Document:

EX-4.4

 Exhibit 4.4 

VMWARE, INC., 
 as the Company,

 and 
 The Bank of New York
Mellon Trust Company, N.A., 
 as the Trustee 

THIRD SUPPLEMENTAL INDENTURE 

DATED AS OF AUGUST 21, 2017 

to 
 INDENTURE 

DATED AS OF AUGUST 21, 2017 

Relating to 
 $1,250,000,000 of
3.900% Notes due 2027 

 THIRD SUPPLEMENTAL INDENTURE 

THIRD SUPPLEMENTAL INDENTURE, dated as of August 21, 2017 (this “Third Supplemental Indenture”), between VMware,
Inc. (the “Company”), a Delaware corporation and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), to the Base Indenture (as defined below). 

RECITALS 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of August 21, 2017 (the
“Base Indenture” and, together with this Third Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of its notes and other evidences of debt securities, to be issued in one or more
series as therein provided; 
 WHEREAS, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to
provide for the establishment of three series of notes to be known respectively as its 2.300% Notes due 2020, its 2.950% Notes due 2022 and its 3.900% Notes due 2027, the form and substance of such notes and the terms, provisions and conditions
thereof to be set forth as provided in the Base Indenture and in supplemental indentures thereto; 
 WHEREAS, this Third Supplemental
Indenture relates to and sets forth the terms and conditions of the 3.900% Notes due 2027 (the “Notes”); and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Third Supplemental Indenture, and all requirements
necessary to make this Third Supplemental Indenture a legal, valid and binding instrument in accordance with its terms, to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the legal, valid and binding
obligations of the Company, and all acts and things necessary have been done and performed to make this Third Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Third Supplemental Indenture has
been duly authorized in all respects; 
 WITNESSETH: 

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and
for the equal and ratable benefit of the Holders of the Notes, as follows: 
 Article One 

Definitions 

Section 1.01 Capitalized terms used but not defined in this Third Supplemental Indenture shall have the meanings ascribed to them in the
Base Indenture. 
 Section 1.02 References in this Third Supplemental Indenture to article and section numbers shall be deemed to be
references to article and section numbers of this Third Supplemental Indenture unless otherwise specified. 
 Section 1.03 For purposes
of this Third Supplemental Indenture, the following terms have the meanings ascribed to them as follows: 
 “Additional
Notes” means any additional Notes that may be issued from time to time pursuant to Section 2.01(b). 
 “Attributable
Debt” means, in respect of a Sale and Lease-Back Transaction involving a Principal Property, at the time of determination, the lesser of: (a) the fair value of such property (as determined in good faith by the Board of Directors); or
(b) the present value of the total net amount of rent required to be paid under such lease 

 
during the remaining term thereof (including any renewal term or period for which such lease has been extended), discounted at the rate of interest set forth or implicit in the terms of such
lease or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the securities of each series outstanding pursuant to the Indenture compounded semi-annually. For purposes of the foregoing definition, rent
shall not include amounts required to be paid by the lessee, whether or not designated as rent or additional rent, on account of or contingent upon maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case
of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount shall
also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) and the net amount determined assuming no such termination. 

“Base Indenture” has the meaning provided in the Recitals. 

“Below Investment Grade Rating Event” means, with respect to the Notes, the rating on the Notes is lowered by each of the
Rating Agencies within 60 days from the earlier of (1) the date of the first public notice of an arrangement that could result in a Change of Control or (2) the occurrence of a Change of Control (which period shall be extended so long as
the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided, however, that a ratings event otherwise arising by virtue of a particular reduction in rating will not be
deemed to have occurred in respect of a particular change of control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event) unless each of the Rating Agencies making
the reduction in rating to which this definition would otherwise apply announces or publicly confirms that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the
applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event); provided, further, that notwithstanding the foregoing, a Below Investment Grade Rating Event shall
not be deemed to have occurred so long as the Notes are rated Investment Grade by any of the Rating Agencies. 
 “Change of
Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets and those of the Company’s subsidiaries, taken as a whole, to any “person” or
“group” (as those terms are used for purposes of Section 13(d)(3) of the Exchange Act), other than a Permitted Parent, the Company or one or more of the Company’s Subsidiaries; (2) the Company becomes aware of (by way of a
report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the consummation of any transaction or series of related transactions (including, without limitation, any merger or
consolidation) the result of which is that any “person” or “group” (as those terms are used for purposes of Section 13(d)(3) of the Exchange Act), other than a Permitted Parent, the Company or one of the Company’s
wholly owned subsidiaries, becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding Voting Stock, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or
into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a
majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person, measured by voting power rather than number of shares, immediately after giving effect to such transaction; (4) Dell,
together with its Parent Entities and Subsidiaries, becomes the beneficial owner, directly or indirectly, of 90% or more of each class of our then outstanding capital stock; or (5) the adoption by the Company of a plan providing for the
Company’s liquidation or dissolution. 
 Notwithstanding the foregoing, (A) a transaction will not be considered to be a Change of
Control under clause (2) above if (x) the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (y) immediately following that transaction, the direct or indirect holders of the Voting Stock of the
holding company are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction, (B) any change in the Persons who are the direct or indirect beneficial owners of Dell will not be considered a
Change of Control and (C) Dell’s distribution or transfer of our shares in a transaction intended to qualify as a tax free distribution or transfer under Section 355 of the Internal Revenue Code will not be considered a Change of
Control. 

  
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 “Change of Control Repurchase Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Company” has the meaning provided in the Preamble. 

“Comparable Treasury Issue” means the United States Treasury security selected, in accordance with customary financial
practice, by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes (assuming for this purpose that the Notes matured on the Par Call Date) to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes (assuming that the notes matured on the Par Call
Date). 
 “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Consolidated Net Tangible Assets” means total assets, less reserves, after deducting: (1) total
current liabilities, excluding, notes and loans payable, current maturities of long-term debt, and current maturities of capital leases, and (2) certain intangible assets, to the extent included in total assets. 

“Dell” means Dell Technologies, Inc. 

“Depositary” has the meaning provided in Section 2.03(d). 

“Fitch” means Fitch Ratings Ltd. and its successors. 

“Indenture” has the meaning provided in the Recitals. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the
Independent Investment Banker from time to time. 
 “Investment Grade” means a rating of
BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating
of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected
by the Company. 
 “Issue Date” means August 21, 2017. 

“Lien” means a mortgage, security interest, pledge, lien, charge or other encumbrance. 

“Moody’s” means Moody’s Investors Services Inc. and its successors. 

“Nonrecourse Obligation” means indebtedness or other obligations substantially related to (i) the acquisition of assets
not previously owned by the Company or any Restricted Subsidiary or (ii) the financing of a project involving the development or expansion of properties of the Company or any Restricted Subsidiary, as to which the obligee with respect to such
indebtedness or obligation has no recourse to the Company or any Restricted Subsidiary or any assets of the Company or any Restricted Subsidiary other than the assets which were acquired with the proceeds of such transaction or the project financed
with the proceeds of such transaction (and the proceeds thereof). 

  
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 “Notes” has the meaning provided in the Recitals. For the avoidance of doubt,
“Notes” shall include any Additional Notes. 
 “Par Call Date” means May 21, 2027. 

“Parent Entity” means any person that, with respect to another person, owns 50% or more of the total voting power of the
Voting Stock of such other person. 
 “Permitted Parent” means (a) Dell, any Parent Entity of Dell or any Subsidiary
of Dell and (b) any Parent Entity that at the time it became a Parent Entity of the Company was not formed in connection with, or in contemplation of, a transaction that would otherwise constitute a Change of Control and that beneficially owns
100% of the Voting Stock of the Company; provided that the stockholders of the Company prior to such transaction beneficially own all of the voting stock of such Permitted Parent upon completion of such transaction. 

“Principal Property” means the land, improvements, buildings and fixtures owned by the Company or a Restricted Subsidiary
located in the United States that constitutes the Company’s principal corporate office, any manufacturing plant, any manufacturing facility, any research and development facility and any service and support facility (in each case including
associated office facilities) and has a net book value in excess of 1% of the Company’s Consolidated Net Tangible Assets as of the determination date. Notwithstanding the foregoing, Principal Property does not include any property that the
Board of Directors of the Company has determined in good faith not to be of material importance to the business conducted by the Company and its Subsidiaries, taken as a whole. 

“Rating Agency” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of
the Exchange Act, selected by the Company as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“Reference Treasury Dealer” means each of J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, and one additional dealer in U.S. Government securities selected by the Company (each a “Primary Treasury Dealer”) and their respective successors which the Company specifies from time to time; provided, however, that if any
of them ceases to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Restricted Subsidiary” means (1) any Subsidiary of the Company that (a) is a wholly-owned Subsidiary, (b) is
a domestic Subsidiary and (c) owns or is a lessee of any Principal Property and (2) any other subsidiary that the Board of Directors of the Company may designate as a Restricted Subsidiary. 

“S&P” means S&P Global Ratings, and its successors. 

“Sale and Lease-back Transaction” means any arrangement with any Person providing for the leasing by the Company or any
Restricted Subsidiary of any Principal Property which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person. 

  
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 “Secured Debt” means any debt for borrowed money secured by a Lien upon any
Principal Property of the Company or any Restricted Subsidiary or upon any shares of stock or indebtedness of any Restricted Subsidiary (whether such Principal Property, shares or indebtedness are now existing or owed or hereafter created or
acquired). 
 “Subsidiary” means a corporation of which more than 50% of the outstanding voting stock of such corporation
is at the time owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries, and the accounts of which are consolidated with those of the Company in its most recent
consolidated financial statements in accordance with generally accepted accounting principles. For the purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all
times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “Third Supplemental
Indenture” has the meaning provided in the Preamble. 
 “Treasury Rate” means, as of any redemption date, the rate
per year equal to: (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in, or available through, the most recently published statistical release designated “H.15” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve System (or companion online data resource published by the Board of Governors of the Federal Reserve System) and which established yields on actively
traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue; provided that, if no maturity is within
three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated
or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the
rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by us on the third business day preceding the redemption date. As used in the immediately preceding sentence and in the definition of “Reference
Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or obligated by law or executive order to close. 

“Trustee” has the meaning provided in the Preamble. 

“Voting Stock” means, with respect to any person as of any date, capital stock of any class or kind the holders of which are
ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended by the happening of such a contingency. 

Article Two 
 General
Terms and Conditions of the Notes 
 Section 2.01 Designation and Principal Amount. 

(a) The Notes are hereby authorized and designated the 3.900% Notes due 2027. The Notes may be authenticated and delivered under the Indenture
in an unlimited aggregate principal amount. The Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an aggregate principal amount of $1,250,000,000, which amount shall be set forth in the written order of the Company
for the authentication and delivery of the Notes pursuant to Section 2.02 of the Base Indenture. The Notes will be senior unsecured obligations of the Company and will rank on the same basis with all of the Company’s other senior unsecured
indebtedness from time to time outstanding. 

  
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 (b) In addition, without the consent of the Holders of the Notes, the Company may issue, from
time to time in accordance with the provisions of the Indenture, Additional Notes having the same ranking and the same interest rate, maturity and other terms as the Notes (except for the issue date, issue price, and, in some cases, the first
payment of interest or interest accruing prior to the issue date of such additional Notes). Any Additional Notes having such similar terms, together with the Notes issued on the date hereof, shall constitute a single series of Notes under the
Indenture. Additional Notes of a series may only bear the same CUSIP number if they would be fungible for United States federal tax purposes with the existing Notes of that series. No Additional Notes may be issued if an Event of Default has
occurred with respect to the Notes. 
 Section 2.02 Maturity. 

The principal amount of the Notes shall mature and be due and payable, together with any accrued interest thereon, on August 21, 2027. If
the maturity date of the Notes falls on a day that is not a Business Day, payment of principal, premium, if any, and interest for such Notes then due will be paid on the next Business Day. No interest on that payment will accrue from and after the
maturity date. 
 Section 2.03 Form and Payment. 

(a) The Notes shall be issued as global notes in fully registered book-entry form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. 
 (b) The Notes are to be substantially in the form of Exhibit A which form is hereby
incorporated in and made a part of this Third Supplemental Indenture. 
 (c) The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Third Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Third Supplemental Indenture, expressly agree to such terms and provisions and to be
bound thereby. 
 (d) Principal, premium, if any, and/or interest, if any, on the global notes representing the Notes shall be made to The
Depository Trust Company (together with any successor thereto, the “Depositary”). 
 (e) The global notes representing the
Notes shall be deposited with, or on behalf of, the Depositary and shall be registered in the name of the Depositary or a nominee of the Depositary. No global note may be transferred except as a whole by a nominee of the Depositary to the Depositary
or to another nominee of the Depositary, or by the Depositary or such nominee to a successor of the Depositary or a nominee of such successor. 

Section 2.04 Interest. 

(a) The Company shall make interest payments on the Notes at the interest rate of 3.900% per annum semi-annually in arrears on February 21
and August 21 (each, an “Interest Payment Date”), beginning on February 21, 2018, to the Holders of record of the Notes at the close of business on the February 6 or August 6 immediately preceding the related
Interest Payment Date. Interest on the Notes shall be paid on the basis of a 360-day year comprised of twelve 30-day months. If an interest payment date on the Notes
falls on a date that is not a Business Day, the related payment of interest shall be made on the next succeeding Business Day as if made on the date the payment was due, and no interest on such payment shall accrue for the period from and after such
Interest Payment Date to the date of such payment on the next succeeding Business Day. 
 Section 2.05 Other Terms and
Conditions. 
 (a) The Notes are not subject to a sinking fund. 

(b) The Defeasance and Covenant Defeasance provisions of the Article Eight of the Base Indenture will apply to the Notes. 

(c) The Notes will be subject to the Events of Default provided in Section 601 of the Base Indenture. 

  
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 (d) The Trustee will initially be the Security Registrar and Paying Agent for the Notes. 

(e) The Notes will be subject to the covenants provided in Article Four and Article Five of the Base Indenture, as supplemented by Article Four
herein. 
 (f) The Notes will not be guaranteed by any Person or Persons. 

(g) The Notes will not be convertible into or exchangeable for any other securities. 

Article Three 

Redemption 

Section 3.01 Optional Redemption. 

(1) Except as set forth in clause (2) below, the Notes shall be redeemable in whole at any time or in part from time to time, at the
Company’s option, prior to the Par Call Date, at a redemption price as calculated by the Company equal to the greater of: (a) 100% of the principal amount of the Notes to be redeemed; or (b) the sum of the present values of the remaining
scheduled payments of principal and interest thereon that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 25 basis points, plus, in the case of clauses (a) and (b), accrued and unpaid
interest, if any on the amount being redeemed to, but excluding, the date of redemption. 
 (2) If the Company elects to redeem any Notes on
or after the Par Call Date, the Company shall pay an amount equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. 

(3) Notice of redemption shall be sent at least 30 but not more than 60 days before the redemption date to each Holder of record of the Notes
to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price and the place or places that payment will be made upon
presentation and surrender of Notes to be redeemed. Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. If fewer than all of the
Notes are to be redeemed at any time, not more than 45 days prior to the redemption date, the particular Notes or portions thereof for redemption from the outstanding Notes not previously called shall be selected in accordance with the procedures of
DTC. The Trustee shall have no obligation to calculate any redemption price or premium. 
 Article Four 

Additional Covenants 

Section 4.01 Repurchase at the Option of Holders on Certain Changes of Control. 

(a) If a Change of Control Repurchase Event occurs, unless the Company has exercised or will concurrently exercise its right to redeem the
Notes as set forth in Article Three herein or to defease or satisfy and discharge the Notes, the Company shall make an offer to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase. 

(b) Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after
the public announcement of the transaction or event that constitutes or may constitute the Change of Control, the Company shall send a notice to each Holder to which the Company is required to make a repurchase offer as described in clause
(a) above, with a copy to the Trustee, describing the transaction or 

  
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event that constitutes or may constitute the Change of Control Repurchase Event and offering to repurchase the Notes on the payment date specified in the notice, which date shall be no earlier
than 30 days and no later than 60 days from the date such notice is sent. The notice may, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event
occurring on or prior to the payment date specified in the notice. 
 (c) On the Change of Control Repurchase Event payment date, the Company
shall, to the extent lawful: 
 (i) accept for payment all Notes or portions of Notes (in a minimum principal amount of
$2,000 and integral multiples of $1,000 in excess thereof) properly tendered and not withdrawn pursuant to the Company’s offer; 

(ii) deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes
properly tendered and not withdrawn; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

The Paying Agent will promptly send to each Holder of Notes properly tendered and not withdrawn the purchase price for such Notes, and the
Trustee will promptly authenticate and send (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any such Notes surrendered; provided, that each new Note will be in a minimum
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 (d) The Company will not be required to make an offer to
repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all
Notes properly tendered and not withdrawn under its offer. 
 (e) If Holders of not less than 90% in aggregate principal amount of the
outstanding Notes validly tender and do not withdraw such Notes in a change of control offer and the Company, or any third party approved in writing by the Company making a change of control offer in lieu of the Company as described herein,
purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase
pursuant to the change of control offer, to redeem (with respect to the Company) or purchase (with respect to a third party) all Notes that remain outstanding following such purchase on a date (the “Second Change of Control Payment
Date”) at a price in cash equal to the change of control payment in respect of the Second Change of Control Payment Date. 
 (f) The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.01, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.01 by virtue of any such conflict. 

Section 4.02 Limitations on Liens. 

(a) The Company shall not issue, incur, create, assume or guarantee, and shall not permit any Restricted Subsidiary to issue, incur, create,
assume or guarantee, any Secured Debt without in any such case effectively providing concurrently with issuance, incurrence, creation, assumption or guarantee of any such Secured Debt, or the grant of a Lien with respect to any such indebtedness,
that the Notes (together with, if the Company shall so determine, any other indebtedness of or guarantee by the Company or such Restricted Subsidiary ranking equally with the Notes and then existing or thereafter created) shall be secured equally
and ratably with (or, at the Company’s option, prior to) such Secured Debt. The foregoing restriction with respect to Secured Debt, however, shall not apply to: 

  
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 (1) Liens on property existing at the time of acquisition thereof by the Company or any
Subsidiary, whether or not assumed, provided that such Liens were not incurred in connection with such acquisition; 
 (2) Liens on property,
shares of stock or indebtedness or other assets of any corporation existing at the time such corporation becomes a Restricted Subsidiary, provided that such Liens are not incurred in anticipation of such corporation becoming a Restricted Subsidiary
(which may include property previously leased by the Company and leasehold interests thereon, provided that the lease terminates prior to or upon the acquisition); 

(3) Liens on property, shares of stock or indebtedness (including capitalized lease obligations) to secure the payment of all or any part of
the purchase price thereof, or Liens on property, shares of stock or indebtedness to secure any indebtedness for borrowed money incurred prior to, at the time of or within 24 months after, the latest of the acquisition thereof, or, in the case of
property, the completion of construction, the completion of improvements, or the commencement of substantial commercial operation of such property for the purpose of financing all or any part of the purchase price thereof, such construction, or the
making of such improvements; 
 (4) Liens to secure indebtedness owing to the Company or to a Subsidiary; 

(5) Liens existing on the Issue Date; 

(6) Liens on property of a corporation existing at the time such corporation is merged into or consolidated with the Company or a Restricted
Subsidiary or at the time of a sale, lease or other disposition of the properties of a corporation as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary, provided that such Lien was not incurred in anticipation of
such merger or consolidation or sale, lease or other disposition; 
 (7) Liens in favor of the United States or any State, territory or
possession thereof (or the District of Columbia), or any department, agency, instrumentality or political subdivision of the United States or any State, territory or possession thereof (or the District of Columbia), (i) to secure partial, progress,
advance or other payments pursuant to any contract or statute, (ii) to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price of the cost of constructing, repairing or improving the property subject
to such Liens or (iii) to secure taxes, assessments or other governmental charges or levies which are not yet due and payable or are payable without penalty or of which amount, applicability or validity is being contested by the Company and/or
any Restricted Subsidiary in good faith by appropriate proceedings and the Company and/or such Restricted Subsidiary shall have set aside in its books reserves which it deems to be adequate with respect thereto (segregated to the extent required by
generally accepted accounting principles); 
 (8) Liens created in connection with the acquisition of assets or a project financed with, and
created to secure, a Nonrecourse Obligation; 
 (9) Liens for materialmen’s, mechanics’, workmen’s, repairmen’s,
landlord’s Liens for rent, or other similar Liens arising in the ordinary course of business in respect of obligations which are not yet overdue or which are being contested by the Company or any Restricted Subsidiary in good faith and by
appropriate proceedings; 
 (10) Liens consisting of zoning restrictions, licenses, easements and restrictions on the use of real property
and minor defects and irregularities in the title thereto, which do not materially impair the use of such property by the Company or any Restricted Subsidiary in the operation of business or the value of such property for the purpose of such
business; and 

  
 9 

 (11) extensions, renewals, refinancings or replacements of any Lien referred to in the foregoing
clauses (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10) provided, however, that any Liens permitted by any of the foregoing clauses (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10) shall not extend to or cover any property of the
Company or such Restricted Subsidiary, as the case may be, other than the property, if any, specified in such clauses and improvements thereto, and provided further that any refinancing or replacement of any Liens permitted by the foregoing clauses
(7) and (8) shall be of the type referred to in such clauses (7) or (8), as the case may be. 
 (b) Notwithstanding the
restrictions outlined in the preceding paragraph, the Company or any Restricted Subsidiary will be permitted to issue, incur, create, assume or guarantee Secured Debt, which would otherwise be subject to such restrictions, without equally and
ratably securing the Notes, provided that after giving effect thereto, the aggregate principal amount of all Secured Debt (not including Liens permitted under clauses (1) through (11) above) does not exceed the greater of $1,000 million or
15% of the Consolidated Net Tangible Assets of the Company as most recently determined on or prior to such date. 
 (c) For purposes of
determining compliance with this Section 4.02, (i) a Lien need not be incurred solely by reference to any particular subclause of clause (a) or in reliance upon clause (b) but are permitted to be incurred in part under any combination
thereof and of any other available exemption and (ii) in the event that a Lien (or any portion thereof) meets the criteria of one or more of the foregoing clauses and/or is permitted to be incurred in reliance upon the immediately preceding
paragraph, the Company may, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this Section 4.02. 

(d) Any Lien created for the benefit of the Holders of the Notes pursuant to clause (a) above may provide by its terms that such Lien
shall be automatically and unconditionally released and discharged upon the release and discharge of the Lien that gave rise to the obligation to secure the Notes. 

Section 4.03 Limitations on Sale and Lease-Back Transactions. 

(a) The Company shall not, nor shall it permit any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction with respect to any
Principal Property, other than any such transaction involving a lease for a term of not more than three years or any such transaction between the Company and a Restricted Subsidiary or between Restricted Subsidiaries, unless: (1) the Company or
such Restricted Subsidiary would be entitled to incur indebtedness secured by a Lien on the Principal Property involved in such transaction at least equal in amount to the Attributable Debt with respect to such Sale and Lease-Back Transaction,
without equally and ratably securing the Notes as described in Section 4.02(a); or (2) the Company shall apply an amount equal to the greater of the net proceeds of such sale or the Attributable Debt with respect to such Sale and
Lease-Back Transaction within 365 days of such sale to either (or a combination of) the retirement (other than mandatory retirement, mandatory prepayment or sinking fund payment or by a payment at maturity) of debt for borrowed money of the Company
or a Restricted Subsidiary that matures more than 12 months after the creation of such indebtedness or the purchase, construction or development of other comparable property. 

(b) Notwithstanding the restrictions outlined in clause (a) above, the Company or any Restricted Subsidiary shall be permitted to enter
into Sale and Lease-Back Transactions which would otherwise be subject to such restrictions, without applying the net proceeds of such transactions in the manner set forth in clause (2) of the preceding paragraph, provided that after giving
effect thereto, the aggregate amount of such sale and Lease-Back Transactions, together with the aggregate amount of all Secured Debt not permitted by clauses (1) through (11) under Section 4.02(a), does not exceed the greater of
$1,000 million or 15% of Consolidated Net Tangible Assets of the Company as most recently determined on or prior to such date. 

  
 10 

 Article Five 

Miscellaneous 

Section 5.01 Application of Third Supplemental Indenture. 

The Indenture, as supplemented by this Third Supplemental Indenture, is in all respects ratified and confirmed. This Third Supplemental
Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 
 Section 5.02
Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with the duties imposed by Sections 310 through 317 of
the Trust Indenture Act, the imposed duties shall control. 
 Section 5.03 Conflict with Base Indenture. 

To the extent not expressly amended or modified by this Third Supplemental Indenture, the Base Indenture shall remain in full force and
effect. If any provision of this Third Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Third Supplemental Indenture shall control. 

Section 5.04 Governing Law; Submission of Jurisdiction; Waiver of Jury Trial. 

THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The Company
hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Southern District in the Borough of Manhattan in the City of New York in
respect of any suit, action or proceeding arising out of or relating to this Indenture and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. EACH OF
THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY. 
 Section 5.05 Successors. 

All agreements of the Company in the Base Indenture, this Third Supplemental Indenture and the Notes shall bind its successors. All agreements
of the Trustee in the Base Indenture and this Third Supplemental Indenture shall bind its successors. 
 Section 5.06
Counterparts. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 5.07 Trustee
Disclaimer. 
 The Trustee makes no representation as to the validity or sufficiency of this Third Supplemental Indenture and the Notes
other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein and in the Notes are deemed to be those of the Company and not the Trustee and the Trustee assumes no responsibility for the same. The
Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. 

[Remainder of page intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, the parties to this Third Supplemental Indenture have caused it to be duly
executed as of the day and year first above written. 
  

			
	VMWARE, INC.
		
	By:	 	 /s/ Zane Rowe

	Name:	 	Zane Rowe
	Title:	 	Executive Vice President and Chief Financial Officer
	
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	 /s/ Karen Yu

	Name:	 	Karen Yu
	Title:	 	Vice President

 [Signature Page to Third Supplemental Indenture] 

 EXHIBIT A 
  

			
	No.                                	  	CUSIP/ISIN No.:                                 

 3.900% Senior Notes Due 2027 

VMware, Inc. 
 a Delaware
corporation 
 promises to pay to
                                         
                        or registered assigns the principal sum of
                                     Dollars on
August 21, 2027. 
 Interest Payment Dates: February 21 and August 21 

Record Dates: February 6 and August 6 
 Authenticated:
August 21, 2017 
 Dated: August 21, 2017 
  

			
	 VMware, Inc.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee, certifies that this is one of the Securities referred to in the within mentioned Indenture.
		
	By:	 	  

	Authorized Signatory

  
 A-1 

 VMware, Inc. 

3.900% Senior Notes Due 2027 

VMware, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), issued this Security under an
Indenture dated as of August 21, 2017, (as amended, modified or supplemented from time to time in accordance therewith, the “Base Indenture”), as supplemented by the Supplemental Indenture dated as of August 21, 2017, (the
“Supplemental Indenture” and together with the Base Indenture, the “Indenture”), by and among the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (in such capacity, the
“Trustee”), to which reference is hereby made for a statement of the respective rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders and of the terms upon which the Securities are, and
are to be, authorized and delivered. All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them therein. 

1. Interest. The Company promises to pay interest on the principal amount of this Security at the rate per annum
shown above. The Company will pay interest semiannually on February 21 and August 21 of each year, commencing February 21, 2018, until the principal is paid or made available for payment. Interest on the Securities will accrue from
the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from August 21, 2017, provided that, if there is no existing default in the payment of interest, and if this Security is
authenticated between a record date referred to on the face hereof and the next succeeding interest payment date, interest shall accrue from such interest payment date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. 
 2.
Method of Payment. The Company will pay interest on the Securities (except defaulted interest, if any, which will be paid on such special payment date to Holders of record on such special record date as may be fixed by the
Company) to the persons who are registered Holders of Securities at the close of business on the February 6 and August 6 immediately preceding the Interest Payment Date. Holders must surrender Securities to a Paying Agent to collect
principal payments. The Company will pay principal and interest in U.S. Dollars that at the time of payment is legal tender for payment of public and private debts. 

3. Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Company may
change or appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or co-Registrar. 
 4. Optional Redemption. The Company may redeem the Securities
at any time in whole or in part, at its option, prior to the Par Call Date, at a redemption price as calculated by the Company equal to the greater of: 
  

	 	•	 	100% of the principal amount of the Securities to be redeemed; or 

  

	 	•	 	the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Securities matured on the Par Call Date (exclusive of interest accrued to the date of
redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate
plus 25 basis points, 

 plus, in each case, accrued and unpaid interest, if any, on the amount being redeemed to, but excluding the date of
redemption. 
 If the Company elects to redeem any Securities on or after the Par Call Date, the Company shall pay an amount equal to 100%
of the principal amount of the Securities redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. 

Notice of redemption will be sent at least 30 but not more than 60 days before the redemption date to each holder of record of the Securities
to be redeemed at its registered address. The notice of redemption for the Securities will state, among other things, the series and amount of Securities to be redeemed, the redemption date, 

  
 A-2 

 
the redemption price and the place or places that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Company defaults in the payment of the redemption
price, interest will cease to accrue on any Securities that have been called for redemption at the redemption date. If fewer than all of the Securities are to be redeemed at any time, not more than 45 days prior to the redemption date, the
particular Securities or portions thereof for redemption from the outstanding Securities not previously called shall be selected in accordance with the procedures of DTC. The Trustee shall have no obligation to calculate any redemption price or
premium. 
 5. Mandatory Redemption. The Notes are not subject to any sinking fund payment. 

6. Denominations, Transfer, Exchange. The Securities are in registered form only without coupons in denominations
of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities by presentation of such Securities to the Registrar or a co-Registrar with a request to register the
transfer or to exchange them for an equal principal amount of Securities of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Security selected for redemption or purchase, except the unredeemed or unpurchased part thereof if the Security is redeemed or purchased in part, or
transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed or purchased. 
 7.
Persons Deemed Owners. The registered Holder of this Security shall be treated as the owner of it for all purposes. 

8. Unclaimed Money. Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to
the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and thereafter, Holders entitled to the money must look to the Company for payment as general creditors. 

9. Amendment, Supplement, Waiver. Subject to certain exceptions, the Indenture or the Securities may be amended or
supplemented with the consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by the amendment and any past default or compliance with any provision relating to any Series of the
Securities may be waived in a particular instance with the consent of the Holders of a majority in principal amount of the outstanding Securities of such Series. Without the consent of any Securityholder, the Company and the Trustee may amend or
supplement the Indenture or the Securities in certain respects as specified in the Indenture. 
 10. Successor
Corporation. When a successor corporation assumes all the obligations of its predecessor under the Securities and the Indenture, the predecessor corporation will be released from those obligations. 

11. Trustee Dealings With Company. Subject to certain limitations imposed by the TIA, the Trustee under the
Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not Trustee, including
owning or pledging the Securities. 
 12. No Recourse Against Others. A director, officer, employee or
stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder by
accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. The waiver may not be effective to waive liabilities under the federal securities laws. 

13. Discharge of Indenture. The Indenture contains certain provisions pertaining to defeasance and discharge, which
provisions shall for all purposes have the same effect as if set forth herein. 

  
 A-3 

 14. Authentication. This Security shall not be valid until an
authorized signatory of the Trustee signs the certificate of authentication on the other side of this Security. 
 15.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not
as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gift to Minors Act). 
 16. GOVERNING LAW. THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 17. CUSIP and ISIN
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP
and ISIN numbers in notices of repurchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of repurchase and reliance may be placed only on
the other identification numbers placed thereon. 
 18. Copies. The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture and the applicable Authorizing Resolution or supplemental indenture. Requests may be made to: VMware, Inc., 3401 Hillview Avenue, Palo Alto, California 94304, Attention: Chief Financial
Officer. 

  
 A-4 

 ASSIGNMENT FORM 

If you the Holder want to assign this Security, fill in the form below: 

I or we assign and transfer this Security to
                                         
                                         
           (insert assignee’s social security or tax ID number) 
  

 
  

 
  

 
  

 
 (Print or type
assignee’s name, address, and zip code) 
 and irrevocably appoint
                                        
agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

			
	Date:
                                         
               	  	  

		  	Your signature
		  	(Sign exactly as your name appears on the other side of this Security)

 Signature Guarantee: 
  

                          
                                         
      

  
 A-5[English Translation of
 Original Hebrew Document]

 

Exhibit 4.1

 

Articles of Association

of

Intec Pharma Ltd.

(the “Company”)

 

Pursuant to

the Companies Law, 5759-1999

(the “Companies Law”)

 

As amended on June 1, 2017

 

	1.	Name of the Company

 

	2.	The Company’s name in Hebrew is “Intec Pharma Ba’am” and in English “Intec Pharma Ltd.”.

 

	3.	Objects of the Company

 

The Company’s object is
to engage in any legal business.

 

	4.	Limited Liability

 

The shareholders’ liability
for the Company’s debts is limited to the full amount (par value plus premium) that they were required to pay the Company
for the shares and which has not yet been paid by them.

 

	5.	The Company’s Share Capital and the Rights Attached to the Shares

 

	 	5.1.	The  authorized share capital of the Company
    is comprised of 30,000,000 ordinary shares, no par value (the “Ordinary     Shares”).

 

	 	5.2.	The Ordinary Shares shall confer on their holders:

 

	 	5.2.1.	An equal right to participate in and vote at the Company’s general meetings, whether ordinary meetings or special meetings, and each one of the Company’s shares shall entitle its holder, who is present at the meeting and participates in the vote, in person, by proxy or by voting card, to one vote;

 

	 	5.2.2.	An equal right to participate in the distribution of dividends, whether in cash or in stock dividends, in the distribution of assets or in any other distribution, according to the ratio of the par value of the shares held by them;

 

	 	5.2.3.	An equal right to participate in the distribution of surplus assets of the Company upon dissolution thereof according to the ratio of the par value of the shares held by them.

 

	 	5.3.	The board of directors may issue shares and other securities, convertible for or exercisable into shares, up to the Company’s authorized share capital. For the purpose of calculation of the authorized capital, the securities convertible for or exercisable into shares shall be deemed as having been converted or exercised on the date of issuance thereof.

 

	6.	Co-Holding of Shares and Share Certificates

 

	 	6.1.	A shareholder registered in the shareholders’ register is entitled to receive from the Company, free of charge, within a period of three months after the allotment or registration of the transfer, a single share certificate signed with the Company’s stamp, in respect of all of the shares registered in his name, which shall specify the number of shares. In the case of a co-held share, the Company shall issue one share certificate to all of the co-holders of the share, and delivery of such certificate to one of the partners shall be deemed as delivery to all of them.

   

     

     

    

 

Each share certificate shall be
signed by two directors or a director and the company secretary, plus the Company’s stamp or printed name.

 

	 	6.2.	A share certificate that is defaced, destroyed or lost may be renewed based on proof and guarantees as the Company shall demand from time to time.

 

	7.	The Company’s Remedies in relation to Shares not Fully Paid Up

 

	 	7.1.	If the consideration that the shareholder undertook to pay to the Company in consideration for his shares is not given, in whole or in part, on such date and under such conditions as are determined in the terms of allotment of his shares and/or in the call mentioned in Section 7.2 below, the Company may, in a resolution of the board of directors, forfeit the shares, the consideration for which was not paid in full. The shares will be forfeited provided that the Company shall have sent the shareholder a written warning of its intention to forfeit his shares within at least 7 days from the date of receipt of the warning in the event that the payment is not made during the period set forth in the warning letter.

 

The board of directors may, at
any time before the date on which a forfeited share is sold, re-alloted or otherwise transferred, cancel the forfeiture under such
conditions as it deems fit.

 

The forfeited shares will be held
by the Company as treasury shares or sold to another.

 

	 	7.2.	If, according to the terms of issuance of shares, there is no fixed date for payment of any part of the price to be paid therefor, the board of directors may, from time to time, make calls on the shareholders for the unpaid money for the shares held by them, and each shareholder will be obligated to pay the Company the amount called from him on the date determined as aforesaid, provided that he receives prior notice of 14 days of the time and place of payment (“Call”). The notice will specify that non-payment on or before the date fixed at the place specified may result in forfeiture of the shares in relation to which the call was made. A Call may be retracted or postponed to another date, all as the board of directors shall decide.

 

	 	7.3.	Unless determined otherwise in the terms of allotment of the shares, a shareholder will not be entitled to receive a dividend or to exercise any right as a shareholder in respect of shares not yet fully paid up.

 

	 	7.4.	Persons who are co-holders of a share will be jointly and severally liable for payment of the amounts due to the Company in respect of the share.

 

	 	7.5.	The provisions of this section do not derogate from any other remedy of the Company vis-à-vis a shareholder who shall not have paid his debt to the Company in respect of his shares.

   

	8.	Transfer of Shares

 

	 	8.1.	The Company’s shares may be transferred.

 

	 	8.2.	Any transfer of shares must be done in writing and shall not be registered unless –

 

	 	8.2.1.	A valid share transfer deed is delivered to the Company at its registered office together with the certificates of the shares to be transferred, if issued. A transfer deed will be signed by the transferor and by a witness certifying the transferor’s signature. In the case of a transfer of shares that shall not have been fully paid up on the date of the transfer, the transfer deed will also be signed by the share recipient and by a witness certifying the share recipient’s signature; or

 

	 	8.2.2.	A court order is delivered to the Company to amend the registration; or

 

	 	8.2.3.	It is proven to the Company that legal conditions for endorsement of the right in the share have been fulfilled.

 

    	 	- 2 -	 

     

    

 

	 	8.3.	A transfer of shares that have not been fully paid up requires the approval of the board of directors, which may refuse to give its approval at its absolute discretion and without giving reasons therefor.

 

	 	8.4.	A transfer recipient shall be deemed as the shareholder in relation to the transferred shares from the moment of registration of his name in the shareholders’ register.

 

	 	8.5.	The guardians and executors of the estate of an individual shareholder who passes away or, in the absence of executors of the estate or guardians, persons who hold a right as the heirs of the individual shareholder who passed away, will be the individuals whom the Company shall recognize as the holders of a right in the share that was registered in the deceased’s name.

 

	 	8.6.	If a share is registered in the name of two or more holders, the Company shall only recognize the surviving partner or the surviving partners as the persons holding the right in the share or a benefit therein. If a share is registered in the name of several co-holders as aforesaid, each one of them will be entitled to transfer his right.

 

	 	8.7.	The Company may recognize a receiver or liquidator of a shareholder that is a corporation in liquidation or dissolution or a trustee in bankruptcy or any receiver of a bankrupt shareholder as the holders of a right to the shares registered in the name of such shareholder.

 

	 	8.8.	Any person who gains a right in shares due to the death of a shareholder will be entitled, upon presenting proof of probate or the appointment of a guardian or the issuance of an inheritance order, attesting that he holds the right to the deceased shareholder’s shares, to be registered as shareholder in respect of such shares, or may, subject to the provisions of these articles, transfer such shares.

   

	 	8.9.	The receiver or liquidator of a shareholder that is a corporation in liquidation or dissolution or the trustee in bankruptcy or any receiver of a bankrupt shareholder may, after having provided such evidence as the board of directors shall require of him, which testify that he has the right to the shares of the shareholder in liquidation or dissolution or in bankruptcy, with the board of directors’ consent, be registered as shareholder in respect of such shares, or may, subject to the provisions of these articles, transfer such shares.

 

	9.	Change in Capital

 

The general meeting may, by a
simple majority of the shareholders present at the general meeting:

 

	 	9.1.	Increase the Company’s authorized share capital by creating new shares of an existing class or of a new class, all as shall be determined in a resolution of the general meeting.

 

	 	9.2.	Cancel authorized share capital that has not yet been allotted, provided that there is no undertaking of the Company, including a contingent undertaking, to allot the shares.

 

	 	9.3.	Consolidate and re-divide its share capital, or any part thereof, into shares of a greater par value than the amount of the par value of the existing shares.

 

	 	9.4.	Re-divide its share capital, in whole or in part, by re-dividing its existing shares, in whole or in part, into shares of a lesser par value than the par value of the existing shares.

 

	 	9.5.	Reduce its share capital and any capital redemption reserve fund in such manner and under such conditions and upon receipt of such approval as the Companies Law shall require.

 

	 	9.6.	Reduce shares in the Company’s issued capital, such that these shares shall be cancelled and any and all consideration paid in respect of the par value of the shares that were cancelled as aforesaid shall be recorded on the Company’s books as a capital reserve, which will be deemed, for all intents and purposes, as a premium paid on the shares that shall remain in the Company’s issued capital.

 

    	 	- 3 -	 

     

    

 

	10.	Change in Rights of Share Classes

 

	 	10.1.	Unless determined otherwise in the terms of issuance of the shares, and subject to the provisions of any law, the rights of any class of shares may be changed after the adoption of a resolution of the Company’s board of directors and with the approval of the general meeting of the holders of shares of the same class or written consent of all of the holders of the shares of the same class. The provisions of the Company’s articles regarding general meetings shall apply, mutatis mutandis, to a general meeting of the holders of such class.

   

	 	10.2.	The rights conferred on holders of shares of a certain class that were issued with special rights shall not be deemed as having been changed by the creation or issuance of additional shares ranking pari passu therewith, unless provided otherwise in the terms of issuance of such shares.

 

	11.	General Meetings

 

	 	11.1.	Resolutions of the Company on the following matters shall be adopted at the general meeting -

 

	 	11.1.1.	Changes to the articles;

 

	 	11.1.2.	Exercise of authorities of the board of directors when the board of directors is unable to perform its duties;

 

	 	11.1.3.	Appointment of the Company’s auditor and termination of his employment;

 

	 	11.1.4.	Appointment of directors, including outside directors;

 

	 	11.1.5.	Approval of actions and transactions which require the approval of the general meeting pursuant to the provisions of the Companies Law and any other law;

 

	 	11.1.6.	Increase and reduction of the authorized share capital;

 

	 	11.1.7.	Merger, as defined in the Companies Law; and

 

	 	11.1.8.	Authorization of the chairman of the board or a relative thereof to perform the duties or exercise the powers of the CEO, and authorization of the CEO or a relative thereof to perform the duties or exercise the powers of the chairman of the board, as stated in Section 121(c) of the Companies Law.

 

	12.	Convening of General Meetings

 

	 	12.1.	Annual general meetings shall be convened at least once a year at such place and time as the board of directors shall determine, but no later than 15 months after the last annual general meeting. These general meetings shall be referred to as “Annual Meetings”. The other general meetings of the Company shall be referred to as “Special Meetings”.

 

	 	12.2.	The Annual Meeting shall appoint an auditor, appoint the directors according to these articles and discuss any and all other matters that need to be discussed at the annual general meeting of the Company, according to these articles or pursuant to the Companies Law, as well as any other matter as the board of directors shall determine.

 

	 	12.3.	The board of directors may convene a Special Meeting according to a resolution thereof and is obligated to convene a Special Meeting if it receives a written demand from any one of the following (the “Demand to Convene”) –

 

	 	12.3.1.	Two incumbent directors; and/or

   

	 	12.3.2.	One or more shareholders who hold at least five percent of the voting rights in the Company.

 

	 	12.4.	Any Demand to Convene needs to specify the objectives for which a meeting needs to be called and shall be signed by the demanding parties and be delivered to the Company’s registered office. The demand may comprise several documents in identical language, each one of which signed by one or more demanding parties.

 

    	 	- 4 -	 

     

    

 

	 	12.5.	The board of directors, if required to summon a Special Meeting, shall summon the same within twenty-one days from the date that the Demand to Convene is submitted thereto, for a date to be determined in the invitation according to Section 14.6 below and subject to any law.

 

	 	12.6.	Notice to the Company’s members regarding the convening of a general meeting shall be published in the manner set forth in the Companies Regulations (Publication of Notice of a General Meeting and a Class Meeting at a Public Company), 5760-2000 and pursuant to any law. The Company is not obligated to deliver personal notices of the convening of a meeting to the shareholders registered in the shareholders’ register of the Company.

 

	13.	Deliberation at the General Meetings

 

	 	13.1.	Deliberations at the general meeting shall not be opened unless a legal quorum is present at the time of opening of the deliberation. Legal quorum shall be formed upon the presence (including by proxy or by voting card) of at least two shareholders holding at least twenty-five percent of the voting rights within one half hour from the time scheduled for the opening of the meeting.

 

	 	13.2.	In the event that one half hour after the time scheduled for the meeting to begin legal quorum shall not have been formed at a general meeting, the meeting shall stand adjourned for one week, to the same day, time and place, or to a later date, if stated in the invitation to the meeting or in the notice of the meeting (the “Adjourned Meeting”).

 

	 	13.3.	Legal quorum for commencement of the Adjourned Meeting will be any number of participants.

 

	 	13.4.	The chairman of the board will act as chairman of the general meeting, and in his absence the chairman of the meeting shall be elected by the persons participating in the meeting at the beginning of the meeting.

 

	 	13.5.	A general meeting at which a legal quorum is present may decide to postpone the meeting to another place and to another time, to be determined, in which case notices of the said place and time shall be published in the manner of publication set forth in the Companies Regulations (Notice and Announcement of a General Meeting and a Class Meeting at a Public Company), 5760-2000.

   

	14.	Voting at the General Meeting

 

	 	14.1.	A shareholder of the Company will be entitled to vote at the general meetings in person or by proxy or by voting card.

 

The shareholders entitled to participate
in and vote at the general meeting are the shareholders on the date that shall be determined by the board of directors in the resolution
to summon the general meeting, and subject to any law.

 

	 	14.2.	At any vote, each shareholder shall have a number of votes in accordance with the number of shares held by him.

 

	 	14.3.	A resolution at the general meeting shall be adopted by a simple majority, unless another majority is determined in the Companies Law or in these articles.

 

	 	14.4.	A declaration by the chairman of the meeting that a resolution was adopted unanimously or by a certain majority, or was voted down or that a certain majority was not attained will be prima facie evidence thereof.

 

	 	14.5.	If the votes at the meeting are tied, the chairman of the meeting will not have the right to another or casting vote, and the resolution shall be voted down.

 

The Company’s shareholders
may vote at a general meeting (including at a class meeting) via a voting card on issues on which they are entitled to do so pursuant
to Section 87 of the Companies Law, as being from time to time.

 

    	 	- 5 -	 

     

    

 

	 	14.6.	A shareholder may state the manner of his vote on the voting card and deliver it to the Company up to 48 hours before the time of commencement of the meeting. A voting card on which a shareholder stated the manner of his vote which reached the Company at least 48 hours before the time of commencement of the meeting (and with respect to an Adjourned Meeting – 48 hours before the time of the Adjourned Meeting) shall be deemed as presence at the meeting, including for purposes of forming the legal quorum as stated in Section 12.1 above.

 

	 	14.7.	A proxy will be appointed in writing, signed by the principal (“Power of Attorney”). A corporation shall vote through its representatives who shall be appointed by a document that shall be duly signed by the corporation (“Letter of Appointment”).

 

	 	14.8.	Voting in accordance with the terms and conditions of the Power of Attorney shall be lawful even if the principal shall have previously passed away or become incapacitated, been dissolved, become bankrupt or shall have cancelled the Letter of Appointment or transferred the share in respect of which it was cast, unless written notice shall have been received at the office, prior to the meeting, that the shareholder passed away, became incapacitated, was dissolved, became bankrupt, or cancelled the Letter of Appointment or transferred the share as aforesaid.

 

	 	14.9.	The Letter of Appointment and Power of Attorney or a copy thereof shall be delivered to the Company’s registered office (by personal delivery or via fax) at least forty-eight (48) hours before the time scheduled for the meeting or for the adjourned meeting at which the person mentioned in the document intends to vote according thereto.

   

	 	14.10.	A shareholder of the Company will be entitled to vote at meetings of the Company through several proxies, who shall be appointed by him, provided that each proxy shall be appointed in respect of different portions of the shares held by the shareholder. There will be no impediment to each proxy as aforesaid voting differently at meetings of the Company.

 

	 	14.11.	If a shareholder is incapacitated, he may vote through his trustees, receiver, natural guardian or another legal guardian, and they will be entitled to vote in person or by proxy or by voting card.

 

	 	14.12.	Where two or more persons are co-holders of a share, at a vote on any matter, the vote of the person named first in the shareholders’ register as the holder of such share will be accepted, whether in person or by proxy, and he shall be entitled to deliver voting cards to the Company.

 

	15.	Amendment of the Articles

 

A resolution to amend these articles
will require a simple majority of the shareholders present at the general meeting, whose agenda shall include amendment of the
articles.

 

	16.	The Board of Directors

 

The board of directors will outline
the Company’s policy and supervise performance of the CEO’s duties and actions. The board of directors may exercise
any authority of the Company that is not conferred in the Companies Law or in the articles on another organ.

 

	17.	Appointment of the Board of Directors and Termination of Office

 

	 	17.1.	The number of directors of the Company (including outside directors) shall be determined from time to time by the annual general meeting (subject to Section 17.3 below), provided that it is no less than four and no more than nine.

 

	 	17.2.	The Company’s directors will be elected at an Annual Meeting and/or at a Special Meeting, and shall hold office until the end of the next coming Annual Meeting (i.e. at the end of the Annual Meeting all of the Company’s directors who served until such meeting shall resign, with the exception of outside directors, subject to the provisions at the end of this section below), or until they resign or until they cease to hold office according to the provisions of the articles or any law, all whichever is earlier. If, at a general meeting of the Company, new directors are not elected in the minimum number determined according to the articles, the directors who served until such meeting shall continue to hold office until their replacement by the Company’s general meeting.

   

    	 	- 6 -	 

     

    

 

	 	17.3.	In addition to the provisions of Section 17.2 above, the directors may appoint a director in lieu of a director whose position was vacated and/or as an addition to the board of directors, subject to the maximum number of directors on the board of directors as stated in Section 17.1 above. Appointment of a director by the board of directors will be valid until the next Annual Meeting or until he ceases to hold office according to the provisions of the articles or any law, all whichever is earlier.

 

	 	17.4.	A director whose term of office has ended may be reelected.

 

	 	17.5.	The term of office of a director shall begin on the date of his appointment by the Annual Meeting and/or the Special Meeting and/or the board of directors or on a later date if such date is determined in the appointment resolution of the Annual Meeting and/or the Special Meeting and/or the board of directors.

 

	 	17.6.	The board of directors shall elect the chairman of the board from among its members. If no chairman is elected or if the chairman is not present 15 minutes after the time scheduled for the meeting, the directors present shall elect one of them to preside over the meeting, and the elected director shall chair the meeting and sign the minutes.

 

The chairman of the board will
not be the Company’s CEO other than upon the fulfillment of the conditions listed in Section 121(c) of the Companies Law.

 

	 	17.7.	The general meeting may remove from office any director before the end of his term of office, regardless of whether the director was appointed thereby by virtue of Section 17.2 above or the director was appointed by the board of directors by virtue of Section 17.3 above, provided that the director is given a reasonable opportunity to present his position to the general meeting.

 

	 	17.8.	If a director’s position is vacated, the remaining directors will be entitled to continue to act so long as the number of remaining directors shall not have fallen below the minimum number of directors determined in the articles. In a case in which the number of directors is less than the said minimum number, the remaining directors will be entitled to act only in order to fill the vacancy as stated in Section 17.3 above or in order to summon a general meeting of the Company, and until the convening of the general meeting as aforesaid, they may act for the management of the Company’s business only on urgent matters.

 

	 	17.9.	Each board member may, with the consent of the board of directors, appoint for himself an alternate (“Alternate Director”), subject to the provisions of the law.

 

Appointment or termination of office
of an Alternate Director shall be made in a written document, signed by the director who appointed him, although in any event,
an Alternate Director’s office shall end upon the occurrence to the Alternate Director of one of the cases specified in the
paragraphs in Section 17.10 below or if the office of the board member for whom he acts as an alternate shall be vacated for whatever
reason.

   

An Alternate Director is deemed
as a director and he shall be subject to all of the legal provisions and the provisions of these articles, with the exception of
the provisions regarding the appointment and/or termination of a director set forth in these articles.

 

	 	17.10.	A director’s position shall be vacated in any one of the following cases:

 

	 	17.10.1.	He resigned from office by a letter signed by him that was submitted to the Company and which specifies the reasons for his resignation;

 

	 	17.10.2.	He is removed from office by the general meeting;

 

	 	17.10.3.	He is convicted of an offense as stated in Section 232 of the Companies Law;

 

	 	17.10.4.	According to a court decision, as stated in Section 233 of the Companies Law;

 

	 	17.10.5.	He is declared incapacitated; and

 

	 	17.10.6.	He is declared bankrupt.

 

    	 	- 7 -	 

     

    

 

	18.	Board Meetings

 

	 	18.1.	The board of directors shall convene for a meeting according to the needs of the Company and at least once every three months.

 

	 	18.2.	The chairman of the board may convene the board of directors at any time. In addition, the board of directors shall hold a meeting, on an issue to be specified, in the following cases:

 

	 	18.2.1.	At the demand of two directors, although if on such date the board of directors comprises five directors or less – at the demand of one director;

 

	 	18.2.2.	At the demand of one director if he stated in his demand to convene the board of directors that he has learned of a matter of the Company ostensibly revealing a breach of law or improper business conduct;

 

	 	18.2.3.	A notice or report of the CEO requires action
    by the board of directors; and

 

	 	18.2.4.	The auditor has given notice to the chairman of the board of material deficiencies in the Company’s accounting control.

 

	 	18.3.	Notice of a board meeting shall be delivered to all of its members at least three days before the date of convening of the board of directors or by shorter notice with the consent of all of the directors. The notice shall be delivered to the address of the director that was provided to the Company in advance, and shall state the date of the meeting and the place at which it shall convene, as well as a reasonable specification of all of the issues on the agenda.

 

The aforesaid notwithstanding,
the board of directors may convene for a meeting without notice with the consent of all of the directors.

   

	 	18.4.	The legal quorum for opening a board meeting will be a majority of the board members. If legal quorum is not present at the board meeting one half hour after the time scheduled for the meeting to begin, the meeting shall stand adjourned to another date to be decided on by the chairman of the board, or in his absence the directors who were present at the meeting summoned, provided that notice of the date of the adjourned meeting shall be delivered to all of the directors two days in advance. The legal quorum for opening an adjourned meeting will be any number of participants. The aforesaid notwithstanding, the legal quorum for discussions and resolutions at the board of directors regarding the termination or suspension of the internal auditor will be a majority of the board members.

 

	 	18.5.	The board of directors may hold meetings through the use of any means of communication, provided that all of the directors participating are able to hear one another simultaneously.

 

	 	18.6.	The board of directors may adopt resolutions even without convening in practice, provided that all of the directors who are entitled to participate in the deliberation and to vote on the matter presented for resolution have agreed thereto (i.e. agreed that the resolution be adopted without actually convening). If resolutions are adopted as stated in this section, the chairman of the board shall record minutes of the resolutions stating the manner of the vote of each director on the matters presented for resolution, as well as the fact that all of the directors agreed to adopt the resolution without convening.

 

	19.	Voting at the Board of Directors

 

	 	19.1.	At a vote at the board of directors, each director shall have one vote.

 

	 	19.2.	Resolutions of the board of directors shall be adopted by a majority of votes. The chairman of the board will not have an additional or casting vote, and in the case of a tied vote, the resolution shall be voted down.

 

    	 	- 8 -	 

     

    

 

	20.	Borrowing Powers

 

The board of directors may, from
time to time, at its sole discretion, borrow or secure any amount or amounts of money for the Company’s objects. The Company’s
board of directors will be entitled to obtain or secure payment of any such amount or amounts in such manner, on such dates and
under such conditions as it deems fit, and in particular by the issuance of guaranties, fixed or redeemable bonds, bond stock or
any mortgage, pledge or floating charge or any other security on the Company’s property, in whole or in part, whether in
the present or the future, including the uncalled share capital and the share capital called up but unpaid.

 

	21.	Board Committees

 

	 	21.1.	The Company’s board of directors may set up committees and appoint thereto members from among the board members (“Board Committee”). If Board Committees are set up, the board of directors shall determine, in the terms and conditions of authorization thereof, whether certain authorities of the board of directors be delegated to the Board Committee, such that a resolution of the Board Committee be deemed as a resolution of the board of directors or whether a resolution of the Board Committee shall constitute a recommendation only, which is subject to the approval of the board of directors, provided that no deciding powers shall be delegated to a committee on the matters listed in Section 112 of the Companies Law.

   

	 	21.2.	The meetings and deliberations of any Board Committee comprising two or more members shall be subject to the provisions included in these articles regarding board meetings and voting therein, mutatis mutandis and subject to resolutions of the board of directors regarding committee meeting procedures (if any).

 

	22.	Audit Committee

 

	 	22.1.	The Company’s board of directors shall appoint an audit committee from among its members. The number of members of the audit committee will be no less than three and all of the outside directors will be members thereof. Neither the chairman of the board nor any director employed by the Company or who regularly provides services thereto nor the Company’s controlling shareholder nor his relative shall be appointed as members of the committee.

 

	 	22.2.	The audit committee’s duties will be –

 

	 	22.2.1.	To point out deficiencies in the
    Company’s business conduct, inter alia in consultation with the Company’s internal auditor or with the
    auditor, and to suggest to the board of directors ways to correct the same; and

 

	 	22.2.2.	To decide whether to approve actions and transactions requiring the approval of the audit committee pursuant to the Companies Law.

 

	23.	Management of the Company

 

	 	23.1.	The Company’s board of directors will be authorized to appoint and, at its discretion, terminate or suspend officers (with the exception of directors), a CEO, secretary, clerk, employee or principal, regardless of whether they are employed permanently or temporarily or for special services, as the board of directors shall deem fit from time to time, and to define their powers and duties and to determine their salaries and fees and to demand collateral in such cases and amounts as the board of directors shall deem fit.

 

	 	23.2.	The CEO will be responsible for the current management of the Company’s affairs in the framework of the policy determined by the board of directors and subject to its instructions.

 

	24.	Exemption, Insurance and Indemnification

 

	 	24.1.	Exemption from liability

 

The Company is entitled, in a resolution
adopted in the manner set forth in the Companies Law, to exempt an officer thereof in advance from his liability, in whole or in
part, due to a breach of the duty of care thereto.

  

	 	24.2.	Liability insurance

 

Subject to the provisions of the
Companies Law, the Company is entitled to enter into a contract for insurance of the liability of an officer thereof due to a liability
that shall be imposed on him due to an action taken in his capacity as an officer thereof, in whole or in part, for any one of
the following:

 

    	 	- 9 -	 

     

    

 

	 	24.2.1.	Breach of the duty of care vis-à-vis the Company or vis-à-vis another person;

 

	 	24.2.2.	Breach of the fiduciary duty vis-à-vis the Company, provided that the officer acted in good faith and had reasonable grounds to believe that the action would not prejudice the best interests of the Company;

 

	 	24.2.3.	Monetary liability that shall be imposed on him in favor of another person;

 

	 	24.2.4.	Another action that may be insured pursuant to the Companies Law;

 

	 	24.2.5.	Expenses incurred by or charged to the officer, in connection with an administrative enforcement proceeding conducted with respect to him, including reasonable litigation expenses, including legal fees. In this paragraph –

 

	 	(a)	“Administrative enforcement proceeding” – an administrative enforcement proceeding pursuant to the provisions of any law, including the Streamlining of Enforcement Procedures Law and the Securities Law, 5728-1968 (“Securities Law”), including an administrative petition or an appeal in connection with the said proceeding;

 

	 	(b)	“Streamlining of Enforcement Procedures
    Law” – The Streamlining of ISA Enforcement Procedures Law (Legislative Amendments), 5771-2011, as shall be
    updated from time to time; and

 

	 	24.2.6.	Payment to a party injured by a breach as stated in Section 52BBB of the Securities Law, as amended in the Streamlining of Enforcement Procedures Law (“Payment to a Party Injured by a Breach”).

 

If the insurance contract mentioned
in this section covers the Company’s liability, the officers will have priority, over the Company, in receiving the insurance
proceeds.

 

	 	24.3.	Indemnification

 

Subject to the provisions of the
Companies Law, the Company may, in a resolution adopted in the manner set forth in the Companies Law, indemnify an officer thereof
due to liability or an expense as specified below, imposed on him due to an action taken in his capacity as an officer thereof:

   

	 	24.3.1.	A monetary liability imposed on him in favor of another person in a judgment, including a judgment issued in a settlement or an arbitration award that was approved by the court;

 

	 	24.3.2.	Reasonable litigation expenses, including legal fees, incurred by an officer due to an investigation or proceeding that was conducted against him by an authority which is authorized to conduct an investigation or proceeding, and which has ended without the filing of an indictment against him and without a monetary liability being imposed on him as a substitute for a criminal proceeding, or which has ended without the filing of an indictment against him but with the imposition of a monetary liability as a substitute for a criminal proceeding in an offense which requires no proof of general intent; in this paragraph –

 

	 	(a)	“A proceeding ended without the filing of an indictment in a case in which a criminal investigation has been made” - means the closing of the case pursuant to Section 62 of the Criminal Procedure Law [Consolidated Version], 5742-1982 (in this section: the “Criminal Procedure Law”), or a stay of proceedings by the Attorney General pursuant to Section 231 of the Criminal Procedure Law;

 

	 	(b)	“Monetary liability as a substitute for a criminal proceeding” – a monetary liability imposed by law as a substitute for a criminal proceeding, including an administrative fine pursuant to the Administrative Offenses Law, 5746-1985, a fine for an offense determined as an infraction pursuant to the provisions of the Criminal Procedure Law, a pecuniary sanction or a sanction;

 

    	 	- 10 -	 

     

    

 

	 	24.3.3.	Reasonable litigation expenses, including legal fees, incurred by or charged to the officer by a court, in a proceeding filed against him by or on behalf of the Company or by another person, or in a criminal indictment from which he is acquitted, or in a criminal indictment in which he is convicted of an offense requiring no proof of general intent;

 

	 	24.3.4.	Expenses incurred by or charged to the officer in connection with an administrative enforcement proceeding conducted with respect to him, including reasonable litigation expenses, and including legal fees;

 

	 	24.3.5.	Payment to a party injured by a breach;

 

	 	24.3.6.	Any liability or other expense for which it is and/or will be permitted to indemnify an officer;

   

	 	24.3.7.	The Company may undertake in advance to indemnify an officer thereof, provided that an indemnification undertaking pertaining to the provisions of Section 24.3 on the whole shall be restricted to such amount or criterion as the board of directors shall have determined are reasonable under the circumstances, and that the indemnification undertaking states the events which, in the board of directors’ opinion, are foreseeable in view of the Company’s business in practice at the time of the granting of the undertaking, as well as the amount or the criterion determined by the board of directors to be reasonable under the circumstances;

 

	 	24.3.8.	The Company may indemnify an officer thereof retroactively.

 

	25.	Internal Auditor

 

	 	25.1.	The Company’s board of directors shall appoint an internal auditor in accordance with the Audit Committee’s proposal. No person who is an interested party of the Company, an officer of the Company, a relative of any one of the above, or the auditor or anyone on his behalf shall serve as the Company’s internal auditor.

 

	 	25.2.	The board of directors shall determine which officer will be the organizational supervisor of the internal auditor.

 

	 	25.3.	The internal audit plan that shall be prepared by the auditor will be submitted for the audit committee’s approval, although the board of directors may determine that the plan be submitted for the board of directors’ approval.

 

	26.	Auditor

 

	 	26.1.	The Annual Meeting shall appoint an auditor for the Company, and the auditor shall hold office until the end of the following Annual Meeting.

 

	 	26.2.	The auditor’s fee for the audit function shall be determined by the board of directors. The board of directors will be entitled to delegate this power to a board committee.

 

	 	26.3.	The board of directors shall report to the Annual Meeting on the auditor’s fee.

 

	27.	Signature on behalf of the Company

 

	 	27.1.	The signatory rights on behalf of the Company shall be determined from time to time by the Company’s board of directors.

 

	 	27.2.	The person signing on the Company’s behalf will do so together with an imprint of the Company’s stamp or on or alongside its printed name.

 

    	 	- 11 -	 

     

    

 

	28.	Dividend and Stock Dividends

 

	 	28.1.	A resolution of the Company regarding the distribution of a dividend and/or the distribution of stock dividends will be adopted by the Company’s board of directors.

   

	 	28.2.	The shareholders entitled to a dividend are the shareholders on the date of the resolution regarding the dividend or on a later date if another date is determined in the resolution regarding the distribution of the dividend.

 

	 	28.3.	If the Company’s board of directors does not determine otherwise, it will be permissible to pay any dividend by check or payment order sent by mail according to the registered address of the shareholder or the person entitled thereto, or in the case of registered co-holders, to the shareholder named first in the shareholders’ register in relation to the co-holding. Any such check shall be drawn to the order of the person to whom it is sent. A receipt of a person whose name, on the date of declaration of the dividend, is registered in the shareholders’ register as the holder of any share or, in the case of co-holders, of one of the co-holders, shall serve as confirmation pertaining to all of the payments made in connection with such share and in respect of which the receipt was received.

 

	 	28.4.	For the purpose of performance of any resolution according to the provisions of this section, the Company’s board of directors may resolve, as it deems fit, any difficulty that arises with respect to the distribution of the dividend and/or the stock dividends, and in this context determine the value, for the purpose of the said distribution, of certain assets and decide that payments in cash shall be made to members based on the value so determined, determine provisions in respect of share fractions or in respect of non-payment of amounts smaller than NIS 200.

 

	29.	Redeemable Securities

 

The Company may, subject to any
law, issue redeemable securities under such conditions as the board of directors shall determine, provided that the approval of
the general meeting is given for the board of directors’ recommendation and the conditions determined thereby.

 

	30.	Invoices

 

	 	30.1.	The Company shall keep books and prepare financial statements pursuant to the Securities Law and any law.

 

	 	30.2.	The books shall be kept at the Company’s registered office or at such other site as the directors shall deem fit, and will be open for the directors’ inspection during normal working hours.

 

	31.	Dissolution of the Company

 

In the case of dissolution of
the Company, whether voluntary or otherwise, unless explicitly determined otherwise in these articles or in the terms of issuance
of any share, the following provisions shall apply:

 

	 	31.1.	The liquidator will first use all of the Company’s assets to pay its debts (the Company’s assets after payment of its debts shall hereinafter be referred to as: the “Surplus Assets”).

   

	 	31.2.	Subject to special rights attached to the shares, the liquidator shall distribute the Surplus Assets among the shareholders proportionately to the par value of the shares, pari passu.

 

	 	31.3.	In the Company’s approval in a resolution that shall be adopted at the general meeting by a majority of at least 50% of the shareholders’ votes, the liquidator may distribute the Company’s Surplus Assets or any part thereof among the shareholders in kind and deliver any of the Surplus Assets to a trustee in a deposit for the benefit of the shareholders, as the liquidator shall deem fit.

 

    	 	- 12 -	 

     

    

 

	32.	Notices

 

	 	32.1.	Subject to any law, a notice or any other document that the Company shall deliver and which it is entitled or required to give according to the provisions of these articles and/or the Companies Law, shall be delivered by the Company to each person either personally, by delivery by mail in a letter addressed according to the registered address of such shareholder in the shareholders’ register or according to such address as the shareholder stated in writing to the Company as the address for delivery of notices or other documents, or by delivery via facsimile according to the number stated by the shareholder as the number for delivery of notices via facsimile. Notices that the Company shall publish for all of the shareholders shall be published by publication in two daily newspapers appearing in Israel.

 

	 	32.2.	Any notice that must be given to the shareholders shall be given in relation to jointly held shares to the person named first in the shareholders’ register as the holder of such share, and any notice given in this manner shall be sufficient notice to the holders of such share.

 

	 	32.3.	Any notice or other document that shall be sent according to the provisions of Section 32.1 shall be deemed as having arrived at its destination within 3 business days if sent by registered mail and/or by regular mail in Israel, and if hand delivered or sent via facsimile, it shall be deemed as having arrived at its destination on the first business day after receipt thereof. For the purpose of proving the delivery, it shall be sufficient to prove that the letter that was sent by mail that contains the notice and that the document was addressed to the correct address and was delivered to the post office as a letter bearing stamps or as a registered letter bearing stamps, and in respect of a facsimile it is sufficient to provide a transmission confirmation page from the transmitting machine. With respect to notice published in newspapers – the date of the publication in the newspaper shall be deemed as the date of delivery of the notice to all of the shareholders.

 

	 	32.4.	Any record ordinarily made in the Company’s books shall be deemed as prima facie evidence regarding the delivery, as recorded therein.

 

	 	32.5.	When it is necessary to give prior notice of a certain number of days or notice which is valid for any period, the delivery date shall be counted in the number of days or the period.

 

	33.	Donations

 

The Company may donate a reasonable
sum of money to a worthy cause.

 

	34.	Interpretation

 

	 	34.1.	Anything stated herein in the singular shall also import the plural and vice versa, anything stated in the masculine shall also import the feminine and vice versa.

 

	 	34.2.	Unless special definitions for certain terms are included in these articles, any word and expression in these articles shall bear the meaning afforded thereto in the Companies Law, unless the same contradicts the subject matter or content of the text.

 

	 	34.3.	For the avoidance of doubt, it is clarified that in respect of matters regulated in the Companies Law such that the arrangements in respect thereof may be modified in articles of association, and in respect of which these articles do not provide otherwise than in the Companies Law, the provisions of the Companies Law shall apply thereto.

 

*     
*      *

 

    	 	- 13 -

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