          Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or, if in connection with a redemption pursuant to Section 6.2
of this Agreement, on a “cashless basis” in accordance with such section) at any time after notice of redemption shall have
been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. On and after the Redemption Date,
the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

7.             Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1          No
Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent
or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other
matter.

 

7.2          Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent
may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or
destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3          Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares
that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4          Cashless
Exercise at Company’s Option.

 

7.4.1          The
Company has agreed in the Subscription Agreements, on the terms and conditions set forth therein, to, among other things, register the
Warrants and the Ordinary Shares underlying the Warrants with the Commission. If any Registration Statement is not in effect at any time,
holders of the Warrants shall be required to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in
accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of Ordinary
Shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying
the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) less the Warrant Price by (y) the
Fair Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean
the volume-weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading
day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker
or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined
by the Warrant Agent. In connection with the “cashless exercise” of a Warrant, the Company shall, upon request, provide the
Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating
that the exercise of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to
be registered under the Securities Act. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all
of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations
under the Subscription Agreements.

 

    13

    

    

 

7.4.2          Cashless
Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Warrant not listed on a national securities
exchange such that they do not satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities
Act (or any successor rule), the Company may, at its option, (i) require holders of Warrants who exercise Warrants to exercise such
Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule)
as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to
file or maintain in effect a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon
exercise of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use its commercially reasonable efforts
to register or qualify for sale the Ordinary Shares issuable upon exercise of the Warrant under applicable blue sky laws to the extent
an exemption is not available. Upon receipt of a notice of exercise for a cashless exercise the Company will promptly calculate and transmit
to the Warrant Agent the number of Ordinary Shares issuable in connection with such cashless exercise and deliver a copy of the notice
of exercise to the Warrant Agent, which shall issue such number of Ordinary Shares in connection with such cashless exercise.

 

8.             Concerning
the Warrant Agent and Other Matters.

 

8.1          Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such Ordinary Shares.

 

8.2          Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1          Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with
such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State
of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant
Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of
New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under
such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

    14

    

    

 

8.2.2          Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any such appointment.

 

8.2.3          Merger
or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any
entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under
this Agreement without any further act.

 

8.3          Fees
and Expenses of Warrant Agent.

 

8.3.1          Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant
to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably
incur in the execution of its duties hereunder.

 

8.3.2          Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

8.4          Liability
of Warrant Agent.

 

8.4.1          Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer, President, Chief Financial Officer, Secretary or Chairman of the Board of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it
pursuant to the provisions of this Agreement.

 

    15

    

    

 

8.4.2          Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, wilful misconduct, or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable
outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the
Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.

 

8.4.3          Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make
any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or
any Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and non-assessable.

 

8.5          Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise
of the Warrants.

 

8.6          Waiver.
The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date
hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all
Claims against the Trust Account and any and all rights to seek access to the Trust Account.

 

9.             Miscellaneous
Provisions.

 

9.1          Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

9.2          Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Company with the Warrant Agent), as follows:

 

SatixFy Communications Ltd.

12 Hamada St.,

Rehovot, 7670315

Israel

Attention: Yoav Leibovitch

Email:  yoav@satixfy.com

 

    16

    

    

 

Any notice, statement or demand authorized by this Agreement to be
given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such
notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

9.3          Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out
of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
Subject to applicable law, the Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty
created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and
exclusive forum.

 

Any person or entity purchasing
or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in
this Section 9.3. If any action, the subject matter of which is within the scope of the forum provisions above, is filed
in a court other than a court located within the State of New York or the United States District Court for the Southern District of New
York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the
personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the
Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement
action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such
warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

9.4          Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation
or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason
of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and
assigns and of the Registered Holders of the Warrants.

 

    17

    

    

 

9.5          Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require
any such holder to submit such holder’s Warrant for inspection by it.

 

9.6          Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7          Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.

 

9.8          Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any
ambiguity or correcting any mistake or defective provision contained herein or (ii) adding or changing any provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the rights of the Registered Holders under this Agreement. All other modifications or amendments, including any modification
or amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered
Holders of at least 50% of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered
Holders.

 

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

 

Exhibit A – Form of Warrant Certificate

Exhibit B – Warrant Legend

 

    18

    

    

 

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

 

	 	SATIXFY COMMMUNICATIONS LTD.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to PIPE Warrant Agreement]

 

    

    

    

 

EXHIBIT A

 

Form of Warrant Certificate

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

SATIXFY COMMUNICATIONS LTD.

 

A limited liability company incorporated under
the laws of the State of Israel

 

CUSIP [●]

 

Warrant Certificate

 

This
Warrant Certificate certifies that ___________, or registered assigns, is the registered holder of ___________ warrant(s) evidenced
hereby (the “Warrants” and each, a “Warrant”) to purchase Ordinary Shares, par value
NIS 0.01 (“Ordinary Shares”), of Satixfy Communications Ltd., a limited liability company incorporated under
the laws of the State of Israel (the “Company”). Each Warrant entitles the holder, upon exercise during the
period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable
Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the
Warrant Agreement, payable in US dollars, by bank wire or certified check (or through “cashless exercise” as
provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise
Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement.
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each
Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. No fractional Ordinary Shares will be issued
upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary
Share, the Company will, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant
holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement.

 

The initial Exercise Price
per Ordinary Share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of certain
events set forth in the Warrant Agreement.

 

    A-1

    

    

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the
end of such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as set forth
in the Warrant Agreement.

 

Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

    A-2

    

    

 

This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	 	SATIXFY COMMUNICATIONS LTD. 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-3

    

    

 

Form of Warrant Certificate

 

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary Shares and
are issued or to be issued pursuant to a Warrant Agreement dated as of [●], 2022 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part
of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise
of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there
shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding anything else
in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the issuance of the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a
prospectus thereunder relating to the Ordinary Shares is current, except through “cashless exercise” as provided for in the
Warrant Agreement.

 

The Warrant Agreement provides
that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face
hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive
a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares
to be issued to the holder of the Warrant.

 

Warrant Certificates, when
surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement,
but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate
a like number of Warrants.

 

    A-4

    

    

 

Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

The Company and the Warrant
Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.

 

    A-5

    

    

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, to receive _____________ Ordinary Shares and herewith tenders payment
for such Ordinary Shares to the order of SatixFy Communications Ltd. (the “Company”) in the amount of $____________ in accordance
with the terms hereof. The undersigned requests that a certificate for such Ordinary Shares be registered in the name of ___________________,
whose address is _______________________ and that such Ordinary Shares be delivered to ___________________ whose address is _______________________.
If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant
Certificate representing the remaining balance of such Ordinary Shares be registered in the name of ___________________, whose address
is _______________________and that such Warrant Certificate be delivered to ___________________, whose address is _______________________.

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects
to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be
determined in accordance with Section 6.2 of the Warrant Agreement, as applicable.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of Ordinary
Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

 

In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that
this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for
such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Ordinary
Shares. If said number of shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise),
the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the
name of ___________________, whose address is _______________________and that such Warrant Certificate be delivered to ___________________,
whose address is _______________________.

 

[Signature Page Follows]

 

    A-6

    

    

 

Date: ___________________, 20__

 

	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

Signature Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).

 

    A-7

    

    

 

EXHIBIT B

 

“THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED.
THIS SECURITY IS ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND OTHER MATTERS AS SET FORTH IN A SUBSCRIPTION AGREEMENT BY AND
AMONG SATIXFY COMMUNICATIONS LTD., A COMPANY ORGANIZED UNDER THE LAWS OF THE STATE OF ISRAEL (THE “COMPANY”), ENDURANCE ACQUISITION
CORP., A CAYMAN ISLANDS EXEMPTED COMPANY, ENDURANCE ANTARCTICA PARTNERS, LLC, A CAYMAN ISLANDS LIMITED LIABILITY COMPANY AND THE SUBSCRIBER(S) THERETO
(THE “SUBSCRIPTION AGREEMENT”), COPIES OF WHICH MAY BE OBTAINED UPON REQUEST FROM COMPANY.

 

THIS SECURITY AND SHARES OF ORDINARY SHARES
OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER THE SUBSCRIPTION AGREEMENT.”

 

    B-1Exhibit 4.12

 

EXECUTION VERSION

 

AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT

 

THIS
AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT (this “Agreement”), is made as of March 8, 2022 by and among
SatixFy Communications Ltd., a limited liability company organized under the laws of the State of Israel (registered number 516135035,
the “Company”), Endurance Acquisition Corp., a Cayman Islands exempted company (“SPAC”) and the
Holders (as defined below) who have executed a signature page or Joinder Agreement (as defined below) to this Agreement (including
the Prior Agreement). Capitalized terms used and not otherwise defined herein will have the meaning given such terms in the Business Combination
Agreement (as defined below).

 

W I T N E S S E T H :

 

WHEREAS, the Company and certain
of the Holders are parties to that certain Shareholders’ Agreement dated as of May 12, 2020 (the “Prior Agreement”);

 

WHEREAS, Endurance Antarctica
Partners, LLC, a Cayman Islands limited liability company (“EDNCU Holder”), SPAC and certain other parties thereto
are parties to that certain Sponsor Letter Agreement, dated as of September 14, 2021, as amended (the “Previous Sponsor
Agreement”, together with the Prior Agreement, the “Previous Agreements”);

 

WHEREAS,
in connection with the consummation of the transactions (the “Business Combination”) contemplated by the Business Combination
Agreement, dated as of March 8, 2022, by and among the Company, SatixFy MS, a Cayman Islands exempted company and a wholly
owned subsidiary of the Company, and SPAC (the “Business Combination Agreement”), (x) each of the Holders party
to the Prior Agreement and the Company desire that, effective upon the Closing (as defined below), the Prior Agreement shall be amended
and restated in its entirety in the form of this Agreement and (y) each of the EDNCU Holder, SPAC and each of the Holders party to
the Previous Sponsor Agreement desire that, effective upon the Closing, the Previous Sponsor Agreement shall be terminated and cancelled
in its entirety and shall be of no further force and effect;

 

WHEREAS, the EDNCU Holder
and its Permitted Transferees are subject to restrictions on Transfer and forfeiture as set forth in the Sponsor Letter Agreement;

 

WHEREAS, this Agreement is
being executed concurrently with the entry into the Business Combination Agreement and will become effective upon the Closing (as defined
below); and

 

WHEREAS, the Holders and the
Company desire to set forth certain matters regarding the ownership of the shares of the Company as set forth herein.

 

NOW, THEREFORE, in consideration of the mutual
promises, covenants, conditions, representations and warranties set forth herein, the parties hereby agree as follows:

 

1.            Affirmative
Covenants.

 

1.1          Confidentiality.
Each Holder agrees that any information obtained pursuant to this Agreement (including any information about any proposed registration
or offering pursuant to Section ‎2) will
not, without the prior written consent of the Company, be disclosed or used for any purpose other than the exercise of rights under this
Agreement; provided, however, that disclosure of such information shall be permitted by any Holder as required
by applicable law or on a confidential basis to its attorneys, accountants and other professionals and advisors to the extent necessary
to obtain their services in connection with monitoring its investment in the Company or enforcement of its rights, and, in case of a corporate
entity, to (x) its Affiliates other than with respect to information with respect to which such Affiliate has a conflict of interest
and (y) to its and such Affiliates’ officers, directors, investors, employees, general partner (and the officers and directors
thereof), attorneys, accountants and other professionals and advisors (collectively, “Representatives”) on a need-to-know
basis; provided that each Holder shall be responsible for any breach of the terms of this Section 1.1 by any
of its Representatives.

 

     

     

    

 

2.            Registration.
The following provisions govern the registration of the Company's securities:

 

2.1          Definitions.
As used herein, the following terms have the following meanings:

 

“Articles”
means the articles of association of the Company, as amended from time to time;

 

“Antarctica
Capital” means Antarctica Capital, LLC.

 

“Business Day”
means any day other than a Friday, Saturday, Sunday or any other day on which commercial banks are required or authorized to close in
the State of New York or Tel-Aviv, Israel.

 

“Catalyst”
means CEL Catalyst Communications Ltd.

 

“EDNCU Lock-up
Permitted Transferees” shall mean (a) (i) SPAC’s officers or directors, (ii) any direct or indirect
controlled Affiliates or immediate family member of any of SPAC’s officers or directors (as defined in the Securities and Exchange
Act of 1934, as amended), (iii) any direct or indirect controlled Affiliates of the management company of Antarctica Capital that
are not competitors of the Company or (iv) any Affiliates of Antarctica Capital that are employees of Antarctica Capital; (b) transferees
by virtue of the Sponsor’s certificate of incorporation or bylaws (or equivalent), as amended, upon dissolution of the Sponsor;
(c) transferees in connection with a bona fide gift or charitable contribution without consideration; (d) transferees with the
written consent of the Company Board or (e) transferees in connection with a liquidation, merger, stock exchange, reorganization,
tender offer or other similar transaction, in each case in this clause (e) as approved by the Company Board or a duly authorized
committee thereof, which results in all of the Company’s stockholders having the right to exchange their Ordinary Shares for cash,
securities or other property subsequent to the Closing Date.

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended, or any federal statute or code which is a successor thereto and the
rules and regulations promulgated thereunder.

 

“Form S-1/F-1”
means Form S-1 or Form F-1 under the Securities Act, as in effect on the date hereof or any registration form under the Securities
Act subsequently adopted by the SEC.

 

“Form S-3/F-3”
means Form S-3 or Form F-3 under the Securities Act, as in effect on the date hereof or any registration form under the Securities
Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents
filed by the Company with the SEC.

 

“Holder”
means any holder of Ordinary Shares or options or warrants convertible into Ordinary Shares who is a party to or bound by this Agreement.

 

“Initiating Holders”
means either (a) Holders of at least thirty percent (30%) in interest of the issued and outstanding Registrable Shares then held
by all Holders (other than the EDNCU Holder and Catalyst), assuming for purposes of such determination the conversion of all shares convertible
into Registrable Shares or (b) the EDNCU Holder, acting by itself, or (c) Catalyst, acting by itself.

 

“Joinder Agreement”
means a joinder agreement, in substantially the form attached hereto as Exhibit A.

 

“Lock-up Period”
shall mean with respect to the Holders (other than the EDNCU Holder and its EDNCU Lock-up Permitted Transferees) and their respective
Lock-up Permitted Transferees, the period beginning on the date of the closing (the “Closing”) of the Business Combination
(the “Closing Date”), and ending on the date that is one hundred and eighty (180) days following the Closing Date.

 

“Lock-up
Shares” shall mean, with respect to the Holders (other than the EDNCU Holder and its EDNCU Lock-up Permitted
Transferees) and their respective Lock-up Permitted Transferees, the Ordinary Shares held by such Holders immediately prior to the
Closing (excluding, for the avoidance of doubt, (i) any Ordinary Shares that may be held by a Holder that is a broker dealer as part
of its ordinary course trading and market activities and not for investment purposes and were not acquired directly from the
Company, (ii) any Ordinary Shares purchased in a private placement in connection with the Business Combination or acquired in the
public market following the Closing and (iii) any Ordinary Shares issuable upon conversion or exercise of warrants, options or any
other instrument held by the Holders as of immediately prior to the Closing (excluding, for the avoidance of doubt, SPAC Warrants
and PIPE Warrants).

 

     

     

    

 

“party”
means a party to this Agreement unless otherwise specified.

 

“PIPE Warrants”
means the warrants to purchase Ordinary Shares issued pursuant to that certain Warrant Agreement, to be executed in connection with the Closing, by and among
the Company and Continental Stock Transfer & Trust Company, a New York corporation.

 

“Register”,
 “registered” and “registration” refer to a registration effected by filing a Registration
Statement in compliance with the Securities Act and the declaration or ordering by the Commission of effectiveness of such Registration
Statement, or the equivalent actions under the laws of another jurisdiction.

 

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

 

“Registrable Shares”
means (i) all Ordinary Shares (as such term is defined in the Articles) (the “Ordinary Shares”) owned by
any Holder party hereto as of immediately after the Closing, including any Ordinary Shares issuable upon conversion or exercise of warrants,
options or any other securities or instruments issued or assumed by the Company and any Ordinary Shares issued to holders of Class A
ordinary shares, par value US$0.0001 per share, of the SPAC in connection with the Business Combination at Closing and (ii) any Ordinary
Shares issuable upon conversion or exercise of warrants, options or any other securities or instruments issued or assumed by the Company
to the extent that such securities are “restricted securities” (as defined in Rule 144) or are otherwise held by an “affiliate”
(as defined in Rule 144) of the Company; provided that, (x) no Holder who holds Registrable Shares that remain
(i) subject to restriction on Transfer as set forth in Section 4.1, (ii) subject to restriction on Transfer or forfeiture
as set forth in the Sponsor Letter Agreement or (iii) held in escrow pursuant to that certain Unit Subscription Agreement (collectively,
the “Sale Limited Securities”), shall have any right to have such Registrable Shares participate in (1) an offering
pursuant to Section 2.2 (although such shares may be registered on any shelf registration pursuant to Section 2.2 so long as
they are not transferred thereunder in violation of such restrictions) or (2) a registration or offering pursuant to Section 2.3,
unless such restrictions lapse before the effectiveness of the Registration Statement, and (y) for the avoidance of doubt, any PIPE
Warrants and Ordinary Shares purchased by the EDNCU Holder pursuant to that certain Unit Subscription Agreement, shall not be Registrable
Shares hereunder but shall be entitled to the registration rights as set forth therein; provided, further,
that, Ordinary Shares shall cease to be Registrable Shares (1) on the later of (x) as to any Holder (other than Catalyst) that
holds more than 5% of then-outstanding Ordinary Shares, two years after the date of the Business Combination, as to Catalyst, when it
owns less than 1% of the outstanding Ordinary Shares and (y) when they are freely saleable without registration by the Holder thereof
pursuant to Rule 144 (without the need for any manner of sale requirement or volume limitation and without the requirement for the
Company to be in compliance with the current public information requirement under Rule 144(i)(1) (or Rule 144(i)(2), if applicable))
or (2) when sold pursuant to Rule 144 or a Registration Statement.

 

“SEC”
or “Commission” means the U.S. Securities and Exchange Commission.

 

“Securities Act”
means the United States Securities Act of 1933, as amended or any federal statute or code which is a successor thereto and the rules and
regulations promulgated thereunder.

 

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

 

“SPAC Warrants”
shall mean the warrants issued pursuant to that certain warrant agreement, dated as of September 14, 2021, by and among the SPAC,
Continental Stock Transfer & Trust Company, a New York corporation, and the other parties thereto, as amended by the Warrant
Assumption Agreement.

 

     

     

    

 

“Sponsor
Interests” means the 3,570,000 Ordinary Shares and 6,630,000 privately issued SPAC Warrants (as adjusted for stock
splits, stock dividends, reorganizations and recapitalizations and the like) issuable at the Effective Time to the EDNCU Holder and its
Permitted Transferees that are subject to restrictions on Transfer and forfeiture as set forth in the Sponsor Letter Agreement.

 

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

 

“Unit
Subscription Agreement” shall mean that certain Unit Subscription Agreement, dated as of March 8, 2022, by and among
the Company, the SPAC, the EDNCU Holder, Continental Stock Transfer & Trust Company, a New York corporation and the other
parties thereto.

 

“Warrant
Assumption Agreement” shall mean that certain Assignment, Assumption and Amendment Agreement, to be executed in
connection with the Closing, by and among the Company, the SPAC and Continental Stock Transfer & Trust Company, a New York
corporation.

 

2.2          Piggyback
Registration. If the Company at any time (beginning upon (but excluding) the Closing Date) proposes to register any of its Ordinary
Shares (other than (w) a shelf registration to register Ordinary Shares or warrants issued to investors in a private placement (the
 “PIPE”) in connection with the Business Combination, (x) in a registration under Section 2.3, Section 2.4
or Section 2.5 of this Agreement, (y) a registration on Form F-8 or S-8 or (z) pursuant to Form F-4 or S-4 in
connection with a business combination or exchange offer or pursuant to exercise or conversion of outstanding securities) or to undertake
an underwritten public offering of its securities pursuant to an effective Registration Statement (a “Shelf Takedown”),
it shall give written notice to all Holders of such intention not less than ten (10) days before the anticipated filing date of the
applicable Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, in such offering,
and (B) offer to all Holders the opportunity to register the sale of such number of Registrable Shares as such Holders may request
in writing. Upon the written request of any Holder given within fifteen (15) days after receipt of any such notice, the Company shall
include in such registration or Shelf Takedown all of the Registrable Shares indicated in such request, so as to permit the disposition
of the shares so registered. The Company shall, in good faith, cause such Registrable Shares to be included in such registration or offering
and, if applicable, shall use its best efforts to cause the managing underwriter(s) of such registration to permit the Registrable
Shares requested by the Holders pursuant to this Section 2.2 to be included therein on the same terms and conditions as any similar
securities of the Company included in such registered offering and to permit the sale or other disposition of such Registrable Shares
in accordance with the intended method(s) of distribution thereof. Notwithstanding any other provision of this Section 2.2,
if the managing underwriter advises the Company in writing in good faith that the amount to be sold by persons other than the Company
is greater than the amount which can be offered without adversely affecting the offering, the Company may reduce the amount offered for
the accounts of selling shareholders to a number deemed satisfactory by such managing underwriter, provided that any shares
to be excluded shall be determined in the following order of priority: (i) shares held by shareholders other than the Holders, (ii) then,
to the extent necessary, shares held by the Holders (other than Catalyst and the EDNCU Holder) pro rata to the respective number of Registrable
Shares requested to be included in such registration or Shelf Takedown by such Holders and (iii) then, to the extent necessary, shares
held by Catalyst and the EDNCU Holder pro rata to the respective number of Registrable Shares requested to be included in such registration
or Shelf Takedown by such Holders; and provided, further, that in any event all Registrable Shares must be
included in such registration or Shelf Takedown prior to any other shares of the Company (with the exception of shares to be issued by
the Company to the public) and the number of Registrable Shares to be included in the offering shall not be reduced to below twenty five
percent (25%) of the total number of securities included in such offering (divided among the Holders participating in the registration
pursuant to the foregoing order of priority pro rata to the respective number of Registrable Shares requested to be included by each of
such Holders). Any Holder may elect to withdraw such Holder’s request for inclusion of Registrable Shares in any Registration Statement
pursuant to this Section 2.2 by giving written notice to the Company of such request to withdraw prior to the effectiveness of the
Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant
to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration
Statement.

 

     

     

    

 

2.3          Demand
Registration. At any time following the Closing, the Initiating Holders may request in writing that the Company shall file a Registration
Statement with respect to the registration and resale of all or part of the Registrable Shares held by them, including without limitation
on Form S-1/F-1 (a “Demand Registration”). As soon as practicable and in any event within ten (10) days
after receipt of any such request, the Company shall give written notice of such request to the other Holders and shall include in such
registration all Registrable Shares held by all such Holders who wish to participate in such Demand Registration and provide the Company
with written requests for inclusion therein within seven (7) days after the receipt of the Company’s notice. Thereupon, the
Company shall use its best efforts to effect the registration of all Registrable Shares as to which it has received requests for registration
for as promptly as reasonably practicable; provided, however, that: (i) the Company shall not be required
to effect any registration under this Section 2.3 (A) during the period that is thirty (30) days before the Company’s
good faith estimate of the date of filing of a Company-initiated registration, provided that the Company is actively employing
in good faith commercially reasonable efforts to cause such registration statement to become effective and (B) within a period of
ninety (90) days following the effective date of a previous registration filed by the Company covering a firm commitment underwritten
public offering in which the holders of Registrable Shares shall have been entitled to join pursuant to Section 2.2 and in which
there shall have been effectively registered all Registrable Shares as to which registration shall have been requested; and (ii) the
registration shall cover the public sale of Registrable Shares with an aggregate public offering price reasonably expected to be at least
the lesser of (a) US$35,000,000 and (b) all remaining Registrable Securities (other than the Sale Limited Securities) owned
by the requesting Holder. The Initiating Holders may elect to withdraw from any offering pursuant to this Section 2.3 by giving
written notice to the Company and the underwriter(s) of their request to withdraw prior to the effectiveness of the Registration
Statement filed by the SEC with respect to such Demand Registration. If the Initiating Holders withdraw from a proposed offering relating
to a Demand Registration and the Company did not elect to delay or postpone such offering pursuant to Section 2.6, then either the
Initiating Holders shall reimburse the Company for the costs associated with the withdrawn Demand Registration (in which case such registration
shall not count as a Demand Registration provided for in this Section 2.3) or such withdrawn registration shall count as a Demand
Registration provided for in this Section 2.3. Notwithstanding any other provision of this Section 2.3, if the managing underwriter
advises the Holders in writing that marketing factors require a limitation on the dollar amount or the number of shares to be underwritten,
then the number of shares to be included in such underwritten public offering shall be reduced to a number deemed satisfactory by such
managing underwriter; provided, that the shares to be excluded shall be determined in the following order of priority:
(i) shares held by shareholders other than the Holders, (ii) shares which the Company may wish to register for its own account,
and thereafter, to the extent necessary, (iii) shares held by the Holders (other than Catalyst or the EDNCU Holder if Catalyst or
the EDNCU Holder was the Initiating Holder) pro rata to the respective number of Registrable Shares requested by such Holders to be included
in the registration and thereafter, to the extent necessary, (iv) if Catalyst or the EDNCU Holder was the Initiating Holder, shares
held by Catalyst and the EDNCU Holder pro rata to the respective number of Registrable Shares requested to be included in such registration
or Shelf Takedown by such Holders; provided, however, that (i) in any event all Registrable Shares must
be included in such registration prior to any other shares of the Company, and (ii) if Holders other than Catalyst and the EDNCU
Holder were the Initiating Holders, Catalyst or the EDNCU Holder, by written notice to the Company during the seven-day notice period
set forth above, shall be entitled to be treated as the Initiating Holder instead, subject to the limitations on the number of their
respective demand registrations set forth below. The Company may not cause any other registration of securities for sale for its own
account (other than a registration effected solely to implement an employee benefit plan) to be initiated after a registration requested
pursuant to Section 2.3 and to become effective less than ninety (90) days after the effective date of any registration requested
pursuant to Section 2.3. The Company shall not be required to effect more than two (2) registrations under this Section 2.3
for Initiating Holders (other than the EDNCU Holder and Catalyst), the Company shall not be required to effect more than two (2) registrations
under this Section 2.3 for which the EDNCU Holder is the Initiating Holder and the Company shall not be required to effect more
than two (2) registrations under this Section 2.3 for which Catalyst is the Initiating Holder. A registration will not count
as a requested registration under this Section unless and until the Registration Statement relating to such registration has been
declared effective by the Commission.

 

     

     

    

 

2.4          S-1/F-1
Registration Statement. If the SEC publicly announces or informs the Company that Rule 144(i) applies to the Company, the
following provision shall apply. The Company shall, as soon as practicable after such notice from the SEC, but in any event within thirty
(30) days, file a Registration Statement under the Securities Act to permit the public resale of all the Registrable Shares held by any
Holder, from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the
SEC then in effect) on the terms and conditions specified in this Section 2.4 and shall use its reasonable commercial efforts to
cause such Registration Statement to be declared effective as expeditiously as possible after the filing thereof. The Registration Statement
filed with the SEC pursuant to this Section 2.4 shall be on Form S-1/F-1, with respect to such Registrable Shares (the “Shelf”),
and shall contain a prospectus in such form as to permit (subject to the Lock-up) the Holders to sell such Registrable Shares pursuant
to Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect), or such other means
of distribution of Registrable Shares as the Holders may reasonably specify, at any time beginning on the effective date for such Registration
Statement. The Company shall maintain the Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments,
including post-effective amendments, and supplements as may be necessary to keep such Shelf continuously effective, available for use
and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Shares included on
such registration statement. The Company shall use its commercially reasonable efforts to convert the S-1/Form F-1 to a Form S-3/F-3
as soon as practicable after the Company is eligible to use Form S-3/F-3. A Registration Statement filed pursuant to this Section 2.4
shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, any Holder. Subject
to the second succeeding sentence, as soon as practicable following the effective date of a Registration Statement filed pursuant to this
Section 2.4, but in any event within three (3) business days from such date, the Company shall notify the Holders of the effectiveness
of such Registration Statement. The Holders may use such Form S-1/F-1 to dispose of their Registrable Shares on a non-underwritten
basis, and, to the extent permissible under SEC rules, may utilize such Form S-1/F-1 on an underwritten basis if requested by Initiating
Holders (with any such request being deemed to be a demand pursuant to Section 2.3 and subject to the limits and rules set forth
therein, mutatis mutandis). If requested by any Holder, the Company shall promptly file with the SEC such post-effective amendments
or supplements to any such Form S-1/F-1 as may be necessary to name such Holder therein as a selling shareholder and otherwise permit
such Holder to sell Registrable Shares thereunder.

 

2.5          Form S-3/F-3
Registration. Following the Closing, the Company shall use its best efforts to qualify and remain qualified to register securities
pursuant to a Registration Statement on Form S-3/F-3 under the Securities Act. In case the Company shall receive from any Holder
or Holders a written request or requests that the Company effect a registration on Form S-3/F-3, and any related qualification or
compliance, with respect to Registrable Shares, the Company shall within ten (10) days after receipt of any such request give written
notice of the proposed registration, and any related qualification or compliance, to all other Holders, and include in such registration
all Registrable Shares held by all such Holders who wish to participate in such registration and provide the Company with written requests
for inclusion therein within seven (7) days after the receipt of the Company’s notice. Thereupon, the Company shall effect
such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution
of all or such portion of such Holder’s or Holders’ Registrable Shares as are specified in such request, together with all
or such portion of the Registrable Shares of any other Holder or Holders joining in such request as are specified in a written request
given within seven (7) days after receipt of such written notice from the Company. The Holders may use such Form S-3/F-3 to
dispose of their Registrable Shares on a non-underwritten basis, and, to the extent permissible under SEC rules, may utilize such Form S-3/F-3
on an underwritten basis if requested by Initiating Holders (with any such request being deemed to be a demand pursuant to Section 2.3
and subject to the limits and rules set forth therein, mutatis mutandis). If requested by any Holder, the Company shall promptly
file with the SEC such post-effective amendments or supplements to any such Form S-3/F-3 as may be necessary to name such Holder
therein as a selling shareholder and otherwise permit such Holder to sell Registrable Shares thereunder.

 

     

     

    

 

2.6          Suspension
Periods. Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone
the effectiveness of a Registration Statement filed pursuant to Section 2.3, Section 2.4 and Section 2.5,
and from time to time to require the Holders not to sell under the Registration Statement or to suspend the effectiveness thereof, if
the negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending or an event has occurred, which negotiation,
consummation or event the Issuer’s board of directors reasonably believes, upon the advice of legal counsel (which may be in-house
legal counsel), would require additional disclosure by the Issuer in the Registration Statement of material information that the Issuer
has a bona fide business purpose for keeping confidential or is not available and the non-disclosure of which in the Registration Statement
would be expected, in the reasonable determination of the Issuer’s board of directors, upon the advice of legal counsel (which
may be in-house legal counsel), to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such
circumstance, a “Suspension Event”); provided, however, that the Issuer may not delay
or suspend the effectiveness of such a Registration Statement on more than two (2) occasions of not more than forty-five (45) days
each during any twelve (12)-month period.

 

2.7          Designation
of Underwriter. In the case of any registration effected pursuant to Section 2.3, the Company and the holders of the majority
of the Registrable Shares held by the Initiating Holders shall mutually designate the managing underwriter(s) in any underwritten
offering and shall reasonably cooperate in making such designation.

 

2.8          Expenses.
All expenses incurred in connection with any registration under Section 2.2, Section 2.3, Section 2.4 or Section 2.5
shall be borne by the Company (except as otherwise mentioned in Section 2.3 with respect to a withdrawn Demand Registration), provided
that the selling Holders shall bear all underwriting discounts, selling commissions, and share transfer taxes applicable to the sale by
them of the Registrable Shares, pro rata on the basis of the number of Registrable Shares registered on their behalf, and each Holder
shall bear fees and disbursements of counsel for such Holder, except for the fees and disbursements of one U.S. counsel and one Israeli
counsel (selected by the Holder(s) of a majority of the Registrable Shares included in such registration) for all selling Holders
which shall be borne and paid by the Company.

 

2.9          Indemnities.
In the event of any registered offering of Ordinary Shares pursuant to this Section 2:

 

2.9.1              The
Company will indemnify and hold harmless, to the fullest extent permitted by law, any Holder and any underwriter (as defined in the Securities
Act) for such Holder, and each person, if any, who controls (within the meaning of the Securities Act) the Holder or such underwriter,
and directors, officers, employees and agents of any of them (each, an “Indemnified Person”) from and against any and
all losses, damages, claims, liabilities, joint or several, costs and expenses (including any amounts paid in any settlement effected
with the Company’s consent) to which such Indemnified Person may become subject under applicable law or otherwise, insofar as such
losses, damages, claims, liabilities (or actions or proceedings in respect thereof), costs or expenses arise out of or are based upon:
(i) any untrue statement or alleged untrue statement of any material fact contained, on the effective date thereof, in the Registration
Statement or included in any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto; (ii) the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances in which they are made, not misleading; or (iii) any violation by the Company of the Securities
Act, the Exchange Act or any state securities law or any rule or regulation thereunder in connection with the registration. The Company
will reimburse each such Indemnified Person, promptly upon demand, for any reasonable legal or attorney’s fees or any other expenses
incurred by them in connection with investigating, preparing to defend or defending against or appearing as a third-party witness in connection
with such loss, claim, damage, liability, action or proceeding; provided, however, that the Company will not
be liable to any Indemnified Person in any such case to the extent that any such loss, damage, liability, cost or expense arises out of
or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information
furnished in writing by such Indemnified Person specifically for inclusion therein; provided, further, that
this indemnity shall not be deemed to relieve any underwriter of any of its due diligence obligations; provided, further,
that the indemnity agreement contained in this subsection 2.8.1 shall not apply to amounts paid in settlement of any such claim, loss,
damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, conditioned or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of the Holder, the underwriter or any controlling person of the Holder or the underwriter, and regardless of any sale in connection with
such offering by the Holder. Such indemnity shall survive the transfer of securities by a Holder.

 

     

     

    

 

2.9.2              Each
Holder participating in a registration hereunder will indemnify and hold harmless the Company, each other Holder participating in such
registration, any underwriter (as defined in the Securities Act) for the Company, or for any such other Holder, and each person, if any,
who controls (within the meaning of the Securities Act) the Company or such underwriter or such other Holder, from and against any and
all losses, damages, claims, liabilities, costs or expenses (including any amounts paid in any settlement effected with the selling shareholder’s
consent) to which the Company or any such controlling person and/or any such underwriter and/or such other Holder may become subject under
applicable law or otherwise, insofar as such losses, damages, claims, liabilities (or actions or proceedings in respect thereof), costs
or expenses arise out of or are based on: (i) any untrue or alleged untrue statement of any material fact contained, on the effective
date thereof, in any Registration Statement under which shares were registered under the Securities Act at the request of such Holder,
any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto; or (ii) the omission or
the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances in which they were made, not misleading, and each such Holder will reimburse the Company, each other Holder
participating in such registration, any underwriter and each such controlling person of the Company or any underwriter, promptly upon
demand, for any reasonable legal or attorney’s fees or other expenses incurred by them in connection with investigating, preparing
to defend or defending against or appearing as a third-party witness in connection with such loss, claim, damage, liability, action or
proceeding; in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or
alleged omission was so made in conformity with written information furnished by such Holder specifically for inclusion therein; provided,
further, that this indemnity shall not be deemed to relieve any underwriter of any of its due diligence obligations; provided,
further, that the indemnity agreement contained in this subsection 2.9.2 shall not apply to amounts paid in settlement of
any such claim, loss, damage, liability or action if such settlement is effected without the consent of the Holders, as the case may be,
which consent shall not be unreasonably withheld, conditioned or delayed. In no event shall the liability of a Holder exceed the net proceeds
from the offering received by such Holder.

 

2.9.3              Promptly
after receipt by an indemnified party pursuant to the provisions of Sections 2.9.1 or 2.9.2 of notice of the commencement of any action
involving the subject matter of the foregoing indemnity provisions, such indemnified party will, if a claim thereof is to be made against
the indemnifying party pursuant to the provisions of said Section 2.9.1 or 2.9.2, promptly notify the indemnifying party of the commencement
thereof; but the omission to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified
party otherwise than hereunder. In case such action is brought against any indemnified party and it notifies the indemnifying party of
the commencement thereof, the indemnifying party shall have the right to participate in, and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense thereof with counsel reasonably satisfactory to such indemnified
party; provided, however, that if the defendants in any action include both the indemnified party and the
indemnifying party and there is or is reasonably expected to be a conflict of interests which would prevent counsel for the indemnifying
party from also representing the indemnified party, the indemnified party or parties shall have the right to select one separate counsel
to participate in the defense of such action on behalf of such indemnified party or parties. After notice from the indemnifying party
to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified
party pursuant to the provisions of said Sections 2.9.1 or 2.9.2 for any legal or other expense subsequently incurred by such indemnified
party in connection with the defense thereof, unless (i) the indemnified party shall have employed counsel in accordance with the
provision of the preceding sentence, (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after the notice of the commencement of the action and as soon as practicable
and within fifteen (15) days after written notice of the indemnified party’s intention to employ separate counsel pursuant to the
previous sentence, or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense
of the indemnifying party. No indemnifying party will consent to entry of any judgment or enter into any settlement which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in
respect to such claim or litigation.

 

     

     

    

 

2.9.4              If
recovery is not available under the foregoing indemnification provisions, for any reason other than as specified therein, the parties
entitled to indemnification by the terms thereof shall be entitled to contribution to liabilities and expenses in such proportion as is
appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements,
omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant
equitable considerations. In determining the amount of contribution to which the respective parties are entitled, there shall be considered
the parties’ relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the
opportunity to correct and prevent any statement or omission, and any other equitable considerations appropriate under the circumstances.
In no event shall the liability of a Holder exceed the net proceeds from the offering received by such Holder.

 

2.9.5              Notwithstanding
anything to the contrary hereunder, no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to indemnification or contribution pursuant to this Section 2.9 from any person or entity who
was not guilty of such fraudulent misrepresentation.

 

2.10        Obligations
of the Company. Whenever required under this Section 2 to affect the registration of any Registrable Shares, the Company shall,
as expeditiously as possible:

 

2.10.1            prepare
and file with the SEC a Registration Statement with respect to such Registrable Shares and use its best efforts to cause such Registration
Statement to become effective, and, upon the request of the holders of a majority of the Registrable Shares registered thereunder, keep
such Registration Statement effective for a period of up to twelve (12) months (or in the case of any registration of Registrable Shares
on Form S-3/F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules,
such twelve (12) month period shall be extended, if necessary, to keep the Registration Statement effective until all Registrable Shares
covered thereby have been sold).

 

2.10.2            subject
to the suspension rights set forth in Section 2.3, 2.4 and 2.5, prepare and file with the SEC such amendments and supplements to
such Registration Statement and the prospectus used in connection with such Registration Statement as may be necessary to comply with
the provisions of the Securities Act with respect to the disposition of all Registrable Shares covered by such Registration Statement;

 

2.10.3            use
commercially reasonable efforts to furnish to the Holders and the underwriters, if any, such numbers of copies of the prospectus, including
a preliminary prospectus, and any amendments or supplements to such a prospectus, without charge to the holders of Registrable Shares
included in such registration and in conformity with the requirements of the Securities Act, and such other documents as they may reasonably
request in order to facilitate the disposition of Registrable Shares owned by them;

 

2.10.4            in
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering;

 

2.10.5            notify
each Holder of Registrable Shares covered by such Registration Statement and any underwriters, if any, of the happening of any event as
a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing; and, as promptly as practicable thereafter, prepare and file with the Commission and furnish
a supplement or amendment to such prospectus, so that, as thereafter deliverable to the purchasers of such Registrable Shares, such prospectus
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading;

 

     

     

    

 

2.10.6            cause
all Registrable Shares registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the
Company are then listed;

 

2.10.7            provide
a transfer agent and registrar for all Registrable Shares registered pursuant hereunder and a CUSIP number for all such Registrable Shares,
in each case not later than the effective date of such registration;

 

2.10.8            furnish,
at the request of any Holder requesting registration of Registrable Shares pursuant to this Section 2, on the date that such Registrable
Shares are delivered to the underwriters for sale in connection with a registration pursuant to this Section 2, if such securities
are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the Registration
Statement with respect to such securities becomes effective: (i) an opinion, dated such date, of the counsel representing the Company
for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering,
addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Shares; and (ii) a letter dated
such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Shares;

 

2.10.9            if
requested by the managing underwriter or underwriters (if any), any Holder, or such Holder’s counsel, promptly incorporate in a
prospectus supplement or post-effective amendment such information as such person requests to be included therein, including, without
limitation, with respect to the shares being sold by such Holder to such underwriter or underwriters, the purchase price being paid therefor
by such underwriter or underwriters and with respect to any other terms of an underwritten offering of the shares to be sold in such offering,
and promptly make all required filings of such prospectus supplement or post-effective amendment;

 

2.10.10          make
available to each Holder, any underwriter participating in any disposition pursuant to a Registration Statement, and any attorney, accountant
or other agent or representative retained by any such Holder or underwriter (collectively, the “Inspectors”), all financial
and other records, pertinent corporate documents and properties of the Company as shall be reasonably necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested
by any such Inspector in connection with such Registration Statement;

 

2.10.11          otherwise
cooperate with the underwriter(s), the Commission and other regulatory agencies and take all actions and execute and deliver or cause
to be executed and delivered all documents necessary to effect the registration of any shares under this Agreement;

 

2.10.12          during
the period when the prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed
with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act; and

 

2.10.13          in
the case of an underwritten offering involving gross proceeds in excess of US$50 million, use its reasonable efforts to make available
senior executives of the Company to participate in customary “road show” presentations that may reasonably be requested by
the underwriter.

 

2.11        Obligations
of Holders. Without limiting the foregoing, no Holder may participate in any underwritten offering hereunder unless such Holder (a) agrees
to sell such Holder’s Registrable Shares on the basis provided in any underwriting arrangements approved by the Company (in the
case of a Shelf Takedown) or the Initiating Holders (in the case of a Demand Registration) and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements and the provisions of this Agreement in respect of registration rights and performs its obligations under such agreements.

 

     

     

    

 

2.12        Assignment
of Registration Rights. Any of the Holders may assign its rights to cause the Company to register Shares pursuant to this Section 2
to a transferee of all or any part of its Registrable Shares. The transferor shall, within twenty (20) days after such transfer, furnish
the Company with written notice of the name and address of such transferee and the securities with respect to which such registration
rights are being assigned, and the transferee shall execute a Joinder Agreement as required by Section 5.4 below.

 

2.13        Public
Information. At any time and from time to time following the Closing, the Company shall undertake to make publicly available and available
to the Holders pursuant to Rule 144, such information as is necessary to enable the Holders to make sales of Registrable Shares pursuant
to that Rule. The Company shall comply with the current public information requirements of Rule 144 and shall furnish thereafter
to any Holder, upon request, a written statement executed by the Company as to the steps it has taken to so comply.

 

2.14        “Market
Stand-off” Agreement. Each Holder agrees that it will not, without the prior written consent of the Company or the
managing underwriter, during the period commencing on the date of the final prospectus used in connection with any underwritten
offerings pursuant to Section 2 above by the Company in which the Company complied with Section 2, and ending on the date
specified by the Company and the managing underwriter, such period not to exceed ninety (90) days following the closing of such
underwritten offering: (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any
option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or
indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for
Ordinary Shares (whether such shares or other securities are then owned by the Holder, or are thereafter acquired by the Holder, but
excluding shares purchased in the offering and shares purchased following the offering that were not subject to underwriters’
lock-up); or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be
settled by delivery of Ordinary Shares or other securities, in cash, or otherwise. The foregoing provisions of this
Section 2.14 shall not apply to (a) the sale of any shares to an underwriter pursuant to an underwriting agreement and shall be
applicable to the Holders only if all Company's officers and directors and all Holders individually owning more than one percent
(1%) of the Company's outstanding Ordinary Shares (on an as converted basis) shall be subject to similar restrictions or (b) activities of any Holder that is a broker dealer undertaken in the ordinary course of its business (other than with respect to
the SPAC Warrants, PIPE Warrants or Ordinary Shares purchased in a private placement in connection with the Business Combination, in each
case by such a broker dealer Holder for its own account for investment purposes). The
underwriters in connection with such registration are intended third-party beneficiaries of this Section 2.14 and shall have
the right, power, and authority to enforce the provisions hereof as though they were a party hereto. In addition, at the
underwriters’ request, each Holder shall enter into a lock-up agreement in customary form reflecting the foregoing.

 

3.            Termination.
This Agreement shall terminate upon the earlier of (i) upon the consummation of a Liquidation Event in which the Holders receive
at the closing thereof cash or unrestricted marketable securities; or (ii) with respect to each Holder, such time as such Holder
ceases to hold any Registrable Shares; provided, however, that the provisions of Section 1.1 and Section 2.9
shall continue and remain in full force and effect following the termination of this Agreement for whatever reason.

 

4.            Lock-up.

 

4.1          Lock-up.
Subject to Section 4.2, all Holders (other than the EDNCU Holder and its EDNCU Lock-Up Permitted Transferees) agree that they shall
not Transfer any Lock-up Shares or any instruments exercisable or exchangeable for, or convertible into, such Lock-up Shares until the
end of the Lock-up Period (the “Lock-up”). For the avoidance of doubt, it is acknowledged and agreed that (i) the
Sponsor Interests are subject to restriction on Transfer or forfeiture as set forth in the Sponsor Letter Agreement and not this Section 4,
(ii) certain Sponsor Interests and Ordinary Shares held by Holders are held in escrow pursuant to that certain Unit Subscription
Agreement, and (iii) such securities in (i) and (ii) may not be Transferred until any vesting conditions, as applicable,
are satisfied (and in any case subject to any applicable lock-up restrictions) and, with respect to any such securities that are subject
to an escrow obligation, if such obligation expires and such shares are released to the Holder. For the further avoidance of doubt, securities
acquired by a Holder party hereto in open market transactions subsequent to the date hereof shall not be subject to the Lock-up.

 

     

     

    

 

4.2          Permitted
Transfers. Notwithstanding the provisions set forth in Section 4.1, each Holder (other than
the EDNCU Holder and its EDNCU Lock-Up Permitted Transferees) and its Lock-up Permitted Transferees may Transfer the Lock-up Shares
during the Lock-up Period (a) to (i) such Holder’s investors, officers or directors, (ii) any direct or indirect
controlled Affiliates (as defined below) or immediate family members of such Holder’s officers or directors (as defined in the Securities
and Exchange Act of 1934, as amended), or (iii) any direct or indirect controlled Affiliates of the Holders (other than the EDNCU
Holder) that are not competitors of the Company or any employees of any such Affiliates; (b) in the case of an individual, (i) by
bona fide gift or charitable contribution without consideration, (ii) by virtue of laws of descent and distribution upon death of
the individual and (iii) pursuant to a qualified domestic relations order; (c) by virtue of such Holder’s certificate
of incorporation or bylaws (or equivalent), as amended, upon dissolution of such Holder; (d) in connection with a bona fide gift
or charitable contribution without consideration; (e) with the written consent of the Board or (f) in connection with a liquidation,
merger, stock exchange, reorganization, tender offer or other similar transaction, in each case in this clause (f) as approved by
the Board or a duly authorized committee thereof, which results in all of the Company’s stockholders having the right to exchange
their Ordinary Shares for cash, securities or other property subsequent to the Closing Date (collectively, the “Lock-up Permitted
Transferees”); provided, however, that in the case of clauses (a) through (d) such Lock-up
Permitted Transferee must execute a Joinder Agreement.

 

5.            Miscellaneous.

 

5.1          Effectiveness;
Termination of Previous Agreements. This Agreement shall become effective as of the Closing and prior thereto shall be of no force
or effect. If the Business Combination Agreement is terminated in accordance with its terms prior to the Closing, this Agreement shall
automatically be terminated and be of no force or effect, and each of the Previous Agreements shall remain in full force and effect in
accordance with its terms with respect to the parties thereto. Effective as of the Closing, this Agreement shall supersede and replace
in its entirety the terms and conditions of each Previous Agreement, which Previous Agreements shall be null and void and of no further
force or effect.

 

5.2          Further
Assurances. Each of the parties hereto shall perform such further acts and execute such further documents as may reasonably be necessary
to carry out and give full effect to the provisions of this Agreement and the intentions of the parties as reflected thereby.

 

5.3          Governing
Law; Jurisdiction. This Agreement shall be governed by and construed according to the laws of the State of New York without regard
to the conflict of laws provisions thereof. Any dispute, legal action or proceeding, whether at law or in equity, whether in contract
or in tort or otherwise arising out of or relating to this Agreement or the performance hereunder shall be subject to the exclusive jurisdiction
of any New York State or United States Federal court in The City of New York, Borough of Manhattan, and each of the parties hereby irrevocably
submits to the exclusive jurisdiction of such court. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE
PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT
OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

5.4          Successors
and Assigns; Assignment. Except as otherwise expressly limited herein (including Section 4.1), the provisions hereof shall inure
to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto. None of the
rights, privileges, or obligations set forth in, arising under, or created by this Agreement, except for the right of the Holders
to cause the Company to register Shares pursuant to Section 2 herein, may be assigned or transferred without the prior consent in
writing of each party to this Agreement, with the exception of: (a) assignments and transfers of all or part of the Registrable Shares
between the Holders; (b) assignments and transfers of all or part of the Registrable Shares from a Holder to any other entity which
controls, is controlled by, or is under common control with, such Holder (each being an “Affiliate”); (c) as to
any Holder which is a partnership, assignments and transfers of all or part of the Registrable Shares to its partners and to affiliated
partnerships managed by the same management company or managing general partner or by an entity which controls, is controlled by, or is
under common control with, such management company or managing general partner; (d) assignments and transfers of all or part of the
Registrable Shares by a Holder to any fund (or shareholder or partner of any such fund), or any beneficiary of an account or arrangement,
managed by such Holder or by the general partner or managing entity of such Holder or by an affiliate thereof (the persons set forth in
clauses (a)-(d), collectively, “Permitted Transferees”), or (e) assignment or transfer of all or part of the Registrable
Shares by a Holder to a Permitted Transferee in accordance with the provisions of and subject to the limitations set forth in the Articles.
Unless otherwise noted in the applicable Joinder Agreement, each Permitted Transferee shall be deemed a Holder.

 

     

     

    

 

5.5          Entire
Agreement; Amendment and Waiver. This Agreement and the Schedules hereto constitute the full and entire understanding and agreement
between the parties with regard to the subject matters hereof and thereof and supersede all prior agreements and understandings, both
oral and written between the parties with respect to the subject matters of this Agreement, including the Previous Agreements. Any term
of this Agreement may be amended and the observance of any term hereof may be waived (either prospectively or retroactively and either
generally or in a particular instance) only with the written consent of the Company and the Holders of at least 65% of the Registrable
Shares held by the Holders (voting together as a single class or by consent of such required majority); provided that, in
the event any such amendment or waiver would by its terms be disproportionate and adverse to the rights or obligations of the EDNCU Holder
or Catalyst, the prior written consent of the EDNCU Holder or Catalyst, as the case may be, will also be required.

 

5.6          Notices, etc.
All notices and other communications required or permitted hereunder to be given to a party to this Agreement shall be in writing and
shall be telecopied or mailed by registered mail, postage prepaid, or prepaid air courier, or otherwise delivered by hand or by messenger,
addressed to such party's address as set forth below:

 

	If to the Company:	
    SatixFy Communications Ltd.

    12 Hamada St.,

    Rehovot, 7670315

    Israel

    Attention:Yoav Leibovitch

    Email:   yoav@satixfy.com

     

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

     

    Davis Polk & Wardwell LLP

    450 Lexington Avenue

    New York NY 10017

    Attention: Lee Hochbaum

    Brian Wolfe

    Michael Kaplan

    Email: lee.hochbaum@davispolk.com

    brian.wolfe@davispolk.com

    michael.kaplan@davispolk.com

     

    and

     

    Gross & Co.

    132 Derech Menachem Begin St.

    1 Azrieli Center, Round Building

    Tel Aviv 6701101

    Israel

    Attention: Richard J. Mann

    Email:rick@gkh-law.com

     

     

	If to the Holders:	
    To the addresses set forth on Exhibit B.

 

     

     

    

 

or such other address with respect to a party
as such party shall notify each other party in writing as above provided. Any notice sent in accordance with this Section 5.6 shall
be effective (i) if mailed, five (5) business days after mailing, (ii) if by air courier, two (2) business days after
delivery to the courier service, (iii) if sent by messenger, upon delivery, and (iv) if sent via facsimile or by email, upon
transmission and, in the event of facsimile transmission, electronic confirmation of receipt or (if transmitted and received on a non-business
day) on the first business day following transmission and, in the event of email transmission, in the absence of any reply indicating
failure of delivery of the email. All communications shall also be sent by email.

 

5.7          Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or default under
this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent,
or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part
of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any of the parties, shall be cumulative
and not alternative.

 

5.8          Severability.
If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision
shall be excluded from this Agreement and the remainder of this Agreement shall be interpreted as if such provision were so excluded and
shall be enforceable in accordance with its terms; provided, however, that in such event this Agreement shall
be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and intention
of the excluded provision as determined by such court of competent jurisdiction.

 

5.9          Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties
actually executing such counterpart, and all of which together shall constitute one and the same instrument.

 

5.10        Aggregation
of Shares. Registrable Shares held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining
the availability of any rights under this Agreement.

 

5.11        Mutual
Drafting. This Agreement is the joint product of the parties hereto and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of the parties and shall not be construed for or against any party hereto.

 

5.12        Additional
Holders. Notwithstanding anything to the contrary contained herein, (i) if the Company issues additional Ordinary Shares following
the date hereof, whether pursuant to a share purchase agreement or otherwise, any purchaser of such shares and (ii) any holder as
of the date hereof of the Company’s Ordinary Shares that are restricted securities, in each case, may become a party to this Agreement
by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed a “Holder”
for all purposes hereunder. No action or consent by the Holders shall be required for such joinder to this Agreement by such additional
Holder, so long as such additional Holder has executed a Joinder Agreement.

 

5.13        PFIC
Information. At the request (and sole cost) of any requesting U.S. shareholders, the Company will use commercially reasonable efforts
to retain a nationally recognized accounting firm to (i) determine whether the Company is a passive foreign investment company (a
 “PFIC”) under Section 1297 of the Internal Revenue Code of 1986, as amended (the “Code”), for
its taxable year that includes the Closing Date or a future taxable year and (ii) if it is, (A) determine whether any of the
Company’s subsidiaries is a PFIC and (B) provide the U.S. shareholder with the information intended to allow such U.S. shareholder
to make a qualified electing fund election under Code Section 1293 with respect to the Company and/or its subsidiaries.

 

5.14        Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent
of Catalyst, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder
or prospective holder to have registration rights senior to those held by Catalyst. For the avoidance of doubt, this section shall not
apply to any registration rights provided in connection with the PIPE.

 

[Signature Page to Follow]

 

     

     

    

 

IN WITNESS WHEREOF the parties
have signed this Amended and Restated Shareholders’ Agreement as of the date first hereinabove set forth.

 

	SATIXFY COMMUNICATIONS LTD.	 
	 	 
	 	 
	By:	/s/ Yoel Gat	 
	Name:	Yoel Gat	 
	Title:	Chief Executive Officer	 
	 	 
	 	 
	By:	/s/ Yoav Leibovitch	 
	Name:	Yoav Leibovitch	 
	Title:	Chief Financial Officer	 

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	YOEL GAT	 
	 	 
	/s/ Yoel
    Gat	 

 

[Signature Page to A&R Shareholders’
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	SIMONA GAT	 
	 	 
	/s/ Simona Gat	 

 

[Signature Page to A&R Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	YOAV LEIBOVITCH	 
	 	 
	/s/ Yoav Leibovitch	 

 

[Signature Page to A&R Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	GARY
    BEGEMAN	 
	 	 
	/s/
    Gary Begeman	 
	 	 
	 	 
	HENRY
    DUBOIS	 
	 	 
	/s/
    Henry Dubois	 
	 	 
	 	 
	MICHAEL
    LEITNER	 
	 	 
	/s/
    Michael Leitner	 
	 	 
	 	 
	HIDEKI
    KATO	 
	 	 
	/s/
    Hideki Kato	 
	 	 
	 	 
	SIMON
    CATHCART	 
	 	 
	/s/
    Simon Cathcart	 
	 	 
	 	 
	MITSUI &
    CO., LTD	 
	 	 
	/s/
    Kazutomi Shigeeda	 
	By:
    Kazutomi Shigeeda	 
	Its:
    General Manager of Space Business Dept.	 

 

[Signature Page to
A&R Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties
have signed this Amended and Restated Shareholders’ Agreement as of the date first hereinabove set forth.

 

ENDURANCE ACQUISITION CORP.

 	By:	/s/ Richard C. Davis	 
	Name:	Richard C. Davis	 
	Title:	Chief Executive Officer	 

 

ENDURANCE ANTARCTICA PARTNERS, LLC

 

	By: ADP Endurance, LLC	 
	Its: Managing Member	 
	 	 	 
	By:	/s/ Chandra R. Patel	 
	Name:	Chandra R. Patel	 
	Title:	Managing Director	 

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	DORON RAINISH	 
	 	 
	/s/ Doron Rainish	 

 

[Signature Page to
A&R Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	JUN XIANG	 
	 	 
	/s/ Jun Xiang	 

 

[Signature Page to
A&R Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	GOLDEN ARIE HIGH TECH INVESTMENTS PTE 	 
	 	 
	By:	/s/ Stephen Margolis	 
	Name: Stephen Margolis	 
	Title: Director	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	GENE KLEINHENDLER 2001 LAW OFFICES LTD. 	 
	 	 
	By:	 [Signature illegible]	 
	Name: 	 
	Title: 	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	ZOHAR ZISAPEL	 
	 	 
	/s/ Zohar Zisapel	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	NACHUM HAI 	 
	 	 
	/s/ Nachum Hai	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	MOSES HOLDINGS LLC	 
	 	 
	By:	/s/ Alfred H. Moses	 
	Name: Alfred H. Moses	 
	Title: Sole member	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	AMIT GILAT 	 
	 	 
	/s/ Amit Gilat 	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	ST ENGINEERING IDIRECT, INC.	 
	 	 
	/s/ Kevin Steen	 
	Name: Kevin Steen	 
	Title: President and CEO	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	CEL CATALYST COMMUNICATIONS LIMITED 	 
	 	 
	By:	/s/ Yair Shamir	 
	Name: Yair Shamir	 
	Title: Managing Partner	 
	 	 
	By:	/s/ Sheng Yan Fan	 
	Name: Sheng Yan Fan	 
	Title: Managing Partner	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	GLORY VENTURES INVESTMENTS FUND II L.P.	 
	 	 
	By:	/s/ Yang Guang 	 
	Name: Yang Guang	 
	Title: Director	 

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	SIGNAL INTELLIGENCE INTERNATION LIMITED 	 
	 	 
	By: 	/s/ Jinping Wu	 
	Name: Jinping Wu	 
	Title: Director	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	MARK JACOBSEN 	 
	 	 
	/s/ Mark Jacobsen	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed this Amended and Restated
Shareholders’ Agreement as of the date first hereinabove set forth.

 

	LIQUIDITY CAPITAL II LIMITED PARTNERSHIP	 
	 	 
	By:	/s/ Oshri Harari 	 
	Name: Oshri Harari	 
	Title: COO & GC	 

 

	 	 
	 	 
	By:	/s/ Udi Gvirts 	 
	Name: Udi Gvirts	 
	Title: CFO & Deputy CEO	 

 

[Signature Page to A&R
Shareholders’ Agreement]

 

     

     

    

 

Exhibit A

 

Form of Joinder Agreement

 

[Date]

 

Reference is hereby made
to the Amended and Restated Shareholders’ Agreement, dated March 8, 2022 (the “IRA”), by and between
SatixFy Communications Ltd., a company organized under the laws of the State of Israel (the “Company”), and the
Holders named therein. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms
in the IRA.

 

Pursuant
to Section 2.11 of the IRA, each of the undersigned hereby acknowledges, agrees and confirms that, by its execution of this Joinder
Agreement, it shall be deemed to be a party to the IRA as if it were an original signatory thereto and hereby expressly assumes, and agrees
to perform and discharge, all of the obligations and liabilities of a party thereto as the case may be, under the IRA. All references
in the IRA to the “Holders” or “EDNCU Holder”, as the case may be,
shall hereafter include each of the undersigned and their respective successors, as applicable.

 

Each of the undersigned hereby
agrees to promptly execute and deliver any and all further documents and take such further action as the Company, the Holders or any undersigned
party may reasonably require to effect the purpose of this Joinder Agreement.

 

This Joinder Agreement shall
be governed by and construed according to the laws of the State of New York, without regard to the conflict of laws provisions thereof.
Any legal action or proceeding, whether at law or in equity, whether in contract or in tort or otherwise arising out of or relating to
this Joinder Agreement or the performance hereunder shall be subject to the exclusive jurisdiction of any New York State or United States
Federal court in The City of New York, Borough of Manhattan, and each of the parties hereto hereby irrevocably submits to the exclusive
jurisdiction of such court. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH OR RELATING TO THIS JOINDER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS JOINDER AGREEMENT.

 

[Signature Pages Follow]

 

    	 	19	 

     

    

 

 

 

IN
WITNESS WHEREOF, the parties hereto have executed this Joinder Agreement as of the date herein above set forth.

 

	The Company:	 
	 	 
	SATIXFY COMMUNICATIONS LTD.	 
	 	 
	 	 
	By:	 
	Title:	 
	 	 
	 	 
	[Permitted Transferees]:	 
	 	 
	 	 	 
	 	 
	[          ]	 
	By:	 	 

 

    	 	20	 

     

    

 

EXHIBIT B

THE HOLDERS; ADDRESSES

 

	Ordinary Shareholders	Address	With a copy to (which shall not constitute a service of process):
	 	 	 
	 	 	 
	 	 	 

 

    	 	21

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