Document:

<PAGE>

                                                                     Exhibit 4.6

                       ACKNOWLEDGMENT OF PROPERTY MANAGER

     THIS ACKNOWLEDGMENT OF PROPERTY MANAGER is entered into as of the 30th day
of March, 2007, by RAMCO-GERSHENSON, INC., a Michigan corporation (the "Property
Manager"), with its address at 31500 Northwestern Highway, Suite 300, Farmington
Hills, Michigan 48334, to and for the benefit of JPMORGAN CHASE BANK, N.A., a
national banking association ("Lender").

     A. RAMCO JACKSONVILLE LLC, a Delaware limited liability company, having its
principal place of business at 31500 Northwestern Highway, Suite 300, Farmington
Hills, Michigan 48334 (the "Borrower"), has borrowed the sum of $110,000,000
from Lender as evidenced by Borrower's execution of an Amended and Restated
Fixed Rate Note (the "Note") payable to the order of Lender, secured by the lien
of a certain Amended and Restated Mortgage, Assignment of Leases and Rents,
Security Agreement and Fixture Filing of even date herewith (herein called the
"Mortgage") covering, among other things, certain property known as River City
Marketplace located in Jacksonville, Florida, as more particularly described
therein (the "Property").

     B. Property Manager has entered, or will enter, into a property management
agreement (the "Contract") with Borrower, a true, correct and complete copy of
which is attached hereto as Exhibit A, providing for the performance by Property
Manager of certain management obligations more particularly described therein
with respect to the management and operation of the Property.

     C. Pursuant to the Mortgage, Borrower has collaterally transferred to
Lender all of Borrower's right, title and interests under the Contract.

     D. Lender has requested, and Property Manager has agreed, to subordinate
any rights to payment under the Contract to Lender's liens more particularly
described in the Mortgage and Loan Documents (as that term is defined in the
Note).

     NOW, THEREFORE, in consideration of Ten and No/100 Dollars ($10.00) and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Property Manager hereby represents, warrants and agrees
with Lender as follows:

     1. Property Manager hereby agrees that the Contract, all rights, interests
and privileges of Property Manager thereunder, and all management fees and other
payment obligations of Borrower to Property Manager for services rendered by
Property Manager for the management and operation of the Property, as such
services are more particularly described in the Contract, are hereby
subordinated to the Loan Documents and the liens in favor of Lender provided for
therein, and to all rights of Lender to receive payment from Borrower under the
Note and all other amounts which may be due Lender under the Loan Documents.
Property Manager recognizes and agrees that so long as the Note is being paid in
strict accordance with its terms and all other requirements of the Loan
Documents are being satisfied and no Event of Default (as that term is defined
in the Note) has occurred and is continuing or will by virtue of payments to
Property Manager occur, Property Manager shall, subject to the requirements of
the Loan Documents, including any such requirements governing management and
application of

<PAGE>

Property and Borrower revenues and cash flow, be entitled to receive payments
provided for under the Contract in accordance with the terms thereof. Property
Manager hereby releases, discharges and waives any and all liens, claims,
demands of any kind or nature, against the Property, either now or in the
future, arising from the services provided by Property Manager for the
management and operation of the Property.

     2. In the event that Borrower defaults under the terms of the Contract,
Property Manager agrees that before exercising any rights or remedies with
respect thereto, it will notify Lender of such default. Upon Lender's request,
Property Manager will continue to perform under the Contract until such time as
Lender may elect to terminate the Contract. Property Manager agrees that it
shall not be entitled to receive any management fee or other fee, commission or
other amount payable under the contract or otherwise for and during any period
of time that any Event of Default has occurred and is continuing; provided,
however, that (i) if Property Manager is not paid any management or other fee
during the occurrence and continuance of an Event of Default, Property Manager
shall be entitled upon thirty (30) days notice to Lender to terminate the
Contract and this Acknowledgement of Property Manager and (ii) Property Manager
shall not be obligated to return or refund to Lender any management fee or other
fee, commission or other amount already received by Property Manager prior to
the occurrence of the Event of Default, and to which Property Manager was
entitled under paragraph 1 above. In all events, Property Manager recognizes
that the maximum amount that shall be due and payable under the Contract is the
amount stated therein (such amount being adequate to complete the services
called for in the Contract), and that Property Manager will not claim any
incidental, consequential, or exemplary damages of any nature as a condition to
completing its performance under the Contract.

     3. In the event that (a) Property Manager becomes insolvent, or (b) an
Event of Default occurs and is continuing, (c) Property Manager defaults under
the terms of the Contract beyond any applicable notice and cure periods or (d)
any other event occurs which, under the terms of the Loan Documents, entitles
Lender to direct Borrower to replace Property Manager, Lender may exercise its
rights under the Loan Documents and direct Borrower to terminate the Contract
and to replace Property Manager with a management company acceptable to Lender
in Lender's sole and absolute discretion. Upon receiving notice of any such
election, Property Manager shall abide by such direction to terminate and
cooperate with any replacement manager approved by Lender. No termination fee or
other compensation shall be due or owing under the Contact as a result of any
such termination.

     4. Without limiting the foregoing, in the event Lender forecloses or
otherwise succeeds to the rights of Borrower with respect to the Property,
Lender shall have the option upon written notice to Property Manager delivered
within thirty (30) days following foreclosure by Lender or other acquisition of
the Property by Lender, either to (i) terminate the Contract without any
obligation or liability of Lender to pay the termination fees, if any; or (ii)
continue the Contract in effect upon all of the terms and provisions provided in
the Contract, except that Lender shall have no obligation to pay any sums due
and owing under the Contract as of the date of foreclosure or other acquisition
of the Property, and Lender shall have the right after it elects to continue the
Contract under subparagraph (ii) hereof to terminate the Contract without cause
upon thirty (30) days written notice to Property Manager without any obligation
or liability of Lender to pay the termination fees, if any, provided Lender
shall pay all fees due Property

                                        2

<PAGE>

Manager for the period of service to Lender. Property Manager acknowledges and
agrees with Lender that Lender has not assumed any obligations or liabilities of
Borrower to Property Manager under the Contract. If Lender chooses not to
continue the Contract following a foreclosure or other acquisition of the
Property, the only compensation from Lender for which Property Manager shall be
entitled under the Contract shall be for the period commencing with the date of
such foreclosure or other acquisition and ending upon the subsequent termination
by Lender of the Contract.

     5. Property Manager agrees (a) not to resign as property manager without
thirty (30) days prior written notice to Lender, and (b) not to amend the
Contract without Lender's prior written approval.

     6. Property Manager acknowledges and agrees that any and all rents, profits
or other sums (collectively herein called "Property Proceeds") collected or
received by Property Manager from the Property are subject to a security
interest of Lender pursuant to the Loan Documents, and shall be collected and
held by Property Manager in trust for the benefit of Borrower and Lender. Any
such Property Proceeds shall be deposited into a deposit account in the name of
the Property and identified on Exhibit B attached hereto. Such Property Proceeds
shall be used by Property Manager for proper expenses and costs of managing and
operating the Property as permitted under the Contract. Property Manager hereby
disclaims any and all interests in such account and in any of the Property
Proceeds. Upon written notice from Lender that (a) an Event of Default (as such
term is defined in the Mortgage) has occurred under the Note and/or other Loan
Documents and is continuing beyond applicable grace periods, and (b) as a result
of such Event of Default, Lender has revoked Borrower's license to collect the
Property Proceeds pursuant to the terms of the Assignment of Leases and Rents
(part of the Loan Documents), Property Manager agrees not to pay any of the
Property Proceeds to Borrower without the prior written approval of Lender, to
pay the Property Proceeds in payment of the Debt (as such term is defined in the
Mortgage) or to otherwise pay such Property Proceeds as instructed by Lender,
and further agrees to cooperate in the establishment of a lock box for the
deposit of all Property Proceeds for the benefit of Lender, if so instructed by
Lender.

     7. Property Manager represents and warrants that (a) a true, correct and
complete copy of the Contract is attached hereto as Exhibit A, (b) the Contract
is in full force and effect and has not been modified, amended or assigned,
except by the amendments or assignments attached as part of Exhibit A, (c)
neither Property Manager nor Borrower is in default under any of the terms,
covenants or provisions of the Contract, and Property Manager knows of no event
which, with the giving of notice or the passage of time, or both, would
constitute an event of default under the Contract, (d) Property Manager has no
knowledge of and has not commenced any action or given or received any notice
for the purpose of terminating the Contract, (e) except for the management fees
due for the month of March, which are paid by Borrower in arrears, and any other
fees disclosed to Lender in writing in other schedules and documents provided to
Lender prior to the date hereof, all management fees, commissions and other sums
due and payable to Property Manager under the Contract have been paid in full,
and (f) except as disclosed on Exhibit C, Property Manager is not affiliated in
any manner with Borrower or Borrower's constituent partners, members,
shareholders, beneficiaries or other direct or indirect constituent owners.

                                        3

<PAGE>

     8. This instrument shall be deemed to be a contract entered into pursuant
to the laws of the state in which the Property is located, without regard to
conflict of law provisions that would otherwise require the application of the
laws of another jurisdiction, and shall in all respects be governed, construed,
applied and enforced in accordance with the laws of the state in which the
Property is located.

     9. All notices or other written communications hereunder shall be deemed to
have been properly given upon delivery, if delivered in person or by facsimile
transmission with receipt acknowledged by the recipient thereof, one (1)
Business Day (hereinafter defined) after having been deposited for overnight
delivery with any reputable overnight courier service, or three (3) Business
Days after having been deposited in any post office or mail depository regularly
maintained by the U.S. Postal Service and sent by registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

     If to Lender:

     JPMorgan Chase Bank, N.A.
     c/o ARCap Servicing, Inc.
     5221 N O'Connor Blvd., Suite 600
     Irving, Texas 75039
     Attention: Wesley Wolfe
     Facsimile No.: (972) 868-5493

     If to Property Manager:

     Ramco-Gershenson, Inc.
     31500 Northwestern Highway, Suite 300
     Farmington Hills, MI 48334
     Attn: Dennis Gershenson, President
     Facsimile: (248) 350-9925

     with a copy to:

     Honigman Miller Schwartz and Cohn LLP
     38500 Woodward Avenue, Suite 100
     Bloomfield Hills, MI 48304
     Attn: Alan M. Hurvitz, Esq.
     Facsimile: (248) 566-8455

or addressed as such party may from time to time designate by written notice to
the other parties. For purposes of this paragraph 9, the term "Business Day"
shall mean a day on which commercial banks are not authorized or required by law
to close in New York, New York. Any party by notice to the others may designate
additional or different addresses for subsequent notices or communications.

     10. This instrument, and any provisions hereof, may not be modified,
amended, waived, extended, changed, discharged or terminated orally or by any
act or failure to act on the

                                        4

<PAGE>

part of Lender or any other party, but only by an agreement in writing signed by
the party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

     11. If any term, covenant or condition of this Assignment is held to be
invalid, illegal or unenforceable in any respect, this Assignment shall be
construed without such provision.

     12. This instrument may be executed in any number of duplicate originals
and each duplicate original shall be deemed to be an original. This instrument
may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a
single agreement. The failure of any party hereto to execute this instrument, or
any counterpart hereof, shall not relieve the other signatories from their
obligations hereunder.

     13. Whenever the context may require, any pronouns used herein shall
include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns and pronouns shall include the plural and vice versa.

     14. This instrument shall be binding upon Property Manager and its heirs,
devisees, representatives, successors and assigns, and shall inure to the
benefit of and may be enforced by and binding upon Lender and its heirs,
successors, legal representatives, substitutes and assigns. Property Manager
shall not assign any of its rights or obligations under this instrument.

     15. This instrument is intended solely for the benefit of Lender and its
heirs, successors, legal representatives, substitutes and assigns, and no third
party shall have any right or interest in this instrument, nor any right to
enforce this instrument against any party hereto.

                            [SIGNATURE PAGE FOLLOWS]

                                        5

<PAGE>

     EXECUTED as of the day and year first above written.

                                        PROPERTY MANAGER:

                                        RAMCO-GERSHENSON, INC.

                                        By: /s/ Richard J. Smith
                                            ------------------------------------
                                        Name: Richard J. Smith
                                        Title: Chief Financial Officer

                                        6

<PAGE>

Exhibit List

Exhibit A - Copy of Property Management Agreement
Exhibit B - Description and Location of Property Account
Exhibit C - Description of Affiliation between Property Manager and Borrower

<PAGE>

                                    EXHIBIT A

                      COPY OF PROPERTY MANAGEMENT AGREEMENT

                                 (SEE ATTACHED)

<PAGE>

                                    EXHIBIT B

                  DESCRIPTION AND LOCATION OF PROPERTY ACCOUNT

Bank Name:      Bank of America
Bank Location:  Boston, MA
ABA Number:     026 009 593

Account Name:   Ramco Jacksonville LLC
Account Number: 0046069 29992

<PAGE>

                                    EXHIBIT C

        DESCRIPTION OF AFFILIATION BETWEEN PROPERTY MANAGER AND BORROWER

Ramco-Gershenson, Inc., the property manager, is owned 100% by Ramco-Gershenson
Properties, L.P. ("RGPLP"). RGPLP owns a 20% direct membership interest in
Borrower.exv4w1

 

Exhibit 4.1

TopSpin Medical, Inc.

(“The Company”)

*

CERTIFICATE No. _

For
______ warrants (Series 3), registered in the name of the Registration Company of Bank
Hapoalim Ltd.

	 	1.	 	This Certificate witnesseth that the Company hereby grants for no consideration, a
quantity of up to __   ___   __ registered warrants (series 3), unlisted for trading, for the
purchase of up to ______ ordinary shares of US$0.001 par value each of the Company
(“warrants (Series 3)”), wherein each warrant (Series 3) entitles the holder to acquire one
(1) ordinary share of US$0.001 par value each of the Company.
	 
	 	2.	 	Every warrant (Series 3) shall entitle its holder to acquire in return for the exercise
price indicated in the supplement to this warrant, (hereinafter: “the warrant (Series 3)
overleaf conditions”) from the Company one ordinary share of the Company of US$0.001 par
value each (hereinafter: “the exercise share”), on any business day during a period
starting on the day in which the stock exchange approves the listing of the exercise shares
underlying the warrants (Series 3) and ending on June 30, 2009 at a cash exercise price of
NIS 0.84.
	 
	 	3.	 	The exercise ratio between the warrant (Series 3) and the exercise share (1:1) and the
exercise price shall be subject to adjustments as stipulated in the warrant (Series 3)
overleaf conditions.
	 
	 	4.	 	The warrants (Series 3) shall only be listed for trading on the stock exchange
subject to the provisions of the warrant (Series 3) overleaf conditions.
	 
	 	5.	 	It is stipulated that no exercise of warrants (Series 3) can take place pending the
approval of the stock exchange for the listing of the exercise shares underlying the
warrants (Series 3) for trading on the stock exchange.
	 
	 	6.	 	This warrant (Series 3) is issued pursuant to and in accordance with the warrant
overleaf conditions.

Signed on:                              

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Top Spin Medical, Inc. 	 
	 	 	 

 

 

	 	 	 	 	 

2

TopSpin Medical, Inc. (“the Company”)

Overleaf Conditions

	1.	 	Definitions
	 
	 	 	The following definitions shall apply to terms used in this Warrant (Series 3):
	 
	 	 	 “Special Resolution”
	 
	 	 	A resolution passed (a) at a general meeting of the holders of warrants (Series 3) at a
majority of at least 75% of the votes participating in the vote.
	 
	 	 	Business Day
	 
	 	 	Any day on which the majority of banks in Israel are open for transactions.
	 
	 	 	Commerce Day
	 
	 	 	A day on which transactions are conducted on the stock exchange.
	 
	 	 	Exercise date or Exercise day
	 
	 	 	As defined in art 3.1 hereinbelow.
	 
	 	 	 “The Warrant Holders (Series 3)”
	 
	 	 	The persons whose names appear at the relevant time in the register of warrant (Series 3)
holders, and in the event of a number of joint holders, the joint holder whose name appears
first in the register.
	 
	 	 	Register 
	 
	 	 	The register of warrant (Series 3) holders.
	 
	 	 	The Stock Exchange
	 
	 	 	The Tel-Aviv Stock Exchange Ltd.
	 
	 	 	The Company Law
	 
	 	 	The Israeli Company Law, 1999

	2.	 	General

	 	2.1	 	The Company hereby issues for no consideration a quantity of up to ______
warrants (Series 3), registered but unlisted for trading, for the purchase of up to
______ ordinary

 

3

	 	 	 	shares of $0.001 par value each in the Company (“the Series 3 Warrants”), wherein
each warrant (Series 3) entitles to the purchase of one (1) ordinary share of
$0.001 par value of the Company against payment of the exercise price defined
hereinbelow.

	 	2.2	 	Every warrant (Series 3) shall entitle its holder to acquire, in return for
the exercise price specified hereinbelow, one ordinary share of the Company of $0.001
par value (“the exercise share”) on any commerce day in the period starting on the day
in which the stock exchange approves the listing of the exercise shares underlying the
warrants (Series 3) for trading on the stock exchange and ending on June 30, 2009
(“the exercise period”), at an exercise price in cash of NIS 0.84 (“the exercise
price”). In the event of the deadline for exercise of the warrants (Series 3) falling
on a non-commerce day, the said deadline shall be deferred to the next commerce day.

	 	2.3	 	The exercise ratio between the warrant (Series 3) and the exercise share
(1:1) and the exercise price shall be subject to adjustments as stipulated in art. 4
hereinbelow.

	 	2.4	 	The Company may at any time allocate additional warrants (Series 3) without
restriction, at its sole discretion, without having to seek approval by the warrant
(Series 3) holders. The status of the additional warrants (Series 3) from the moment
of their issue shall be the same as that of the warrants (Series 3) under this
certificate. The warrants (Series 3) under this certificate and the additional
warrants (Series 3) (from the time of issue) shall constitute a single series to all
intents and purposes.

	 	2.5	 	Moreover, the Company may allocate warrants of a different class or other
securities, with or without inherent rights to the purchase of shares of the Company,
on such terms regarding redemption, interest, linkage differential, repayment rank in
case of liquidation and other conditions as the Company may deem fit, regardless of
whether superior, equal or inferior to the terms of the warrants (Series 3), the
Company being under no obligation to seek any approval from the warrant holders
(Series 3).

	 	2.6	 	Listing for Trade on the Stock Exchange

	 	 	 	The warrants (Series 3) are not listed for trading on the stock exchange. The
Company shall act, at its sole discretion, for listing the warrants (Series 3) for
trading on the stock exchange.

	 	2.7	 	Subject to any other provision of this warrant and any law, the Company
and/or a subsidiary of the Company and/or another corporation controlled by the
Company (“the acquiring corporation”) shall be entitled at any time to buy warrants
(Series 3) at their sole discretion at such price as they deem fit.

 

4

	 	2.8	 	The warrants (Series 3) to be held as aforesaid by the acquiring corporation
shall constitute an asset of the acquiring corporation (and subject to the foregoing
in this article, the acquiring corporation may perform any operation in connection
with the warrants (Series 3), including sale thereof, from time to time, and if the
warrants (Series 3) are listed for trading on the stock exchange they shall not be
stricken off the trading on the stock exchange. everything subject to the provisions
of any law.

	 	2.9	 	The Company shall act, in its sole discretion, for registering the warrants
(Series 3) in the name of a registration company of one of the banks in Israel and
shall enter then as a non-registered security at the stock exchange clearing house
that shall provide clearing services for the warrants (Series 3), subject to the
proper permits from the Securities Authority and/or the stock exchange and/or the
stock exchange clearing house and/or any other authority for the purpose of making the
registration at the stock exchange clearing house. It is stipulated that as long as
the warrants (Series 3) remain registered as a non-registered security there shall be
no transfers of warrants (Series 3) except with approval by the Company.

	 	2.10	 	Linkage Conditions of the Exercise Price

	 	 	 	The exercise price shall not be linked.

	3.	 	Exercise of the Warrants (Series 3)

	 	3.1	 	Subject to getting the approval of the stock exchange for the listing of the
exercise shares underlying the warrants (Series 3) for trading, every warrant (Series
3) holder desiring to exercise his right to buy exercise shares by virtue of the
warrants (Series 3) held by him shall do so during the exercise period by way of
submitting an exercise notice to the Company on a form to be established by the
Company to this effect, at the registered office of the Company, and in the event of
an applicant not entered in the register of option holders (non-registered applicant)
 — to a stock exchange member through which he holds the warrants, payment of the
exercise price in cash, and return of the allocation letter, as proof of his
eligibility for the exercise. Once sent the exercise notice may not be cancelled or
modified. The person applying for exercise shall, whenever required by the Company to
do so, sign any documents necessary under the provisions of any law for granting the
exercise shares.

	 	 	 	The exercise day or exercise time shall be the day on which an exercise notice is
delivered to the Company in the event of a registered applicant, and in case of
submission of an exercise notice through a stock exchange member by a
non-registered applicant — the day

 

5

	 	 	 	of receipt at the stock exchange clearing house of the exercise notice for the
warrant (Series 3) that meets all of the above requirements. To this effect, an
exercise notice received after 12:00 hrs shall be deemed to have been received
before 12:00 hrs on the following commerce day.

	 	 	 	The applicant shall, whenever required to do so by the Company or the registration
company, sign any additional document as shall be necessary under the provisions of
any law or the incorporation documents of the Company for validating the allocation
of the exercise shares.

	 	 	 	In the event of the applicant having failed to comply with all the conditions for
exercise of the warrant (Series 3), the exercise notice shall be deemed to be null
and void, and the warrants (Series 3) allocation letters and the money attached to
the exercise notice shall be returned to the applicant within two(2) business days
from the Company’s ruling that the said notice is null and void.

	 	 	 	An exercise notice may not be cancelled or amended. No right shall be granted to
exercise any fractional warrant (Series 3); however, an allocation letter for an
warrant (Series 3) may be split or transferred as provided in articles 7 and 8 of
this warrant.

	 	 	 	In the event of the deadline for exercise of warrants (Series 3) falling on a
non-commerce day, it shall be extended to the next commerce day.

	 	3.2	 	Stock Exchange Clearing House Regulations on the Timetable for Exercise of
Warrants

	 	 	 	If the warrants (Series 3) shall be registered as non-registered security or for
listing on the stock exchange, their exercise shall be subject to the following
stock exchange clearing house regulations, subject to the foregoing provisions. The
stock exchange clearing house regulations stipulate as follows.

	 	a.	 	Exercise notices received by 12:00 hrs at the office of a
stock exchange member shall be handed over by the said member to the stock
exchange clearing house not later than 12:00 hrs on the following commerce
day.
	 
	 	b.	 	On receipt of an exercise note from a stock exchange member
by 12:00 hrs, the stock exchange clearing house shall debit the said stock
exchange member with its money equivalent and shall accordingly credit the
registration company not later than 12:00 hrs on the following commerce day
after receiving the said notice.
	 
	 	c.	 	On receiving a credit note pursuant to the foregoing
sub-article (b) by 12:00 hrs, the registration company shall transfer the
exercise notice to the registered office of the Company not later than 12:00
hrs on the following commerce day.

 

6

	 	d.	 	Any of the aforementioned notices received after 12:00 hrs on
a commerce day shall be deemed to have been received before 12:00 hrs on the
following commerce day.

	 	 	 	Notwithstanding the foregoing, on the exercise deadline — and if the latter is not
a commerce day, then on the following commerce day — the stock exchange clearing
house members shall submit to the stock exchange clearing house the final exercise
applications by 09:00 hrs. The exercise shall take place on the same day. A
clearing house member who has failed to submit an application by the said time
shall be deemed by the clearing house to have failed to exercise his right,
whereupon the warrant shall expire and become null and void.

	4.	 	Adjustments and Participation in the Issue of Rights, Bonus Shares, and Distribution of
Dividend.

	 	4.1	 	The following provisions shall apply to the warrants (Series 3) from the day
of grant of the warrants (Series 3) to the end of the exercise period in any case of
issue of bonus shares.

	 	4.1.1	 	In the event of the Company distributing bonus shares the
date of record for the distribution of which is prior to the exercise day, the
exercise shares to which the warrant (Series 3) holder is entitled on exercise
of the warrants (Series 3) and the payment of the exercise price shall be
joined by ordinary shares of the Company for every warrant (Series 3) in the
number to which he would have been entitled as bonus shares if he had
exercised the warrant (Series 3) prior to the day of record for the right to
obtain bonus shares.
	 
	 	 	 	The exercise price of all warrants (Series 3) shall remain unchanged as a
result of the addition of shares as aforesaid, on the condition that the
exercise price shall not be less than the nominal value of the exercise
shares and the shares to be so added. The provisions with regard to the
exercise shares shall apply also to the shares to be added to the exercise
shares, subject to any necessary changes. In the event of adjustments
pursuant to this sub-article, the applicant shall not be entitled to obtain
any fractional share, and the provisions of article 5 hereinbelow shall
apply. This adjustment method is not subject to change.
	 
	 	4.1.2	 	In the event of the shareholders of the Company being
offered — by way of rights — rights to the purchase of any securities
whatsoever, the number of shares arising from the exercise of the warrants
shall be adjusted to the bonus component of the rights as evident in the ratio
between the share price on the stock exchange on the day of record and the “ex
Rights” basic share price. In case of adjustment pursuant to this sub-article,
the applicant shall not be entitled to obtain any

 

7

	 	 	 	fractional share and the provisions of article 5 hereinbelow shall apply.
This adjustment method is not subject to any change.
	 
	 	 	 	The number of exercise shares due to a warrant (Series 3) holder shall only
be adjusted in case of distribution of bonus shares and rights but not in
the event of any other issues, including an issue to interested parties.

	 	4.1.3	 	If the Company pays dividend to its shareholders,
immediately after the date of record for the right to obtain cash dividend the
exercise price of the outstanding warrants (Series 3) shall be adjusted by
multiplication by the ratio between the basic “ex Dividend” share price and
the closing share price established at the stock exchange for the Company
shares on the day of record for eligibility for dividend. The Company shall
announce by an immediate report and an announcement to the stock exchange
clearing house the adjusted exercise price not later than the day on which
trading with the “ex dividend” shares begins.

	5.	 	Starting from the date of grant of the warrants (Series 3) and as long as the
warrants (Series 3) have not been exercised or expired, the following provisions shall
apply:

	 	5.1	 	The Company shall reserve sufficient amount of ordinary share in its
registered share capital to enable the right of exercise and if required will cause
for increasing its registered share capital.
	 
	 	5.2	 	If the Company shall make a split or a reverse-split of its issued share
capital, the number of exercise shares to be issued upon exercise of warrants (Series
3) shall be increased or decreased, respectively.
	 
	 	5.3	 	The Company shall not distribute bonus shares other than ordinary shares.
	 
	 	5.4	 	Within 10 days from each adjustment in accordance with art. 4 above, the
Company shall advertise an advertisement in two large-distribution Hebrew daily
newspapers in Israel, regarding the rights of the warrant (Series 3) holders to
exercise their warrants (Series 3), including the exercise price, the exercise period,
number of exercise shares underlying on warrant and the number and type of bonus
shares to which they are entitled.
	 
	 	5.5	 	The Company shall make available at its registered office a copy of the
annual reports and the intermediate financial statements for the the warrants (Series
3) holders in its usual business hours. Following a request of a holder registered in
the warrants (Series 3) register, the Company shall send him a copy of the said report
to the address sent by him.
	 
	 	5.6	 	The Company shall not adopt a resolution or declare a distribution of
dividend or bonus shares or rights offering, for which the date if record for the
relevant right is prior to the date of the

 

8

	 	 	 	resolution, and the date of record shall be no less than ten (10) business days after
adopting such resolution or such decleration.

	 	5.7	 	In case of adopting a resolution of voluntary liquidation, each warrant
(Series 3) holder registered in the warrants (Series 3) register shall be considered
as if he used his exercise right, right prior to adopting such resolution. In such
case warrants (Series 3) holders shall be entitled to the amount to which they were
entitled if prior to adopting such resolution they would have held the exercise shares
underlying their warrants (Series 3) minus the exercise price of the warrants (series
3).

	 	5.8	 	The Company shall refrain from any action, including the distribution of
bonus shares, that may decrease the price of the exercise share below the par value.

	6.	 	Allocation of Exercise Shares

	 	6.1.1	 	The Company shall proceed as follows with regard to the allocation
of exercise shares. On the first business day after the exercise day the Company
shall, by means of share certificates for applicants directly holding warrants
(Series 3) and for the registration company for holders of warrants (Series 3)
through the registration company, allocate the exercise shares due to them and
after approval of the listing of the exercise shares on the stock exchange, the
Company shall immediately approach the stock exchange with an application for
causing the listing of the exercise shares as speedily as possible thereafter.

	 	6.1.2	 	Whenever required to do so, the applicant shall such additional
document as may be required under the provisions of any law and the Company
guidelines for validating the allocation of the exercise shares.

	 	6.1.3	 	The applicant shall not be entitled to obtain fractional exercise
shares. Any remaining surpluses of exercise shares shall be sold by the trustee to
be appointed by the Company for this purpose at the stock exchange within a period
of one month from the allocation date, and the net proceeds, after deduction of
the sale expenses and the relative exercise price, and after deduction of other
commissions and compulsory payments, if any, shall be paid to the entitled person
within fourteen (14) days from the sale date. The Company shall not send checks to
the entitled persons for amounts of less than NIS 50; these can be collected at
the Company office.

	 	6.1.4	 	Immediately after the exercise date, the exercise shares shall be
equal in every way to the ordinary shares in the share capital of the Company and
shall entitle their owners

 

9

	 	 	 	to the full amount of dividend in cash or bonus shares, as well as to every
other distribution for which the date of record is from the exercise date
onward.

	7.	 	Transfers

	 	 	 	The allocation letters for warrants (Series 3) are transferable subject to submission
of appropriate transfer deeds to the Company. The transfer deeds shall be of the same
format as share transfer deeds. The Company shall keep in its registered office a
register containing a list of the holders of warrants (Series 3) registered in the
Company.
	 
	 	 	 	The articles of association of the Company with regard to the transfer of wholly paid
up shares shall apply, mutatis mutandis, to the transfer of warrant (Series 3)
allocation letters. It is stipulated that as long as the warrants (Series 3) shall be a
non-registered security, any transfer thereof is subject to approval by the Company.

	8.	 	Splitting of Allocation Letters

	 	 	 	Any allocation letter on warrant (Series 3) may be split into a number of allocation
letters where the sum total of warrants (Series 3) covered by them equals the number of
warrants (Series 3) included in the allocation letter whose split is requested. The
splitting shall take place on the basis of a splitting application signed by the
registered holder of the respective allocation letter, or his legal representatives,
and it shall be submitted to the Company at its registered office together with the
allocation letter whose splitting is requested. All expenses involved in the splitting,
including stamp tax and other mandatory payments, if any, shall be paid by the
applicant.

	9.	 	Notices

	 	 	 	Unless expressly provided otherwise in the warrants (Series 3) and except in the cases
where this warrant (Series 3) stipulates otherwise, notices by the Company to the
holders of warrants (Series 3) shall be made in one of the following ways at the
discretion of the Company:

	 	9.1	 	By sending a notice by registered mail to the latest address of the holder of
the warrant (Series 3) as entered in the register; and any notice so mailed shall be
deemed to have been delivered to the warrant (Series 3) holder within three business
days from being so mailed. This alternative is only applicable to warrant (Series 3)
holders entered personally in the register, i.e. not by means of the nominee company;
or

 

10

	 	9.2	 	By an advertisement inserted in two large-distribution Hebrew daily
newspapers in Israel. A notice so published shall be deemed to have been delivered on
the day of its publication.

 

11

	10.	 	Waivers, Settlements, Changes of the Warrant (Series 3)

	 	 	 	The Company may, by way of a special resolution by a separate general meeting of the
holders of warrants (Series 3), enter into settlements with the warrant (Series 3) holders
with regard to any right or claim on their part and/or introduce any amendment,
modification or settlement regarding their rights or any other provision contained in the
warrant (Series 3).
	 
	 	 	 	Notwithstanding the foregoing, no change of the terms of the warrants (Series 3) with
regard to the exercise price, the exercise period can be made, except a change of the
exercise period and/or the exercise price of the warrants in the course of a settlement or
composition, approved by court, pursuant to art. 350 of the Company Law.
	 
	 	 	 	All the provisions of the articles of incorporation of the Company with regard to general
meetings of the company shall be regarded as referring to to separate general meetings of
warrant (Series 3) holders as if the warrants (Series 3) constitute a class of shares in
the share capital of the Company; however, the quorum at a meeting of the holders of
warrants (Series 3) shall be at least two (2) warrant (Series 3) holders attending in
person or by proxy, holding one third or more of the existing warrants (Series 3). In the
absence of quorum at a deferred meeting held after notifying the warrant (Series 3) holders
of the holding of the deferred meeting, where it is stated that at least two (2) of the
warrant (Series 3) holders who are attending in person or are represented by proxy shall
constitute quorum, two (2) warrant (Series 3) holders attending in person or by proxy shall
constitute quorum at the deferred meeting as aforesaid. Voting at general meetings of the
warrants (Series 3) shall be by ballot only, every warrant entitling to one vote. In this
context there shall be no distinction between persons who are interested parties in the
Company and those who are not. It is stipulated that the quorum for the purpose of holding
the general meetings of the warrant (Series 3) holders for passing a special resolution and
in the count of votes for such special resolution shall not include the votes of warrant
(Series 3) holders who are holders of controlling interest in the Company, companies
controlled by holders of controlling interest in the Company or companies related to the
Company according to the definitions of these terms in the Securities Law, except those of
the foregoing who are investors belonging to the investors named in the First Supplement to
the Securities Law (concerning art. 15(a)(b)(1) of the Securities Law), who is not an
investor for himself, his vote will be counted.
	 
	 	 	 	The following procedure shall apply to all cases of convening a general meeting of warrant
(Series 3) holders with regard to unregistered holders:
	 
	 	 	 	Voting at meetings of warrant (Series 3) holders of the Company, pending the issuance of
detailed instructions and/or arrangements in regulations of the stock exchange clearing
house with regard to

 

12

	 	 	 	voting at meetings of companies incorporated outside Israel and issued at the Tel-Aviv
Stock Exchange Ltd.:
	 
	 	 	 	Warrant holders holding a warrant (Series 3) with a stock exchange member on the date of
record, the said warrant being included among the warrants (Series 3) registered in the
name of the Registration Company of Bank Hapoalim Ltd. (“registration company”) who desire
to vote at a general meeting shall approach the stock exchange member with whom their right
to warrant (Series 3) is registered and request that the stock exchange member act through
the stock exchange clearing house for obtaining a power of attorney from the registration
company in his name or in the name of an authorized person on his behalf.
	 
	 	 	 	A warrant (Series 3) holder with an warrant (Series 3) in his name held by a stock exchange
member on the date of record may only participate in and vote at the meeting by presenting
such a power of attorney, and he may not prove his ownership or take part in the vote by
presenting a proof of ownership (as defined in the Company Law) from a stock exchange
member on his holdings of warrant (Series 3) on the date of record.
	 
	 	 	 	The registration company shall approach the stock exchange clearing house with a request to
certify that the approvals of the applications for power of attorney handed over to it as
aforesaid, according to a list of the requested quantity with every clearing house member,
were held on the date of record for the meeting by the clearing house member as indicated
on the list. After receipt of the said certification by the clearing house, the
registration company shall provide the warrant (Series 3) holders with a power of attorney
according to the respective applications, whereby the registration company empowers every
one of the unregistered warrant (Series 3) holders to vote at a general meeting at his sole
discretion with regard to the totality of warrants (Series 3) held by such holder, and also
to note that every one of them is entitled to deliver to the Company, not later than the
time of the meeting, a proxy on its behalf, empowering another person to vote on his
behalf.
	 
	 	 	 	In the event of issue of detailed guidelines and/or instructions as part of the stock
exchange clearing house regulations with regard to voting at meetings of companies
incorporated outside Israel and issuing on the Tel-Aviv stock exchange Ltd., the said
guidelines and/or instructions shall apply subject to its adjustment to the laws of the
State of Delaware.
	 
	 	 	 	Voting by proxy and/or appointment letter does not contradict the provisions of US law with
regard to voting at meetings.

	11.	 	Register of Warrant (Series 3) Holders

 

13

	 	11.1	 	The Company shall manage in its registered office or shall cause others to do
so, a separate register of warrant (Series 3) holders, where the Company shall
indicate the names and addresses of the warrant (Series 3) holders and the number of
warrants (Series 3) held by them. All ownership transfers with regard to the warrants
(Series 3) shall also be entered in the register. The warrant (Series 3) holders shall
be entitled to inspect the register at any reasonable time subject to prior
appointment with the Company.
	 
	 	11.2	 	The Company is under no obligation to enter in the register any notice of
express, implied or assumed trusteeship, or any mortgage or lien, or any equitable
right, claim, offsetting or any other right in connection with the warrants (Series
3). The Company shall only recognize the ownership of the person whose name appears on
the warrants (Series 3) on the condition that his legal inheritors, the administrators
of the estate or the executors of the will of the entered person and any person
entitled to the warrants (Series 3) following bankruptcy (and in case of a corporation
 — liquidation or winding up) of any registered owner shall be entitled to be
registered as their owner after submitting proof that in the opinion of the Company
managers is sufficient to demonstrate his right to be registered as the owner of the
said warrants (Series 3).
	 
	 	11.3	 	The Company may close the register from time to time for a period or periods
not exceeding an aggregate of thirty days annually.

	12.	 	General Provisions

	 	12.1	 	The warrant (Series 3) holders hereby acknowledge on receiving this warrant
(Series 3) that pursuant to the Securities Law, 1968, and art. 5 of the Securities
Regulations (Details Concerning Articles 15a through 15c of the Law), 2000, there
exist restrictions on the resale of warrants (Series 3) and of the exercise shares
until the date of their listing at the stock exchange, and on receiving the warrants
(Series 3) they undertake to comply with all of these restrictions as stipulated by
law.
	 
	 	12.2	 	As of today the stock exchange is acting for amending the regulations of the
stock exchange clearing house regarding backup withholding tax and reporting duties
related to distribution of payment to companies incorporated in the US. The Company
undertakes to act in accordance with the regulations of the stock exchange clearing
house as amended from time to time.
	 
	 	12.3	 	Meetings of the warrant (Series 3) holders shall be held as stated in art. 10
above.
	 
	 	12.4	 	The competent courts of Tel-Aviv Jaffa shall have sole jurisdiction with
regard to the warrant (Series 3).

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