Document:

Exhibit 10.6 

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

Bio Light Israeli Life Sciences Investments
Ltd.

(the “Company”)

 

Minutes of the Company’s Extraordinary
General Meeting

Which Took Place at Horn and Co. –
Law Offices

Amot Investments Tower, 24th Floor,
Tel Aviv

May 10, 2015, at 12:00 PM

 

	Present:	1.  Adv. Noa Aviram – Company Secretary (by telephone)
	 	2.  Adv. Roy Ribon, Horn & Co. – Law Offices
	 	3.  Mr. Yinon Eitan, Horn & Co. – Law Offices
	 	 
	Participating by Ballot	1.  Makov Associates Ltd.
	 	2.  Dexxon Holdings Ltd.
	 	3.  Ayalon Trust Funds Ltd. (held through a trustee)
	 	4.  Phoenix Insurance Company Ltd.
	 	5.  Meitav Ds Provident Funds  and Pension Ltd.
	 	6.  Excellence Nessuah Gemel Ltd.
	 	7.  Excellence Mutual Funds Ltd.
	 	8.  Migdal Mutual Funds Ltd. (held through a trustee)
	 	9.  Harel-Pia Mutual Funds Ltd. (held through a trustee)
	 	 
	Participating in the vote	10. Mr. Victor Habaz
	 	 
	Legal quorum:	The participants, 10 in number, possessing voting rights, hold 244,441,180 shares in the Company, which constitute approximately 46.89% of the Company’s issued and outstanding share capital, and therefore, a legal quorum is present in order to open the meeting.
	 	 
	Meeting chair:	Ms. Noa Aviram
	 	 
	On the agenda:	1.    Amendment of the Company’s Articles (subject to completion of the transaction);
	 	2.    Approval of the appointment of Mr. James Chang (the “Candidate”) to serve as a director in the Company (subject to completion of the transaction);
	 	3.    Approval of the inclusion of the Candidate in the officers’ insurance policy (subject to the completion of the transaction);
	 	4.    Approval of the granting of a letter of indemnification to the Candidate according to the wording common with the Company (subject to completion of the transaction).

 

Ms. Aviram opened the meeting.

 

    	 	 	 

     

    

 

On the agenda:

 

		1.	Amendment of the Company’s Articles – Amendment of Section 79.1 of the Articles
(subject to the completion of the transaction)

To approve the amendment of the
Company’s Articles in regards to the wording attached as Appendix A to these minutes (amendment of Section
79.1 of the Articles). It is clarified that the amendment of the Articles is a condition to the completion of the Agreement as
this is defined in the Company’s immediate report dated April 2, 2015 [reference no. 2015-01-072487], hereby included by
way of reference (the “Agreement”). The amendment of the Articles will take effect only upon and subject to
the completion of the Agreement. The Company will publish a separate immediate report regarding the completion of the transaction,
if and when completed, and inasmuch as it is completed.

 

The Meeting Resolved: To
approve the resolution

Quantity of shares/securities participating
in the vote: 244,441,180

Quantity of share/securities voting
in favor: 190,493,201

Quantity of share/securities participating
in the vote and which were not classified as shares whose owners have a personal interest/as shares which do not possess control
or have a personal interest in the approval of the amendment, other than a personal interest which does not result from connections
with the controlling shareholder: 244,441,180 of which: 190,493,201 voted in favor of adoption of the
resolution and 53,947,979 voted against adoption of the resolution.

The number of shares participating
in the vote which were not classified as shares whose owners are the controlling shareholder in the Company/as shares whose owners
have a personal interest in adopting the resolution: 244,441,180 of which: 190,493,201 voted in favor
of adopting the resolution.

Number of shares/securities voting
against: 53,947,979

Percentage of votes in favor of
approving the transaction out of the total votes cast which are not the controlling shareholder in the Company/which do not have
a personal interest in approval of the amendment, other than a personal interest which does not result from connections to the
controlling shareholder: 77.93%.

Percentage of the vote in favor
of adopting the resolution out of the total votes cast which are not the controlling shareholders in the Company/which do not have
a personal interest in adopting the resolution: 77.93%.

Percentage of votes cast against,
out of the total voting rights in the Company: 10.35%.

 

		2.	Approval of the Appointment of the Candidate to Serve as a Director in the Company, and Approval
of the Terms of His Service (Subject to the Completion of the Transaction):

To approve the appointment of the
Candidate is a director in the Company and to approve the terms of his service. Particulars, to the best of the Company’s
knowledge, about the Candidates and the terms of his service, are attached as Appendix B. Accordingly, attached to
this report is a copy of the Candidate’s declaration of qualification.

Appointment of the Candidate is
a member of the Company’s board of directors and approval of the aforesaid terms of his service are a condition to the completion
of the Agreement. Appointment of the Candidate will take effect only upon and subject to the completion of the Agreement. The Company
will publish a separate immediate report regarding completion of the Agreement, if and when completed, and inasmuch as it is completed.

 

The Meeting Resolved: To
approve the resolution

Quantity of shares/securities participating
in the vote: 244,441,180

Quantity of share/securities voting
in favor: 190,493,201

 

    	 	 	 

     

    

 

Quantity of share/securities participating
in the vote and which were not classified as shares whose owners have a personal interest/as shares which do not possess control
or have a personal interest in the approval of the appointment, other than a personal interest which does not result from connections
with the controlling shareholder: 244,441,180 of which: 190,493,201 voted in favor of adoption of the
resolution and 53,947,979 voted against adoption of the resolution.

The number of shares participating
in the vote which were not classified as shares whose owners are the controlling shareholder in the Company/as shares whose owners
have a personal interest in adopting the resolution: 244,441,180 of which: 190,493,201 voted in favor
of adopting the resolution.

Number of shares/securities voting
against: 53,947,979

Percentage of votes in favor of
approving the transaction out of the total votes cast which are not the controlling shareholder in the Company/which do not have
a personal interest in approval of the appointment, other than a personal interest which does not result from connections to the
controlling shareholder: 77.93%.

Percentage of the vote in favor
of adopting the resolution out of the total votes cast which are not the controlling shareholders in the Company/which do not have
a personal interest in adopting the resolution: 77.93%.

Percentage of votes cast against,
out of the total voting rights in the Company: 10.35%.

 

		3.	Approval of the Inclusion of the Candidate for Service as a Director in the Company in the
Officers’ Liability Insurance Policy (Subject to the Completion of the Transaction)

Quantity of shares/securities participating
in the vote: 244,441,180

Quantity of share/securities voting
in favor: 244,441,180

Quantity of share/securities participating
in the vote and which were not classified as shares whose owners have a personal interest/as shares which do not possess control
or have a personal interest in the approval of the appointment, other than a personal interest which does not result from connections
with the controlling shareholder: 244,441,180 of which: 244,441,180 voted in favor of adoption of the
resolution.

The number of shares participating
in the vote which were not classified as shares whose owners are the controlling shareholder in the Company/as shares whose owners
have a personal interest in adopting the resolution: 244,441,180 of which: 244,441,180 voted in favor
of adopting the resolution.

Number of shares/securities voting
against: 0.

Percentage of votes in favor of
approving the transaction out of the total votes cast which are not the controlling shareholder in the Company/which do not have
a personal interest in approval of the appointment, other than a personal interest which does not result from connections to the
controlling shareholder: 100%.

Percentage of the vote in favor
of adopting the resolution out of the total votes cast which are not the controlling shareholders in the Company/which do not have
a personal interest in adopting the resolution: 100%.

Percentage of votes cast against,
out of the total voting rights in the Company: 0%.

 

		4.	Approval of the Granting of a Letter of Indemnification to the Candidate According to the
Wording Common with the Company (subject to the completion of the transaction)

Quantity of shares/securities participating
in the vote: 244,441,180

Quantity of share/securities voting
in favor: 143,965,576

Quantity of share/securities participating
in the vote and which were not classified as shares whose owners have a personal interest/as shares which do not possess control
or have a personal interest in the approval of the appointment [sic], other than a personal interest which does not result from
connections with the controlling shareholder: 244,441,180 of which: 143,965,576 voted in favor of adoption
of the resolution and 100,475,604 voted against adopting the resolution.

 

    	 	 	 

     

    

 

The number of shares participating
in the vote which were not classified as shares whose owners are the controlling shareholder in the Company/as shares whose owners
have a personal interest in adopting the resolution: 244,441,180 of which: 143,965,576 voted in favor
of adopting the resolution.

Number of shares/securities voting
against: 100,475,604.

Percentage of votes in favor of
approving the transaction out of the total votes cast which are not the controlling shareholder in the Company/which do not have
a personal interest in approval of the appointment, other than a personal interest which does not result from connections to the
controlling shareholder: 58.9%.

Percentage of the vote in favor
of adopting the resolution out of the total votes cast which are not the controlling shareholders in the Company/which do not have
a personal interest in adopting the resolution: 58.9%.

Percentage of votes cast against,
out of the total voting rights in the Company: 19.27%.

 

		5.	Additional Resolutions on the Meeting Agenda:

No additional resolutions on the
meeting agenda were adopted other than the resolutions in sections 1-4, above.

 

		6.	Details of the Vote According to the Numbering of the Topics Above:

For details of the vote, see Part
A, attached to these minutes, and for details regarding the voters, see Part B, attached to these minutes.

 

Absent additional topics on the meeting agenda,
the meeting was closed.

 

	/s/	 
	Noa Aviram, Meeting Chairperson	 

 

    	 	 	 

     

    

 

Part A

Bio Light Israel Life Sciences Investments
Ltd.

(the “Company”)

 

Details of Those Voting at the Meeting of
the Company’s Shareholders on May 10, 2015

(According to the Particulars of the Topics
to be Voted On Which Were kept on the Agenda)

	*Those

    marked are

    not

    institutional,

    interested

    parties, or

    officers	 	Number

    (see

    following

    table)	 	Topic

    number

    on the

    agenda	 	Surname
    of

    shareholder or

    owner of

    securities/

    Corporation name

    (Hebrew)  +	 	Given
    name

    of the

    shareholder

    or owner

    of

    the securities	 	Quantity

    of

    securities	 	Controlling

    shareholder

    /interested

    party	 	Vote	 	Ballot
    /

    proxy
	 	 	Amendment of the Company’s
        Articles – Amendment to Section 79.1 of the Articles (subject to completion of the transaction):

         

	 	 	1.	 	1	 	Makov Associates Ltd. 	 	82,459,576	 	Interested party /
    officer	 	For	 	Ballot
	 	 	2.	 	1	 	Dexxon Holdings Ltd.	 	61,156,000 	 	Interested party	 	For	 	Ballot
	 	 	3.	 	1	 	Ayalon Trust Funds Ltd.	 	1,258,624	 	Institutional	 	Against	 	Ballot
	 	 	4.	 	1	 	Phoenix Insurance Company Ltd. 	 	46,527,625	 	Institutional	 	For	 	Ballot
	 	 	5.	 	1	 	Meitav Ds Provident Funds  and
    Pension Ltd.	 	27,845,000	 	Institutional	 	Against	 	Ballot
	 	 	6.	 	1	 	Excellence Nessuah Gemel Ltd.	 	21,264,484	 	Institutional	 	Against	 	Ballot
	 	 	7.	 	1	 	Excellence Mutual Funds Ltd. 	 	2,015	 	Institutional	 	Against	 	Ballot
	 	 	8.	 	1	 	Migdal Mutual Funds Ltd.	 	1,977,856	 	Institutional	 	Against	 	Ballot
	 	 	9.	 	1	 	Harel-Pia Mutual Funds Ltd.	 	1,600,000	 	Institutional	 	Against	 	Ballot
	*	 	10.	 	1	 	Mr. Victor Habaz   	 	350,000	 	-	 	For	 	Present at the meeting

 

	*Those

    marked are

    not

    institutional,

    interested

    parties, or

    officers	 	Number

    (see

    following

    table)	 	Topic

    number

    on the

    agenda	 	Surname
    of

    shareholder or

    owner of

    securities/

    Corporation

    name (Hebrew)

    +	 	Given
    name of

    the shareholder

    or owner of the

    securities	 	Quantity

    of

    securities	 	Controlling

    shareholder

    /interested

    party	 	Vote	 	Ballot
    /

    proxy
	 	 	Approval of the Appointment
        of the Candidate to Serve as a Director in the Company, and Approval of the Terms of His Service (Subject to the Completion
        of the Transaction):

         

	 	 	1.	 	2	 	Makov Associates Ltd. 	 	82,459,576	 	Interested party /
    officer	 	For	 	Ballot
	 	 	2.	 	2	 	Dexxon Holdings Ltd.	 	61,156,000 	 	Interested party	 	For	 	Ballot
	 	 	3.	 	2	 	Ayalon Trust Funds Ltd.	 	1,258,624	 	Institutional	 	Against	 	Ballot
	 	 	4.	 	2	 	Phoenix Insurance Company Ltd. 	 	46,527,625	 	Institutional	 	For	 	Ballot
	 	 	5.	 	2	 	Meitav Ds Provident Funds  and
    Pension Ltd.	 	27,845,000	 	Institutional	 	Against	 	Ballot
	 	 	6.	 	2	 	Excellence Nessuah Gemel Ltd.	 	21,264,484	 	Institutional	 	Against	 	Ballot
	 	 	7.	 	2	 	Excellence Mutual Funds Ltd. 	 	2,015	 	Institutional	 	Against	 	Ballot
	 	 	8.	 	2	 	Migdal Mutual Funds Ltd.	 	1,977,856	 	Institutional	 	Against	 	Ballot
	 	 	9.	 	2	 	Harel-Pia Mutual Funds Ltd.	 	1,600,000	 	Institutional	 	Against	 	Ballot
	*	 	10.	 	2	 	Mr. Victor Habaz   	 	350,000	 	-	 	For	 	Present at the meeting

 

    	 	 	 

     

    

 

	*Those

    marked are

    not

    institutional,

    interested

    parties, or

    officers	 	Number

    (see

    following

    table)	 	Topic

    number

    on the

    agenda	 	Surname
    of

    shareholder or

    owner of

    securities/

    Corporation

    name (Hebrew)

    +	 	Given
    name of

    the shareholder

    or owner of the

    securities	 	Quantity

    of

    securities	 	Controlling

    shareholder

    /interested

    party	 	Vote	 	Ballot
    /

    proxy
	 	 	Approval of the Inclusion
        of the Candidate for Service as a Director in the Company in the Officers’ Liability Insurance Policy (Subject to
        the Completion of the Transaction):

         

	 	 	1.	 	3	 	Makov Associates Ltd. 	 	82,459,576	 	Interested party /
    officer	 	For	 	Ballot
	 	 	2.	 	3	 	Dexxon Holdings Ltd.	 	61,156,000 	 	Interested party	 	For	 	Ballot
	 	 	3.	 	3	 	Ayalon Trust Funds Ltd.	 	1,258,624	 	Institutional	 	For	 	Ballot
	 	 	4.	 	3	 	Phoenix Insurance Company Ltd. 	 	46,527,625	 	Institutional	 	For	 	Ballot
	 	 	5.	 	3	 	Meitav Ds Provident Funds  and
    Pension Ltd.	 	27,845,000	 	Institutional	 	For	 	Ballot
	 	 	6.	 	3	 	Excellence Nessuah Gemel Ltd.	 	21,264,484	 	Institutional	 	For	 	Ballot
	 	 	7.	 	3	 	Excellence Mutual Funds Ltd. 	 	2,015	 	Institutional	 	For	 	Ballot
	 	 	8.	 	3	 	Migdal Mutual Funds Ltd.	 	1,977,856	 	Institutional	 	For	 	Ballot
	 	 	9.	 	3	 	Harel-Pia Mutual Funds Ltd.	 	1,600,000	 	Institutional	 	For	 	Ballot
	*	 	10.	 	3	 	Mr. Victor Habaz   	 	350,000	 	-	 	For	 	Present at the meeting

 

	*Those

    marked are

    not

    institutional,

    interested

    parties, or

    officers	 	Number

    (see

    following

    table)	 	Topic

    number

    on the

    agenda	 	Surname
    of

    shareholder or

    owner of

    securities/

    Corporation

    name (Hebrew)

    +	 	Given
        name of

        the shareholder

        or
        owner of the

        securities
	 	Quantity

    of

    securities	 	Controlling

    shareholder

    /interested

    party	 	Vote	 	Ballot
    /

    proxy
	 	 	Approval of the Granting
        of a Letter of Indemnification to the Candidate According to the Wording Common with the Company (subject to the completion
        of the transaction):

         

	 	 	1.	 	4	 	Makov Associates Ltd. 	 	82,459,576	 	Interested party /
    officer	 	For	 	Ballot
	 	 	2.	 	4	 	Dexxon Holdings Ltd.	 	61,156,000 	 	Interested party	 	For	 	Ballot
	 	 	3.	 	4	 	Ayalon Trust Funds Ltd.	 	1,258,624	 	Institutional	 	Against	 	Ballot
	 	 	4.	 	4	 	Phoenix Insurance Company Ltd. 	 	46,527,625	 	Institutional	 	Against	 	Ballot
	 	 	5.	 	4	 	Meitav Ds Provident Funds  and
    Pension Ltd.	 	27,845,000	 	Institutional	 	Against	 	Ballot
	 	 	6.	 	4	 	Excellence Nessuah Gemel Ltd.	 	21,264,484	 	Institutional	 	Against	 	Ballot
	 	 	7.	 	4	 	Excellence Mutual Funds Ltd. 	 	2,015	 	Institutional	 	Against	 	Ballot
	 	 	8.	 	4	 	Migdal Mutual Funds Ltd.	 	1,977,856	 	Institutional	 	Against	 	Ballot
	 	 	9.	 	4	 	Harel-Pia Mutual Funds Ltd.	 	1,600,000	 	Institutional	 	Against	 	Ballot
	*	 	10.	 	4	 	Mr. Victor Habaz   	 	350,000	 	-	 	For	 	Present at the meeting

 

    	 	 	 

     

    

 

Part A

Bio Light Israel Life Sciences Investments
Ltd.

(the “Company”)

 

Details About Those Voting at the Meeting
of the Company’s Shareholders on May 10, 2015

 

	1.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Makov Associates Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Makov Associates Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 514153907

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: To the best of the Company’s knowledge, Makov Associates
        Ltd. is a privately held company controlled by Mr. Israel Makov, chairman of the Company’s board of directors.

	2.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Dexxon Holdings Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Dexxon Holdings Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 513127159

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: To the best of the Company’s knowledge, Dexxon
        Holdings Ltd. is a privately held company controlled by Mr. Dan Oren.

	3.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Ubank Trust Company Ltd. for Ayalon Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Ubank Trust Company Ltd. for Ayalon Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 5104748109 [sic]

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

 

    	 	 	 

     

    

 

	4.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): The Phoenix Insurance Company Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): The Phoenix Insurance Company Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 520023185

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

	5.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Meitav Dash Provident Funds and Pension Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Meitav Dash Provident Funds and Pension Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 512065202

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

	6.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Excellence Nessuah Gemel Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Excellence Nessuah Gemel Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 513026484

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

	7.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Excellence Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Excellence Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 510938608

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

 

    	 	 	 

     

    

 

	8.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Almagor Breitman Trust Company Ltd. for Migdal Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Almagor Breitman Trust Company Ltd. for Migdal Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 511496960

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

	9.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): PWC Trust Company (1971) Ltd. for Migdal Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (Hebrew):

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): PWC Trust Company (1971) Ltd. for Migdal Mutual Funds Ltd.

        Given name of the shareholder or owner of the
        securities (English):

        Type of identification number: Number at
        the Israel Companies Registrar

        Identification number: 510590870

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

	10.	
        Surname of the shareholder or owner of the
        securities (Hebrew)/Corporation name (Hebrew): Habaz

        Given name of the shareholder or owner of the
        securities (Hebrew): Victor

        Surname of the shareholder or owner of the
        securities (English)/Corporation name (English): Habaz

        Given name of the shareholder or owner of the
        securities (English): Victor

        Type of identification number: Identification
        Document

        Identification number: 043282607

        Name of proxy holder: ____________

        Proxy holder’s type of identification
        number: Proxy holder’s identification number: ____________

        Country of passport: ____________

        Participation at the meeting is based on holding
        of a security was number is: 1095223

        Location of incorporation of the shareholder
        or owner of the security/country of passport: Israel

        If the Company is aware of any connection between
        the voter (who is not an interested party) into the Company or any of its controlling shareholders, including an employment relationship,
        business relationship, and so forth – particulars of its nature: ____________.

 

    	 	 	 

     

    

 

This is a translation of the Articles of
Association of Bio Light Israeli Life Sciences Investments Ltd. It is prepared solely for convenience purposes. Please note that
the Hebrew version constitutes the binding version, and in the event of any discrepancy, the Hebrew version shall prevail.

 

ARTICLES OF ASSOCIATION OF A PUBLIC COMPANY

 

THE COMPANIES LAW, 5759-1999

 

A COMPANY LIMITED BY SHARES

 

ARTICLES OF ASSOCIATION 

 

OF

 

BIO LIGHT
ISRAELI LIFE SCIENCES INVESTMENTS LTD.

 

Interpretation

 

		1.	In these Articles of Association, unless the wording requires a different interpretation:

 

	“Board”	The
    board of directors duly elected in accordance with the provisions of these Articles of Association.
	 	 
	“Company”	The
    above-referenced company.
	 	 
	“Companies Law”	The
    Companies Law, 5759-1999, as shall be amended from time to time, and the regulations that have or shall be promulgated thereunder.
	 	 
	“Shareholder Register”	The
    register of shareholders that is to be kept pursuant to Section 127 of the Companies Law and as specified in Article 115 below,
    or, should the Company keep an additional register outside of Israel – any additional register pursuant to Section 138
    of the Companies Law, as the case may be.
	 	 
	“Securities Law”	The
    Securities Law, 5728-1968, as shall be amended from time to time, and the regulations that have or shall be promulgated thereunder.
	 	 
	“Distribution”	As
    such term is defined in Section 1 of the Companies Law.
	 	 
	“Office”	The registered office of the Company
    as it shall be at such time.

 

    	 	 	 

     

    

 

	“Writing”	Print, lithography, photocopy, telegram, telex, facsimile, e-mail, and any other form of creating or imprinting of words in a visible form.
	 	 
	“Securities”	Shares, bonds, capital notes, certificates, options and other instruments affording a right to the same.
	 	 
	“Incapacitated”	Within the meaning thereof in the Legal Capacity and Guardianship Law, 5722-1962, as amended, including a minor who has not reached the age of 18, a mentally ill person and a bankrupt in respect of whom a discharge order is yet unissued.
	 	 
	“Companies Ordinance”	The Companies Ordinance [New Version], 5743-1983, as shall be amended from time to time.

 

Subject to the
provisions of this Article, in these Articles of Association – unless the wording requires a different interpretation - terms
which are defined in the Companies Law shall have the meanings ascribed thereto therein; and words importing the singular shall
include the plural and vice versa, words importing the masculine gender shall include the feminine gender and vice versa, and words
importing persons shall also include bodies corporate.

 

Name of the Company

 

		2.	The name of the Company is as follows:

 

In Hebrew: ביו
לייט השקעות במדעי החיים
בישראל בע"מ

 

In English: Bio
Light Israeli Life Sciences Investments Ltd.

 

Objectives of the Company

 

		3.	The Company shall engage in any lawful business.

 

Purpose of the Company

 

		4.	The purpose of the Company is to act in accordance with business considerations in order to increase
its profits; however, the Company may donate a reasonable amount to any worthy cause, even if such donation is not made for business
considerations as aforesaid, all pursuant to the discretion of the Company’s Board.

 

Authorized Share Capital 

 

		5.	

 

		5.1.	The authorized share capital of the Company is NIS 13,000,000, divided into 1,300,000,000 ordinary
shares, par value NIS 0.01 each.

 

		5.2.	All of the ordinary shares shall rank pari passu between them for all intents and purposes,
and each share shall entitle its holder to:

 

    	 	- 2 -	 

     

    

 

		5.2.1.	A right to receive notice of, and participate in all of the Company’s general meetings, both
annual and special, and a right to one vote for each ordinary share held by him, in any vote, in each of the Company’s general
meetings in which he participated;

 

		5.2.2.	A right to receive dividends, if and when they shall be distributed, and a right to receive bonus
shares, if distributed;

 

		5.2.3.	A right to participate in the distribution of the assets of the Company upon its dissolution.

 

Liability of the Shareholders

 

		6.	The liability of the shareholders is limited as specified below:

 

Each shareholder
shall only be liable for the payment of the nominal value of his shares. Should Company issue shares for a consideration, which
is lower that the nominal value thereof as set forth in Section 304 of the Companies Law (the “Decreased Consideration”),
the liability of each shareholder shall be limited to the payment of the sum of the Decreased Consideration for each share that
shall have been issued to him as aforesaid.

 

Public Company

 

		7.	The Company is a public company within the meaning of such term in the Companies Law.

 

Shares

 

		8.	Without derogating from the special rights previously granted to holders of the Company’s
existing shares, the Company may issue shares affording preferred or deferred rights, or issue, out of its unissued capital, redeemable
shares or shares with other special limited rights or with limitations in regards of the distribution of dividends, voting rights,
or with regards of other matters, as the Company may determine from time to time by a resolution adopted at the general meeting
by a majority of the shareholders.

 

		9.	If at any time the share capital shall be divided into different classes of shares, the Company
may, by a resolution adopted at a general meeting by a majority of the votes of the shareholders, unless otherwise stipulated in
the terms of issue of the shares of that class, convert, expand, add or otherwise modify the rights, privileges, advantages, restrictions
and provisions related or unrelated at that time to the shares of any class, or as shall be determined by a resolution adopted
at the general meeting by a majority of the votes of the holders of shares of such class.

 

		10.	The special rights conferred upon the holders of shares or a certain class of shares allotted,
including shares affording preferred rights or other special rights, shall not be deemed to have been modified through the creation
or issue of additional shares ranking pari passu therewith, unless stipulated otherwise in the terms of issue of said shares.

 

The provisions herein pertaining
to general meetings shall apply, mutatis mutandis, to any such class meeting.

 

    	 	- 3 -	 

     

    

 

		11.	The unissued shares of the Company shall be under the control of the Board which may issue them
up to the amount of the Company’s authorized share capital, to such persons, for cash or other non-cash consideration, under
such reservations and terms, either at a premium or at par, or (subject to the provisions of the Companies Law) for a consideration
which is lower than their nominal value and at such times as the Board deems fit, and the Board shall be authorized to serve on
any person a call on any such shares, at par or at a premium or (subject to the provisions of the Companies Law) for a consideration
which is lower than their nominal value, during such time and for such consideration and under terms as the Board deems fit.

 

		12.	Upon the issuance of shares, the Board may provide for differences among the shareholders as to
the amount of calls and/or the times of payment thereof.

 

		13.	If, by the terms of issue of any certain share, the payment of the consideration for the share,
in whole or in part, shall be made in installments, then each such installment shall be paid to the Company at its due date by
the person who is the registered owner of the shares at such time or by his guardians. Any payment on account of a share shall
first be credited on account of the nominal value and only subsequently on account of the premium in respect of each share.

 

		14.	The Company may pay, at any time, a fee to any person in his capacity as underwriter or for his
consent to serve as such, whether conditionally or unconditionally, for any share, bond or debenture stock of the Company or other
securities of the Company or for his consent to underwrite, whether conditionally or unconditionally, any share, bond or debenture
stock of the Company or other securities of the Company. In each case, the fee may be paid or discharged in cash or in shares or
bonds or debenture stock of the Company or other securities of the Company.

 

Share Certificates

 

		15.	Subject to the provisions of the Companies Law and in accordance therewith, a share certificate
shall bear the seal or stamp of the Company, together with the signatures of two directors, or as shall be determined by the Board.

 

		16.	Each shareholder who is registered in the Shareholder Register is entitled to receive, free of
charge, one certificate for the shares that are registered in his name, or if approved by the Board (subsequent to such shareholder
paying the sums that shall be determined by the Board from time to time), several share certificates, each for one or more of such
shares; each certificate shall specify the amount of shares for which the certificate has been issued and the serial numbers of
the shares.

 

		17.	A share certificate registered in the names of two or more persons, shall be delivered to the person
first named in the Shareholder Register of the names of the co-owners.

 

		18.	Should a share certificate be lost or defaced, the Company may issue a new certificate in its place,
provided that the certificate was not cancelled by the Company, or that it was proven to the satisfaction of the Board that the
certificate was lost or destroyed, and the Company received guarantees to the satisfaction of the Board for any possible damage,
all in exchange for a payment, if the Board resolved to impose the same.

 

		19.	Unless prescribed otherwise in these Articles of Association, no benefit under rules of equity,
and no trust relationship, chose in action or future or partial right in a share, fractional share benefit or other right in respect
of a share shall bind or be recognized by the Company, other than the absolute right to the share in its entirety being afforded
to the registered holder thereof in the Shareholder Register.

 

    	 	- 4 -	 

     

    

 

Calls for Payment

 

		20.	The Board may, from time to time, at its discretion, serve calls for payment on the shareholders
for all of the unpaid amounts on the shares held by each of them, and which by the conditions of allotment thereof are not to be
paid at fixed times, and each shareholder shall pay the Company the amount of that call so made on him at the time and place appointed
by the Board. A call for payment may be made by dividing the payment into installments. The date of the call for payment shall
be the date appointed in the Board’s resolution regarding the call for payment.

 

		21.	A fourteen (14) day notice shall be given for each call for payment, specifying the payment amount
and place of payment. However, prior to the time appointed for payment of such call, the Board may, by notice in writing to the
shareholders, revoke the call or extend the time for payment thereof, provided that such resolution was adopted prior to the prescribed
payment date of the call.

 

		22.	The joint holders of a share shall be jointly and severally liable to pay all amounts and calls
for payment which are due from them in respect of such share.

 

		23.	If, by the terms of issue of any share or otherwise, any amount is made payable at any fixed time
or by installments at fixed times, each such amount or installment shall be paid as if it were a call duly made by the Board, of
which due notice had been given, and all of the provisions herein contained in respect of such calls shall apply to such amount
or to such installment.

 

		24.	If the amount called or the installment due shall not have been paid on or before its maturity
date, then the person who is at such time the shareholder on whom the call was made or in respect of whom the installment is due,
shall be liable to pay interest on the aforesaid sum, at a rate determined by the Board from time to time, or at the rate permitted
by law at such time, from the date on which payment was due until the day on which it is actually paid, but the Board may forego
the payment of such interest, in whole or in part.

 

		25.	The Board may, if it thinks fit, accept from any shareholder who so wishes, advance amounts not
yet called or not yet due and which were yet unpaid on account of all or part of the shares of such shareholder. The Board may
pay the shareholder, for all or part of the amounts so advanced as aforementioned, interest until the day on which payment of such
amounts would have been due had he not paid them in advance, at a rate to be agreed between the Board and such shareholder. The
Board may, at any time, return the amounts so paid in advance, in whole or in part, insofar as the payment thereof is yet due.

 

		26.	A shareholder shall not be entitled to dividends or to any other rights as a shareholder, unless
he has paid all of the calls which shall have been served on him, together with interest and expenses (if any).

 

Forfeiture and Lien

 

		27.	If a Shareholder fails to pay the consideration undertaken by him, in whole or in part, at the
prescribed date and terms, whether or not a call for payment was issued, the Board may, at any time serve a notice on such shareholder
calling for payment of the amount yet unpaid, together with the interest accrued and any expenses incurred by the Company as result
of such non-payment.

 

    	 	- 5 -	 

     

    

 

		28.	The notice shall specify a date of no less than fourteen (14) days after the date of the notice,
as well as the place or places where the payment or installment is to be remitted, together with the interest and expenses as aforesaid.
The notice shall state, that in the event of non-payment at the time and place appointed in such notice, the Company may forfeit
the shares in respect of which the call was made or the installment became due [shall be forfeited] [sic.].

 

		29.	If the requirements of any such notice as aforesaid shall not have been complied with, then at
any time thereafter, before payment of the call or the installment or the interest and expenses due in respect of such shares,
the Board may, by a resolution to that effect, forfeit the shares in respect of which such notice has been given. Such forfeiture
shall also apply to those dividends that were declared in respect of the forfeited shares but not actually distributed prior to
the forfeiture.

 

		30.	Any share so forfeited shall be deemed to be the property of the Company, and the Board may, taking
the provisions hereof into account, sell or re-allot or otherwise dispose of such share in any manner as the Board deems fit.

 

		31.	Forfeited shares which are yet unsold shall be dormant shares, and shall not confer any rights
for as long as they are the property of the Company.

 

		32.	The Board may at any time, before any share so forfeited shall have been sold, re-allotted or otherwise
disposed of, annul the forfeiture on such conditions as it deems fit.

 

		33.	Any shareholder whose shares have been forfeited shall cease to be the owner of the shares so forfeited,
but shall nevertheless remain liable to pay to the Company all calls, installments, interests and expenses owing on account of
or for such shares at the time of the forfeiture, together with the interest on such amounts from the date of the forfeiture and
until the date of payment, at the maximum rate permitted by law at such time, unless the forfeited shares were sold and the Company
received the full consideration undertaken by the shareholder, together with any selling expenses.

 

		34.	Should the consideration received for the sale of the forfeited shares exceed the consideration
undertaken by the holder of the shares so forfeited, the shareholder shall be entitled to be repaid for the partial consideration
remitted by him therefor, if any, subject to the terms of the issuance agreement, provided that the consideration remaining with
the Company shall not be lower than the full consideration undertaken by the holder of the forfeited shares, together with any
selling expenses.

 

		35.	The provisions hereof regarding forfeiture of shares shall also apply to cases of non-payment of
a known amount made payable at a fixed date under the terms of issue of the share, as if such amount was made payable by virtue
of a call for payment provided and for which notice was given.

 

		36.	The Company shall have a first-ranking security interest on all of the shares registered in the
name of any shareholder, other than fully paid-up shares, as well as on the sale proceeds thereof, for the discharge of debts and
undertakings of such shareholder towards the Company, whether by himself or together with another, whether or not the payment date
of such debts or the fulfillment date of such undertakings are present, no matter the source of such debts, and no beneficial equity
interest shall be created in respect of any share. The aforementioned lien and pledge shall apply to all of the dividends that
shall be declared from time to time in respect of such shares. Unless determined otherwise by the Board, the registration by the
Company of a share transfer shall be deemed a waiver by the Company of the pledge or lien (if any) on the shares.

 

    	 	- 6 -	 

     

    

 

		37.	In order to realize the aforementioned pledge, the Board may sell the pledged shares in any manner
it deems fit, at its discretion, provided that such share shall not be sold before the lapse of the period specified in Article
28 above, and provided that the shareholder (or whomever is entitled to it upon his death or bankruptcy or dissolution or receivership)
shall receive a written notice stating that the Company is contemplating the sale of the share, and the shareholder or whomever
is entitled to the share as aforesaid failed to pay such debt or failed to fulfill or comply with the aforementioned undertakings
within seven (7) days of the date of dispatch of such notice.

 

		38.	The proceeds of any such sale, after payment of the selling expenses, shall be applied in payment
of the debts and fulfillment of the undertakings of such shareholder (including the debts, undertakings and engagements whose due
payment or fulfillment date is yet to have arrived) and the terms of Article 37 shall apply, mutatis mutandis.

 

		39.	In the event of any sale after forfeiture or for the purpose of executing the pledge by using the
powers above granted, the Board may appoint a person to execute an instrument of transfer of the share sold and cause the purchaser's
name to be entered in the Shareholder Register as holder of the shares sold, and the purchaser shall not be bound to see to the
regularity of the proceedings, or to the application of the purchase money, and after his name has been entered in the Shareholder
Register in respect of such shares, the validity of the sale shall not be impeached by any person, and the remedy of any person
aggrieved by the sale shall be in damages only and against the Company exclusively.

 

		40.	A declaration signed by a director, to the effect that a share has been forfeited, waived or sold
by the Company for the realization of a pledge, shall constitute conclusive evidence as to the facts stated in the declaration
against any person claiming any rights in the share.

 

Transfer and Delivery
of Shares

 

		41.	Fully paid-up shares shall be transferable without limitation and without need for Board approval,
all subject to the provisions of any law.

 

		42.	No transfer of shares shall be registered unless an appropriate share transfer instrument shall
have been submitted to the Company. The transferor and transferee shall sign the share transfer instrument and the transferor shall
be deemed to have remained the holder of the share until such time as the name of the transferee shall have been entered in the
Shareholder Register in respect of the transferred share.

 

A share transfer instrument shall
be drawn-up in the following manner or in as similar a manner as possible or in another ordinary and customary manner to be approved
by the Board of Directors:

 

    	 	- 7 -	 

     

    

 

“I, ______ of _________ (the
“Transferor”), in consideration for the sum of NIS ______, paid to me by _________ of ________ (the “Transferee”),
do hereby transfer to the Transferee _________ ______ shares of par value NIS [0.01] [sic.] each, numbered ______ to _____ inclusive,
of Bio Light Israeli Life Sciences Investments Ltd. to be held by the Transferee, his administrators, guardians and representatives,
according to the conditions under which I held the shares at the time of execution of this instrument, and I, the Transferee, hereby
agree to receive the said shares according to the above-mentioned conditions.

 

In witness whereof, we have hereunto
set our hands on the ________ day, of month _____________, year _____________

 

	____________________	 	________________
	Transferor	 	Transferee
	 	 	 
	____________________	 	________________
	Witness to Transferor’s Signature	 	Witness to Transferee’s Signature”

 

		43.	The Company may close the Principal Register, the substantial shareholder register and the additional
register (if any) for such period deemed fit by the Board, provided it shall not exceed thirty (30) days each year. The Company
shall notify the shareholders of the closing of the Shareholder Register pursuant to the provisions hereof regarding the giving
of notices to the shareholders.

 

		44.	Each transfer instrument shall be submitted to the Office for the purpose of registration. The
Board may refuse to register a transfer of shares that were not fully redeemed. Transfer instruments that shall be registered shall
remain in the possession of the Company, but all of the transfer instruments which shall be denied registration by the Board shall
be returned upon demand to their deliverers, together with the share certificate (if delivered).

 

		45.	The guardians or administrators of a deceased individual shareholder, or, in their absence, the
shareholder’s lawful heirs, shall be only holders of the right to the shares registered in the name of the deceased shareholder
who shall be recognized by the Company.

 

In the event
that a share was registered in the name of two or more holders, the Company shall only recognize the survivor or survivors as persons
holding a right or interest in the share[.] In the event of a share registered in the name of a number of co-holders as aforesaid,
each shall be entitled to transfer his right.

 

		46.	The Company may recognize a receiver or liquidator of a shareholder that is a corporation undergoing
a winding-up or a liquidation, or a trustee in bankruptcy, or any receiver of a bankrupt shareholder, as holders of a right in
the share registered in the name of such shareholder.

 

		47.	Any person becoming entitled to a share in consequence of the death of a shareholder, upon producing
evidence of a probate or the appointment of a guardian or the issuance of an inheritance order, attesting to his right in the shares
of the deceased shareholder, shall be entitled to be registered as a shareholder in respect of such shares, or may, subject to
the provisions hereof, transfer such shares.

 

		48.	The receiver or liquidator of a shareholder which is a corporation undergoing a winding-up or a
liquidation, or the trustee in bankruptcy, or any receiver of a bankrupt shareholder, after producing such evidence as the Board
shall require of him attesting to his right in the shares of the shareholder undergoing a winding-up, liquidation or bankruptcy,
shall be, with the consent of the Board, entitled to be registered as a shareholder in respect of such shares, or may, subject
to the provisions hereof, transfer such shares.

 

    	 	- 8 -	 

     

    

 

Redeemable Shares

 

		49.	The Company may, as resolved thereby from time to time, and subject to the provisions of the Companies
Law, issue redeemable securities (“Redeemable Securities”).

 

		50.	Should the Company issue Redeemable Securities, it may attach certain of the shares’ attributes
to them, including voting rights and/or rights of participation in the Company’s profits and/or right to dividends or bonus
shares and/or other or additional rights that are attached to the Company’s shares.

 

		51.	The Company may redeem the Redeemable Securities at such sum, dates and manner and out of such
sources as determined in the Board resolution contemplating the issuance of the Redeemable Securities, all subject to the provisions
of any law.

 

Changes in the Share Capital

 

		52.	The Company may, from time to time, by a resolution of the general meeting adopted by a majority
of the votes of the shareholders participating in the vote (not including abstaining votes), increase its authorized share capital
by classes of shares as it shall determine.

 

		53.	Unless stated otherwise in the resolution approving the increase of the share capital as aforesaid,
the provisions of these Articles of Association shall apply to the new shares.

 

		54.	The Company may, by a resolution of the general meeting adopted by a majority of the votes of the
shareholders participating in the vote (not including abstaining votes):

 

		54.1.	Consolidate and re-divide the share capital thereof into shares of a greater nominal value than
that of the existing shares, and in the event that its shares had no nominal value – into share capital comprised of a smaller
number of shares, provided that such action shall not change the holding rates of the shareholders in the issued share capital.

 

Without derogating
from the authority of the Board as aforesaid, in the event that, as a result of the consolidation, there shall be shareholders
in respect of whom the consolidation of their shares leaves fractions, the Board may, with the approval of the general meeting
adopted by a majority of the votes of the shareholders:

 

		54.1.1.	Sell the sum total of all of the fractions, and for such purpose appoint a trustee in whose name
the share certificates which include the fractions shall be issued, who shall sell the same, and the proceeds that shall be received,
less fees and expenses, shall be distributed to the entitled persons; or

 

		54.1.2.	Allot to each shareholder in respect of whom the consolidation leaves a share fraction, shares
of a class of shares preceding the consolidation, fully paid-up, in such number whose consolidation with the fraction shall suffice
for one whole consolidated share, and such allotment shall be deemed as valid immediately prior to the consolidation; or

 

    	 	- 9 -	 

     

    

 

		54.1.3.	Determine that shareholders will not be entitled to receive a consolidated share in respect of
a fraction of a consolidated share which derives from the consolidation of one half or less of the number of shares whose consolidation
creates one consolidated share, and shall be entitled to receive a consolidated share in respect of a fraction of a consolidated
share which derives from the consolidation of more than one half of the number of shares whose consolidation creates one consolidated
share;

 

In the event that an action according
to paragraphs 54.1.2 or 54.1.3 above shall require the issue of additional shares, then payment thereof shall be made in the manner
in which bonus shares may be paid. Consolidation and division as aforesaid shall not be deemed as a modification of the rights
of the shares which are the subject matter of the consolidation and division.

 

		54.2.	Divide its existing shares or any portion thereof by subdivision of its share capital into shares
of smaller nominal value than the nominal value of the existing shares, and in the event that its shares had no nominal value –
into share capital comprised of a larger number of shares, provided that such action shall not change the holding rates of the
shareholders in the issued share capital.

 

		54.3.	Cancel any authorized share capital that on the date of the resolution is yet unissued, provided
there is no obligation of the Company, including a contingent obligation, to issue the shares.

 

		54.4.	Reduce its share capital in such manner and subject to such reservations and conditions prescribed
by law.

 

For the execution
of any resolution as aforesaid in Article 54 above, the Board may settle, at its discretion, any difficulty which may arise with
regard thereto.

 

General Meetings

 

		55.	In addition to the resolutions that the general meeting is authorized to adopt and which are specified
in these Articles of Association and/or in the Companies Law, the Company’s resolutions on the following matters shall be
adopted by the general meeting by a majority of the votes of the shareholders who are present at the meeting and participating
in the vote, in person or by proxy (not including abstaining votes):

 

		55.1.	Amendment of the Articles of Association.

 

		55.2.	Exercise of authorities of the Board in the event that the general meeting shall have determined
that the Board is unable to exercise its authorities and that the exercise of any of its authorities is essential for the proper
management of the Company as provided in Section 52(a) of the Companies Law.

 

		55.3.	Appointment of the supervising auditor of the Company, determination of his terms of engagement
and termination of his engagement pursuant to the provisions of Sections 154 to 167 of the Companies Law.

 

		55.4.	Approval of actions and transactions which require the approval of the general meeting pursuant
to the provisions of Sections 255, 268, 269(a)(b), 270(3), and 271-273 of the Companies Law.

 

    	 	- 10 -	 

     

    

 

		55.5.	Increase and cancellation of the authorized share capital pursuant to the provisions of Sections
286 and 287 of the Companies Law.

 

		56.	The general meeting may assume powers which are vested in another organ.

 

		57.	The Company shall hold an annual meeting every year, by no later than fifteen (15) months after
the preceding general meeting. A general meeting which is not an annual meeting shall be a special meeting.

 

		58.	The agenda of the annual meeting shall include the following matters: (a) deliberation in respect
of the audited financial statements of the Company, together with the Board of Director’s report; (b) appointment of directors
and determination of their fees as directors (if a change transpired in such fees); (c) appointment of the auditor; and it may
further include the following matters: (a) matters that the Board has resolved to bring before the general meeting; (b) matters
which require the convening of a special meeting pursuant to Section 63 of the Companies Law.

 

		59.	The Board may, whenever it thinks fit, resolve to convene a special meeting, and it shall be obliged
to do so upon a demand as provided in the Companies Law.

 

		60.	A notice of the convening of a general meeting shall be published in the manner and at such dates
as prescribed therefor in the provisions of the Companies Law and the Securities Law. In any event, no separate notice shall be
delivered to each of the shareholders registered in the Company’s Shareholder Register.

 

The notice shall
specify the type of meeting, the place and time of its convening, specification of the matters of the agenda, a summary of the
proposed resolutions, the majority required for the adoption of the resolutions and the date for establishing the entitlement of
all of the shareholders to vote at the general meeting, as provided in Section 82 of the Companies Law. In the event that the date
appointed for an adjourned meeting is later than that prescribed in Section 78(b) of the Companies Law, i.e. more than seven (7)
days, such date shall be specified in the notice.

 

Adoption of Resolutions at General Meetings

 

		61.	No deliberation may begin at a general meeting unless a legal quorum is present within half an
hour of the time appointed for the opening of the meeting. With the exception of cases in respect of which it is stipulated otherwise
in the Companies Law or these Articles of Association, a legal quorum shall be formed upon the presence, in person or by proxy,
of at least two (2) shareholders who hold in the aggregate at least twenty-five percent (25%) of all of the voting rights of the
Company.

 

		62.	If within half an hour from the time appointed for the meeting a legal quorum shall not have been
formed, the meeting shall stand adjourned until the same day in the following week, at the same hour and place, or another date,
if indicated in the notice of the meeting. In the event that legal quorum shall not have been formed within half an hour of the
time appointed for the meeting, the meeting shall be held in the presence of any number of participants.

 

If a general meeting was convened
at the demand of shareholders, as provided in the Companies Law, the adjourned meeting may only be held in the presence of shareholders
in at least the number required for convening a meeting as prescribed in the Companies Law, i.e. one or more shareholders holding
at least five percent (5%) of the issued share capital and one percent (1%) of the voting rights of the Company, or one or more
shareholders holding at least five percent (5%) of the voting rights of the Company

 

    	 	- 11 -	 

     

    

 

		63.	At each general meeting, a chairman shall be elected for such meeting by the shareholders participating
therein. The chairman for each meeting shall be elected at the beginning of the deliberation of such meeting, from among one of
the directors or officers then in office in the Company who are present at the meeting.

 

		64.	The chairman of a general meeting may, with the consent of a meeting in which a legal quorum is
present, adjourn the meeting from time to time and from place to place, and he shall be obliged to do so if so directed by the
meeting. Only such matters, which were on the agenda of the meeting from which the adjournment takes place and in respect of which
the deliberation was left unfinished or did not commence, may be deliberated at the adjourned meeting.

 

		65.	Subject to the provisions of the Companies Law, each resolution proposal which was submitted to
the meeting shall be decided by a majority of the votes of the shareholders participating therein (not including the abstaining
shareholders).

 

		66.	The chairman of the meeting shall have no additional or casting vote.

 

		67.	The declaration of the chairman that a resolution was adopted unanimously or by a certain majority
or was dismissed and the meeting’s minutes signed by the chairman thereof, shall be accepted as prima facie proof of the
matters recorded in the minutes.

 

Votes of Shareholders

 

		68.	Subject to any special conditions, preferred rights and limitations as to the voting by holders
of shares that are attached at such time to any shares, every shareholder, whether in a vote by a show of hands or by written ballot,
present in person or by proxy or via a voting card, shall have one vote for each share held by him and which confers a voting right.

 

		69.	Subject to the provisions of any law, a corporation that is a shareholder in the Company may authorize,
according to a decision of its managers or another managing body thereof, such person as it deems to be fit to be its representative
at any general meeting. Such authorized person shall be entitled to use, on behalf of the corporation represented by him, such
voting rights that the corporation may have used itself had it been an individual shareholder.

 

		70.	Subject to the provisions of the Companies Law, resolutions of the general meeting in the following
matters may also be adopted by way of a voting card:

 

		70.1.	Appointment and dismissal of directors;

 

		70.2.	Approval of actions and transactions which require the approval of the general meeting pursuant
to the provisions of Sections 255 and 268 to 275 of the Companies Law;

 

		70.3.	Approval of a merger pursuant to Section 320 of the Companies Law;

 

		70.4.	Matters determined therefor by the Minister of Justice in regulations that have or will be promulgated
by virtue of Section 89 of the Companies Law;

 

    	 	- 12 -	 

     

    

 

Subject to the provisions of the
Companies Law, a voting card shall be deposited at the Office or at the designated place for the convening of the meeting at least
48 hours prior to the time appointed for the opening of the meeting in which the person specified in the voting care is about to
vote. However, the chairman of the meeting may waive such requirement and accept the voting card at the opening of the meeting.

 

Voting Rights

 

		71.	A shareholder who is a minor, and a shareholder who was declared by a competent court to be incapacitated,
may only vote through their respective guardians, and each such guardian may vote by proxy.

 

		72.	In case of joint holders of a share, the vote of one of the joint holders, in person or by proxy,
shall be accepted to the exclusion of the votes of the other joint holders; and for this purpose, seniority shall be determined
by the order in which the names stand in the Shareholder Register.

 

		73.	Shareholder may vote in person or by proxy, and in the case of a corporation – by a representative
pursuant to Article 74 below, or by a duly authorized proxy, as shall be stipulated below.

 

		74.	Any instrument appointing a proxy for the vote (“Letter of Appointment”) shall
be signed by the principal or by his proxies authorized therefor in writing, or, if the principal is a corporation - the appointment
shall be made in writing and shall be duly signed and shall bear the corporation’s stamp or shall be signed by the authorized
proxy.

 

		75.	The Letter of Appointment and the power of attorney (if any) pursuant to which the Letter of Appointment
was signed, or a copy thereof certified to the satisfaction of the Board, shall be deposited at the Office or at the designated
place for the convening of the meeting at least 48 hours prior to the time appointed for the opening of the meeting in which the
person specified in the Letter of Appointment is about to vote. However, the chairman of the meeting may waive such requirement
and accept the Letter of Appointment at the opening of the meeting.

 

		76.	A shareholder holding more than one share shall be entitled to appoint more than one proxy, subject
to the following provisions:

 

		76.1.	The Letter of Appointment shall specify the class and number of shares for which it was provided;

 

		76.2.	Should the aggregate number of shares of any class specified in the Letters of Authorization provided
by one shareholder exceed the number of shares of such class that are held by him, then all of the Letters of Appointment provided
by such shareholder shall be deemed void in respect of the excess shares, without prejudice to the validity of the vote of the
shares held by him.

 

		76.3.	In the event that only one proxy was appointed by a shareholder and the Letter of Appointment does
not specify the number and class of shares for which it was provided, the Letter of Appointment shall be deemed to have been provided
in respect of all of the shares held by the shareholder on the date on which the Letter of Appointment was deposited with the Company
or the date of delivery thereof to the chairman of the meeting, as the case may be. If the Letter of Appointment was provided for
a number of shares which is lower than the number of shares held by the shareholder, such shareholder shall be deemed to have abstained
from voting his remaining shares, and the Letter of Appointment shall be valid only in respect of the number of shares specified
therein.

 

    	 	- 13 -	 

     

    

 

		77.	Any Letter of Appointment of a proxy, whether for a specific meeting or otherwise, shall be drawn-up,
to the extent permitted by the circumstances, in the form specified below:

 

“I, _________, I.D. / registration
no. _________ of _________, shareholder of Bio Light Israeli Life Sciences Investments Ltd. (the “Company”),
hereby appoints _________ bearing I.D. No. ________ of _________________, and in his/her absence
- _________ bearing I.D. No. ________ of _________, to vote on my behalf and in my name for ____________ ____________ shares held
by me, at the (annual/special) general meeting/ at the class meeting of holders of _______ shares, to be held on __________, month
___, year ____, and at any adjourned meeting of such meeting.

 

In witness whereof, I have hereunto
set my hand on the ________ day, of month _____________, year _____________

 

Signature ____________________”

 

		78.	A vote in accordance with the instructions set forth in an instrument of appointment of proxy shall
be valid notwithstanding the previous death of the principal or the cancellation of the appointment or the transfer of the share
in respect of which the vote is given, unless notice in writing of the death, cancellation or transfer shall have been received
at the Office or by the chairman of the meeting before the vote is given.

 

The Board

 

		79.	The number of directors will be determined from time to time by the general meeting by a majority
of the votes of the shareholders, but shall be no less than five and no more than ten (including all of the external directors).

 

		79.1.	At each annual general meeting, the office of one third of the directors at that time, or such
number that is closest to one third thereof, shall expire, provided that such number shall not fall below two directors. The directors
whose office shall have expired in each year shall be those who served longest in such position since they were last elected; however,
of those persons who were recently made or reelected as directors on the same day, they shall be designated according to a resolution
of the Board, unless otherwise agreed among them. The termination of office of a director in accordance with the provisions of
this Article shall be deemed to have taken effect at the end of the meeting on which his office had expired, and accordingly, such
director may continue to act as a director throughout such entire meeting. A director whose office has ended may be reelected.
This Article 79.1 shall not apply to external directors, and they shall not be included in the count of directors for the purpose
of this Article. The aforesaid in this Article shall not derogate from the provisions of Article 84A hereof.

 

    	 	- 14 -	 

     

    

 

		79.2.	The office of a director shall commence at the date of his appointment by the meeting as aforesaid
or at a later date as shall be determined by the meeting.

 

		79.3.	The general meeting may, at any time, dismiss a director, pursuant to a resolution adopted by a
majority of the votes of the shareholders participating at the meeting, and it may decide at such time to appoint another person
in his place as a director of the Company. The director whose dismissal is on the agenda, shall be afforded reasonable opportunity
to present his position before the general meeting.

 

		79.4.	Subject to the maximal number of directors stated in Article 79 above, the Board may, pursuant
to a resolution to be adopted by a simple majority of the directors then in office who are present at the meeting, appoint additional
directors of the Company. Should a director be appointed as set forth in this Article, the Company shall make his appointment known
to the shareholders by way of delivery of a notice. The appointment shall be in effect until its approval by the first general
meeting to be convened thereafter.

 

		79.5.	A director may, at any time, appoint a person to serve as his alternate director on the Board (“Alternate
Director”). A person who is unqualified to serve as a director of the Company, who already is a director of the Company,
or who is an Alternate Director, may not be appointed as Alternate Director. For as long as the appointment of the Alternate Director
is in effect, he shall be entitled to receive notices of any Board meeting (without prejudice to the right of the appointing director
to receive notices) and to participate and vote at any Board meeting from which the appointing director is absent. Every appointment
of an Alternate Director shall be made by way of written notice to the Company.

 

		79.6.	An Alternate Director shall have, subject to his letter of appointment, all of the authorities
conferred on the director he substitutes, and he shall be deemed a director for the purpose of any law.

 

		79.7.	The office of an Alternate Director shall be automatically vacated if his the appointing director’s
office was vacated for any reason.

 

		80.	A director who appointed an Alternate Director may, at any time, revoke the appointment, provided
that he shall render written notice to that effect to the Company.

 

		81.	A director who has ceased to hold office may be reelected, provided that in the event that his
office is vacated due to his conviction of an offence as specified in Article 82.2 below, he may be reelected subject to his qualifications
and in accordance with the provisions of the Companies Law and the regulations thereunder as shall be promulgated from time to
time.

 

		82.	The office of a director shall automatically be vacated upon the occurrence of one of the following:

 

		82.1.	If he resigned from his office as provided in Section 229 of the Companies Law.

 

		82.2.	If he was convicted of an offence as provided in Section 232 of the Companies Law.

 

		82.3.	If the court decided to order the termination of his office as provided in Section 233 of the Companies
Law.

 

    	 	- 15 -	 

     

    

 

		82.4.	If he was declared bankrupt and in the case of a corporation – if it has adopted a resolution
of its voluntary liquidation or if a liquidation order has been issued in respect thereof.

 

		82.5.	Upon his death.

 

		82.6.	If he becomes incompetent.

 

		83.	In the event that a director shall not have been appointed or if a director’s office shall
be vacated, the remaining directors will be entitled to act in any matter, so long as the number of directors remaining shall not
have fallen below the minimum number of directors determined in the Article 79 above. In the event that the number of directors
shall have fallen below the aforesaid, the remaining directors will be entitled to act only in order to summon a general meeting
of the Company for the purpose of electing directors in accordance with the provisions of these Articles of Association.

 

		84.	The directors, as such, shall be entitled to receive a fee subject to a resolution to be duly adopted
by the authorized organs of the Company in accordance with the requirements under the Companies Law and regulations thereunder
as in effect from time to time. A director may receive a reimbursement for his reasonable travel expenses and other expenses related
to his participation in Board meetings and the fulfillment of his duties as a member of the Board. Remuneration and expenses for
the external directors shall be paid pursuant to the Companies Regulations (Rules regarding Remuneration and Expenses for an External
Director), 5760-2000, or any regulations that shall substitute the same.

 

		84A.	Number of Independent Directors – the number of independent directors shall be as
follows, as the case may be:

 

		(1)	If the Company has no controlling shareholder or a person holding a controlling block (in this
Section – a controlling shareholder) – a majority of the members of the Board shall be independent directors.

 

		(2)	If the Company has a controlling shareholder – at least one third of the board members shall
be independent directors.

 

		84B.	Diversity in the Composition of the Board – In appointing a director, the Board’s
composition shall be diversified taking into account the gender of the candidate, in addition to the obligation to diversify the
composition of the Board taking into account the knowledge and experience of the candidate in accordance with the special needs
of the Company.

 

		84C.	Limitation on the Service of an Officer as Director – Persons subordinate, directly
or indirectly, to the chief executive officer shall not serve as directors, other than a director who is a
workers’ representative, if a workers’ council exists in the Company; for such purpose – a director of
a corporation controlled by a public company may serve as a director of the public company.

 

		84D.	Directors’ Training and Appointment of a Coordinator of Assimilation of Corporate Governance
Provisions 

 

		(a)	The Company shall ensure that training programs for new directors be held within the Company’s
fields of business and in respect of the law applicable to the Company and the directors, and it shall ensure the holding of follow-on
programs for directors in office, with a view to update their acquaintance with the aforementioned subjects; The training programs
shall be adapted, inter alia, such that they shall accommodate the role performed by the director in the Company.

 

    	 	- 16 -	 

     

    

 

		(b)	The chairman of the Board or another person appointed by the Board shall assimilate the corporate
governance provisions applying to the Company and shall update the directors in respect of matters related to corporate governance.

 

Powers of the Board

 

		85.	In addition to the authorities vested in the Board under the Companies Law and hereunder, and without
derogating therefrom, the Board shall determine the Company’s policy and shall supervise the performance of the roles and
actions of the chief executive officer, and in such context, inter alia:

 

		85.1.	Shall determine the Company’s action plans and principles of financing thereof and shall
prioritize among them;

 

		85.2.	Shall inspect the Company’s financial position, and shall determine the credit lines that
the Company may obtain;

 

		85.3.	Shall determine the organizational structure and salary policy;

 

		85.4.	May decide on the issuance of a series of bonds;

 

		85.5.	Shall be responsible for the preparation and approval of the financial statements as provided in
Section 171 of the Companies Law;

 

		85.6.	Shall appoint and dismiss the chief executive officer as provided in Section 250 of the Companies
Law;

 

		85.7.	Shall decide on actions and transactions which require its approval in accordance with Sections
255 and 268 to 275 of the Companies Law and the provisions hereof;

 

		85.8.	May issue shares and convertible securities up to the limit of the Company’s authorized share
capital in accordance with the provisions of Section 288 of the Companies Law;

 

		85.9.	May decide on the distribution of dividends as well as on purchases as provided in Section 308
of the Companies Law;

 

		85.10.	Provide its opinion to the general meeting in regards of a special tender offer as set forth in
Section 329 of the Companies Law;

 

		85.11.	Shall determine the minimal number of directors of the Board who must have accounting and financial
expertise, within the meaning thereof in Section 240 of the Companies Law, taking into consideration, inter alia, the type
and size of the Company and the scope and complexity of its business, and shall assess, in respect of each of the directors, whether
he is qualified under the Companies Regulations (Conditions and Criteria for a Director with Accounting and Financial Expertise
and a Director with Professional Fitness), 5766-2005, or any regulations that shall be promulgated in their place.

 

    	 	- 17 -	 

     

    

 

		85.12.	May determine, from time to time, the authorized signatories on behalf of the Company on bills
of exchange, promissory notes, receipts, acceptances, endorsements, checks, contracts and other instruments of any kind whatsoever,
provided that such signatories shall be obligated to sign together with the Company’s stamp or alongside its printed or written
name;

 

		85.13.	May approve donations by the Company in reasonable amounts and for worthy causes, as shall be determined
at its discretion, even if such donation is not made for business considerations as set forth in Article 4 above;

 

		85.14.	Shall assume the powers of the chief executive officer, for a certain matter or a certain period,
all according to the Board’s discretion.

 

		86.	The Board shall act in any of the matters specified in Article 85 above in accordance with the
provisions of the Companies Law and these Articles of Association.

 

		87.	To the extent necessary, the reasons of the Board for recommendations, reports and approvals that
are to be provided by the Board under Article 85 above, shall be attached to the recommendation, report or approval, as the case
may be.

 

		88.	The Board shall elect one of its members to serve as chairman of the Board. The chairman of the
Board shall direct the Board meetings.

 

Board Meetings

 

		89.	The Board shall convene meetings according to the Company’s needs, and at least once in every
three (3) months.

 

		90.	The chairman of the Board may convene the Board at any time. In addition, the chairman of the Board
shall promptly convene the Board, in the following events:

 

		90.1.	At the request of two directors, however, if at such time the Board consists of five directors
or less – at the request of one director;

 

		90.2.	At the request of one director, if he stated in his demand to summon the Board that he became aware
of a Company matter which ostensibly reveals a violation of the law or an impairment to proper business procedure.

 

In addition, the chairman of the
Board shall promptly convene the Board if: (1) a notice or report by the chief executive officer was received which required the
Board’s action; (2) a notice by the Company’s auditor was received, whereby incidental to the performance of the audit,
he became aware of substantial deficiencies in the Company’s accounting control.

 

Where a meeting of the Board shall
not have been convened within fourteen (14) days of the date of the demand or notice as aforesaid, each of the persons specified
in this Article 90 above may convene a meeting of the Board to discuss the matter specified in the demand, notice or report, as
the case may be.

 

    	 	- 18 -	 

     

    

 

		91.	Any notice of a Board meeting may be given orally, by telephone, in writing (including by facsimile
or e-mail), or by telegram, provided that the notice shall be given at least 48 hours prior to the time appointed for the meeting.
Notwithstanding the foregoing, in urgent cases and with the consent of a majority of the directors, the Board may convene for a
meeting without notice.

 

		92.	Notice of the Board meeting shall specify the time and place for convening the meeting, as well
as reasonable detail of all of the matters on the agenda.

 

The agenda shall include the matters
determined as set forth in Article 90 above, as well as any matter that a director or the chief executive officer has requested
of the chairman of the Board to include thereon, within a reasonable time prior to the convening of the Board meeting.

 

		93.	A majority of the members of the Board then in office, present in person or by an Alternate Director,
who are not barred by law from participating and voting in the meeting, shall constitute legal quorum at the Board meeting and
its resolutions. The legal quorum shall be ascertained at the opening of the meeting.

 

Notwithstanding
the foregoing, the legal quorum in respect of a Board resolution to terminate the office of the internal auditor shall in any event
be of no less than a majority of the members of the Board.

 

		94.	Board resolutions shall be adopted by a simple majority. Each Director shall have one vote. The
chairman of the meeting, whether he is the chairman of the Board or any other director, shall not have an additional and casting
vote.

 

		95.	The chairman of the Board shall chair every meeting of the Board. In the absence of a chairman
as aforesaid or if he shall not be present within fifteen (15) minutes of the time appointed for the meeting, or if he does not
wish to chair the meeting, the members of the Board present at the meeting shall elect one of their number to be the chairman,
to direct the meeting and sign the minutes thereof, and such elected person shall not have an additional or casting vote in the
votes of the Board.

 

		96.	Any meeting of the Board at which a quorum is present shall be competent to exercise all the authorities,
powers and discretions for the time being vested in or exercisable by the Board in the ordinary course, in accordance with the
provisions of these Articles of Association.

 

		97.	Subject to the provisions of any law, all acts performed by or in accordance with any Board resolution,
or by any meeting of a committee of the Board, or by any person acting as director, shall, notwithstanding that it may afterwards
be discovered that there was some defect in the appointment of such directors or persons acting as aforesaid, or that they or any
of them were disqualified, be as valid as if every such person was qualified to be a director or a member of such a committee.

 

		98.	

 

		98.1.	Board resolutions may also be adopted by telephone, e-mail, telegram or facsimile and such resolutions
shall be deemed to have been validly adopted by the Board at a meeting, provided that all of the directors who are entitled to
participate in the deliberation and vote on a matter brought to resolution shall have agreed not to convene in respect of such
matter.

 

    	 	- 19 -	 

     

    

 

		98.2.	A resolution adopted as provided in Article 98.1 above, shall be valid for all intents and purposes
as if it were validly adopted by the Board at a meeting duly convened, after being signed by the chairman of the Board, and in
his absence, by the person elected to serve as chairman of the resolution, or in the alternative, after being signed by all of
the directors who are entitled to participate in the deliberation and vote on the matter brought to resolution.

 

		99.	The Board may hold meetings through the use of any means of communication, provided that all of
the directors participating may hear each other simultaneously. The Board may determine that the aforesaid shall also apply to
resolutions adopted in telephone conversations with the Company’s corporate secretary or with another person appointed for
such purpose by the Board, and it may prescribe, if it deems fit, additional or different rules for the purpose of adopting resolutions
by way of telephone conversations, as the Board thinks fit.

 

		100.	The Board of the Company shall hold, at least once every year, a deliberation regarding the management
of the Company’s business by the chief executive officer and his subordinate officers. Such deliberation shall be held in
the absence of the chief executive officer and his subordinate officers, after providing them an opportunity to present their positions.

 

Board Committees

 

		101.	The Board may establish and disassemble committees and appoint members thereto from amongst the
directors. The Board may delegate its powers or any of them to such committees, and for a certain purpose, it may from time to
time revoke such delegation. At least two directors shall serve on each committee. Each committee vested with the authority to
exercise any of the powers of the Board shall include at least one external director.

 

		102.	Any committee established in accordance with Article 101 above, shall, upon exercising its authorities,
comply with all of the instructions prescribed by the Board. The meetings and actions of any such committee shall be conducted
pursuant to the provisions included herein pertaining to the meetings and actions of the Board, to the extent applicable, and insofar
as they were not superseded by instructions provided by the Board.

 

		103.	Subject to the limitations set forth in the Companies Law in respect of the delegation of powers
of the Board, a resolution adopted or action taken by a Board committee, shall be deemed a resolution adopted or action taken by
the Board.

 

		104.	A Board committee shall regularly report its resolutions or recommendations to the Board, in accordance
with the determination of the Board.

 

		105.	The Board may revoke a resolution of a committee established thereby, provided that such cancellation
shall not prejudice the validity of a committee’s resolution pursuant to which the Company has acted towards another person
who was unaware of its cancellation.

 

		106.	The audit committee shall hold, at least once every year, a meeting regarding deficiencies in the
management of the Company’s business in the presence of the internal auditor and the outside auditor. Such meeting shall
be held in the absence of the Company’s officers who are not members of the committee, after providing them an opportunity
to present their positions.

 

    	 	- 20 -	 

     

    

 

Minutes

 

		107.	The Company shall keep a register of minutes of general meetings, class meetings, Board meetings
and Board committee meetings, and shall maintain them at its registered Office, for a period of seven (7) years of the date of
the relevant meeting.

 

		108.	Minutes taken shall include the following details:

 

		108.1.	The time and place of convening of the meeting;

 

		108.2.	The names of the persons present, and if they are proxies or alternates, the names of the principals
or appointers, and in the case of general meetings, the number and class of shares by virtue of which the vote is held;

 

		108.3.	A summary of the deliberations and course thereof, and the resolutions adopted;

 

		108.4.	Documents, reports, approvals, opinions and the like which were presented, discussed and/or attached.

 

Such minutes of a general meeting,
signed by the chairman of the meeting, shall serve as prima facie proof of the contents thereof, and minutes of a Board meeting
or a Board committee meeting, signed by the chairman of the meeting, shall serve as prima facie proof of the contents thereof.

 

The foregoing provisions shall
also apply to resolutions adopted without actually convening.

 

Chief Executive Officer

 

		109.	The chief executive officer shall be appointed and dismissed by the Board by a simple majority
of the Board members, and the Board may appoint more than one chief executive officer.

 

		110.	The chief executive officer will be responsible for the current management of the Company’s
affairs in the framework of the policy determined by the Board and subject to its instructions.

 

		111.	

 

		111.1.	The chief executive officer shall have such management and performance authorities which shall
not have been conferred in the Companies Law or in these Articles of Association on another organ of the Company and he shall be
subject to the supervision of the Board.

 

		111.2.	The chief executive officer may, with the approval of the Board of Directors, delegate to another,
who reports to him, any of his authorities; the approval may be general and in advance.

 

		112.	

 

		112.1.	The chief executive officer shall promptly give notice to the chairman of the Board on any irregular
matter which is material to the Company and shall submit to the Board reports on such matters, at dates and at such scope as shall
be determined by the Board. In the event that the Company shall not have a chairman of the Board or if he is unable to fulfill
his position, the chief executive officer shall give notice thereof to all of the members of the Board.

 

    	 	- 21 -	 

     

    

 

		112.2.	The chairman of the Board may, at his own initiative or according to a Board resolution, require
the chief executive officer to provide reports regarding the Company’s business.

 

		112.3.	In the event that any such notice or report required an action of the Board, the chairman shall
promptly convene a meeting of the Board for the purpose of deliberating the notice or adopting a resolution on taking the required
action.

 

Local Managements

 

		113.	The Board may, from time to time, provide for the management of the Company’s business in
any specified locality, whether in Israel or abroad, in such manner as it deems fit, and the provisions contained in Article 114
below shall be without prejudice to the general powers conferred by these Articles of Association and the Companies Law on the
Board.

 

		114.	The Board may, from time to time and at any time, establish any local board or agency for managing
the Company’s business in any specified locality, in Israel or abroad, and may appoint any person to be a member of such
local board, or any manager or agent and may determine their fees. The Board may from time to time, delegate to any person so appointed
any power, authority and discretion for the time being vested in the Board, and it may authorize any member for the time being
of any such local board to continue in his office notwithstanding any vacancy which may occur thereat, and any such appointment
or delegation may be made on such terms as the Board may think fit, and the Board may at any time remove any person so appointed
and may annul or vary any such delegation.

 

Shareholder Register 

 

		115.	

 

		115.1.	The Company shall keep a Shareholder Register (the “Principal Register”) and
record in it the following information:

 

		115.1.1.	Regarding registered shares –

 

		[a]	The name, identification number and address of each shareholder, all as notified to the Company;
and

 

		[b]	The number and class of shares held by each shareholder, specifying the nominal value thereof,
if any, and if any amount is yet unpaid on account of the consideration fixed for the share – the amount yet unpaid; and

 

		[c]	The date of issuance or transfer of the shares to each shareholder, as the case may be; and

 

		[d]	If the shares have serial numbers, the Company shall specify alongside the name of each shareholder
the serial numbers of the shares registered in his name;

 

    	 	- 22 -	 

     

    

 

		[e]	Any other information required or permitted by the Companies Law or these Articles of Association
to be recorded in the Principal Register.

 

		115.1.2.	Regarding bearer shares –

 

		[a]	Statement as to the fact of issuance of bearer shares, the date of issuance thereof and number
of shares issued; and

 

		[b]	The serial numbers of the bearer shares and of the share certificates;

 

		In the event that the share certificate was cancelled at the request of the shareholder, the
                                                                           name of the shareholder shall be recorded in the Principal Register, specifying the number of shares registered in his
                                                                           name.

 

		115.1.3.	Dormant shares – their number and the date on which they became dormant.

 

		115.1.4.	Regarding shares that do not confer voting rights under Sections 309(b) or 333(b) of the Companies
Law – their number and the date on which they became shares which do not confer voting rights, to the extent known to the
Company.

 

		115.2.	The Company shall keep a register of substantial shareholder as provided in Section 128 of the
Companies Law.

 

		115.3.	The Company may, pursuant to a resolution of the Board, subject to and in accordance with the provisions
of Sections 138 and 139 of the Companies Law, keep an additional shareholder register outside of Israel.

 

Officers

 

		116.	The chief executive officer may, from time to time, appoint officers for the Company (other than
directors and a chief executive officer), for fixed, temporary or special positions, as the chief executive officer deems fit from
time to time, and in addition the chief executive officer may, at his absolute discretion, terminate the services of one or more
of the abovementioned persons from time to time and at any time.

 

		117.	The chief executive officer may determine, subject to the provisions of the Companies Law, the
authorities, roles and terms of engagement of the officers so appointed by him, subject to receipt of the approval of the Company’s
audit committee and Board, to the extent required under law.

 

Distribution

 

		118.	Subject to special or limited rights attached to any shares, dividends or bonus shares shall be
distributed and paid to the shareholders pro rata to the paid-up share capital on account of the nominal value of the shares held
thereby, notwithstanding any premium paid thereon.

 

    	 	- 23 -	 

     

    

 

		119.	A distribution resolution shall be adopted by the Company’s Board.

 

		120.	The Board may withhold any dividend, benefit, right or amount payable in respect of shares on which
the Company holds a lien and/or pledge, and it may use all of such amount to dispose of any benefit and right and apply the disposal
proceeds to the discharge of the debts underlying the Company’s lien and/or pledge.

 

		121.	A share transfer shall not confer the transferee with the right to a dividend or to any other distribution
declared thereon after such transfer and prior to the registration of such transfer, provided that in the event that the share
transfer is subject to the approval of the Board, the date of approval shall replace the date of registration of the transfer.

 

		122.	A dividend not claimed within a two (2) year period of the date of its distribution resolution,
the person entitled thereto shall be deemed to have waived the dividend, and it shall revert to the Company. In addition, a dividend
which shall not have been claimed as aforesaid shall not bear linkage differentials or interest.

 

		123.	The Board may deduct from any dividend, bonus or other distribution to be paid in respect of shares
held by a shareholder, whether alone or together with another shareholder, any sums due from him and payable by him alone or together
with any other person to the company on account of calls or the like.

 

Internal Auditor

 

		124.	The Company’s Board will appoint an internal auditor according to the audit committee’s
recommendation.

 

		125.	The organizational supervisor of the internal auditor will be the chairman of the Board, the chief
executive officer, or as the Board shall determine.

 

		126.	The internal auditor shall submit, for the approval of the audit committee or the Board, a proposal
for an annual or periodic work plan, and the audit committee or the Board shall approve the same with such modifications as they
shall deem fit.

 

Auditor

 

		127.	The auditor shall be appointed at each annual meeting and shall serve in such position until the
end of the next annual meeting.

 

		128.	The general meeting may terminate the services of the auditor.

 

		129.	The auditor’s fees for the audit action shall be determined by the Board.

 

		130.	The auditor’s fees for additional non-audit services shall be determined by the Board.

 

Notices

 

		131.	Where the provision of notices to the Company’s shareholder is mandatory, the notices shall
be provided by way of release of an immediate report and/or by way of publication of an announcement or announcements in a newspaper,
to the extent required under the provisions of any law. The Company is not obligated to deliver personal notices to the shareholders
registered in the Company’s Shareholder Register.

 

    	 	- 24 -	 

     

    

 

		132.	The Company may provide notice to joint holders of a share by sending notice to the co-holder named
first in the Shareholder Register in respect of said share.

 

		133.	Any notice or document which is delivered in accordance with these Articles of Association and
any law shall be deemed as having been duly delivered despite the death, bankruptcy or dissolution of a holder of shares (whether
or not the Company was aware thereof) until another person shall be registered in the Shareholder Register in his place as holder
thereof, and delivery or dispatch as aforesaid shall be deemed as sufficient delivery or dispatch to any person who has a right
in such shares.

 

Dissolution of the Company

 

		134.	Should the Company be dissolved, whether voluntarily or otherwise, then – unless otherwise
specifically determined in these Articles of Association or in the terms of issue of any share – the following provisions
shall apply:

 

		134.1.	The liquidator shall first use all of the Company's assets in order to repay its debts (the Company's
assets after the payment of its debts shall be referred to as the "Surplus Assets").

 

		134.2.	Subject to special rights attached to shares, and after the full discharge of all of the debts
to the other creditors having preference over the shareholders in accordance with legally prescribed payment priority in liquidation,
the liquidator shall distribute the Surplus Assets between the shareholders pari passu to the nominal value of
the shares.

 

		134.3.	Upon the Company's approval, in a resolution which shall be adopted in the general meeting by a
simple majority of the votes of the shareholders participating in the meeting, the liquidator may distribute the Company's Surplus
Assets, or any part thereof, between the shareholders, in kind, and may also transfer any of the Surplus Assets to a trustee in
a deposit in favor of the shareholders as the liquidator shall deem fit.

 

Exemption, Indemnification
and Insurance 

 

		135.	Subject to the provisions of the Companies Law, the Company may exempt, in advance, an officer
thereof from his liability, in whole or in part, for damage due to a breach of the duty of care thereto.

 

		136.	

 

		(a)	Subject to the provisions of the Companies Law, the Company may indemnify retroactively an officer
thereof due to liability or an expense which shall have been imposed upon him or he shall have incurred due to an action which
he took by virtue of his being an officer, in each of the following:

 

		(1)	A monetary liability that shall have been imposed upon him in favor of another person in a judgment,
including a judgment issued in a settlement or an arbitration award that shall have been sanctioned by a court.

 

    	 	- 25 -	 

     

    

 

		(2)	Reasonable litigation expenses, including legal fees, that shall have been incurred by the officer
due to an investigation or proceeding that shall have been conducted against him by an authority which is authorized to conduct
an investigation or proceeding, and which shall have ended without the filing of an indictment against him and without a monetary
liability having been imposed upon him as a substitute for a criminal proceeding, or which shall have ended without the filing
of an indictment against him but with the imposition of a monetary liability as a substitute for a criminal proceeding in an offense
which requires no proof of general intent or in connection with a monetary sanction.

 

The terms "which ended without
the filing of an indictment in a matter in which a criminal investigation was commenced" and "monetary liability as a
substitute for a criminal proceeding" shall have the meanings specified in Section 260(a)(1A) of the Companies Law.

 

		(3)	Reasonable litigation expenses, including legal fees, to be incurred by or charged to the officer
by a court, in a proceeding filed against him by the Company or on its behalf or by another person, or in a criminal indictment
from which he shall have been acquitted, or in a criminal indictment in which he shall have been convicted of an offense requiring
no proof of general intent.

 

		(4)	A monetary liability imposed on an officer for the party harmed by the breach in an administrative
enforcement proceeding, as set forth in Section 52BBB(a)(1)(a) of the Securities Law and/or expenses incurred by an officer in
connection with an administrative enforcement proceeding conducted in his matter, including reasonable litigation expenses, including
legal fees.

 

		(5)	Any other liability or expense which is or shall be indemnifiable to officers.

 

		(b)	Subject to the provisions of the Companies Law, the Company may give an advance undertaking to
indemnify an officer thereof in each of the following (the “Indemnification Undertaking”):

 

		(1)	As specified in sub-section (a)(1) above, provided that the Indemnification Undertaking shall be
limited to events which, in the opinion of the Board, are foreseeable in view of the Company’s actual business at the time
of granting of the Indemnification Undertaking, as well as to such amount or criterion as the Board shall have determined are reasonable
under the circumstances, and that the Indemnification Undertaking shall state the events which, in the opinion of the Board, are
foreseeable in view of the Company’s actual business at the time of granting of the undertaking, as well as the amount and
the criterion which the Board shall have determined are reasonable under the circumstances.

 

Notwithstanding
the foregoing, the Indemnification Undertaking for the monetary liability specified in Section 136(4) above shall not exceed an
amount equal to 25% of the Company's determining equity, all in addition to the amounts received, if any, from an insurance company
within an insurance which the Company had taken out, and the Indemnification Undertaking shall specify the events which the Board
deems as foreseeable in view of the Company’s actual business at the time of the undertaking. For this matter, the "Company's
determining equity" shall mean its equity according to the Company's latest consolidated financial statements as being at
the time of the actual indemnification.

 

    	 	- 26 -	 

     

    

 

		(2)	As specified in sub-section (a)(2) above or sub-section
(a)(3) above.

 

		137.	Subject to the provisions of the Companies Law, the Company may engage in a contract to insure
the liability of an officer of the Company due to liability that shall have been imposed upon him due to an action which he took
by virtue of his being an officer thereof, in each of the following:

 

		(1)	A breach of the duty of care towards the Company or another person;

 

		(2)	A breach of the fiduciary duty towards the Company, provided that the officer shall have acted
in good faith and had reasonable grounds to assume that the action would not prejudice the Company’s best interests;

 

		(3)	A monetary liability that shall have been imposed upon him in favor of another person, including
in an Administrative Proceeding (as defined below).

 

"Administrative
Proceeding" – a proceeding according to Chapters H3 (imposition of a monetary sanction by the authority), H4 (imposition
of administrative enforcement measures by the administrative enforcement committee) or I1 (contingent arrangement for the avoidance
or termination of proceedings) of the Securities Law, as amended from time to time.

 

		138.	The provisions of Articles 135 through 137 above are not intended, and shall not be interpreted,
to restrict the Company in any manner in the procurement of insurance and/or in respect of provision of indemnification:

 

		(a)	in connection with any person who is not an officer, including, without limitation, any employee,
agent, consultant or contractor of the Company who is not an officer; and/or

 

		(b)	in connection with any officer to the extent that such insurance and/or indemnification is not
specifically prohibited under law;

 

provided that the
procurement of any such insurance and/or the provision of such indemnification shall be approved by the Board.

 

Modification of the Articles of Association

 

		139.	

 

		139.1.	The provisions of these Articles of Association may be modified, by a resolution of the shareholders
at the general meeting by a majority count of the votes of the shareholders present at the meeting and participating in the vote
in person or by proxy (not including abstaining votes), other than those Articles thereof which expressly specified otherwise.

 

    	 	- 27 -	 

     

    

 

		139.2.	A resolution adopted by the general meeting, at the required majority for modifying the Company’s
Articles of Association, which modifies a provision hereof, shall be deemed a resolution modifying the Company’s Articles
of Association, even if it was not expressly specified in the resolution.

 

*         *         *         *         *

 

    	 	- 28 -	 

     

    

  

 

    	 	 	 

     

    

 

 

 

May 11, 2015

 

To

Mizrahi Tefahot Registration Company Ltd.

7 Jabotinsky Street

	Ramat Gan	By messenger

 

Ladies and gentlemen,

 

Re: Bio Light Israel Life Sciences Investments
Ltd., Co. no. 513680793 (the “Company”)

 

		1.	Attached hereto is a share certificate in your company’s name in the sum of 123,369,252 ordinary
shares of par value 0.01 NIS each, registered in the name of the Company, which were offered in the Private Offering Report dated
April 28, 2015, reference no. – 2015-01-007683 (the “Offering Report” and the “Allotted Shares,”
respectively).

 

		2.	Kindly deposit the Allotted Shares into the account detailed below:

 

	Account Name	 	Total Number of
 Shares	 	 	Total as Cash	 	 	Bank / Stock
 Exchange Member	 	Securities
 Branch	 	 	Securities
 Account	 
	Weinstock Zecler Trustees (1999) Ltd.	 	 	123,369,252	 	 	 	24,797,219	 	 	Bank Hapoalim B.M	 	 	532	 	 	 	551583	 

 

		3.	Additionally, attached hereto are documents which accompany the share certificate and the allotment
letters, as detailed below:

 

		3.1.	Accompanying document in the wording attached to the Stock Exchange Auxiliary Rules (“Auxiliary
Rules”) as Appendix E.

 

		3.2.	An attorney confirmation in the wording attached to the Auxiliary Rules as Appendix E-1.

 

		3.3.	A copy of the Stock Exchange’s confirmation regarding the listing of the Allotted Shares
for trade.

 

		3.4.	A copy of the reports provided to the Securities Authority and the Stock Exchange by means of MAGNA
regarding the change in the securities Registry and the registration of the Allotted Shares in your name (C.087).

 

		3.5.	A true copy of the Company’s shareholder registry.

 

		4.	Please provide a copy of the share certificate and the allotment letters and the documents attached
thereto, stamped “RECEIVED.”

 

	 	Respectfully,
	 	Noa Aviram, Esq.
	 	Bio Light Israel Life Sciences Investments Ltd.
	 	phone number for clarifications –
	 	054-5239958

 

    	 	 	 

     

    

 

Appendix E

 

Date:  May 11, 2015

 

To

Bank Mizrahi Tefahot Registration Company
Ltd.

 

Ladies and gentlemen,

 

		Re:	Accompanying document for the share certificate in the name of Bank Mizrahi Tefahot Registration
Company Ltd. with respect to hundred 23,369,252 ordinary shares with par value 0.01 NIS each of Bio Light Israel Life Sciences
Investments Ltd. (513680793) (the “Company”) dated May 11, 2015

 

We hereby notify you that, as detailed in the
captioned allotment letter previously delivered to, we have registered in your name

 

	123,369,252	ordinary shares

 

The securities specified in the share certificate
were allotted:

 

		·	According
to the Shelf Offering Report.

 

		·	According
to the terms of the Private Allotment Report dated April 28, 2015, reference no. – 2015-01-007683 (the “Private
Allotment”) in accordance with the terms of the Private Allotment.

 

		·	Following
a request dated _______ to exercise convertible securities deposited with the Clearinghouse in accordance with the exercise terms
of the convertible security.

 

		·	As
a result of the exercise of convertible securities which were not deposited with the Clearinghouse in accordance with the exercise
terms of the convertible security.

 

		·	As
a result of the deposit of a security by the party registered in the issuer’s registry as owner of the security in the Company’s
securities registry.

 

		·	Other:
in coordination with you and instead of shares of the certificate issued to you in the past by the Company.

 

 ̈
  ** The company is a double registered registration company which reports under Chapter E3 of the Securities Law, 5728 – 1968.

 

The issued securities were registered in your
name in the Company’s securities registry designated for the same.

	 	 	 
	/s/
    Suzana Nahum Zilberberg
	 
	Company Signature and Stamp
	 

As attorney for the Company, by the undersigned,
Noa Aviram, Esq., hereby confirm that the above document was duly signed by the Company.

	 	 	 
	 
	 
	Attorney Signature and Stamp
	 

		*	Erase the unnecessary.

		**	In the event the company is a company which reports under
Chapter E3 of the Securities Law, place an X in this box.

 

    	 	 	 

     

    

 

Appendix E1

 

Details of the certifying attorney:

	Given and surname:	Noa Aviram, Esq.
	Address:	Kiryat Atidim, Bldg. 3, Tel Aviv 61581
	Telephone:	073-2753400

 

To

Bank Mizrahi Tefahot Registration Company
Ltd.

 

Re: Confirmation
by the Company’s Attorney

(Accompanies a Security Certificate/Allotment
Letter)

As attorney for Bio Light Israel Life Sciences
Investments Ltd. (the “Company”), I the undersigned, Noa Aviram, Esq., confirm that the share certificate in
the sum of 123,369,252 ordinary shares of par value 0.01 NIS each was duly issued and signed by the Company.

 

	 	 	 
	5/11/15	 	 
	Date	 	Attorney Signature and Stamp

 

    	 	 	 

     

    

  

 

MAYA COMPANIES NOTICE
INTERNET SYSTEM                       5/12/2015

 

	 	Bio Light Israeli Life Sciences Investments
    LTD	C087

        Public

	 	Registrar Number: 513680793

        The Corporation’s Securities
        Are Registered

        for Trade on the Tel Aviv Stock Exchange

        Short Name: Bio Light

        Street: Kiryat Atidim Bldg. 3, Tel
        Aviv 61581

        Telephone: 073-2753400, Fax: 073-2753401

        Email: suzana@bio-light.co.il

        Company Website: www.biol-light.co.il
	 

         

         

         

         

        Broadcast on MAGNA on

        05/11[?]/2015

        Reference: 2015-01-017373

 

	To	To
	Securities Authority	Tel Aviv Stock Exchange
    Ltd. 
	www.isa.gov.il	www.tase.co.il

 

Balance of Equity
and Registries of Securities of the Corporation and Changes Therein

Regulation 31(e) of the
Securities Regulations (Periodic and Immediate Reports), 5730 – 1970

Regulation 31(a) of the
Securities Regulations (Periodic and Immediate Reports), 5730 – 1970

Regulation 31(b1) of
the Securities Regulations (Periodic and Immediate Reports), 5730 – 1970

 

Substance of the change: Private Allotment

Explanation: You must briefly explain the substance
of the change

 

		1.	Balance of the corporation’s
                                         securities after the change:

	 	 	Security no.	 	 		 	 	Issued and outstanding capital	 	 	New quantity in	 
	Name and type of security	 	on the Stock

    Exchange	 	 	Quantity in the

registered capital	 	 	Quantity in the
 last report	 	 	Current
 quantity	 	 	the registration
 company’s name	 
	Ordinary shares of par value NIS 0.01 each – Bolt	 	 	1095223	 	 	 	1,300,000,000	 	 	 	521,337,702	 	 	 	644,706,954	 	 	 	644,706,954	 
	Employee and underwriters option statements Bio Light Options 2005	 	 	1095256	 	 	 	0	 	 	 	1,370,132	 	 	 	1,370,132	 	 	 	0	 
	(Series 6) non-negotiable option statements – Bio Light Options 6	 	 	1123553	 	 	 	0	 	 	 	38,666,666	 	 	 	38,666,666	 	 	 	0	 
	Nonnegotiable option statements, Bio – Lights 04/11 (exercise price
    0.35)	 	 	1123561	 	 	 	0	 	 	 	32,866,665	 	 	 	32,866,665	 	 	 	0	 
	Nonnegotiable option statements, Bio – Light 05/11	 	 	1124254	 	 	 	0	 	 	 	2,500,000	 	 	 	2,500,000	 	 	 	0	 
	Nonnegotiable option statements, Bio – Light 01/12	 	 	1125533	 	 	 	0	 	 	 	60,000	 	 	 	60,000	 	 	 	0	 
	Nonnegotiable option statements	 	 	1129253	 	 	 	0	 	 	 	1,605,000	 	 	 	1,605,000	 	 	 	0	 
	(Series 8) Option Statements – Bio Light Options 8	 	 	1131606	 	 	 	0	 	 	 	137,237,000	 	 	 	137,237,000	 	 	 	137,237,000	 
	Nonnegotiable option statements, Bio – Light 06/14	 	 	1132737	 	 	 	0	 	 	 	2,526,127	 	 	 	2,526,127	 	 	 	0	 
	Nonnegotiable option statements, Bio – Light 07/14	 	 	1133230	 	 	 	0	 	 	 	9,370,000	 	 	 	9,370,000	 	 	 	0	 
	Nonnegotiable option statements	 	 	1135136	 	 	 	0	 	 	 	1,303,344	 	 	 	1,303,344	 	 	 	0	 

Explanation: you must detail all of the
company’s securities, including securities not listed for trade.

 

    	 	 	 

     

    

 

MAYA COMPANIES NOTICE
INTERNET SYSTEM                       5/12/2015

 

		2.	The Corporation gives notice that:

On 05/11/2015

□
As of                      
and until                      

 

■
There was a change in the quantity and registry of owners of securities of the corporation as a result of:

Description of the substance of
the change: private allotment

Explanation: you must describe
all of the details of the transaction or the action because of which the change took place in the corporation’s securities.

1

Name of the registered holder regarding
which a change occurred: the registration company

Type of identity number: Israel
Companies Registrar number                     
Identification number: 510422249

Substance of change: Private allotment
—————

Date of change: 05/11/2015               
Done through the Stock Exchange Clearinghouse: No

Type and name of securities to
which the change applies: Ordinary shares

Stock Exchange Security Number:
1095223

Quantity of the change:         123,369,252

Balance held by the owner of the
security after the change: 123,369,252

þ
The security is paid in full and the consideration has been received in full.

 ̈
The security has been paid in full, but the consideration has not yet been received in full.

 ̈
Other.

________________________

 

Explanations:

		1.	To the extent that the
                                         change has an impact on more than one security, you must detail the impact of the change
                                         on a separate line for each security.

		2.	Date of the change –
                                         all changes of the same type, in that same security, executed on one day, will be summarized
                                         on one line. With regards to this – it is necessary to separate between changes
                                         made through the Stock Exchange Clearinghouse and changes made directly in the Company’s
                                         books.

		3.	The change – for
                                         a decrease, you must add the symbol “-“.

		4.	In all quantity fields,
                                         you must fill in the quantity of securities and not NIS par value.

 

□  There
is a change only to the registry of owners of securities of the corporation (without change to the quantity of the corporation’s
securities) as a result of:

Description of the substance of
the change

Explanation: you must describe
all of the details of the transaction or the action because of which the change took place in the registry.

 

1

Name of the registered holder regarding
which a change occurred: ____________

Type of identity number: ____________________
                     
Identification number: ____________

Date of change: ____________                     
Done through the Stock Exchange Clearinghouse: ____________

Type and name of securities to
which the change applies: ____________

Stock Exchange Security Number:
____________

Quantity of the change: ____________

Balance held by the owner of the
security after the change: ____________

 

		3.	Main principles of the shareholders’
                                         registry as of the date of the report are as follows:

 

	No.	 	Name of Registered

    Shareholder	 	Type of
 identification

    number	 	Identification

    number	 	 	Stock

    exchange

    security
 number	 	 	Type of
 shares and

    their par
 value	 	Quantity of

    shares	 	 	Holding the
 security
    as a

    trustee?
	1	 	Mizrahi Tefahot Registration Company
    Ltd	 	Number at the Israel Companies
    Registrar	 	 	510422249	 	 	 	1095223	 	 	Ordinary
                                         shares
 0.01
	 	 	644,706,954	 	 	No

 

    	 	 	 

     

    

 

MAYA COMPANIES NOTICE INTERNET SYSTEM                       5/12/2015

 

		4.	Attached hereto is a file with the
                                         registry of shareholders in accordance with the provisions of Section 130 of the Companies
                                         Law, 5759 – 1999

		5.	Attached hereto is an updated file
                                         of the corporation’s securities registries, including the ledger of holders of
                                         options and the ledger of holders of bonds [debentures]

Shareholders
Registry 11-5-2015 isa.pdf

 

Signed by Itai Bar-Natan –
CFO

The reference numbers of prior
documents on the matter (the citation does not constitute inclusion by way of reference):

 

Prior names of the reporting entity:

 

Date this form was updated: 2015

 

 

 

 

Name of electronic reporter: Aviram,
Noa; Position: Company Legal Counsel and Secretary; Name of employing company:

Kiryat Atidim 3, Tel Aviv 6158101;
Telephone: 073-2753444; Fax: 073-2753445; E-mail: noaa@bio-light.co.il

 

    	 	 	 

     

    

  

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

    	 	 	 

     

    

 

 

The Stock Exchange

	 	May 10, 2015
	 	242852

 

To

Bio Light Israel Life Sciences Investments
Ltd.

Kiryat Atidim

Building 3

Tel Aviv 61581

 

Ladies and gentlemen,

 

Re: Approval of Listing of Securities
for Trade on the Stock Exchange

 

		1.	Approval is hereby granted to list securities for trade on the Stock Exchange according to the
following details:

 

		A.	123,369,252 shares of par value 0.01 NIS each which shall be allotted to Rock One Group Investments
Limited – a Chinese investor who will become an interested party after the allotment.

 

		B.	6,965,174 shares of par value 0.01 NIS each which shall be allotted to Chino-Israel VC Limited
– an additional investor which is a third-party to the Company.

 

All of this is as detailed in the
immediate reports dated 4/2/2015, 4/8/2015, and 5/10/2015, which you have provided us.

 

		2.	The validity of this approval is conditioned on the shares being listed for trade within 60 days
after 5/10/2015.

 

		3.	This approval is given in reliance on the immediate reports you provided us, subject to receipt
of the approvals required by law and subject to payment of fees for listing for trade on the Stock Exchange, and fulfillment of
all of the other conditions stipulated in the Stock Exchange Bylaws.

 

		4.	This approval by the Stock Exchange shall not be seen as approval of the particulars presented
in the immediate reports or confirmation of their accuracy or their completeness, and it does not constitute the expression of
any opinion of the Company or the nature of the allotted securities or the price at which they are allotted.

 

		5.	Upon the allotment of shares, you are requested to hold a discussion with us for the purpose of
listing them on the Stock Exchange.

 

		6.	The shares must be registered in the Company’s shareholder registry in the name of the Company’s
registration company.

 

	 	Respectfully,
	 	 
	 	The Tel Aviv Stock Exchange Ltd.

 

The Tel Aviv Stock Exchange Ltd.

2 Ahuzat Bait St., Tel Aviv 6525216 Ÿ
PO Box 29060, Tel Aviv 6129001 Ÿ Tel.:
076-8160411, Fax: 03-5105379

www.tase.co.ilExhibit 10.7

 

	This is a translation of the Israeli 2005 Share Option Plan. It is prepared solely for convenience purposes. Please note that the Hebrew version constitutes the binding version, and in the event of any discrepancy, the Hebrew version shall prevail. 

 

Bio light Life Sciences Investments Ltd.

AN
ISRAELI 2005 SHARE OPTION PLAN 

(According to the 132 amendment to the Ordinance
as such term is defined below)

 

This plan, as amended from time to time, shall be known as the
Israeli 2005 Share Option Plan of Bio light Life Sciences Investments Ltd. (the “Plan”).

 

		1.	PURPOSE OF THE PLAN 

 

The Plan is intended to provide employees,
consultants, service providers and directors of Bio light Life Sciences Investments Ltd. (the “Company”) and Affiliated
Companies option converted into shares of the Company pursuant to the Plan as an incentive and to stimulate the active interest
of such persons in the development and financial success of the Company.

 

		2.	DEFINITIONS 

 

For purposes of the Plan and related documents, including any
Option Agreement, the following definitions shall apply:

 

		2.1	“Option” means an option to purchase one or more Shares of the Company pursuant
to the Plan.

 

		2.2	“102 Option” means any Option granted to Employees pursuant to Section 102 of
the Ordinance.

 

		2.3	“Approved 102 Option” means an Option granted pursuant to Section 102(b) of
the Ordinance and held in trust by a Trustee for the benefit of the Optionee.

 

		2.4	“Unapproved 102 Option” means an Option granted pursuant to Section 102(c) of
the Ordinance and not held in trust by a Trustee.

 

		2.5	“Capital Gain Option (CGO)” means as defined in Section 5.3 below.

 

		2.6	“Ordinary Income Option (OIO)” means as defined in Section 5.3 below.

 

		2.7	“3(i) Option” means an Option granted pursuant to Section 3(i) of the
Ordinance to any person who is Non- Employee.

 

		2.8	“Controlling Shareholder” shall have the meaning ascribed to it in Section 32(9)
of the Ordinance.

 

    	 	1	 

     

    

 

		2.9	“Board” means the Board of Directors of the Company.

 

		2.10	“Option Agreement” means the share option agreement between the Company and
an Optionee that sets out the terms and conditions of an Option.

 

		2.11	“Committee” means committee of the Board.

 

		2.12	“Company” means Bio light Life Sciences Investments Ltd., a company incorporated
under the laws of the State of Israel.

 

		2.13	“Affiliate” means an employing company according to section 102(a) to the Ordinance.

 

		2.14	“Acquiring Company” or “Successor Company” means any entity the
Company is merged to or is acquired by, in which the Company is not the surviving entity.

 

		2.15	“Companies Law” means the Israeli Companies Law, 5759-1999.

 

		2.16	“Chairman” means the chairman of the Board.

 

		2.17	“Date of Grant” means, the date of grant of an Option, as determined by the
Board and set forth in the Optionee’s Option Agreement.

 

		2.18	“Vesting Dates” means, as determined by the Board or the Committee, the date
as of which the Optionee shall be entitled to exercise the Option or part of the Option, as set forth in Section 11 of the Plan.

 

		2.19	“Expiration Date” means the date upon which an Option shall expire, as defined
in Section 10.2 of the Plan.

 

		2.20	“Exercise Price” means the price stipulated in the Option Agreement to be paid
by an Optionee in order to exercise an Option into a Share.

 

		2.21	“Share” means an Ordinary Share par value NIS 1 of the Company

 

		2.22	“Trustee” means any individual or entity appointed by the Company to serve as
a trustee and approved by the ITA, all in accordance with the provisions of Section 102(a) of the Ordinance.

 

		2.23	“Optionee” means a person or entity who receives or holds an Option under the
Plan.

 

    	 	2	 

     

    

 

		2.24	“Cause” means, (i) conviction of any felony involving moral turpitude or affecting
the Company; (ii) any refusal to carry out a reasonable directive of the chief executive officer, the Board or the Optionee’s
direct supervisor, which involves the business of the Company or its Affiliates and was capable of being lawfully performed; (iii)
embezzlement of funds of the Company or its Affiliates; (iv) any breach of the Optionee’s fiduciary duties or duties of care
of the Company; including without limitation disclosure of confidential information of the Company; (v) any conduct (other than
conduct in good faith) reasonably determined by the Board to be materially detrimental to the Company; and (vi) any other event
classified under any applicable agreement between the Optionee and the Company or an Affiliate as a “cause” for termination
or by other language of similar substance.

 

		2.25	“Section 102” means section 102 of the Ordinance as now in effect or as hereafter
amended.

 

		2.26	“Employee” means a person who is employed by the Company or its Affiliate or
an individual who is serving as a director or an office holder, but excluding a Controlling Shareholder.

 

		2.27	“Transaction” or Merger Transaction” means (i) merger, acquisition or
reorganization of the Company with one or more other entities in which the Company is not the surviving entity, (ii) a sale of
all or substantially all of the assets or shares of the Company.

 

		2.28	“Ordinance” means the 1961 Israeli Income Tax Ordinance [New Version] 1961 as
now in effect or as hereafter amended.

 

		2.29	“ITA” means the Israeli Tax Authorities.

 

		2.30	“Non-Employee” means a consultant, adviser, service provider, Controlling Shareholder
or any other person who is not an Employee.

 

		2.31	“Market Value” shall mean

 

		(1)	If the shares are traded on a stock exchange including
inter alia on the Tel Aviv Stock Exchange, Nasdaq National Market System, Nasdaq SmallCap Market of the Nasdaq Stock Market, the
Market Value will be the Closing share price (or closing bid if no sale is reported)) as reported on the stock exchange or national
market system as stated in the last trading day preceding the record date , as reported by the Wall Street Journal or any other
source resolved by the Board according to its sole discretion. Without limiting the generality of the foregoing , and for the
purpose of determining the tax liability in accordance with section 102 ( b ) ( 3 ) of the Ordinance only, if on the date of grant
of the options , the Company's shares are listed for trading on any stock exchange or in the national market , or if the shares
will be listed within 90 days from the date of grant of the options, the market value of share at the time of allocation of the
options shall be determined by the average value of the Company's shares during the 30 trading days preceding the date of grant
of the options or during the 30 trading days following the date of the public offering as applicable.

 

		(2)	If there is a regular report on the shares through an authorized
shares’ dealer but there is no report on the sale price, then the market value will be determined according to the average
between the highest bid and the lowest asking price of the shares on the trading day preceding the effective date.

 

    	 	3	 

     

    

 

		(3)	In the absence of an organized market shares, the market
value will be determined in good faith by the Board of Directors

 

		2.32	BLANK

 

		2.33	“Plan” means this Share Option
Plan.

 

		3.	ADMINISTRATION OF THE PLAN

 

		3.1	This Plan shall be administered by the Board directly.
The Board may appoint a committee (the “Committee”) which, subject to any applicable limitations imposed by
the Companies Law, by any other applicable law and/or by the Articles of Association, shall have all of the powers of the Board
granted herein. Subject to the above, the term "Board" whenever used herein, shall mean the Board or such appointed
committee, as applicable. “Company’s Articles of Association” shall mean as amended from time to time,
and all shareholders rights agreements, as amended from time to time, entered into by and among the Company and its shareholders.

 

		3.2	The Committee shall elect a chairman and shall be summoned
according to the Chairman’s discretion. The Committee’s meeting shall be documented.

 

		3.3	Unless specifically required otherwise under the Companies
Law and subject to the Company's Articles of Association, the Board shall have sole and full discretion and authority, without
the need to submit its determinations or actions to the shareholders of the Company for their approval or authorization, to administer
the Plan and all actions related thereto, including to: (1) designate participants; (2) determine the terms and provisions of
the respective Option Agreements, including, but not limited to, the number of Options to be granted to each Optionee, the number
of Shares to be covered by each Option, provisions concerning the time and the extent to which the Options may be exercised and
the nature and duration of restrictions as to the transferability or restrictions constituting substantial risk of forfeiture
and to cancel or suspend awards, as necessary; (3) determine the Market Value of the Option (4) make an election as to the type
of Approved 102 Option; (5) designate the type of Options granted;

 

The Committee shall have the full discretion:
to (1) alter any restrictions and conditions of any Options or Shares subject to any Options (2) interpret the provisions and supervise
the administration of the Plan and any Option Agreement; (3) accelerate the right of an Optionee to exercise in whole or in part,
any previously granted Option; (4) prescribe, amend and rescind rules and regulations relating to the Plan; and (5) make all other
determinations deemed necessary or advisable for the administration of the Plan.

 

    	 	4	 

     

    

 

		3.4	The Committee shall not be authorized to grant options
to Optionee, however it shall have the right to issue vested options (options that become exercisable into shares) in accordance
with the Plan as as long as said options were granted by the Board according to the Plan and section 112(a)(5) to the Companies’
Law.

 

		3.5	Unless otherwise determined by the Board with respect to
any specific Optionee and/or to any specific Option and provided accordingly in the applicable Option Agreement, the Options shall
vest (become exercisable) according to the terms detailed in the option agreement. However, the options may not be exercised after
the lapse of the expiration date.

 

		3.6	The Board shall have the authority to grant, at its discretion,
to the holder of an outstanding Option, in exchange for the surrender and cancellation of such Option, a new Option having an
exercise price equal to, lower than or higher than the Exercise Price of the original Option so surrendered and canceled and containing
such other terms and conditions as the Board may prescribe in accordance with the provisions of the Plan.

 

		3.7	Subject to the Company’s incorporation documents,
all decisions and selections made by the Board pursuant to the provisions of the Plan shall be made by a majority of its members
except that no member of the Board shall vote on, or be counted for quorum purposes, with respect to any proposed action of the
Board relating to any Option to be granted to that member. Any decision reduced to writing shall be executed in accordance with
the provisions of the Company’s Articles of Association, as the same may be in effect from time to time.

 

		3.8	Commentary as to each section of the Plan or the Option
Agreement shall be final unless decided otherwise by the Board.

 

		3.9	Subject to the Company’s Articles of Association
and to all approvals legally required, including, but not limited to the provisions of the Companies Law, each member of the Board
shall be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred
by him, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any
act or omission to act in connection with the Plan, unless arising out of such member's own fraud or bad faith, to the extent
permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification the member may have as
a director or otherwise under the Company's Articles of Association, any agreement, any vote of shareholders or disinterested
directors, insurance policy or otherwise.

 

		4.	DESIGNATION OF PARTICIPANTS

 

		4.1	The persons eligible for participation in the Plan as Optionees
shall include any Employees and/or Non-Employees of the Company or of any Affiliate; provided, however, that (1) Employees may
only be granted 102 Options; (2) Non-Employees may only be granted 3(i) Options; and (3) Controlling Shareholders may only be
granted 3(i) Options.

 

    	 	5	 

     

    

 

		4.2	The grant of an Option hereunder shall neither entitle
the Optionee to participate nor disqualify the Optionee from participating in, any other grant of Options pursuant to the Plan
or any other option or share plan of the Company or any of its Affiliates.

 

		4.3	Anything in the Plan to the contrary notwithstanding, all
grants of Options to directors and office holders shall be authorized and implemented in accordance with the provisions of the
Companies Law or any successor act or regulation, as in effect from time to time.

 

		5.	DESIGNATION OF OPTIONS PURSUANT TO SECTION 102; ELECTION

 

		5.1	The Company may designate Options granted to Employees
pursuant to Section 102 as Unapproved 102 Options or Approved 102 Options.

 

		5.2	The grant of Approved 102 Options shall be made under this
Plan adopted, approved by the Board and shall be conditioned upon the approval of this Plan by the ITA.

 

		5.3	Approved 102 Option(s) may either be classified as Capital
Gain Option (“CGO”) or Ordinary Income Option (“OIO”).

 

		5.4	Approved 102 Option(s) elected and designated by the Company
to qualify under the capital gain tax treatment in accordance with the provisions of Section 102(b)(2) shall be referred to herein
as "CGO".

 

		5.5	Approved 102 Option(s) elected and designated by the Company
to qualify under the ordinary income tax treatment in accordance with the provisions of Section 102(b)(1) shall be referred to
herein as "OIO".

 

		5.6	The Company’s election of the type of Approved 102
Options as CGO or OIO granted to Employees (the “Election”), shall be appropriately filed with the ITA before
the Date of Grant of an Approved 102 Option. Such Election shall become effective beginning the first Date of Grant of an Approved
102 Option under this Plan and shall remain in effect until the end of the year following the year during which the Company first
granted Approved 102 Options. The Election shall obligate the Company to grant only the type of Approved 102 Option it
has elected, and shall apply to all Optionees who were granted Approved 102 Options during the period indicated herein, all in
accordance with the provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent
the Company from granting Unapproved 102 Options simultaneously.

 

		5.7	All Approved 102 Options must be held in trust by a Trustee,
as described in Section 6 below.

 

		5.8	For the removal of doubt, the designation of Unapproved
102 Options and Approved 102 Options shall be subject to the terms and conditions set forth in Section 102 of the Ordinance and
the regulations promulgated thereunder.

 

    	 	6	 

     

    

 

		5.9	With regard to Approved 102 Options, the provisions of
the Plan and/or the Option Agreement shall be subject to the provisions of Section 102 and the Tax Assessing Officer’s permit,
and the said provisions and permit shall be deemed an integral part of the Plan and of the Option Agreement. Any provision of
Section 102 and/or the said permit which is necessary in order to receive and/or to keep any tax benefit pursuant to Section 102,
which is not expressly specified in the Plan or the Option Agreement, shall be considered binding upon the Company and the Optionees.

 

		6.	TRUSTEE

 

		6.1	Approved 102 Options which shall be granted under the Plan
and/or any Shares allocated or issued upon exercise of such Approved 102 Options and/or other shares received subsequently following
any exercise of rights, including without limitation bonus shares, shall be allocated or issued to the Trustee and held for the
benefit of the Optionees for such period of time as required by Section 102 or any regulations, rules or orders or procedures
promulgated thereunder (the “Holding Period”). In event the requirements for Approved 102 Options are not met
for any reason whatsoever, the Approved 102 Options may be treated as Unapproved 102 Options, all in accordance with the provisions
of Section 102 and regulations promulgated thereunder.

 

		6.2	The Trustee shall not release any Shares allocated or issued
upon exercise of Approved 102 Options prior to the full payment of the Optionee’s tax liabilities arising from Approved
102 Options which were granted to him and/or any Shares allocated or issued upon exercise of such Options.

 

		6.3	With respect to any Approved 102 Option, subject to the
provisions of Section 102 and any rules or regulation or orders or procedures promulgated thereunder, an Optionee shall not be
entitled to sell or release from trust any Share received upon the exercise of an Approved 102 Option and/or any share received
subsequently following any realization of rights, including without limitation, bonus shares, until the lapse of the Holding Period
required under Section 102 of the Ordinance.

 

		6.4	Upon receipt of Approved 102 Option, the Optionee will
sign an undertaking to release the Trustee from any liability in respect of any action or decision duly taken and bona fide executed
in relation with the Plan, or any Approved 102 Option or Share granted to him thereunder.

 

		7.	SHARES RESERVED FOR THE PLAN

 

		7.1	The Company has reserved 2,500,000 authorized but unissued
Shares, for the purposes of the Plan, which may be increased from time to time by the Company, subject to its Articles of Association.
Any Shares which remain unissued and which are not subject to the outstanding Options at the termination of the Plan shall cease
to be reserved for the purpose of the Plan, but until termination of the Plan the Company shall at all times reserve sufficient
number of Shares to meet the requirements of the Plan. Should any Option for any reason expire or be canceled prior to its exercise
or relinquishment in full, the Shares subject to such Option may again be subjected to an Option under the Plan or under the Company’s
other share option plans.

 

    	 	7	 

     

    

 

		7.2	The issuance of the options according to the Plan shall
be by an option agreement between the Company and the Optionee in the form agreed by the Board or the Committee from time to time.
The Option Agreement shall state, inter alia, the no of shares (resulting from the exercise of the options, the option type, the
vesting period, the exercise price, and other terms as resolved by the Board or the Committee in accordance with the Plan.

 

		8.	EXERCISE PRICE

 

		8.1	The Exercise Price of each Share subject to an Option shall
be determined by the Board in its sole and absolute discretion in accordance with applicable law. Each Option Agreement will contain
the Exercise Price determined for each Optionee.

 

		8.2	The Exercise Price shall be payable upon the exercise of
the Option in a form and method satisfactory to the Board. The Board shall have the authority to postpone the date of payment
on such terms as it may determine.

 

		8.3	Except as otherwise determined by the Board, the Exercise Price shall be denominated in the
                                                                             currency of the primary economic environment of, either the Company or the Optionee (that is the functional currency of the
                                                                             Company or the currency in which the Optionee is paid) as determined by the Company.

 

		9.	ADJUSTMENTS

 

Upon the occurrence of any of the following described events,
Optionee's rights to purchase Shares under the Plan shall be adjusted as hereafter provided:

 

		9.1	In the event of a Merger Transaction, the Options may,
among others, at the sole and absolute discretion of the Board, either be assumed or substituted for an appropriate number of
shares of each class of shares or other securities of the Successor Company (or a parent or subsidiary of the Successor Company)
as were distributed to the shareholders of the Company in connection and with respect to the Merger Transaction. In the case of
such assumption and/or substitution of Options, appropriate adjustments shall be made to the Exercise Price so as to reflect such
action and all other terms and conditions of the Option Agreements shall remain unchanged, including but not limited to the vesting
schedule, all subject to the determination of the Board, which determination shall be in its sole discretion and final. The Board
shall notify the Optionees of the Merger Transaction in such manner, as it deems fit, at least ten (10) days prior to the scheduled
closing date thereof. Subject to Section 9.2 below, immediately following the consummation of the Merger Transaction the Board
shall have full power and authority to determine that all outstanding Options shall terminate and cease to be outstanding, except
to the extent assumed or substituted as aforesaid.

 

    	 	8	 

     

    

 

		9.2	Without derogating from the generality of the above, subject
to any applicable law, the Board shall have full power and authority to determine that in certain Option Agreements there shall
be a clause instructing that in any such Merger Transaction as described in Section 9.1 above, if the Successor Company (or parent
or subsidiary of the Successor Company) does not agree to assume or substitute for the Options, the Vesting Dates of the Options
of certain Optionees shall be accelerated so that any unvested Option or any portion thereof shall be immediately vested as of
the date which is ten (10) days prior to the effective date of the Merger Transaction detailed in saction 9.1 above

 

		9.3	For the purposes of Section 9.1 above, an Option shall
be considered assumed or substituted if, following the Merger Transaction, the Option confers the right to purchase or receive,
for each Share underlying an Option immediately prior to the Merger Transaction, the consideration (whether shares, options, cash,
or other securities or property) received in the Merger Transaction by holders of shares held on the effective date of the Merger
Transaction (and if such holders were offered a choice of consideration, the type of consideration chosen by the holders of a
majority of the outstanding shares); provided, however, that if such consideration received in the Merger Transaction is not solely
common stock (or their equivalent) of the Successor Company or its parent or subsidiary, the Board may, with the consent of the
Successor Company, provide for the consideration to be received upon the exercise of the Option to be solely common stock (or
their equivalent) of the Successor Company or its parent or subsidiary equal in fair market value to the per Share consideration
received by holders of a majority of the outstanding shares in the Merger Transaction; and provided further that the Board may
determine, in its discretion, that in lieu of such assumption or substitution of Options for options of the Successor Company
or its parent or subsidiary, such Options will be substituted for any other type of asset or property including cash which is
fair under the circumstances.

 

		9.4	If the Company is liquidated or dissolved while unexercised
Options remain outstanding under the Plan, then the Board, in its own discretion, may determine that all such outstanding Options
may be exercised in full by the Optionees as of the effective date of any such liquidation or dissolution of the Company. If the
Board determines that the outstanding Options may be exercised, all such outstanding Options may be exercised in full by the Optionees
giving notice in writing to the Company of their intention to so exercise. If an Option becomes fully vested and exercisable under
this Section, the Board shall notify the Optionee in writing that the Option shall be fully exercisable for a period of ten (10)
days from the date of such notice, and the Option shall terminate upon the expiration of such period.

 

		9.5	If the outstanding shares of the Company shall at any time
be changed or exchanged by declaration of a share dividend (bonus shares), share split, combination or exchange of shares, recapitalization,
or any other like event by or of the Company, and as often as the same shall occur, then the number, class and kind of the Shares
subject to the Plan or subject to any Options therefore granted, and the Exercise Prices, shall be appropriately and equitably
adjusted so as to maintain the proportionate number of Shares without changing the aggregate Exercise Price, provided, however,
that no adjustment shall be made by reason of the distribution of subscription rights (rights offering) on outstanding shares.
Upon occurrence of any of the foregoing, the class and aggregate number of Shares issuable pursuant to the Plan (as set forth
in Section 7 hereof), in respect of which Options have not yet been exercised, shall be appropriately adjusted, all as will be
determined by the Board whose determination shall be final.

 

    	 	9	 

     

    

 

		10.	TERM, EXERCISE AND TERMINATION OF OPTIONS

 

		10.1	Options shall be exercised by the Optionee by giving written
notice to the Company and/or to any third party designated by the Company (the “Representative”), in such form
and method as may be determined by the Company and when applicable, by the Trustee in accordance with the requirements of Section
102, which exercise shall be effective upon receipt of such notice by the Company and/or the Representative and the payment of
the Exercise Price at the Company’s or the Representative’s principal office. The notice shall specify the number
of Shares with respect to which the Option is being exercised, and all in accordance with the Plan and the Option Agreement and
according to the Board’s resolution.

 

		10.2	Options shall expire, terminate and become null and void
in the event they weren’t exercised before in accordance with the Option Agreement, in the following events (1) expiration
date according to the Option Agreement (2) sections 10.5.

 

		10.3	Options may be exercised by the Optionee in whole at any
time or in part from time to time, to the extent that the Options become vested and exercisable, and provided that, subject to
the provisions of Section 10.5 below, the Optionee is employed by or providing services to the Company or any of its Affiliates,
at all times during the period beginning with the granting of the Option and ending upon the date of exercise.

 

		10.4	Subject to the provisions of section 10.5 below, in the
event of termination of Optionee’s employment or services, with the Company or any of its Affiliates, all Options granted
to such Optionee will immediately expire. A notice of termination of employment or service shall be deemed to constitute termination
of employment or service. For the avoidance of doubt, in case of such termination of employment or service, the unvested portion
of the Optionee’s Option shall not vest and shall not become exercisable.

 

		10.5	Notwithstanding anything to the contrary hereinabove and
unless otherwise determined in the Optionee’s Option Agreement, an Option may be exercised after the date of termination
of Optionee's employment or service with the Company or any Affiliates during an additional period of time beyond the date of
such termination, but only with respect to the number of Vested Options at the time of such termination according to the Vesting
Dates, if:

 

		(1)	termination is without Cause, in which event any Vested
Option still in force and unexpired may be exercised within a period of ninety (90) days after the date of such termination; or

 

    	 	10	 

     

    

 

		(2)	termination is the result of death or disability of the
Optionee, in which event any Vested Option still in force and unexpired may be exercised within a period of twelve (12) months
after the date of such termination; or

 

		(3)	the Board may authorize an extension of the terms of all
or part of the Vested Options beyond the date of such termination for a period not to exceed the Expiration Date.

 

For avoidance of any doubt, if termination
of employment or service is for Cause, any outstanding unexercised Option (whether vested or non-vested), will immediately expire
and terminate, and the Optionee shall not have any right in connection to such outstanding Options.

 

		10.6	For the avoidance of doubt the Optionee shall not have
the rights of shareholders nor the rights of creditors for the purpose of sections 350-351 of the Companies’ Act, up until
they are registered as shareholders of the Company, including subject to section 6 above.

 

		10.7	The Option Agreement may include other terms according
to the discretion of the Committee.

 

		10.8	With respect to Unapproved 102 Options, if the Optionee
ceases to be employed by the Company or any Affiliate, the Optionee shall extend to the Company and/or its Affiliate a security
or guarantee for the payment of tax due at the time of sale of Shares, all in accordance with the provisions of Section 102 and
the rules, regulations or orders promulgated thereunder.

 

		11.	VESTING OF OPTIONS

 

		11.1	Unless otherwise determined by the Board with respect to
any specific Optionee and/or to any specific Option and provided accordingly in the applicable Option Agreement, the Options shall
vest (become exercisable) according to the terms detailed in the option agreement. However, the options may not be exercised after
the lapse of the expiration date.

 

		11.2	An Option may be subject to such other terms and conditions
on the time or times when it may be exercised, as the Board may deem appropriate. The vesting provisions of individual Options
may vary.

 

    	 	11	 

     

    

 

		12.	DIVIDENDS

 

All the shares (except un exercised Options)
issued to the Optionees or the Trustee upon exercise of the Options, shall be entitled to the right of dividend in accordance with
the amount of shares, subject to the Articles of Association of the Company and the tax in respect of said dividends, and if applicable
in accordance with section 102 to the Ordinance.

 

		13.	TRANSFERABILTY AND RESTRICTIONS

 

No Option or any right with respect thereto,
purchasable hereunder, whether fully paid or not, shall not be assignable, transferable or given as collateral or any right with
respect to it given to any third party whatsoever, except as specifically allowed under the Plan, and during the lifetime of the
Optionee each and all of such Optionee's rights to purchase Shares hereunder shall be exercisable only by the Optionee. Any such
action made directly or indirectly, for an immediate validation or for a future one, shall be void.

 

As long as Options and/or Shares are held
by the Trustee on behalf of the Optionee, all rights of the Optionee over the Shares are personal, cannot be transferred, assigned,
pledged or mortgaged, other than by will or pursuant to the laws of descent and distribution.

 

		14.	EFFECTIVE DATE AND DURATION OF THE PLAN

 

The Plan shall be effective as of the day it was adopted by
the Board and shall terminate at the end of ten (10) years from such day of adoption.

 

The Company shall obtain the approval of
the Company’s shareholders for the adoption of this Plan or for any amendment to this Plan, if shareholders’ approval
is necessary or desirable to comply with any applicable law, or if shareholders’ approval is required by any authority or
by any governmental agencies or national securities exchanges including the ACC/SEC. 

 

		15.	AMENDMENTS OR TERMINATION

 

The Board may at any time, but when applicable,
after consultation with the Trustee, amend, alter, suspend or terminate the Plan. No amendment, alteration, suspension or termination
of the Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Company, which
agreement must be in writing and signed by the Optionee and the Company. Termination of the Plan shall not affect the Board’s
ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such
termination.

 

    	 	12	 

     

    

 

		16.	GOVERNING REGULATIONS

 

The Plan, and the granting and exercise
of Options hereunder, and the obligation of the Company to sell and deliver Shares under such Options, shall be subject to all
applicable laws, rules, and regulations of the State of Israel or the US or any other jurisdiction which the Company or the Optionee
are bound by, including the registration of the shares under the US Securities’ Act, and any other State having jurisdiction
over the Company and the Optionee and the Ordinance and to such approvals by any governmental agencies or national securities exchanges
as may be required.

 

		17.	CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES

 

Neither the Plan nor the Option Agreement
with the Optionee shall impose any obligation on the Company or an Affiliate thereof, to continue any Optionee in its employ or
service, and nothing in the Plan or in any Option granted pursuant thereto shall confer upon any Optionee any right to continue
in the employ or service of the Company or an Affiliate thereof or restrict the right of the Company or an Affiliate thereof to
terminate such employment or service at any time.

 

		18.	GOVERNING LAW AND JURISDICTION

 

The Plan shall be managed,
interpreted and enforced by the rules of the state of Israel without regard to conflict of law principles. The competent courts
of Tel-Aviv, Israel shall have sole jurisdiction in any matters pertaining to the Plan.

 

		19.	TAX CONSEQUESNES

 

		19.1	Any tax consequences arising from the grant or exercise
of any Option, from the payment for Shares covered thereby or from any other event or act (of the Company and/or its Affiliates,
the Trustee or the Optionee), hereunder, shall be borne solely by the Optionee. The Company and/or its Affiliates and/or the Trustee
shall withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes
at source. Furthermore, the Optionee shall agree to indemnify the Company and/or its Affiliates and/or the Trustee and hold them
harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation,
liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Optionee.

 

		19.2	The Company and/or, when applicable, the Trustee shall
not be required to release any Share certificate to an Optionee until all required payments have been fully made.

 

    	 	13	 

     

    

 

		20.	NON-EXCLUSIVITY OF THE PLAN

 

The adoption of the Plan by the Board shall
not be construed as amending, modifying or rescinding any previously approved incentive arrangements or as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the
granting of Options otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific
cases.

 

For the avoidance of doubt, prior grant
of options to Optionees of the Company under their employment agreements, and not in the framework of any previous option plan,
shall not be deemed an approved incentive arrangement for the purpose of this Section.

 

		21.	MULTIPLE AGREEMENTS

 

The terms of each Option may
differ from other Options granted under the Plan at the same time, or at any other time. The Board may also grant more than one
Option to a given Optionee during the term of the Plan, either in addition to, or in substitution for, one or more Options previously
granted to that Optionee.

 

*         *         *

 

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