Document:

Ex.10.1_Resignation

		
			WINMARK CORPORATION 
		

		
			TRANSITION AND RETIREMENT AGREEMENT
		

		
			THIS TRANSITION AND RETIREMENT AGREEMENT (“Transition Agreement” or “Agreement”) is made and entered into by and between Winmark Corporation, a Minnesota corporation (“Company”) and Mr. John L. Morgan (“you”) and will be effective as of January 29, 2020 (“Effective Date”).
		

		
			RECITALS
		

		
			WHEREAS, you are currently the Executive Chairman of the Company, a party to that certain employment Agreement with the Company dated as of March 22, 2000 as amended (“Employment Agreement”), and currently serve as a duly elected Director of the Board of Directors of the Company; and
		

		
			WHEREAS, you have disclosed your intention to retire from the Company and resign from the Board of Directors; and
		

		
			WHEREAS, you and the Company mutually terminate the Employment Agreement and to set forth in this Agreement the terms and conditions of transition and retirement from the Company, including certain transition payments to you and your continued availability for certain services to the Company;
		

		
			NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agrees as follows: 
		

			
	
			
				 1.
			Transition Date; Termination Date.  You will continue to perform your current duties as Executive Chairman of the Company until March 1, 2020 (the “Transition Date”) and on that date, you will cease to be Executive Chairman and will be deemed to have resigned as an officer, employee, board member and from any fiduciary position of any employee benefit plan with the Company or any of its subsidiaries.  

			
	
			
				 2.
			Transition Services. From the Transition Date until February 28, 2021 (the “Termination Date”), you agree to cooperate with the Company in connection with any transition services that the Company may reasonably request, and be available to the Company to serve as a senior adviser.  Following the Transition Date, you will cease to be an employee of the Company and any subsidiary.  

			
	
			
				 3.
			Transition Payment. In consideration for your obligations under this Agreement, the Company will pay you a lump sum of $667,000 (the “Transition Payment”) on or before March 2, 2020.  Notwithstanding anything to the contrary, during the period from the Transition Date to the Termination Date, you agree that you shall not be eligible for, and will not receive, any compensation other than the payment set forth in this Section 3, the benefits set forth in Section 4 or any indemnification obligations of the Company.

			
	
			
				 4.
			Payment of Benefits; Covenants.  

			
	
			
				 a.
			Health and Dental Insurance.  The Company will continue to make contributions to your Company-sponsored medical and dental insurance plans at the same rate applying as of March 1, 2020, through March 31, 2020.  Effective April 1, 2020, you will have the option to continue your own benefit coverage under COBRA.  You acknowledge that $42,000 of the Transition Payment is for the purpose of continuation of medical and dental coverage should you choose to use it.

		
			

		 

		

			1

		

		

			 

		

		

			
	
			
				 b.
			401(k) Retirement Savings Plan. You will be entitled to a distribution from your account in the Company’s qualified 401(k) Retirement Savings Plan and Trust.  You will receive information and forms for this purpose from Human Resources within two weeks of the Transition Date.

			
	
			
				 c.
			Non-Disclosure.  During your employment and service to the Company, you received Confidential Information as defined below. “Confidential Information” means (a) all information relating to the development, distribution, pricing, marketing and sales of the Company’s products and services including but not limited to franchising and equipment leasing; (b) franchisee or customer lists, contact information, financial information and other information pertaining to existing and prospective franchisees or customers; (c) financial and other information relating to the operation of the Company generally; and (d) other private and confidential information which is a special and unique asset of the Company or information which if known to competitors or others outside of the Company would be harmful to the Company. You will not at any time directly or indirectly use, transfer or divulge any Confidential Information.    

			
	
			
				 d.
			Covenant Not to Compete.  You will not, from March 1, 2020 through February 28, 2021 (the “Restrictive Period”) directly or indirectly or as a partner, officer, director, shareholder, employee, independent contractor or consultant of any other person or entity engage in any business activity that is the same as or similar to the business conducted by the Company as of March 1, 2020 including but not limited to franchising and equipment leasing.  The restriction in this section shall apply within the geographic area in which the Company conducted business as of March 1, 2020.

			
	
			
				 e.
			Injunctive Relief.  Both parties agree that a  violation of this Agreement could result in immediate and irreparable harm.  As such we agree that either party may apply for injunctive relief from a court of competent jurisdiction to prevent a threatened or continuing breach of such violation.  The prevailing party in any litigation related to this Agreement shall be entitled to any and all relief available at law, including but not limited,  to injunctive relief, damages, offset, suspension or the return of the benefits provided for in the Transition Agreement, costs, attorneys’ fees and costs of collection.

			
	
			
				 5.
			Indemnification and Directors; Officers Liability Insurance. You will be entitled to indemnification under the Company’s articles and bylaws and Minnesota corporate law, and you will be entitled to the benefit of coverage under the Company’s directors’ and officers’ liability insurance policies applicable to former officers and directors if eligible.  

			
	
			
				 6.
			General Provisions.

			
	
			
				 a.
			Amendments.  This Agreement may not be amended or modified except by a written agreement signed by both parties.

			
	
			
				 b.
			Severability.  In the event that any provision or portion of this Agreement is determined to be invalid or unenforceable for any reason, the remaining provisions of this agreement will remain in full force and effect to the fullest extent permitted by law.

			
	
			
				 c.
			Successors and Assigns.  This Agreement will bind and benefit the parties hereto and their respective successors and assigns, but none of either parties’ rights or obligations hereunder may be assigned by either party hereto without the written consent of the other, except by operation of law.

			
	
			
				 d.
			Dispute Resolution. Any disputes arising under or in connection with this Agreement must be resolved by final and binding arbitration except for applications for injunctive relief.

		
			

		 

		

			2

		

		

			 

		

		

			
	
			
				 e.
			Tax Withholding; Code 409A.  The Transition Payment shall be reported as compensation and to the extent required, as “nonqualified deferred compensation” subject to Code § 409A and regulations promulgated thereunder.  The Transition Payment and other benefits to be provided to you in connection with this Agreement may be subject to required withholding of federal, state and local income, excise and employment-related taxes, and other deductions for benefits and other expenses. This Agreement and the payments and benefits provided, shall, to the greatest extent permitted by law be exempt from the requirements applicable to deferred compensation under Code § 409A and regulations promulgated thereunder, and to the extent not otherwise exempt, you and the Company intend that this Agreement comply with the requirements of Code § 409A and agree to administer and interpret this Agreement in manner consistent with, and that gives effect to, such intention. 

			
	
			
				 f.
			Notices.  Any notice or other communication under this Agreement must be in writing and will be deemed given when delivered in person, by overnight courier (with receipt confirmed), or upon receipt if sent by certified mail, return receipt requested, as follows (or to such other persons or addresses as may be specified by written notice to the other party):

			
					
						If to the Company:

				
	
					
						Winmark Corporation Inc.

				
	
					
						Attention:  Chief Executive Officer 

				
	
					
						605 Highway 169 North 

					
						Minneapolis, Minnesota 55441, Suite 400 

					
						(763)520-8500

				
	
					
						 

				
	
					
						If to you:

				
	
					
						Mr. John L. Morgan

				
	
					
						3750 Las Vegas Blvd South, #3403

					
						Las Vegas, NV 89158 

					
						 

				

			
	
			
				 g.
			Entire Agreement.  Except as expressly provided for in this Agreement, the Agreement constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes and terminates the Employment Agreement in the times and in the manners hereinabove and supersedes and terminates all other prior agreements with respect to the subject matter hereof.

			
	
			
				 h.
			Governing Law.  This Agreement has been made in and will be governed and construed in accordance with the laws of the State of Minnesota without giving effect to the principles of conflict of laws of any jurisdiction.

		
			IN WITNESS WHEREOF, you and a duly authorized officer by and on behalf of the Company have executed this Agreement as of the dates set forth below.
		

		
			WINMARK CORPORATION
		

		
			 
		

			
					
						/s

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Brett D. Heffes

					
					
						 

					
					
						/s/ John L. Morgan

				
	
					
						Its: Chief Executive Officer

					
					
						 

					
					
						John L. Morgan

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date: 

					
					
						January 29, 2020

					
					
						 

					
					
						Date:

					
					
						January 29, 2020

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			3Exhibit 4.1

 

AMENDED
ARTICLES

 

THE
COMPANIES LAW, 1999

A
LIMITED LIABILITY COMPANY

 

ARTICLES
OF ASSOCIATION

OF

SAFE-T
GROUP LTD.

 

Preliminary

 

		1.	Definitions;
Interpretation.

    

(a)
In these Articles, the following terms (whether or not capitalized) shall bear the meanings set forth opposite to them respectively,
unless inconsistent with the subject or context.

 

	 	“Articles”	shall
    mean these Articles of Association, as amended from time to time.

 

	 	“Board
    of Directors”	shall
    mean the Board of Directors of the Company.

 

	 	“Chairperson”	shall mean the Chairperson
    of the Board of Directors, or the Chairperson of the General Meeting, as the context provides;

 

	 	“Company”	shall mean SAFE-T GROUP LTD.

 

	 	“Companies Law”	shall mean the Israeli
    Companies Law, 5759-1999 and the regulations promulgated thereunder. The Companies Law shall include reference to the Companies
    Ordinance (New Version), 5743-1983, of the State of Israel, to the extent in effect according to the provisions thereof.

 

	 	“Director(s)”	shall mean the member(s)
    of the Board of Directors holding office at any given time, including alternate directors.

 

	 	“External Director(s)”	shall mean as defined
    in the Companies Law.

 

	 	“General Meeting”	shall mean an Annual
    General Meeting or Special General Meeting of the Shareholders, as the case may be.

 

	 	“NIS”	shall mean New Israeli
    Shekels.

 

	 	“Office”	shall mean the registered
    office of the Company at any given time.

 

	 	“Office Holder”
    or “Officer”	shall mean as defined
    in the Companies Law.

 

	 	“RTP Law”	shall mean the Israeli
    Restrictive Trade Practices Law, 5758-1988.

 

	 	“Securities Law”	shall mean the Israeli
    Securities Law, 5728-1968.

 

	 	“Shareholder(s)”	shall mean the shareholder(s)
    of the Company, at any given time.

 

	 	“in writing”
    or “writing”	shall mean written,
    printed, photocopied, photographic, typed, sent via email, facsimile or produced by any visible substitute for writing, or
    partly one and partly another, and signed shall be construed accordingly.

 

     

     

    

 

(b)
Unless otherwise defined in these Articles or required by the context, terms used herein shall have the meaning provided therefor
under the Companies Law.

 

(c)
Unless the context shall otherwise require: words in the singular shall also include the plural, and vice versa; any pronoun shall
include the corresponding masculine, feminine and neuter forms; the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”; the words “herein”, “hereof”
and “hereunder” and words of similar import refer to these Articles in its entirety and not to any part hereof; all
references herein to Articles, Sections or clauses shall be deemed references to Articles, Sections or clauses of these Articles;
any references to any agreement or other instrument or law, statute or regulation are to it as amended, supplemented or restated,
from time to time (and, in the case of any law, to any successor provisions or re-enactment or modification thereof being in force
at the time); any reference to “law” shall include any supranational, national, federal, state, local, or foreign
statute or law and all rules and regulations promulgated thereunder (including, any rules, regulations or forms prescribed by
any governmental authority or securities exchange commission or authority, if and to the extent applicable); any reference to
a “day” or a number of “days” (without any explicit reference otherwise, such as to business days) shall
be interpreted as a reference to a calendar day or number of calendar days; reference to month or year
means according to the Gregorian calendar; any reference to a “company”, “corporate body” or “entity”
shall include a, partnership, corporation, limited liability company, association, trust, unincorporated organization, or a government
or agency or political subdivision thereof, and reference to a “person” shall mean any of the foregoing or an individual.

 

(d)
  The captions in these Articles are for convenience only and shall not be deemed a part hereof or affect the construction
or interpretation of any provision hereof.

 

Limited
Liability

 

		2.	The Company is a
    limited liability company and therefore each shareholder’s obligations to the Company shall be limited to the payment
    of the nominal value of the shares held by such shareholder, subject to the provisions of the Companies Law.

 

Public
Company; Company’s Objectives

 

		3.	Public
    Company; Objectives.

 

	 	(a)	The Company is a
    Public Company as such term is defined in and as long as it so qualifies under the Companies Law.

 

	 	(b)	The Company’s
    objectives are to carry on any business, and do any act, which is not prohibited by law.

 

		4.	Donations.

 

The
Company may donate a reasonable amount of money (in cash or in kind, including the Company’s securities) for any purpose
that the Board of Directors finds appropriate.

 

Share
Capital

 

		5.	Authorized
    Share Capital.

 

(a)
The share capital of the Company shall consist of 1,500,000,000 Ordinary Shares, of no nominal value each (the “Shares”).

 

(b)
The Shares shall rank pari passu in all respects.

 

    2

     

    

 

		6.	Increase
    of Authorized Share Capital.

 

(a)
The Company may, from time to time, by a Shareholders’ resolution, whether or not all the shares then authorized have been
issued, and whether or not all the shares theretofore issued have been called up for payment, increase its authorized share capital
by the creation of new shares. Any such increase shall be in such amount and shall be divided into shares of such nominal amounts,
and such shares shall confer such rights and preferences, and shall be subject to such restrictions, as such resolution shall
provide.

 

(b)
Except to the extent otherwise provided in such resolution, any new shares included in the authorized share capital increased
as aforesaid shall be subject to all the provisions of these Articles which are applicable to shares of such class included in
the existing share capital without regard to class (and, if such new shares are of the same class as a class of shares included
in the existing share capital, to all of the provisions which are applicable to shares of such class included in the existing
share capital).

 

	7.	Special
    or Class Rights; Modification of Rights.

  

(a)
If at any time the share capital of the Company is divided into different classes of shares, the rights attached to any class,
unless otherwise provided by the Companies Law or these Articles, may be modified or cancelled by the Company by a resolution
of the General Meeting of the holders of all shares as one class, without any required separate resolution of any class of shares.

 

(b)
The provisions of these Articles relating to General Meetings shall, mutatis mutandis, apply to any separate General Meeting
of the holders of the shares of a particular class, it being clarified that the requisite quorum at any such separate General
Meeting shall be two or more shareholders present in person or by proxy and holding not less than 15 percent of the issued shares
of such class.

 

(c)
Unless otherwise provided by these Articles, an increase in the authorized share capital, the creation of a new class of shares,
an increase in the authorized share capital of a class of shares, or the issuance of additional shares thereof out of the authorized
and unissued share capital, shall not be deemed, for purposes of this Article 7, to modify or derogate or cancel the rights attached
to previously issued shares of such class or of any other class.

 

	8.	Consolidation,
    Division, Cancellation and Reduction of Share Capital.

 

(a)
The Company may, from time to time, by or pursuant to an authorization of a Shareholders’ resolution, and subject to applicable
law:

 

(i)
consolidate all or any part of its issued or unissued authorized share capital into shares of a per share nominal value which
is larger, equal to or smaller than the per share nominal value of its existing shares;

 

(ii)
divide or sub-divide its shares (issued or unissued) or any of them, into shares of smaller or the same nominal value (subject,
however, to the provisions of the Companies Law), and the resolution whereby any share is divided may determine that, as among
the holders of the shares resulting from such subdivision, one or more of the shares may, in contrast to others, have any such
preferred or deferred rights or rights of redemption or other special rights, or be subject to any such restrictions, as the Company
may attach to unissued or new shares;

 

(iii)
cancel any shares which, at the date of the adoption of such resolution, have not been taken or agreed to be taken by any person,
and reduce the amount of its share capital by the amount of the shares so canceled; or

 

(iv)
reduce its share capital in any manner.

 

    3

     

    

 

(b)
With respect to any consolidation of issued shares and with respect to any other action which may result in fractional shares,
the Board of Directors may settle any difficulty which may arise with regard thereto, as it deems fit, and, in connection with
any such consolidation or other action which could result in fractional shares, may, without limiting its aforesaid power:

 

(i)
determine, as to the holder of shares so consolidated, which issued shares shall be consolidated into a share of a larger, equal
or smaller nominal value per share;

 

(ii)
issue, in contemplation of or subsequent to such consolidation or other action, shares sufficient to preclude or remove fractional
share holdings;

 

(iii)
redeem such shares or fractional shares sufficient to preclude or remove fractional share holdings;

 

(iv)
round up, round down or round to the nearest whole number, any fractional shares resulting from the consolidation or from any
other action which may result in fractional shares; or

 

(v)
cause the transfer of fractional shares by certain shareholders of the Company to other shareholders thereof so as to most expediently
preclude or remove any fractional shareholdings, and cause the transferees of such fractional shares to pay the transferors thereof
the fair value thereof, and the Board of Directors is hereby authorized to act in connection with such transfer, as agent for
the transferors and transferees of any such fractional shares, with full power of substitution, for the purposes of implementing
the provisions of this sub-Article 8(b)(v).

 

	9.	Issuance
    of Share Certificates, Replacement of Lost Certificates.

 

(a)
To the extent that the Board of Directors determines that all shares shall be certificated or, if the Board of Directors does
not so determine, to the extent that any shareholder requests a share certificate, share certificates shall be issued under the
corporate seal of the Company or its written, typed or stamped name and may bear the signature of one Director, the Company’s
CEO or of any other person or persons authorized therefor by the Board of Directors. Signatures may be affixed in any mechanical
or electronic form, as the Board of Directors may prescribe. For the avoidance of doubt, any transfer agent designated by the
Company may issue share certificates on behalf of the Company even if the signatories on the share certificate no longer serve
in the relevant capacities at the time of such issuance.

 

(b)
Subject to the Article 9(a), each Shareholder shall be entitled to one numbered certificate for all the shares of any class registered
in his name. Each certificate may also specify the amount paid up thereon. The Company (as determined by an officer of the Company
to be designated by the Chief Executive Officer) shall not refuse a request by a Shareholder to obtain several certificates in
place of one certificate, unless such request is, in the opinion of such officer, unreasonable. Where a Shareholder has sold or
transferred some of such Shareholder’s shares, such Shareholder shall be entitled to receive a certificate in respect of
such Shareholder’s remaining shares, provided that the previous certificate is delivered to the Company before the issuance
of a new certificate.

 

(c)
A share certificate registered in the names of two or more persons shall be delivered to the person first named in the Register
of Shareholders in respect of such co-ownership.

 

(d)
A share certificate which has been defaced, lost or destroyed, may be replaced, and the Company shall issue a new certificate
to replace such defaced, lost or destroyed certificate upon payment of such fee, and upon the furnishing of such evidence of ownership
and such indemnity, as the Board of Directors in its discretion deems fit.

 

    4

     

    

 

	10.	Registered
    Holder.

 

Except
as otherwise provided in these Articles or the Companies Law, the Company shall be entitled to treat the registered holder of
each share as the absolute owner thereof, and accordingly, shall not, except as ordered by a court of competent jurisdiction,
or as required by the Companies Law, be obligated to recognize any equitable or other claim to, or interest in, such share on
the part of any other person.

 

	11.	Issuance
    and Repurchase of Shares.

 

(a)
The unissued shares from time to time shall be under the control of the Board of Directors (and to the full extent permitted by
law any Committee thereof), which shall have the power to issue or otherwise dispose of shares and of securities convertible or
exercisable into or other rights to acquire from the Company to such persons, on such terms and conditions (including inter alia
terms relating to calls set forth in Article 13(f) hereof), and either at par or at a premium, or subject to the provisions of
the Companies Law, at a discount and/or with payment of commission, and at such times, as the Board of Directors (or the Committee,
as the case may be) deems fit, and the power to give to any person the option to acquire from the Company any shares or securities
convertible or exercisable into or other rights to acquire from the Company, either at par or at a premium, or, subject as aforesaid,
at a discount and/or with payment of commission, during such time and for such consideration as the Board of Directors (or the
Committee, as the case may be) deems fit.

 

(b)
The Company may at any time and from time to time, subject to the Companies Law, repurchase or finance the purchase of any shares
or other securities issued by the Company, in such manner and under such terms as the Board of Directors shall determine, whether
from any one or more shareholders. Such purchase shall not be deemed as payment of dividends and no shareholder will have the
right to require the Company to purchase his shares or offer to purchase shares from any other shareholders.

 

	12.	Payment
    in Installment.

 

If
pursuant to the terms of issuance of any share, all or any portion of the price thereof shall be payable in installments, every
such installment shall be paid to the Company on the due date thereof by the then registered holder(s) of the share or the person(s)
then entitled thereto.

 

	13.	Calls
    on Shares.

 

(a)
The Board of Directors may, from time to time, as it, in its discretion, deems fit, make calls for payment upon shareholders in
respect of any sum (including premium) which has not been paid up in respect of shares held by such shareholders and which is
not, pursuant to the terms of issuance of such shares or otherwise, payable at a fixed time, and each shareholder shall pay the
amount of every call so made upon him (and of each installment thereof if the same is payable in installments), to the person(s)
and at the time(s) and place(s) designated by the Board of Directors, as any such times may be thereafter extended and/or such
person(s) or place(s) changed. Unless otherwise stipulated in the resolution of the Board of Directors (and in the notice hereafter
referred to), each payment in response to a call shall be deemed to constitute a pro rata payment on account of all the shares
in respect of which such call was made.

 

(b)
Notice of any call for payment by a shareholder shall be given in writing to such shareholder not less than fourteen (14) days
prior to the time of payment fixed in such notice, and shall specify the time and place of payment, and the person to whom such
payment is to be made. Prior to the time for any such payment fixed in a notice of a call given to a shareholder, the Board of
Directors may in its absolute discretion, by notice in writing to such shareholder, revoke such call in whole or in part, extend
the time fixed for payment thereof, or designate a different place of payment or person to whom payment is to be made. In the
event of a call payable in installments, only one notice thereof need be given.

 

(c)
If pursuant to the terms of issuance of a share or otherwise, an amount is made payable at a fixed time (whether on account of
such nominal value of such share or by way of premium), such amount shall be payable at such time as if it were payable by virtue
of a call made by the Board of Directors and for which notice was given in accordance with paragraphs (a) and (b) of this Article
13, and the provision of these Articles with regard to calls (and the non-payment thereof) shall be applicable to such amount
or such installment (and the non-payment thereof).

  

    5

     

    

 

(d)
Joint holders of a share shall be jointly and severally liable to pay all calls for payment in respect of such share and all interest
payable thereon.

 

(e)
Any amount called for payment which is not paid when due shall bear interest from the date fixed for payment until actual payment
thereof, at such rate (not exceeding the then prevailing debitory rate charged by leading commercial banks in Israel), and payable
at such time(s) as the Board of Directors may prescribe.

 

(f)
Upon the issuance of shares, the Board of Directors may provide for differences among the holders of such shares as to the amounts
and times for payment of calls for payment in respect of such shares.

 

	14.	Prepayment.

 

With
the approval of the Board of Directors, any shareholder may pay to the Company any amount not yet payable in respect of such shareholder’s
shares, and the Board of Directors may approve the payment by the Company of interest on any such amount until the same would
be payable if it had not been paid in advance, at such rate and time(s) as may be approved by the Board of Directors. The Board
of Directors may at any time cause the Company to repay all or any part of the money so advanced, without premium or penalty.
Nothing in this Article 14 shall derogate from the right of the Board of Directors to make any call for payment before or after
receipt by the Company of any such advance.

 

	15.	Forfeiture
    and Surrender.

 

(a)
If any shareholder fails to pay an amount payable by virtue of a call, installment or interest thereon as provided for in accordance
herewith, on or before the day fixed for payment of the same, the Board of Directors, may at any time after the day fixed for
such payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, forfeit
all or any of the shares in respect of which such payment was called for. All expenses incurred by the Company in attempting to
collect any such amount or interest thereon, including, without limitation, attorneys’ fees and costs of legal proceedings,
shall be added to, and shall, for all purposes (including the accrual of interest thereon) constitute a part of, the amount payable
to the Company in respect of such call.

 

(b)
Upon the adoption of a resolution as to the forfeiture of a shareholder’s share, the Board of Directors shall cause notice
thereof to be given to such shareholder, which notice shall state that, in the event of the failure to pay the entire amount so
payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is
given and which may be extended by the Board of Directors), such shares shall be ipso facto forfeited, provided, however, that,
prior to such date, the Board of Directors may cancel such resolution of forfeiture, but no such cancellation shall stop the Board
of Directors from adopting a further resolution of forfeiture in respect of the non-payment of the same amount.

 

(c)
Without derogating from Articles 52 and 56 hereof, whenever shares are forfeited as herein provided, all dividends, if any, theretofore
declared in respect thereof and not actually paid shall be deemed to have been forfeited at the same time.

 

(d)
The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share.

 

(e)
Any share forfeited or surrendered as provided herein, shall become the property of the Company as a dormant share, and the same,
subject to the provisions of these Articles, may be sold, re-issued or otherwise disposed of as the Board of Directors deems fit.

 

(f)
Any person whose shares have been forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered
shares, but shall, notwithstanding, be liable to pay, and shall forthwith pay, to the Company, all calls, interest and expenses
owing upon or in respect of such shares at the time of forfeiture or surrender, together with interest thereon from the time of
forfeiture or surrender until actual payment, at the rate prescribed in Article 13(e) above, and the Board of Directors, in its
discretion, may, but shall not be obligated to, enforce or collect the payment of such amounts, or any part thereof, as it shall
deem fit. In the event of such forfeiture or surrender, the Company, by resolution of the Board of Directors, may accelerate the
date(s) of payment of any or all amounts then owing to the Company by the person in question (but not yet due) in respect of all
shares owned by such shareholder, solely or jointly with another.

 

    6

     

    

 

(g)
The Board of Directors may at any time, before any share so forfeited or surrendered shall have been sold, re-issued or otherwise
disposed of, nullify the forfeiture or surrender on such conditions as it deems fit, but no such nullification shall stop the
Board of Directors from re-exercising its powers of forfeiture pursuant to this Article 15.

 

	16.	Lien.

 

(a)
Except to the extent the same may be waived or subordinated in writing, the Company shall have a first and paramount lien upon
all the shares registered in the name of each shareholder (without regard to any equitable or other claim or interest in such
shares on the part of any other person), and upon the proceeds of the sale thereof, for his debts, liabilities and engagements
to the Company arising from any amount payable by such shareholder in respect of any unpaid or partly paid share, whether or not
such debt, liability or engagement has matured. Such lien shall extend to all dividends from time to time declared or paid in
respect of such share. Unless otherwise provided, the registration by the Company of a transfer of shares shall be deemed to be
a waiver on the part of the Company of the lien (if any) existing on such shares immediately prior to such transfer.

 

(b)
The Board of Directors may cause the Company to sell a share subject to such a lien when the debt, liability or engagement giving
rise to such lien has matured, in such manner as the Board of Directors deems fit, but no such sale shall be made unless such
debt, liability or engagement has not been satisfied within fourteen (14) days after written notice of the intention to sell shall
have been served on such shareholder, his executors or administrators.

 

(c)
The net proceeds of any such sale, after payment of the costs and expenses thereof or ancillary thereto, shall be applied in or
toward satisfaction of the debts, liabilities or engagements of such shareholder in respect of such share (whether or not the
same have matured), and the residue (if any) shall be paid to the shareholder, his executors, administrators or assigns.

 

	17.	Sale
    After Forfeiture of Surrender or in Enforcement of Lien.

 

Upon
any sale of a share after forfeiture or surrender or for enforcing a lien, the Board of Directors may appoint any person to execute
an instrument of transfer of the share so sold and cause the purchaser’s name to be entered in the Register of Shareholders
in respect of such share. The purchaser shall be registered as the shareholder and shall not be bound to see to the regularity
of the sale proceedings, or to the application of the proceeds of such sale, and after his name has been entered in the Register
of Shareholders in respect of such share, the validity of the sale shall not be impeached by any person, and person, and the remedy
of any person aggrieved by the sale shall be in damages only and against the Company exclusively.

 

	18.	Redeemable
    Shares.

 

The
Company may, subject to applicable law, issue redeemable shares or other securities and redeem the same upon terms and conditions
to be set forth in a written agreement between the Company and the holder of such shares or in their terms of issuance.

 

    7

     

    

 

Transfer
of Shares

 

	19.	Registration
    of Transfer.

 

No
transfer of shares shall be registered unless a proper writing or instrument of transfer (in any customary form or any other form
satisfactory to the Board of Directors) has been submitted to the Company (or its transfer agent), together with any share certificate(s)
and such other evidence of title as the Board of Directors may reasonably require. Until the transferee has been registered in
the Register of Shareholders in respect of the shares so transferred, the Company may continue to regard the transferor as the
owner thereof. The Board of Directors, may, from time to time, prescribe a fee for the registration of a transfer.

 

	20.	Suspension
    of Registration.

 

The
Board of Directors may, in its discretion to the extent it deems necessary, close the Register of Shareholders of registration
of transfers of shares for a period determined by the Board of Directors, and no registrations of transfers of shares shall be
made by the Company during any such period during which the Register of Shareholders is so closed.

 

Transmission
of Shares

 

	21.	Decedents’
    Shares.

 

(a)
In case of a share registered in the names of two or more holders, the Company may recognize the survivor(s) as the sole owner(s)
thereof unless and until the provisions of Article 21(b) have been effectively invoked.

 

(b)
Any person becoming entitled to a share in consequence of the death of any person, upon producing evidence of the grant of probate
or letters of administration or declaration of succession (or such other evidence as the Board of Directors may reasonably deem
sufficient (or to an officer of the Company to be designated by the Chief Executive Officer)), shall be registered as a shareholder
in respect of such share, or may, subject to the provisions as to transfer contained herein, transfer such share.

 

	22.	Receivers
    and Liquidators.

 

(a)
The Company may recognize any receiver, liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a
corporate shareholder, and a trustee, manager, receiver, liquidator or similar official appointed in bankruptcy or in connection
with the reorganization of, or similar proceeding with respect to a shareholder or its properties, as being entitled to the shares
registered in the name of such shareholder.

 

(b)
Such receiver, liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a corporate shareholder and
such trustee, manager, receiver, liquidator or similar official appointed in bankruptcy or in connection with the reorganization
of, or similar proceedings with respect to a shareholder or its properties, upon producing such evidence as the Board of Directors
(or an officer of the Company to be designated by the Chief Executive Officer) may deem sufficient as to his authority to act
in such capacity or under this Article, shall with the consent of the Board of Directors (which the Board of Directors may grant
or refuse in its absolute discretion), be registered as a shareholder in respect of such shares, or may, subject to the regulations
as to transfer herein contained, transfer such shares.

 

General
Meetings

 

	23.	General
    Meetings.

 

(a)
An annual General Meeting (“Annual General Meeting”) shall be held at such time and at such place, either within
or out of the State of Israel, as may be determined by the Board of Directors.

 

    8

     

    

 

(b)
All General Meetings other than Annual General Meetings shall be called “Special General Meetings”.

  

	24.	Record
    Date for General Meeting.

 

Notwithstanding
any provision of these Articles to the contrary, and to allow the Company to determine the shareholders entitled to notice of
or to vote at any General Meeting or any adjournment thereof, or entitled to receive payment of any dividend or other distribution
or grant of any rights, or entitled to exercise any rights in respect of or to take or be the subject of any other action, the
Board of Directors may fix a record date, which shall not be more than the maximum period and not less than the minimum period
permitted by law. A determination of shareholders of record entitled to notice of or to vote at a meeting shall apply to any adjournment
of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

 

	25.	Shareholder
    Proposal Request.

 

(a)
Any Shareholder or Shareholders of the Company holding at least one percent (1%) or a higher percent, as may be required by the
Companies Law from time to time, of the voting rights of the Company (the “Proposing Shareholder(s)”) may request,
subject to the Companies Law, that the Board of Directors include a matter on the agenda of a General Meeting to be held in the
future, provided that the Board determines that the matter is appropriate to be considered in a General Meeting (a “Proposal
Request”). In order for the Board of Directors to consider a Proposal Request and whether to include the matter stated
therein in the agenda of a General Meeting, notice of the Proposal Request must be timely delivered in accordance with applicable
laws, and the Proposal Request must comply with the requirement of these Articles (including this Article 25) and any applicable
law and stock exchange rules and regulations. The Proposal Request must be in writing, signed by all of the Proposing Shareholder(s)
making such request, delivered, either in person or by certified mail, postage prepaid, and received by the Secretary (or, in
the absence thereof by the Chief Executive Officer of the Company). To be considered timely, a Proposal Request must be received
within the time periods prescribed by applicable law. The announcement of an adjournment or postponement of a General Meeting
shall not commence a new time period (or extend any time period) for the delivery of a Proposal Request as described above. In
addition to any information required to be included in accordance with applicable law, the Proposal Request must include the following:
(i) the name, address, telephone number, fax number and email address of the Proposing Shareholder (or each Proposing Shareholder,
as the case may be) and, if an entity, the name(s) of the person(s) that controls or manages such entity; (ii) the number of Shares
held by the Proposing Shareholder(s), directly or indirectly (and, if any of such Shares are held indirectly, an explanation of
how they are held and by whom), which shall be in such number no less than as is required to qualify as a Proposing Shareholder,
accompanied by evidence satisfactory to the Company of the record holding of such Shares by the Proposing Shareholder(s) as of
the date of the Proposal Request, and a representation that the Proposing Shareholder(s) intends to appear in person or by proxy
at the meeting; (iii) the matter requested to be included on the agenda of a General Meeting, all information related to such
matter, the reason that such matter is proposed to be brought before the General Meeting, the complete text of the resolution
that the Proposing Shareholder proposes to be voted upon at the General Meeting and, if the Proposing Shareholder wishes to have
a position statement in support of the Proposal Request, a copy of such position statement that complies with the requirement
of any applicable law (if any), (iv) a description of all arrangements or understandings between the Proposing Shareholders and
any other Person(s) (naming such Person or Persons) in connection with the matter that is requested to be included on the agenda
and a declaration signed by all Proposing Shareholder(s) of whether any of them has a personal interest in the matter and, if
so, a description in reasonable detail of such personal interest; (v) a description of all Derivative Transactions (as defined
below) by each Proposing Shareholder(s) during the previous twelve (12) month period, including the date of the transactions and
the class, series and number of securities involved in, and the material economic terms of, such Derivative Transactions; and
(vi) a declaration that all of the information that is required under the Companies Law and any other applicable law and stock
exchange rules and regulations to be provided to the Company in connection with such matter, if any, has been provided to the
Company. The Board of Directors, may, in its discretion, to the extent it deems necessary, request that the Proposing Shareholder(s)
provide additional information necessary so as to include a matter in the agenda of a General Meeting, as the Board of Directors
may reasonably require.

 

    9

     

    

 

A
“Derivative Transaction” means any agreement, arrangement, interest or understanding entered into by, or on
behalf or for the benefit of, any Proposing Shareholder or any of its affiliates or associates, whether of record or beneficial:
(1) the value of which is derived in whole or in part from the value of any class or series of shares or other securities of the
Company, (2) which otherwise provides any direct or indirect opportunity to gain or share in any gain derived from a change in
the value of securities of the Company, (3) the effect or intent of which is to mitigate loss, manage risk or benefit of security
value or price changes, or (4) which provides the right to vote or increase or decrease the voting power of, such Proposing Shareholder,
or any of its affiliates or associates, with respect to any shares or other securities of the Company, which agreement, arrangement,
interest or understanding may include, without limitation, any option, warrant, debt position, note, bond, convertible security,
swap, stock appreciation right, short position, profit interest, hedge, right to dividends, voting agreement, performance-related
fee or arrangement to borrow or lend shares (whether or not subject to payment, settlement, exercise or conversion in any such
class or series), and any proportionate interest of such Proposing Shareholder in the securities of the Company held by any general
or limited partnership, or any limited liability company, of which such Proposing Shareholder is, directly or indirectly, a general
partner or managing member.

 

(b)
The information required pursuant to this Article shall be updated as of (i) the record date of the General Meeting, (ii) five
business days before the General Meeting, and (iii) as of the General Meeting, and any adjournment or postponement thereof.

 

(c)
The provisions of Articles 25(a) and 25(b) shall apply, mutatis mutandis, on any matter to be included on the agenda of
a Special General Meeting which is convened pursuant to a request of a Shareholder duly delivered to the Company in accordance
with the Companies Law.

 

	26.	Notice
    of General Meetings; Omission to Give Notice.

 

(a)
The Company is not required to give notice of a General Meeting, subject to any mandatory provision of the Companies Law, and
any other requirements applicable to the Company. Notwithstanding anything herein to the contrary, to the extent permitted under
the Companies Law, with the consent of all Shareholders entitled to vote thereon, a resolution may be proposed and passed at such
meeting although a lesser notice period than hereinabove prescribed has been given.

 

(b)
The accidental omission to give notice of a General Meeting to any Shareholder, or the non-receipt of notice sent to such Shareholder,
shall not invalidate the proceedings at such meeting or any resolution adopted thereat.

 

(c)
No Shareholder present, in person or by proxy, at any time during a General Meeting shall be entitled to seek the cancellation
or invalidation of any proceedings or resolutions adopted at such General Meeting on account of any defect in the notice of such
meeting relating to the time or the place thereof, or any item acted upon at such meeting.

 

(d)
The Company may add additional places for Shareholders to review the full text of the proposed resolutions to be adopted at a
General Meeting, including an internet site.

 

Proceedings
at General Meetings

 

	27.	Quorum.

 

(a)
No business shall be transacted at a General Meeting, or at any adjournment thereof, unless the quorum required under these Articles
for such General Meeting or such adjourned meeting, as the case may be, is present when the meeting proceeds to business.

 

(b)
In the absence of contrary provisions in these Articles, two or more shareholders (not in default in payment of any sum referred
to in Article 13 hereof), present in person or by proxy and holding shares conferring in the aggregate at least 15 percent of
the voting power of the Company, shall constitute a quorum of General Meetings. A proxy may be deemed to be two (2) or more Shareholders
pursuant to the number of Shareholders represented by the proxy holder.

  

    10

     

    

 

(c)
If within half an hour from the time appointed for the meeting a quorum is not present, then the meeting shall be canceled if
it was convened upon requisition under Section 63 of the Companies Law, and in any other case, without any further notice the
meeting shall be adjourned either (i) to the same day in the next week, at the same time and place, (ii) to such day and at such
time and place as indicated in the notice to such meeting, or (iii) to such day and at such time and place as the Chairperson
of the General Meeting shall determine (which may be earlier or later than the date pursuant to clause (i) above). No business
shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting as originally
called. At such adjourned meeting any shareholder (not in default as aforesaid) present in person or by proxy, shall constitute
a quorum.

 

	28.	Chairperson
    of General Meeting.

 

The
Chairperson of the Board of Directors shall preside as Chairperson of every General Meeting of the Company. If at any meeting
the Chairperson is not present within fifteen (15) minutes after the time fixed for holding the meeting or is unwilling to act
as Chairperson, any of the following may preside as Chairperson of the meeting (and in the following order): Director, Chief Executive
Officer, Chief Financial Officer, Secretary or any person designated by any of the foregoing. If at any such meeting none of the
foregoing persons is present or all are unwilling to act as Chairperson, the Shareholders present (in person or by proxy) shall
choose a Shareholder or its proxy present at the meeting to be Chairperson. The office of Chairperson shall not, by itself, entitle
the holder thereof to vote at any General Meeting nor shall it entitle such holder to a second or casting vote (without derogating,
however, from the rights of such Chairperson to vote as a shareholder or proxy of a shareholder if, in fact, he is also a shareholder
or such proxy).

 

	29.	Adoption
    of Resolutions at General Meetings.

 

(a)
Except as required by the Companies Law or these Articles, including, without limitation, Article 39 below, a resolution of the
Shareholders shall be adopted if approved by the holders of a simple majority of the voting power represented at the General Meeting
in person or by proxy and voting thereon, as one class, and disregarding abstentions from the count of the voting power present
and voting. Without limiting the generality of the foregoing, a resolution with respect to a matter or action for which the Companies
Law prescribes a higher majority or pursuant to which a provision requiring a higher majority would have been deemed to have been
incorporated into these Articles, but resolutions with respect to which the Companies Law allows the Company’s Articles
to provide otherwise, shall be adopted by a simple majority of the voting power represented at the General Meeting in person or
by proxy and voting thereon, as one class, and disregarding abstentions from the count of the voting power present and voting.

 

(b)
Every question submitted to a General Meeting shall be decided by a show of hands, but the Chairperson of the General Meeting
may determine that a resolution shall be decided by a written ballot. A written ballot may be implemented before the proposed
resolution is voted upon or immediately after the declaration by the Chairperson of the results of the vote by a show of hands.
If a vote by written ballot is taken after such declaration, the results of the vote by a show of hands shall be of no effect,
and the proposed resolution shall be decided by such written ballot.

 

(c)
A declaration by the Chairperson of the General Meeting that a resolution has been carried unanimously, or carried by a particular
majority, or rejected, and an entry to that effect in the minute book of the Company, shall be prima facie evidence of the fact
without proof of the number or proportion of the votes recorded in favor of or against such resolution.

 

    11

     

    

 

	30.	Power
    to Adjourn.

 

A
General Meeting, the consideration of any matter on its agenda or the resolution on any matter on its agenda, may be postponed
or adjourned, from time to time and from place to place: (i) by the Chairperson of a General Meeting at which a quorum is present
(and he shall if so directed by the meeting, with the consent of the holders of a majority of the voting power represented in
person or by proxy and voting on the question of adjournment), but no business shall be transacted at any such adjourned meeting
except business which might lawfully have been transacted at the meeting as originally called, or a matter on its agenda with
respect to which no resolution was adopted at the meeting originally called; or (ii) by the Board (whether prior to or at the
General Meeting).

 

	31.	Voting
    Power.

 

Subject
to the provisions of Article 32(a) and to any provision hereof conferring special rights as to voting, or restricting the right
to vote, every Shareholder shall have one vote for each share held by him of record, on every resolution, without regard to whether
the vote thereon is conducted by a show of hands, by written ballot or by any other means.

 

	32.	Voting
    Rights.

 

(a)
No shareholder shall be entitled to vote at any General Meeting (or be counted as a part of the quorum thereat), unless all calls
then payable by him in respect of his shares in the Company have been paid.

 

(b)
A company or other corporate body being a Shareholder of the Company may duly authorize any person to be its representative at
any meeting of the Company or to execute or deliver a proxy on its behalf. Any person so authorized shall be entitled to exercise
on behalf of such Shareholder all the power which the Shareholder could have exercised if it were an individual. Upon the request
of the Chairperson of the General Meeting, written evidence of such authorization (in form acceptable to the Chairperson) shall
be delivered to him.

 

(c)
Any Shareholder entitled to vote may vote either in person or by proxy (who need not be Shareholder of the Company), or, if the
Shareholder is a company or other corporate body, by representative authorized pursuant to Article (b) above.

 

(d)
If two or more persons are registered as joint holders of any share, the vote of the senior who tenders a vote, in person or by
proxy, shall be accepted to the exclusion of the vote(s) of the other joint holder(s). For the purpose of this Article 32(d),
seniority shall be determined by the order of registration of the joint holders in the Register of Shareholder.

 

(e)
A Shareholder who wishes to vote at a General Meeting shall prove his title to a share to the Company as required under the Companies
Law and regulations promulgated thereunder. Without prejudice to the aforesaid, the Board of Directors may prescribe regulations
and procedures with regard to proof of title to the Company’s shares.

  

    12

     

    

 

Proxies

 

	33.	Instrument
    of Appointment.

 

(a)
An instrument appointing a proxy shall be in writing and shall be substantially in the following form:

 

	“I	 	 of	 
	 	(Name
    of Shareholder)	 	(Address
    of Shareholder)
	 	 	 	 
	Being
    a shareholder of SAFE-T GROUP LTD. hereby appoints
	 
	 	 	 of	 
	 	(Name
    of Proxy)	 	(Address
    of Proxy)
	 	 	 	 
	as
    my proxy to vote for me and on my behalf at the General Meeting of the Company to be held on the ___ day of _______, _______
    and at any adjournment(s) thereof.
	 
	Signed
    this ____ day of ___________, ______.
	 
	(Signature
    of Appointor)”

  

or
in any such form as may be approved by the Board of Directors.

 

(b)
Subject to the Companies Law, the original instrument appointing a proxy or a copy thereof (and the power of attorney or other
authority, if any, under which such instrument has been signed) shall be delivered to the Company (at its Office, at its principal
place of business, or at the offices of its registrar or transfer agent, or at such place as notice of the meeting may specify)
not less than forty eight (48) hours (or such shorter period as the notice shall specify) before the time fixed for such meeting.
Notwithstanding the above, the Chairperson shall have the right to waive the time requirement provided above with respect to all
instruments of proxies and to accept any and all instruments of proxy until the beginning of a General Meeting. A document appointing
a proxy shall be valid for every adjourned meeting of the General Meeting to which the document relates.

 

	34.	Effect
    of Death of Appointor of Transfer of Share and or Revocation of Appointment.

 

(a)
A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding the prior death or bankruptcy of
the appointing shareholder (or of his attorney-in-fact, if any, who signed such instrument), or the transfer of the share in respect
of which the vote is cast, unless written notice of such matters shall have been received by the Company or by the Chairperson
of such meeting prior to such vote being cast.

 

(b)
Subject to the Companies Law, an instrument appointing a proxy shall be deemed revoked (i) upon receipt by the Company or the
Chairperson, subsequent to receipt by the Company of such instrument, of written notice signed by the person signing such instrument
or by the Shareholder appointing such proxy canceling the appointment thereunder (or the authority pursuant to which such instrument
was signed) or of an instrument appointing a different proxy (and such other documents, if any, required under Article 33(b) for
such new appointment), provided such notice of cancellation or instrument appointing a different proxy were so received at the
place and within the time for delivery of the instrument revoked thereby as referred to in Article 33(b) hereof, or (ii) if the
appointing shareholder is present in person at the meeting for which such instrument of proxy was delivered, upon receipt by the
Chairperson of such meeting of written notice from such shareholder of the revocation of such appointment, or if and when such
shareholder votes at such meeting. A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding
the revocation or purported cancellation of the appointment, or the presence in person or vote of the appointing shareholder at
a meeting for which it was rendered, unless such instrument of appointment was deemed revoked in accordance with the foregoing
provisions of this Article 34(b) at or prior to the time such vote was cast.

 

    13

     

    

 

Board
of Directors

 

	35.	Powers
    of Board of Directors.

 

(a)
The Board of Directors may exercise all such powers and do all such acts and things as the Board of Directors is authorized by
law or as the Company is authorized to exercise and do and are not hereby or by law required to be exercised or done by the General
Meeting. The authority conferred on the Board of Directors by this Article 35 shall be subject to the provisions of the Companies
Law, these Articles and any regulation or resolution consistent with these Articles adopted from time to time at a General Meeting,
provided, however, that no such regulation or resolution shall invalidate any prior act done by or pursuant to a decision of the
Board of Directors which would have been valid if such regulation or resolution had not been adopted.

  

(b)
Without limiting the generality of the foregoing, the Board of Directors may, from time to time, set aside any amount(s) out of
the profits of the Company as a reserve or reserves for any purpose(s) which the Board of Directors, in its absolute discretion,
shall deem fit, including without limitation, capitalization and distribution of bonus shares, and may invest any sum so set aside
in any manner and from time to time deal with and vary such investments and dispose of all or any part thereof, and employ any
such reserve or any part thereof in the business of the Company without being bound to keep the same separate from other assets
of the Company, and may subdivide or re-designate any reserve or cancel the same or apply the funds therein for another purpose,
all as the Board of Directors may from time to time think fit.

 

	36.	Exercise
    of Powers of Board of Directors.

 

(a)
A meeting of the Board of Directors at which a quorum is present shall be competent to exercise all the authorities, powers and
discretion vested in or exercisable by the Board of Directors.

 

(b)
A resolution proposed at any meeting of the Board of Directors shall be deemed adopted if approved by a majority of the Directors
present, entitled to vote and voting thereon when such resolution is put to a vote.

 

(c)
The Board of Directors may adopt resolutions, without convening a meeting of the Board of Directors, in writing or in any other
manner permitted by the Companies Law.

 

	37.	Delegation
    of Powers.

 

(a)
The Board of Directors may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees (in
these Articles referred to as a “Committee of the Board of Directors”, or “Committee”),
each consisting of one or more persons (who may or may not be Directors), and it may from time to time revoke such delegation
or alter the composition of any such Committee. No regulation imposed by the Board of Directors on any Committee and no resolution
of the Board of Directors shall invalidate any prior act done pursuant to a resolution by the Committee which would have been
valid if such regulation or resolution of the Board had not been adopted. The meeting and proceedings of any such Committee of
the Board of Directors shall, mutatis mutandis, be governed by the provisions herein contained for regulating the meetings
of the Board of Directors, so far as not superseded by any regulations adopted by the Board of Directors or by the Companies Law.
Unless otherwise expressly prohibited by the Board of Directors in delegating powers to a Committee of the Board of Directors,
such Committee shall be empowered to further delegate such powers.

 

(b)
Without derogating from the provisions of Article 49, the Board of Directors may from time to time appoint a Secretary to the
Company, as well as officers, agents, employees and independent contractors, as the Board of Directors deems fit, and may terminate
the service of any such person. The Board of Directors may, subject to the provisions of the Companies Law, determine the powers
and duties, as well as the salaries and compensation, of all such persons.

 

    14

     

    

 

(c)
The Board of Directors may from time to time, by power of attorney or otherwise, appoint any person, company, firm or body of
persons to be the attorney or attorneys of the Company at law or in fact for such purposes(s) and with such powers, authorities
and discretions, and for such period and subject to such conditions, as it deems fit, and any such power of attorney or other
appointment may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board
of Directors deems fit, and may also authorize any such attorney to delegate all or any of the powers, authorities and discretions
vested in him.

 

	38.	Number
    of Directors.

 

(a)
The Board of Directors shall consist of such number of Directors, not less than three (3) nor more than twelve (12), including
the External Directors, which will be elected if and as required under the Companies Law, as may be fixed from time to time by
the Board of Directors.

  

(b)
Notwithstanding anything to the contrary herein, this Article 38 may only be amended or replaced by a resolution adopted at a
General Meeting by a majority of 65% of the voting power represented at the General Meeting in person or by proxy and voting thereon,
disregarding abstentions from the count of the voting power present and voting, provided that such majority constitutes more than
50% of the Company’s then issued and outstanding share capital.

  

	39.	Election
    and Removal of Directors.

 

(a)
The Directors, excluding the External Directors if any (who shall be elected and serve in office in strict accordance with the
provisions of the Companies Law, if so required by the Companies Law), shall be classified, with respect to the term for which
they each severally hold office, into three classes, as nearly equal in number as practicable, hereby designated as Class I, Class
II and Class III.

 

(i)
The term of office of the initial Class I directors shall expire at the first Annual General Meeting to be held in 2020 and when
their successors are elected and qualified,

 

(ii)
The term of office of the initial Class II directors shall expire at the first Annual General Meeting following the Annual General
Meeting referred to in clause (i) above and when their successors are elected and qualified, and

 

(iii)
The term of office of the initial Class III directors shall expire at the first Annual General Meeting following the Annual General
Meeting referred to in clause (ii) above and when their successors are elected and qualified.

 

(b)
Directors (other than External Directors), may be elected only in Annual Meetings. At each Annual General Meeting, commencing
with the Annual General Meeting to be held in 2020, each of the successors elected to replace the Directors of a Class whose term
shall have expired at such Annual General Meeting shall be elected to hold office until the third Annual General Meeting next
succeeding his or her election and until his or her respective successor shall have been elected and qualified. Notwithstanding
anything to the contrary, each Director shall serve until his or her successor is elected and qualified or until such earlier
time as such Director’s office is vacated.

 

(c)
If the number of Directors (excluding External Directors) that constitutes the Board of Directors is hereafter changed, the then-serving
Directors shall be redesignated to other Classes and/or any newly created directorships or decrease in directorships shall be
apportioned by the Board of Directors among the classes so as to make all classes as nearly equal in number as is practicable,
provided that no decrease in the number of Directors constituting the Board of Directors shall shorten the term of any incumbent
Director.

 

(d)
Prior to every Annual General Meeting of the Company at which Directors are to be elected, and subject to clauses 39(a) and (h)
of this Article, the Board of Directors (or a Committee thereof) shall select, by a resolution adopted by a majority of the Board
of Directors (or such Committee), a number of Persons to be proposed to the Shareholders for election as Directors at such Annual
General Meeting (the “Nominees”).

 

    15

     

    

 

(e)
Any Proposing Shareholder requesting to include on the agenda of an Annual General Meeting a nomination of a Person to be proposed
to the Shareholders for election as Director (such person, an “Alternate Nominee”), may so request provided
that it complies with this Article 39(e) and Article 25 and applicable law. Unless otherwise determined by the Board, a Proposal
Request relating to Alternate Nominee is deemed to be a matter that is appropriate to be considered only in an Annual General
Meeting. In addition to any information required to be included in accordance with applicable law, such a Proposal Request shall
include information required pursuant to Article 25, and shall also set forth: (i) the name, address, telephone number, fax number
and email address of the Alternate Nominee and all citizenships and residencies of the Alternate Nominee; (ii) a description of
all arrangements, relations or understandings between the Proposing Shareholder(s) or any of its affiliates and each Alternate
Nominee; (iii) a declaration signed by the Alternate Nominee that he consents to be named in the Company’s notices and proxy
materials relating to the Annual General Meeting, if provided or published, and, if elected, to serve on the Board of Directors
and to be named in the Company’s disclosures and filings, (iv) a declaration signed by each Alternate Nominee as required
under the Companies Law and any other applicable law and stock exchange rules and regulations for the appointment of such an Alternate
Nominee and an undertaking that all of the information that is required under law and stock exchange rules and regulations to
be provided to the Company in connection with such an appointment has been provided (including, information in respect of the
Alternate Nominee as would be provided in response to the applicable disclosure requirements under Form 20-F or any other applicable
form prescribed by the U.S. Securities and Exchange Commission); (v) a declaration made by the Alternate Nominee of whether he
or she meets the criteria for an independent director and/or External Director of the Company under the Companies Law and/or under
any applicable law, regulation or stock exchange rules, and if not, then an explanation of why not; and (vi) any other information
required at the time of submission of the Proposal Request by applicable law, regulations or stock exchange rules. In addition,
the Proposing Shareholder shall promptly provide any other information reasonably requested by the Company. The Board of Directors
may refuse to acknowledge the nomination of any person not made in compliance with the foregoing. The Company shall be entitled
to publish any information provided by a Proposing Shareholder pursuant to this Article 39(e) and Article 25, and the Proposing
Shareholder shall be responsible for the accuracy and completeness thereof.

 

(f)
The Nominees or Alternate Nominees shall be elected by a resolution adopted at the Annual General Meeting at which they are subject
to election.

 

(g)
Notwithstanding anything to the contrary herein, this Article 39 and Article 42(e) may only be amended, replaced or suspended
by a resolution adopted at a General Meeting by a majority of 65% of the voting power represented at the General Meeting in person
or by proxy and voting thereon, disregarding abstentions from the count of the voting power present and voting, provided that
such majority constitutes more than 50% of the Company’s then issued and outstanding share capital.

 

(h)
Notwithstanding anything to the contrary in these Articles, the election, qualification, removal or dismissal of External Directors
shall be only in accordance with the applicable provisions set forth in the Companies Law.

 

(i)
Directors whose terms of office have expired or terminated may be re-elected. The aforesaid will not apply to external directors,
whose reappointment shall be in accordance with the provisions of the Companies Law and the regulations promulgated thereunder.

   

	40.	Commencement
    of Directorship.

 

Without
derogating from Article 39, the term of office of a Director shall commence as of the date of his appointment or election, or
on a later date if so specified in his appointment or election.

 

    16

     

    

 

	41.	Continuing
    Directors in the Event of Vacancies.

 

The
Board may at any time and from time to time appoint any person as a Director to fill a vacancy (whether such vacancy is due to
a Director no longer serving or due to the number of Directors serving being less than the maximum number stated in Article 38
hereof). In the event of one or more such vacancies in the Board of Directors, the continuing Directors may continue to act in
every matter, provided, however, that if they number less than the minimum number provided for pursuant to Article 38 hereof,
they may only act in an emergency or to fill the office of director which has become vacant up to a number equal to the minimum
number provided for pursuant to Article 38 hereof. The office of a Director that was appointed by the Board of Directors to fill
any vacancy shall only be for the remaining period of time during which the Director whose service has ended was filled would
have held office, or in case of a vacancy due to the number of Directors serving being less than the maximum number stated in
Article 38 hereof, the Board shall determine at the time of appointment the class pursuant to Article 39 to which the additional
Director shall be assigned.

  

	42.	Vacation
    of Office.

 

The
office of a Director shall be vacated and he or she shall be dismissed or removed:

 

(a)
ipso facto, upon his or her death;

 

(b)
if he or she is prevented by applicable law from serving as a Director;

 

(c)
if the Board determines that due to his or her mental or physical state he or she is unable to serve as a director;

 

(d)
if his or her directorship expires pursuant to these Articles and/or applicable law;

 

(e)
by a resolution adopted at an Annual Meeting by a majority of 65% of the voting power represented at the Annual Meeting in person
or by proxy and voting thereon, disregarding abstentions from the count of the voting power present and voting, provided that
such majority constitutes more than 50% of the Company’s then issued and outstanding share capital. Such removal shall become
effective on the date fixed in such resolution;

 

(f)
by his or her written resignation, such resignation becoming effective on the date fixed therein, or upon the delivery thereof
to the Company, whichever is later; or

 

(g)
with respect to an External Director, and notwithstanding anything to the contrary herein, only pursuant to applicable law.

 

	43.	Conflict
    of Interests; Approval of Related Party Transactions.

 

Subject
to the provisions of the Companies Law and these Articles, no Director shall be disqualified by virtue of his office from holding
any office or place of profit in the Company or in any company in which the Company shall be a shareholder or otherwise interested,
or from contracting with the Company as vendor, purchaser or otherwise, nor shall any such contract, or any contract or arrangement
entered into by or on behalf of the Company in which any Director shall be in any way interested, be avoided, nor, other than
as required under the Companies Law, shall any Director be liable to account to the Company for any profit arising from any such
office or place of profit or realized by any such contract or arrangement by reason only of such Director’s holding that
office or of the fiduciary relations thereby established, but the nature of his interest, as well as any material fact or document,
must be disclosed by him at the meeting of the Board of Directors at which the contract or arrangement is first considered, if
his interest then exists, or, in any other case, at no later than the first meeting of the Board of Directors after the acquisition
of his interest.

 

	44.	Alternate
    Directors.

 

(a)
Subject to the provisions of the Companies Law, a Director may, by written notice to the Company, appoint, remove or replace any
person as an alternate for himself; provided that the appointment of such person shall have effect only upon and subject to its
being approved by the Board (in these Articles, an “Alternate Director”). Unless the appointing Director, by
the instrument appointing an Alternate Director or by written notice to the Company, limits such appointment to a specified period
of time or restricts it to a specified meeting or action of the Board of Directors, or otherwise restricts its scope, the appointment
shall be for all purposes, and for a period of time concurrent with the term of the appointing Director.

 

    17

     

    

 

(b)
Any notice to the Company pursuant to Article 44(a) shall be given in person to, or by sending the same by mail to the attention
of the Chairperson of the Board of Directors at the principal office of the Company or to such other person or place as the Board
of Directors shall have determined for such purpose, and shall become effective on the date fixed therein, upon the receipt thereof
by the Company (at the place as aforesaid) or upon the approval of the appointment by the Board, whichever is later.

  

(c)
An Alternate Director shall have all the rights and obligations of the Director who appointed him, provided however, that (i)
he may not in turn appoint an alternate for himself (unless the instrument appointing him otherwise expressly provides), and (ii)
an Alternate Director shall have no standing at any meeting of the Board of Directors or any Committee thereof while the Director
who appointed him is present.

 

(d)
Any individual, who qualifies to be a member of the Board of Directors, may act as an Alternate Director. One person may not act
as Alternate Director for several directors.

 

(e)
The office of an Alternate Director shall be vacated under the circumstances, mutatis mutandis, set forth in Article 42,
and such office shall ipso facto be vacated if the office of the Director who appointed such Alternate Director is vacated, for
any reason.

 

Proceedings
of the Board of Directors

 

	45.	Meetings.

 

(a)
The Board of Directors may meet and adjourn its meetings and otherwise regulate such meetings and proceedings as the Directors
think fit.

 

(b)
Any Director may at any time, and the Secretary, upon the request of such Director, shall, convene a meeting of the Board of Directors,
but not less than forty-eight (48) hours’ notice shall be given of any meeting so convened, unless such notice is waived
by all of the Directors as to a particular meeting or unless the matters to be discussed at such meeting are of such urgency and
importance, as determined by the Chairperson, that notice ought reasonably to be waived under the circumstances.

 

(c)
Notice of any such meeting shall be given in writing.

 

(d)
Notwithstanding anything to the contrary herein, failure to deliver notice to a director of any such meeting in the manner required
hereby may be waived by such Director, and a meeting shall be deemed to have been duly convened notwithstanding such defective
notice if such failure or defect is waived prior to action being taken at such meeting, by all Directors entitled to participate
at such meeting to whom notice was not duly given as aforesaid. Without derogating from the foregoing, no Director present at
any time during a meeting of the Board of Directors shall be entitled to seek the cancellation or invalidation of any proceedings
or resolutions adopted at such meeting on account of any defect in the notice of such meeting relating to the date, time or the
place thereof or the convening of the meeting.

 

	46.	Quorum.

 

Until
otherwise unanimously decided by the Board of Directors, a quorum at a meeting of the Board of Directors shall be constituted
by the presence in person or by any means of communication of a majority of the Directors then in office who are lawfully entitled
to participate and vote in the meeting. No business shall be transacted at a meeting of the Board of Directors unless the requisite
quorum is present (in person or by any means of communication) when the meeting proceeds to business.

 

    18

     

    

 

	47.	Chairperson
    of the Board of Directors.

 

The
Board of Directors shall, from time to time, elect one of its members to be the Chairperson of the Board of Directors, remove
such Chairperson from office and appoint in his place. The Chairperson of the Board of Directors shall preside at every meeting
of the Board of Directors, but if there is no such Chairperson, or if at any meeting he is not present within fifteen (15) minutes
of the time fixed for the meeting or if he is unwilling to take the chair, the Directors present shall choose one of the Directors
present at the meeting to be the Chairperson of such meeting. The office of Chairperson of the Board of Directors shall not, by
itself, entitle the holder to a second or casting vote.

  

	48.	Validity
    of Acts Despite Defects.

 

All
acts done or transacted at any meeting of the Board of Directors, or of a Committee of the Board of Directors, or by any person(s)
acting as Director(s), shall, notwithstanding that it may afterwards be discovered that there was some defect in the appointment
of the participants in such meeting or any of them or any person(s) acting as aforesaid, or that they or any of them were disqualified,
be as valid as if there were no such defect or disqualification.

 

Chief
Executive Officer

 

	49.	Chief
    Executive Officer.

 

(a)
The Board of Directors shall from time to time appoint one or more persons, whether or not Directors, as Chief Executive Officer
of the Company and may confer upon such person(s), and from time to time modify or revoke, such titles and such duties and authorities
of the Board of Directors as the Board of Directors may deem fit, subject to such limitations and restrictions as the Board of
Directors may from time to time prescribe. Such appointment(s) may be either for a fixed term or without any limitation of time,
and the Board of Directors may from time to time (subject to any additional approvals required under, and the provisions of, the
Companies Law and of any contract between any such person and the Company) fix their salaries and compensation, remove or dismiss
them from office and appoint another or others in his or their place or places.

  

(b)
Unless otherwise determined by the Board of Directors, the Chief Executive Officer shall have authority with respect to the management
and operations of the Company in the ordinary course of business.

 

Minutes

 

	50.	Minutes.

 

Any
minutes of the General Meeting or the Board of Directors or any committee thereof, if purporting to be signed by the Chairperson
of the General Meeting, the Board or a committee thereof, as the case may be, or by the Chairperson of the next succeeding General
Meeting, meeting of the Board or meeting of a committee thereof, as the case may be, shall constitute prima facie evidence of
the matters recorded therein.

 

Dividends

 

	51.	Declaration
    of Dividends.

 

The
Board of Directors may from time declare, and cause the Company to pay, such dividend as may appear to the Board of Directors
to be justified by the profits of the Company and as permitted by the Companies Law. The Board of Directors shall determine the
time for payment of such dividends and the record date for determining the shareholders entitled thereto.

 

    19

     

    

 

	52.	Amount
    Payable by Way of Dividends.

 

(a)
Subject to the provisions of these Articles and subject to the rights or conditions attached at that time to any share in the
capital of the Company granting preferential, special or deferred rights or not granting any rights with respect to dividends,
any dividend paid by the Company shall be allocated among the shareholders (not in default in payment of any sum referred to in
Article 13 hereof) entitled thereto in proportion to their respective holdings of the shares in respect of which such dividends
are being paid.

 

(b)
Whenever the rights attached to any shares or the terms of issue of the shares do not provide otherwise, shares which are fully
paid up or which are credited as fully or partly paid within any period which in respect thereof dividends are paid shall entitle
the holders thereof to a dividend in proportion to the amount paid up or credited as paid up in respect of the nominal value of
such shares and to the date of payment thereof (pro rata temporis).

  

	53.	Interest.

 

No
dividend shall carry interest as against the Company.

 

	54.	Capitalization
    of Profits, Reserves, etc.

 

The
Board of Directors may determine that the Company (i) may cause any moneys, investments, or other assets forming part of the undivided
profits of the Company, standing to the credit of a reserve fund, or to the credit of a reserve fund for the redemption of capital,
or in the hands of the Company and available for dividends, or representing premiums received on the issuance of shares and standing
to the credit of the share premium account, to be capitalized and distributed among such of the shareholders as would be entitled
to receive the same if distributed by way of dividend and in the same proportion, on the footing that they become entitled thereto
as capital, or may cause any part of such capitalized fund to be applied on behalf of such shareholders in paying up in full,
either at par or at such premium as the resolution may provide, any unissued shares or debentures or debenture stock of the Company
which shall be distributed accordingly, in payment, in full or in part, of the uncalled liability on any issued shares or debentures
or debenture stock; and (ii) may cause such distribution or payment to be accepted by such shareholders in full satisfaction of
their interest in the said capitalized sum.

 

	55.	Implementation
    of Powers.

 

For
the purpose of giving full effect to any resolution under Article 54, and without derogating from the provisions of Article 56
hereof, the Board of Directors may settle any difficulty which may arise in regard to the distribution as it thinks expedient,
and, in particular, may fix the value for distribution of any specific assets and may determine that cash payments shall be made
to any shareholders upon the footing of the value so fixed, or that fractions of less value than a certain determined value may
be disregarded in order to adjust the rights of all parties, and may vest any such cash, shares, debentures, debenture stock or
specific assets in trustees upon such trusts for the persons entitled to the dividend or capitalized fund as may seem expedient
to the Board of Directors. Where requisite, a proper contract shall be filed in accordance with Section 291 of the Companies Law,
and the Board of Directors may appoint any person to sign such contract on behalf of the persons entitled to the dividend or capitalized
fund.

 

	56.	Deductions
    from Dividends.

 

The
Board of Directors may deduct from any dividend or other moneys payable to any Shareholder in respect of a share any and all sums
of money then payable by such Shareholder to the Company on account of calls or otherwise in respect of shares of the Company
and/or on account of any other matter of transaction whatsoever.

 

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	57.	Retention
    of Dividends.

 

(a)
The Board of Directors may retain any dividend or other moneys payable or property distributable in respect of a share on which
the Company has a lien, and may apply the same in or toward satisfaction of the debts, liabilities, or engagements in respect
of which the lien exists.

 

(b)
The Board of Directors may retain any dividend or other moneys payable or property distributable in respect of a share in respect
of which any person is, under Articles 21 or 22, entitled to become a Shareholder, or which any person is, under said Articles,
entitled to transfer, until such person shall become a Shareholder in respect of such share or shall transfer the same.

  

	58.	Unclaimed
    Dividends.

 

All
unclaimed dividends or other moneys payable in respect of a share may be invested or otherwise made use of by the Board of Directors
for the benefit of the Company until claimed. The payment by the Directors of any unclaimed dividend or such other moneys into
a separate account shall not constitute the Company a trustee in respect thereof, and any dividend unclaimed after a period of
seven years from the date of declaration of such dividend, and any such other moneys unclaimed after a like period from the date
the same were payable, shall be forfeited and shall revert to the Company, provided, however, that the Board of Directors may,
at its discretion, cause the Company to pay any such dividend or such other moneys, or any part thereof, to a person who would
have been entitled thereto had the same not reverted to the Company. The principal (and only the principal) of any unclaimed dividend
of such other moneys shall be, if claimed, paid to a person entitled thereto.

 

	59.	Mechanics
    of Payment.

 

Any
dividend or other moneys payable in cash in respect of a share may be paid by check or warrant sent through the post to, or left
at, the registered address of the person entitled thereto or by transfer to a bank account specified by such person (or, if two
or more persons are registered as joint holders of such share or are entitled jointly thereto in consequence of the death or bankruptcy
of the holder or otherwise, to the joint holder whose name is registered first in the Register of Shareholders or his bank account
or the person who the Company may then recognize as the owner thereof or entitled thereto under Article 21 or 22 hereof,
as applicable, or such person’s bank account), or to such person and at such other address as the person entitled thereto
may by writing direct, or in any other manner the Board deems appropriate. Every such check or warrant or other method of payment
shall be made payable to the order of the person to whom it is sent, or to such person as the person entitled thereto as aforesaid
may direct, and payment of the check or warrant by the banker upon whom it is drawn shall be a good discharge to the Company.

 

	60.	Receipt
    from a Joint Holder.

 

If
two or more persons are registered as joint holders of any share, or are entitled jointly thereto in consequence of the death
or bankruptcy of the holder or otherwise, any one of them may give effectual receipts for any dividend or other moneys payable
or property distributable in respect of such share.

 

Accounts

 

	61.	Books
    of Account.

 

The
Company’s books of account shall be kept at the Office of the Company, or at such other place or places as the Board of
Directors may think fit, and they shall always be open to inspection by all Directors. No shareholder, not being a Director, shall
have any right to inspect any account or book or other similar document of the Company, except as conferred by law or authorized
by the Board of Directors. The Company shall make copies of its annual financial statements available for inspection by the Shareholders
at the principal offices of the Company. The Company shall not be required to send copies of its annual financial statements to
the Shareholders.

 

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	62.	Auditors.

 

The
appointment, authorities, rights and duties of the auditor(s) of the Company, shall be regulated by applicable law, provided,
however, that in exercising its authority to fix the remuneration of the auditor(s), the shareholders in General Meeting may act
(and in the absence of any action in connection therewith shall be deemed to have so acted) to authorize the Board of Directors
(with right of delegation to management) to fix such remuneration subject to such criteria or standards, and if no such criteria
or standards are so provided, such remuneration shall be fixed in an amount commensurate with the volume and nature of the services
rendered by such auditor(s).

  

	62A.	Internal
    auditor.

 

To
the extent required by the Companies Law the Board of Directors will appoint an internal auditor according to the audit committee’s
recommendation (“Internal Auditor”).

 

The
Internal Auditor shall submit, for the approval of the Board of Directors or the audit committee, as determined by the Board of
Directors, a proposal for an annual or periodic work plan, and the Board of Directors or the audit committee shall approve such
plan with such changes as it deem fit. Unless the Board of Directors determines otherwise, the work plan shall be submitted to
the Board of Directors and approved by it.

   

Supplementary
Registers

 

	63.	Supplementary
    Registers.

 

Subject
to and in accordance with the provisions of Sections 138 and 139 of the Companies Law, the Company may cause supplementary registers
to be kept in any place outside Israel as the Board of Directors may think fit, and, subject to all applicable requirements of
law, the Board of Directors may from time to time adopt such rules and procedures as it may think fit in connection with the keeping
of such branch registers.

 

Exemption,
Indemnity and Insurance

 

	64.	Insurance.

 

Subject
to the provisions of the Companies Law with regard to such matters, the Company may enter into a contract for the insurance of
the liability, in whole or in part, of any of its Office Holders imposed on such Office Holder due to an act performed by or an
omission of the Office Holder in the Office Holder’s capacity as an Office Holder of the Company arising from any matter
permitted by law, including the following:

 

(a)
a breach of duty of care to the Company or to any other person;

 

(b)
a breach of duty of loyalty to the Company, provided that the Office Holder acted in good faith and had reasonable grounds to
assume that the act that resulted in such breach would not prejudice the interests of the Company;

 

(c)
a financial liability imposed on such Office Holder in favor of any other person; and

 

(d)
any other event, occurrence, matter or circumstance under any law with respect to which the Company may, or will be able to, insure
an Office Holder, and to the extent such law requires the inclusion of a provision permitting such insurance in these Articles,
then such provision is deemed to be included and incorporated herein by reference (including, without limitation, in accordance
with Section 56h(b)(1) of the Securities Law, if and to the extent applicable, and Section 50P of the RTP Law).

 

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	65.	Indemnity.

 

(a)
Subject to the provisions of the Companies Law, the Company may retroactively indemnify an Office Holder of the Company with respect
to the following liabilities and expenses, provided that such liabilities or expenses were imposed on such Office Holder or incurred
by such Office Holder due to an act performed by or an omission of the Office Holder in such Office Holder’s capacity as
an Office Holder of the Company:

 

(i)
a financial liability imposed on an Office Holder in favor of another person by any court judgment, including a judgment given
as a result of a settlement or an arbitrator’s award which has been confirmed by a court in respect of an act performed
by the Office Holder;

  

(ii)
reasonable litigation expenses, including attorneys’ fees, expended by the Office Holder as a result of an investigation
or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, or in connection
with a financial sanction, provided that (1) no indictment (as defined in the Companies Law) was filed against such office holder
as a result of such investigation or proceeding; and (2) no financial liability in lieu of a criminal proceeding (as defined in
the Companies Law) was imposed upon him or her as a result of such investigation or proceeding or if such financial liability
was imposed, it was imposed with respect to an offence that does not require proof of criminal intent;

 

(iii)
reasonable litigation costs, including attorney’s fees, expended by an Office Holder or which were imposed on an Office
Holder by a court in proceedings filed against the Office Holder by the Company or in its name or by any other person or in a
criminal charge in respect of which the Office Holder was acquitted or in a criminal charge in respect of which the Office Holder
was convicted for an offence which did not require proof of criminal intent; and

 

(iv)
any other event, occurrence, matter or circumstance under any law with respect to which the Company may, or will be able to, indemnify
an Office Holder, and to the extent such law requires the inclusion of a provision permitting such indemnity in these Articles,
then such provision is deemed to be included and incorporated herein by reference (including, without limitation, in accordance
with Section 56h(b)(1) of the Securities Law, if and to the extent applicable, and Section 50P(b)(1) of the RTP Law).

 

(b)
Subject to the provisions of the Companies Law, the Company may undertake to indemnify an Office Holder, in advance, with respect
to those liabilities and expenses described in the following Articles:

 

(i)
Sub-Article 65(a)(ii) to 65(a)(iv); and

 

(ii)
Sub-Article 65(a)(i), provided that:

 

(1)
the undertaking to indemnify is limited to such events which the Board of Directors shall deem to be likely to occur in light
of the operations of the Company at the time that the undertaking to indemnify is made and for such amounts or criterion which
the Directors may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances;
and

 

(2)
the undertaking to indemnify shall set forth such events which the Directors shall deem to be likely to occur in light of the
operations of the Company at the time that the undertaking to indemnify is made, and the amounts and/or criterion which the Directors
may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances.

 

The
maximum amount of indemnification payable by the Company with respect to those liabilities and expenses described in Sub-Article
65(a)(i), for each Office Holder and for all Office Holders together, individually or in aggregate, under all letters of indemnification
issued or to be issued by the Company, shall not exceed the greater of $5,000,000 and 25% of the Company’s Determining Equity.

 

For
that purpose, the “Company’s Determining Equity” means its equity according to its most recent audited
or reviewed financial statements, as the case may be, as of the date of actual payment of indemnification.

  

    23

     

    

 

	66.	Exemption.

 

Subject
to the provisions of the Companies Law and the Securities Law, the Company may exempt and release, in advance, any Office Holder
from any liability to the Company for damages arising out of a breach of the Office Holder’s duty of care towards the Company.

 

Notwithstanding
the foregoing, the Company may not exempt a Director in advance from his liability for damages with respect to violation of his
duty of care to the Company with respect to distributions. In addition, the Company may not exempt an Office Holder from his liability
to the Company with regard to a resolution and/or a transaction in which the controlling Shareholder and/or any Office Holder
has a personal interest.

 

	67.	Subject
    to the provisions of the Companies Law and the provisions of any other law, the Company may exempt, insure and/or indemnify
    (whether retroactively or by way of advance indemnity undertaking) a person who has held, holds or will hold office and/or
    who was employed, is employed or will be employed on the Company’s behalf or in another company in which the Company
    holds securities, directly or indirectly, or in which the Company has any interest due to liability, payment or cost imposed
    upon him or expensed by him in consequence of an action made by him in his capacity as an officer or an employee in such company,
    and Articles 64 through 66 shall apply, mutatis mutandis, in that respect.

 

	68.	The
    provisions of Articles 64 through 66 shall also apply to an alternate director.

  

	69.	General.

 

(a)
Any amendment to the Companies Law adversely affecting the right of any Office Holder to be indemnified or insured pursuant to
Articles 64 to 68 and any amendments to Articles 64 to 68 shall be prospective in effect, and shall not affect the Company’s
obligation or ability to indemnify or insure an Office Holder for any act or omission occurring prior to such amendment, unless
otherwise provided by applicable law.

 

(b)
The provisions of Articles 64 to 68 (i) shall apply to the maximum extent permitted by law (including, the Companies Law, the
Securities Law and the RTP Law); and (ii) are not intended, and shall not be interpreted so as to restrict the Company, in any
manner, in respect of the procurement of insurance and/or in respect of indemnification (whether in advance or retroactively)
and/or exemption, in favor of any person who is not an Office Holder, including, without limitation, any employee, agent, consultant
or contractor of the Company who is not an Office Holder; and/or any Office Holder to the extent that such insurance and/or indemnification
is not specifically prohibited under law.

 

Winding
Up

 

	70.	Winding
    Up.

 

If
the Company is wound up, then, subject to applicable law and to the rights of the holders of shares with special rights upon winding
up, the assets of the Company available for distribution among the shareholders shall be distributed to them in proportion to
the nominal value of their respective holdings of the shares in respect of which such distribution is being made.

 

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Notices

 

	71.	Notices.

 

(a)
Any written notice or other document may be served by the Company upon any shareholder either personally, by facsimile, email
or other electronic transmission, or by sending it by prepaid mail (airmail if sent internationally) addressed to such shareholder
at his address as described in the Register of Shareholders or such other address as he may have designated in writing for the
receipt of notices and other documents.

 

(b)
Any written notice or other document may be served by any shareholder upon the Company by tendering the same in person to the
Secretary or the Chief Executive Officer of the Company at the principal office of the Company, by facsimile transmission, or
by sending it by prepaid registered mail (airmail if posted outside Israel) to the Company at its Office.

  

(c)
Any such notice or other document shall be deemed to have been served:

 

(i)
in the case of mailing, forty-eight (48) hours after it has been posted, or when actually received by the addressee if sooner
than forty-eight hours after it has been posted;

 

(ii)
in the case of overnight air courier, on the next business day following the day sent, with receipt confirmed by the courier,
or when actually received by the addressee if sooner than three business days after it has been sent;

 

(iii)
in the case of personal delivery, when actually tendered in person, to such addressee; or

 

(iv)
in the case of facsimile, email or other electronic transmission, on the first business day (during normal business hours in place
of addressee) on which the sender receives automatic electronic confirmation by the addressee’s facsimile machine that such
notice was received by the addressee or delivery confirmation from the addressee’s email or other communication server.

 

(d)
If a notice is, in fact, received by the addressee, it shall be deemed to have been duly served, when received, notwithstanding
that it was defectively addressed or failed, in some other respect, to comply with the provisions of this Article 71.

 

(e)
All notices to be given to the shareholders shall, with respect to any share to which persons are jointly entitled, be given to
whichever of such persons is named first in the Register of Shareholders, and any notice so given shall be sufficient notice to
the holders of such share.

 

(f)
Any shareholder whose address is not described in the Register of Shareholders, and who shall not have designated in writing an
address for the receipt of notices, shall not be entitled to receive any notice from the Company.

 

(g)
Notwithstanding anything to the contrary contained herein, notice by the Company of a General Meeting, containing the information
required by applicable law and these Articles to be set forth therein, which is published, within the time otherwise required
for giving notice of such meeting, in the manner required by applicable law.

  

*        *        *

 

 

25

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