Document:

Exhibit 4.7

 

RESTATED AMENDMENT AGREEMENT

 

This restatement of the amendment agreement
dated March 27, 2018 (“Amendment Agreement”) is made at Bangalore on April _______, 2019 (“Execution
Date”)

 

BY AND AMONG:

 

AAYAS TRADE SERVICES PRIVATE LIMITED,
a company incorporated under the Companies Act, 1956 and having its registered office at New No. 45 (Old No. 76), 2nd
Floor, 2nd Main Road, 41st Cross, Jayanagar 8th Block, Bangalore – 560 070 (hereinafter
referred to as the “Company” which expression shall unless repugnant to the context or meaning thereof, be deemed
to mean and include its successors and permitted assigns) of the FIRST PART;

 

AND

 

ELBIT PLAZA INDIA REAL ESTATE HOLDINGS
LIMITED, a company incorporated under the laws of Cyprus and having its registered office at 7 Florinis Street, Greg Tower,
PC 1065 Nicosia – Cyprus (hereinafter referred to as the “Promoter” which expression shall unless repugnant
to the context or meaning thereof, be deemed to mean and include its successors and permitted assigns) of the SECOND PART;

 

AND

 

KOYENCO LIMITED, a company incorporated
under the laws of Cyprus and having its registered office at 7 Florinis Street, Greg Tower, PC 1065 Nicosia – Cyprus (hereinafter
referred to as the “Other Shareholder” which expression shall unless repugnant to the context or meaning thereof,
be deemed to mean and include its successors and permitted assigns) of the THIRD PART;

 

AND

 

MINERVA INFRATECH PRIVATE LIMITED,
a company incorporated under the Companies Act, 1956 and having its registered office at 41, Vittal Mallya Road, Bangalore 560
001 (hereinafter referred to as the “Purchaser” which expression shall unless repugnant to the context or meaning
thereof, be deemed to mean and include its successors and permitted assigns) of the FOURTH PART;

 

AND

 

MANTRI DEVELOPERS PRIVATE LIMITED,
a company incorporated under the Companies Act, 1956 and having its registered office at 41, Vittal Mallya Road, Bangalore 560
001 (hereinafter referred to as “MDPL” which expression shall unless repugnant to the context or meaning thereof,
be deemed to mean and include its successors and permitted assigns) of the FIFTH PART.

 

The Company, the Promoter, the Other Shareholder,
the Purchaser and MDPL are hereinafter referred to individually as a “Party” and collectively as the “Parties”.

 

WHEREAS:

 

		A.	The Parties, inter alia, have executed the various contracts including the Securities Purchase
Agreement (defined below), details of which are set out in Annexure A hereto (“Executed Documents”).
In accordance with the Executed Documents, the Purchaser and MDPL have agreed to acquire from the Promoter and the Other Shareholder,
the entire shareholding of the Company which is held by the Promoter and the Other Shareholder (herein referred to as the “Sale
Securities”).

 

		B.	However, the Purchaser and MDPL failed to fulfil their obligations under the Executed Documents
prior to the Long Stop Date (as defined in the Executed Documents), and the Promoter is entitled to proceed to Separation (as defined
in the Executed Documents) pursuant to the provisions of the Executed Documents.

 

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		C.	The Parties had executed an amendment agreement dated June 16, 2017 to the Executed Documents.
Simultaneously with the execution of the Amendment Agreement, the Company, the Promoter and MDPL had executed a securities purchase
agreement and consequently, the Purchaser has purchased 4,60,00,000 (Four Crore Sixty Lakh) Series A CCDs for an aggregate consideration
of Rs. 46,00,00,000 (Rupees Forty Six Crores) in nine tranches.

 

		D.	Subsequently, the Parties have executed a restated amendment agreement dated March 27, 2018 to
the Executed Documents. Simultaneously with the execution of the aforesaid restated amendment agreement, the Company, the Promoter
and MDPL had executed an amended and restated securities purchase agreement (“2018 SPA”). Pursuant to the 2018
SPA, the Purchaser purchased 3,40,00,000 (Three Crores Forty Lakhs) Series A CCDs for an aggregate consideration of Rs. 34,00,00,000
(Rupees Thirty Four Crore only ) in 13 (thirteen) tranches.

 

		E.	The Purchaser and MDPL have requested for an extension of time to fulfil their obligations under
the 2018 SPA prior to the Long Stop Date (as defined in the Securities Purchase Agreement).

 

		F.	Subsequently, pursuant to discussions, the Parties have agreed mutually to extend the “Long
Stop Date” as defined in the Executed Documents in the manner set out in Clause 2 below. Further, in accordance with an amended
and restated security purchase agreement of even date executed between the Company, the Promoter and MDPL (“ARSPA”),
MDPL has agreed to purchase from the Promoter and the Promoter has agreed to sell to MDPL, 5,00,00,000 (Five Crores) Series A CCDs
(defined below) for the purchase price mentioned in the ARSPA. The 5,00,00,000 (Five Crores) Series A CCDs shall be purchased by
MDPL from the Promoter in 8 (eight) tranches as under, for the consideration set out below aggregating to Rs. 50,00,00,000 (Rupees
Fifty Crores):

 

	Sl. No.	 	Date by which the relevant CCD Closing is required to occur (each a “Subsequent Closing Date”)	 	Amount to be paid by MDPL (Rs.)	 	Number of Sale Securities to be transferred 
	1.	 	April 25, 2019 (“First LSD”)	 	10,00,00,000 (“First Tranche Purchase Price”)	 	1,00,00,000 Series A CCDs (“First Closing CCDs”)
	2.	 	May 30, 2019	 	4,00,00,000 (“Second Tranche Purchase Price”)	 	40,00,000 Series A CCDs 
	3.	 	June 30, 2019	 	4,00,00,000 (“Third Tranche Purchase Price”)	 	40,00,000 Series A CCDs
	4.	 	July 31, 2019	 	6,00,00,000 (“Fourth Tranche Purchase Price”)	 	60,00,000 Series A CCDs 
	5.	 	August 31, 2019	 	6,00,00,000 (“Fifth Tranche Purchase Price”)	 	60,00,000 Series A CCDs 
	6.	 	September 30, 2019	 	6,00,00,000 (“Sixth Tranche Purchase Price”)	 	60,00,000 Series A CCDs 
	7.	 	October 31, 2019	 	7,00,00,000 (“Seventh Tranche Purchase Price”)	 	70,00,000 Series A CCDs 
	8.	 	November 15, 2019	 	7,00,00,000 (“Eighth Tranche Purchase Price”)	 	70,00,000 Series A CCDs 
	Total	 	 	 	50,00,00,000	 	5,00,00,000 Series A CCDs 

 

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Further, 41,43,68,780 (Forty
One Crores Forty Three Lakhs Sixty Eight Thousand Seven Hundred Eighty) Series B CCDs and the entire issued share capital of the
Company shall be acquired by the Purchaser for an aggregate consideration of Rs. 226,63,17,477 (Rupees Two Hundred Twenty Six Crores
Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy Seven only) under the provisions of the Securities Purchase Agreement,
as amended by this Amendment Agreement.

 

		G.	At the request of the Purchaser, the Parties have now agreed that, subject to the occurrence of
each CCD Closing as per the ARSPA, the “Long Stop Date” as defined in the Securities Purchase Agreement shall
be as amended hereinbelow.

 

		H.	The Parties are now entering into this Amendment Agreement to record the amendments to the Executed
Documents pursuant to the revised understanding set out above.

 

IT IS HEREBY AGREED BY AND BETWEEN THE
PARTIES AS FOLLOWS:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Amendment Agreement,
capitalised terms used but not specifically defined in this Amendment Agreement shall have the meaning attributed to them in the
Securities Purchase Agreement. Except as amended herein the Clauses not mentioned in this Amendment Agreement shall have the same
meaning and effect as currently stated in the Securities Purchase Agreement.

 

		(a)	“Amendment Agreement” will mean this restated amendment agreement executed among
the Parties on the Execution Date;

 

		(b)	“Business Day” means a day other than Saturday and Sunday on which scheduled
commercial banks in Bangalore, India and Cyprus are open for normal banking business;

 

		(c)	“CCDs” shall mean the Series A CCDs and the Series B CCDs, collectively;

 

		(d)	“CCD Closing” shall have the meaning ascribed to such term in the ARSPA;

 

		(e)	“CCD Closing Date” shall have the meaning ascribed to such term in the ARSPA;

 

		(f)	“First CCD Closing” shall have the meaning ascribed to such term in the ARSPA;

 

		(g)	“First LSD” shall have the meaning ascribed to such term in the ARSPA;

 

		(h)	“NCDs” shall have the meaning ascribed to such term in the ARSPA;

 

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		(i)	“Securities Purchase Agreement” shall mean the securities purchase agreement
executed between the Promoter, the Company, the Other Shareholder, MDPL and the Purchaser on December 02, 2015 as amended by the
supplemental agreement dated June 22, 2016, Amendment Agreement dated June 16, 2017, and the restated amendment agreement dated
March 27, 2018, as detailed in Annexure A;

 

		(j)	“Series A CCDs” shall have the meaning ascribed to such term in the ARSPA; and

 

		(k)	“Series B CCDs” shall have the meaning ascribed to such term in the ARSPA.

 

		1.2	Interpretation

 

Unless the
context otherwise requires, in this Amendment Agreement:

 

		(a)	the recitals shall be regarded as an integral part of this Amendment Agreement;

 

		(b)	words importing the singular include the plural and vice versa;

 

		(c)	reference to any laws shall mean such laws as may be enacted, amended, supplemented or re-enacted
from time to time;

 

		(d)	reference to a gender includes a reference to the other gender;

 

		(e)	reference to the words “include” or “including” will be construed without
limitation;

 

		(f)	if any act is to be done on a date which is specified in the Agreement and such date is not a Business
Day, then such act shall be done on the immediately succeeding Business Day;

 

		(g)	reference to this Amendment Agreement, the ARSPA or any other agreement, deed or other instrument
or document will be construed as a reference to this Amendment Agreement, the ARSPA or such other agreement, deed, instrument or
document as the same may from time to time be amended, varied, supplemented or novated;

 

		(h)	the headings in this Amendment Agreement are for reference only and will not affect the interpretation
or construction hereof; and

 

		(i)	Any clause creating an obligation on the Purchaser in terms of the payment of the Purchase Price
and/or any advance thereof shall mean and be interpreted as being the obligation of the Purchaser and MDPL.

 

		2.	EXTENSION OF LONG STOP DATE

 

		2.1	With effect from September 30, 2016 and subject to the First CCD Closing having been completed,
the “Long Stop Date” as set out in the Securities Purchase Agreement shall be read and interpreted to mean April 25,
2019 and all provisions of the Securities Purchase Agreement shall be read and interpreted accordingly.

 

		2.2	Further, if the First Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean May 31, 2019 and all provisions of the Executed Documents shall be read and interpreted accordingly.

 

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		2.3	Consequently, subject to the receipt of the First Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean May 31, 2019. 

 

		2.4	Further, if the Second Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean June 30, 2019 and all provisions of the Executed Documents shall be read and interpreted
accordingly.

 

		2.5	Consequently, subject to the receipt of the Second Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean June 30, 2019. 

 

		2.6	Further, if the Third Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean July 31, 2019 and all provisions of the Executed Documents shall be read and interpreted
accordingly.

 

		2.7	Consequently, subject to the receipt of the Third Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean July 31, 2019. 

 

		2.8	Further, if the Fourth Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean August 31, 2019 and all provisions of the Executed Documents shall be read and interpreted
accordingly.

 

		2.9	Consequently, subject to the receipt of the Fourth Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean August 31, 2019. 

 

		2.10	Further, if the Fifth Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean September 30, 2019 and all provisions of the Executed Documents shall be read and interpreted
accordingly.

 

		2.11	Consequently, subject to the receipt of the Fifth Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean September 30, 2019. 

 

		2.12	Further, if the Sixth Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean October 31, 2019 and all provisions of the Executed Documents shall be read and interpreted
accordingly.

 

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		2.13	Consequently, subject to the receipt of the Sixth Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean October 31, 2019. 

 

		2.14	Further, if the Seventh Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean November 15, 2019 and all provisions of the Executed Documents shall be read and interpreted
accordingly.

 

		2.15	Consequently, subject to the receipt of the Seventh Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean November 15, 2019. 

 

		2.16	Further, if the Eighth Tranche Purchase Price is received in the manner contemplated in the ARSPA,
then with effect from the First CCD Closing Date, the term “Long Stop Date” as set out in the Executed Documents
shall be read and interpreted to mean November 30, 2019 and all provisions of the Executed Documents shall be read and interpreted
accordingly.

 

		2.17	Consequently, subject to the receipt of the Eighth Tranche Purchase Price in the manner contemplated
in the ARSPA, the definition of the term “Long Stop Date” in the Executed Documents shall be substituted and amended
as under:

 

“Long
Stop Date” shall mean November 30, 2019. 

 

		2.18	Further, on or prior to the Long Stop Date as defined after the occurrence of the eighth CCD Closing,
the entire remaining purchase price i.e. Rs. 226,63,17,477 (Rupees Two Hundred Twenty Six Crores Sixty Three Lakhs Seventeen Thousand
Four Hundred Seventy Seven only) will be paid by Purchaser in tranches for the purchase of all remaining securities issued by the
Company held by the Promoter and the Other Shareholder. Further, prior to November 30, 2019, the Parties may mutually agree to
extend the Long Stop Date from November 30, 2019 to August 31, 2020, and the revised payment terms of the remaining purchase price
i.e. Rs. 226,63,17,477 (Rupees Two Hundred Twenty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy Seven only).

 

		2.19	The provisions of Clauses 2.2 to 2.17 above shall have effect only if the relevant tranches of
the Purchase Price are received by the Promoter in the manner contemplated in the ARSPA, time being of the essence, and the definition
of “Long Stop Date” as set out in the Securities Purchase Agreement shall be interpreted in accordance with the above
clauses. Any breach of the ARSPA or the provisions of the Securities Purchase Agreement (as amended by this Amendment Agreement),
shall amount to a breach under the Securities Purchase Agreement (as amended by this Amendment Agreement), notwithstanding anything
to the contrary contained herein.

 

		3.	AMENDMENTS TO THE SECURITIES PURCHASE AGREEMENT

 

		3.1	General: Subject to the occurrence of all of the CCD Closings as per the ARSPA, any and
all provisions relating to the transfer of “Sale Securities” in the Securities Purchase Agreement shall be read and
interpreted to mean reference to 10,10,000 (Ten Lakhs Ten Thousand) Equity Shares representing 100% (one hundred per cent) of the
issued, subscribed and paid-up equity share capital of the Company and 41,43,68,780 (Forty One Crores Forty Three Lakhs Sixty Eight
Thousand Seven Hundred Eighty) Series B CCDs of Rs. 10 (Rupees Ten) each in the Company representing the entire CCD-holding of
the Promoter in the Company after the occurrence of all the CCD Closings.

 

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		3.2	The amendments to the definition of “Long Stop Date” as mentioned in Clause
2 above shall stand incorporated in the Securities Purchase Agreement.

 

		3.3	Clause 1.30 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		1.30	“Purchase Price” shall mean the purchase price payable by the Purchaser
to the Promoter and the Other Shareholder for purchase of Sale Securities being a sum of Rs. 356,63,17,477 (Rupees Three Hundred
Fifty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy Seven only) and any Additional Purchase Amounts payable
by MDPL to the Promoter under the ARSPA, less any amounts paid by MDPL to the Promoter at the time of each CCD Closing as defined
in the ARSPA;

 

		3.4	Clause 1.34 of the Securities Purchase Agreement shall be renumbered as Clause 1.35 and Clause
1.35 of the Securities Purchase Agreement shall be renumbered as Clause 1.36. The following Clause shall be inserted as Clause
1.34:

 

		1.34	“ARSPA” shall mean the amended and restated security purchase agreement dated
April ______, 2019 executed between the Promoter, the Company and MDPL for the purchase of 5,00,00,000 (Five Crores) Series A CCDs
by MDPL from the Promoter. 

 

		3.5	Clause 3.1 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		3.1.	The Purchaser shall, and MDPL shall cause the Purchaser and its nominee to, pay to the Promoter
and the Other Shareholder, for the sale and purchase of the Sale Securities, the Purchase Price, subject to any reduction to be
strictly made to the extent of any amounts paid by the Company to the Promoter under Clause 4.3.3. The Purchaser acknowledges that
the Sale Securities are being offered at the Purchase Price on the understanding that the Purchaser will complete the purchase
of the Sale Securities on or before the Long Stop Date, irrespective of whether the adjustments contemplated under Clause 4.3.3
are made. Where any approvals are required for the Purchaser to achieve Closing, the same will be obtained on or before the Long
Stop Date at the cost of the Purchaser or MDPL.

 

		3.6	Clause 4.3.2 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		4.3.2	The Purchaser shall pay the Purchase Price, through its authorized dealer to the designated
bank accounts of the Promoter and the Other Shareholder. The bank accounts details of the Promoter and the Other Shareholder are
set forth in Schedule 4 to this Agreement. A copy of the SWIFT instructions issued by the Purchaser’s authorized dealer
shall be provided to the Promoter forthwith.

 

		3.7	The following Clause 4.3.11 shall be inserted after Clause 4.3.10 of the Securities Purchase Agreement:

 

		4.3.11	(a) Notwithstanding anything contained in Clause 4.3.4, Clause 4.3.5(b), Clause 4.3.6, Clause
4.3.7, Clause 4.3.8 or Clause 4.3.9, the Parties shall mutually agree to appoint a document custodian, being one of (a) Mr. B.
R. Srinivas of Dua Associates, Bangalore or (b) Mr. Shreyas Jayasimha, Advocate (“Custodian”), at least 7 (seven)
Business Days prior to the proposed Closing Date, after the Purchaser has provided proof to the Promoter that it has the necessary
funds to make payment of the Purchase Price on or before the Closing Date. On receipt of proof that the Purchaser has the necessary
funds to make payment of the Purchase Price on or before the Closing Date, the Promoter shall hand over the documents listed at
Annexure B to the Amendment Agreement to the Custodian at least 4 (four) Business Days prior to the Closing Date. 

 

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(b) On the
earlier of (i) being provided with a written confirmation from the Promoter that the Promoter has received the Purchase
Price; or (ii) being provided by the Purchaser with a letter stating that the Purchase Price has been credited to the Promoter’s
bank account, accompanied by: (a) a copy of irrevocable SWIFT instructions issued by the Purchaser’s bank bearing
out the transfer of the Purchase Price to the Promoter’s bank account in the Form MT-103, and (b) a letter from the
Purchaser’s bank stating that an amount equal to the Purchase Price has been debited from the Purchaser’s bank account
for being credited to the bank account of the Promoter, the Custodian shall release the documents listed at Annexure B to the
Amendment Agreement to MDPL and the Purchaser.

 

(c) If the
actions set out in the paragraph above are not completed within 10 (ten) days of handing over the documents as set out in Clause
4.3.11(a) above or the Long Stop Date, whichever is earlier, the Custodian shall release the documents listed at Annexure B
to the Amendment Agreement to the Company. 

 

(d) The Company
shall hand over the documents listed at Part 1 of Annexure B to the Amendment Agreement to MDPL only in the event of the
payment of the amount of Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred
Seventy Seven only) in the manner and within the timelines contemplated in Clause 5.6 or Clause 5.7.

 

		3.8	The following Clause 4.5 shall be inserted after Clause 4.4 of the Securities Purchase Agreement:

 

		4.5	Upon the completion of Closing, the Existing Agreements shall stand terminated and each Party
shall be deemed to have irrevocably and unconditionally waived its respective rights under the Existing Agreements, and released
all the other Parties from any and all claims, actions, causes of action and liabilities, past and present, whether known or unknown
or actual or contingent, that such Party may have against the other Parties, or their respective direct or indirect shareholders,
affiliates, officers, directors and/or employees that arise from or relate to the Existing Agreements.

 

		3.9	Clause 5.5 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		5.5	The Parties further agree that if the Closing has not been achieved on or before the Long Stop
Date: 

 

		(a)	the Company shall be entitled to enforce its rights under the Mortgage Deed 1, the Mortgage
Deed 2 and the Additional Mortgage Deed and no Party will have any claim against any other Party with respect to such enforcement,
subject to the obligations of MDPL under Clause 5.5(b); 

 

		(b)	MDPL shall do all such acts as may be necessary to ensure that the Company enjoys its right,
title and interest in the Property, the Mortgaged Property and the Additional Mortgaged Property, free from all Encumbrances, by
executing requisite documents, and stamping and registering the same, at no additional cost or liability to Company other than
the cost of stamp duty and registration fees;

 

		(c)	the Company shall be entitled to redeem at face value the 10,10,000 (Ten Lakh Ten Thousand)
optionally convertible debentures issued by the Company to MDPL;

 

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		(d)	the Company shall be deemed to have refunded the debenture application monies of Rs. 1,50,00,000
(Rupees One Crores Fifty Lakhs) paid to the Company by MDPL (along with any statutory interest payable thereon pursuant to the
Act);

 

		(e)	the Company shall be deemed to have refunded the advance payment of Rs. 5,00,00,000 (Rupees
Five Crores) received from MDPL on September 30, 2016;

 

		(f)	the Company shall be entitled to redeem at face value all outstanding NCDs (as defined in the
ARSPA) issued by the Company to MDPL pursuant to the CCD Closing(s) as defined in the ARSPA (except to the extent any NCDs have
to be re-classified into CCDs and purchased by the Promoter pursuant to the provisions of this Clause 5.5); and

 

		(g)	the Company shall be deemed to have refunded all amounts due from the Company to MDPL towards
the redemption of the NCDs. 

 

The obligation of the Company
to pay the amounts pursuant to Sub-Clause 5.5(c), Sub-Clause 5.5(d), Sub-Clause 5.5(e), Sub-Clause 5.5(f) and Sub-Clause 5.5(g),
shall be set off against the refundable deposit received by MDPL from the Company which will constitute the full and final settlement
of all such amounts payable pursuant to Sub-Clause 5.5(c), Sub-Clause 5.5(d), Sub-Clause 5.5(e), Sub-Clause 5.5(f) and Sub-Clause
5.5(g). Thereafter, none of the Company, the Promoter or the Other Shareholder shall have any liability to MDPL, the Purchaser
or any other Person acting on their behalf, in relation to such amounts. 

 

The actions
set out in Sub-Clause 5.5(a), Sub-Clause 5.5(b), Sub-Clause 5.5(c), Sub-Clause 5.5(d), Sub-Clause 5.5(e), Sub-Clause 5.5(f), and
Sub-Clause 5.5(g) are collectively referred to as “Separation”. The Parties agree that the requisite documents
for Separation shall include specifically (a) a sale deed for the sale of 10% (ten percent) undivided interest of MDPL in
the Property (including the right of MDPL to receive the built up area in accordance with the JDA) executed by MDPL in favour of
the Company in accordance with Clause 5.5(b) above, to be stamped and registered at the cost of the Company, and (b) the
historical original title documents of the Property that are available with MDPL. Where the 10% (ten percent) undivided interest
of MDPL in the Property (including the rights of MDPL to receive the built up area in accordance with the JDA) is not conveyed
and the historical original title documents of the Property are not handed over in the manner contemplated above, time being of
the essence, MDPL will be in default of this Agreement and the Company and the Promoter shall be entitled to enforce their rights
against MDPL in the manner contemplated under this Agreement.

 

Where all the actions set out
at Clause 5.5(a) to Clause 5.5(g) above have been completed, and where under the ARSPA, all the CCD Closings have been completed,
the Promoter shall purchase a calculated number of Series A CCDs from MDPL having a value of Rs. 15,00,00,000 (Rupees Fifteen Crores).

 

		3.10	Clause 5.6 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		5.6	(a) MDPL hereby waives any and all claims, right, title or interest that it (or its Affiliates,
including the Purchaser) may have in relation to the Property, the Mortgaged Property and/or the Additional Mortgaged Property,
upon the completion of the Separation and shall ensure that the Promoter and the Company can develop and sell the Property, the
Mortgaged Property and the Additional Mortgaged Property without any interference by MDPL or anyone claiming under MDPL or without
being required to provide any share in the development to MDPL. 

 

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(b) Upon the
completion of Separation in the manner contemplated in Clause 5.5 above, the Existing Agreements shall stand terminated and each
Party shall be deemed to have irrevocably and unconditionally waived its respective rights under the Existing Agreements, and released
all the other Parties from any and all claims, actions, causes of action and liabilities, past and present, whether known or unknown
or actual or contingent, that such Party may have against the other Parties, or their respective direct or indirect shareholders,
affiliates, officers, directors and/or employees that arise from or relate to the Existing Agreements.

 

(c) Further,
MDPL hereby waives any and all claims it may have against the Company and the Promoter in relation to the amounts referred to in
Sub-Clause 5.5(c), Sub-Clause 5.5(d), Sub-Clause 5.5(e), Sub-Clause 5.5(f) and Sub-Clause 5.5(g) above. 

 

(d) Where
Separation is not completed (inter alia, on account of reasons attributable to MDPL and/or the Purchaser) on or before the expiry
of 15 (fifteen) days from the Long Stop Date (as applicable), the Purchaser and/or MDPL shall have a one-time option to pay / cause
MDPL to pay Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy
Seven only) to the Company. Upon receipt of such sum of Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs
Seventeen Thousand Four Hundred Seventy Seven only) within the said 15 (fifteen) day period, the JDA shall stand terminated and
the mortgages against the Mortgaged Property 1, Mortgaged Property 2 and the Additional Mortgaged Property shall stand discharged,
(and the Parties shall execute such documents as maybe required to evidence the termination of the JDA and discharge of mortgages
against the Mortgaged Property 1, Mortgaged Property 2 and the Additional Mortgaged Property), and the Existing Agreements shall
stand terminated. Upon receipt of such sum of Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs Seventeen
Thousand Four Hundred Seventy Seven only) by the Company, the Company shall handover the documents listed in Part 1 of Annexure
B to the Amendment Agreement to MDPL. Upon receipt of an amount of Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores
Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy Seven only), the Company shall have no further claims against MDPL for
monies payable by MDPL to the Company as per the financial statements of the Company and MDPL, and the sum of Rs. 356,63,17,477
(Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy Seven only) shall be in full and
final discharge of all monies due to the Company and the Promoter. The Purchaser/MDPL and the Promoter/Company shall have no claims
against each other (including in respect of the NCDs), and any monies paid under the ARSPA shall stand forfeited and remain with
the Promoter.

 

(e) Where
neither Separation nor the option referred to in Clause 5.6(d) above is completed before the expiry of 30 (thirty) days from the
Long Stop Date (as applicable), the Existing Agreements shall stand terminated, subject to the rights of the Company under Clause
5.7 and all rights of the Parties shall be as per Clause 5.7 of this Agreement.

 

		3.11	Clause 5.7 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		5.7	(a) MDPL and the Purchaser agree that where the Separation does not take place in full within
30 (thirty) days from the Long Stop Date, the Company and the Promoter shall at their option be entitled to either (A) an
amount of Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy Seven
only) out of the amounts payable by MDPL to the Company as per the financial statements of the Company and MDPL, or (B)
(i) the Property (along with MDPL’s 10% (ten percent) undivided interest in the Property (including MDPL’s rights
to receive the built up area in accordance with the JDA) being transferred in favour of the Company, along with the historical
original title documents of the Property that are available with MDPL), (ii) the Mortgaged Property, (iii) the Additional
Mortgaged Property, and (iv) the rights of the Company to set off the amounts detailed in Sub-Clause 5.5(c), Sub-Clause
5.5(d), Sub-Clause 5.5(e), Sub-Clause 5.5(f) and Sub-Clause 5.5(g) against monies payable by MDPL to the Company as per the financial
statements of the Company and MDPL. 

 

(b) Where
the Company exercises its rights to seek the amount of Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs
Seventeen Thousand Four Hundred Seventy Seven only) against the amounts payable by MDPL to the Company as per the financial statements
of the Company and MDPL, the same shall be immediately due and payable by MDPL to the Company, notwithstanding anything else to
the contrary provided under the Existing Agreements.

 

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(c) Upon receipt
of an amount of Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy
Seven only), the Company shall have no further claims against MDPL for monies paid under the Existing Agreements and the sum of
Rs. 356,63,17,477 (Rupees Three Hundred Fifty Six Crores Sixty Three Lakhs Seventeen Thousand Four Hundred Seventy Seven only)
shall be in full and final discharge of all monies due to the Company and the Promoter. The Purchaser/MDPL and the Promoter/Company
shall have no claims against each other (including in respect of the NCDs), and any monies paid under the ARSPA shall stand forfeited
and remain with the Promoter.

 

		3.12	The Purchaser and MDPL agree that no consents or approvals shall be required from them in accordance
with the provisions of the Securities Purchase Agreement including pursuant to Clause 6 thereof, for the execution and performance
of this Amendment Agreement and the ARSPA. To the extent any such consent is required, the Purchaser and MDPL shall be deemed to
have provided the same.

 

		3.13	The following sub-clause shall be inserted as sub-clause (h) in Clause 7.1 of the Securities Purchase
Agreement, and the present sub-clause (h) shall be renamed as sub-clause (i):

 

(h) Pursuant
to the provisions of the Escrow Agreement entered into between the Parties and the Escrow Agent, the Company has received the title
deeds listed in the Escrow Agreement in relation to the Mortgaged Property 1, Mortgaged Property 2 and the Additional Mortgaged
Property. From the date on which the Company has received the aforesaid documents, the Company has not created any Encumbrance
thereon or on the Property and shall not create any Encumbrance on the Property, Mortgaged Property 1, Mortgaged Property 2 and
Additional Mortgaged Property till the Closing Date or the Long Stop Date, as applicable. 

 

		3.14	Clause 10.1 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		10.1	All notices, consents or other formal communications
required of the Parties hereto by this Agreement shall be in writing. All such communications shall be delivered by hand or registered
post or electronic transmission, addressed to the other party at the following address or at such other address as has been notified
by a Party. Such communications shall be deemed to have been delivered at the time of delivery (if delivered by hand), at the
time of transmission (if served by facsimile) or on the seventh business day after the date of posting (if served by prepaid post).

 

		a)	In the case of notices to the Company:

 

	 	Attention:	Mr. Hemant Kothari
	 	Address:	New No. 45 (Old No. 76), 2nd Floor, 2nd Main Road, 41st Cross, 

Jayanagar 8th Block, Bangalore – 560 070
	 	Telephone:	+91 80 4041 4422
	 	Email:	hemantk@elbitplazaindia.com

 

		b)	In case of notice to the Purchaser:

 

	 	Attention:	Mr. Baaskaran S.
	 	Address:	41, Vittal Mallya Road, Bangalore – 560 001
	 	Telephone:	+91 80 4130 0000
	 	Email:	baaskaran.s@mantri.in

 

		c)	In the case of notices to MDPL:

 

	 	Attention:	Mr. Baaskaran S.
	 	Address:	41, Vittal Mallya Road, Bangalore – 560 001
	 	Telephone:	+91 80 4130 0000
	 	Email:	baaskaran.s@mantri.in

 

		d)	In the case of notices to the Promoter:

 

	 	Attention:	Mr. Ron Hadassi
	 	Address:	7 Mota Gur, Olympia C Tower, Petach Tikva, 4900102 Israel
	 	Telephone:	+972 3 608 6045 
	 	Email:	ron@elbitimaging.com

 

		e)	In case of notices to the Other Shareholder:

 

	 	Attention:	Mr. Ron Hadassi
	 	Address:	7 Mota Gur, Olympia C Tower, Petach Tikva, 4900102 Israel
	 	Telephone:	+972 3 608 6045
	 	Email:	ron@elbitimaging.com

 

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		3.15	Clause 11.3 of the Securities Purchase Agreement shall be substituted and amended as under:

 

		11.3	Arbitration 

 

Any Dispute which is not settled
by the disputing parties through negotiations, after the period of 30 (thirty) days from the service of a notice of dispute, shall
be referred to and finally resolved by arbitration in Singapore in accordance with the rules of the Singapore International Arbitration
Center (“SIAC”). The Purchaser and MDPL collectively shall appoint one (1) arbitrator, the Promoter shall appoint
one (1) arbitrator, and the two (2) arbitrators so appointed shall appoint the third arbitrator. The language of the arbitration
shall be English. If any Party does not appoint an arbitrator within a period of 30 (thirty) days from the date on which the arbitration
is referred to the SIAC, such arbitrator will be appointed by the SIAC.

 

If any dispute raises issues
which are substantially the same as or connected with issues raised in a dispute which has already been referred to arbitration
under this Agreement or the Existing Agreements or the ARSPA (an “Existing Dispute”), or arises out of substantially
the same facts as are the subject of an Existing Dispute (in either case, a “Related Dispute”), the arbitral
tribunal appointed or to be appointed in respect of any such Existing Dispute shall also be appointed as the arbitral tribunal
in respect of any Related Dispute. Any dispute as to whether or not a dispute is a Related Dispute shall be referred to, and finally
resolved by, the arbitral tribunal appointed or to be appointed in respect of an Existing Dispute.

 

The arbitral tribunal, upon
the request of one of the parties to a dispute or a party to this Agreement which itself wishes to be joined in any reference to
arbitration proceedings in relation to a dispute, may join any party to this Agreement to any reference to arbitration proceedings
in relation to that dispute and may make a single, final award determining all disputes between them. Each of the Parties hereby
consents to be joined to any reference to arbitration proceedings in relation to any dispute at the request of a party to that
dispute.

 

Where, pursuant to the above
provisions, the same arbitral tribunal has been appointed in relation to two or more disputes, the arbitral tribunal may, with
the agreement of all the parties concerned or upon the application of one of the parties, being a party to each of the disputes,
order that the whole or part of the matters at issue shall be consolidated and/or heard together upon such terms or conditions
as the arbitral tribunal thinks fit.

 

		3.16	Schedule 4 of the Securities Purchase Agreement shall be replaced by the following:

 

DETAILS OF BANK ACCOUNT OF THE PROMOTER

 

DETAILS OF BANK ACCOUNT
OF THE OTHER SHAREHOLDER

 

		3.17	To the extent that any representations are made by the Promoter and Other Shareholder in the Securities
Purchase Agreement, relating to the title of the Promoter and the Other Shareholder to the securities issued by the Company to
them, or the creation of an Encumbrance thereon, the entire contents of the ARSPA and this Amendment Agreement shall be deemed
disclosed in relation to such representations.

 

		3.18	MDPL shall provide copies of all historical title documents in relation to the Property to the
Company within a period of 30 (thirty) days from the date of this Amendment Agreement.

 

		3.19	MDPL shall complete applicable filings with the jurisdictional Registrar of Companies in relation
to the charge on Mortgaged Property 1, Mortgaged Property 2 and the Additional Mortgaged Property within a period of 7 (seven)
days from the date of this Amendment Agreement.

 

		3.1	TERM AND TERMINATION

 

		3.1.1	This Amendment Agreement will become effective from September
30, 2016 and will remain in force until any of the Executed Documents are in force, subject to the terms hereof.

 

		3.1.2	Except as amended by this Amendment Agreement, all of the remaining
provisions of the Executed Documents remain in full force and effect. 

 

		3.1.3	The provisions of this Amendment Agreement will be governed by
and construed in accordance with the laws of India. Subject to Clauses 11.2 to 11.4 of the Securities Purchase Agreement (as amended
by this Amendment Agreement), the courts at Bangalore, India shall have supervisory jurisdiction in respect of this Amendment Agreement.

 

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		3.2	AMENDMENT

 

No modification
or amendment to this Amendment Agreement and no waiver of any of the terms or conditions hereto shall be valid or binding unless
made in writing and duly executed by all the Parties hereto.

 

		3.3	WAIVER

 

No delay in
exercising or omission to exercise any right, power or remedy accruing to a party hereto upon any default under this Amendment
Agreement shall impair any such right, power or remedy or shall be construed to be a waiver thereof or any acquiescence in such
default, nor shall the action or inaction of such party in respect of any default or any acquiescence by it in any default, affect
or impair any right, power or remedy in respect of any other default.

 

		3.4	NOTICES

 

Each notice, demand or other communication
given or made under this Amendment Agreement shall be made in accordance with the provisions of the relevant Executed Documents.

 

		3.5	COUNTERPARTS

 

This Amendment
Agreement may be executed in any number of counterparts and all of which taken together shall constitute one and the same instrument.
The parties hereto may enter into this Agreement by signing any such counterpart.

 

[Intentionally left blank]

 

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IN WITNESS WHEREOF,
the Parties have set their respective hands to this Agreement on the day, month and year first abovementioned

 

	COMPANY
	For AAYAS TRADE SERVICES PRIVATE LIMITED
	 
	 	 
	Hemant Kothari	 
	Authorised Signatory	 
	 	 
	PROMOTER
	For ELBIT PLAZA INDIA REAL ESTATE HOLDINGS LIMITED
	 
	 	 
	Hemant Kothari	 
	Authorised Signatory	 
	 	 
	OTHER SHAREHOLDER
	For KOYENCO LIMITED
	 
	 	 
	Hemant Kothari	 
	Authorised Signatory	 
	 	 
	PURCHASER
	For MINERVA INFRATECH PRIVATE LIMITED
	 	 
	 	 
	Baaskaran S.	 
	Authorised Signatory	 
	 	 
	MDPL
	For MANTRI DEVELOPERS PRIVATE LIMITED
	 	 
	 	 
	Baaskaran S.	 
	Authorised Signatory	 

 

	WITNESSES
	 	 	 
	 	 	 
	 	 	 
	Siddharth K. Vedula	 	.
	Level 3, Prestige Obelisk,	 	No. 41, Vittal Mallya Road,
	3, Kasturba Road,	 	Bangalore – 560 001
	Bangalore – 560 001 	 	 

 

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ANNEXURE A

 

Details of the Executed
Documents

 

		a)	Securities Purchase Agreement dated December 02, 2015 between
the Company, the Promoter, the Other Shareholder and the Purchaser and MDPL;

 

		b)	Registered Deed of Mortgage dated December 02, 2015 executed by B. N. Adarsh and MDPL in favour
of the Company;

 

		c)	Registered Deed of Mortgage dated December 02, 2015 executed by Kirthana Developers LLP and MDPL
in favour of the Company; and

 

		d)	Registered Deed of Mortgage dated June 21, 2016 executed by B. N. Adarsh and MDPL in favour of
the Company.

 

 

Page 15 of
15Exhibit 4.11

 

Execution
Version

 

SHARE
PURCHASE AGREEMENT

 

This
SHARE PURCHASE AGREEMENT is made as of this 7th day of February, 2019 (this “Agreement”),
by and between ELBIT IMAGING LTD., a public company incorporated under the laws of the State of Israel (Company No. 52-004303-5)
(the “Seller”) and FOCUSED HOLDINGS 3, as a Series of ECG LP, a limited partnership organized and existing
under the laws of Delaware (the “Purchaser”, and together with the Seller, each is referred to as a “Party”
and collectively as the “Parties”).

 

WHEREAS,
the Seller is the legal and beneficial holder of ordinary shares, no par value (“Ordinary Shares”) of Elbit
Medical Technologies Ltd., a public company incorporated under the laws of the State of Israel (Company No. 52-003964-5) (the
“Company”); and

 

WHEREAS,
under a Share Purchase Agreement, dated August 7, 2018, the Seller has sold to the Purchaser and its Affiliates (where an “Affiliate”
for purposes of this Agreement is an entity which controls, is controlled by, is under common control with, or is under common
management with, another entity) a total of 60,087,537 Ordinary Shares, constituting approximately 26% of the Company’s issued
and outstanding share capital; and

 

WHEREAS,
the Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, up to an additional aggregate
of 57,968,760 Ordinary Shares held legally and beneficially by the Seller (the “Maximum Amount of Shares”),
all pursuant to the terms and conditions more fully set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Parties hereby agree as follows:

 

		1.	Purchase
                                         and Sale of the Sale Shares.

 

1.1. Sale
of Shares. Subject to the terms and conditions hereof, at the Initial Closing and any Deferred Closings (as defined in Section
‎1.3 below), the Seller shall sell to the Purchaser, and the Purchaser shall purchase from the Seller, up to Maximum Amount
of Shares, at the relevant price per share, each having the rights and preferences and privileges set forth in the Company’s
Articles of Association (the “Articles”), which constitute in the aggregate on the date hereof approximately
25% of the issued and outstanding share capital of the Company, and approximately 16% of the issued and outstanding share capital
of the Company on a Fully Diluted Basis (as defined herein). Any Ordinary Shares purchased hereunder will be transferred by the
Seller to the Purchaser upon the payment by the Purchaser to the Seller of the relevant portion of the purchase price by means
of an “off-the-market” block sale transaction executed by the TASE members representing each of the parties, or other
method agreed to by the Parties.

 

For
purposes hereof, “Fully Diluted Basis” means taking into account all issued shares, warrants, options, convertible
loans, rights and convertible securities, on an as-if exercised and as-converted basis (including all rights and promises of any
kind that could directly or indirectly result in the acquisition of Ordinary Shares from the Company).

 

1.2. Initial
Closing. The initial closing of the sale and purchase of an aggregate number of between 3,760,417 and, at Purchaser’s election,
up to 28,984,380 Ordinary Shares (the “Initial Sale Shares”) at a price per Ordinary Share of NIS 0.96 (the
“Initial Price Per Share”) for Initial Sale Shares shall take place on or before March 18, 2019, or at such
other time and place as mutually agreed to by the Parties (the “Initial Closing”).

 

     

     

    

 

1.3. Deferred
Closings. Subject to the consummation of the Initial Closing, during the period beginning upon completion of the Initial Closing
and ending at 17:00 Israel time on May 13, 2019 (the “Deferred Closings Period”), the Purchaser shall have
the right, but not the obligation, upon delivery to the Seller of at least five (5) business days’ prior written notice,
to purchase additional Ordinary Shares at a price per Ordinary Share of NIS 1.02 (the “Deferred Price Per Share”)
(the “Deferred Sale Shares”, and together with the Initial Sale Shares, the “Sale Shares”)
in one or more deferred closings (each a “Deferred Closing” and, collectively, the “Deferred Closings”,
and together with the Initial Closing, each shall be referred to as a “Closing”), up to an aggregate amount
of Deferred Sale Shares at any Deferred Closing equal to: (i) the Maximum Amount of Shares; minus (ii) the Initial Sale
Shares; minus (iii) any Deferred Sale Shares already purchased by the Purchaser; minus (iv) any Ordinary Shares
sold by the Seller to a thirty party with respect to which it paid the Purchaser the Compensation (as defined in Section ‎4.3(b)
below) (the “Adjusted Maximum Amount”); provided that the consideration for the Deferred Sale Shares purchased
in any such Deferred Closing (other than the final Deferred Closing) must be equal to or greater than NIS 3,500,000.

 

1.4. Conditions
Precedent.

 

(a) The
obligations of the Purchaser at a Closing are subject to the satisfaction of each of the following conditions on or prior to such
Closing, any of which may be waived by the Purchaser in its sole discretion:

 

(i) The
representations and warranties of the Seller shall be true and correct in all material respects as of the date hereof and as of
such Closing as though made at that time, and the Seller shall have performed, satisfied and complied in all material respects
with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at
or prior to such Closing.

 

(ii) To
the extent required under law, any regulatory approval for the sale and purchase of the Sale Shares shall have been obtained.

 

(iii) The
Seller shall have delivered to the Purchaser prior to the Initial Closing the Amended and Restated Voting Agreement in the form
attached hereto as Exhibit A (the “Voting Agreement”), dated as of the Initial Closing, duly
executed by the Seller.

 

(b) The
obligations of the Seller at a Closing are subject to the satisfaction of each of the following conditions on or prior to such
Closing, any of which may be waived by the Seller in its sole discretion:

 

(i) The
representations and warranties of the Purchaser shall be true and correct in all material respects as of the date hereof and as
of such Closing as though made at that time.

 

(ii) To
the extent required under law, any regulatory approval for the sale and purchase of the Sale Shares shall have been obtained.

 

(iii) The
Purchaser shall have delivered to the Seller prior to the Initial Closing the Voting Agreement, dated as of the Initial Closing,
duly executed by the Purchaser.

 

    2

     

    

 

2. Adjustments.

 

2.1. Adjustments.
Notwithstanding anything to the contrary herein, the relevant price per share hereunder and the number and kind of Sale Shares
issuable hereunder are subject to adjustment, in the event of changes in the outstanding Ordinary Shares of the Company by reason
of any: (i) distributions (of shares, securities or other property of the Company, by way of dividend or otherwise), (ii) share
splits, (iii) reverse-share splits, (iv) reclassifications, or (v) any other similar event. In any such case the number and class
of shares available for purchase by the Purchaser under this Agreement in the aggregate, and the relevant price per share, shall
be correspondingly adjusted to give the Purchaser the total number, class and kind of shares as the Purchaser would have owned
had this Agreement been exercised (in full) immediately prior to the event and had the Purchaser continued to hold such shares
until immediately after the event requiring adjustment.

 

2.2. Certificate
as to Adjustment. Whenever there is an adjustment pursuant to Section ‎2.1, the Seller shall promptly issue and
deliver to the Purchaser a certificate setting forth, in reasonable detail, the nature of the adjustment, the adjusted price per
share, and the number, class and kind of Sale Shares purchasable hereunder after giving effect to such adjustment. The form of
this Agreement need not be changed because of any adjustment in the number, class or kind of shares in the Company subject to
this Agreement or any adjustment in the price per share.

 

3. Representations
and Warranties.

 

3.1. Each
Party represents and warrants to the other Party, as of the date of the Closing, as follows:

 

(a) Authorization;
Validity. It has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
This Agreement has been duly executed and delivered and constitutes the lawful, valid and legally binding obligation of such Party,
enforceable in accordance with its applicable terms and conditions.

 

(b) No
Breach. Neither the execution and delivery of this Agreement, or any ancillary document attached hereto, nor compliance by
such Party with the terms and provisions hereof or thereof, will conflict with, or result in a breach or violation of, any of
the terms, conditions and provisions of: (i) any judgment, order, injunction, decree, or ruling of any court or governmental authority,
domestic or foreign to which such Party is party or by which such Party is bound; (ii) any agreement, contract, lease, license
or commitment to which such Party is a party or to which it is subject, or to which any of its properties is subject; or (iii)
applicable law, statute, ordinance, or regulation.

 

3.2. The
Purchaser represents and warrants to the Seller as follows:

 

(a) Investment
Purpose; No Affiliation with Other Investors; No Controlling Interest. The Purchaser is purchasing the Sale Shares for its
own account and not in conjunction with any other party purchasing the Sale Shares under the terms and conditions hereof. The
Purchaser is purchasing for investment purposes only and not with a view to, or for resale in connection with, the public sale
or distribution thereof. There are no agreements between the Purchaser and any other party with respect to the purchase or sale
of securities of the Company or with respect to the voting rights in the Company other than pursuant to the Voting Agreement.

 

(b) Knowledge
and Experience. The Purchaser has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of its investment in the Company, has evaluated the merits and risks of such investment, accepts the terms
and conditions of such investment, has the ability to bear the economic risks of its investment for an indefinite period of time,
can afford the complete loss of its investment and recognizes that an investment in the Company involves substantial risk.

 

(c) Access
to Information. The Purchaser acknowledges that the Company files reports regarding material aspects of its activity in accordance
with the Israeli Securities Law, 5728-1968 (the “Securities Law”) and the regulations promulgated thereunder,
and that such reports are available to the Purchaser.

 

    3

     

    

 

(d) General
Solicitation. The Purchaser is not purchasing the Sale Shares as a result of, and the Purchaser is not aware of, any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio
or presented at any seminar relating to the sale of the Sale Shares.

 

(e) No
Other Representations and Warranties. Except for the representations and warranties expressly and specifically made by the
Seller in this Agreement, the Seller does not make any express or implied representation or warranty, and the Seller hereby disclaims
all other representations and warranties of any kind or nature, express or implied.

 

(f) The
Securities Law and the Israeli Companies Law. The Purchaser acknowledges that the Company is a public company and the Ordinary
Shares are listed for trade on the Tel Aviv Stock Exchange. The Company is subject to the Securities Law and the Israeli Companies
Law, 5759-1999 including (but not limited to) provisions in respect of: (i) shareholders’ responsibilities (including the
obligation of a major shareholder to update the Company on any transaction in its shares; (ii) prohibition of the use of inside
information about the Company; and (iii) prohibition of acquiring (including together with others) 90% or more of the Company’s
outstanding share capital, except by means of a full tender offer.

 

3.3. The
Seller represents and warrants to the Purchaser as follows:

 

(a) Sale
Shares.

 

(i) All
Sale Shares have been duly and validly issued, and are fully paid and non-assessable.

 

(ii) The
Seller is the lawful owner, beneficially and of record, of all of the Sale Shares being transferred by the Seller hereunder and
of all rights thereto, which Sale Shares are, and shall be upon transfer hereunder, free and clear of all liens, claims, charges,
encumbrances, restrictions, rights, options to purchase, proxies, voting trust and other voting agreements, calls or commitments
of any kind, other than any such rights and restrictions that are applicable to the Sale Shares pursuant to the Articles.

 

(iii) The
Maximum Amount of Shares constitutes approximately 25.0% of the issued and outstanding share capital of the Company, and approximately
16% of the issued and outstanding share capital of the Company on a Fully Diluted Basis on the date hereof.

 

(b) Disputes.
There is no suit, action, proceeding, claim or investigation pending or, to the knowledge of the Seller, threatened, against the
Seller that seeks to prevent the Seller from consummating the transactions contemplated by this Agreement.

 

(c) Accuracy
of Public Disclosures. All of the information included in the Company’s public reports and filings (filed with the Israel
Securities Authority or with the Tel Aviv Stock Exchange) made since January 1, 2016 were accurate in all material respects as
of the date of publication. Since January 1, 2016, any material information which was required to be disclosed to the public under
Israeli law, has been disclosed by the Company in accordance with applicable law.

 

3.4. The
representations and warranties of each Party contained in this Section ‎3 shall survive the Closing hereunder and continue
in full force and effect thereafter.

 

4. Fiduciary
Duty; Right of First Refusal; Compensation; Co-Sale.

 

4.1. Sale
of Ordinary Shares to Third Parties.

 

(a) During
the Deferred Closings Period the Seller shall not sell any Ordinary Shares out of the Maximum Amount of Shares (as adjusted according
to Section 1.3 above) except in accordance with the provisions of this Section ‎4, and, in no event, for a price of
less than 107.5% of the Deferred Price Per Share. It is made clear that: (i) there are no restrictions on the disposition (including,
but not limited to a sale, pledge, transfer and any similar transaction) of Ordinary Shares of the Company, by the Seller, that
are not out of the Maximum Amount of Shares (as adjusted according to Section 1.3 above) (the “Free Shares”);
and (ii) in any sale of Ordinary Shares of the Company, by the Seller, the Free Shares will be deemed to be the first to be sold.

 

    4

     

    

 

(b) The
Seller shall comply with the provisions of this Section ‎4 until the earlier of: (a) the end of the Deferred Closings
Period; and (b) the time at which the Adjusted Maximum Amount has been reduced to zero.

 

4.2. Right
of First Refusal.

 

(a) If
at any time during the Deferred Closings Period, the Seller receives a bona fide binding offer from a third party (a “Proposed
Purchaser”) to acquire any number of Ordinary Shares (the “Proposed Shares”) for a price per share
that is at least 107.5% of the Deferred Price Per Share (the “Proposed PPS” and the “Offer”,
respectively), and the Seller wishes to sell, assign, transfer, or otherwise dispose of (each, a “Transfer”)
the Proposed Shares on such terms, then the Purchaser shall have a right of first refusal to acquire up to an aggregate amount
of Ordinary Shares equal to the Adjusted Maximum Amount of Shares for the Proposed PPS, in accordance with the provisions set
forth in this Section ‎4 (the “ROFR Shares”).

 

(b) The
Seller shall provide the Purchaser with an offer stating the terms of the proposed Transfer (the “ROFR Notice”).
The Purchaser may accept the terms of purchase set forth in the ROFR Notice by giving the Seller notice to that effect (the “ROFR
Acceptance”) within ten (10) business days after being served with the ROFR Notice (the “Acceptance Period”).

 

(c) The
ROFR Acceptance shall include the date on which the Purchaser will purchase the ROFR Shares in consideration for the Proposed
PPS, which shall be on or by the later of: (i) five (5) business days after the date of the ROFR Acceptance; and (ii) three (3)
days prior to the proposed date of closing of the Transfer of the Proposed Shares in the Offer.

 

4.3. Termination
Notice.

 

(a) If
the Purchaser either: (i) does not deliver a ROFR Acceptance to the Seller during the Acceptance Period or (ii) delivers a ROFR
Acceptance to the Seller during the Acceptance Period, but fails to comply with its obligations with respect to acquiring the
ROFR Shares within the above mentioned time frame, then the Seller shall be entitled to accept the Offer (at a price per share
equal to or higher than the Proposed PPS), and if the Seller does accept the Offer, then it shall notify the Purchaser of such
acceptance of the Offer and the automatic termination of this Agreement with respect to such number of Ordinary Shares actually
sold to the Proposed Purchaser (a “Termination Notice” and the “Sold Shares” respectively),
the details of which shall include the identity of the Proposed Purchaser, the Proposed PPS, and any other terms and conditions
of the acquisition.

 

(b) In
consideration for the Purchaser’s time and effort and expenses in connection with this Agreement with respect to the number
of Sold Shares subject to that Termination Notice, the Seller shall pay to the Purchaser, on or by the date of the consummation
of the sale of the Sold Shares, a fee (the “Compensation”) equal to:

 

(i) for
the first NIS 10,000,000 of the Increased Consideration (calculated in accordance with Section ‎4.3(c) below), a fee
equal to 15% of the Increased Consideration; and

 

(ii) thereafter,
a fee equal to 5% of the Increased Consideration in excess of the first NIS 10,000,000 of the Increased Consideration.

 

    5

     

    

 

(c) For
the purpose of Section ‎4.3(b), “Increased Consideration” is calculated using the following formula:

 

IC=SS
x (CPPS – PPS)

 

Where:

 

IC=the
Increased Consideration.

 

SS=the
Sold Shares minus any Ordinary Shares sold by the Purchaser in accordance with Section 4.4 below.

 

CPPS=the
higher of (A) the Proposed PPS and (B) 110% of the Deferred Price Per Share.

 

PPS=the
Deferred Price Per Share.

 

4.4. Co-Sale
Right. Within five (5) business days of being served with the Termination Notice (the “Election Period”),
the Purchaser may deliver to the Seller a notice in which it elects to participate in the sale of the Sold Shares to the Proposed
Purchaser (the “Co-Sale Election Notice”). In the event that the Purchaser delivers the Co-Sale Election Notice,
then the Purchaser shall sell to the Proposed Purchaser, at the Proposed PPS, the Ordinary Shares it has already acquired under
this Agreement on the same terms and conditions as set forth in the Offer, such that the Purchaser shall Transfer to the Proposed
Purchaser the number of Ordinary Shares equal to the outcome of: (a) the Proposed Shares; multiplied by (b) (i) the aggregate
number of Ordinary Shares held by it; divided by (ii) the aggregate number of Ordinary Shares held by the Parties; and
the number of Ordinary Shares to be sold by the Seller pursuant to the Offer shall be reduced accordingly.

 

5. Miscellaneous.

 

5.1. Notices.

 

(a) Any
notice required or permitted to be given by either Party under this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of: (i) personal delivery; (ii) transmission, if transmitted by electronic mail during normal business
hours of the recipient, or, if not sent during normal business hours, the recipient’s next business day (provided, that,
in either case, the transmitting party shall not have received a bounce-back or other notice of the failure of such delivery);
(iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv)
two (2) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day
delivery, with written verification of receipt.

 

(b) Until
receipt of written notice to the contrary, the Parties’ addresses for notices are as follows:

 

	Seller	 	Purchaser
	 	 	 
	Elbit
    Imaging Ltd.	 	Focused
    Holdings 3, as a series of ECG LP
	3
    Shimshon St., Olympia C Tower	 	250
    Park Avenue, 7th Floor
	Petach
    Tikva, 4900102 Israel	 	New
    York, NY 10177
	Attn:
    Yael Naftali, CFO	 	Attn:
    Sim Mann
	Email:
    Yaele@elbitimaging.com	 	Email:
    smann@exigentcap.com

 

    6

     

    

 

5.2. Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the
parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason
of this Agreement, except as expressly provided in this Agreement. None of the rights, privileges, or obligations set forth in,
arising under, or created by this Agreement may be assigned or transferred without the prior consent in writing of the Seller
and the Purchaser, provided however, that the Purchaser may assign all or any part of its rights and obligations hereunder to
its Affiliates or other Affiliates of Exigent Management Ltd.

 

5.3. Governing
Law; Jurisdiction. This Agreement shall be governed by and construed according to the laws of the State of Israel, without
regard to the conflict of laws provisions thereof. Any dispute arising under or in relation to this Agreement shall be resolved
exclusively in the competent courts of Tel Aviv, Israel, and each Party hereby irrevocably submits to the exclusive jurisdiction
of such courts.

 

5.4. Counterparts.
This Agreement may be executed and delivered by PDF format or other electronic transmission and in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

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

 

5.6. Amendments
and Waivers. Any term of this Agreement may be amended, terminated or waived (either prospectively or retroactively and either
generally or in a particular instance) only with the written consent of the Seller and the Purchaser.

 

5.7. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision.

 

5.8. Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in 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. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of
any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set
forth in such writing.

 

    7

     

    

 

5.9. Entire
Agreement. This Agreement (including the Schedules hereto) constitutes the full and entire understanding and agreement between
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 are expressly canceled.

 

5.10. Expenses.
Each Party shall pay all of its own costs and expenses it incurs with respect to the negotiation, execution, delivery and performance
of this Agreement.

 

[Remainder
of Page Intentionally Left Blank]

 

    8

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Share Purchase Agreement as of the date first written above.

  

	SELLER	 	PURCHASER
	 	 	 
	ELBIT
    IMAGING LTD.	 	FOCUSED
    HOLDINGS 3, as a Series of ECG LP
	 	 	 
	By:	 	 	By  its
    General Partner FOCUSED PARTNERS 3 LP:
	Name:	           	 	Name:	       
	Title	 	 	Title	 

 

    

     

    

 

EXHIBIT
A: Amended and Restated Voting Agreement

 

This
AMENDED AND RESTATED VOTING AGREEMENT (this “Agreement”) is made as of this 7th day of February,
2019 (the “Effective Date”), by and between ELBIT IMAGING LTD., a public company incorporated under
the laws of the State of Israel (Company No. 52-004303-5) (the “Elbit Imaging”) and FOCUSED PARTNERS 3 LP,
as general partner of FOCUSED HOLDINGS 3, as a Series of ECG LP,  and on behalf of its Affiliates (collectively, “FP3”,
and together with Elbit Imaging, each is referred to as a “Party” and collectively as the “Parties”).
(For purposes of this Agreement, an “Affiliate” is an entity which controls, is controlled by, is under common control
with, or is under common management with, another entity); and

 

WHEREAS,
the Parties are the legal and beneficial holders of ordinary shares, no par value (“Ordinary Shares”) of Elbit
Medical Technologies Ltd., a public company incorporated under the laws of the State of Israel (Company No. 52-003964-5) (the
“Company”);

 

WHEREAS,
Elbit Imaging and Focused Holdings 3, as a Series of ECG LP, entered into a Voting Agreement as of August 7, 2018 (the
“Voting Agreement”) which set forth certain matters regarding their holdings in the Company and to provide
for the continuing representation of the parties on the Board of Directors of the Company; and

 

WHEREAS,
the Parties wish to amend and restate the Voting Agreement in the manner set forth below.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Parties hereby agree as follows:

 

6. Composition
of the Board of Directors.

 

6.1. Each
Party undertakes to vote or cause to be voted all Ordinary Shares owned by it (including without limitation, any Ordinary Shares
owned by it upon exercise or conversion of any options, warrants or other convertible securities it holds) (the “Voting
Securities”) at any General Meeting of the Company (a “General Meeting”) at which members of the
Company’s Board of Directors (the “Board”) are appointed, on the terms set forth herein.

 

6.2. The
parties agree to use their power as shareholders in the Company so that as long as FP3 is the legal and beneficial holder of ten
percent (10%) or more of the Company’s issued and outstanding Ordinary Shares then the Board shall be comprised of seven
(7) members, of whom:

 

(a) two
(2) members of the Board shall be external directors (“dahatzim”), in accordance with Section 239 of the Israeli
Companies Law 5759-1999 (the “External Directors”); and

 

(b) one
(1) member of the Board shall be an independent director as defined under the Nasdaq rules and regulations (the “Independent
Director”).

 

6.3. The
Parties shall use their Voting Securities to elect the members of the Board (excluding the Independent Director) (the “Board
Members”) as follows:

 

(a) If
FP3 is the legal and beneficial holder of less than ten percent (10%) of the Company’s issued and outstanding Ordinary Shares,
then all candidates to serve as Board Members will be proposed by Elbit Imaging; and the Parties will vote in favor of electing
those candidates.

 

(b) If
FP3 is the legal and beneficial holder of ten percent (10%) or more of the Company’s issued and outstanding Ordinary Shares
but less than thirty percent (30%) of the Company’s issued and outstanding Ordinary Shares, then (i) five (5) candidates
to serve as Board Members (including the two (2) candidates to serve as External Directors) will be proposed by Elbit Imaging
and (ii) one (1) candidate will be proposed by FP3; and the Parties will vote in favor of electing those candidates;

 

    Ex.A-1

     

    

 

(c) If
FP3 is the legal and beneficial holder of thirty percent (30%) or more of the Company’s issued and outstanding Ordinary
Shares but less than thirty-five percent (35%) of the Company’s issued and outstanding Ordinary Shares, then (i) four (4)
candidates to serve as Board Members (including one (1) candidate to serve as an External Director) will be proposed by Elbit
Imaging; and (ii) two (2) candidates to serve as Board Members (including one (1) candidate to serve as an External Director)
will be proposed by FP3; and the Parties will vote in favor of electing those candidates; and

 

(d) If
FP3 is the legal and beneficial holder of thirty-five percent (35%) or more of the Company’s issued and outstanding Ordinary Shares,
then: (i) three (3) candidates to serve as Board Members (including one (1) candidate to serve as an External Director) will be
proposed by Elbit Imaging, and (ii) three (3) candidates to serve as Board Members (including one (1) candidate to serve as an
External Director) will be proposed by FP3 provided however, that if the percentage shareholding of FP3 of the Company’s issued
and outstanding Ordinary Shares in such case is more than 1.5 times the percentage shareholding of Elbit Imaging of the Company’s
issued and outstanding Ordinary Shares, then: (i) two (2) candidates to serve as Board Members (including one (1) candidate to
serve as an External Director) will be proposed by Elbit Imaging, and (ii) four (4) candidates to serve as Board Members (including
one (1) candidate to serve as an External Director) will be proposed by FP3. The Parties will vote in favor of electing those
candidates.

 

6.4. The
Party holding the majority of Ordinary Shares held by the Parties (the “Majority Party”) shall, after consultation
with the other Party, propose the candidates for the position of Independent Director, and the Parties shall vote their Voting
Securities to vote in favor of electing the Independent Director proposed by the Majority Party. For the avoidance of doubt, the
Majority Party shall have no obligation to accept any recommendation of candidates for the positions of Independent Director from
the other Party.

 

6.5. Notwithstanding
the foregoing, in the event of the termination or vacancy of position of a member of the Board, who was proposed by a Party (in
this section, the “Nominating Party”), then, subject to a notice by the Nominating Party of its wish to fill
such vacancy, each Party shall use its best efforts, subject to applicable law, to cause the Company to call for a General Meeting
for the election of a replacement member whose identity will be determined by the Nominating Party and to vote or cause to be
voted all of its Voting Securities in favor of the election of such candidate.

 

6.6. A
Nominating Party is not obligated to exercise its rights to propose a member of the Board as stipulated in this section and the
exercise of such rights is subject to the Nominating Party’s full discretion. The fact that a Nominating Party has not exercised
its rights immediately following the creation of a vacancy in the Board or for any period of time afterwards, shall not be deemed
to be, or construed as, a waiver by such Nominating Party of its rights under this Agreement, and the other Party shall act to
fulfill its obligations under this Agreement immediately after the Nominating Party has notified of its wish to exercise its rights
under the Agreement.

 

6.7. The
Parties shall not vote to terminate the office of a member of the Board who was proposed by a Party without obtaining the prior
written consent of the nominating Party.

 

6.8. Each
Party undertakes not to vote any Voting Securities (whether at a meeting of shareholders or by written consent in lieu of a meeting
of shareholders) with respect to the election, removal or replacement of the members of the Board or their replacements unless
in accordance with the provisions of this Agreement. To the extent the number of members of the Board is increased above seven,
notwithstanding the Parties’ undertaking in Section 1.2, the Parties shall act in good faith to retain the same relative nomination
rights set forth in this Section 1 with respect to the increased Board.

 

6.9. In
the event of any share split, share dividend, recapitalization, reorganization, combination or the acquisition or receipt of additional
Company shares, the provisions of this Agreement shall apply also to any Ordinary Shares issued to or otherwise held by the Parties.

 

    Ex.A-2

     

    

 

7.
Right of First Offer.

 

7.1. Subject
to Section ‎2.2 below, commencing May 13, 2019, in the event that a Party (the “Transferor”) wishes
to sell, assign, transfer, or otherwise dispose of (other than by way of the pledge, hypothecation or grant of any security interest
in (each, a “Lien”) any Ordinary Shares held by a Party, to the extent that such Lien expressly provides by
its terms that the realization of such Lien and the resulting intended transfer of the shares underlying such Lien shall be considered
a Transfer for all intents and purposes of, and be subject to all of the provisions governing Transfers of shares under these
Agreement, including for purposes of this Section ‎2) (each, a “Transfer”) its Ordinary Shares,
then it shall only do so in accordance with the following provisions (the “ROFO”):

 

(a) The
Transferor deliver a notice (a “ROFO Notice”) to the other Party (the “Entitled Shareholder”)
stating: (i) its bona fide intention to Transfer Ordinary Shares held by it; (ii) the number of such Ordinary Shares to be offered
(the “Offered Shares”); and (iii) the price and terms, if any, upon which it proposes to Transfer such Offered
Shares.

 

(b)
The Entitled Shareholder shall have ten (10) Business Days (as defined below) after receiving the ROFO Notice (the “Acceptance
Period”) to deliver to the Transferor an offer (a “ROFO Offer”) to acquire all or any portion of
the Offered Shares, in which it shall state: (i) the amount of Ordinary Shares it will purchase out of the Offered Shares (the
“Purchased Shares”); (ii) the price per share for which it will pay for the Purchased Shares (the “ROFO
PPS”); and (iii) the date on which the Entitled Shareholder will purchase the Purchased Shares in consideration for
the ROFR PPS, which shall be no more than five (5) business days after the end of the Acceptance Period (the “Payment
Date”). A failure by the Entitled Shareholder to deliver a ROFO Offer during the Acceptance Period or to pay the full
consideration for the Purchased Shares (calculated by multiplying the: (a) number of Purchased Shares; by (b) the ROFO PPS) on
the Payment Date, shall be deemed to be a waiver of its ROFO with respect to the proposed Transfer of such Offered Shares.

 

“Business
Day” shall mean - Every day on which most of the banks in Israel are open for transactions.

 

(c) If
the Entitled Shareholder either waives its ROFO, does not deliver a ROFO Offer during the Acceptance Period, or does not pay the
full consideration for the Purchased Shares on the Payment Date, then the Transferor may, during the period of ninety (90) days
following the expiration of the Acceptance Period (“Permitted Sale Period”), offer the Offered Shares to any
person or persons at a price higher than the ROFO PPS. If the Transferor does not consummate an agreement during the Permitted
Sale Period, then the Transfer of the Offered Shares shall again be subject to the provisions of this Section ‎2.1.

 

7.2. Notwithstanding
the foregoing, the ROFO in Section ‎2.1 above shall not apply to any Transfer by a Transferor of up to three and a half percent
(3.5%) of the issued and outstanding share capital of the Company in any forty-five (45) day period.

 

    Ex.A-3

     

    

 

8. Termination.

 

Either
party may terminate this Agreement following the third (3rd) anniversary of the Effective Date. This Agreement shall
automatically terminate at the time at which either Party no longer holds any Ordinary Shares.

 

9. No
Revocation.

 

This
Agreement is coupled with an interest and may not be modified, amended, revoked or terminated, except by expiration or termination
in accordance with Section ‎3 above or an amendment effected in accordance with Section ‎5.6 hereof.

 

10. Miscellaneous.

 

10.1. Notices.

 

(a) Any
notice required or permitted to be given by either Party under this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of: (i) the day of personal delivery; (ii) transmission, if transmitted by electronic mail during normal
business hours of the recipient, or, if not sent during normal business hours, the recipient’s next business day (provided,
that, in either case, the transmitting party shall not have received a bounce-back or other notice of the failure of such delivery);
(iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv)
two (2) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day
delivery, with written verification of receipt.

 

(b) The
Parties’ addresses for notices are as follows:

 

	Elbit
    Imaging	 	FP3
	 	 	 
	Elbit
    Imaging Ltd.	 	Focused
    Partners 3
	3
    Shimshon St., Olympia C Tower	 	250
    Park Avenue, 7th Floor
	Petach
    Tikva, 4900102 Israel	 	New
    York, NY 10177
	Attn:
    Yael Naftali, CFO	 	Attn:
    Sim Mann
	Email:
    Yaele@elbitimaging.com	 	Email:
    smann@exigentcap.com

 

10.2. Successors
and Assigns. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement. None of the rights, privileges, or obligations set forth in, arising under, or
created by this Agreement may be assigned or transferred without the prior written consent of the Parties.

 

10.3. Governing
Law; Jurisdiction. This Agreement shall be governed by and construed according to the laws of the State of Israel, without
regard to the conflict of laws provisions thereof. Any dispute arising under or in relation to this Agreement shall be resolved
exclusively in the competent courts of Tel Aviv, Israel, and each Party hereby irrevocably submits to the exclusive jurisdiction
of such courts.

 

10.4. Counterparts.
This Agreement may be executed and delivered by PDF format or other electronic transmission and in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

    Ex.A-4

     

    

 

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

 

10.6. Amendments
and Waivers. This Agreement replaces in its entirety the Voting Agreement entered into August 7, 2018. Any term of this Agreement
may be amended, terminated or waived (either prospectively or retroactively and either generally or in a particular instance)
only with the written consent of Elbit Imaging and FP3.

 

10.7. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision.

 

10.8. Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in 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. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of
any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set
forth in such writing.

 

10.9. Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement between 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 are expressly canceled.

 

10.10.
Expenses. Each Party shall pay all of its own costs and expenses it incurs with respect to the negotiation, execution,
delivery and performance of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

 

	ELBIT
    IMAGING LTD.	 	FOCUSED
    PARTNERS 3 LP
	 	 	 
	By:	         	 	By:	       
	Name:	 	 	Name:	 
	Title	 	 	Title	 

 

    Ex.A-5

     

    

 

We
hereby acknowledge and agree to this Amended and Restated Voting Agreement:

 

	FOCUSED
    HOLDINGS 3, as a Series of ECG LP	 
	 	 
	By its
    General Partner: Focused Partners 3 LP	 
	 	 
	Name:	 	 
	Title	            	 

 

 

Ex.A-5

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