Document:

Exhibit 10.11

 

Execution Version

 

 

 

SECURITY AGREEMENT

 

made by

 

SATIXFY COMMUNICATIONS LTD

 

and certain of its Subsidiaries

 

in favor of

 

WILMINGTON SAVINGS FUND
SOCIETY, FSB,

as Administrative Agent

 

Dated as of February 1,
2022

 

 

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	Section 1.	Definitions, Etc.	1
	1.01 	Terms Generally	1
	1.02	Certain Uniform Commercial Code Terms	1
	1.03 	Additional Definitions	1
	1.04 	Treatment of Certain Obligations	4
	 	 	 
	Section 2.	Representations and Warranties	5
	2.01	Title	5
	2.02 	Securing Party Information	5
	2.03 	Security Interest	5
	2.04	Pledged Equity	6
	2.05 	Initial Pledged Debt	6
	2.06	Intellectual Property	6
	2.07	Commercial Tort Claims	6
	 	 	 
	Section 3.	Collateral	6
	 	 	 
	Section 4.	[Reserved]	8
	 	 	 
	Section 5.	Further Assurances	9
	5.01	Delivery and Other Perfection	9
	5.02 	Other Financing Statements or Control	10
	5.03 	Preservation of Rights	10
	5.04 	Special Provisions Relating to Certain Collateral	10
	5.05 	Changes to Jurisdiction or Name	11
	5.06 	Maintenance of Insurance	11
	5.07 	Termination	12
	5.08 	Releases of Collateral	12
	 	 	 
	Section 6.	Remedies	12
	6.01 	Rights and Remedies Generally upon Default	12
	6.02 	Grant of License to Use Intellectual Property	13
	6.03 	Certain Securities Act Limitations	14
	6.04 	Deficiency	14
	6.05 	Private Sale	14
	6.06 	Application of Proceeds	14
	6.07 	Subordination	15
	6.08 	Attorney-in-Fact	15
	6.09 	Duty of Administrative Agent	15
	6.10 	Authority of Administrative Agent	15
	 	 	 
	Section 7.	Miscellaneous	16
	7.01 	Notices	16
	7.02 	No Waiver	16
	7.03 	Amendments, Etc.	16

 

    -i- 

    

    

 

	7.04 	Expenses	16
	7.05 	Successors and Assigns	16
	7.06 	Counterparts	17
	7.07 	Governing Law; Submission to Jurisdiction; Etc.	17
	7.08 	WAIVER OF JURY TRIAL	18
	7.09 	Captions	18
	7.10 	Agents and Attorneys-in-Fact	18
	7.11 	Severability	18
	7.12 	Additional Securing Parties	18

 

	Annex 1	Securing Party Information
	Annex 2	Pledged Debt and Equity
	Annex 3	Intellectual Property
	Annex 4	Commercial Tort Claims
	Annex 5	Deposit Accounts
	 	 
	Exhibit A	Form of Grant of Security Interest in Copyrights
	Exhibit B	Form of Grant of Security Interest in Trademark Rights
	Exhibit C	Form of Grant of Security Interest in Patent Rights

 

    -ii- 

    

    

 

SECURITY AGREEMENT

 

SECURITY AGREEMENT (this “Agreement”),
dated as of February 1, 2022, by and among SATIXFY COMMUNICATIONS LTD, a limited liability company organized under the laws of Israel
with company registration number 51-613503-5 (the “Borrower”), each of the Subsidiaries of the Borrower identified
on Annex 1 hereto and each other Person that becomes a “Securing Party” hereunder as contemplated by Section 7.12 (individually,
an “Additional Securing Party” and, collectively, the “Additional Securing Parties” and, together
with the Borrower, the “Securing Parties”), and Wilmington Savings Fund Society, FSB,
as collateral agent for the Lenders party from time to time under the Credit Agreement referred to below (in such capacity, together
with its successors in such capacity, the “Administrative Agent”).

 

W  I  T 
N  E  S  S  E  T  H  :

 

WHEREAS, the Borrower, the
Lenders party thereto and the Administrative Agent are parties to a Credit Agreement, dated as of February 1, 2022 (as amended,
restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), providing,
subject to the terms and conditions thereof, for extensions of credit to be made by such Lenders to the Borrower; and

 

WHEREAS, to induce the Lenders
to enter into the Credit Agreement and to extend credit to the Borrower thereunder, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each Securing Party agrees as follows:

 

Section 1.     Definitions,
Etc.

 

1.01       Terms
Generally. Capitalized terms used herein and not otherwise defined herein are used herein as defined in the Credit Agreement.

 

1.02       Certain
Uniform Commercial Code Terms. As used herein, the terms “Accession”, “Account”, “As-Extracted
Collateral”, “Chattel Paper”, “Commercial Tort Claim”, “Commodity Account”,
 “Commodity Contract”, “Deposit Account”, “Document”, “Electronic Chattel
Paper”, “Equipment”, “Fixtures”, “General Intangible”, “Goods”,
 “Instrument”, “Inventory”, “Investment Property”, “Letter-of-Credit
Right”, “Payment Intangible”, “Proceeds”, “Promissory Note”, “Software”
and “Tangible Chattel Paper” have the respective meanings set forth in Article 9 of the NYUCC, and the terms
 “Certificated Security”, “Entitlement Holder”, “Financial Asset”, “ Securities
Account”, “Security”, “Security Certificate”, and “Security Entitlement”
have the respective meanings set forth in Article 8 of the NYUCC.

 

1.03       Additional
Definitions. In addition, as used herein:

 

“Agreement”
means this Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Collateral” has the meaning assigned to
such term in Section 3.

 

“Collateral
Access Agreement” means any landlord waiver or other agreement, in form and substance satisfactory to the Administrative Agent,
between the Administrative Agent and any third party (including any bailee, consignee, customs broker, or other similar Person) in possession
of any Collateral or any landlord of any real property where any Collateral within the United States is located, as such landlord waiver
or other agreement may be amended, restated, supplemented or otherwise modified from time to time.

 

    -1-

    

    

 

“Copyright
Collateral” means all Copyrights, whether now owned or hereafter acquired by any Securing Party, including each Copyright
identified in Annex 3.

 

“Copyrights”
means all copyrights, copyright registrations and applications for copyright registrations, including all renewals and extensions thereof,
all rights to recover for past, present or future infringements thereof and all other rights whatsoever accruing thereunder or pertaining
thereto and all income, royalties, damages and payments now or hereafter due and/or payable under or with respect thereto and all income,
royalties, damages and payments now or hereafter due and/or payable under or with respect thereto.

 

“English
Securing Parties” means the Securing Parties that are incorporated under the laws of England and Wales.

 

“Excluded
Accounts” means, with respect to the Securing Parties, (i) any accounts used solely for payroll expenses (collectively
not to exceed 150% of the amount to be paid in the ordinary course of business in the then-next payroll cycle), fiduciary and trust
accounts, employee benefit accounts or accounts for tax payments of the Securing Parties (ii) any zero-balance accounts, pension
accounts and 401(k) accounts, (iii) any accounts which exclusively hold cash collateral securing such Securing Party’s
or any of its Subsidiaries’ obligations to a third party and (iv) accounts in which the average daily balance for any thirty
day period does not at any time exceed $100,000 individually or $500,000 in the aggregate.

 

“Excluded Assets” has the meaning assigned
to such term in Section 3.

 

“Excluded
Capital Stock” means any Capital Stock of any (i) Subsidiary (other than any Subsidiaries existing on the Effective Date
and any future Subsidiaries formed or organized in Israel, the United Kingdom or the United States) to the extent that a pledge thereof
to secure the Secured Obligations would require the consent of any third party other than the Borrower or any Subsidiary to such pledge
or security interest pursuant to, any applicable organizational documents or shareholder or other similar agreement in effect as of the
date hereof (or in the case of a newly acquired Subsidiary, in existence at the time of acquisition but not entered into in contemplation
thereof) (other than customary anti-assignment provisions which are expressly deemed ineffective under the Uniform Commercial Code or
other applicable law) or for which consent, approval, license or authorization of a Governmental Authority would be required unless such
consent, approval, license or authorization has been received; provided that, in each case, the Borrower shall use commercially reasonable
efforts to obtain such consent, approval, license or authorization of a Governmental Authority, (ii) Subsidiary with respect to
which to the Borrower and the Administrative Agent reasonably agree that the cost, burden or other consequences (including any adverse
tax consequences) of the pledge of its Equity Interests shall be excessive in relation to the value of the security to be afforded thereby
and (iii) any captive insurance subsidiary.

 

“Initial
Pledged Debt” means the indebtedness of each Issuer owned by any Securing Party on the date hereof and identified in Annex
2 (Part B).

 

“Initial
Pledged Equity” means the Capital Stock of each Issuer owned by any Securing Party on the date hereof and identified in Annex
2 (Part A).

 

    -2-

    

    

 

“Intellectual
Property” means, collectively, all Copyright Collateral, all Patent Collateral and all Trademark Collateral, together with
(a) all inventions, processes, production methods, proprietary information, know-how and trade secrets; (b) all licenses (irrespective
of the type of agreement under which such license is granted) granted to or by any Securing Party with respect to any of the foregoing,
in each case whether now or hereafter owned or acquired; (c) all proprietary information, customer lists, identification of suppliers,
data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys, engineering reports, test reports, manuals,
materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs; (d) all
data and other information relating to sales or service of products now or hereafter offered; (e) all accounting information and
all media in which or on which any information or knowledge or data or records may be recorded or stored and all computer programs used
for the compilation or printout of such information, knowledge, records or data; and (f) all causes of action, claims and warranties
now or hereafter owned or acquired by any Securing Party in respect of any of the items listed above, including all rights to recover
for past, present or future infringements thereof and all other rights whatsoever accruing thereunder or pertaining thereto and all income,
royalties, damages and payments now or hereafter due and/or payable under or with respect thereto, in each case of (a)-(f), whether now
owned or hereafter acquired by any Securing Party.

 

“Israeli
Securing Parties” means the Securing Parties that are incorporated under the laws of the State of Israel.

 

“Issuers”
means, collectively, (a) the respective Persons identified on Annex 2 (Part A) under the caption “ Issuer”,
(b) any other Person that shall at any time be a Subsidiary of any Securing Party, and (c) the issuer of any Capital Stock
hereafter owned by any Securing Party.

 

“NYUCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

“ Patent
Collateral” means all Patents, whether now owned or hereafter acquired by any Securing Party, including each Patent identified
in Annex 3.

 

“Patents”
means all patents and patent applications, including the inventions and improvements described and claimed therein together with the
reissues, divisionals, continuations, reexaminations, extensions and continuations-in-part thereof, all rights to recover for past, present
or future infringements thereof and all other rights whatsoever accruing thereunder or pertaining thereto and all income, royalties,
damages and payments now or hereafter due and/or payable under or with respect thereto.

 

“Perfection
Certificate” means the Perfection Certificate and Diligence Request dated as of the Effective Date, delivered by the Borrower
to the Administrative Agent pursuant to Section 4.01(l) of the Credit Agreement.

 

“Pledged
Debt” means, collectively, (a) the Initial Pledged Debt and (b) all other indebtedness for borrowed money, in an
principal amount of $500,000 or more, from time to time owed to any Securing Party and the instruments, if any, evidencing such indebtedness,
and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of
or in exchange for any or all of such indebtedness.

 

    -3-

    

    

 

“Pledged
Equity” means, collectively, (a) the Initial Pledged Equity and (b) all other Capital Stock (other than any Excluded
Capital Stock) of any Issuer now or hereafter owned by any Securing Party, together in each case with (i) all certificates representing
the same, (ii) all shares, securities, moneys or other property representing a dividend on or a distribution or return of capital
on or in respect of the Pledged Equity, or resulting from a split- up, revision, reclassification or other like change of the Pledged
Equity or otherwise received in exchange therefor, and any warrants, rights or options issued to the holders of, or otherwise in respect
of, the Pledged Equity except to the extent any interest in respect of, or change with respect to, Pledged Equity contemplated by this
clause (ii) constitutes Excluded Capital Stock, and (iii) without prejudice to any provision of any of the Loan Documents prohibiting
any merger or consolidation by an Issuer, all Capital Stock of any successor entity of any such merger or consolidation, other than any
Excluded Capital Stock.

 

“Secured Obligations” means all Obligations
of the Securing Parties.

 

“Secured
Parties” means, collectively, the Lenders, the Administrative Agent, any other holder from time to time of any of the Secured
Obligations and, in each case, their respective successors and assigns.

 

“Trademark
Collateral” means all Trademarks, whether now owned or hereafter acquired by any Securing Party, including each Trademark identified
in Annex 3, together, in each case, with the names of product lines and goodwill of the business connected with the use of, and symbolized
by, each such Trademark. Notwithstanding the foregoing, the Trademark Collateral does not and shall not include any “intent-to-use”
trademark applications, solely until such time as a Statement of Use or an Amendment to Show Use is filed at the U.S. Patent and Trademark
Office, and solely to the extent that, and during the period, if any, in which the grant of a security interest therein would impair
the validity or enforceability of such intent-to-use trademark application or any registration that may issue therefrom under applicable
federal law (any such Trademark, an “Excluded Trademark”).

 

“Trademarks”
means all trade names, corporate names, company names, business names, domain names, trademarks and service marks, logos, other source
identifiers, trademark and service mark registrations, and applications for trademark and service mark registrations, including all renewals
of trademark and service mark registrations, all rights to recover for past, present or future infringements thereof and all other rights
whatsoever accruing thereunder or pertaining thereto and all income, royalties, damages and payments now or hereafter due and/or payable
under or with respect thereto.

 

“Uniform
Commercial Code” shall mean the NYUCC; provided, however, that if by reason of mandatory provisions of law, the perfection,
the effect of perfection or non-perfection or priority of a security interest is governed by the personal property security laws of any
jurisdiction other than New York, “Uniform Commercial Code” shall mean those personal property security laws as in effect
in such other jurisdiction for the purposes of the provisions hereof relating to such perfection or priority and for the definitions
related to such provisions.

 

“Vehicles”
means all cars, trucks, trailers, construction and earth moving equipment and other vehicles covered by a certificate of title law and
any and all tires and other appurtenances to any of the foregoing.

 

1.04       Overriding
Provision. Notwithstanding anything contained in this Agreement to the contrary,) in respect of Collateral constituting IIA-Funded
Know-How, the creation of any security interest over such Collateral and any enforcement thereof shall be subject to the Section 5.03(c) of
the Credit Agreement (including the Research Law and all IIA Approvals) and to the terms of Section 7.07 of this Agreement.

 

    -4-

    

    

 

Section 2.       Representations
and Warranties. Each Securing Party represents and warrants to the Lenders and the Administrative Agent for the benefit of the Secured
Parties that as of the Effective Date and on each other date on which the representations and warranties in Article III of the Credit
Agreement are made or deemed made under any Loan Document or are required under or pursuant to the Credit Agreement or any other Loan
Document to be true and correct in all material respects as a condition to any action or transaction:

 

2.01       Title.
Such Securing Party has good and valid rights in and title to the Collateral in which it purports to grant a security interest pursuant
to Section 3 and no Lien exists upon the Collateral (and no right or option to acquire the same exists in favor of any other Person)
other than (a) the security interest created or provided for herein, which security interest constitutes or will continue to constitute
a valid first and prior Lien on the Collateral to the extent required hereunder, and (b) the Liens thereon (if any) expressly permitted
by Section 6.02 of the Credit Agreement. No financing statement or other public notice with respect to all or any part of the Collateral
is on file or of record in any public office, except such as have been filed in favor of the Administrative Agent for the benefit of
the Secured Parties pursuant to this Agreement, or as permitted by the Credit Agreement.

 

2.02       Securing
Party Information. Annex 1 sets forth, as of the date hereof, (a) the full and correct legal name, type of organization and
jurisdiction of organization of each Securing Party, (b) the chief executive office of each Securing Party, (c) any change
in the jurisdiction of formation of any Securing Party during the past four months prior to the date hereof, and (d) any other corporate
or organizational name used by a Securing Party, or any other business or organization to which a Securing Party became the successor
by merger, consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise and on any filings with the
Internal Revenue Service, in each case during the past five years prior to the date hereof.

 

2.03       Security
Interest. Upon the completion of the filing of (a) the Uniform Commercial Code financing statements prepared by the counsel
to the Lenders based upon the information provided to the Administrative Agent in the Perfection Certificate for filing in each governmental,
municipal or other office specified in the Perfection Certificate, (b) completed and executed copies of the Grant of Security Interest
in Copyrights, a form of which is attached hereto as Exhibit A, the Grant of Security Interest in Trademark Rights, a form of which
is attached hereto as Exhibit B, and the Grant of Security Interest in Patent Rights, a form of which is attached hereto as Exhibit C,
in each case delivered to the Administrative Agent (if applicable), (c) delivery of the certificates representing the Pledged Equity
(to the extent certificated) and (d) delivery of promissory notes or other instruments evidencing the Pledged Debt, the security
interests granted by the Securing Parties pursuant to this Agreement will constitute legal and valid perfected security interests in
all of the Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for
the Secured Obligations, enforceable in accordance with the terms hereof against all creditors of such Securing Party and any Persons
purporting to purchase any Collateral from such Securing Party, in each case to the extent a security interest in such Collateral can
be perfected by completing such filings and such other actions and (b) are prior to all other Liens on the Collateral in existence
on the date hereof except for (i) Liens permitted by the Credit Agreement which have priority over the Liens on the Collateral by
operation of law and (ii) such other Liens permitted by Section 6.02 of the Credit Agreement, provided that, with respect
to the security interests granted by the Israeli Securing Parties hereunder, perfection shall also require the filing of this Agreement
together with a corresponding filing form (form 10) with the Israeli Registrar of Companies within 21 days of execution of this Agreement.

 

    -5-

    

    

 

2.04       Pledged
Equity. The Initial Pledged Equity constitutes 100% of the issued and outstanding Capital Stock of each Issuer owned by such Securing
Party on the date hereof, whether or not registered in the name of such Securing Party; provided that, for the avoidance of doubt,
the Initial Pledged Equity does not include any Excluded Capital Stock. Annex 2 (Part A) correctly identifies, as at the date hereof,
the respective Issuers of the Initial Pledged Equity and (in the case of any corporate Issuer) the respective class and par value thereof
and the respective number of shares or interests thereof (and registered owner thereof) represented by each such certificate. The Initial
Pledged Equity are, and all other Pledged Equity in which such Securing Party shall hereafter grant a security interest pursuant to Section 3
will be, (i) duly and validly authorized and issued, and fully paid and non-assessable (in the case of any Capital Stock issued
by a corporation) and (ii) duly issued and outstanding (in the case of any equity interest in any other entity), and none of such
Pledged Equity are (or will be) subject to any contractual restriction, or any restriction under the charter, by-laws, partnership agreement
or other organizational instrument of the respective Issuer thereof, upon the transfer of such Pledged Equity, other than any such restrictions
contained herein or in the Loan Documents, permitted under the Credit Agreement, or any such restriction under any such organizational
instruments.

 

2.05       Initial
Pledged Debt. Annex 2 (Part B) sets forth a complete and correct list of all Pledged Debt held by any Securing Party on the
date hereof.

 

2.06       Intellectual
Property. Annex 3 sets forth under the name of such Securing Party a complete and correct list of all copyright registrations, patents,
patent applications, trademark registrations, trademark applications and domain names owned by such Securing Party on the date hereof
(or, in the case of any supplement to said Annex 3, effecting a pledge thereof, as of the date of such supplement).

 

2.07       Commercial
Tort Claims. Annex 4 sets forth a complete and correct list of all Commercial Tort Claims in respect of which a complaint or a counterclaim
has been filed by any Securing Party in existence on the date hereof, seeking damages in an amount reasonably estimated to exceed $250,000,
individually or in the aggregate.

 

2.08       Deposit
Accounts. As of the Effective Date, Annex 5 sets forth a complete and correct list of all Deposit Accounts located in the United
States.

 

Section 3.       Collateral.
As collateral security for the payment in full in cash when due (whether at stated maturity, by acceleration or otherwise) of the Secured
Obligations, each Securing Party hereby pledges and grants to the Administrative Agent, for the benefit of the Secured Parties as hereinafter
provided, a lien and security interest in all of such Securing Party’s right, title and interest in, to and under the following
property, in each case whether tangible or intangible, wherever located, and whether now owned by such Securing Party or hereafter acquired
and whether now existing or hereafter coming into existence (all of the property described in this Section 3 being, collectively,
referred to herein as “Collateral”):

 

		(a)	all
                                            Accounts;

 

		(b)	all
                                            As-Extracted Collateral;

 

		(c)	all
                                            Chattel Paper;

 

		(d)	all
                                            Deposit Accounts;

 

		(e)	all
                                            Documents;

 

    -6-

    

    

 

		(f)	all
                                            Equipment;

 

		(g)	all
                                            Fixtures and other fixtures;

 

		(h)	all
                                            General Intangibles;

 

		(i)	all
                                            Goods not covered by the other clauses of this Section 3;

 

		(j)	the
                                            Pledged Equity;

 

		(k)	the
                                            Pledged Debt;

 

		(l)	all
                                            Instruments, including all Promissory Notes;

 

		(m)	all
                                            Intellectual Property;

 

		(n)	all
                                            Inventory;

 

		(o)	all
                                            cash and cash equivalents;

 

(p)        all
Investment Property not covered by other clauses of this Section 3, including all Securities, all Securities Accounts and all Security
Entitlements with respect thereto and Financial Assets carried therein, and all Commodity Accounts and Commodity Contracts;

 

		(q)	all
                                            Letter-of-Credit Rights;

 

(r)         all
Commercial Tort Claims arising out of the events described in Annex 4 and on any supplement thereto received by the Administrative Agent
pursuant to Section 5.01(a)(iv);

 

		(s)	all
                                            insurance Proceeds, including Proceeds from business interruption insurance;

 

(t)         all
other personal property of such Securing Party, whether tangible or intangible and wherever located (except for any property specifically
excluded from any clause in this section above, and any property specifically excluded from any defined term used in any clause of this
section above); and

 

(u)        all
Proceeds of any of the foregoing Collateral, all Accessions to and substitutions and replacements for, any of the Collateral, and all
rents, profits and products of any of the Collateral, and, to the extent related to any Collateral, all books, correspondence, credit
files, records, invoices and other papers (including all tapes, cards, computer runs and other papers and documents in the possession
or under the control of such Securing Party or any computer bureau or service company from time to time acting for such Securing Party),

 

    -7-

    

    

 

IT BEING UNDERSTOOD, HOWEVER, that in no
event shall the security interest granted under this Section 3 attach to (and the Collateral shall not include) (A) any
contract or agreement (including any particular asset or right thereunder), if the pledge thereof or the security interest therein
is prohibited or restricted by applicable law, rule or regulation or by the particular contract or agreement (in the case of
contracts and agreements, existing on the Effective Date or permitted to be incurred by under the Credit Agreement and the other
Loan Documents) (including any requirement thereunder to obtain the consent of any governmental or regulatory authority, or third
party (so long as any contract or agreement with such third party that provides for such prohibition or restriction was not entered
into in contemplation of the security interests or Liens granted herein or in any other Loan Document)), other than to the extent
such prohibition or restriction is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition or
restriction; (B) so long as any Trademark is an Excluded Trademark, such Excluded Trademark, (C) Excluded Capital Stock;
(D) any lease, license or other agreement or any property subject to a purchase money security interest, capital lease
obligation or similar arrangement, in each case, to the extent permitted under the Loan Documents and to the extent that a grant of
a security interest therein would violate or invalidate such lease, license or agreement, purchase money security interest, capital
lease or similar arrangement or create a right of consent or termination in favor of any other party thereto (other than the
Securing Parties) after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code, the assignment of
which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibition, and other than proceeds and
receivables thereof, the assignment of which is expressly deemed effective under the UCC or other applicable law, (E) Vehicles
and other assets subject to certificates of title, except to the extent perfection of a security interest therein may be
accomplished by the filing of financing statements in appropriate form in the applicable jurisdiction of the Uniform Commercial Code
and (F) assets for which the Borrower and the Administrative Agent, acting at the direction of the Required Lenders, reasonably
agree that the cost, burden or consequence (including adverse tax consequences) of perfecting a security interest in such assets is
excessive in relation to the value of the security to be afforded thereby (the foregoing clauses (A) through (F), the “ Excluded
Assets”); provided that the Collateral shall include the Proceeds of any of the foregoing unless such Proceeds also
constitute Excluded Assets.

 

Section 4.       Certification
of Limited Liability Company and Limited Partnership Interests. No interest in any limited liability company or limited partnership
controlled by any Securing Parties that constitutes Pledged Equity shall be represented by a certificate unless such certificate shall
be delivered to the Administrative Agent in accordance with Section 5.01(a). Any limited liability company and any limited partnership
controlled by any Securing Party shall either (a) not include in its operative documents any provision that any equity interests
in such limited liability company or such limited partnership be a “security” as defined under Article 8 of the Uniform
Commercial Code or (b) certificate any equity interests in any such limited liability company or such limited partnership. To the
extent an interest in any limited liability company or limited partnership controlled by any Securing Party and pledged hereunder is
certificated or becomes certificated, (i) each such certificate shall be delivered to the Administrative Agent, pursuant to Section 5.01(a) and
(ii) such Securing Party shall fulfill all other requirements under Section 5 applicable in respect thereof.

 

    -8-

    

    

 

Section 5.       Further
Assurances. In furtherance of the grant of the security interest pursuant to Section 3, the Securing Parties hereby jointly
and severally agree with the Administrative Agent for the benefit of the Secured Parties as follows:

 

5.01       Delivery
and Other Perfection.

 

(a)       Each
Securing Party shall promptly from time to time give, execute, deliver, file, record, authorize or obtain all such financing statements,
continuation statements, notices, instruments, documents, agreements or consents or other papers as may be appropriate in the reasonable
judgment of the Administrative Agent to create, preserve, perfect, maintain the perfection of or validate the security interest granted
to the Administrative Agent hereunder, or to enable the Administrative Agent to exercise and enforce its rights hereunder with respect
to such security interest, and without limiting the foregoing, shall:

 

(i)          if
any of the Pledged Equity, Pledged Debt, Investment Property or Financial Assets constituting part of the Collateral are received
by such Securing Party in the form of Certificated Securities or Instruments, promptly (and in any event (i) within the time period
provided under Schedule 5.13 of the Credit Agreement, in the case of the Initial Pledged Equity and (ii) within 10 Business Days
or such longer period of time as may be agreed to by the Administrative Agent, in the case of all other Pledged Equity) (x) deliver
to the Administrative Agent the certificates representing or evidencing the same, duly endorsed in blank or accompanied by such instruments
of assignment and transfer in such form and substance as the Administrative Agent may from time to time reasonably request, all of which
thereafter shall be held by the Administrative Agent, pursuant to the terms of this Agreement, as Collateral and (y) take such other
action as may be appropriate in the reasonable judgment of the Administrative Agent to duly record or otherwise perfect the security
interest created hereunder in such Collateral (it being agreed that no collateral documents governed by the laws of Bulgaria shall be
required to perfect the Pledged Equity in Satixfy Bulgaria LTD);

 

(ii)         promptly
upon the request of the Administrative Agent (and in any event (a) on the Effective Date, in the case of that portion of the Collateral
consisting of Intellectual Property held by the Securing Parties on the Effective Date and (b) together with the delivery of the
compliance certificate pursuant to Section 5.01(c) of the Credit Agreement in respect of the fiscal quarter in which such Collateral
constituting Intellectual Property was acquired), execute and deliver such short-form security agreements, in the forms attached hereto
as Exhibits A, B and C, as applicable, as may be appropriate in the reasonable judgment of the Administrative Agent to protect the interests
of the Administrative Agent in respect of that portion of the Collateral consisting of U.S. registered or applied for Intellectual Property;

 

(iii)      The
Securing Parties shall use commercially reasonable efforts to make each of their respective Deposit Accounts, Securities Accounts and
Commodities Accounts located in the United States, other than any Excluded Account, subject to an account control agreement that is in
form and substance satisfactory to the Administrative Agent by no later than 30 days after the Effective Date (or such longer period
as the Administrative Agent may agree in its sole discretion), which control agreement shall establish the Administrative Agent’s
 “control” (within the meaning of Section 8-106 or 9-104 of the UCC, as applicable) thereof. From and after the Effective
Date, if any Securing Party establishes any new Deposit Account, Securities Account or Commodities Account located in the United States
that is not an Excluded Account with any financial institution, the applicable Person shall have executed and delivered to the Administrative
Agent within 20 days of the establishment of such Deposit Account, Securities Account or Commodities Account (or such longer period as
Administrative Agent may agree in its sole discretion), an account control agreement that is in form and substance satisfactory to the
Administrative Agent establishing the Administrative Agent’s “control” (within the meaning of Section 8-106 or
9-104 of the UCC, as applicable) with respect to such Deposit Account, Securities Account or Commodities Account;

 

(iv)       If
the Securing Parties shall at any time hold or acquire any additional Commercial Tort Claims in the United States in an amount reasonably
estimated by such Securing Party to exceed $250,000 for which a complaint in a court of competent jurisdiction has been filed, such Securing
Party shall within 30 days after the date which such complaint was filed notify the Administrative Agent thereof in a writing signed
by such Securing Party including a summary description of such claim and grant to the Administrative Agent, for the benefit of the Lenders,
in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement; and

 

    -9-

    

    

 

(v)         If,
at any time, the Securing Parties store or maintain Collateral in excess of $1,000,000 at any leased property, owned property or with
any bailee or consignee, the Securing Parties shall, within 30 days (or such longer period as the Administrative Agent may agree in its
sole discretion) of such time, use commercially reasonable efforts to deliver a Collateral Access Agreement, from the lessor of such
leased property, mortgagee of owned property or bailee or consignee, which agreement or letter shall provide access rights, contain a
waiver or subordination of all Liens or claims that the landlord, mortgagee, bailee or consignee may assert against the Collateral at
that location.

 

(b)         Perfection
and Recordation. Each Securing Party authorizes the Administrative Agent to file or have filed on its behalf (a) Uniform Commercial
Code financing statements describing the Collateral as “all assets” or “all personal property and fixtures” (or
words of similar effect) of such Securing Party (provided that no such description shall be deemed to modify the description of
Collateral set forth in Section 3) in such form and in such offices as the Lenders determine appropriate to perfect the security
interests of the Administrative Agent under this Agreement and (b) the Intellectual Property short-form security agreements referenced
in Section 5.01(a)(ii).

 

5.02        Other
Financing Statements or Control. Except in connection with Liens permitted under Section 6.02 of the Credit Agreement, no
Securing Party shall (a) file or authorize to be filed, in any jurisdiction, any financing statement or like instrument with
respect to any of the Collateral in which the Administrative Agent is not named as the sole secured party for the benefit of the
Secured Parties, or (b) cause or permit any Person other than the Administrative Agent to have “control” (as
defined in Section 9-104, 9- 105, 9- 106 or 9-107 of the Uniform Commercial Code) of any Electronic Chattel Paper,
Letter-of-Credit Right, Deposit Accounts, Commodity Accounts or other Investment Property constituting part of the Collateral.

 

5.03        Preservation
of Rights. The Administrative Agent shall not be required to take steps necessary to preserve any rights against prior parties to
any of the Collateral.

 

5.04        Special
Provisions Relating to Certain Collateral.

 

(a)          Pledged
Equity.

 

(i)          The
Securing Parties will cause the Capital Stock required to be pledged hereunder to constitute at all times in the case of any Issuer,
100% of the Capital Stock of such Issuer then issued and outstanding that is owned by the Securing Parties; provided that, for
the avoidance of doubt, the Securing Parties shall not be required to pledge any Capital Stock to the extent it constitutes Excluded
Capital Stock.

 

(ii)         So
long as no Event of Default shall have occurred and be continuing, the Securing Parties shall have the right to exercise all voting,
consensual and other powers of ownership pertaining to the Pledged Equity for all purposes not inconsistent with the terms of this Agreement
or the other Loan Documents; and the Administrative Agent shall execute and deliver to the Securing Parties or cause to be executed and
delivered to the Securing Parties all such proxies, powers of attorney, dividend and other orders, and all such instruments, without
recourse, as the Securing Parties may reasonably request for the purpose of enabling the Securing Parties to exercise the rights and
powers that they are entitled to exercise pursuant to this Section 5.04(a)(ii).

 

    -10-

    

    

 

(iii)        Unless
and until an Event of Default shall have occurred and be continuing, the Securing Parties shall be entitled to receive and retain any
dividends, distributions or proceeds on the Pledged Equity; provided that any such dividends or distributions consisting of rights
or interests in the form of Certificated Securities shall be delivered to the Administrative Agent in accordance with Section 5.01(a)(i) hereof.

 

(iv)      If
an Event of Default shall have occurred and be continuing, whether or not the Secured Parties or any of them exercise any available right
to declare any Secured Obligations due and payable or seek or pursue any other relief or remedy available to them under applicable law
or under this Agreement, the Loan Documents or any other agreement relating to such Secured Obligation, after the Administrative Agent
shall have notified the Securing Parties of the suspension of the Securing Parties’ rights under Section 5.04(a)(ii), all
rights of the Securing Parties to dividends and other distributions on the Pledged Equity shall cease and all such rights shall be paid
directly to the Administrative Agent and retained by it in an account to be established by the Administrative Agent upon receipt of such
money or other property, and shall be held as security for the payment and performance of the Secured Obligations and shall be applied
in accordance with the provisions of Section 6.06; provided that if such Event of Default is cured, any such dividend or
distribution theretofore paid to the Administrative Agent shall, upon request of the Securing Parties (except to the extent theretofore
applied to the Secured Obligations), be returned by the Administrative Agent to the Securing Parties.

 

(b)      Intellectual
Property. Notwithstanding anything contained herein to the contrary, but subject to the provisions of the Credit Agreement, so long
as no Event of Default shall have occurred and be continuing, the Securing Parties are permitted to exploit, use, enjoy, protect, license,
sublicense, assign, sell, dispose of or otherwise take any other actions with respect to the Intellectual Property. In furtherance of
the foregoing, so long as no Event of Default shall have occurred and be continuing, the Administrative Agent shall from time to time,
upon the reasonable request of the respective Securing Party (through the Borrower), execute and deliver any instruments, certificates
or other documents, in the form so requested, that such Securing Party (through the Borrower) shall have certified are appropriate in
its judgment to allow it to take any action permitted above (including relinquishment of the license provided pursuant to Section 6.02
as to any specific Intellectual Property).

 

5.05        Changes
to Jurisdiction or Name. If any Securing Party shall (i) change its jurisdiction of formation from that referred to in Annex
1 or (ii) change its name from the name shown as its current legal name on Annex 1, it shall provide notice of such change within
20 days thereof. Each Securing Party agrees promptly to provide the Administrative Agent with a certified charter, certificate of incorporation
or other organizational documents reflecting any of the changes described in the first sentence of this paragraph.

 

5.06      Maintenance
of Insurance. Each Securing Party will maintain insurance policies in accordance with Section 5.06 of the Credit Agreement.
All such insurance shall, to the extent available, name the Administrative Agent as additional insured or lender loss payee (it being
agreed that the Securing Party shall cause such insurance to provide that no cancellation, material reduction in an amount or material
change in coverage thereof shall be effective until at least 30 days (or 10 days in the event of non-payment of such insurance) after
receipt by the Administrative Agent of written notice thereof).

 

    -11-

    

    

 

5.07       Termination.
At such time as the Term Commitments have expired or been terminated and the principal of and interest on each Term Loan and all fees
payable under the Credit Agreement shall have been paid in full and the other obligations under the Loan Documents (other than contingent
indemnification obligations as to which no claim has been asserted) shall have been paid in full, this Agreement, the security interests
granted hereunder and all obligations (other than those expressly stated to survive such termination) hereunder shall terminate, all
without delivery of any instrument or performance of any act by any Person. Upon such termination, the Administrative Agent shall forthwith
cause to be assigned, transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any
remaining Collateral and money received in respect thereof, to or on the order of the respective Securing Party and to be released and
canceled all licenses and rights referred to in Section 6.02. The Administrative Agent shall also, at the expense of such Securing
Party, execute and deliver to the respective Securing Party upon such termination such Uniform Commercial Code termination statements
and such other documentation as shall be reasonably requested by the respective Securing Party to effect the termination and release
of the Liens on the Collateral as required by this Section 5.07.

 

5.08     Releases
of Collateral. If any of the Collateral shall be sold, transferred or otherwise disposed of by any Securing Party in a transaction
permitted by the Credit Agreement or upon the effectiveness of any written consent to the release of the security interest granted hereby
in any Collateral pursuant to Section 9.02 of the Credit Agreement, then the Lien created by this Agreement in and upon such Collateral
shall be automatically released. Subject to the provisions of Section 9.14(b) of the Credit Agreement, at the request and sole
expense of the Borrower, a Securing Party shall be released from its obligations hereunder and the Liens granted herein to the Administrative
Agent in the Collateral shall be automatically released in the event that all the Capital Stock of such Securing Party shall be sold,
transferred or otherwise disposed of in a transaction permitted by the Credit Agreement or such Securing Party becomes an Excluded Subsidiary.
Subject to the provisions of Section 9.14(b) of the Credit Agreement, the Administrative Agent, at the reasonable request and
sole expense of such Securing Party, shall execute and deliver to such Securing Party all releases or other documents reasonably necessary
or desirable to evidence or effectuate the release of the Liens created hereby on such Collateral.

 

Section 6.       Remedies.

 

6.01       Rights
and Remedies Generally upon Default. If an Event of Default shall have occurred and is continuing, the Administrative Agent shall
have all of the rights and remedies with respect to the Collateral of a secured party under the NYUCC (whether or not the NYUCC is in
effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party
is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including the right,
to the fullest extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral
as if the Administrative Agent were the sole and absolute owner thereof (and each Securing Party agrees to take all such action as may
be appropriate to give effect to such right); and without limiting the foregoing:

 

(a)    the
Administrative Agent in its discretion may, in its name or in the name of any Securing Party or otherwise, demand, sue for, collect or
receive any money or other property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall
be under no obligation to do so;

 

(b)    the
Administrative Agent may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may
extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;

 

(c)    the
Administrative Agent may require the Securing Parties to notify (and each Securing Party hereby authorizes the Administrative Agent to
so notify) each account debtor in respect of any Account, Chattel Paper or General Intangible, and each obligor on any Instrument, constituting
part of the Collateral that such Collateral has been pledged to the Administrative Agent hereunder, and to instruct that any payments
due or to become due in respect of such Collateral shall be made directly to the Administrative Agent or as it may direct (and if any
such payments, or any other Proceeds of Collateral, are received by any Securing Party they shall be held in trust by such Securing Party
for the benefit of the Administrative Agent and as promptly as possible remitted or delivered to the Administrative Agent for application
as provided herein);

 

    -12-

    

    

 

(d)    the
Administrative Agent may, with or without legal process and with or without prior notice or demand for performance, take possession of
the Collateral and without liability for trespass to enter any premises where the Collateral may be located for the purpose of taking
possession of or removing the Collateral and, generally, to exercise any and all rights afforded to a secured party under the Uniform
Commercial Code or other applicable law;

 

(e)    the
Administrative Agent may require the Securing Parties to cause the Pledged Equity to be transferred of record into the name of the Administrative
Agent or its nominee (and the Administrative Agent agrees that if any of such Pledged Equity is transferred into its name or the name
of its nominee, the Administrative Agent will thereafter promptly give to the respective Securing Party (through the Borrower) copies
of any notices and communications received by it with respect to such Pledged Equity); and

 

(f)     the
Administrative Agent may sell, lease, license, sublicense, assign or otherwise dispose of all or any part of the Collateral, at such
place or places as the Administrative Agent deems best, and for cash or for credit or for future delivery (without thereby assuming any
credit risk), at public or private sale, and the Administrative Agent or any other Secured Party or anyone else may be the purchaser,
lessee, licensee, sublicensee, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent
permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including
any right or equity of redemption (statutory or otherwise), of the Securing Parties. In the event of any sale, assignment, or other disposition
of any of the Trademark Collateral, the goodwill connected with and symbolized by the Trademark Collateral subject to such disposition
shall be included. The Administrative Agent shall give the applicable Securing Party 5 days’ prior written notice (which each Securing
Party agrees is reasonable notice within the meaning of Section 9-611 of the NYUCC or its equivalent in other jurisdictions), which
notice, in the event of a public sale, shall state the time and place for such sale and, in the case of the sale at a broker’s
board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral,
or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times
within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such
sale. The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned
from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the
sale may be so adjourned.

 

The Proceeds of each collection,
sale or other disposition under this Section 6.01, including by virtue of the exercise of any license granted to the Administrative
Agent in Section 6.02, shall be applied in accordance with Section 6.07.

 

6.02       Grant
of License to Use Intellectual Property. Solely for the purpose of enabling the Administrative Agent to exercise rights and remedies
under Section 6.01 and solely during such time as the Administrative Agent shall be lawfully entitled to exercise such rights and
remedies, and for no other purpose, each Securing Party hereby grants to the Administrative Agent, to the extent permitted by the terms
of any third party agreement, an irrevocable non-exclusive license (exercisable without payment of royalty or other compensation to such
Securing Party) to use, assign, license or sublicense any of the Collateral consisting of Intellectual Property, wherever the same may
be located, including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and
to all computer programs used for the compilation or printout thereof. The use of such license by the Administrative Agent (a) may
be exercised, at the option of the Administrative Agent, at any time upon and during the continuation of an Event of Default and (b) shall
be subject to, (i) in the case of Trademarks, sufficient rights to quality control and inspection in favor of the applicable Securing
Party to avoid the risk of invalidation and to preserve the value of such Trademarks and (ii) in the case of trade secrets, the
requirement that the secret status of such trade secrets be maintained and reasonable steps are taken to ensure they are maintained.
The exercise of rights and remedies under this Section 6.02 by the Administrative Agent shall not terminate the rights of the holders
of any licenses or sublicenses theretofore granted by the Securing Parties prior to the exercise thereof or otherwise in accordance with
the first sentence of Section 5.04(b).

 

    -13-

    

    

 

6.03       Certain
Securities Act Limitations. The Securing Parties recognize that, by reason of certain prohibitions contained in the Securities Act
of 1933, as amended, and applicable state securities laws, the Administrative Agent may be compelled, with respect to any sale of all
or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own
account, for investment and not with a view to the distribution or resale thereof. The Securing Parties acknowledge that any such private
sales may be at prices and on terms less favorable to the Administrative Agent than those obtainable through a public sale without such
restrictions, and, notwithstanding such circumstances, agree that any such private sale shall be deemed to have been made in a commercially
reasonable manner and that the Administrative Agent shall have no obligation to engage in public sales and no obligation to delay the
sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for public sale.

 

6.04       Deficiency.
If the proceeds of sale, collection or other realization of or upon the Collateral pursuant to Section 6.01 are insufficient to
cover the costs and expenses of such realization and the payment in full in cash of the Secured Obligations, the Securing Parties shall
remain liable for any deficiency.

 

6.05       Private
Sale. Subject to applicable law, the Secured Parties shall incur no liability as a result of the sale of the Collateral, or any part
thereof, at any private sale pursuant to Section 6.01(g) conducted in a commercially reasonable manner.

 

6.06      Application
of Proceeds. Except as otherwise herein expressly provided and except as provided below in this Section 6.06, the Proceeds
of any collection, sale or other realization of all or any part of the Collateral pursuant hereto, and any other cash at the time held
by the Administrative Agent under this Section 6, shall be applied by the Administrative Agent:

 

First, to
the payment of the costs and expenses of such collection, sale or other realization, including reasonable out-of-pocket costs and expenses
of the Administrative Agent and the fees and expenses of its agents and counsel, and all expenses incurred and advances made by the Administrative
Agent in connection therewith;

 

Next, to
the payment in full of the Secured Obligations, in each case equally and ratably in accordance with the respective amounts thereof then
due and owing or as the Secured Parties holding the same may otherwise agree; and

 

Finally,
to the payment to the respective Securing Party, or its successors or assigns, or as a court of competent jurisdiction may direct, of
any surplus then remaining.

 

    -14-

    

    

 

6.07       Subordination.
Each Securing Party hereby agrees that, all Indebtedness owing by it to any Subsidiary of the Borrower shall be fully subordinated to
the payment in full in cash of such Securing Party’s Obligations.

 

6.08       Attorney-in-Fact.
Without limiting any rights or powers granted by this Agreement to the Administrative Agent while no Event of Default has occurred and
is continuing, upon the occurrence and during the continuance of any Event of Default, the Administrative Agent (and any officer or agent
thereof, with full power of substitution) is hereby appointed the attorney-in- fact of each Securing Party for the purpose of carrying
out the provisions of this Section 6 and taking any action and executing any documents and instruments that the Administrative Agent
may deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney-in-fact is irrevocable and
coupled with an interest. Without limiting the generality of the foregoing, so long as the Administrative Agent shall be entitled under
this Section 6 to make collections in respect of the Collateral, the Administrative Agent shall have the right and power to receive,
endorse and collect all checks made payable to the order of any Securing Party representing any dividend, payment or other distribution
in respect of the Collateral or any part thereof and to give full discharge for the same. Each Securing Party hereby ratifies all that
said attorneys shall lawfully do or cause to be done by virtue hereof.

 

6.09       Duty
of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation
of the Collateral in its possession, under Section 9-207 of the NYUCC or otherwise, shall be to deal with it in the same manner
as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any Lender, nor any of
their respective Related Parties shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay
in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Securing Party or
any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the
Administrative Agent and the other Secured Parties hereunder are solely to protect the Administrative Agent’s and the Secured Parties’
interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such powers.
The Administrative Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of
the exercise of such powers, and neither they nor any of their Related Parties shall be responsible to any Securing Party for any act
or failure to act hereunder, except for their own gross negligence, willful misconduct or bad faith.

 

6.10       Authority
of Administrative Agent. Each Securing Party acknowledges that the rights and responsibilities of the Administrative Agent under
this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent
of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement
shall, as between the Administrative Agent and the other Secured Parties, be governed by the Credit Agreement and by such other agreements
with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Securing Parties, the
Administrative Agent shall be conclusively presumed to be acting as agent for the other Secured Parties with full and valid authority
so to act or refrain from acting, and no Securing Party shall be under any obligation, or entitlement, to make any inquiry respecting
such authority. Without limiting the foregoing, in entering into this Agreement, or in taking (or forbearing from) any action under or
pursuant to this Agreement, the Administrative Agent shall have and be protected by all of the rights, immunities, indemnities and other
protections granted to it under Article VIII of the Credit Agreement. As among the Administrative Agent and the other Secured Parties,
it is understood that any determination, request, direction, consent or election, deeming any action or document reasonable, appropriate
or satisfactory, exercising discretion, or exercising any right or duty under this Agreement to be made by the Administrative Agent shall
be pursuant to direction from the “Required Lenders” or such other higher percentage of Lenders as shall be required to consent
pursuant to the terms thereof.

 

    -15-

    

    

 

Section 7.       Miscellaneous.

 

7.01       Notices.
All notices, requests, consents and demands hereunder shall be in writing and telecopied or delivered to the intended recipient at its
 “Address for Notices” specified pursuant to Section 9.01 of the Credit Agreement and shall be deemed to have been given
at the times specified in said Section 9.01. Any notice to be delivered to any Additional Securing Party hereunder shall be delivered
to the Borrower (at its aforesaid address) on behalf of such Additional Securing Party.

 

7.02       No
Waiver. No failure on the part of any Secured Party to exercise, and no course of dealing with respect to, and no delay in exercising,
any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any Secured Party
of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
The remedies herein are cumulative and are not exclusive of any remedies provided by law.

 

7.03       Amendments,
Etc. The terms of this Agreement may be waived, altered or amended only by an instrument in writing duly executed by each Securing
Party and the Administrative Agent (with the consent of the Lenders or the Required Lenders to the extent required pursuant to Section 9.02(b) of
the Credit Agreement). Any such amendment or waiver shall be binding upon the Secured Parties and each Securing Party.

 

7.04       Expenses.
The Securing Parties jointly and severally agree to reimburse the Secured Parties for reasonable and documented out of pocket expenses
incurred in connection with this Agreement to the extent required by Section 9.03(a) of the Credit Agreement.

 

7.05       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of each Securing
Party and the respective successors and permitted assigns of each Secured Party (provided that no Securing Party shall assign
or transfer its rights or obligations hereunder without the prior written consent of the Administrative Agent other than in connection
with the merger or consolidation of Securing Parties permitted under the Credit Agreement).

 

7.06       Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Agreement by email or telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “execute”, “signed,” “signature,” and words of like import in
this Agreement or related to any document to be signed in connection with this Agreement, and the transactions contemplated hereby and
thereby (including without limitation, amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act.

 

    -16-

    

    

 

7.07       Governing
Law; Submission to Jurisdiction; Etc.

 

(a)        GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

(b)         Submission
to Jurisdiction. Each Person party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted
by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
will prevent any Secured Party from bringing any action to enforce any award or judgment or exercise any right under this Agreement or
against any Collateral or any other property of any Securing Party in any other forum in which jurisdiction can be established. Notwithstanding
the foregoing, (i) liens in IIA-Funded Know-How shall be subject to the exclusive jurisdiction of the courts of the State of Israel
and (ii) any legal action or proceeding of any kind or description based upon, arising out of or relating to the Research Law, IIA
Rights, the IIA Approval or the pledge of any IIA- Funded Know-How or the realization of any such pledge shall be subject to the exclusive
jurisdiction of the applicable courts of the State of Israel and each of the parties hereto irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such legal action
or proceeding may be heard and determined in such courts.

 

(c)       Waiver
of Venue. Each Securing Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any court referred to in paragraph (b) of this Section 7.07. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)        Service
of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01
of the Credit Agreement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

 

7.08     WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.08.

 

    -17-

    

    

 

7.09       Captions.
The captions and section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

7.10       Agents
and Attorneys-in-Fact. The Administrative Agent may employ agents and attorneys-in-fact in connection herewith and shall not be
responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith.

 

7.11     Severability.
If any provision hereof is held to be invalid, illegal or unenforceable in any jurisdiction, then, to the fullest extent permitted by
law, (a) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed
in favor of the Secured Parties in order to carry out the intentions of the parties hereto as nearly as may be possible and (b) the
invalidity, illegality or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction.

 

7.12     Additional
Securing Parties. As contemplated by Section 5.11(a) of the Credit Agreement, certain Subsidiaries of the Borrower formed
or acquired after the date hereof, or certain other Subsidiaries not then a party hereto, may be required to become a “Securing
Party” under this Agreement, by executing and delivering to the Administrative Agent a Joinder Agreement in the form of Exhibit E
to the Credit Agreement. Accordingly, upon the execution and delivery of any such Joinder Agreement by such Subsidiary or such Subsidiary
shall automatically and immediately, and without any further action on the part of any Person, become a “Securing Party”
under and for all purposes of this Agreement, and each of the Annexes hereto shall be supplemented in the manner specified in such Joinder
Agreement. In addition, upon the execution and delivery of a Joinder Agreement by any such Subsidiary, such Additional Securing Party
shall make the representations and warranties set forth in Section 2 as of the date thereof.

 

7.13     Other
Security Documents. In the event of any conflict between the provisions of this Agreement and the provisions of the Israeli Security
Documents or the English Law Security Documents, to the extent of such conflict, the provisions of the Security Documents where the Collateral
in question originates shall govern and control; provided, that, in the case of any Pledged Equity, the Security Documents governed by
the laws of (i) the jurisdiction in which the issuer of such Pledged Equity is organized, formed or incorporated, as applicable,
shall govern to the extent that the Administrative Agent can reasonably perfect its security interest in such jurisdiction or (ii) otherwise,
the jurisdiction in which the owner of such Pledged Equity is organized, formed or incorporated, as applicable.

 

[Signature pages follow]

 

    -18-

    

    

 

  

IN
WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly executed and delivered as of the day and year first
above written.

 

	 	BORROWER:
	 	 
	 	SATIXFY
    COMMUNICATIONS LTD
	 	 
	 	By	/s/
    Yoel Gat                        
	 	Name:
    Yoel Gat
	 	Title:
    Director
	 	 
	 	By	/s/ Yoav Leibovitch
	 	Name:
    Yoav Leibovitch
	 	Title:
    CFO
	 	 
	 	ADDITIONAL
    SECURING PARTIES:
	 	 
	 	SATIXFY
    ISRAEL LTD
	 	 
	 	By	/s/ Yoel Gat
	 	Name:
    Yoel Gat
	 	Title:
    Director
	 	 
	 	By	/s/ Yoav Leibovitch
	 	Name:
    Yoav Leibovitch
	 	Title:
    Director

 

[Signature
Page to US Security Agreement]

 

     

     

    

 

	 	EXECUTED as a DEED by

 SATIXFY UK LI ED acting by:
	 	 
	 	By	/s/ Simona Sima Gat
	 	Name: Simona Sima Gat
	 	Title: Director
	 	 
	 	By	/s/ Menachem Burko
	 	Name: Menachem Burko
	 	Title: Director
	 	 
	[Signature Page to US Security Agreement]

 

     

     

    

 

	 	EXECUTED as a DEED by
	 	SATIXFY SPACE SYSTEMS UK LTD acting by:
	 	 
	 	By	/s/ Yoel Gat
	 	Name: Yoel Gat
	 	Title: Director
	 	 
	 	By	/s/ Menachem Burko
	 	Name: Menachem Burko
	 	Title: Director
	 	 
	[Signature Page to US Security Agreement]
	 	 

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, 

as Administrative Agent
	 	 
	 	By	/s/ Raye Goldsborough
	 	Name: Raye Goldsborough
	 	Title: Vice President

 

[Signature
Page to the US Security Agreement]

 

     

     

    

 

Exhibit A

 

GRANT
OF

SECURITY
INTEREST IN COPYRIGHTS

 

This
GRANT OF SECURITY INTEREST IN COPYRIGHTS (“Agreement”), effective as of [●], 2022 is made by [OBLIGOR],
[●], a [●], located at [●] (the “Obligor”), in favor of Wilmington Savings Fund Society, FSB,
as Administrative Agent (in such capacity, together with its successors in such capacity, the “Agent”) for the
several banks and other financial institutions (the “Lenders”) parties to the Credit Agreement, dated as of
February 1, 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “ Credit
Agreement”), among SatixFy Communications Ltd, a limited liability company organized under the laws of Israel with company
registration number 51-613503-5 (“Borrower”), the Lenders party thereto, and the Agent.

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Credit Agreement, the Lenders have severally agreed to make Term Loans and other extensions of credit to the Borrower
upon the terms and subject to the conditions set forth therein; and

 

WHEREAS,
in connection with the Credit Agreement, the Borrower and certain of its Subsidiaries have executed and delivered a Security Agreement,
dated as of February 1, 2022, in favor of the Agent (as amended, restated, supplemented, or otherwise modified from time to time,
the “Security Agreement”);

 

WHEREAS,
pursuant to the Security Agreement, the Obligor pledged and granted to the Agent, for the benefit of the Secured Parties, a continuing
security interest in all Intellectual Property, including the Copyrights; and

 

WHEREAS,
the Obligor has duly authorized the execution, delivery and performance of this Agreement;

 

NOW
THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and in order to induce the Lenders to make
Term Loans and other financial accommodations to the Borrower pursuant to the Credit Agreement, the Obligor agrees, for the benefit of
the Agent and the other Secured Parties, as follows:

 

SECTION 1.
Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Credit Agreement and the Security Agreement.

 

SECTION 2.
Grant of Security Interest. The Obligor hereby pledges and grants a continuing security interest in all of the Obligor’s right,
title and interest in, to and under the Copyrights, including those listed on Schedule A hereto (collectively, the “Collateral”),
to the Agent for the benefit of the Secured Parties, to secure payment, performance and observance of the Obligations.

 

SECTION 3.
Purpose. This Agreement has been executed and delivered by the Obligor for the purpose of recording the grant of security interest herein
with the United States Copyright Office. The security interest granted hereby has been granted to the Agent in connection with the Credit
Agreement and the Security Agreement and is expressly subject to the terms and conditions thereof. The Credit Agreement and the Security
Agreement (and all rights and remedies of the Agent thereunder) shall remain in full force and effect in accordance with its terms.

 

     

     

    

 

For
the avoidance of doubt, with respect to the security interests granted by the Israeli Securing Parties and the English Securing
Parties pursuant to the Security Agreement, this Agreement and each of the terms hereof relating to Copyrights shall be limited
solely to Copyrights (including each of its constitutive parts) located in the United States of America or governed by the laws of
the United States of America (including, for the avoidance of doubt, federal laws and state laws). Notwithstanding anything
contained in this Agreement to the contrary, in respect of Collateral constituting IIA-Funded Know- How, the creation of any
security interest over such Collateral and any enforcement thereof shall be subject to the IIA Provision (including the Research Law
and all IIA Approvals).

 

SECTION 4.
Acknowledgment. The Obligor does hereby further acknowledge and affirm that the rights and remedies of the Agent and the other Secured
Parties with respect to the security interest in the Collateral granted hereby are more fully set forth in the Credit Agreement and the
Security Agreement. In the event of any conflict between the terms of this Agreement and the terms of the Credit Agreement or the Security
Agreement, the terms of the Credit Agreement or the Security Agreement shall govern.

 

SECTION 5.
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together constitute
one and the same original.

 

SECTION 6.
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. NOTWITHSTANDING
ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, IN RESPECT OF COLLATERAL CONSTITUTING IIA-FUNDED KNOW-HOW, THE CREATION OF
ANY SECURITY INTEREST OVER SUCH COLLATERAL AND ANY ENFORCEMENT THEREOF SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ISRAEL AND SUBJECT
TO THE EXCLUSIVE JURISDICTION OF THE ISRAELI COURTS.

 

(Remainder
of the page intentionally left blank)

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto
duly authorized as of the day and year first above written.

 

	 	[OBLIGOR],
	 	 
	 	By	            
	 	Name:
	 	Title:

 

[Signature
Page to Grant of Security Interest in Copyright Rights]

 

     

     

    

 

	 	Wilmington Savings Fund Society,
	 	FSB,
	 	as Administrative Agent
	 	 
	 	By	             
	 	Name:
	 	Title:

 

[Signature
Page to Grant of Security Interest in Copyright Rights]

 

     

     

    

 

Schedule
A

 

U.S.
Copyright Registrations and Applications

 

	 	Copyright
	Title	Registration
    No.
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

     

     

    

 

Exhibit B

 

GRANT
OF

SECURITY
INTEREST IN TRADEMARK RIGHTS

 

This
GRANT OF SECURITY INTEREST IN TRADEMARK RIGHTS (“Agreement”), effective as of [●], 2022 is made by [OBLIGOR],
[●], a [●], located at [●] (the “Obligor”), in favor of Wilmington Savings Fund Society, FSB, as
Administrative Agent (in such capacity, together with its successors in such capacity, the “Agent”) for the several
banks and other financial institutions (the “Lenders”), parties to the Credit Agreement, dated as of February 1,
2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among
SatixFy Communications Ltd, a limited liability company organized under the laws of Israel with company registration number 51-613503-5
(“Borrower”), the Lenders party thereto, and the Agent.

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Credit Agreement, the Lenders have severally agreed to make Term Loans and other extensions of credit to the Borrower
upon the terms and subject to the conditions set forth therein; and

 

WHEREAS,
in connection with the Credit Agreement, the Borrower and certain of its Subsidiaries have executed and delivered a Security Agreement,
dated as of February 1, 2022, in favor of the Agent (as amended, restated, supplemented, or otherwise modified from time to time,
the “Security Agreement”);

 

WHEREAS,
pursuant to the Security Agreement, the Obligor pledged and granted to the Agent, for the benefit of the Secured Parties, a continuing
security interest in all Intellectual Property, including the Trademarks; and

 

WHEREAS,
the Obligor has duly authorized the execution, delivery and performance of this Agreement;

 

NOW
THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and in order to induce the Lenders to make
Term Loans and other financial accommodations to the Borrower pursuant to the Credit Agreement, the Obligor agrees, for the benefit of
the Agent and the other Secured Parties, as follows:

 

SECTION 1.
Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Credit Agreement and the Security Agreement.

 

SECTION 2.
Grant of Security Interest. The Obligor hereby pledges and grants a continuing security interest in all of the Obligor’s right,
title and interest in, to and under the Trademarks, including those listed on Schedule A hereto (collectively, the “Collateral”), to the Agent for the benefit of the Secured Parties, to secure payment, performance and observance of the Obligations.
Notwithstanding the foregoing, the Collateral does not and shall not include any Excluded Trademarks.

 

For
the avoidance of doubt, with respect to the security interests granted by the Israeli Securing Parties and the English Securing Parties
pursuant to the Security Agreement, this Agreement and each of the terms hereof relating to Trademarks shall be limited solely to Trademarks
(including each of its constitutive parts) located in the United States of America or governed by the laws of the United States of America
(including, for the avoidance of doubt, federal laws and state laws). Notwithstanding anything contained in this Agreement to the contrary,
in respect of Collateral constituting IIA-Funded Know- How, the creation of any security interest over such Collateral and any enforcement
thereof shall be subject to the IIA Provision (including the Research Law and all IIA Approvals).

 

     

     

    

 

SECTION 3.
Purpose. This Agreement has been executed and delivered by the Obligor for the purpose of recording the grant of security interest herein
with the United States Patent and Trademark Office. The security interest granted hereby has been granted to the Agent in connection
with the Credit Agreement and the Security Agreement and is expressly subject to the terms and conditions thereof. The Credit Agreement
and the Security Agreement (and all rights and remedies of the Agent thereunder) shall remain in full force and effect in accordance
with its terms.

 

SECTION 4.
Acknowledgment. The Obligor does hereby further acknowledge and affirm that the rights and remedies of the Agent and the other Secured
Parties with respect to the security interest in the Collateral granted hereby are more fully set forth in the Credit Agreement and the
Security Agreement. In the event of any conflict between the terms of this Agreement and the terms of the Credit Agreement or the Security
Agreement, the terms of the Credit Agreement or the Security Agreement shall govern.

 

SECTION 5.
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together constitute
one and the same original.

 

SECTION 6.
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. NOTWITHSTANDING
ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, IN RESPECT OF COLLATERAL CONSTITUTING IIA-FUNDED KNOW-HOW, THE CREATION OF
ANY SECURITY INTEREST OVER SUCH COLLATERAL AND ANY ENFORCEMENT THEREOF SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ISRAEL AND SUBJECT
TO THE EXCLUSIVE JURISDICTION OF THE ISRAELI COURTS.

 

(Remainder
of the page intentionally left blank)

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto
duly authorized as of the day and year first above written.

 

	 	[OBLIGOR],
	 	 
	 	By	            
	 	Name:
	 	Title:

 

[Signature
Page to Grant of Security Interest in Trademark Rights]

 

     

     

    

 

	 	Wilmington Savings Fund Society,
	 	FSB,
	 	as Administrative Agent
	 	 
	 	By	             
	 	Name:
	 	Title:

 

[Signature
Page to Grant of Security Interest in Trademark Rights]

 

     

     

    

 

Schedule
A

 

U.S.
Trademark Registrations and Applications

 

	 	Serial
    No./
	Mark	Reg.
    No.
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

     

     

    

 

Exhibit C

 

GRANT
OF

SECURITY INTEREST IN PATENT RIGHTS

 

This
GRANT OF SECURITY INTEREST IN PATENT RIGHTS (“Agreement”), effective as of [•], 2022 is made by [OBLIGOR], [●],
a [●], located at [●] (the “Obligor”), in favor of Wilmington Savings Fund Society, FSB, as Administrative
Agent (in such capacity, together with its successors in such capacity, the “Agent”) for the several banks and other
financial institutions (the “Lenders”) parties to the Credit Agreement, dated as of February 1, 2022 (as amended,
restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among SatixFy Communications
Ltd, a limited liability company organized under the laws of Israel with company registration number 51-613503-5 (“Borrower”),
the Lenders party thereto, and the Agent.

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Credit Agreement, the Lenders have severally agreed to make Term Loans and other extensions of credit to the Borrower
upon the terms and subject to the conditions set forth therein; and

 

WHEREAS,
in connection with the Credit Agreement, the Borrower and certain of its Subsidiaries have executed and delivered a Security Agreement,
dated as of February 1, 2022, in favor of the Agent (as amended, restated, supplemented, or otherwise modified from time to time,
the “Security Agreement”);

 

WHEREAS,
pursuant to the Security Agreement, the Obligor pledged and granted to the Agent, for the benefit of the Secured Parties, a continuing
security interest in all Intellectual Property, including the Patents; and

 

WHEREAS,
the Obligor has duly authorized the execution, delivery and performance of this Agreement;

 

NOW
THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and in order to induce the Lenders to make
Term Loans and other financial accommodations to the Borrower pursuant to the Credit Agreement, the Obligor agrees, for the benefit of
the Agent and the other Secured Parties, as follows:

 

SECTION 1.
Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Credit Agreement and the Security Agreement.

 

SECTION 2.
Grant of Security Interest. The Obligor hereby pledges and grants a continuing security interest in all of the Obligor’s right,
title and interest in, to and under the Patents, including those listed on Schedule A hereto (collectively, the “Collateral”),
to the Agent for the benefit of the Secured Parties, to secure payment, performance and observance of the Obligations.

 

For
the avoidance of doubt, with respect to the security interests granted by the Israeli Securing Parties and the English Securing Parties
pursuant to the Security Agreement, this Agreement and each of the terms hereof relating to Patents shall be limited solely to Patents
(including each of its constitutive parts) located in the United States of America or governed by the laws of the United States of America
(including, for the avoidance of doubt, federal laws and state laws). Notwithstanding anything contained in this Agreement to the contrary,
in respect of Collateral constituting IIA-Funded Know-How, the creation of any security interest over such Collateral and any enforcement
thereof shall be subject to the IIA Provision (including the Research Law and all IIA Approvals).

 

     

     

    

 

SECTION 3.
Purpose. This Agreement has been executed and delivered by the Obligor for the purpose of recording the grant of security interest herein
with the United States Patent and Trademark Office. The security interest granted hereby has been granted to the Agent in connection
with the Credit Agreement and the Security Agreement and is expressly subject to the terms and conditions thereof. The Credit Agreement
and the Security Agreement (and all rights and remedies of the Agent thereunder) shall remain in full force and effect in accordance
with its terms.

 

SECTION 4.
Acknowledgment. The Obligor does hereby further acknowledge and affirm that the rights and remedies of the Agent and the other Secured
Parties with respect to the security interest in the Collateral granted hereby are more fully set forth in the Credit Agreement and the
Security Agreement. In the event of any conflict between the terms of this Agreement and the terms of the Credit Agreement or the Security
Agreement, the terms of the Credit Agreement or the Security Agreement shall govern.

 

SECTION 5.
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together constitute
one and the same original.

 

SECTION 6.
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. NOTWITHSTANDING
ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, IN RESPECT OF COLLATERAL CONSTITUTING IIA-FUNDED KNOW-HOW, THE CREATION OF
ANY SECURITY INTEREST OVER SUCH COLLATERAL AND ANY ENFORCEMENT THEREOF SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ISRAEL AND SUBJECT
TO THE EXCLUSIVE JURISDICTION OF THE ISRAELI COURTS.

 

(Remainder
of the page intentionally left blank)

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto
duly authorized as of the day and year first above written.

 

	 	[OBLIGOR],
	 	 
	 	By	            
	 	Name:
	 	Title:

 

[Signature
Page to Grant of Security Interest in Patent Rights]

 

     

     

    

 

	 	Wilmington Savings Fund Society,
	 	FSB,
	 	as Administrative Agent
	 	 
	 	By	             
	 	Name:
	 	Title:

 

[Signature
Page to Grant of Security Interest in Patent Rights]

 

     

     

    

 

Schedule
A

 

U.S.
Patent Registrations and Applications

 

	 	(1) Serial
    No.
	Title	(2) Patent
    No.Exhibit 10.13

 

SHAREHOLDER AGREEMENT

 

Dated 6
February 2018

 

Between

 

SatixFy UK Limited

 

and

 

ST Electronics
(Satcom & Sensor Systems) Pte Ltd

 

relating to the establishment of

 

Company UK Ltd

 

     

     

    

 

TABLE OF CONTENTS

 

	Contents	 	Page

 

	1.	Definitions and Interpretation	1

 

	2.	Formation of Company	4

 

	3.	Purpose, Scope and Business of the Company	5

 

	4.	Shareholders’ Obligations	7

 

	5.	Board of Directors and Other Officers of the Company	8

 

	6.	General Meetings	10

 

	7.	Transfer of Shares	11

 

	8.	Warranties	14

 

	9.	Shareholder Restrictions	14

 

	10.	Finance	15

 

	11.	Deadlock	15

 

	12.	General Obligations of Shareholders	16

 

	13.	Prevalence of Agreement	16

 

	14.	Duration and Termination	16

 

	15.	Confidentiality	16

 

	16.	Announcements	18

 

	17.	No Partnership	18

 

	18.	Indulgence, Waiver, etc.	18

 

	19.	Costs	18

 

	20.	Notices and General	18

 

	21.	Other Conditions	20

 

	22.	Variation of Agreement	20

 

	Schedule
1	The Shareholders	21
	 	 	 
	Schedule
2	Reserved
Matters	22
	 	 	 
	Schedule
3	Annual Strategic
Plan	24
	 	 	 
	 Schedule
4	STEE-SatComS
Investment Plan	25
	 	 	 
	Appendix
A	Deed of Ratification and Accession	27

 

    i

     

    

 

THIS
SHAREHOLDER AGREEMENT (“Agreement”) is entered into on 6 February 2018 among:

 

		(1)	SatixFy UK Limited, a company incorporated in England and
having its registered office at Spectrum Point 279 Farnborough Road Farnborough, Hampshire GU14 7LS, UK (“SatixFy UK”)
of the one part; and

 

		(2)	ST Electronics (Satcom & Sensor Systems) Pte Ltd,
a company incorporated in Singapore and having its registered office at 1 Ang Mo Kio Electronics Park Road #06-02 ST Engineering Hub Singapore
567710 (“STEE-SatComS”) of the second part; and

 

WHEREAS
:-

 

		A.	It is the intent of the Parties to collaborate with each other to form a company incorporated in England
(the “Company”) to develop and sell a line of products for various commercial aircraft services and live TV, where the Company’s
products will be complete and self-contained, and will generally be installed and operated on commercial aircrafts ; and

 

		B.	SatixFy UK has developed the first of its kind generic modular digital multi-beam-steering flat-Panel
Antenna Array and modem based on line of sight communication technologies and products including chips, hardware, software and architecture
to be used for various commercial aircraft applications; and

 

		C.	STEE-SatComS, together with its related company iDirect, have developed and are selling their range of
products including modem, terminals, hubs, hardware, software, network management and architecture used for various commercial and defence
satcom applications, including aircraft applications.

 

		D.	SatixFy UK and STEE-SatComS wish to enter into the joint venture and the joint venture shall be conducted
through the Company, which will be incorporated under the laws of England upon the terms and conditions set forth herein, to develop products
for commercial aircraft applications for the commercial aviation market to be based on the generic PAA developed by SatixFy UK, and

 

		E.	SatixFy UK and STEE-SatComS have agreed to regulate the affairs of the Company and the respective rights
of SatixFy UK and STEE-SatComS as shareholders of the Company on the terms and subject to the conditions of this Agreement.

 

NOW,
THEREFORE, based on the considerations above and confirming that all Parties are informed completely, in conformity with the principles
of equality and mutual benefit, all Parties hereby agree as follows:

 

		1.	Definitions and Interpretation

 

		1.1	In this Agreement and the Schedules, unless the subject or context otherwise requires, the following words
and expressions shall have the following meanings respectively ascribed to them:

 

“Act”
means the Companies Act of UK;

 

“Annual
Strategic Plan” has the meaning given to it in Schedule 3;

 

“Auditors”
means the auditors for the time being of the Company;

 

“Board”
means the board of directors for the time being of the Company;

 

“Business”
has the meaning given to it in Clause ‎3.2;

 

“Business
Day” means a day which is not a Friday, a Saturday, a Sunday or a public holiday in England, in Israel or in Singapore;

 

    -1-

    

    

 

“Buyer”
has the meaning given to it in Clause ‎7.2.1(iv);

 

“Constitutional
Documents” means the Articles of Association of the Company;

 

“Deadlock
Matter” has the meaning given to it in Clause ‎11.2.1;

 

“Deadlock
Notice” has the meaning given to it in Clause ‎11.2.1;

 

“Deed
of Ratification and Accession” means the deed substantially in the form set out in Appendix A;

 

“Directors”
means the directors for the time being of the Company;

 

“Encumbrances”
means any claim, charge, mortgage, lien, option, equity, power of sale, hypothecation, retention of title, right of pre-emption,
right of first refusal or other third party right or security interest of any kind or an agreement, arrangement or obligation to create
any of the foregoing;

 

“Notice”
has the meaning given to it in Clause ‎20.1.1;

 

“Officer”
has the meaning given to it in Clause ‎11.2.1;

 

“Ordinary
Shares” means ordinary shares in the capital of the Company;

 

“Other
Shareholders” has the meaning given to it in Clause ‎7.2;

 

“PAA”
means SatixFy UK’s generic flat-panel antenna array which comprises the multi-beam electronically steerable antenna panels
at various frequencies. including all electronic components required to operate the PAA such as antenna control units, onboard embedded
modem and power supply;

 

“Parties”
means the Shareholders and the Company, and “Party” means any of them;

 

“Permitted
Transferee” has the meaning given to it in Clause ‎7.4.1;

 

“Prescribed
Terms” has the meaning given to it in Clause ‎7.2.1(iii);

 

“Production”
means the assembly of parts/modules/subsystems, test and integration including packaging and RMA services;

 

“Reserved
Matters” means the matters specified in Schedule 2, and “Reserved Matter” means any of them;

 

“SAS”
means Satellite Antenna System.

 

“Sale
Shares” has the meaning given to it in Clause ‎7.2.1(i);

 

“Shareholders”
means SatixFy UK and STEE-SatComS and any other person holding Shares who shall have executed a Deed of Ratification and Accession
pursuant to Clause ‎7.5.3 and is registered as a member in the Company’s electronic register
of members kept and maintained by the Registrar of Companies

 

“Shareholding
Percentage” means, in relation to any Shareholder and at any time, the total number of issued Ordinary Shares registered
in the name of that Shareholder in the Company’s electronic register of members kept and maintained by the Registrar of Companies
at that time expressed as a percentage of all the issued Ordinary Shares in the capital of the Company as at that time. The Shareholding
Percentage of each Shareholder as at the date hereof is specified against its name in column (3) of Schedule 1;

 

“Shares”
means issued shares in the capital of the Company;

 

    -2-

    

    

 

“SatixFy
UK Director” has the meaning given to it in Clause ‎5.2.1;

 

“STEE-SatComS
Director” has the meaning given to it in Clause ‎5.2.2;

 

“Transfer
Notice” has the meaning given to it in Clause ‎7.2;

 

“Transferor”
has the meaning given to it in Clause ‎7.2;

 

“Transferor’s
Price” has the meaning given to it in Clause ‎7.2.1(ii); and

 

“US
Dollar(s)” and the sign “US$” mean the lawful currency of USA;

 

		1.2	Subsidiary Legislation: References to a statutory provision include any subsidiary legislation
made from time to time under that provision.

 

		1.3	Modification etc. of Statutes: References to a statute or statutory provision include that statute
or provision as from time to time modified, re-enacted or consolidated, whether before or after the date of this Agreement, so far as
such modification, re-enactment or consolidation applies or is capable of applying to any transaction entered into in accordance with
this Agreement and (so far as liability thereunder may exist or can arise) shall include also any past statute or statutory provision
(as from time to time modified, re-enacted or consolidated) which such statute or provision has directly or indirectly replaced.

 

		1.4	Singular, Plural, Gender: References to one gender include all genders and references to the singular
include the plural and vice versa.

 

		1.5	References to Persons and Companies: References to:

 

		1.5.1	a person include any company, limited liability partnership, partnership, business trust or unincorporated
association (whether or not having separate legal personality); and

 

		1.5.2	a company shall include any company, corporation or any body corporate, wherever incorporated.

 

		1.6	Companies Act: The words “corporation”, “subsidiary” and
 “wholly owned subsidiary” shall have the same meanings in this Agreement as their respective definitions in the Act.

 

		1.7	Clauses, Schedules, etc.: References to this Agreement include any Recitals and Schedules
to it and references to Clauses, Recitals, Schedules and Appendices are to the clauses and recitals of, and schedules and appendices to,
this Agreement. References to paragraphs are to paragraphs of the Schedules.

 

		1.8	Information: References to books, records or other information mean books, records or other information
in any form including paper, electronically stored data, magnetic media, film and microfilm.

 

		1.9	Headings: Headings shall be ignored in interpreting this Agreement.

 

		1.10	Construction: Unless a contrary indication appears, a reference in this Agreement to “including”
shall not be construed restrictively but shall mean “including without prejudice to the generality of the foregoing”
and “including, but without limitation”, and “otherwise” shall not be construed as limited by words
with which it is associated.

 

		1.11	Others

 

		1.11.1	Unless the context otherwise requires or permits, references to natural persons shall include bodies corporate
and vice versa.

 

    -3-

    

    

 

		1.11.2	References to “financial year” are to a period in respect of which the audited financial
statements of the Company has been or is to be prepared for the purpose of laying before the Company at its annual general meeting, whether
that period is a year or not.

 

		2.	Formation of Company

 

		2.1	Within fourteen (14) days from the signing of this Agreement, STEE-SatComS shall initiate the process
to incorporate the Company in England as a private limited company under the laws of England and Wales. A firm of solicitors to be mutually
agreed by the Parties, shall undertake the formalities of incorporating the Company. The Parties shall use their best endeavours to cooperate
in executing all formalities for incorporating the Company. The name of the Company shall be mutually agreed by the Parties and approved
by the Registrar of Companies.

 

		2.2	The Company shall have its registered office at such premises as shall be mutually agreed in writing between
them. The Parties will use their best endeavours to obtain suitable premises which will not incur high overheads to be used as the base
for the conduct for all operations relating to the Company’s Business.

 

		2.3	The Articles of Association of the Company shall be drawn up to carry into effect the provisions of this
Agreement with such further modifications as the Parties shall agree in writing. Any amendments to the Articles of Association shall be
in accordance with the Act or any statutory modification or re-enactment which may be in force. If the Articles of Association as ultimately
registered contain provisions that are different or in conflict with any of the provisions of this Agreement, the provisions of this Agreement
shall prevail and the Parties shall amend or cause to be amended the Articles of Association that it shall be consistent with this Agreement.

 

		2.4	The initial authorised capital of the Company shall be 1,000 GBP divided into 1,000 ordinary shares of
1 GBP par value each.

 

		2.5	Upon incorporation of the Company, STEE-SatComS shall be issued 49 shares of the Company, constituting,
at that stage, the entire issued share capital of the Company for a total consideration of US$20m. The disbursement of the US$20m will
be made in accordance to Schedule 4.

 

		2.6	Following the opening of the bank account of the Company, the Company shall then grant 51 shares to SatixFy.
In consideration of such issuance of 51 shares by the Company, SatixFy UK shall grant the Company the following rights and assets to the
Company: (a) the future development services; (b) the exclusive marketing rights for the commercial aviation market; (c) technical
skills; (d) staff expertise; (e) R&D facilities and (f) an exclusive, royalty-free, world-wide, perpetual, non-transferable,
irrevocable license (the “License”) to use and commercially exploit SatixFy UK’s intellectual property for the
purposes of fulfilling the business plan, including but not limited to development, production, sales and marketing of satellite antenna
systems operating in available commercial frequency bands and all satellite orbital planes for commercial aircraft applications. In addition,
Satixfy UK shall provide (a) the training and provision of know-how and (b) grant exclusive rights for Singapore defence projects
as referred to in Clause ‎21.2.

 

		2.7	The issued capital of the Company shall be held by the Parties as follows:

 

	SatixFy UK	- 51 shares, constituting 51%
	 	 
	STEE-SatComS	- 49 shares, constituting 49%

 

		2.8	Each of the Parties hereto will take such steps as lie within its power to ensure that the Company makes
allotments of the shares so applied for and each of such shares so allotted shall, on allotment, rank pari passu in all respects with
all issued shares of the Company.

 

		2.9	SatixFy UK shall engage Mazars or one of the Big Four Accounting Firm to carry out the valuation of the
License. The valuation of the License, including the scope and methodology, shall be transparent to STEE-SatComS and STEE-SatComS shall
be involved of the valuation process. SatixFy UK agrees to carry out the valuation of the License in good faith and for the benefit of
the Company with the end result that such valuation of the License is acceptable to the auditor of the Company. Should SatixFy UK for
any reason not start the valuation of the License within the two (2) months, STEE-SatComS shall be carry out its own independent
valuation of the License and recover such expenses from SatixFy UK without any prejudice to any remedies STEE-SatComS has at law or equity.

 

    -4-

    

    

 

		3.	Purpose, Scope and Business of the Company

 

		3.1	Purpose: the purpose of the Company is to develop and sell a line of products and services for
various commercial aircraft communication applications based on the generic PAA developed by SatixFy UK.

 

		3.2	Business: The Shareholders agree that the business of the Company shall be the development / marketing
/ sales / supply of satellite antenna system for commercial aircraft applications for the commercial aviation market which shall include
a range of PAA operating in various commercial frequency bands, various satellite orbital planes, as well as such other businesses as
may from time to time be agreed on by the Shareholders, (the “Business”).

 

		3.3	Annual Budget and Business Plan: The management of the Company shall also prepare and deliver to
the Board an annual budget and business plan no later than 90 days before the end of each financial year, which plan shall:

 

		3.3.1	include details relating to the matters set out in Schedule 3 and to the following matters:

 

		(i)	financial and operating highlights of the immediately preceding financial year;

 

		(ii)	five-year profit and loss, balance sheet and cashflow projections;

 

		(iii)	five-year financing plan; and

 

		(iv)	key performance indicators; and

 

		3.3.2	require the approval of the Board.

 

		3.4	Development of the satellite antenna system

 

		3.4.1	The Parties agree that the development works required to adapt the SatixFy UK generic flat Panel Antenna
Array (PAA) for commercial aircraft application for the commercial aviation market will be subcontracted by the Company to SatixFy UK.

 

		3.4.2	The Parties agree that only technologies from SatixFy UK, iDirect and STEE-SatComS shall be used by the
Company for the development and production of the SAS. No other third-party technology is permitted to be used unless otherwise mutually
agreed by all the Parties. The Parties agree that iDirect technologies shall be used so long as VT iDirect remains an affiliate of STEE-SatComS.

 

		3.4.3	Pursuant to clause ‎3.4.2 and ‎3.4.4, the Parties agree that iDirect modem software would be ported
to the on-board SatixFy UK modem chips (which is part of the ACU). The external Aero modem for the Company shall be developed by SatixFy
UK and will be based on the SatixFy UK modem chips and will include iDirect modem software as well. Requirements for additional RF developmental
works shall be subcontracted by the Company to STEE-SatComS.

 

    -5-

    

    

 

		3.4.4	The Parties also agreed on the Scope of Work (“SoW”) which shall be subcontracted by the Company
to the Parties according to the table below:

 

	SatixFy UK	STEE-SatComS (includes iDirect
	PAA	Production of the SAS which includes integration and Testing
	Power Supply	Mechanical (incl cooling)
	Antenna controlunit (ACU) & onboard modem	Radome
	
    *External Aero modem with SX-3000 and/or SX-3099
    including modem software (provided by iDirect).

     

    *Modem software porting to antenna with embedded
    modem based on SX-3000 and/or SX-3099 (provided by iDirect)
	Network Management System
	 	Satellite Network System Design
	 	Product Certification
	 	*Provision of Modem software to SatixFy for porting into Modem(External and embedded)

 

*The
following work scope will be undertaken by Satixfy UK and iDirect according to the payment shown in Schedule 4 Table 1. 

		1.	Development of external Aero modem,

		2	Supply of iDirect modem software,

		3.	Supply of iDirect Software Development Kit,

		4.	Port iDirect modem software to the embedded and external Aero modem,

		5.	End-to-end modem network certification for integration of the external Aero modem into the iDirect
network.

 

		3.4.5	The Parties agree that SatixFy UK has a few potential programmes currently under discussion with potential
customers for the SAS. If the programmes mature, the adaptation of the SAS to the specific customer’s requirement shall be done
by SatixFy UK. STEE-SatComS shall perform the other SoW according to the table 3.4.4 above in accordance to the specific customer’s
requirement and if possible in accordance to the existing European Space Agency proposal. The sales and production of the SAS shall be
performed through the Company. It is also understood that these programs will require a full own SAS development.

 

		3.5	Satellite Antenna System Integration

 

		3.5.1	STEE-SatComS shall have the first right of refusal for the integration of the SAS at commercially competitive
terms and conditions.

 

		3.6	Supply of Parts for the Satellite Antenna System to the Company by the Shareholders

 

		3.6.1	Any parts required by the Company for the SAS that are supplied by the Shareholders (or their affiliated
parties) shall be supplied at transfer prices as set forth in the applicable R&D agreements. Such parts shall include, but not be
limited to, the following:

 

		•	PAA

		•	Cooling plate, bottom plate

		•	All electronic and software components required
to operate the SAS such as antenna control units, modem which operates on the iDirect network (either embedded or hardware card for aero
enclosure or self-contained aero enclosure modem) , delivery of digital/RF streams that are capable of being received by the RF performances
of the antenna but not including decrypting and power supplies,

		•	Radome

		•	Network Management System

		•	Satellite Network Design

		•	Interface Panel

 

    -6-

    

    

 

		3.7	IP

 

		3.7.1	The Company shall own the foreground IP specifically generated for the development of the Company’s
SAS. The background IP shall remain at the sole ownership of the Parties who own it. SatixFy UK’s background IP shall be licensed
to the Company on a perpetual, exclusive basis based on the licensing agreement.

 

		3.8	Launch Customer

 

		3.8.1	It is the intention of the Parties that PaxLife shall serve as the launch customer for the development
of Ku-band beam steering aero-antenna for commercial aviation (narrow-body). PaxLife has agreed to purchase 200 units of the developed
SAS.

 

		3.8.2	The Parties agree to novate any agreement signed regarding the development of SAS with Paxlife to the
Company.

 

		4.	Shareholders’ Obligations

 

In consideration of the mutual obligations
of the Shareholders herein contained, and except as the Shareholders may otherwise agree in writing or save as otherwise provided or contemplated
in this Agreement, each of the Shareholders shall exercise its voting rights and powers available to it to ensure that:

 

		4.1.1	the Company shall adopt such amendments to the Constitutional Documents as shall be necessary to conform
the Constitutional Documents with the provisions of this Agreement within 30 days from the date of this Agreement;

 

		4.1.2	the Company carries on its business and conducts its affairs in a proper and efficient manner and for
its own benefit;

 

		4.1.3	Directors appointed by that Shareholder under Clause ‎5 will comply with the provisions of this Agreement
and their respective constitutional documents and will act in such manner and achieve the full intent and purpose of this Agreement;

 

		4.1.4	the Company shall appoint one of Deloitte Touche Tohmatsu, EY, KPMG, Mazar or PwC or their respective
successor firms as its auditor. The auditor shall not be the same as the valuator of the License;

 

		4.1.5	The Company shall keep full and proper accounting records in accordance with UK generally accepted accounting
principles relating to its business, undertakings and affairs, which records shall be made available at all reasonable times for inspection
by the Directors and/or the Shareholders by prior appointment during office hours;

 

		4.1.6	The Company shall prepare annual financial statements, in each case in accordance with generally accepted
accounting principles and in compliance with all applicable legislation in respect of each accounting reference period, and shall procure
that such financial statements are audited as soon as practicable and shall supply copies of the same to each of the Shareholders:

 

		4.1.7	The Company shall do all that their respective auditors may reasonably require by way of keeping records
and accounts and provide such auditors with all such information and explanation as they may reasonably require and otherwise assist such
auditors in all reasonable ways;

 

		4.1.8	The Company shall prepare and provide to each of the Directors monthly management accounts within 30 days
after the end of each month and operating statistics and such other trading and financial information in such form as the Board may agree;

 

    -7-

    

    

 

		4.1.9	The Company shall establish delegations of financial authority in conformity with what is mutually agreed
between the Shareholders, taking into consideration the Reserved Matters as set out in Schedule 2;

 

		4.1.10	if the Company requires any approval, consent or license for the carrying on of its business in the places
and in the manner in which it is for the time being carried on or proposed to be carried on, the Company will use its best endeavours
to maintain the same in full force and effect;

 

		4.1.11	The Company shall (i) maintain appropriate directors’ and officers’ liability insurance
for each of their respective directors; and (ii) without prejudice to the foregoing but subject to the Act and other applicable laws,
indemnify each such director in full for any losses, damages, costs and expenses suffered as a result of any liabilities (civil or criminal)
incurred by such director as a director of the Company, whether in respect of negligence, default, breach of duty or otherwise; and

 

		4.1.12	Subject to prior coordination the Company shall permit each director (or his alternate or designee) to
visit and inspect and examine such the Company’s properties and records.

 

		4.2	Increases in Capital: The issuance of new shares shall require join consent of the Shareholders
and each of the Shareholders shall exercise its voting rights for the time being in the Company and take such steps as for the time being
lie within its powers to procure that the issue of any unissued shares or of any new Shares from time to time created shall be subject
to such consent.

 

		5.	Board of Directors and Other Officers of the Company

 

		5.1	Number: Unless otherwise unanimously agreed upon by Shareholders in writing, the Board shall consist
of not more than five Directors.

 

		5.2	Composition: The Board shall comprise:

 

		5.2.1	three persons appointed by SatixFy UK as Directors (each such person, an “SatixFy UK Director”);
and

 

		5.2.2	two persons appointed by STEE-SatComS as Directors (each such person, an “STEE-SatComS Director”).

 

Right
of Appointment and Removal of the STEE-SatComS Directors and the SatixFy UK Directors: The right of appointment of the STEE-SatComS
Directors or the SatixFy UK Directors conferred on the relevant Shareholder under Clause ‎5.2
shall include the right of that Shareholder to remove at any time from office such person appointed by that Shareholder as a Director
and the right of that Shareholder at any time and from time to time to determine the period during which such person shall hold the office
of Director. The Shareholders agree that where there is a change in the holding of the Shares of the Company, the composition of the Board
will be adjusted in accordance to the shareholding of the Company, with the principal that there will be a shareholder having majority
board control if the shareholder has more than 50% of the shares of the Company.

 

		5.3	Notice in Writing: Each appointment or removal of a Director pursuant to this Clause shall be in
writing and signed by or on behalf of the Shareholder or the Shareholders concerned and shall be delivered to the registered office for
the time being of the Company.

 

		5.4	Further Director: Whenever for any reason any SatixFy UK Director or STEE-SatComS Director ceases
to be a Director or as the case may be, SatixFy UK or STEE-SatComS shall be entitled to appoint forthwith another Director to replace
the respective outgoing Director.

 

		5.5	Alternate Director: A Director shall be entitled at any time and from time to time to appoint any
person to act as his alternate and to terminate the appointment of such person and in that connection the provisions of the Constitutional
Documents shall be complied with. Such alternate director shall be entitled while holding office as such to receive notices of meetings
of the Board and to attend and vote as a Director at any such meetings at which the Director appointing him is not present and generally
to exercise all the powers, rights, duties and authorities and to perform all functions of his appointer as the Director appointing him.
Further, such alternate director shall be entitled to exercise the vote of the Director appointing him at any meetings of the Board and
if such alternate director represents more than one Director such alternate director shall be entitled to one vote for every Director
he represents.

 

    -8-

    

    

 

		5.6	Chairman

 

		5.6.1	The Chairman of the Board shall be jointly appointed by STEE-SatComS and SatixFy UK from the Directors.

 

		5.6.2	The Chairman shall not be entitled to a second or casting vote at any meeting of the Board or at any general
meeting of the Company.

 

		5.7	Meetings of Directors

 

		5.7.1	The Directors shall hold meetings of the Directors at such time, place and frequency as the Board may
decide from time to time. Any Director may call a meeting of the Directors.

 

		5.7.2	Each of the Directors shall be entitled to receive not less than 14 Business Days’ written notice
of all meetings of the Directors (or such shorter period of notice in respect of any particular meeting as may be agreed jointly by all
the Directors) specifying the date, time and place of the meeting and the business to be transacted thereat.

 

		5.7.3	The quorum at a meeting of Directors necessary for the transaction of any business of the Company shall
be at least two Directors, being at least one Director appointed by SatixFy UK and at least one Director appointed by STEE-SatComS. In
the event that a meeting of Directors duly convened cannot be held for lack of quorum, the meeting shall be adjourned to the same time
and day of the following week and at the same place and at least three Business Days’ notice shall be given to the Directors in
relation to such adjourned meeting. The quorum for any such adjourned meeting shall be all Directors present at that meeting.

 

		5.7.4	Subject to Clause ‎5.8, all resolutions of the Directors at a meeting or adjourned meeting of the
Directors shall be adopted by a simple majority vote of the Directors present.

 

		5.7.5	A resolution in writing signed by all of the Directors for the time being or their alternates shall be
as valid and effectual as if it had been passed at a meeting of Directors duly called and constituted. Any such resolution may consist
of several documents in like form, each signed by one or more of the Directors. The expressions “in writing” and “signed”
include approval by wireless or facsimile transmission.

 

		5.7.6	The Directors may participate in a meeting of the Directors by means of a conference telephone or a video
conference telephone or similar communications equipment by which all persons participating in the meeting are able to hear and be heard
by all other participants without the need for a Director to be in the physical presence of another Director(s) and participation
in the meeting in this manner shall be deemed to constitute presence in person at such meeting. The Directors participating in any such
meeting shall be counted in the quorum for such meeting and subject to there being a requisite quorum under Clause ‎5.7.3 at all times
during such meeting, all resolutions agreed by the Directors in such meeting shall be deemed to be as effective as a resolution passed
at a meeting in person of the Directors duly convened and held. A meeting conducted by means of a conference telephone or a video conference
telephone or similar communications equipment as aforesaid is deemed to be held at the place agreed upon by the Directors attending the
meeting, provided that at least one of the Directors present at the meeting was at that place for the duration of the meeting.

 

		5.8	Reserved Matters: Subject to any additional requirements specified by the Act, the Shareholders
hereby undertake to and with each other that none of the Reserved Matters set out in Schedule 2 shall be taken by the Company unless with
the prior written approval of the Shareholders (so long as such Shareholder or Shareholders hold at least 25% of the issued and outstanding
share capital of the Company).

 

    -9-

    

    

 

		5.9	Committees: The Board may delegate any of its powers, including the day-to-day running of the business
to a committee or committees consisting of such member or members of its body as it deems fit provided always that each Shareholder shall
be entitled to nominate at least one Director appointed by it to any such committee.

 

		5.10	Appointment of Management:

 

		5.10.1	The following appointments will be approved by at least 75% of the Board

 

		(i)	CEO/GM who will be a candidate with relevant experience and of seniority in the IFCE industry

 

		(ii)	CFO

 

		(iii)	COO

 

		(iv)	CTO

 

		5.10.2	It is the intent of the Parties that at the formation of the Company, the Company would be lightly staffed
with just the CEO, Programme Manager and, System Engineer. Any future addition of staff would be decided by the CEO based on the operational
needs of the Company.

 

		5.10.3	STEE-SatComS has the right to appoint a finance resource from STEE-SatComS (subject to the execution of
a standard non-disclosure agreement) to monitor and audit the accounts of the Company to ensure it is in accordance with STEE-SatComS’
finance, standard, practice and policies. For the avoidance of doubt, this finance resource has no approving authority in the Company.

 

		5.10.4	The Company shall permit the Shareholders to conduct internal audit through their appointed internal auditors.

 

		6.	General Meetings

 

		6.1	Quorum and Voting

 

		6.1.1	Unless longer notice is required by law, each Shareholder shall be entitled to receive not less than 14
Business Days’ written notice of all general meetings (or such shorter period of notice in respect of any particular meeting as
may be agreed by all the Shareholders) specifying the date, time and place of the meeting and the business to be transacted thereat.

 

		6.1.2	The quorum at a general meeting of the Company necessary for the transaction of any business of the Company
shall be both Shareholders present in person or by proxy. In the event that a general meeting of the Company duly convened cannot be held
for lack of a quorum, the meeting shall be adjourned to the same time and day of the following week and at the same place and at least
three Business Days’ notice shall be given to the Shareholders in relation to such adjourned meeting. The quorum for any such adjourned
meeting shall be any one Shareholder present.

 

		6.1.3	Subject to any additional requirements specified by the Act and Clause ‎5.8, all resolutions of the
Shareholders shall be adopted by a simple majority vote of the Shareholders present and voting and on the basis that each Ordinary Share
will carry one vote.

 

		6.1.4	A resolution in writing signed by all of the Shareholders shall be as valid and effectual as if it had
been passed at a general meeting duly called and constituted. Any such resolution may consist of several documents in like form, each
signed by one or more of the Shareholders. The expressions “in writing” and “signed” include approval by wireless
or facsimile transmission.

 

    -10-

    

    

 

		6.1.5	The Shareholders may participate in a general meeting by means of a conference telephone or a video conference
telephone or similar communications equipment by which all persons participating in the meeting are able to hear and be heard by all other
participants without the need for a Shareholder to be in the physical presence of the other Shareholder(s) and participation in the
meeting in this manner shall be deemed to constitute presence in person at such meeting. The Shareholders participating in any such meeting
shall be counted in the quorum for such meeting and subject to there being a requisite quorum under Clause ‎6.1.2 at all times during
such meeting, all resolutions agreed by the Shareholders in such meeting shall be deemed to be as effective as a resolution passed at
a meeting in person of the Shareholders duly convened and held. A meeting conducted by means of a conference telephone or a video conference
telephone or similar communications equipment as aforesaid is deemed to be held at the place agreed upon by the Shareholders attending
the meeting, provided that at least one of the Shareholders present at the meeting was at that place for the duration of the meeting.

 

		7.	Transfer of Shares

 

		7.1	Restriction on Transfer

 

		7.1.1	Subject to Clause ‎7.4, no Shareholder shall transfer all or any part of the Shares held by it or
otherwise sell, dispose of or deal with all or any part of its interest in such Shares unless and until the rights of pre-emption conferred
by this Clause ‎7 have been exhausted.

 

		7.1.2	No Shareholder shall, without the prior written consent of the other Shareholders, create or have outstanding
any Encumbrance or security interest on or over any Shares or any part of its interest in such Shares (otherwise than by a transfer of
such Shares in accordance with this Agreement).

 

		7.1.3	No Shareholder shall sell any of its shares within the first three (3) years of the formation of
the Company without the consent of the other Shareholder

 

		7.2	Right of First Refusal

 

		7.2.1	Subject to Clause ‎7.1.3, every Shareholder who desires to transfer any Share or Shares (the “Transferor”)
shall give to the Company and the Shareholders other than the Transferor (the “Other Shareholders”) notice in writing
of such desire (a “Transfer Notice”), which notice shall specify:

 

		(i)	the number of Shares proposed to be sold and transferred (the “Sale Shares”);

 

		(ii)	the price fixed by the Transferor for the sale of each such Sale Share (the “Transferor’s
Price”);

 

		(iii)	the other material terms and conditions of such sale (the “Prescribed Terms”); and

 

		(iv)	the identity of the person to whom the Transferor proposes to transfer such Shares, who shall in no event
be a competitor of the Other Shareholders, unless the prior written consent of such Other Shareholders will have been obtained (the “Buyer”).

 

		7.2.2	Subject as hereinafter mentioned, a Transfer Notice shall constitute an offer by the Transferor for the
sale of the Sale Shares to the Other Shareholders at the Transferor’s Price and on terms not less favourable than the Prescribed
Terms. Subject to Clause ‎7.2.5, a Transfer Notice shall not be revocable except with the unanimous consent of the Other Shareholders.

 

		7.2.3	The Transferor shall forthwith by notice in writing invite the Other Shareholders to apply in writing
to the Company within 14 days of the date of dispatch of the notice by the Company (which date shall be specified therein) for such maximum
number of the Sale Shares (being all or any thereof).

 

    -11-

    

    

 

		7.2.4	If the Other Shareholders shall within the said period of 14 days apply for all of the Sale Shares, the
Transferor shall allocate the Sale Shares to or amongst the applicants and in case of competition pro-rata (as nearly as possible) according
to the Shareholding Percentages of the applicants; provided that no applicant shall be obliged to take more than the maximum number of
Sale Shares specified by it as aforesaid. The Transferor shall forthwith give notice of such allocations (an “Allocation Notice”)
to the Other Shareholders to whom the Sale Shares have been allocated and shall specify in such Allocation Notice the place and time (being
not earlier than seven and not later than 14 days after the date of the Allocation Notice) at which the sale and purchase of the Sale
Shares so allocated shall be completed.

 

		7.2.5	If none of the Other Shareholders have applied for the Sale Shares or if the Other Shareholders do not,
on a collective basis, apply to purchase all the Sale Shares, the Transferor shall, subject to Clause ‎7.3, be entitled to sell all
the Sale Shares, in accordance with the terms specified in the Transfer Notice (except that the Transferor may provide representations,
warranties, covenants and indemnities customary for such transfer to the Buyer), and within three-months.

 

		7.2.6	Subject to Clause ‎7.2.4 and ‎7.2.5 above, the Transferor shall be bound to transfer the Sale
Shares comprised in an Allocation Notice to the purchasers named therein at the time and place therein specified by the delivery of duly
executed transfer forms together with the relevant share certificates in respect of such Sale Shares and, if required by the purchasers,
the Stamp Duty Documents and, if it shall fail to do so, any Director shall be deemed to have been appointed attorney of the Transferor
with full power to execute, complete and deliver, in the name and on behalf of the Transferor, transfers of the Sale Shares to the purchaser
thereof against payment of the price to the Company. On payment of the price to the Company, the purchaser shall be deemed to have obtained
a good quittance for such payment and on execution and delivery of the transfer the purchaser shall be entitled to insist upon its name
being entered in the Company’s electronic register of members kept and maintained by the Registrar of Companies as the holder by
transfer of the Sale Shares. The Company shall forthwith pay the price into a separate bank account in the Company’s name and shall
hold such price in trust for the Transferor.

 

		7.3	Tag Along Right

 

		7.3.1	Prior to an initial public offering occurring and following application of the Right of First Refusal
process set out in clause ‎7.2, if a Shareholder (a “Transferor”) intends to effect, in one or more related transactions,
a transfer of shares (such transfer, a “Transfer” and such shares, the “Transfer Shares”) to a proposed
purchaser (a “Proposed Purchaser”), the other Shareholders (the “Tag Shareholders”) shall be entitled
to participate in such Transfer on a pro-rata basis, pursuant to the below.

 

		7.3.2	Tag-Along Notice. The Transferor shall be required to serve a notice on all Tag Shareholders as
soon as reasonably practicable after agreeing to a Transfer of the Transfer Shares (a “Tag-Along Notice”), specifying:

 

		(i)	the identity of the Proposed Purchaser; and

 

		(ii)	a proposed date for completion of the Transfer of the Transfer Shares to the Proposed Purchaser; and

 

		(iii)	the number and class of Transfer Shares held by the Transferor that are the subject of the proposed Transfer
to the Proposed Purchaser; and

 

		(iv)	the price at which the Transfer Shares that are the subject of the Transfer to the Proposed Purchaser
are proposed to be transferred at; and

 

		(v)	any other material terms (including conditions) attached to the proposed Transfer.

 

		(vi)	whether or not the Proposed Purchaser is willing to purchase other classes or series of Preference Shares,

 

    -12-

    

    

 

		7.3.3	Exercise of Tag-Along Right. Each Tag Shareholder shall have the right, exercisable by written
notice to the Transferor (which shall be irrevocable and binding) within twenty (20) Business Days after being served with the Tag-Along
Notice (the “Tag-Along Period”), to require the Transferor to provide as part of its proposed Transfer that such Tag
Shareholder shall be given the right to include all or part of its Shares (such Shares, the “Tag Shares”) in the Transfer.
If any Tag Shareholder exercises its rights hereunder, the Transfer of the Transfer Shares by the Transferor shall be subject to the Proposed
Purchaser purchasing, as part of the Transfer agreement, Tag Shares from such Tag Shareholder (or any part thereof chosen by such Tag
Shareholder to be Transferred, if it gave notice with respect to less than all its Shares), and the Transferor shall not proceed with
such Transfer unless such Tag Shareholder is given the right to so participate in the Transfer and the failure of which shall render such
Transfer as null and void.

 

		7.3.4	If a Tag Shareholder does not respond to the Tag Notice within the Tag-Along Period stating its wish to
participate in the Transfer, it shall be deemed to have declined to participate in such transfer. The Transferor shall be entitled to
Transfer all, or the appropriate pro-rata portion (together with the participating Tag Shareholders’ Tag Shares), as applicable,
of the Transfer Shares, to the Proposed Purchaser at any time within ninety (90) calendar days after the lapse of the Tag-Along Period.
Any such Transfer shall not be on more favourable terms and conditions to the Proposed Purchaser than those specified in the Tag Notice.
Any of the Transferor’s Shares in the Company not so Transferred within such ninety (90) calendar day period shall continue to be
subject to the requirements of this clause ‎7.3.

 

		7.3.5	The exercise or non-exercise of the right to participate hereunder with respect to a particular Transfer
by a Transferor shall not adversely affect the right of Tag Shareholders to participate in subsequent Transfers by the Transferor pursuant
to this clause ‎7.3.

 

		7.3.6	For the avoidance of doubt, a Transfer by a Transferor to its Permitted Transferee in accordance with
the provisions of this Agreement shall not trigger the application of this clause ‎7.3.

 

		7.4	Permitted Transfers

 

		7.4.1	The restrictions on transfer of Shares contained in Clause ‎6.1 shall not apply in the case of a transfer
of all of the Shares owned by a Shareholder to a wholly owned subsidiary of such Shareholder (each, a “Permitted Transferee”).

 

		7.4.2	Following a transfer of Shares to a Permitted Transferee, the original transferring Shareholder shall
remain party to this Agreement and shall be jointly and severally liable with the transferee under this Agreement as a Shareholder in
respect of the transferred Shares.

 

		7.4.3	If however at any time after a transfer of Shares is effected by a Shareholder to its Permitted Transferee,
such transferee ceases to be a Permitted Transferee of the transferring Shareholder, it shall be the duty of the transferring Shareholder
and such transferee to notify the Board in writing that such event has occurred and both the transferring Shareholder and such transferee
shall jointly and severally undertake to procure and ensure that all (and not some only) of the Shares held by such transferee are immediately
transferred to the transferring Shareholder or another Permitted Transferee of the transferring Shareholder.

 

		7.5	Conditions of Transfers

 

Notwithstanding any of the provisions
of this Agreement to the contrary, the Company shall not register any transfer of its Shares unless and until:

 

		7.5.1	the approval of any regulatory authority to such transfer of Shares, if required pursuant to any law,
rule or regulation (or by the terms of any licence, approval or permit held by the Company), has been obtained;

 

    -13-

    

    

 

		7.5.2	all stamp duties payable in respect of the transfer of the Shares have been paid;

 

		7.5.3	where Shares are transferred to any transferee, such transferee (if not already party to this Agreement)
executes and delivers to each of the other Parties a Deed of Ratification and Accession under which such transferee shall agree to be
bound by and shall be entitled to the benefit of this Agreement as if an original party hereto in place of, or in addition to, the transferring
Shareholder; and

 

		7.5.4	upon the delivery to the Company of such Deed of Ratification and Accession executed by such transferee
and the registration of the Shares in the name of such transferee, such transferee shall be bound by and shall be entitled to the rights
and benefits of this Agreement in respect of such Shares.

 

		7.6	Void Transfers

 

Any transfer
of Shares that is not made in substantial compliance with the provisions of this Clause ‎7 shall be null and void.

 

		8.	Warranties

 

Each Shareholder hereby warrants and
undertakes to and with the other Shareholders that:

 

		8.1	Incorporation: It is a company duly incorporated and validly existing under its laws of incorporation.

 

		8.2	Authority to Enter into This Agreement: It has the legal right and full power and authority to
enter into and perform this Agreement, which when executed will constitute valid and binding obligations on it, in accordance with its
terms.

 

		8.3	No Breach: The execution and delivery of, and the performance by it of its obligations under this
Agreement will not and are not likely to:

 

		8.3.1	result in a breach of any provision of its constitution; or

 

		8.3.2	result in a breach of, or give any third party a right to terminate or modify, or result in the creation
of any Encumbrance under, any agreement, licence or other instrument or result in a breach of any order, judgment or decree of any Court,
governmental agency or regulatory body to which it is a party or by which it or any of its assets is bound.

 

		9.	Shareholder Restrictions

 

		9.1	Non-Competition

 

		9.1.1	In so far as the Parties are shareholders in the Company, both Shareholders shall not, compete with the
Company regarding the Business of the Company. SatixFy UK shall ensure that SatixFy Limited/SatixFy Israel Ltd shall not develop a satellite
antenna in competition with the Business of the Company. STEE-SatComS shall ensure that VT iDirect shall not develop a satellite antenna
in competition with the Business of the Company. It is the intention of the Shareholders to cooperate exclusively in this Business. The
PAA developed by SatixFy UK for the Company can only be sold through the Company. For the avoidance of doubt, besides the above restriction
nothing herein shall prohibit any of the Shareholders from undertaking or performing any business or activity of which was performed or
undertaken by them prior to the formation of the Company, which includes selling of modems or licensing of the modem software and associated
services.

 

		9.1.2	The Shareholders agreed in principle that SatixFy UK will not sell the chips directly or indirectly to
any party who is developing a SAS that will compete with the Business of the Company. In cases where SatixFy UK needs to sell the chips
to any other party specifically for the commercial aircraft applications, it shall be sold through the Company at the sales terms to be
determined by the Company. However, SatixFy UK shall be allowed to sell its chips with no limitation to any parties outside of the commercial
aircraft applications.

 

    -14-

    

    

 

		9.2	Non-Solicitation

 

		9.2.1	Each Shareholder shall not (whether alone or jointly with another and whether directly or indirectly)
for a period of three years from the date of this Agreement or until this Agreement is terminated with respect to that Shareholder, whichever
occurs first, solicit or contact with a view to the engagement or employment by any person, any employee or officer of the Company or
any person who has been an employee or officer of the Company within the previous six-month period. For the avoidance of doubt, nothing
herein shall prohibit a Shareholder to continue employing an employee of the Company who was previously or concurrently employed also
by such Shareholder (directly or indirectly).

 

		9.2.2	The placing of an advertisement of a post available to a member of the public generally and the recruitment
of a person through an employment agency shall not constitute a breach of this provision provided that such Shareholder does not (whether
alone or jointly with another and whether directly or indirectly) encourage or advise such agency to approach any such employee or officer.

 

		9.3	Severance: Each and every obligation under Clauses ‎9.1 and ‎9.2 shall be treated as a
separate obligation and shall be severally enforceable as such. In the event of any obligation or obligations being or becoming unenforceable
in whole or in part such part or parts as are unenforceable shall be deleted from this Clause ‎9
and any such deletion shall not affect the enforceability of all such parts of this Clause ‎9
as remain not so deleted.

 

		9.4	Modifications to Restrictions: While each Shareholder acknowledges that the restrictions contained
in Clauses ‎9.1 and ‎9.2 are reasonable in all the circumstances it is recognised that restrictions of the nature in question
may fail for technical reasons unforeseen and accordingly, it is hereby agreed and declared that if any of such restrictions shall be
adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Company but
would be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or area dealt with
thereby reduced in scope, the said restriction shall apply with such modifications as may be necessary to make it valid and effective.

 

		10.	Finance

 

		10.1	Additional Finance in the Ordinary Course of Business

 

		10.1.1	Board approval with at least 80% of the Directors approving shall be required for additional funding in
the ordinary course of business

 

		10.1.2	All Shareholders’ loans provided to the Company shall be provided on arm’s length terms that
are not less favourable to the Company than the then-prevailing market terms.

 

		10.1.3	Notwithstanding any other provision of this Agreement, the total aggregate borrowings of the Company at
any time shall not exceed US$ 40 Million.

 

		11.	Deadlock

 

		11.1	Deadlock: In the event that in relation to any Reserved Matter, the approval of Shareholders with
an aggregate Shareholding Percentage of at least 75 per cent for that Reserved Matter cannot be obtained after three successive attempts
to obtain such approval within any 45-day period a deadlock shall be deemed to arise.

 

		11.2	Resolution of Deadlock

 

		11.2.1	Immediately upon the occurrence of any deadlock, any Shareholder may by written notice (the “Deadlock
Notice”) refer the matter which is the subject of the approval under Clause ‎11.1 (the “Deadlock Matter”)
to the President of Singapore Technologies Electronics Limited and the Chief Executive Officer of SatixFy Limited (or the most senior
officer of each of the Shareholders) (the “Officer”). Upon the Deadlock Notice being given, each Shareholder shall
procure that its Officer shall negotiate in good faith with the other Officer(s) with a view to resolution of such matter. Upon the
resolution of such matter, the Directors shall be bound to give effect to the agreement reached between the Officers in respect of such
matter.

 

    -15-

    

    

 

		11.2.2	If the Deadlock Matter is not resolved by the Officers within 14 days after the date of the Deadlock Notice
(or such other date as mutually agreed between the Shareholders), the Shareholders shall discuss in good faith the acquisition by one
Shareholder of all the Shares held by the other Shareholder, such acquisition to be on terms to be mutually agreed on a “willing
buyer, willing seller” basis.

 

		11.2.3	If the Shareholders do not sign definitive agreements for the acquisition of all the Shares in accordance
with Clause ‎11.2.2 above within three months of the commencement of their discussion on the same, or such longer period as may be
mutually agreed to by the Shareholders, the Shareholders shall take such steps as are necessary to procure and ensure the winding-up of
the Company.

 

		12.	General Obligations of Shareholders

 

Each Shareholder shall take all steps
necessary on its part to give full effect to the provisions of this Agreement and to procure (so far as it is able by the exercise of
voting rights or otherwise so to do) that the Company and the Directors shall perform and observe the provisions of this Agreement.

 

		13.	Prevalence of Agreement

 

In the event of any inconsistency or
conflict between the provisions of this Agreement and the provisions of the Constitutional Documents, the provisions of this Agreement
shall as between the Shareholders prevail and the Shareholders shall, so far as they are able, cause such necessary alterations to be
made to the Constitutional Documents as are required to remove such conflict.

 

		14.	Duration and Termination

 

		14.1	Subject to the other provisions of this Agreement, this Agreement shall continue in full force and effect
without limit in point of time until the earlier of:

 

		14.1.1	the Shareholders agree in writing to terminate this Agreement; or

 

		14.1.2	an effective resolution is passed or a binding order is made for the winding-up of the Company other than
to effect a scheme of reconstruction or amalgamation, or

 

		14.1.3	an initial public offering of the shares of the Company,

 

provided
that this Agreement shall cease to have effect as regards any Shareholder who ceases to hold any Shares save for any of its provisions
which are expressly or by implication intended to continue in force after termination (including under Clauses ‎11.2 and ‎15
and this Clause ‎16).

 

		14.2	Termination of this Agreement shall be without prejudice to any liability or obligation in respect of
any matters, undertakings or conditions which shall not have been observed or performed by the relevant Shareholder prior to such termination.

 

		15.	Confidentiality

 

		15.1	Communications Confidential: All communications between the Company and the Shareholders or any
of them and all information and other material supplied to or received by any of them from any one or more of the others which is either
marked “confidential” or is by its nature intended to be exclusively for the knowledge of the recipient alone, or to be used
by the recipient only for the benefit of the Company, any information concerning the business transactions or financial arrangements of
the Company or of the Shareholders or any of them, or of any person with whom any of them is in a confidential relationship with regard
to the matter in question coming to the knowledge of the recipient shall be kept confidential by the recipient and shall be used by the
recipient solely and exclusively for the benefit of the Company unless:

 

    -16-

    

    

 

		15.1.1	the information is about the Company which the Board has unanimously confirmed in writing to the Shareholders
is not confidential;

 

		15.1.2	the Party whose information is to be disclosed or used has given prior written approval to the disclosure
or use;

 

		15.1.3	the information is or becomes publicly available (other than by breach of this Agreement);

 

		15.1.4	the information is independently developed by the relevant Party or is acquired from a third party, to
the extent that it is acquired with the right to disclose it, as can be shown respectively by that Party’s written records or other
reasonable evidence;

 

		15.1.5	the information is lawfully in the possession of the relevant Party free of any restriction on disclosure,
as can be shown respectively by that Party’s written records or other reasonable evidence;

 

		15.1.6	the information, following disclosure under this Clause ‎15.1, becomes available to the relevant Party,
as can be demonstrated respectively by that Party’s written records or other reasonable evidence, from a source which is not bound
by any obligation of confidentiality in relation to such information;

 

		15.1.7	the disclosure of confidential information is by a Party to its directors, officers or employees or its
wholly owned subsidiaries who need to know that confidential information in its reasonable opinion for purposes relating to this Agreement
and such directors, officers, employees or subsidiaries do not use that confidential information for any other purpose;

 

		15.1.8	the disclosure of information is to the extent required to be disclosed by law, any court of competent
jurisdiction, regulatory body, governmental agency or any recognised stock exchange on which the shares of any Shareholder are listed;

 

		15.1.9	the disclosure of information is to any auditor or tax authority to the extent reasonably required for
the purposes of the accounting or tax affairs of the relevant Party or any of its wholly owned subsidiaries;

 

		15.1.10	the disclosure is by a Party to its professional advisers of information that is reasonably required to
be disclosed for purposes relating to this Agreement;

 

		15.1.11	the disclosure or use is required for the purposes of any expert determination or any judicial or arbitral
proceedings arising out of this Agreement or any documents entered into pursuant to this Agreement;

 

		15.1.12	the disclosure of information is to an existing or proposed lender to, or investor in, any Party who gives
a confidentiality undertaking on terms substantially similar to this Clause ‎15 for the benefit of the Parties; or

 

		15.1.13	the disclosure of information is made on a confidential basis to a bona fide prospective purchaser
of all of the disclosing Party’s Shares(including that bona fide prospective purchaser’s professional advisers and
existing or proposed lenders), provided such prospective purchaser, adviser or lender, as the case may be, gives a confidentiality undertaking
on terms substantially similar to this Clause ‎15 for the benefit of the Parties,

 

provided
that for Clauses ‎15.1.7, ‎15.1.9, ‎15.1.10,
‎15.1.12 and ‎15.1.13 above, the disclosure of such
information would not result in a waiver of legal professional privilege that the Company has in such information.

 

		15.2	Shareholders’ Obligations: The Shareholders shall procure the observance of the abovementioned
restrictions by the Company and shall take all reasonable steps to minimise the risk of disclosure of confidential information, by ensuring
that only:

 

    -17-

    

    

 

		15.2.1	their employees, officers, directors and professional advisers and those of the Company whose duties will
require them to possess any of such information; and

 

		15.2.2	those persons to whom disclosure is permitted under this Clause ‎15 (but only to the extent required
by them),

 

shall have access thereto, and that
they shall be instructed to treat the same as confidential.

 

		15.3	Obligations to Continue: The obligations contained in this Clause ‎15 shall endure until such
date falling five years after the termination of this Agreement.

 

		16.	Announcements

 

None of the Parties shall divulge to
any third party (except to their respective professional advisers or their respective shareholders and to any stock exchange or other
regulatory body or except as required by applicable law) any information regarding the existence or subject matter of this Agreement,
or any other agreement referred to in, or executed in connection with, this Agreement, without the prior agreement of the other Parties.

 

		17.	No Partnership

 

The relationship between the Shareholders
shall not constitute a partnership. No Shareholder has the power or the right to bind, commit or pledge the credit of the other Shareholders
or the Company.

 

		18.	Indulgence, Waiver, etc.

 

No failure on the part of any Party
to exercise and no delay on the part of any Party in exercising any right hereunder will operate as a release or waiver thereof, nor will
any single or partial exercise of any right under this Agreement preclude any other or further exercise of it.

 

		19.	Costs

 

Each of the Parties shall bear its own
taxes and legal and other professional costs and expenses incurred by it in the negotiation, preparation and execution of this Agreement.
The Parties agree to split for the cost for the professional fees for setting up the Company.

 

		20.	Notices and General

 

		20.1	Notices

 

		20.1.1	Any notice or other communication in connection with this Agreement (each, a “Notice”)
shall be:

 

		(i)	in writing; and

 

		(ii)	delivered by hand, pre-paid registered post or registered airmail in the case of international service
or courier using an internationally recognised courier company.

 

		20.1.2	A Notice to SatixFy UK shall be sent to the following address, or such other person or address as SatixFy
UK may notify to the other Parties from time to time:

 

SatixFy UK

 

Spectrum Point 279 Farnborough Road Farnborough,
Hampshire GU14 7LS, UK

 

Attention: CEO

 

    -18-

    

    

 

		20.1.3	A Notice to STEE-SatComS shall be sent to the following address, or such other person or address as STEE-SatComS
may notify to the other Parties from time to time:

 

ST Electronics (Satcom & Sensor
Systems) Pte Ltd

 

1 Ang Mo Kio Electronics Park Road #06-02
ST Engineering Hub Singapore 567710

 

Attention:     EVP/GM
(with copy to the Legal)

 

		20.1.4	A Notice to the Company shall be sent to the following address, or such other person or address as the
Company may notify to the other Parties from time to time:

 

Company

 

Spectrum Point 279 Farnborough Road Farnborough,
Hampshire GU14 7LS, UK

 

Attention:

 

A Notice shall be effective upon receipt
and shall be deemed to have been received:

 

		(i)	240 hours after posting, if delivered by pre-paid registered post; or

 

		(ii)	at the time of delivery, if delivered by hand or courier.

 

		20.2	Remedies: No remedy conferred by any of the provisions of this Agreement is intended to be exclusive
of any other remedy which is otherwise available at law, in equity, by statute or otherwise, and each and every other remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law, in equity, by statute or
otherwise. The election of any one or more of such remedies by any of the Parties shall not constitute a waiver by such Party of the right
to pursue any other available remedies.

 

		20.3	Invalidity

 

		20.3.1	If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or
in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable
and gives effect to the commercial intention of the Parties.

 

		20.3.2	To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause
 ‎20.3.1, then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed not to form
part of this Agreement and the legality, validity and enforceability of the remainder of this Agreement shall, subject to any deletion
or modification made under Clause ‎20.3.1, not be affected.

 

		20.4	Counterparts: This Agreement may be entered into in any number of counterparts, all of which taken
together shall constitute one and the same instrument. The Parties may enter into this Agreement by executing any such counterpart. Signatures
may be exchanged by e-mail, with original signatures to follow. Each Party agrees to be bound by its own electronic signature and that
it accepts the electronic signature of the other Parties.

 

		20.5	Arbitration

 

Subject
to Clause ‎11, any dispute arising out of or in connection with this Agreement, including any question as to the validity,
existence or termination of this Agreement and/or this Clause ‎20.5, shall be resolved by arbitration
in London conducted in English pursuant to ICC rules for the time being in force, which rules are deemed to be incorporated
by reference in this clause, save that, unless the Shareholders agree otherwise, neither shall be required to give general discovery of
documents, but may be required only to produce specific, identified documents which are relevant to the dispute.

 

		20.6	Governing Law

 

This Agreement shall be governed by
and construed in accordance with Law of England & Wales without any due regard to the conflict of laws principles.

 

    -19-

    

    

 

		21.	Other Conditions

 

		21.1	Training and provision of knowhow

 

		21.1.1	SatixFy UK agrees to train and provide knowhow to STEE-SatComS engineers on the use of the SatixFy UK
chip so that STEE-SatComS can independently develop panel antenna arrays based on the SatixFy UK Chip. Both Parties also agreed that STEE-SatComS
shall not have any commercial rights on the developed product. If commercial rights are required, it would be separately discussed.

 

		21.2	Exclusive Rights for STEE-SatComS

 

		21.2.1	In so far as STEE-SatComS remains a shareholder of the Company, SatixFy UK agrees to grant exclusive rights
to STEE-SatComS for Singapore defence projects and applications using SatixFy UK’s technologies, subject to terms and conditions
to be mutually agreed based on the following principles:

 

		(i)	STEE-SatComS shall be the prime contractor for such projects.

 

		(ii)	Both Parties to actively market and seek full funding from the customers.

 

		(iii)	If the customers fund partially, and funding is required from SatixFy UK and STEE-SatComS, then there
must be commitment from the customers for future deployment.

 

		(iv)	If STEE-SatComS decides not to proceed with a specific project for any reason, then SatixFy UK would have
the right to proceed with another party for that project.

 

		22.	Variation of Agreement

 

The Shareholders
agree that any changes to this Agreement shall be discussed in good faith between the Shareholders. Example of such changes to the Agreement
to be made when there are changes to the shareholding, which affects the appointment of Directors. The Shareholders agree that so long
as any Shareholder holds any shares of the Company, the substantive rights of the Shareholders under Clause ‎3.4, ‎3.5,
‎3.6, ‎5.8, ‎9,
‎21.1 and ‎21.2 shall not be diminished.

 

    -20-

    

    

 

Schedule 1

The
Shareholders

  

	(1)	(2)	(3)
	Name of Shareholder	Number of and class of Shares

 held as at the date hereof	Shareholding Percentage

as at the date hereof
	SatixFy UK	51 Ordinary Shares £1 GB pounds par value each	51 per cent.
	ST Electronics(Satcom & Sensor Systems) Pte Ltd	49 Ordinary Shares £1 GB pounds par value each	49 per cent.
	Total	100 Ordinary Shares £1 GB

pounds par value each	100 per cent.

 

    -21-

    

    

 

Schedule 2

Reserved Matters

 

Reserved Matters (Requiring the consent of Shareholders
so long as the Shareholder holds at least 25% of the issued and outstanding share capital of the JV Company)

 

		1.	The amendment to the constitution or the articles of association (or equivalent constitutional documents)
of the JV Company, other than non-material amendments required by law.

 

		2.	The actual or proposed dissolution, liquidation or winding-up of the JV Company, or the appointment of
an administrator, a receiver, a receiver and manager or a liquidator to the JV Company.

 

		3.	Any change in the name of the JV Company.

 

		4.	Any repurchase, cancellation or redemption of the JV Company’s share
capital or any reduction, consolidation, subdivision or reclassification or other alteration of its capital structure.

 

		5.	Any variation of rights attaching to any class of shares, units or other
securities of the JV Company which have a negative effect on the rights of the existing shareholders.

 

		6.	Any merger or acquisition of the JV Company with or by any corporation, firm
or other body.

 

		7.	The issuance of further shares or units in the JV Company or the issuance
or grant of any options over the unissued share capital of the JV Company or the issuance of any new class of shares or units in the capital
of the JV Company or the issuing of any convertible securities by JV. The aforesaid shall not apply to options granted to directors, officers,
employees or service providers pursuant to the JV Company’s share option plan, share incentive scheme, employee share trust or share
ownership plan.

 

		8.	The adoption of a share option plan, share incentive scheme, employee share
trust or share ownership plan and the determination of the amount of the original “option pool” thereunder. The Shareholders
should have veto rights over the plans and the initial “pool” but not the actual granting of options which will be decided
by the board of directors.

 

		9.	The creation of any encumbrance over a material part of the JV
                                                                                               Company’s property securing the liabilities of any person (other than the JV Company itself) which is not required for
                                                                                               day-to-day operations and is not required for the ordinary course of business.

 

		10.	The JV Company entering into, or varying, or waiving any breach of, or discharging
any liability under, or terminating, any legally binding contract or arrangement with a Shareholder of the JV Company or an affiliated
person thereof, provided that the terms of the contract or arrangement are outside the ordinary course of business of JV Company or are
not on arm’s length terms.

 

		11.	The provision of any credit (including by way of providing a guarantee, security
or performance bond), or the making of any loan (including any loan to the Shareholders) or advance, to or for any
person, company or body, other than:

 

		(a)	credit provided in the ordinary course of business; and

 

		(b)	loans made to employees of the JV Company pursuant to human resource
                                                                                                    policies approved by the Board or by way of deposit
                                                                                                    of moneys with a bank or other
                                                                                                    financial institution,

 

		12.	Any material change in the nature and/or scope (including the cessation)
of the business of the JV Company.

 

		13.	The declaration or payment of any dividends or other cash or in specie distribution
of the JV Company.

 

    -22-

    

    

 

		14.	The approval of the form of distribution of capital in respect of a distribution
by the JV Company.

 

		15.	Any disposal or acquisition of assets (including, without limitation, copyrights, trademarks,
                                                                                                service marks, patents or other intellectual property rights and any interest in any land or real property) which constitute a
                                                                                                material part of the JV Company’s assets. The disposal or acquisition of any third party license shall not apply to this clause.

 

		16.	Any investment or disposition in any shares or other equity interests of
a third party

 

		17.	The grant by JV Company of any power of attorney the subject matter of which is substantially the same
as a Reserved Matter.

 

		18.	Any public offering or listing or quotation of the shares or other equity
of the JV Company on any stock exchange.

 

		19.	The incorporation of a new subsidiary undertaking or establishment of any branch in a new jurisdiction,
or the entry into, variation, or dissolution of, any joint venture or co-operation agreement between the JV Company and any other party,
other than required for the ordinary course of business or other than matters contemplated in the Shareholder ‘s Agreement

 

		20.	Any appointment and the change of auditors of the JV Company such that
                                                                                                the auditors are no longer from among one of the “Big Four” international
                                                                                                accounting firms.

 

    -23-

    

    

 

Schedule 3
Annual Strategic Plan

 

		1.	Strategic Focus

 

		(a)	Annual targeted revenue and Profit After Tax (“PAT”) for each business stream; and the targeted
product rollout, customer segment and geographies to achieve such annual targeted revenue and PAT

 

		(b)	Key infrastructure rollout plan

 

		2.	Overall Annual Expenditure Projection:

 

		(a)	Annual Capex for each business stream

 

		(b)	Total annual expenditure projection

 

		3.	Key Financial Metrics:

 

		(a)	Return On Assets

 

		(b)	Return On Equity

 

		(c)	Funds From Operations / Total Debt

 

		(d)	Funds From Operations / Interest

 

    -24-

    

    

 

Schedule 4 STEE-SatComS Investment Plan

 

[Intentionally
omitted]

 

The information contained in the original schedule has been omitted because it is not material and is the type of information SatixFy
treats confidential.

 

    -25-

    

    

 

Appendix A

Deed of Ratification and Accession

 

This
Deed of Ratification and Accession is made and issued on [•]
by [•] (the “Transferee”), a company incorporated in
[•] with its registered office at [•]
in favour of and for the benefit of each and all of the following (other than the Transferor (as herein defined)):

 

		(1)	the parties to the Shareholders’
Agreement dated [•] (the “Shareholders’ Agreement”)
made between SatixFy UK and ST Electronics (Satcom & Sensor Systems) Pte Ltd in relation to (the “Company”);
and

 

		(2)	all persons and corporations who are or subsequently become shareholders of the Company.

 

Whereas:

 

		(A)	The parties to the Shareholders’ Agreement have agreed thereunder to regulate the affairs of the
Company and to carry out the Business (as defined therein).

 

		(B)	The Transferee is the transferee of [state the number of shares] shares (the “Transferred
Shares”) in the issued capital of the Company by virtue of the instrument(s) of transfer in respect thereof executed by
[state the name of the Transferor] (the “Transferor”, and the instrument(s) of transfer, the “Share
Transfers”).

 

		(C)	By the terms of the Shareholders’ Agreement, it is a condition precedent to the registration of
the Transferred Shares in the name of the Transferee that the Transferee executes this Deed.

 

Now
this Deed Witnesses as follows:

 

		1.	In this Deed, all references to the “Shareholders’ Agreement” means the Shareholders’
Agreement referred to in sub-paragraph (1) above and includes all amendments, additions and variations thereto agreed between the
parties thereto as contained or evidenced by the following documents:

 

[state the documents, if any]

 

		2.	The Transferee hereby covenants and agrees with each of the parties, persons and corporations in whose
favour and for whose benefit this Deed is executed:

 

		2.1	that in consideration of and upon the lodgement of the Share Transfers with the Registrar of Companies,
the Transferee will as from the date of the registration of the Transferee as holder of the Transferred Shares in the Company’s
electronic register of members kept and maintained by the Registrar of Companies, be bound by, and be entitled to the benefit of, all
the terms and conditions of the Shareholders’ Agreement which are applicable to it as a Shareholder (as defined in the Shareholders’
Agreement) in all respects as if it had been a party thereto; and

 

		2.2	that this Deed is enforceable against the Transferee by any of the parties, persons and corporations in
whose favour and for whose benefit this Deed is executed.

 

		3.	For the purpose of Clause ‎20.1 of the Shareholders’
Agreement, the address of the Transferee is:

 

Address     [•]

 

Attention     [•]

 

		4.	Save as may be expressly provided in the Shareholders’ Agreement, nothing in this Deed shall operate
to release or discharge the Transferor from any of the Transferor’s obligations and liabilities under the Shareholders’ Agreement.

 

		5.	This Deed shall be governed by, and construed in accordance with, the laws of England.

 

    -26-

    

    

 

In
Witness Whereof this Deed has been entered into on the date stated at the beginning.

 

	The Transferee	
    

     

	 
	 
	The Common Seal of
	 
	[•]
	 
	was hereunto affixed in the presence of:
	 
	 
	 	 
	Director	 
	 	 
	 	 
	Director/Secretary	 

 

    -27-

    

    

 

In
witness whereof this Agreement has been entered into on the date stated at the beginning.

 

	SatixFy UK	
    

     

	 
	 
	SIGNED by Simona Gat, CEO
	for and on behalf of
	SatixFy UK Limited
	in the presence of:
	               
	 
	 
	 	 
	Witness’s signature	 
	Name: SHARLY BEN CHEYRIT	 

  

	ST Electronics(Satcom & Sensor Systems)
    Pte Ltd	
    

     

	 
	 
	SIGNED by Tang Kum Chuen,
	DY President, Corp Devt
	President, Satellite Systems
	for and on behalf of
	ST Electronics(Satcom & Sensor Systems) Pte Ltd
	in the presence of:
	 
	 	 
	Witness’s signature	 
	Name: ALLAN
    TAN
    	 
	VP, Legal	 

 

    -28-

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