Document:

Exhibit 4.5

 

EXECUTION VERSION 

CONFIDENTIAL

 

SECOND SUPPLEMENTAL INDENTURE

 

This SECOND SUPPLEMENTAL INDENTURE,
dated as of December 24, 2020 (the “Second Supplemental Indenture”), among ZIM Integrated Shipping Services
Ltd. (the “Issuer”), incorporated as a limited company organized under the laws of Israel, ZIM Integrated Shipping
Services Ltd. (the “Paying Agent and Registrar”), incorporated as a limited company organized under the laws
of Israel, and Hermetic Trust (1975) Ltd., as indenture trustee (the “Trustee”), to the existing indenture,
dated as of July 16, 2014, among the Issuer, the Paying Agent and Registrar and the Trustee, as amended by the First Supplemental
Indenture, dated as of November 30, 2016 (the “Existing Indenture”, the Existing Indenture as amended by this
Second Supplemental Indenture, the “Indenture”).

 

WITNESSETH:

 

WHEREAS, pursuant to Article 9 of the Existing
Indenture, Section 10 of the Series 1 Notes and Section 11 of the Series 2 Notes, the Existing Indenture may be amended with the
consent of the Holders of at least a majority in aggregate principal amount of the outstanding Notes; and

 

WHEREAS, the Issuer has obtained consent
to amend the Existing Indenture to make the amendments to the Existing Indenture set forth herein from the Holders of at least
a majority in aggregate principal amount of the outstanding Notes; and

 

WHEREAS, accordingly, this Second Supplemental
Indenture and the amendments set forth herein are authorized pursuant to Article 9 of the Existing Indenture, Section 10 of the
Series 1 Notes and Section 11 of the Series 2 Notes; and

 

NOW, THEREFORE, in consideration of the
premises, agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders of the
Notes, as follows:

 

ARTICLE 1 

DEFINITIONS AND INTERPRETATION

 

SECTION 1.01. Definitions.

 

For all purposes of this Second Supplemental
Indenture, except as otherwise expressly provided herein, capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned thereto in the Existing Indenture.

 

SECTION 1.02. Interpretation.

 

For all purposes of this Second Supplemental Indenture,
in certain provisions stricken text is indicated textually in the same manner as the following example: stricken
text and added text is indicated textually in the same manner as the following example: underlined
text.

 

     

     

    

 

ARTICLE 2 

AMENDMENTS

 

SECTION 2.01. General Amendments.

 

All references to “Indebtedness,” a term not defined
in the Existing Indenture, are hereby replaced with references to the defined term “Debt.”

 

SECTION 2.02. Amendments to Section 1.01 (Definitions) of
the Existing Indenture.

 

(a)           Each
of the following definitions is hereby added to Section 1.01:

 

“IPO Date” means
the closing date of the first Public Equity Offering of the Issuer or any direct or indirect parent holding company of the Issuer
following the Issue Date.

 

“IPO Quarter Date”
means the first calendar day of the fiscal quarter in which the IPO Date occurs.

 

“Public
Equity Offering” means, with respect to the Issuer or any direct or indirect parent holding company of the Issuer, any
offering of shares of common stock or other common equity interests that are listed on a Recognized Stock Exchange (which shall
include an offering pursuant to Rule 144A or Regulation S under the U.S. Securities Act to professional market investors or similar
persons).

 

“Recognized Stock Exchange”
means the Stock Exchange of Hong Kong, the main market of the London Stock Exchange, NASDAQ, or the New York Stock Exchange.

 

“Second Amendment Date” means December
24, 2020.

 

(b)          Paragraph (3) of the proviso to the definition of “Consolidated Adjusted Net Income” is hereby amended and restated
in its entirety to read as follows:

 

(3)  
any net gain (or loss) in relation to the portion of un-completed voyages
of cargos that had not reached their destination at the end of the period will be excluded;

 

(c)          Clause (1) of the definition of “Consolidated Leverage Ratio” is hereby amended and restated as follows:

 

(1)  if the Issuer or any Restricted Subsidiary has incurred, entered into or terminated any Charter Lease since the beginning of such
period that remains outstanding, Consolidated EBITDA for such period shall be calculated after giving effect on a pro forma basis
to the incurrence, entry into or termination of (as the case
may be) such Charter Lease as if such Charter Lease had been incurred,
entered into or terminated (as the case may be) on the first day of such period;

 

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(d)          The
references to clause (1) and clause (2) in clause (4) of definition of “Consolidated Leverage Ratio” are hereby be
replaced by references to clause (2) and clause (3).

 

(e)          Clause (iii) of the proviso to the definition of “Debt” is hereby amended and restated in its entirety to read as follows:

 

(iii)  for the purpose of each reference to the term “Debt” or
 “Acquired Debt” appearing in Section 4.08, anything accounted for as an operating lease in accordance with
IFRS as at the Issue Date, provided that this exception shall not apply
to the calculation of “Consolidated Leverage Ratio” notwithstanding that the term “Debt” forms one of the
components of such definition; 

 

(f)           The
definition of “IFRS” is hereby amended and restated in its entirety to read as follows:

 

“IFRS” means
International Financial Reporting Standards and  in effect on the date
hereof Second Amendment Date, or, with respect
to Section 4.03, as in effect from time to time.

 

SECTION 2.02. Amendments to Section 4.03 (Provision of Information)
of the Existing Indenture.

 

(a)          Section 4.03(a) is hereby amended by adding “(but subject to Section 4.03(e))” immediately following “So long
as any Notes are outstanding.”

 

(b)          Paragraphs (1) and (2) of Section 4.03(a) are hereby amended and restated in their entirety to read as follows:

 

(1)           within 90 days after the end of the Issuer’s fiscal year beginning with the fiscal year ended December 31, 2014, (i) the
audited consolidated balance sheets of the Issuer as of the end of the two most recent fiscal years and audited consolidated income
statements and statements of cash flow of the Issuer for the two most recent fiscal years, including complete footnotes (including
a related party transactions footnote) to such financial statements and the report of the independent auditors on the financial
statements, (ii) an operating and financial review of the audited financial statements, including a discussion of the results of
operations, financial condition and liquidity and capital resources, and a discussion of material commitments and contingencies
and significant accounting policies, and key operating metrics, and (iii) (prior
to the IPO Date only) a statement of the determination of the amounts of Excess Cash, Cash, Notional Equity Portion,
Reserve Account Eligible Funds and funds on deposit in the Reserve Account as of the fiscal year end (including reasonable detail
as to any changes since the preceding fiscal quarter end); and (iv)
(on or after the IPO Date) a statement of the determination of the amounts of Excess Cash and Cash and funds on deposit in the
Reserve Account as of the fiscal year end (including reasonable detail as to any changes since the preceding fiscal quarter end);

 

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(2)           within
60 days following the end of the first three fiscal quarters in each fiscal year of the Issuer beginning with the quarter ending
September 30, 2014, (i) all quarterly financial statements of the Issuer containing an unaudited condensed consolidated balance
sheet as of the end of such quarter and unaudited condensed statements of income and cash flow for the most recent quarter year-to-date
period ending on the unaudited condensed balance sheet date, and the comparable prior year periods (which may be presented on a
pro forma basis), together with condensed footnote disclosure, (ii) an operating and financial review of the quarterly financial
statements, including a discussion of the results of operations, financial condition and liquidity and capital resources, and key
operating metrics; and (iii) (prior to the IPO Date only)
a statement of the determination of the amounts of the Excess Cash, Cash, Notional Equity Portion, Reserve Account Eligible Funds
and funds on deposit in the Reserve Account as of the fiscal quarter end (including reasonable detail as to any changes since the
preceding fiscal quarter end); and (iv) (on or after the IPO Date) a
statement of the determination of the amounts of the Excess Cash and Cash and funds on deposit in the Reserve Account as of the
fiscal quarter end (including reasonable detail as to any changes since the preceding fiscal quarter end); and

 

(c)          Section 4.03(d) is hereby amended by adding “Subject to paragraph(e) below” at the beginning of that paragraph.

 

 (d)          Clause (e) of Section 4.03 is hereby renamed clause (f).

 

 (e)          The following paragraphs are hereby added as clauses (e) and (g) to Section 4.03:

 

(e)           The Issuer will furnish to the Trustee such other information that it is required to make publicly available under the requirements
of any Recognized Stock Exchange on which its ordinary shares have been admitted for trading. Notwithstanding paragraphs (a) through
(d) above, after the IPO Date the Issuer will be deemed to have complied with the provisions contained in paragraphs (a) through
(d) above so long as it is in compliance with the public reporting requirements of the Recognized Stock Exchange on which its ordinary
shares have been listed.

 

(g)          Notwithstanding
the foregoing clauses (a), (c) and (f), the Issuer will be deemed to have provided such information to the Trustee, the holders
of the Notes and prospective purchasers of the Notes if such information referenced above in clauses (a) and (f) above or alternatively,
in the preceding clause (e), has been posted on the Issuer’s website.

 

SECTION 2.03. Amendments to Section 4.08 (Limitation on Debt)
of the Existing Indenture.

 

(a)          Section
4.08(a) is hereby amended and restated in its entirety to read as follows:

 

(a)          The
Issuer will not, and will not permit any Restricted Subsidiary to, create, issue, incur, assume, guarantee or in any manner become
directly or indirectly liable with respect to or otherwise become responsible for, contingently or otherwise, the payment of (individually
and collectively, to “incur” or, as appropriate, an “incurrence”), any Debt (including any Acquired Debt);
provided that the Issuer and any Restricted Subsidiary will be permitted to incur Debt (including Acquired Debt) if (I)
(prior to the IPO Date), both (A) the Issuer has repaid, repurchased (and cancelled) or redeemed $100 million or more
of Notes following the Issue Date and (B) after giving effect to the incurrence of such Debt and the application of the proceeds
thereof, on a pro forma basis, (i) the Consolidated Fixed Charge Coverage Ratio of the Issuer and its Subsidiaries for the four
full fiscal quarters for which financial statements are available immediately preceding the incurrence of such Debt, taken as one
period, would be greater than 1.15 to 1.0, and (ii) the Consolidated Leverage Ratio of the Issuer and its Subsidiaries is not greater
than (x) 4.25 to 1.0 (if the date of incurrence is prior to or on December 31, 2017), (y) 4.00 to 1.0 (if the date of incurrence
is after December 31, 2017 but prior to or on December 31, 2018), or (z) 3.75 to 1.00 (if the date of incurrence is after December
31, 2018), in each case at the time of incurrence of such Debt; and
(II) (on or after the IPO Date), after giving effect to the incurrence of such Debt and the application of the proceeds thereof,
on a pro forma basis the Consolidated Fixed Charge Coverage Ratio of the Issuer and its Subsidiaries for the four full fiscal
quarters for which financial statements are available immediately preceding the incurrence of such Debt, taken as one period, would
be greater than 1.15 to 1.0.

 

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(b)          Section
4.08(b)(9)(B) is hereby amended and restated in its entirety to read as follows:

 

(B)  in respect of Capitalized Lease Obligations in respect of Vessels, (i) in the case of a completed Vessel, (x)
(prior to the IPO Date only) 85%of its Fair Market Value, and (ii) in the case of an uncompleted Vessel, 100% of the
contract price for the acquisition of such Vessel, as determined on the date on which the agreement for construction of such Vessel
was entered into by the Issuer or any Restricted Subsidiary, plus any other Ready for Sea Cost of such Vessel incurred in connection
with its acquisition and/or being placed into the service, which Ready for Sea Costs shall not exceed 5% of the Fair Market Value
of such Vessel following the spending of such Ready for Sea Costs, and
(y) (after the IPO Date), 100% of the contract price for the acquisition of such Vessel, as determined on the date on which the
agreement for construction of such Vessel was entered into by the Issuer or any Restricted Subsidiary; 

 

(c)          The two provisos following Section 4.08(b)(9)(C) are hereby amended by adding “(prior to the IPO Date only)” immediately
following both of “provided that” and “provided further that.”

 

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(d)          Clause (y) of Section 4.08(b)(16) is hereby amended and restated in its entirety to read as follows:

 

(y) (i)
(prior to the IPO Date only) the Consolidated Leverage Ratio would not be more than it was immediately prior to giving effect to
such acquisition or other transaction, and (ii) the Consolidated Fixed Charge Coverage Ratio would not be less than,
and the Consolidated Leverage Ratio would not be more than, it was immediately prior to giving effect to such acquisition
or other transaction;

 

SECTION 2.04. Amendments to Section 4.09 (Limitation on Restricted
Payments) of the Existing Indenture.

 

(a)          The following is inserted as Section
4.09(b) and the existing clauses (b) and (c) are renumbered (c) and (d), respectively:

 

(b)           Notwithstanding
Section 4.09(a), after the IPO Date the Issuer or any Restricted Subsidiary may make a Restricted Payment under paragraphs (1)
or (2) of the definition of “Restricted Payment” if, at the time of and after giving pro forma effect to such proposed
Restricted Payment:

 

(1)          no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; and 

 

(2)          the aggregate amount of all
such Restricted Payments declared or made after the IPO Date, and after giving effect to any reductions required by clause (e)
below, does not exceed the sum of (without duplication):

 

(A)       50% of
aggregate Consolidated Adjusted Net Income on a cumulative basis during the period beginning on the IPO Quarter Date and ending
on the last day of the Issuer’s most recently ended financial period for which financial statements are available at the
date of such proposed Restricted Payment (or, if such aggregate cumulative Consolidated Adjusted Net Income shall be a negative
number, minus 100% of such negative amount);

 

(B)       the aggregate
net cash proceeds and the Fair Market Value of property or assets or marketable securities received by the Issuer after the IPO
Date as capital contributions or from the issuance or sale (other than to any Subsidiary) of shares of the Issuer’s Qualified
Capital Stock (including upon the exercise of options, warrants or rights) or warrants, options or rights to purchase shares of
the Issuer’s Qualified Capital Stock (except, in each case to the extent such proceeds are used to make a Restricted Payment
as set forth in paragraphs (1) or (2) of clause (c) below) (excluding the net cash proceeds and the Fair Market Value of property
or assets or marketable securities from the issuance of the Issuer’s Qualified Capital Stock financed, directly or indirectly,
using funds borrowed from the Issuer or any Subsidiary until and to the extent such borrowing is repaid); plus

 

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(C)       (x) the amount by which the Issuer’s Debt or Debt of any Restricted Subsidiary is reduced on the Issuer’s consolidated
balance sheet after the IPO Date upon the conversion or exchange (other than by the Issuer or its Restricted Subsidiary) of such
Debt into the Issuer’s Qualified Capital Stock, and (y) the aggregate net cash proceeds and the Fair Market Value of property
or assets or marketable securities received after the IPO Date by the Issuer from the issuance or sale (other than to any Restricted
Subsidiary) of Redeemable Capital Stock that has been converted into or exchanged for the Issuer’s Qualified Capital Stock,
to the extent such Redeemable Capital Stock was originally sold for cash or Cash Equivalents, together with, in the case of both
clauses (x) and (y), the aggregate net cash proceeds and the Fair Market Value of property or assets or marketable securities received
by the Issuer at the time of such conversion or exchange (excluding the net cash proceeds from the issuance of the Issuer’s
Qualified Capital Stock financed, directly or indirectly, using funds borrowed from the Issuer or any Restricted Subsidiary until
and to the extent such borrowing is repaid) ; plus

 

(D)       (x)
in the case of any Investment that is sold, disposed of or otherwise cancelled, liquidated or repaid, constituting a Restricted
Payment made after the IPO Date, an amount equal to 100% of the aggregate amount received in cash and the Fair Market Value of
the property and marketable securities received by the Issuer or any Restricted Subsidiary, and (y)  in the case of the redesignation
of an Unrestricted Subsidiary as a Restricted Subsidiary (as long as the redesignation of such Subsidiary as an Unrestricted Subsidiary
was deemed a Restricted Payment) or if such Unrestricted Subsidiary is merged or consolidated with or into, or has transferred
or conveyed all or substantially all of its assets to, the Issuer or a Restricted Subsidiary, 100% of the Fair Market Value of
the Issuer’s interest in such Subsidiary as of the date of such redesignation or at the time of such merger, consolidation
or transfer of asset and (z) in the case of an Investment that was a guarantee and that constituted a Restricted Payment made
after the Issue Date and is subsequently released, an amount equal to the amount of such guarantee; plus

 

(E)        to the extent that any Investment constituting a Restricted Payment that was made after the IPO Date is made in an entity that
subsequently becomes a Restricted Subsidiary, the Fair Market Value of such Investment of the Issuer and its Restricted Subsidiaries
as of the date such entity becomes a Restricted Subsidiary; plus

 

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(F)       100%
of any dividends or distributions received by the Issuer or a Restricted Subsidiary after the IPO Date from an Unrestricted Subsidiary,
to the extent that such dividends or distributions were not otherwise included in the Consolidated Adjusted Net Income of the Issuer
for such period.

 

 (b)          The following are inserted in Section 4.09(c) as new paragraphs:

 

(9)           after the IPO Date, the declaration or payment of dividends or distributions, or the making of any cash payments, advances, loans
or expense reimbursements on the Issuer’s Capital Stock; provided that the aggregate amount of all such payments under this
clause (9) shall not exceed in any fiscal year 5% of the net cash proceeds from any Public Equity Offering or subsequent public
offering received by the Issuer, or contributed to the capital of the Issuer in any form other than Debt by any direct or indirect
parent company of the Issuer; and

 

(10)         after the IPO Date, the payment of any dividend or the consummation of any redemption within 90 days after the date of its declaration
or giving of notice of redemption, as applicable, if at such date of its declaration or giving of notice of redemption, as applicable,
such payment would have been permitted by the provisions of this Section 4.09.

 

 (c)          The following are inserted as Sections 4.09(e) and (f):

 

(e)           The action described in paragraph (9) of clause (c) above is a Restricted Payment that will be permitted to be made in accordance
with clause (c) but that will reduce the amount that would be otherwise be available for Restricted Payments made in accordance
with clause (b).

 

(f)            In the event an item meets the criteria of more than one category of Permitted Investment and/or Restricted Payment, as applicable,
the Issuer, in its sole discretion, may classify any Permitted Investment or other Restricted Payment as being made in part under
one of the clauses or sub-clauses of this covenant (or, in the case of any Permitted Investment, the clauses or sub-clauses of
Permitted Investments) and in part under one or more other such clauses or sub-clauses.

 

SECTION 2.05. Amendments to Section
4.21 (Restrictions on Purchases, Repayments or Refinancings of Notes)

 

Clause (c) of Section 4.21 and all references
and definitions related thereto shall hereby be deleted in their entirety, and this Section shall be of no further force and effect,
and shall no longer apply to the Notes, and the word “[RESERVED]” shall be inserted in place of the deleted text.

 

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ARTICLE 3 

MISCELLANEOUS PROVISIONS

 

SECTION 3.01. Ratification and Incorporation of Existing
Indenture.

 

As amended hereby, the Existing Indenture
is in all respects ratified and confirmed, and the Existing Indenture and this Second Supplemental Indenture shall be read, taken
and construed as one and the same instrument. Upon and after the execution of this Second Supplemental Indenture, each reference
in the Existing Indenture to “this Indenture,” “hereunder,” “hereof” or words of like import
referring to the Indenture shall mean and be a reference to the Existing Indenture as modified hereby.

 

SECTION 3.02. Conflicts.

 

To the extent of any inconsistency between
the terms of the Existing Indenture or the Global Notes and this Second Supplemental Indenture, the terms of this Second Supplemental
Indenture will control.

 

SECTION 3.03. Executed in Counterparts.

 

This Second Supplemental Indenture may
be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall
together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Second Supplemental
Indenture by telecopier, facsimile or other electronic transmission (e.g., a “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart thereof.

 

SECTION 3.04. Governing Law.

 

THIS SECOND SUPPLEMENTAL INDENTURE WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

SECTION 3.05. Waiver of Jury Trial.

 

EACH OF THE ISSUER, PAYING AGENT AND REGISTRAR,
THE HOLDERS AND 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 SECOND SUPPLEMENTAL INDENTURE, THE EXISTING INDENTURE, THE NOTES
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

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SECTION 3.06. Effectiveness.

 

This Second Supplemental Indenture shall
come into full force and effect on the date the Issuer, the Paying Agent and Registrar and the Trustee have executed and delivered
this First Supplemental Indenture (the “Effective Date”).

 

SECTION 3.07. Concerning the Trustee.

 

The Trustee shall not be responsible in
any manner whatsoever for, or in respect of, the validity or sufficiency of this Second Supplemental Indenture, nor shall the Trustee
be responsible in any manner whatsoever for, or in respect of, the recitals contained herein, all of which are made solely by the
Issuer. The terms set out in Section 7.01(b) to (and including) Section 7.05 of Article 7 (Trustee) of the Existing Indenture shall
apply in respect of this Second Supplemental Indenture mutatis mutandis (as if all references therein to the Indenture shall include
this Second Supplemental Indenture).

 

(Signature Page Follows)

 

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

 

	 	ZIM INTEGRATED SHIPPING SERVICES LTD., as Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Xavier Destriau
	 	 	Name:	Xavier Destriau
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	By:	/s/ Noam Nativ, Adv.
	 	 	Name:	Noam Nativ, Adv.
	 	 	Title:	EVP, General Counsel & Company Secretary

ZIM Integrated Shipping Services Ltd.

 

[Signature Page to Second Supplemental
Indenture]

 

     

     

    

 

	 	ZIM INTEGRATED SHIPPING SERVICES LTD., as Paying Agent and Registrar
	 	 	 
	 	 	 
	 	By:	/s/ Xavier Destriau
	 	 	Name:	Xavier Destriau
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	By:	/s/ Noam Nativ, Adv.
	 	 	Name:	Noam Nativ, Adv.
	 	 	Title:	EVP, General Counsel & Company Secretary

ZIM Integrated Shipping Services Ltd.

 

[Signature Page to Second Supplemental
Indenture]

 

     

     

    

 

	 	HERMETIC TRUST (1975) LTD., as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Dan Avnon
	 	 	Name:	Dan Avnon
	 	 	Title:	Joint-CEO

 

[Signature Page to Second Supplemental
Indenture]Exhibit 10.2

 

REGISTRATION
RIGHTS

 

As amended on 22nd December, 2020

 

ZIM Integrated
Shipping Services Ltd.

 

AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT

 

THIS AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT (the “Agreement”) is made as of the 22nd day of December, 2020, by and among ZIM Integrated
Shipping Services Ltd., a company incorporated under the laws of the State of Israel, having its main place of business at 9 Andrei
Sakharov Street, Haifa, Israel (the “Company”) and each of the parties set forth in Exhibit I
attached hereto (the “Original Holders” and each an “Original Holder”).

 

RECITALS

 

		WHEREAS,	in connection with the issuance of equity to each of the persons listed as a shareholder of the
Company pursuant to the subscription under the Global Restructuring Deed, to which the prior RRA (as defined below) is scheduled,
as part of the debt reorganization of the Company, the Company and the Original Holders entered into that certain Registration
Rights Agreement dated as of July 16, 2014 (the “Prior RRA”) to govern the rights of the Holders to cause the
Company to register with the U.S. Securities and Exchange Commission (the “SEC”) or an equivalent authority
in the event of a listing outside the U.S., the Ordinary Shares that are issuable to, held by or may have thereafter be issued
to the Holders; and

 

		WHEREAS,	the Original Holders that were parties to the Prior RRA and the Company desire to amend and restate
the Prior RRA in its entirety in anticipation of a potential IPO so that this Agreement shall be the sole source of terms between
the parties hereto with respect to the subject matters herein;

 

NOW, THEREFORE,
the parties hereby agree as follows:

 

		1.	Definitions. For purposes of this schedule:

 

“Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including without limitation any general partner, managing member, officer or director of such
Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members
of, or shares the same management company with, such Person.

 

“Damages”
means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act,
the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof)
arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement of the Company, including any preliminary prospectus or final prospectus contained therein, any reasonable related free
writing prospectus (as defined in Rule 405 of the Securities Act) or any amendments or supplements thereto and any related road
show; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make
the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents
or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the
Securities Act, the Exchange Act, or any state securities law.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Excluded
Registration” means (i) a registration relating to the sale of securities to employees of the Company or a
subsidiary of the Company pursuant to a share option, share purchase, or similar plan; (ii) a registration relating to an SEC
Rule 145 transaction; (iii) a registration in any form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration
in which the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are
also being registered.

 

     

     

    

 

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

 

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

 

“Holder”
means any holder of Registrable Securities.

 

“Immediate
Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person
referred to herein.

 

“Initiating
Holders” means, collectively, Holders who properly initiate a registration request under this Schedule.

 

“IPO”
means the Company’s first underwritten public offering of its Ordinary Shares, or the listing for trading of the Company's
Ordinary Shares on any recognized stock exchange or regulated market, under the Securities Act or under the equivalent law of another
jurisdiction.

 

“IC”
means Israel Corporation Ltd., a company organized under the laws of the State of Israel, and including its successors and permitted
assignees.

 

“Ordinary
Shares” means Ordinary Shares of the Company, nominal value NIS 0.03 per share.

 

“Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

“Registrable
Securities” means (i) the Ordinary Shares issued to the Original Holders, the Ordinary Shares hereafter acquired by any
Original Holder and the Ordinary Shares of any other Person to whom such Ordinary Shares have been transferred in accordance with
the terms of this Schedule; excluding in all cases, however, any Ordinary Shares sold by a Person in a transaction in which the
applicable rights under this Schedule are not assigned pursuant to Subsection ‎3.1, and excluding for the purposes of Section
 ‎2 any shares for which registration rights have terminated pursuant to Subsection ‎2.13 of this Schedule; provided
that, with respect to any provision of this Schedule that establishes a percentage of Registrable Securities as required to take
any action, Registrable Securities shall not include any securities held by the Company or any of its subsidiaries.

 

“Registrable
Securities then outstanding” means the number of shares determined by adding the number of outstanding Ordinary Shares
that are Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to any exercisable
and/or convertible securities, whether such securities may be exercised or converted immediately or in the future, that are Registrable
Securities.

 

“SEC Rule
144” means Rule 144 promulgated by the SEC under the Securities Act.

 

“SEC Rule
145” means Rule 145 promulgated by the SEC under the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    2

     

    

 

“Selling
Expenses” means all underwriting discounts, selling commissions, and share transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel
borne and paid by the Company as provided in Subsection ‎2.7.

 

		2.	Registration Rights. The Company covenants and agrees as follows:

 

2.1       IPO
and Registration Rights. Subject to determination by the Board of Directors of the Company that a reasonable market capitalisation
could be achieved following an IPO, the Company shall use its commercially reasonable efforts to effect an IPO within twenty four
(24) months of the date hereof. Following an IPO, the Holders shall have the registration rights set forth below. The rights below
are drafted to refer to a registration effected by filing an effective registration statement in compliance with the Securities
Act, but are intended to apply mutatis mutandis in circumstances where an IPO was not effected under the Securities
Act but rather under the laws of another jurisdiction as set out in the definition of IPO in Subsection 1.10. In such case, the
Company shall be required to take substantially equivalent actions to those described below under the laws of such other jurisdiction.

 

The Company
shall not be liable for any breach of its obligation to use its commercially reasonable efforts pursuant to Clause 2.1, whether
in damages or for specific performance, provided such efforts are undertaken in good faith by the Company.

 

2.2       Demand
Registration.

 

(a)       Form
F-1 Demand. If at any time after one hundred eighty (180) calendar days following the effective date of the registration statement
for the IPO and until the tenth anniversary thereof, the Company receives a request from Holders of more than ten percent (10%)
of the Registrable Securities then outstanding that the Company file a Form F-1 registration statement with respect to Registrable
Securities with a minimum anticipated aggregate offering price, net of Selling Expenses, of Fifteen Million United States Dollars
($15,000,000), then the Company shall (x) within ten (10) calendar days after the date such request is given, give notice thereof
(the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and
in any event within sixty (60) calendar days after the date such request is given by the Initiating Holders, file a Form F-1 registration
statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and
any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice
given by each such Holder to the Company within twenty (20) calendar days of the date the Demand Notice is given, and in each case,
subject to the limitations of Subsections ‎2.2‎(c) and ‎2.4.

 

(b)       Form
F-3 Demand. As soon as practical after the IPO, the Company shall use commercially reasonable efforts in order to qualify for
registration on Form F-3 or any comparable or successor form or forms and to maintain such qualification after the Company has
qualified for the use of Form F-3. After the Company has qualified for the use of Form F-3 and until ten (10) years following an
IPO, if the Company receives a request from Holders of at least ten percent (10%) of the Registrable Securities then outstanding
that the Company file a Form F-3 registration statement with respect to outstanding Registrable Securities of such Holders having
an anticipated aggregate offering price, net of Selling Expenses, of at least Five Million United States Dollars ($5,000,000),
then the Company shall (i) within ten (10) calendar days after the date such request is given, give a Demand Notice to all Holders
other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) calendar days after
the date such request is given by the Initiating Holders, file a Form F-3 registration statement under the Securities Act covering
all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested
to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within
twenty (20) calendar days of the date the Demand Notice is given, and in each case, subject to the availability of a Form F-3 for
such offering by the Holders and the limitations of Subsections ‎2.2‎(c) and ‎2.4.

 

    3

     

    

 

(c)       Notwithstanding
the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection ‎2.2
a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s
Board of Directors it would be materially detrimental to the Company and its shareholders for such registration statement to either
become effective or remain effective for as long as such registration statement otherwise would be required to remain effective,
because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction
involving the Company or (ii) require premature disclosure of material information that the Company has a bona fide business purpose
for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange
Act, then the Company shall have the right to defer taking action with respect to such filing (and any time periods with respect
to filing or effectiveness shall be tolled correspondingly) for a period of not more than forty-five (45) calendar days after the
request of the Initiating Holders is given provided that the Company shall not register any securities for its own account or that
of any other shareholder during such forty-five (45) calendar day period other than in an Excluded Registration.

 

(d)       The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.2‎(a)
(i) during the period that is sixty (60) calendar days before the Company’s good faith estimate of the date of filing of,
and ending on a date that is one hundred and eighty (180) calendar days after the effective date of, a Company-initiated registration
of Ordinary Shares, provided that the Company offers to register Registrable Securities in accordance with Subsection 2.3 and the
Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective,
and the Company shall use its commercially reasonable efforts to cause such registration statement to be declared effective no
later than ninety (90) calendar days from the date of any Demand Notice; (ii) after the Company has effected three (3) registrations
pursuant to Subsection 2.2‎(a); or (iii) if the Initiating Holders propose to dispose of Ordinary Shares consisting of Registrable
Securities that may be immediately registered on Form F-3 pursuant to a request made pursuant to Subsection ‎2.2‎(b).
The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection ‎2.2‎(b)
(i) during the period that is thirty (30) calendar days before the Company’s good faith estimate of the date of filing of,
and ending on a date that is ninety (90) calendar days after the effective date of, a Company-initiated registration of Ordinary
Shares, provided that the Company offers to register Registrable Securities in accordance with Subsection 2.3 and the Company is
actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective, and
the Company shall use its commercially reasonable efforts to cause such registration statement to be declared effective no later
than ninety (90) calendar days from the date of any request pursuant to Subsection 2.2(b); or (ii) if the Company has effected
one (1) registration pursuant to Subsection ‎2.2‎(b) within the twelve (12) month period immediately preceding and
the date of such request; or (iii) if the Company has already effected a total of six (6) registrations pursuant to Subsection
 ‎2.2‎(b), commencing from the date that the Company qualifies for registration on Form F-3 or any comparable or successor
form or forms. A registration shall not be counted as “effected” for purposes of this Subsection ‎2.2‎(d)
until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders
withdraw their request for such registration, elect not to pay the registration expenses therefor, and as a result of such non
payment forfeit their right to one demand registration statement pursuant to Subsection ‎2.7, in which case such withdrawn
registration statement shall be counted as “effected” for purposes of this Subsection ‎2.2‎(d).

 

2.3       Company
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company
for shareholders other than the Holders) any of its equity securities under the Securities Act in connection with the public
offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time,
promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) calendar days
after such notice is given by the Company, the Company shall, subject to the provisions of Subsection ‎2.4, cause to be
registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The
Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection ‎2.3
before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in
such registration, and any Holder shall have the right to withdraw all or part of its Registrable Securities before the
effective date of such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne
by the Company in accordance with Subsection ‎2.7.

 

    4

     

    

 

2.4       Underwriting
Requirements.

 

(a)       If,
pursuant to Subsection ‎2.2, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection
 ‎2.2, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any
Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company
as provided in Subsection ‎2.5(e)) enter into an underwriting agreement in customary form with the underwriter(s)
selected and approved for such underwriting in accordance with Section 2.4. Notwithstanding any other provision of this Subsection
 ‎2.4, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation
on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that
otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting
shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities owned by each such selling Holder or in such other proportion as shall mutually
be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be
included in such underwriting shall not be reduced unless all securities other than those to be sold by the selling Holders are
first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions,
the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.

 

(b)       In
connection with any offering involving an underwriting of the Company’s share capital pursuant to Subsection
 ‎2.3, the Company shall not be required to include any of the Holders’ Registrable Securities in such
underwriting unless the Holders accept the terms of the underwriting as reasonably agreed upon between the Company and its
underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the
success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by
shareholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the
underwriter(s) in their discretion determine is compatible with the success of the offering, then the Company shall be
required to include in the offering only that number of such securities, including Registrable Securities, which the
underwriters in their sole reasonable discretion determine will not jeopardize the success of the offering. If the
underwriter(s) determine that less than all of the Registrable Securities requested to be registered can be included in such
offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in
proportion (as early as practicable to) the number of Registrable Securities owned by each such selling Holder or in such
other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event
shall the number of Registrable Securities included in the offering be reduced unless all securities other than those to be
sold by the selling Holders (other than securities to be sold by the Company) are first entirely excluded from the offering.
To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the
number of shares allocated to any Holder to the nearest one hundred (100) shares. For purposes of the provision in this Subsection
2.3‎(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or
corporation, the partners, members, retired partners, retired members, shareholders, and Affiliates of such Holder, or the
estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for
the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata
reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all Persons included in such “selling Holder,” as defined in this sentence.

 

    5

     

    

 

(c)       In
the case of an underwritten offering under Subsections 2.2(a) or (b), the price, underwriting discount and other financial terms
for the Registrable Securities shall be determined by the Company and in consultation with the Holders of a majority of the Registrable
Securities to be sold.

 

2.5       Obligations
of the Company. Whenever required under this Section ‎2 to effect the registration of any Registrable Securities, the
Company shall, as expeditiously as reasonably possible:

 

(a)       prepare
and file, if applicable, within the time periods provided by Subsections 2.2(a) and (b), with the SEC a registration statement,
including all exhibits and financial statements required under the Securities Act (such registration statement and the prospectus
used in connection with such registration statement shall not include the name of any Holder or its ownership interest in the Registrable
Securities and/or the Company (as applicable) without the prior written consent of a Holder (unless such Holder's Registrable Securities
are included in such registration statement and provided prior notice of the form of disclosure is given to such Holder) (but before
filing such registration statement provide the Selling Holder Counsel copies of all documents to be filed and not file such documents
to which the Selling Holder Counsel reasonably objects), and use its commercially reasonable efforts to cause such registration
statement to become effective no later than ninety (90) calendar days after such registration statement is filed, and keep such
registration statement continuously effective for a period of one hundred and twenty (120) calendar days or, if earlier, until
the distribution contemplated in the registration statement has been completed; provided, however, that the Company
shall not be deemed to have used commercially reasonable efforts to keep such registration statement continuously effective if
the Company voluntarily takes any action or omits to take any action that would result in Holders not being able to offer and sell
any Registrable Securities pursuant to such registration statement during the period it is required to be continuously effective
unless such action or omission is (i) permitted by the terms of this Schedule, including Section 2.2(c) hereof, or (ii) required
by applicable law; and provided further that (i) such one hundred and twenty (120) calendar day period shall be extended for a
period of time equal to the period the Holder is not able to sell any securities included in such registration statement as a result
of the Company not keeping the registration statement continuously effective, and (ii) in the case of any registration of Registrable
Securities on Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable
SEC rules, such one hundred and twenty (120) calendar day period shall be extended for up to one hundred twenty (120) calendar
days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;

 

(b)       prepare
and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act (including using its reasonable commercial efforts
to address any comments from the SEC regarding such registration statement) in order to enable the disposition of all securities
covered by such registration statement (but before filing such documents provide the Selling Holder Counsel copies of all documents
to be filed and not file such documents to which the Selling Holder Counsel reasonably objects);

 

(c)       furnish
to the selling Holders such numbers of copies of the prospectus used in connection with such registration, including any preliminary
prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate
their disposition of their Registrable Securities;

 

(d)       use
its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided
that the Company shall not be required to qualify to do business or to file a general consent to service of process in any
such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be
required by the Securities Act;

 

    6

     

    

 

(e)       in
the event of any underwritten public offering, enter into customary agreements (including underwriting and indemnification agreements
in customary form) and take all such other actions as any selling Holder or the managing underwriter or underwriters, if any, reasonably
request in order to expedite or facilitate the registration and disposition of the Registrable Securities;

 

(f)       use
its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed
on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities
issued by the Company are then listed;

 

(g)       provide
a transfer agent and registrar for all Registrable Securities registered pursuant to this Schedule and provide a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration;

 

(h)       promptly
make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information
in such registration statement and to conduct appropriate due diligence in connection therewith;

 

(i)       notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

 

(j)       after
such registration statement becomes effective, notify each selling Holder of (i) any request by the SEC that the Company amend
or supplement such registration statement or prospectus, (ii) the issuance by the SEC of any stop order suspending the effectiveness
of the registration statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any
prospectus, (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable
Securities for offering or sale in any jurisdiction, and (iv) the receipt by the Company of any notification with respect to the
initiation or threatening of any proceeding for the suspension of the qualification of the Registrable Securities for offering
or sale in any jurisdiction;

 

(k)       promptly
notify the selling Holders when the Company becomes aware of the occurrence of any event as a result of which the applicable registration
statement and the prospectus included in such registration statement contains any untrue statement of a material fact or omits
to state a material fact necessary to make the statements therein not misleading, or, if for any other reason it shall be necessary
during such time period to amend or supplement such registration statement, prospectus or free writing prospectus in order to comply
with the Securities Act and, in either case, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and
furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement
to such registration statement or prospectus which shall correct such misstatement or omission or effect such compliance; and

 

(l)       promptly
incorporate in a prospectus supplement or post-effective amendment to the registration statement such information as the selling
Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities, and
make all required filings of such prospectus supplement or post-effective amendment as soon as reasonably practicable after being
notified of the matters to be incorporated in such prospectus supplement or post-effective amendment.

 

    7

     

    

 

In addition,
the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company
under the Securities Act shall have become effective, it shall have in place an insider trading policy that shall provide that
the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

 

Each Holder
agrees that, upon receipt of notice from the Company upon the occurrence of any event of the kind described in section 2.5(j) hereof,
such Holder will immediately discontinue disposition of its Registrable Securities under the registration statement until such
Holder's receipt of the supplemented prospectus or amended registration statement or until it is advised in writing by the Company
that the use of the applicable prospectus may be resumed.

 

Each Holder
covenants and agrees that it will not sell any Registrable Securities under the registration statement until it has received copies
of the amendment or supplement to the registration statement or prospectus in accordance with section 2.5(k) hereof.

 

2.6       Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section
 ‎2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities
as is reasonably required to effect the registration of such Holder’s Registrable Securities.

 

2.7       Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section ‎2, including all registration, filing, and qualification fees; printers’ and accounting
fees; fees and disbursements of counsel for the Company; marketing and road show expenses; and the reasonable fees and disbursements
of one counsel for the selling Holders (“Selling Holder Counsel”) chosen by Holders of a majority of the Registrable
Securities to be sold and consented to by the Company, which consent shall not be unreasonably withheld, shall be borne and paid
by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding
begun pursuant to Subsection ‎2.2 if the registration request is subsequently withdrawn at the request of the Holders
of a majority of the Registrable Securities that were to be registered thereunder (in which case all selling Holders shall bear
such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration),
unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections
 ‎2.2(a) or ‎2.2(b), as the case may be then the Holders shall not be required to pay any of such expenses
and shall forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses
relating to Registrable Securities registered pursuant to this Section ‎2 shall be borne and paid by the Holders pro
rata on the basis of the number of Registrable Securities registered on their behalf.

 

2.8       Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Schedule as the result of any controversy that might arise with respect to the interpretation or implementation
of this Section 2.

 

2.9       Indemnification.
If any Registrable Securities are included in a registration statement under this Section ‎2:

 

(a)       To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the Affiliates, partners,
members, officers, directors, employees, and shareholders of each such Holder; legal counsel and accountants for each such
Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such
Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will
pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may
result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection
2.8‎(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Company, which consent shall not be unreasonably withheld, unless such settlement is
entered into without the consent of the Company (i) more than thirty (30) calendar days after receipt by the Company of a
request for reimbursement pursuant to this subsection and (ii) the Company shall not have responded to such request for
reimbursement, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions
or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder,
underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.

 

    8

     

    

 

(b)       To
the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and
each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities
Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or
other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or
omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly
for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding
from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 2.8‎(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement
is effected without the consent of the Holder, which consent shall not be unreasonably withheld, unless such settlement is entered
into without the consent of the Holder (i) more than thirty (30) calendar days after receipt by such Holder of a request for reimbursement
pursuant to this subsection and (ii) the Holder shall not have responded to such request for indemnification; and provided further
that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8‎(b)
and 2.8‎(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such
Holder), except in the case of fraud or willful misconduct by such Holder.

 

(c)       Promptly
after receipt by an indemnified party under this Subsection ‎2.9 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this Subsection ‎2.9, give the indemnifying
party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the
extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given,
and to control the defense thereof with counsel mutually satisfactory to the indemnifying and indemnified parties; provided,
however, that an indemnified party (together with all other indemnified parties that may be represented without conflict
by one counsel) shall have the right to retain one separate counsel and one local counsel, with the fees and expenses to be paid
by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would
be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement
of any such action shall not relieve such indemnifying party of any liability to the indemnified party under this Subsection
 ‎2.9, except to the extent that such failure materially prejudices the indemnifying party’s ability to defend such
action (through the forfeiture of substantive rights and defenses). The failure to give notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection ‎2.9.

 

(d)       To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection
 ‎2.9 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may
not be enforced in such case, notwithstanding the fact that this Subsection ‎2.9 provides for indemnification in
such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which
indemnification is provided under this Subsection ‎2.9, then, and in each such case, such parties will
contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after
contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying
party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss,
claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault
of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the
untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement or omission; provided, however,
that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all
such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a
Holder’s liability pursuant to this Subsection 2.8‎(d), when combined with the amounts paid or payable by
such Holder pursuant to Subsection 2.8‎(b), exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

 

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(e)       Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.

 

(f)       Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Subsection ‎2.9 shall survive the completion of any offering of Registrable
Securities in a registration under this Section ‎2, and otherwise shall survive the termination of the provisions
in this Schedule.

 

2.10       Reports
Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation
of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant
to a registration on Form F-3, the Company shall:

 

(a)       make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times
after the effective date of the registration statement filed by the Company for the IPO;

 

(b)       use
commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements);
and

 

(c)       furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) calendar
days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange
Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies); (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information
as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such
securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange
Act) or pursuant to Form F-3 (at any time after the Company so qualifies to use such form).

 

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2.11       Limitations
on Subsequent Registration Rights. From and after the Restructuring Effective Time, the Company shall not, without the prior
written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any
holder or prospective holder of any securities of the Company that would provide to such holder the right to include securities
in any registration on terms other than either a pro rata basis with respect to the Registrable Securities or on a subordinated
basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities
that they wish to so include.

 

2.12       “Market
Stand-off” Agreement. In the event of a sale by the Company of the Company’s equity securities in an underwritten
offering, each Holder hereby agrees, if requested in writing by the managing underwriter in such underwritten offering, that it
will not, without the prior written consent of such managing underwriter, during the period commencing on the date of the final
prospectus relating to the registration by the Company of Ordinary Shares or any other equity securities under the Securities Act
on a registration statement on Form F-1 or Form F-3, and ending on the date specified by the Company and the managing underwriter
(such period not to exceed ninety (90) calendar days, or such other period as may be requested by the Company or an underwriter
to accommodate regulatory restrictions ) (or one hundred eighty (180) calendar days in the case of the IPO, or such other period
as may be requested by the Company or an underwriter to accommodate regulatory restrictions (), (i) lend; offer; pledge; sell;
contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or
warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible
into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares held immediately before the effective date of
the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause
(i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise. The foregoing provisions
of this Subsection ‎2.12 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement,
or the transfer of any shares to any Affiliate or any trust for the direct or indirect benefit of the Holder or an Immediate Family
Member of the Holder, provided that the Affiliate or trustee of the trust agrees to be bound in writing by the restrictions
set forth herein, and provided further that any such transfer to a trust shall not involve a disposition for value, and
provided further that any such limitation shall be applicable to the Holders only if the Company's Affiliates and all of their
officers and directors are subject to the same restrictions (and if the any such parties are released by the managing underwriters
the Holders are similarly released) and the Company uses commercially reasonable efforts to obtain a similar agreement from all
shareholders individually owning at least one percent (1%) of the Company’s outstanding Ordinary Shares (after giving effect
to conversion into Ordinary Shares of all outstanding preferred shares or other convertible securities). The underwriters in connection
with such registration are intended third-party beneficiaries of this Subsection ‎2.12 and shall have the right, power
and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements
as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection
 ‎2.12 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of
any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements,
based on the number of shares subject to such agreements.

 

2.13       In-Kind
Distribution.If any Holder seeks to effectuate an in-kind distribution of all or part of its Ordinary Shares to such Holder’s
direct or indirect equity holders, the Company will reasonably cooperate with and assist such Holder, such equity holders and the
Company’s transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Holder (including
the delivery of instruction letters by the Company or its counsel to the Company’s transfer agent, the delivery of customary
legal opinions by counsel to the Company and the delivery of Ordinary Shares without restrictive legends, to the extent the restrictions
set forth therein are no longer applicable). For the avoidance of doubt, to the extent that any such in-kind distribution is subject
to registration under the Securities Act, the Holder may exercise its Demand Registration rights pursuant to, and subject to the
terms set forth in, Section 2.2 with respect to such in-kind distribution.

 

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2.14       Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration
pursuant to Subsections ‎2.2 or ‎2.3 shall terminate upon the first to occur of:

 

(a)       the
Company completing its IPO and becoming subject to the provisions of the Exchange Act whereby SEC Rule 144(b)(1)(i) is available
for the sale of all of such Holder’s shares; and

 

(b)       the
tenth anniversary of the IPO.

 

		3.	Miscellaneous.

 

3.1       Successors
and Assigns. The rights set out in this Schedule may be assigned (but only with all related obligations) by a Holder to a transferee
of Registrable Securities; provided, however, that (x) the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such
rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and
subject to the terms and conditions of this Schedule, including the provisions of Subsection ‎2.12. For the purposes
of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an
Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit
of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring
Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Schedule. The terms
and conditions of this Schedule inure to the benefit of and are binding upon the respective successors and permitted assignees
of the parties. Nothing in this Schedule, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this
Schedule, except as expressly provided herein.

 

3.2       Governing
Law. Jurisdiction. Notwithstanding clause 22 of the Global Restructuring Deed and except insofar as it relates to provisions
of US securities laws, federal or state, which shall be determined by the applicable US law this Schedule shall be governed by,
and construed in accordance with, the laws of the State of Israel without regard to the choice of law principles thereof. Each
of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of Tel Aviv for the purpose of any suit,
action, proceeding or judgment relating to or arising out of this Schedule and the transactions contemplated hereby.

 

3.3       Titles
and Subtitles. The titles and subtitles used in this Schedule are for convenience only and are not to be considered in construing
or interpreting this Schedule.

 

3.4       Notices.
All notices and other communications given or made pursuant to this Schedule shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic
mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the
recipient’s next business day; (iii) five (5) calendar days after having been sent by registered or certified mail, return
receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized
overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall
be sent to the Holders to their respective addresses as identified in the signature pages to the Global Restructuring Deed (of
which this Schedule forms a part), or to the principal office of the Company and to the attention of the Chief Executive Officer,
in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given
in accordance with this Subsection ‎3.4.

 

3.5       Amendments
and Waivers. Any term of this Schedule may be amended or restated and the observance of any term of this Schedule may be
waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written
consent of the Company and Holders of a 75 per cent. majority of the Registrable Securities then outstanding, provided that
the amendment, restatement or waiver does not unfairly discriminate against the non-consenting Holders; provided further that any
right granted hereunder may be waived by the party holding such right, without the consent of any other party.
Notwithstanding the foregoing, this Schedule may not be amended, restated or terminated and the observance of any term hereof
may not be waived with respect to any Holder without the written consent of such Holder, unless such amendment, termination,
or waiver applies to all Holders in the same fashion. The Company shall give prompt notice of any amendment or termination
hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any
amendment, termination, or waiver effected in accordance with this Subsection ‎3.5 shall be binding on all
parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term,
condition, or provision of this Schedule, in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision.

 

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3.6       Severability.
In case any one or more of the provisions contained in this Schedule is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Schedule, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to
the maximum extent permitted by law.

 

3.7       Aggregation
of Shares. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose
of determining the availability of any rights under this Schedule and such Affiliated persons may apportion such rights as among
themselves in any manner they deem appropriate.

 

3.8       Entire
Agreement. This Schedule constitutes the full and entire understanding and agreement among the parties with respect to the
subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled.

 

3.9       Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Schedule, upon
any breach or default of any other party under this Schedule, shall impair any such right, power, or remedy of such nonbreaching
or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Schedule or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

 

3.10       Injunctive
Relief. Save in respect of the Company’s obligation to use commercially reasonable efforts in Clause 2.1, it is hereby
agreed and acknowledged that it will be impossible to measure in money the damage that would be suffered if the parties fail to
comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person will
be irreparably damaged and will not have an adequate remedy at law. Any one or more Holders of at least 10 percent. of the Registrable
Securities then outstanding shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law
or in equity) to injunctive relief, including specific performance, to enforce such obligations, and if any action should be brought
in equity to enforce any of the provisions of this Schedule, none of the parties hereto shall raise the defense that there is
an adequate remedy at law. 

 

[Remainder
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Exhibit I

 

[List of shareholders]

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