Document:

wish-ex46_278.htm

 

Exhibit 4.6

 

DESCRIPTION OF CAPITAL STOCK

General

 

The following description of the capital stock of ContextLogic Inc. (“us”, “our,” “we”, or the “Company”) is a summary. We have adopted an amended and restated certificate of incorporation and amended and restated bylaws, and this description summarizes the provisions that are included in such documents. Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this Exhibit 4.6, you should refer to our amended and restated certificate of incorporation, amended and restated bylaws and amended and restated investors’ rights agreement, each previously filed with the Securities and Exchange Commission and incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.6 is a part, and to the applicable provisions of Delaware law. 

 

Our authorized capital stock consists of 3,600,000,000 shares, all with a par value of $0.0001 per share, of which:

 

	
 
	
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3,000,000,000 shares are designated as Class A common stock;

 

	
 
	
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500,000,000 shares are designated as Class B common stock; and

 

	
 
	
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100,000,000 shares are designated as preferred stock.

 

Common Stock

We have two classes of authorized common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting, conversion and transfer rights.

Dividend Rights

Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that our board of directors may determine. Under Delaware law, we can only pay dividends either out of “surplus” or out of the current or the immediately preceding year’s net profits. Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory capital. The value of a corporation’s assets can be measured in a number of ways and may not necessarily equal their book value.

Voting Rights

The holders of our Class B common stock are entitled to 20 votes per share, and holders of our Class A common stock are entitled to one vote per share. The holders of our Class A common stock and Class B common stock vote together as a single class, unless otherwise required by law or our amended and restated certificate of incorporation.

Our amended and restated certificate of incorporation provides that as long as any shares of Class B common stock remain outstanding, we shall not, without the prior affirmative vote of the holders of a majority of the outstanding shares of Class B common stock, voting as a separate class, in addition to any other vote required by applicable law or our amended and restated certificate of incorporation:

 

	
 
	
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amend, alter, or repeal any provision of our amended and restated certificate of incorporation or amended and restated bylaws that modifies the voting, conversion or other powers, preferences, or other special rights or privileges, or restrictions of our Class B common stock; or

 

 

 

	
 
	
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reclassify any of our outstanding shares of Class A common stock into shares having rights as to dividends or liquidation that are senior to our Class B common stock or the right to more than one (1) vote for each share thereof.

Delaware law or our amended and restated certificate of incorporation would require either holders of our Class A common stock or our Class B common stock to vote separately as a single class in the following circumstances:

 

	
 
	
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if we were to seek to amend our amended and restated certificate of incorporation to increase the authorized number of shares of a class of stock, or to increase or decrease the par value of a class of stock, then that class would be required to vote separately to approve the proposed amendment; and

 

	
 
	
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if we were to seek to amend our amended and restated certificate of incorporation in a manner that alters or changes the powers, preferences or special rights of a class of stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment.

The holders of common stock do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting power of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election. Except for the election of directors, if a quorum is present, an action on a matter is approved if it receives the affirmative vote of the holders of a majority of the voting power of the shares of capital stock present in person or represented by proxy at the meeting and entitled to vote on the matter, unless otherwise required by applicable law, the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws. The election of directors will be determined by a plurality of the votes cast in respect of the shares present in person or represented by proxy at the meeting and entitled to vote, meaning that the nominees with the greatest number of votes cast, even if less than a majority, will be elected. The rights, preferences and privileges of holders of common stock are subject to, and may be impacted by, the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future.

 

No Preemptive or Similar Rights

Except for the conversion provisions with respect to our Class B common stock described below, holders of our common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to our common stock.

Right to Receive Liquidation Distributions

Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

Conversion of our Class B Common Stock

Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. Each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except certain transfers described in our amended and restated certificate of incorporation. Upon the death or permanent incapacity of each holder of Class B common stock who is a natural person, the Class B common stock held by that person or his or her permitted estate planning entities will convert automatically into Class A common stock. However, shares of Class B common stock held by Mr. Szulczewski or his permitted estate planning entities or other permitted transferees will not convert automatically into Class A common stock until a time that is between 90 and 270 days after his death or permanent incapacity, as determined by the board of directors.

 

 

In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock on the earlier of (i) December 18, 2027, (ii) the date on which the number of outstanding shares of Class B common stock represents less than 5% of the aggregate combined number of outstanding shares of Class A common stock and Class B common stock, (iii) the date specified by a vote of the holders of a majority of the then outstanding shares of Class B common stock and (iv) a date that is between 90 and 270 days, as determined by the board of directors, after the death or permanent incapacity of Mr. Szulczewski.

Once transferred and converted into Class A common stock, the Class B common stock will not be reissued.

No Further Issuances of our Class B Common Stock

Our amended and restated certificate of incorporation provides that we shall not issue any additional shares of Class B common stock, unless such issuance is approved by the affirmative vote of the holders of a majority of the then outstanding shares of our Class B common stock. No further shares of our Class B common stock may be issued after the final conversion of our Class B common stock into Class A common stock.

Preferred Stock

No shares of preferred stock are outstanding, but we are authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences and rights of the shares of each series and any of its qualifications, limitations or restrictions. Our board of directors also can increase or decrease the number of shares of any series, but not below the number of shares of that series then outstanding, without any further vote or action by our stockholders. Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of our company and may adversely affect the market price of our common stock and the voting and other rights of the holders of common stock. We have no current plan to issue any shares of preferred stock.

 

Proxy Agreements

Our founder, Chief Executive Officer, and Chairperson, Peter Szulczewski, (i) has entered into proxy agreements with certain of our stockholders that became effective upon the closing of our initial public offering and (ii) previously entered into a currently effective proxy agreement that survived the closing of our initial public offering.

Under both proxy agreements, Mr. Szulczewski is granted an irrevocable proxy on all matters submitted to a vote of stockholders at a meeting or through the solicitation of written consent of stockholders. One form of the proxy agreement (which became effective upon our initial public offering) terminates upon (i) the liquidation, dissolution or winding up of our business; (ii) the execution by us of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of our property and assets; (iii) in the sole discretion of Mr. Szulczewski, with his express written consent; (iv) at such time as none of our Class B common stock remains outstanding; or (v) the death or incapacity of Mr. Szulczewski. Additionally, the shares of our Class B common stock subject to such form of proxy agreement are released from such proxy upon transfer or sale of such shares, subject to limited exceptions. 

The second type of proxy agreement (entered into prior to our initial public offering) terminates after certain disqualification or succession events.

 

 

Registration Rights

Certain holders of our shares of our Class A common stock have registration rights. These shares are referred to as registrable securities. The holders of these registrable securities possess registration rights pursuant to the terms of our amended and restated investors’ rights agreement dated March 18, 2019, as amended (the “investors’ rights agreement”), which terms are described in additional detail below.

Demand Registration Rights

Under our investors’ rights agreement, at any time commencing on the earlier of (i) June 9, 2021 and (ii) June 13, 2021, upon the written request of the holders of not less than 50% of the registrable securities then outstanding that we file a registration statement under the Securities Act with an anticipated aggregate price to the public of at least $15 million, we will be obligated to use our commercially reasonable efforts to register the sale of all registrable securities that holders may request in writing to be registered within 20 days of the mailing of a notice by us to all holders of such registration. We are required to effect no more than two registration statements that are declared or ordered effective, subject to certain exceptions. We may postpone the filing of a registration statement for up to 90 days no more than once in any 12-month period if in the good faith judgment of our board of directors such registration would be seriously detrimental to us, and we do not file another registration statement on our account or that of any other stockholder during such 90 day period.

Piggyback Registration Rights

If we register any of our securities for public sale, we will be obligated to use all commercially reasonable efforts to register all registrable securities that the holders of such securities request in writing be registered within 20 days of mailing of notice by us to all holders of the proposed registration. However, this right does not apply to a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities or a registration relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act. The managing underwriter of any underwritten offering will have the right to limit, due to marketing reasons, the number of shares registered by these holders to 30% of the total shares covered by the registration statement, except for in this offering, in which these holders may be excluded entirely if the underwriters determine that the sale of their shares may jeopardize the success of the offering.

Form S-3 Registration Rights

At any time commencing on June 13, 2021, the holders of the registrable securities can request that we register all or a portion of their shares on Form S-3 if we are eligible to file a registration statement on Form S-3 and the aggregate price to the public of the shares offered is at least $5 million. We are required to file no more than one registration statement on Form S-3 per 12-month period upon exercise of these rights, subject to certain exceptions. We may postpone the filing of a registration statement for up to 90 days once in any 12-month period if in the good faith judgment of our board of directors such registration would be seriously detrimental to us, and we do not register any other securities for our account or the account of any other stockholder during such 90-day period.

Additionally, we are required, once we become eligible to register securities on Form S-3, to use commercially reasonable efforts to qualify the registrable securities for registration on a delayed or continuous basis on Form S-3 pursuant to Rule 415 under the Securities Act. Holders of registrable securities may, no more than twice in a 12-month period, elect to sell registrable securities pursuant to such registration on a delayed or continuous basis, including up to once in a 12-month period through an underwritten offering.

 

 

Registration Expenses

We will pay all expenses (other than underwriting discounts, selling commissions and stock transfer taxes) of the holders incurred in connection with each of the registrations described above, subject to certain limitations. However, we will not pay for any expenses of any demand or Form S-3 registration if the request is subsequently withdrawn at the request of the holders of a majority of the registrable securities to be registered, subject to limited exceptions.

Termination of Registration Rights

The registration rights described above will terminate upon a liquidation event or as to any stockholder at such time as all of such stockholder’s securities (together with any affiliate of the stockholder with whom such stockholder must aggregate its sales) could be sold pursuant to Rule 144 of the Securities Act, but in any event no later than the third-year anniversary of this offering.

Anti-Takeover Provisions

Section 203 of the Delaware General Corporation Law

We are governed by the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. This section prevents some Delaware corporations from engaging, under some circumstances, in a business combination, which includes a merger or sale of at least 10% of the corporation’s assets with any interested stockholder, meaning a stockholder who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of the corporation’s outstanding voting stock, unless:

 

	
 
	
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the transaction is approved by the board of directors prior to the time that the interested stockholder became an interested stockholder; or

 

	
 
	
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subsequent to such time that the stockholder became an interested stockholder the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders by at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

A Delaware corporation may “opt out” of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or amended and restated bylaws resulting from a stockholders’ amendment approved by a majority of the outstanding voting shares. We have not opted out of these provisions. As a result, mergers or other takeover or change in control attempts of us may be discouraged or prevented.

 

Certificate of Incorporation and Bylaw Provisions

Our amended and restated certificate of incorporation and our amended and restated bylaws include a number of provisions that may have the effect of deterring hostile takeovers or delaying or preventing changes in control of our management team, including the following:

 

	
 
	
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Dual Class Stock. As described above in “Common Stock—Voting Rights,” our amended and restated certificate of incorporation provides for a dual class common stock structure pursuant to which holders of our Class B common stock have the ability to control the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the shares of our outstanding Class A and Class B common stock, including the election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets. Therefore, current investors, executives, and employees will have the ability to exercise significant influence over those matters.

 

	
 
	
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Separate Class B Vote for Certain Transactions. Our amended and restated certificate of incorporation provides that so long as our outstanding shares of Class B common stock represent 25% or more of the total voting power of the company, any transaction that would result in a change in control of our company will require the approval of a majority of our outstanding Class B common stock voting as a separate class. This provision could delay or prevent the approval of a change in control that might otherwise be approved by a majority of outstanding shares of our Class A and Class B common stock voting together on a combined basis.

 

 

 

 

	
 
	
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Supermajority Approvals. Our amended and restated certificate of incorporation and amended and restated bylaws provide that certain amendments to our amended and restated certificate of incorporation or amended and restated bylaws by stockholders will require the approval of two-thirds of the combined vote of our then-outstanding shares of Class A and Class B common stock. This will have the effect of making it more difficult to amend our amended and restated certificate of incorporation or amended and restated bylaws to remove or modify certain provisions.

 

	
 
	
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Board of Directors Vacancies. Our amended and restated certificate of incorporation and amended and restated bylaws authorize only our board of directors to fill vacant directorships. In addition, the number of directors constituting our board of directors is set only by resolution adopted by a majority vote of our entire board of directors. These provisions restricting the filling of vacancies will prevent a stockholder from increasing the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own nominees.

 

	
 
	
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Classified Board. Our board of directors is not currently classified. At any time after our first annual meeting of stockholders, when the outstanding shares of our Class B common stock represent less than 40% of the combined voting power of our common stock, our board of directors will be classified into three classes of directors with staggered three-year terms and directors will only be able to be removed from office for cause. The existence of a classified board could delay a successful tender offeror from obtaining majority control of our board of directors, and the prospect of that delay might deter a potential offeror.

 

	
 
	
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Stockholder Action; Special Meeting of Stockholders. Our amended and restated certificate of incorporation provides that stockholders may not call special meetings of stockholders, but that stockholders will be able to take action by written consent. At any time after the Company’s first annual meeting of stockholders, when the outstanding shares of our Class B common stock represent less than 40% of the combined voting power of our common stock, our stockholders will no longer be able to take action by written consent, and will only be able to take action at annual or special meetings of our stockholders. Stockholders will not be permitted to cumulate their votes for the election of directors.

	
 
	
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Advance Notice Requirements for Stockholder Proposals and Director Nominations. Our amended and restated bylaws provide for advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at any meeting of stockholders. Our amended and restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our meetings of stockholders.

 

	
 
	
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Issuance of Undesignated Preferred Stock. Our board of directors will have the authority, without further action by the holders of common stock, to issue up to 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the board of directors. The existence of authorized but unissued shares of preferred stock will enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.

Choice of Forum

Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a breach of fiduciary duty, any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws, any action to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation or our amended and restated bylaws, or any action asserting a claim against us that is governed by the internal affairs doctrine. Our certificate of incorporation also provides that the U.S. federal district courts are the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. 

 

 

These choice of forum provisions do not apply to actions brought to enforce a duty or liability created by the Exchange Act. We intend for the choice of forum provision regarding claims arising under the Securities Act to apply despite the fact that Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all actions brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. There is uncertainty as to whether a court would enforce such provision with respect to claims under the Securities Act, and our stockholders will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder.

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our Class A common stock and our Class B common stock is American Stock Transfer & Trust Company. The transfer agent and registrar’s address is 6201 15th Avenue, Brooklyn, NY 11219.EX-10.9

 Exhibit 10.9 

CONSULTING AGREEMENT 
 THIS AGREEMENT
(the “Agreement”) is made on this 24th of March, 2021 between Gefen Landa Acquisition Corp, a Cayman Islands company, whose address is at 85 Medinat Hayehudim, Hertzeliya,
Israel (the “Company”) and Elan Sigal, whose address is at 31 Eshel Abraham St. Ramat Hasharon, Israel (the “Consultant”). 
  

	WHEREAS:	 the Company wishes the Consultant to provide the Company with certain services and the Consultant
wishes to render such services to the Company; and 

  

	WHEREAS:	 the Consultant represents to the Company that he is ready, qualified, willing and able to carry out his
obligations and undertakings towards the Company pursuant hereto; and 

  

	WHEREAS:	 the Company and the Consultant desire to regulate their relationship in accordance to the terms and
conditions set forth in this Agreement. 

 NOW THEREFORE, the parties hereto agree as follows: 

 

	1.	 The Services  

 

	 	1.1.	 The Company hereby engages the Consultant as an independent consultant and the Consultant hereby agrees to
serve as a consultant to the Company and to provide services as the CFO of the Company (the “Services”). The engagement hereunder commenced on January 1st, 2021 (the
“Effective Date”). For the avoidance of any doubt, the Services shall be performed personally and exclusively by the Consultant. 

  

	 	1.2.	 The Consultant shall cooperate on an ongoing basis with such employees, consultants and contractors of the
Company as determined by the Company from time to time; the person within the Company who shall be in charge of the engagement of the Consultant shall be the CEO of the Company or such other person as determined by the Company from time to time. The
Company may require the Consultant to provide reports or other types of ongoing information concerning the Services as determined from time to time, whether or not set forth herein. 

 

	 	1.3.	 The Consultant shall devote an average of 8.5 hours per workweek in performing his duties and responsibilities
under this Agreement, and as shall be reasonably required by the Company. It is hereby clarified that the nature of Services to the Company may require attending conference calls, road show presentations and other activities that may take place in a
concentrated manner during a short period, at late hours (suitable for business operating with US presence) and may require the Consultant to devote more than the average scope hereunder. If the scope of Service would exceed the average scope
indicated above, the Company and the Consultant shall agree on an appropriate adjustment to the Consultant Fees hereunder. 

  

	 	1.4.	 The Consultant agrees to perform his duties described herein in a faithful, diligent and professional manner.
The Consultant acknowledges that the position of CFO at the Company will subject him to fiduciary and other duties which are inherent to such position. Further, the Consultant acknowledges that the Company’s business will require it to become a
publicly traded company, and its business will essentially involve compliance with various laws, rules and regulations applicable to publicly traded companies. Without derogating from the foregoing, the Services will include, among other things:

	 	1.4.1.	 Observing the performance of and handling the activities assigned to the Company’s accountants,
bookkeeper, auditors and other professionals in similar positions or fulfilling related tasks; 

  

	 	1.4.2.	 Being appraised of and accordingly advise the Board of Directors as to, the various financial, tax and other
relevant requirements and matters that should be considered by the Board of Directors; and 

  

	 	1.4.3.	 Observing the preparation of materials for audits, including attending the relevant committees, Board meetings,
shareholders’ calls and handling such other activities as may be assigned to the Consultant by the Board of Directors or the CEO of the Company. 

  

	 	1.5.	 The Consultant shall be responsible for maintaining, at the Consultant’s own expense, a place of work, any
equipment and supplies necessary for the performance of the Services. 

  

	 	1.6.	 Nothing in this Agreement shall be interpreted as preventing or restricting the Company from obtaining or
seeking from any other person services of the same nature as the Services, or otherwise from performing or seeking to perform any action or operation. Nothing in this Agreement shall be interpreted as preventing or restricting the Consultant from
supplying services to any third party, as long as Consultant shall notify the Company in advance before engaging in any additional business activities and that such activities and/or services to third parties (i) do not conflict with any
obligation or undertaking of the Consultant hereunder, including under Schedule B (ii) do not interfere with the performance of or restrict the ability of the Consultant to perform the Services hereunder, and (iii) do not
conflict nor compete, directly or indirectly, with the activity or business or contemplated business of the Company or any subsidiary thereof. Without derogating from the above, Consultant hereby represents that as of the date of this Agreement, all
Consultant’s additional engagements and activities (with or without consideration) with any third parties are listed in Schedule A, attached hereto (each an “Approved Activity” and collectively the
“Approved Activities”). Consultant hereby represents and warrants that such Approved Activities are in accordance with the terms of this section 1.6. 

 

	 	1.7.	 The Company will maintain a directors and officers insurance policy to its senior officers and/or executes
indemnification agreement with its senior officers, the Consultant’s engagement shall be covered under the same terms of such insurance policy and/or indemnification agreement, as those applicable to the other senior officers of the Company.

  

	2.	 Term and Termination 

 

	 	2.1.	 This Agreement shall commence upon the Effective Date, for an indefinite period of time, until terminated
pursuant to Section 2.2 below. 

  

	 	2.2.	 Notwithstanding the above, this Agreement may be terminated at any time by the Consultant or by the Company by
giving the other party 15 days’ advance notice in writing (the “Notice Period”), provided that the Company may terminate this Agreement forthwith for Cause (as defined herein) without advance notice. A termination for
“Cause” is a termination due to: (i) the Consultant’s conviction or indictment of any felony; (ii) a material breach of any provision of this Agreement or its exhibits which is not cured (if deemed curable by the Company)
within five (5) days of receipt of a written notice about such breach from the Company; (iii) the Consultant’s continuously disregarding of instructions of the Company with respect to the Consultant’s performance of the Services;
(iv) a material breach of trust by the 

  
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Consultant or embezzlement of funds of the Company or any Affiliate (as defined in Section 7.1 below) thereof; (v) involvement in sexual harassment of any employee of the Company or
other party in connection with the performance of the Services; or (vi) causing grave injury to the business, assets, operations or reputation of the Company or any Affiliate thereof. Nothing herein shall derogate from the Company’s rights
with respect to such termination for Cause, including the right to set off damages against the Consultant’s Consulting Fees (as defined in Section 3.1 below). 

 

	 	2.3.	 In the event of termination other than for Cause, the Consultant shall be entitled to Consulting Fees only to
the extent that he provides Services to the Company during the Notice Period. 

  

	3.	 Consideration 

 

	 	3.1.	 Consulting Fee  

In consideration for the Services rendered by the Consultant pursuant to this Agreement the Company shall pay the Consultant a monthly fee in
the amount of NIS 20,000 (plus VAT, if required by law) (the “Consulting Fee”). 
  

	 	3.1.1.	 All payments of Consulting Fees hereunder shall be made on a monthly basis, within 15 days from, and subject
to, receipt by the Company of a duly issued tax invoice(s) and receipt(s) by the Consultant for the amount due together with the required reports. It is hereby clarified that as the Consultant is in the process of obtaining the required certificates
as “licensed dealer” from the Israeli authorities, the payment by the Company of the Consulting Fees for the initial months of engagement pursuant to this Agreement, may be delayed until all the required certificates and authorizations are
obtained by Consultant. 

  

	 	3.1.2.	 The Consulting Fees are inclusive of any and all taxes, and the Consultant shall bear full responsibility for
all taxes of any kind or nature relating, directly or indirectly, to the Consulting Fees and otherwise to the Services hereunder. To the extent that any such taxes may be imposed upon the Company, the Company may deduct such amounts from any
payments due to the Consultant. The Company shall be entitled to withhold and deduct from payments due hereunder any and all amounts as may be required from time to time under any applicable law. VAT shall be charged on all amounts payable
hereunder, including any stock options, as required by law. 

  

	 	3.2.	 Full Consideration 

Other than the consideration specified in this Section 3, which consideration constitutes full consideration for the Services rendered
hereunder, the Consultant will not be entitled to any other consideration for rendering the Services hereunder. 
  

	4.	 Confidentiality and Non Exploitation Undertaking 

Simultaneously with the execution of this Agreement, and a as condition hereto, the Consultant hereby executes the Undertaking attached hereto
as Schedule B. 
  

	5.	 Relationship of Parties 

 

	 	5.1.	 The parties hereto hereby declare and approve, that this Agreement is a Contractors Agreement within the
meaning of the Israeli Contractors Law – 1974 (the “Contractors Law”), and that nothing in this Agreement that shall be interpreted or construed as creating or establishing any partnership, joint venture, employment
relationship, franchise or agency or any other similar relationship between the Company or its Affiliates and the Consultant or any of his agents and employees, and it 

  
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is specifically clarified that with respect to the Services, no employer-employee relationship will be formed between the Company or its Affiliates and the Consultant or any of his agents and
employees, and the Consultant is not entitled to any social or other benefits resulting from employer-employee relationship. Notwithstanding the above, the Consultant hereby waives any right to a lien in accordance with Section 5 of the
Contractors Law or any other law. The Consultant hereby acknowledges that the Company is relying upon the truthfulness and accuracy of the representations set forth in this Section 5.1 in engaging the Consultant. 

 

	 	5.2.	 The Consultant shell bear and/or will defend, indemnify and hold the Company, or any third party on its behalf,
harmless from and against all claims, all damages, losses and expenses, including reasonable fees and expenses of attorneys and other professionals, upon receipt of demand (i) relating to any obligation, future or past, imposed upon the Company
to pay any withholding tax payments regarding consulting services, social security, unemployment or disability insurance or similar terms in connection with compensation received by Consultant or, or which are based upon a stipulation by a competent
judicial authority that an employer—employee relationship was created between the Company or its Affiliates and the Consultant and/or his agents and employees; and (ii) resulting from any act, omission or negligence on Consultant’s or
any of his employees’ part in the performance or failure to perform the scope of work under this Agreement. 

  

	 	5.3.	 The Consultant acknowledges that the Consultant has read and fully understood the terms of this structure of
the relationship between the parties as an independent contractor and that Consultant has consulted and received advice of counsel regarding said structure of the relationship between the parties hereto and has had sufficient opportunity to do so.

  

	 	5.4.	 It is hereby clarified that any right granted to the Company to instruct and/or oversee the Services by the
Consultant is granted in order to ensure the performance of the Services in full and not to imply or justify an employer -employee relationship between the Company and the Consultant or any of his agents or employees. 

 

	 	5.5.	 The Consultant shall be responsible to pay any and all payments, salary, taxes and all other benefits and any
amounts due to any relevant social security or similar authority with respect to the Services provided by Consultant pursuant to this Agreement. For the avoidance of any doubts, the Consultant is responsible to acquire for himself pension coverage
in a customary amount. The Consultant, hereby releases and forever discharges the Company and its Affiliates, from any and all claims, which he ever had, now has, or may claim to have against the Company and/or its Affiliates in connection with the
existence of any employer—employee relationship between Company or its Affiliates and Consultant. 

  

	 	5.6.	 The Company will be entitled to deduct from and set off against amounts due to the Consultant pursuant to this
Agreement and/or pursuant to any other agreement, law, or otherwise, any amounts, which the Consultant is required to pay the Company pursuant to this Agreement (including any surplus amount paid by the Company in excess of the Consulting Fees, in
the event that a competent judicial authority would determine that employee-employer relationship exist and entitle the Consultant to additional consideration in excess of the Consulting Fees hereunder. 

 

	6.	 Warranties 

Consultant represents and warrants that: 
  

	 	6.1.	 The Consultant does not have currently and shall not have during the term of the provisions of the Services,
any outstanding agreement or obligation that is or will be in conflict with any of the provisions of this Agreement, or that would preclude the Consultant from complying with the provisions hereof or otherwise restrict the Consultant in performing
the Services. 

  
 - 4 - 

	 	6.2.	 The Consultant represents and warrants that the execution and delivery of this Agreement, the performance of
the Services and the fulfillment of the terms hereof will not: (a) constitute, in whole or in part, a default, violation or breach under or conflict in any way with any agreement, obligation, undertaking or commitment to which the Consultant is
a party or by which he is bound, including without limitation, any confidentiality, invention assignment or non-competition agreement and (b) do not require the consent, permission or authorization of or
notification to any person or entity. 

  

	 	6.3.	 The Consultant hereby undertakes to comply with all Company disciplinary regulations, work rules, policies,
procedures and objectives, which are relevant to the performance of the Services or otherwise to officers of the Company, including those relevant to his position. 

 

	 	6.4.	 The Consultant agrees that the Company may monitor the Consultant’s use of its Systems (as defined below)
and copy, transfer and disclose such electronic communications and content transmitted by or stored in such Systems, in pursuit of the Company’s legitimate business interests, all in accordance with the Company’s policies in place from
time to time, and subject to applicable law. For the purposes of this Section, the term “Systems” includes all of the Company’s owned or leased computers (including laptops), mobile phones and other mobile devices, keys, PDAs,
credit cards, printers, card access to any company building, files, e-mails, tapes, programs, records and software, computer access codes or disks, and other similar systems. 

 

	 	6.5.	 The Consultant shall not solicit or accept in connection with the performance of the Services or in connection
with the Company, any gift, benefit, favor, loan, or any other thing of monetary value, from a person who is or is possibly connected, directly or indirectly, to either the business of the Company, a competitor of the Company or a potential
competitor of the Company. 

  

	 	6.6.	 The Consultant shall not make any representations or warranties to anyone with respect to any contract or
otherwise without the Company’s prior written authorization. 

  

	 	6.7.	 The Consultant shall take all necessary precautions to prevent the occurrence of any bodily injury or property
damage, to the Company, its employees or any third party, arising out of or resulting from the performance of the Services and shall be solely responsible, and liable, for any such bodily injury or property damage. 

 

	7.	 Miscellaneous 

 

	 	7.1.	 In this Agreement the term “Affiliate” shall mean, any person or entity that directly or
indirectly controls, is controlled by, or is under common control with, a party to this Agreement. For purposes hereof, the term “control” means the power to direct the management or affairs of a person or entity through the ownership of
voting securities, by contract, or otherwise. 

  

	 	7.2.	 The preamble and the schedules hereto shall form an integral part of this Agreement. All headings of the
Sections and Subsections of this Agreement are intended for convenience of reference and shall not be used in interpreting this Agreement. 

  

	 	7.3.	 Assignment. Neither this Agreement nor any interest herein may be assigned by the Consultant without the
prior written consent of the Company. 

  
 - 5 - 

	 	7.4.	 Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the Consultant and
the Company with respect to the subject matter hereof and supersedes any other arrangement, understanding or agreement, verbal or otherwise. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable
unless set forth in a writing signed by the parties hereto. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. 

 

	 	7.5.	 Trust Account Waiver. The Consultant acknowledges that the Company intends to fund the proceeds from an
initial public offering of securities into a trust account (the “Trust Account”). The Consultant shall have no right, title, interest or claim of any kind (“Claim”) to, or to any monies in or contemplated by a registration
statement of the Company to be deposited in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in or contemplated by a registration statement of the Company to be deposited in, the Trust Account, that it may have now or
in the future. In the event the Consultant has any Claim against the Company under this Agreement, the Consultant shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Trust Account or any
monies in or contemplated by a registration statement of the Company to be deposited in, the Trust Account. 

  

	 	7.6.	 Law; Jurisdiction. This Agreement shall be governed by the laws of the State of Israel (excluding its
conflict of law principles) and the competent courts/tribunals of Tel-Aviv shall have exclusive jurisdiction over any disputes arising hereunder. 

 

	 	7.7.	 No Waiver. No failure or delay on the part of any party hereto in exercising any right, power or remedy
thereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver granted
thereunder must be in writing and shall be valid only in the specific instance in which given. 

  

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

  

	 	7.9.	 Notices. Any notice or other communication in connection with this Agreement must be in writing to the
address set forth in the preamble to this Agreement (or to such other address as shall be specified by like notice) and will be deemed given: (i) if sent by a delivery service, on the date confirmed as the actual date of delivery by such
service; (ii) if sent by registered air mail, return receipt requested, within seven (7) days of mailing; or (iii) if sent by facsimile or email with electronic confirmation of transmission, on the next business day after
transmission, if not transmitted on a business day, or on the day of transmission, if transmitted on a business day. 

  

	 	7.10.	 Survival. The provisions of Sections 4, 5, 6 and 7 of this Agreement, including the provisions of
Schedule B, shall continue and remain in full force and effect following the termination or expiration of this Agreement, for whatever reason. 

-Signature Page Follows- 

  
 - 6 - 

 IN WITNESS WHEREOF, the parties have signed this Agreement as of the date hereof. 

 

					
	 /s/ Sheldon Stein
	 		  	 /s/ Elan Sigal

	 Gefen Landa Acquisition Corp
	 	        	  	 Elan Sigal

			
	By:    Sheldon Stein	 		  	By:     Elan Sigal
			
	Title: Chief Executive Officer	 		  	

  
 - 7 -

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