Document:

exhibit10_2.htm

    
      

      

    

     

    Exhibit 10.2

     

     

    
      NOTE:
PORTIONS OF THIS EXHIBIT INDICATED BY “[***]” ARE SUBJECT TO A CONFIDENTIAL
TREATMENT REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED
COPIES OF THIS EXHIBIT HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT
REQUEST.

    

     

     

    
      AMENDED
AND RESTATED

      SUBACCOUNTING
AGREEMENT

      

      This
AMENDED AND RESTATED SUBACCOUNTING AGREEMENT (the “Agreement”) is made and
entered into by and among UNITED WESTERN BANK® (f/k/a Matrix Capital Bank), a
federal savings bank (“Bank”), EQUITY TRUST COMPANY, a South Dakota trust
company (“ETC”), EQUITY ADMINISTRATIVE SERVICES, INC., an Ohio corporation
(“EAS”), and STERLING ADMINISTRATIVE SERVICES, LLC, a Texas limited liability
company (“SAS” and, collectively with EAS, the “Companies”), as of this 27th day of
June, 2009 (the “Effective Date”) (the Companies, ETC and Bank referred to
herein each as a “Party” and collectively the “Parties”).

       

      WHEREAS,
EAS and Bank previously entered into an Amended and Restated Subaccounting
Agreement effective as of March 1, 2009 (the “Current Subaccounting Agreement”)
wherein, among other things, EAS provides certain subaccounting services to Bank
and Bank pays fees to EAS for such services pursuant to the terms of the Current
Subaccounting Agreement; and

       

      WHEREAS,
ETC, SAS, Sterling Trust Company, an affiliate of Bank (“Sterling”), and United
Western Bancorp, Inc., the parent corporation of Bank (“UWBK”), are parties to
an Asset Purchase Agreement, dated April 7, 2009 (the “Purchase Agreement”),
pursuant to which ETC and SAS have agreed to acquire from Sterling its
individual retirement and qualified plan business;

       

      WHEREAS,
the Companies provide (or will provide) certain administrative management
services to ETC; and

       

      WHEREAS,
ETC, as custodian, provides custodial and business services to individual
participants’ accounts in employee benefit plans, individual retirement plans
and other qualified plan accounts (hereinafter referred to as “Custodial
Accounts”) (and such individual participants of these Custodial Accounts are
hereinafter referred to as “Custodial Account Holders”); and

       

      WHEREAS,
the Companies and ETC have opened and will open various accounts with Bank (the
“Bank Accounts”) for the benefit of Custodial Account Holders; and

       

      WHEREAS,
the regulations of the FDIC provide that deposit account records of an insured
bank must disclose the existence of a relationship that provides the basis for
additional insurance, and the details of that relationship must be ascertainable
from the records of the insured bank or the records of the account customer;
and

       

      WHEREAS,
the Companies and ETC desire that the funds maintained in the Bank Accounts be
insured to the fullest extent provided by law for each Custodial Account and
Custodial Account Holder, and consequently records and statements must be
prepared for each Custodial Account Holder regarding the status of each
Custodial Account which is within and a part of each Bank Account;
and

       

      WHEREAS,
Bank could provide account holder record-keeping for the Custodial Accounts and
Custodial Account Holders or obtain such services from a third-party provider;
and

       

      WHEREAS,
the Companies are willing to act as agent for Bank to provide Custodial Account
Holder record-keeping and certain other services with respect to the account
activity by Custodial Accounts and balances maintained in the Bank Accounts by
the individual Custodial Accounts; and

       

      
        
          
            Page 1 of
8

          

           

        

        
           

          
            

          

        

        
           

        

      

      WHEREAS,
Bank and the Companies believe it appropriate to enter into an agreement that
provides for the Companies to act as agent for Bank to provide account holder
record-keeping and certain other services for the Custodial Accounts and the
Custodial Account Holders, for which Bank will pay a fee to the Companies based
upon the number of Custodial Accounts at Bank and the aggregate monthly balance
of such Custodial Accounts, in light of the amount of record keeping services
and other associated services to be provided by the Companies with respect to
the Custodial Accounts.

       

      NOW,
THEREFORE, in consideration of the mutual promises herein contained, and for
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, it is mutually agreed as follows:

       

      1. From the
Effective Date until termination hereof, the Companies and/or ETC shall maintain
various Bank Accounts on behalf of the Custodial Account Holders in accordance
with the terms and conditions hereof.  Notwithstanding the obligations
regarding deposit requirements that are set forth in Section 10, the Companies
and ETC may withdraw from the Bank Accounts an aggregate amount not exceeding
$100 million in the event the Companies and/or ETC desire to move such amount to
a financial institution in which the following individuals either collectively
or individually have acquired “control” of such financial institution (“control”
shall have the meanings ascribed to it pursuant to 12 CFR 574.4): Jeffrey A.
Desich, Richard Desich and Richard A. Desich and/or any entities controlled by
or for the benefit of any of them (such institution, the “Desich Financial
Institution” and such parties, the “Desich Parties”).  Any withdrawals
allowed in this Section 1 must not exceed $25 million in the aggregate during
any calendar quarter.  Bank shall indicate in its records that the
Bank Accounts are maintained by the Companies in a fiduciary or custodial
capacity for the benefit of the individual Custodial Account Holders, and shall
further indicate that the delineation of Custodial Account Holders’ interests in
the Bank Accounts at any particular time is maintained by the
Companies.  The aggregate balances in the Bank Accounts of the
Companies, ETC and their affiliates shall not exceed $1 billion without the
prior written approval of Bank.

       

      2. Each
Company shall maintain separate accounting and record-keeping for each of its
Custodial Accounts which have balances in the Bank Accounts. Each Company shall
be responsible for providing such accounting and record-keeping services as
agent for Bank. The Companies and ETC, jointly and severally, represent and
warrant, covenant and agree that each of the Companies, ETC and each of the
Custodial Accounts is, and at all times will continue to be, in compliance with
the applicable provisions of 12 CFR Part 204 (Regulation D relating to
interest on deposits) and 12 CFR Part 230 (Regulation DD, Truth in Savings
Act).  The Companies, on behalf of the Custodial Account Holders,
shall issue instructions to Bank, by wire transfer, check or other appropriate
means acceptable to the Companies and Bank, regarding transactions involving
funds in the Bank Accounts. Bank shall be entitled to rely upon such
instructions and Bank shall have no liability for any act or omission hereunder
while acting in good faith. Bank shall have no duty to act in regard to the Bank
Accounts in the absence of such instructions.

       

      3. Bank
shall provide customary banking services to the Bank Accounts. It is understood
and agreed that Bank shall be responsible under this Agreement for the servicing
of the Bank Accounts and not for servicing the individual Custodial Accounts.
Bank shall furnish to each Company on a monthly basis a bank statement for each
Bank Account as requested by such Company. Such statements shall be mailed by
Bank or be made available to the applicable Company on the third business day
following the close of the period being reported.

       

      4. The
Companies, as agents for Bank, shall provide account holder record-keeping and
certain other services for the Custodial Accounts and Custodial Account Holders
as follows:

       

      
        	
                a.  

              	
                Deposits
      to the Bank Accounts from all Custodial
  Accounts;

              

      

      
        
          
            Page
2 of  8

          

           

        

        
           

          
            

          

        

        
           

        

      

      
        [* * *] —
CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED
WITH RESPECT TO THE OMITTED PORTIONS.

        

      

      
        	
                b.  

              	
                Withdrawals
      from the Bank Accounts for all Custodial
  Accounts;

              

      

      
        	
                c.  

              	
                Accounting
      services provided to all Custodial
Accounts;

              

      

      
        	
                d.  

              	
                data
      processing services required for sub-account administration of the Bank
      Accounts; and

              

      

      
        	
                e.  

              	
                Monthly
      statements, notices and disclosures in compliance with all applicable
      federal and state laws and
regulations.

              

      

       

      5. The
Companies shall furnish to Bank by the fifteenth (15th) day of each month a
trial balance which reflects the account number, name, type of account and
account balance of existing Custodial Accounts (the “Active Accounts”) in the
Bank Accounts as of the last business day of the preceding month. Such report
shall be accompanied by a summary which is signed and certified as true and
accurate by the chief financial officer of the Companies or his/her
designate.  This report shall be used to determine the fee Bank shall
pay to the Companies for the account holder record-keeping services the
Companies  provide hereunder.

       

      6. Within
ten (10) days after receipt of the monthly report referred to in Section 5
above, Bank shall pay to the Companies a monthly fee equal to $[***] multiplied
by the number of Active Accounts, as determined by the provisions of Section 5.
Notwithstanding anything to the contrary contained herein, in no event shall the
aggregate monthly fee exceed a percentage yield with respect to the Bank
Accounts equal to the applicable Contract Variable Rate as set forth in Exhibit
“A” attached hereto (the “Contract Variable Rate”).  It is understood
and agreed that such fee is intended to compensate the Companies for their prior
month’s record-keeping services in connection with the Active Accounts. No other
fees of any nature shall be due to the Companies for services provided
hereunder.

       

      7. Upon
reasonable written notice to the Companies, upon Bank’s request, Bank shall have
the right to make a physical audit at any time of Companies’ books and records
relevant to the matters covered by this Agreement to verify the accuracy of the
Companies’ monthly report of the number of Custodial Accounts within each Bank
Account and other matters deemed relevant by Bank. Bank shall not make more than
four (4) such audits in each calendar year.

       

      8. Bank
personnel will be made available, as reasonably requested, to consult with the
Companies in coordinating its operations pursuant to this
Agreement.

       

      9. Any
amendment to this Agreement shall be valid only if in writing and signed by all
of the Parties. The term of this Agreement shall be for a period beginning as of
the Effective Date and continuing until the later of (a) the fifth anniversary
of the Effective Date or (b) the date all amounts owing under the Seller
Financing (as defined in the Purchase Agreement) have been paid in full (the
“Term”).  Upon the expiration of the Term or any renewal thereof (the
date of such expiration, the “Termination Date”), this Agreement shall
automatically renew for successive one-year periods unless sixty (60) days prior
to the applicable Termination Date (or the anniversary date of any subsequent
Termination Date) the Companies or Bank provide written notice of their intent
to terminate this Agreement.  In the event the Companies terminate
this Agreement, as provided for in this Section 9, then for a period of six (6)
months following such Termination Date, the Companies and ETC may withdraw up to
one-sixth (1/6th) of the
aggregate balances in the Bank Accounts existing as of the Termination Date at
the end of each calendar month following the Termination Date.  Any
balances remaining in the Bank Accounts after such six-month period may be
withdrawn at any time thereafter.  Notwithstanding any termination of
this Agreement, all rights, obligations, terms and conditions of this Agreement
shall remain in effect with respect to any cash balances in the Bank Accounts
until such balances have been fully withdrawn or distributed.

       

      10. During
the first three (3) years of the Term, the Companies and ETC agree that Bank
shall be the sole depository pursuant to this Agreement of cash balances for the
Custodial Accounts.  During the

       

      
        
          
            Page 3 of
8

          

           

        

        
           

          
            

          

        

        
           

          
            [* * *] —
CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED
WITH RESPECT TO THE OMITTED PORTIONS.

            

          

        

      

      remaining
portion of the Term and during any renewal thereof, the Companies and ETC agree
that they shall deposit with Bank pursuant to this Agreement cash balances of
Custodial Accounts in an amount at least equal to (x) an amount equal to the
Final Deposit Amount (as defined by and finally determined in accordance with
the Purchase Agreement) or (y) the aggregate amount of all the cash balances of
the Custodial Accounts, whichever is lesser.  If, however, the
Companies and/or ETC acquire Custodial Accounts with cash balances over $[***]
in connection with the acquisition of a custodial, trustee or similar business
or other bulk acquisition of Custodial Accounts, and the Companies and/or ETC
are required or otherwise obligated to maintain deposits relating to the
acquired business or accounts with another financial or depository institution
in connection with such transaction, then the Companies and/or ETC shall be
permitted to maintain such deposits with such other financial or depository
institution notwithstanding anything herein to the contrary.

       

      Notwithstanding anything to the
contrary herein, written consent of the Bank is required prior to the Companies
and ETC participating out Bank Account deposits to any other federally insured
bank or saving and loan institution chartered by an agency of the federal
government or any state government (“Third Party Banks”). The Companies will
take all reasonable or necessary actions to open such accounts at Third Party
Banks, including, without limitation, the execution and delivery of new account
forms and other customary and reasonably necessary documents required by Bank or
any Third Party Bank, to allow the participation of Bank Account deposits as
provided for herein. Bank acknowledges that Custodial Account Holders have the
right, at their sole option, to direct the Companies and ETC to deposit their
respective funds with another depository institution; however, ETC and the
Companies will use commercially reasonable efforts to have cash balances
relating to Custodial Accounts retained at Bank (or a Third Party Bank if Bank
has consented to participate out any or all of the Custodial Deposits as
provided above). In the event that Bank consents to participate out the deposits
in the Bank Accounts with a Third Party Bank that pays a deposit rate that is in
excess of the applicable Contract Variable Rate as then in effect, the
Companies, on the one hand, and Bank, on the other hand, will split the benefit
of the difference between such higher rate and the applicable Contract Variable
Rate 50/50. In the event that the deposit rate being paid on the deposits being
participated by a Third Party Bank occurs at a rate that is less than the
applicable Contract Variable Rate, Bank shall be responsible for making the
Companies whole for the difference between such Contract Variable Rate and such
lower rate.  The terms of this paragraph shall not adversely affect
any rights of the Custodial Account Holders.

       

      11. Notwithstanding
Sections 9 or 10 above, upon a breach by Companies or ETC of any covenant,
agreement, promise or representation or warranty contained herein, Bank may
terminate this Agreement upon ten (10) days prior written notice to the
Companies. Upon the breach by Bank of any covenant, agreement, promise or
representation or warranty contained herein, the Companies or ETC may terminate
this Agreement at any time upon ten (10) days prior written notice to Bank. In
addition, upon receipt by any Party of any written instruction, enforcement or
other action by any regulatory agency with enforcement authority over either
Bank, the Companies or ETC, indicating that this Agreement, in whole or in part,
violates any applicable regulation to which either Company, ETC or Bank is
subject, now or at any time during the term of this Agreement, this Agreement
shall terminate upon the expiration of ten (10) days after receipt of such
written instruction, order or notice by any Party. The Party receiving such
notice shall, within three (3) business days of receipt, provide such notice to
the other Parties. This Agreement may be terminated by the Companies or ETC upon
thirty (30) days prior written notice to Bank after receipt by the Companies or
ETC of a rating report published by IDC Financial Publishing, Inc. indicating a
composite rank for Bank of 74 or lower.

       

      12. Bank
shall indemnify and hold harmless the Companies and ETC and each of their
respective agents, affiliates and employees from all suits, actions, costs,
expenses (including reasonable attorneys’ fees), judgments or claims of any
character, type or description brought, incurred or made arising from or
relating to the gross negligence or willful misconduct of Bank in the execution
of or performance of this Agreement; provided that Bank shall have no liability
to the Companies or ETC under this Section 12 for any acts or omissions taken or
not taken in good faith by Bank.

       

      13. The
Companies and ETC shall jointly indemnify and hold harmless Bank and its agents,
affiliates and employees from all suits, actions, costs, expenses (including
reasonable attorneys’ fees),

       

      
        
          
            Page 4 of
8

          

           

        

        
           

          
            

          

        

        
           

        

      

      judgments
or claims of any character, type or description brought, incurred or made (“Bank
Costs”) arising from or relating to: (A) the gross negligence or willful
misconduct of the Companies or ETC, as agent for Bank, in the execution of or
performance of this Agreement; and (B) any claim or assertion by any
customer of the Companies or ETC, including but not limited to a Custodial
Account Holder, relating to any Custodial Account or any service provided by the
Companies or ETC to any customer of the Companies or ETC, including but not
limited to a Custodial Account Holder, provided that the foregoing
indemnification in subparagraph (B) shall not apply to the extent the Bank Costs
result directly from the gross negligence or willful misconduct of
Bank.

       

      14. The
Companies or ETC and not Bank is the custodian to the Custodial Account Holders
who have interests in the Bank Accounts. Bank shall have no fiduciary or
custodial obligation to any Custodial Account Holders who have interests in a
Bank Account. In particular, Bank shall have no responsibility for any
bookkeeping or record-keeping functions of the Companies or ETC on behalf of any
Custodial Account Holder or for receipt or disposition of funds in the Bank
Accounts; provided, however, that Bank shall honor the Companies’ or ETC’s
written instructions regarding disposition of the Bank Accounts.

       

      15. This
Agreement and the account documents entered into between the Parties relating to
the Bank Accounts (the “Account Documents”) contain the entire understanding of
the Parties with respect to the subject matter hereof, and supersede all prior
agreements and understandings relating to the subject matter hereof. References
herein to this Agreement shall include all schedules and exhibits hereto. In the
event of any conflict between the provisions hereof and the Account Documents,
the provisions of this Agreement shall control. Upon execution of this Agreement
and effective as of the Effective Date, the Current Subaccounting Agreement and
any prior subaccounting agreements between the Parties shall be null and void
and of no further force and effect; however, the indemnification provisions in
the Current Subaccounting Agreement with respect to matters occurring before the
Effective Date shall survive and inure to the benefit of the Parties and their
successors and assigns. Nothing in this Agreement shall limit or otherwise
impair any indemnification rights of any party under the Purchase Agreement,
notwithstanding anything herein to the contrary.

       

      16. This
Agreement may be executed by the Parties in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument. Any provision of this
Agreement that is invalid, illegal or unenforceable shall not affect in any way
the remaining provisions hereof.

       

      17. This
Agreement shall be governed by the laws of the United States of America and the
applicable laws of the State of Colorado.

       

      18. Any
notices provided for under this Agreement shall be in writing delivered by mail,
fax or overnight delivery to:

       

      If
to:       Equity Administrative Services,
Inc.

      225 Burns Road

      Elyria, OH 44035

      Phone:  (440)
323-5491

      Fax: (440) 323-4529

      Contact:  Jeffrey A.
Desich

       

      If
to:       Equity Trust Company

      225 Burns Road

      Elyria, OH 44035

      Phone:  (440)
323-5491

      Fax: (440) 323-4529

             
Contact:  Jeffrey A. Desich

      
        
          
            Page 5 of
8

          

           

        

        
           

          
            

          

        

        
           

        

      

       

      

      If
to:        United Western
Bank®

      700 17th Street,
Suite 2100

      Denver, CO 80202

      Phone: (720) 956-6548

      Fax: (720) 932-3993

      Contact:  Thomas J.
Kientz

      

      19. The
Parties acknowledge that the terms of this Agreement, including all of its
exhibits and other attachments, contain confidential commercial and financial
information of the Parties, the public disclosure of which would have a material
adverse effect on the Parties’ respective businesses.  Accordingly,
without the prior written consent of the other Parties or except as may be
required by law (including without limitation applicable regulations of the
Securities and Exchange Commission (the “SEC”)) or legal proceeding, no Party
shall, nor shall any Party permit any of its respective officers, directors,
parent companies or other affiliates to, make any public announcement or
disclosure with respect to this Agreement, including any of its exhibits or
other attachments, or any of the terms hereof, or publicly disclose this
Agreement, including any of its exhibits or other attachments, or any of the
terms hereof, to any third party.  If any such public announcement or
disclosure by a Party (the “Disclosing Party”), or by any of the Disclosing
Party’s officers, directors, parent companies or other affiliates, is required
by law or legal proceeding, then the Disclosing Party shall use its commercially
reasonable efforts to seek an appropriate protective order, confidential
treatment order or agreement, or other similar remedy with respect to the terms
of this Agreement  (or such portions hereof as may reasonably be
protected pursuant to applicable regulations) and to maintain and/or renew any
such order, agreement or remedy so that it shall remain in effect through the
term of this Agreement and for a period of three years after the expiration or
other termination hereof.  In connection with seeking, maintaining or
renewing any such order, agreement or remedy, unless prohibited by applicable law or
regulation, (i) the Parties shall cooperate with each other in connection
with any request, filing or other submission with the applicable governmental
entity, including the SEC, (ii) the Disclosing Party shall keep the other
Parties informed in all material respects of any material communication received
from, or given to, such governmental entity, and (iii) the Parties shall consult
with each other in advance of any meeting or conference with such governmental
entity.  The rights and obligations of this section shall
survive the expiration or other termination of this Agreement.

       

      

      

      [Signature
page follows.]

      
        
          
            Page 6 of
8

          

           

        

        
           

          
            

          

        

        
           

        

      

      The
foregoing Agreement has been executed as of the date and year first written
above.

      

      
        
          
            
              
                	 
      	 
      
	 
      	
                        EQUITY ADMINISTRATIVE SERVICES,
      INC.

                      
	 
      	 
      
	 
      	 
      
	 
      	
                        By:    /s/
      Richard Desich

                      
	 
      	
                        Name:    Richard
      Desich

                      
	 
      	
                        Title:     
      Chairman

                      
	 
      	 
      
	 
      	
                        STERLING ADMINISTRATIVE SERVICES,
      LLC

                      
	 
      	 
      
	 
      	 
      
	 
      	
                        By:    /s/
      Richard Desich

                      
	 
      	
                        Name:    Richard
      Desich

                      
	 
      	
                        Title:     
      Chairman

                      
	 
      	 
      
	 
      	
                        EQUITY TRUST
      COMPANY

                      
	 
      	 
      
	 
      	 
      
	 
      	
                        By:  /s/ Jeffrey
      Desich

                      
	 
      	
                        Name:   Jeffrey
      Desich

                      
	 
      	
                        Title:     CEO

                      
	 
      	 
      
	 
      	
                        UNITED WESTERN
      BANK

                      
	 
      	 
      
	 
      	 
      
	 
      	
                        By:    /s/
      Scot T. Wetzel

                      
	 
      	
                        Name:   Scot T.
      Wetzel

                      
	 
      	
                        Title:     President
      &
CEO

                      

              

            

          

        

      

      

      

      

      

      

      
        
          
            Page 7 of
8

          

           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
“A”

      

      To the
Amended and Restated Subaccounting Agreement, effective as of March 1,
2009,

      by and
among United Western Bank, Equity Trust Company, Equity Administrative Services,
Inc. and Sterling Administrative Services, LLC (the “Agreement”)

      Definitions

       

      Contract Variable Rate- The
maximum annual percentage rate to be paid by Bank on the Bank Accounts. The
Contract Variable Rate is
established by reference to the target rate for overnight federal funds as
announced from time to time and at any time by the Open Market Committee of the
Federal Reserve Board of Governors (the “Federal Target Rate”) as shown on the
attached table.  The sum of the Earnings Credit Rate and the Pass
Though Rate equal the Contract Variable Rate as in effect from time to time. In
no event shall the aggregate monthly account fee as set forth in Section 6 of
the Agreement exceed a percentage yield with respect to the Bank Accounts equal
to the Contract Variable Rate as
in effect from time to time.

       

      Pass Through Rate- The rate
of interest actually paid and credited to the Bank Accounts as adjusted from
time to time based on the then prevailing Federal Target Rate and passed though
and paid by ETC and/or the Companies on the Custodial Accounts for the benefit
of the Custodial Account Holders.

       

      Earnings Credit Rate- An
annual percentage rate resulting from subtracting the Pass Through Rate from the
Contract Variable Rate and used to arrive at the monthly percentage
rate.

       

      The
Contract Variable Rate, the Earnings Credit Rate and the Pass Through Rate
(subject to the limitation in Section 6 of the Agreement) shall be adjusted from
time to time in accordance with the schedule below based upon the then current
Federal Target Rate of interest as published in the Money Section of The Wall Street Journal on
the last business day of the month preceding the month during which the Contract Variable Rate will be
calculated.

       

       

      

       

       

      

       

       

      

       

      102746984.4

      
        
          
            Page  8
of 8

          

           

        

        
           

          
            

          

        

        
           

        

      

     

     

    
      

       

      [* * *] — CERTAIN INFORMATION ON THIS PAGE HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS.

       
Exhibit A

    to the Amended and
Restated Subaccounting Agreement

    effective 27th day of
June, 2009

     

    Contract Variable Rate
Table

     

    
      
        
          
            
              
                
                  	
                          Federal Reserve Target Rate for
      

                          Overnight Federal
      Funds*

                        	
                          Contract Variable
      

                          Rate

                        	
                          Earnings Credit
      

                          Rate

                        	
                          Pass-through 

                          Rate

                        
	
                          0.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          0.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          0.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          0.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          1.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          1.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          1.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          1.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          2.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          2.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          2.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          2.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          3.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          3.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          3.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          3.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          4.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          4.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          4.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          4.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          5.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          5.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          5.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          5.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          6.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          6.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          6.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          6.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          7.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          7.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          7.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          7.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          8.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          8.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          8.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          8.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          9.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          9.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          9.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          9.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          10.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          10.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          10.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          10.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          11.00%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          11.25%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          11.50%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	
                          11.75%

                        	
                          [***]

                        	
                          [***]

                        	
                          [***]

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

                

              

            

          

        

      

    

     

    Continued...

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [* * *] —
CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED
WITH RESPECT TO THE OMITTED PORTIONS.

     

     

    Contract Variable Rate
Table, Continued

     

    
      
        
          	
                  Federal Reserve Target Rate for
      

                  Overnight Federal
      Funds*

                	
                  Contract Variable
      

                  Rate

                	
                  Earnings
Credit

                  Rate

                	
                  Pass-through 

                  Rate

                
	
                  12.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  12.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  12.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  12.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  13.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  13.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  13.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  13.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  14.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  14.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  14.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  14.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  15.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  15.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  15.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  15.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  16.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  16.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  16.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  16.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  17.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  17.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  17.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  17.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  18.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  18.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  18.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  18.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  19.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  19.25%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  19.50%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  19.75%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	
                  20.00%

                	
                  [***]

                	
                  [***]

                	
                  [***]

                
	 
      	 
      	 
      	 
      
	
                  *In the event that the target rate
      for overnight federal funds as announced by the Open Market Committee of
      the Federal Reserve of Governors is a range of values and not a specific
      Federal Target Rate as shown in the attached table, United Western Bank is
      to use the lower Federal Target Rate within the announced range to
      establish the Contract Variable Rate, Earnings Credit Rate and Pass
      Through Rate.Unassociated Document

    Exhibit
4.11

    

    
      [Unofficial
English translation]

    

    FORM
OF LETTER OF INDEMNITY

    Adopted
June 12, 2008

     

    Date:
____________, 2008

    

    To

    ______________

     

    Deed of
Indemnity

     

    WHEREAS
on April 10, 2008 the Company’s audit committee decided to approve the Company’s
undertaking to give an advance undertaking for indemnification of the directors
and the other officers in the Company (hereinafter jointly – “Officers”), in accordance
with the conditions of indemnity set forth in this deed of indemnity
(hereinafter -  “the
Deed of Indemnity”); and

    

    WHEREAS
on April 27, 2008, the board of directors of the Company approved the aforesaid
resolution (hereinafter – “the
Indemnity Resolution”) and on June 12, 2008 the general meeting of the
Company approved the Indemnity Resolution; and

    

    WHEREAS
you are an officer in the Company and/or in other corporations, we hereby notify
you as follows:

     

    
      	
              1.

            	
              Subject
      to the provisions of the law, the Company will indemnify you in respect of
      any liability or expense as described in Paragraph 2 below, that may be
      imposed on you as a consequence of one or more of the
      following:

            

    
      
        	
              	
                1.1

              	
                Your
      actions in your capacity as an officer of the
  Company;

              

      

    

    

    
      
        	
              	
                1.2

              	
                Your
      actions in your capacity as an officer or the holder of any other position
      in any other corporation in which the Company holds rights, directly or
      indirectly, or is an interested party therein (hereinafter
      -  “the Other
      Company”), unless fulfilling the post in the Other Company is not
      in connection with your function in the Company or at its
      request.

              

      

    

    

    
      	
              2.

            	
              The
      Indemnity Undertaking as referred to in Paragraph 1 above will apply in
      respect of pecuniary liability and in respect of reasonable costs of
      litigation, which are indemnifiable according to law, as
      follows:

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              2.1

            	
              Pecuniary
      liability that may be imposed on you in favor of another person pursuant
      to a judgment, including a judgment given in a compromise or in an
      arbitrator’s award that has been approved by a court (hereinafter – “Liability”), provided
      that the actions as mentioned in Paragraph 1 above, to which the Liability
      relates, pertain to one or more of the events described in the schedule to
      this deed, which in the opinion of the board of directors of the Company
      are to be foreseen in light of the Company’s actual activities at the time
      of giving of this undertaking, and provided that the amount of the
      indemnity which the Company will pay, on a cumulative basis, to all the
      persons entitled to indemnity in accordance with all the deeds of
      indemnity that will be issued to such persons in accordance with the
      Indemnity Resolution, in conformity with this paragraph, in respect of one
      or more of the events described in the schedule, does not exceed an amount
      equivalent to 25% (twenty-five percent) of the Company’s equity capital as
      set forth in the Company’s most recent consolidated financial statements
      prior to the applicable payment of indemnification (hereinafter – “the Maximum Amount of
      Indemnity in respect of
Liability”)."

            

    

    

    If and to
the extent that the total of the amounts of indemnity the Company is called upon
to pay in respect of liability, as mentioned above in this paragraph, should
exceed the Maximum Amount of Indemnity in respect of Liability or the balance of
the maximum amount in respect of pecuniary liability (as prevailing for the time
being) (the Maximum Amount of Indemnity in respect of Liability or the balance
thereof as aforesaid, will henceforth be referred to as: “the Balance”), the Balance
will be divided amongst the Officers who are entitled to indemnity (hereinafter
– “the Entitled
Officers”) as follows: each of the Officers who is entitled in practice
to receive a pro rata
share of the Balance, according to the ratio between the amount of the indemnity
due to him in respect of liability (ignoring the maximum amount that has been
fixed as aforesaid) and the overall total of the amounts of indemnity in respect
of liability, which will be due to all the Entitled Officers, jointly, in
respect of liability (disregarding the maximum amount that has been fixed as
aforesaid).

    

    
      	
               
      

            	
              2.2

            	
              Reasonable
      costs of litigation, including attorneys’ fees, which you may incur as a
      consequence of an investigation or proceeding conducted against you by an
      authority competent to conduct an investigation or proceeding, and which
      culminates without an indictment being filed against you, and without
      pecuniary liability being imposed on you as an alternative for a criminal
      proceeding, or which culminates without the filing of an indictment
      against you but with the imposition of pecuniary liability as an
      alternative to criminal proceedings on an offence which does not require
      the proof of mens
      rea;

            

    

    

    In this
sub-paragraph –

    

    “Culmination
of a proceeding without the filing of an indictment in a matter in which a
criminal investigation has been opened” – means closure of the dossier pursuant
to Section 62 of the Criminal Procedure Law [Consolidated Version], 5742-1982
(hereinafter – “the Criminal
Procedure Law”), or a stay of proceedings by the Attorney-General in
accordance with Section 231 of the Criminal Procedure Law;

    

    “Pecuniary
liability as an alternative to criminal proceedings” – pecuniary liability
imposed in accordance with law as an alternative to a criminal proceeding,
including an administrative fine under the Administrative Offenses Law,
5746-1985, a fine on an offense specified as a fineable offense in accordance
with the provisions of the Criminal Procedure Law, a monetary sanction or
penalty;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.3

            	
              Reasonable
      costs of litigation, including attorney’s fees, which you may incur or be
      ordered to pay by a court, in a proceeding instituted against you by the
      Company or another company, as the case may be, or in its name (including
      in the scope of a derivative claim) or by another person, or in a criminal
      indictment of which you are acquitted, or in a criminal indictment in
      which you are convicted of an offense which does not require the proof of
      mens
      rea.

            

    

     

    
      	
              3.

            	
              The
      Maximum Amount of Indemnity in respect of Liability is in addition to
      amounts that may be received from an insurance company, if received, in
      the scope of insurance the Company will purchase, if it purchases, and
      subject to the condition that the amounts that will be paid in accordance
      with the deeds of indemnity and the insurance shall not exceed the amount
      of liability as defined in Paragraph 2.1 above, plus costs of litigation
      as defined in Paragraphs 2.2 and 2.3
above.

            

    

    

    
      	
              4.

            	
              Upon
      the occurrence of an event in respect of which you are likely to be
      entitled to indemnity in accordance with the foregoing, the Company will,
      from time to time, place at your disposal the moneys required to cover the
      expenses and the various other payments connected with the handling of
      such legal proceeding or investigation, in a manner whereby you will not
      be required to make payment thereof or to finance same yourself, all
      subject to the terms and conditions and the provisions set forth in this
      Deed of Indemnity.

            

    

    

    
      	
              5.

            	
              Without
      derogating from the foregoing, the indemnity pursuant to this Deed of
      Indemnity is subject to the following
  conditions:

            

    

    

    
      	
               
      

            	
              5.1

            	
              You
      will notify the Company about any legal proceeding that may be commenced
      against you or of any fear or threat that such proceeding may be commenced
      against you in connection with any event in relation to which the
      indemnity is likely to apply, and will do so with proper celerity after
      having first learned of the fact, and you will pass on to the Company or
      to whomever it may notify you, any document that may be served on you in
      connection with such proceeding.

            

    

    

    
      	
               
      

            	
              5.2

            	
              The
      Company will be entitled to assume the handling of your defense against
      such legal proceeding and/or to entrust the aforesaid handling to any
      attorney the Company may select for the purpose (apart from an attorney
      who is not acceptable to you in reasonable circumstances).  The
      Company and/or the attorney as aforesaid will act in the scope of the
      aforesaid handling in order to bring the aforesaid proceeding to a
      termination; the attorney who has been appointed as aforesaid will act and
      will owe a fiduciary duty to the Company and to you.  In a
      situation in which a conflict of interest arises between you and the
      Company, the attorney will notify you to that effect and you will be
      entitled to take an attorney of your own and the provisions of this Deed
      of Indemnity will apply to expenses you may have in respect of such
      appointment.  The Company will not agree to the making of a
      compromise as a consequence of which it will be called upon to pay amounts
      for which you will not be indemnified in accordance with this Deed of
      Indemnity and will also not be paid in the scope of insurance the Company
      has purchased, except with its prior written consent.  Likewise
      in a case that the Company should elect to resolve the dispute by way of
      arbitration, it will be entitled to do so, provided that you give your
      prior written consent thereto, but such consent shall not be withheld
      except on reasonable grounds.  At the Company’s request you will
      sign any document empowering it and/or any attorney as aforesaid to handle
      your defense in such proceeding in your name and to represent you in all
      matters connected therewith, in accordance with the
    foregoing.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    You will
cooperate with the Company and/or any attorney as mentioned above in any
reasonable manner that may be required from you by either of them in the scope
of their handling in connection with such legal proceeding, provided that the
Company will attend to covering all your expenses which you have that may be
connected with it, in a manner that you will not be called upon to pay or
finance same yourself, and all subject to the contents of Paragraph 2
above.

    

    
      	
               
      

            	
              5.3

            	
              Whether
      or not the Company acts in accordance with what is stated in Paragraph 5.2
      above, it will attend to covering the liabilities and expenses mentioned
      in Paragraph 2 above, in a manner that you will not be called upon to pay
      or finance same yourself, all subject to the contents of Paragraph 2
      above.

            

    

    

    
      	
               
      

            	
              5.4

            	
              The
      indemnity in connection with any legal proceeding against you, as set
      forth in this Deed of Indemnity, will not apply with respect to any amount
      that may be due from you as a consequence of a compromise or arbitration,
      unless the Company agrees in writing to such compromise or to the holding
      of such arbitration, as the case may
be.

            

    

    

    
      	
               
      

            	
              5.5

            	
              The
      Company will not be called upon to make payment in accordance with this
      Deed of Indemnity moneys which have actually been paid to you or for you
      or instead of you in any manner in the scope of insurance which has been
      purchased by the Company or by the other company, or any indemnity
      obligation of any other person apart from the
  Company.

            

    

    

    
      	
               
      

            	
              5.6

            	
              Should
      the Company place at your disposal amounts in accordance with this Deed of
      Indemnity in relation to which there is a possibility that you will be
      called upon to refund same as stated in Paragraph 5.7 below, the Company
      will be entitled to make the placing thereof at your disposal conditional
      upon an arrangement for collateral security as the Company deems fit, with
      the approval of the audit
committee.

            

    

    

    
      	
               
      

            	
              5.7

            	
              In
      the event that the Company pays you or makes payment instead of you of any
      amounts in the scope of this Deed of Indemnity in connection with a legal
      proceeding as aforesaid, and it subsequently transpires that you are not
      entitled to indemnity from the Company in respect of such amounts, those
      amounts will be deemed to be a loan which was given to you by the Company,
      bearing interest at the minimum rate fixed in accordance with Section 3(i)
      of the Income Tax Ordinance, or any other law that may come in its stead,
      as in force for the time being, and does not constitute a taxable benefit,
      and you will be obliged to repay the aforesaid amounts to the Company when
      called upon in writing by it to do so and in accordance with a payment
      arrangement as will be decided by the Company.  (You must
      confirm your agreement in writing to this Deed of Indemnity, including
      your agreement to this paragraph).

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              The
      Company’s obligations under this Deed of Indemnity shall remain valid in
      your favor also after you cease to hold office, provided that the actions
      in respect of which the indemnity is given were performed during the
      period of your holding of office, as
aforesaid.

            

    

    

    
      	
              7.

            	
              In
      this Deed of Indemnity –

            

    

    

    
      	 
      	
              “Officer”

            	
              –

            	
              within
      meaning thereof under the Companies Law, 5759-1999 (“the Companies Law”),
      including the internal controller, the internal legal advisor and the
      secretary of the Company, and including any other officer to whom the
      Company may decide from time to time to issue a deed of indemnity pursuant
      to the Indemnity Resolution;

            
	 
      	 
      	 
      	 
      
	 
      	
              “Action” or any
      

              derivative thereof

            	
              –

            	
              including
      a decision and/or omission (or any derivative thereof) of an implied
      nature, and including your actions prior to the date of this Deed of
      Indemnity.

            
	 
      	 
      	 
      	 
      

    

    
      	
              8.

            	
              The
      Company’s obligations pursuant to this Deed of Indemnity will be
      interpreted broadly and in a manner intended for the fulfillment thereof,
      to whatever extent is permissible according to law, for the purpose for
      which such obligations were intended.  In the case of a
      contradiction between any provision in this Deed of Indemnity and the
      provision of a law which cannot be stipulated upon or altered or added to,
      the provision of the law as aforesaid will take precedence, but this will
      not affect or derogate from the validity of the remaining provisions of
      this Deed of Indemnity.

            

    

    

    
      	
              9.

            	
              The
      schedule to this Deed of Indemnity constitutes an integral part
      hereof.

            

    

    

    
      	
              10.

            	
              This
      Deed of Indemnity is subject to the provisions of the third chapter of the
      sixth part of the Companies Law.

            

    

    

    
      	
              11.

            	
              Concurrent
      with the issue of this Deed of Indemnity all previous deeds of indemnity
      that have been given to you by the Company, to the extent that same were
      given, are cancelled, in relation to all your actions as described in
      Paragraph 1 above, with effect from the date of approval of the Indemnity
      Resolution onwards.  However, nothing in the foregoing shall
      prejudice or derogate from the validity of the previous deeds of indemnity
      that were given to you by the Company, to the extent that same were given,
      if such obligation is valid according to law and applies in relation to
      you in respect of your actions as described in Paragraph 1 above in the
      period preceding the approval of the Indemnity Resolution, provided that
      your entitlement to indemnity in respect of such liability and/or expense
      shall under all circumstances be only in accordance with one document
      amongst the previous deeds of indemnity that have been given to you, to
      the extent that same were given, and this Deed of
    Indemnity.

            

    

     

    In
witness where the Company has hereunto signed through its authorized signatories
who have been duly empowered to do so.

    ___________________

    Blue Square – Israel
Ltd.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    I confirm
receipt of this Deed of Indemnity and confirm my agreement to the conditions
thereof, including to Paragraphs 5.6 and 5.7 above.

    __________________

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    SCHEDULE

    

    LIST OF
EVENTS

     

    
      	
              1.

            	
              Issue
      of securities, including, but without derogating from the generality of
      the foregoing, an offering of securities to the public pursuant to a
      prospectus, private placement, tender offer or offering of securities in
      any other manner.

            

    

    

    
      	
              2.

            	
              An
      event connected with the making of an investment by the Company before,
      during and after the effecting of the investment, in the course of
      negotiations, contractual arrangement, signature, development and
      monitoring the investment, including actions performed on behalf of the
      Company as an officer, employee or observer in the corporation in which
      the investment is made.

            

    

    

    
      	
              3.

            	
              A
      transaction or arrangement, including a transfer, sale or purchase of
      assets or liabilities, and including, but without derogating from the
      generality of the foregoing, goods, real estate, securities, or rights, or
      the giving or receiving of a right in any one of them and any action
      connected, directly or indirectly with such transaction, and including a
      tender offer of any sort and another transaction in securities which the
      Company has issued, whether or not the Company is a party
      thereto.

            

    

    

    
      	
              4.

            	
              A
      report or notice filed or submitted according to any law, including, but
      without derogating from the generality of the foregoing, an event arising
      from the fact of the Company being a public company or arising from the
      fact of its securities having been offered to the public, or arising from
      the fact of its securities being traded on a stock exchange, and
      including, but without derogating from the generality of the foregoing, a
      report or notice in accordance with the Companies Law or the Securities
      Law, or the tax laws including regulations or directives made pursuant
      thereto, or in accordance with laws or provisions that apply outside of
      Israel or a report or notice lodged or submitted in accordance with rules,
      directives or instructions customarily practiced on the stock exchange in
      Israel or abroad and/or failure to submit such report or
      notice.

            

    

    

    
      	
              5.

            	
              An
      act connected with voting rights in investee
  companies.

            

    

    

    
      	
              6.

            	
              An
      act connected with the management of market
  risks.

            

    

    

    
      	
              7.

            	
              A
      change in the structure of the Company or its reorganization or any
      resolution relating thereto, including, but without derogating from the
      generality of the foregoing, a merger, split, alteration of the capital of
      the Company, setting up of subsidiaries, winding-up or sale
      thereof.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      	
              8.

            	
              Action
      connected directly or indirectly with employer-employee relationships in
      the Company and/or the commercial relations of the Company, including
      employees, external contractors, customers, suppliers and service
      providers, including negotiations, entering into and implementation of
      personal employment agreements or collective labor agreements, benefits to
      employees, including the issue of securities to
  employees.

            

    

    

    
      	
              9.

            	
              An
      act connected, directly or indirectly, with the sale of products, purchase
      of products, import of products, operation of branches and sites of the
      Company, safeguarding of public health and safety instructions and
      provisions.

            

    

    

    
      	
              10.

            	
              An
      act connected with the issue or non-issue of licenses and permits for the
      Company’s activities.

            

    

    

    
      	
              11.

            	
              The
      preparation and approval of financial statements, including the passing of
      resolutions regarding the application of accounting rules and fresh
      presentation in the financial
statements.

            

    

    

    
      	
              12.

            	
              An
      act connected with a distribution, including, for the avoidance of doubt,
      a buy-back by the Company of its own
securities.

            

    

    

    
      	
              13.

            	
              The
      transfer of information that is required or permissible for transfer
      according to law between the Company and/or the other companies and
      interested parties in any of them.

            

    

    

    
      	
              14.

            	
              Remarks,
      statements including the expression of a position or opinion made in good
      faith by the Officer in the course of performing his function and by
      virtue of his function, and including in the framework of meetings of the
      board of directors or any of its
committees.

            

    

    

    
      	
              15.

            	
              An
      act or deed on matters of planning and building, work safety, the
      environment and recycling, public health, consumer
    protection.

            

    

    

    In this
schedule:

    

    “The Securities Law” – the
Securities Law, 5728-1968;

    

    “Security”, “transaction”,
“distribution” – within the meaning thereof under Section 1 of the
Companies Law;

    

    “The Company” – including
another company as defined in the Deed of Indemnity.

     

    
      
         

      

      
        8

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