<SEC-DOCUMENT>0001144204-14-070022.txt : 20141120
<SEC-HEADER>0001144204-14-070022.hdr.sgml : 20141120
<ACCEPTANCE-DATETIME>20141120143607
ACCESSION NUMBER:		0001144204-14-070022
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20141120
FILED AS OF DATE:		20141120
DATE AS OF CHANGE:		20141120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CyberArk Software Ltd.
		CENTRAL INDEX KEY:			0001598110
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36625
		FILM NUMBER:		141238648

	BUSINESS ADDRESS:	
		STREET 1:		94 EM-HA'MOSHAVOT RD.
		STREET 2:		PARK AZORIM, P.O. BOX 3143
		CITY:			PETACH-TIKVA
		STATE:			L3
		ZIP:			4970602
		BUSINESS PHONE:		97239180000

	MAIL ADDRESS:	
		STREET 1:		94 EM-HA'MOSHAVOT RD.
		STREET 2:		PARK AZORIM, P.O. BOX 3143
		CITY:			PETACH-TIKVA
		STATE:			L3
		ZIP:			4970602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cyber-Ark Software Ltd.
		DATE OF NAME CHANGE:	20140123
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v394924_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C.&nbsp;&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT&nbsp;OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16 of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of November 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-35464</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>CyberArk
Software Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CyberArk Software Ltd. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>94 Em-Ha&rsquo;moshavot Road </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Park Azorim, P.O. Box 3143 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Petach Tikva 4970602, Israel </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether by furnishing
the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> No </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If &ldquo;Yes&rdquo; is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;82-________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the notice of special general
meeting of shareholders of CyberArk Software Ltd<FONT STYLE="background-color: white">. (the &ldquo;Company&rdquo;)</FONT>, which
was attached as Exhibit 99.1 to the Company&rsquo;s report of Foreign Private Issuer on Form 6-K furnished to the Securities and
Exchange Commission on November 13, 2014, the Company hereby furnishes the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Notice and Proxy Statement with respect to the Company&rsquo;s special general meeting of shareholders (the &ldquo;Meeting&rdquo;)
to be held at 4:30 p.m. (Israel time) on Thursday, December 18, 2014, at the Company&rsquo;s offices at 94 Em-Ha&rsquo;moshavot
Road, Park Azorim, P.O. Box 3143, Petach Tikva 4970602, Israel, describing proposals to be voted upon at the Meeting, the procedure
for voting in person or by proxy at the Meeting and various other details related to the Meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>a Proxy Card whereby holders of ordinary shares of the Company may vote at the Meeting without attending in person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notice and Proxy Statement is attached
to this Form 6-K as Exhibit 99.1 and the Proxy Card is attached to this Form 6-K as Exhibit 99.2 and are available on <FONT STYLE="background-color: white">the
Company&rsquo;s website at&nbsp;</FONT>www.investors.cyberark.com<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CYBERARK SOFTWARE LTD.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: November 20, 2014&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: white 3pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;Donna Rahav</FONT></TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;&nbsp;Donna Rahav</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;General Counsel &amp; Corporate Secretary</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The following exhibit is furnished
as part of this Form 6-K:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy statement for the Special General Meeting of Shareholders of the Company to be held on December 18, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy card for the Special General Meeting of Shareholders of the Company to be held on December 18, 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v394924_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="tlogo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CYBERARK
SOFTWARE Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">94 Em-Ha&rsquo;moshavot Road, Park Azorim,
P.O. Box 3143, Petach Tikva 4970602, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 13, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF SPECIAL GENERAL MEETING OF
SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO BE HELD ON DECEMBER 18, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear CyberArk Software Ltd. Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cordially invite you to attend a Special
General Meeting of Shareholders, or the Meeting, of CyberArk Software Ltd., or the Company, to be held at 4:30 p.m. (Israel time)
on Thursday, December 18, 2014, at our offices at 94 Em-Ha&rsquo;moshavot Road, Park Azorim, P.O. Box 3143, Petach Tikva 4970602,
Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Meeting is being called for the following
purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To ratify the election of each of (a) Mr. Ron Gutler and (b) Ms. Kim Perdikou as an external director of the Company, subject
to, and in accordance with, the provisions of the Israeli Companies Law, 5759-1999, or the Companies Law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>To approve a compensation policy for the Company&rsquo;s executives and directors, in accordance with the requirements of the
Companies Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board of Directors recommends that you
vote in favor of each of the above proposals, which are described in the attached Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholders of record at the close of business
on Monday, November 17, 2014<B> </B>are entitled to notice of and to vote at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whether or not you plan to attend the Meeting,
it is important that your shares be represented and voted at the Meeting. Accordingly, after reading the Notice of Special General
Meeting of Shareholders and accompanying Proxy Statement, please mark, date, sign and mail the enclosed proxy or voting instruction
form as promptly as possible in the enclosed stamped envelope. If voting by mail, the proxy must be received by our transfer agent
or at our registered office at least 48 hours prior to the appointed time of the Meeting to be validly included in the tally of
ordinary shares voted at the Meeting. An earlier deadline may apply to receipt of your voting instruction form, if indicated therein.
Detailed proxy voting instructions are provided both in the Proxy Statement and on the enclosed proxy card and voting instruction
form. In the alternative, shareholders who hold their shares in street name may be able to utilize the control number appearing
on their voting instruction form to submit their voting instruction to their brokers, trustees or nominees by other means, including
via the Internet (at www.proxyvote.com), if so indicated on their voting instruction form. An electronic copy of the enclosed
proxy materials will also be available for viewing at <U>http://investors.cyberark.com</U>. The full text of the proposed resolutions,
together with the form of proxy card for the Meeting, may also be viewed beginning on the day on which the Proxy Statement will
first be mailed to our shareholders, at the registered office of the Company, 94 Em-Ha&rsquo;moshavot Road, Park Azorim, Petach
Tikva, Israel, from Sunday to Thursday (excluding holidays), 10:00 a.m. to 5:00 p.m. (Israel time).&nbsp;&nbsp;Our telephone number
at our registered office is <FONT STYLE="color: #333333">+972-3-918-0000</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 57%">&nbsp;</td>
    <td style="width: 43%"><font style="font: 10pt Times New Roman, Times, Serif">Sincerely, </font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Gadi Tirosh</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Chairman of the Board of Directors</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="tlogo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CYBERARK <FONT STYLE="text-transform: uppercase">SOFTWARE</FONT>
LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">94 Em-Ha&rsquo;moshavot Road, Park Azorim,
P.O. Box 3143, Petach Tikva 4970602, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333">+972-3-918-0000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL GENERAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Proxy Statement is being furnished
in connection with the solicitation of proxies on behalf of the Board of Directors, or the Board, of CyberArk Software Ltd., to
which we refer as CyberArk or the Company, to be voted at a Special General Meeting of Shareholders, or the Meeting, and at any
adjournment thereof, pursuant to the accompanying Notice of Special General Meeting of Shareholders. The Meeting will be held at
4:30 p.m. (Israel time) on Thursday, December 18, 2014, at our offices at 94 Em-Ha&rsquo;moshavot Road, Petach Tikva 4970602, Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Proxy Statement, the attached Notice
of Special General Meeting of Shareholders and the enclosed proxy card or voting instruction card are being made available on or
about Thursday, November 20, 2014 to holders of CyberArk ordinary shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You are entitled to receive notice of, and
to vote at, the Meeting, if you hold ordinary shares as of the close of business on Monday, November 17, 2014, the record date
for the Meeting. You can vote your shares by attending the Meeting or by following the instructions under &ldquo;How You Can Vote&rdquo;
below. Our Board urges you to vote your shares so that they will be counted at the Meeting or at any postponements or adjournments
of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Agenda Items</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Meeting is being called for the following
purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To ratify the election of each of (a) Mr. Ron Gutler and (b) Ms. Kim Perdikou as an external director of the Company, subject
to, and in accordance with, the provisions of the Israeli Companies Law, 5759-1999, or the Companies Law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>To approve a compensation policy for the Company&rsquo;s executives and directors, in accordance with the requirements of the
Companies Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not aware of any other matters that
will come before the Meeting. If any other matters are presented properly at the Meeting, the persons designated as proxies intend
to vote upon such matters in accordance with their best judgment and the recommendation of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Recommendation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Our Board unanimously recommends that
you vote &ldquo;FOR&rdquo; each of the above proposals.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Quorum</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 17, 2014, we had 30,469,039
ordinary shares issued and outstanding. Each ordinary share outstanding as of the close of business on the record date, Monday,
November 17, 2014, is entitled to one vote upon each of the proposals to be presented at the Meeting. Under our Articles of Association,
the Meeting will be properly convened if at least two shareholders attend the Meeting in person or sign and return proxies, provided
that they hold shares representing at least twenty-five percent (25%) of our voting power. If a quorum is not present within half
an hour from the time scheduled for the Meeting, the Meeting will be adjourned for one week (to the same day, time and place),
or to a day, time and place determined by the Chairman of the Meeting (which may be earlier or later than said time). At such adjourned
meeting the presence of any shareholder in person or by proxy (regardless of the voting power represented by his, her or its shares)
will constitute a quorum.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Abstentions and &ldquo;broker non-votes&rdquo;
are counted as present and entitled to vote for purposes of determining a quorum. A &ldquo;broker non-vote&rdquo; occurs when a
bank, broker or other holder of record holding shares for a beneficial owner attends the Meeting, but does not vote on a particular
proposal because that holder does not have discretionary voting power for that particular item and has not received instructions
from the beneficial owner. It is important for a shareholder that holds ordinary shares through a bank or broker to instruct its
bank or broker how to vote its shares, if the shareholder wants its shares to count for the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Vote Required for Approval of Each of the Proposals&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The affirmative vote of the holders of a
majority of the voting power represented at the Meeting in person or by proxy and voting thereon (which excludes abstentions) is
necessary for the approval of each of the proposals. Apart from for the purpose of determining a quorum, broker non-votes will
not be counted as present and are not entitled to vote. Abstentions are not treated as vote &ldquo;FOR&rdquo; or a vote &ldquo;AGAINST&rdquo;
a proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the approval of each of the
proposals requires that either of the following two voting requirements be met as part of the approval by an ordinary majority
of shares present and voting thereon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>approval by a majority of the ordinary shares held by non-controlling shareholders who do not have a personal interest in the
approval of the proposals that are voted at the Meeting, excluding abstentions; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>the total number of shares held by non-controlling, disinterested shareholders (as described in the previous bullet-point)
voted against the proposal does not exceed two percent (2%) of the aggregate voting rights in our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of each of Proposals 1 and
2, a &ldquo;controlling shareholder&rdquo; is any shareholder that has the ability to direct the Company&rsquo;s activities (other
than by means of being a director or other office holder of the Company). A person is presumed to be a controlling shareholder
if it holds or controls, by itself or together with others, one-half or more of any one of the &ldquo;means of control&rdquo; of
the Company. &ldquo;Means of control&rdquo; is defined as any one of the following: (i) the right to vote at a general meeting
of the Company, or (ii) the right to appoint directors of the Company or its chief executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are unaware of any shareholder that would
be deemed to be a controlling shareholder of our Company as of the current time for purposes of the vote on Proposals 1 or 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &ldquo;personal interest&rdquo; of a shareholder,
for purposes of each of Proposals 1 and 2, (x) includes an interest of any members of the shareholder&rsquo;s immediate family
(or spouses thereof) or an interest of a company with respect to which the shareholder (or such a family member thereof) serves
as a director or the chief executive officer, owns at least 5% of the shares or has the right to appoint a director or the chief
executive officer; and (y) excludes an interest arising solely from the ownership of ordinary shares of the Company. In determining
whether a vote cast by proxy is disinterested, the &ldquo;personal interest&rdquo; of the proxy holder is also considered and will
cause that vote to be excluded from the disinterested vote, even if the shareholder granting the proxy does not have a personal
interest in the matter being voted upon. For purposes of Proposal 1, a personal interest excludes a personal interest that does
not derive from ties with a controlling shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">A controlling shareholder and a shareholder
that has a personal interest are qualified to participate in the vote on Proposals 1 and 2; however, the vote of such shareholders
may not be counted towards the majority requirement described in the first bullet point above and will not count towards the 2%
threshold described in the second bullet point above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>A shareholder must inform our Company
before the vote (or if voting by proxy, indicate on the proxy card) whether or not such shareholder has a personal interest, and
failure to do so disqualifies the shareholder from participating in the vote on either/both Proposals 1 and 2 (as applicable).</B>
<B>Since it is highly unlikely that any of our public shareholders has a personal interest in either such proposal and in order
to avoid confusion in the voting and tabulation process, a public shareholder who signs and returns a proxy card will be deemed
to be confirming that such shareholder, and any related party of such shareholder, is not a controlling shareholder and has no
personal interest with respect to the relevant proposal. If you believe that you, or a related party of yours, is a controlling
shareholder or possesses a personal interest and you wish to participate in the vote on either proposal, you should indicate the
existence of a personal interest on the enclosed proxy card and should furthermore contact our Corporate Secretary, Donna Rahav,
at +97239180000 or</B><FONT STYLE="color: #365F91"> </FONT><B>proxies@cyberark.com, who will advise you as to how to submit your
vote for that proposal. If you hold your shares in &ldquo;street name&rdquo; (i.e., shares that are held through a bank, broker
or other nominee) and believe that you possess a personal interest in the approval of either proposal, you may also contact the
representative managing your account, who could then contact our Corporate Secretary on your behalf.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>How You Can Vote</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">You can vote your shares by attending
the Meeting or by completing and signing a proxy card or voting instruction form. If you are a shareholder of record, that is,
your shares are registered directly in your name with our transfer agent, American Stock Transfer &amp; Trust Company, these proxy
materials are being sent directly to you by our transfer agent. The form of proxy card that has been mailed to you and that can
be completed, signed and returned in the envelope that was enclosed with it provides the primary means for authorizing the voting
of your ordinary shares without attending the Meeting in person. If you are a shareholder of record and have lost or misplaced
the proxy card mailed to you, you may print a copy of the proxy card from http://investors.cyberark.com, and may complete and sign
that proxy card (indicating the name of the record shareholder holding your ordinary shares) and return it to our Corporate Secretary
via e-mail to proxies@cyberark.com or via fax to her attention at +972-3-924 0111. We reserve the right to require further identifying
information from you if you submit your proxy card in that manner. You may change your mind and cancel your proxy card by sending
us written notice, by signing and returning a proxy card with a later date, or by voting in person or by proxy at the Meeting.
We will not be able to count a proxy card unless we receive it at our principal executive offices at 94 Em-Ha&rsquo;moshavot Road,
Petach Tikva 4970602, Israel, or our registrar and transfer agent receives it in the enclosed envelope not later than forty-eight
(48) hours before the time fixed for the Meeting (that is, by 4:30 pm (Israel time) on December 16, 2014).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">If your ordinary shares are held in a
brokerage account or by a trustee or nominee, you are considered to be the beneficial owner of shares held in &ldquo;street name,&rdquo;
and these proxy materials are being forwarded to you together with a voting instruction form by the broker, trustee or nominee
or an agent hired by the broker, trustee or nominee. Please follow the enclosed instructions to direct your broker, trustee or
nominee how to vote your shares. Beneficial owners may be able to utilize the control number appearing on their voting instruction
form to submit their voting instruction to their brokers, trustees or nominees by other means, including via the internet (at www.proxyvote.com),
if so indicated on their voting instruction form. All votes should be submitted by 4:30 pm (Israel time) on December 16, 2014 (or
such earlier deadline as may be indicated on the voting instruction form) in order to be counted towards the tally of ordinary
shares voted at the Meeting. Alternatively, if you wish to attend the Meeting and vote in person, you must obtain a &ldquo;legal
proxy&rdquo; from the broker, trustee or nominee that holds your shares, giving you the right to vote the shares at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you provide specific instructions (by
marking a box) with regard to the proposals, your shares will be voted as you instruct. If you sign and return your proxy card
without giving specific instructions with respect to a particular proposal, your shares will be voted in favor of the proposal,
in accordance with the recommendation of the Board. However, if you are a beneficial owner of shares and do not specify how you
want to vote on your voting instruction form, your broker will not be permitted to instruct the depositary to cast a vote with
respect to that proposal (commonly referred to as a &ldquo;broker non-vote&rdquo;). In that circumstance, the shares held by you
will be included in determining the presence of a quorum at the Meeting, but are not considered &ldquo;present&rdquo; for the purpose
of voting on the relevant proposal. Such shares have no impact on the outcome of the voting on such proposal. If your shares are
held of record by a bank, broker, or other nominee, we urge you to give instructions to your bank, broker, or other nominee as
to how your shares should be voted so that you thereby participate in the voting on these important matters. In all cases, you
must remember to indicate in writing whether you have a personal interest in the approval of Proposals 1(a), 1(b) or 2, respectively.
If you sign and return your proxy card or voting instruction form, the persons named as proxies will vote in their discretion on
any other matters that properly come before the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Who Can Vote</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You are entitled to receive notice of the
Meeting and to vote at the Meeting if you are a shareholder of record at the close of business on Monday, November 17, 2014. You
are also entitled to notice of the Meeting and to vote at the Meeting if you held ordinary shares through a bank, broker or other
nominee that is one of our shareholders of record at the close of business on November 17, 2014, or which appear in the participant
listing of a securities depository on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If your shares are registered directly in
your name with our transfer agent, American Stock&nbsp;Transfer&nbsp;&amp; Trust Company, LLC of Brooklyn, New York, you are considered,
with respect to those shares, the shareholder of record. In such case, these proxy materials are being sent directly to you. As
the shareholder of record, you have the right to provide your voting proxy directly to the Corporate Secretary of our Company (as
described under &ldquo;How You Can Vote&rdquo; above) or to vote in person at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Revocation of a Proxy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholders may revoke the authority granted
by their execution of proxies at any time before the effective exercise thereof by filing with us a written notice of revocation
or duly executed proxy bearing a later date, or by voting in person at the Meeting. Unless otherwise indicated on the form of proxy,
shares represented by any proxy in the enclosed form, if the proxy is properly executed and received by the Company at least 48
hours prior to the Meeting, will be voted in favor of the proposal and any other matters that may be presented to the Meeting,
as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Solicitation of Proxies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Proxies are being distributed to shareholders
on or about November 20, 2014. Certain officers, directors, employees, and agents of the Company, none of whom will receive additional
compensation therefor, may solicit proxies by telephone, email, or other personal contact. We will bear the cost for the solicitation
of the proxies, including postage, printing, and handling, and will reimburse the reasonable expenses of brokerage firms and others
for forwarding material to beneficial owners of shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Voting Results</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The final voting results will be tallied
by the Company&rsquo;s Corporate Secretary based on the information provided by the Company&rsquo;s transfer agent or otherwise,
and the overall results of the Meeting will be published following the Meeting in a report on Form 6-K that will be furnished to
the U.S. Securities and Exchange Commission, or the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Availability of Proxy Materials</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Copies of the proxy card, the notice of
the Meeting and this Proxy Statement are available at the &ldquo;Investor Relations&rdquo; portion of our Company&rsquo;s website,
www.investors.cyberark.com. The contents of that website are not a part of this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>RATIFICATION
OF Election of External Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Background</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Companies Law, companies incorporated
under the laws of the State of Israel that are &ldquo;public companies&rdquo;, including companies with shares listed on the NASDAQ
Global Select Market, are required to elect at least two external directors who meet the qualification requirements in the Companies
Law. The initial election or &ndash; in the case of a company such as ours that elected its external directors prior to our initial
public offering in anticipation of our becoming a public company &ndash; ratification of initial election of external directors
must be made by a general meeting of the shareholders no later than three months following the completion of a company&rsquo;s
initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A person may not serve as an external director
of a company if the person is a relative of a controlling shareholder of the company or if on the date of the person&rsquo;s appointment
or within the preceding two years the person or his or her relatives, partners, employers or anyone to whom that person is subordinated,
whether directly or indirectly, or entities under the person&rsquo;s control have or had any affiliation with any of: (1)&nbsp;the
company; or (2)&nbsp;any person or entity controlling the company on the date of such appointment; or (3)&nbsp;any relative of
a controlling shareholder; or (4)&nbsp;any entity controlled, on the date of such appointment or within the preceding two years,
by the company or by the company&rsquo;s controlling shareholder. If there is no controlling shareholder or any shareholder holding
25% or more of voting rights in a company, a person may not serve as an external director if the person has any affiliation to
the chairman of the board of directors, the general manager (chief executive officer), any shareholder holding 5% or more of the
company&rsquo;s shares or voting rights or the senior financial officer as of the date of the person&rsquo;s appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;<B>affiliation</B>&rdquo;
includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>an employment relationship;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>a business or professional relationship maintained on a regular basis (excluding insignificant relationships);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>control; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>service as an office holder, excluding service as a director in a private company prior to the first offering of its shares
to the public if such director was appointed as a director of the private company in order to serve as an external director following
the initial public offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;The term &ldquo;<B>relative</B>&rdquo;
is defined as a spouse, sibling, parent, grandparent, descendant; spouse&rsquo;s descendant, sibling and parent; and the spouse
of each of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;<B>office holder</B>&rdquo;
is defined as including each of the following: a general manager (chief executive officer), chief business manager, deputy general
manager, vice general manager, any other person assuming the responsibilities of any of the foregoing positions, without regard
to such person&rsquo;s title; a director; and a manager who is directly subordinated to the general manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, a person may not serve as an
external director if that person&rsquo;s position or professional or other activities create, or may create, a conflict of interest
with that person&rsquo;s responsibilities as a director or otherwise interfere with that person&rsquo;s ability to serve as an
external director or if the person is an employee of the Israel Securities Authority or of an Israeli stock exchange. A person
may furthermore not continue to serve as an external director if he or she received direct or indirect compensation from the company
including amounts paid pursuant to indemnification and/or exculpation contracts or commitments and insurance coverage for his or
her service as an external director, other than as permitted by the Companies Law and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at the time at which an external director
is appointed all members of the board of directors who are not controlling shareholders or relatives of controlling shareholders
of the company are of the same gender, the external director to be appointed must be of the other gender. A director of one company
may not be appointed as an external director of another company if a director of the other company is acting as an external director
of the first company at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Companies Law provides that an external
director must meet certain professional qualifications or have financial and accounting expertise, and that at least one external
director must have financial and accounting expertise.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A director with financial and accounting
expertise is a director who by virtue of his or her education, professional experience and skill, has a high level of proficiency
in and understanding of business accounting matters and financial statements so that he or she is able to fully understand the
Company&rsquo;s financial statements and initiate debate regarding the manner in which the financial information is presented.
The regulations promulgated under the Companies Law define an external director with requisite professional qualifications as a
director who satisfies one of the following requirements: (1)&nbsp;the director holds an academic degree in either economics, business
administration, accounting, law or public administration, (2)&nbsp;the director either holds an academic degree in any other field
or has completed another form of higher education in the company&rsquo;s primary field of business or in an area which is relevant
to his or her office as an external director in the company or (3)&nbsp;the director has at least five years of experience serving
in any one of the following, or at least five years of cumulative experience serving in one of the following capacities: (a)&nbsp;a
senior business management position in a company with a substantial scope of business, (b)&nbsp;a senior position in the company&rsquo;s
primary field of business or (c)&nbsp;a senior position in public administration. The board of directors is charged with determining
whether a director possesses financial and accounting expertise or professional qualifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Under Israeli law, the initial term of
an external director of an Israeli public company is three years. Thereafter, an external director may be reelected by shareholders
to serve in that capacity for additional three-year terms, provided that certain conditions are satisfied and that either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>his or her service for each such additional term is recommended by one or more shareholders holding at least 1% of the company&rsquo;s
voting rights and is approved at a shareholders meeting by a disinterested majority, where the total number of shares held by non-controlling,
disinterested shareholders voting for such reelection exceeds 2% of the aggregate voting rights in the company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>his or her service for each such additional term is recommended by the board of directors and is approved at a meeting of shareholders
by the same majority required for the initial election of an external director (as described below with respect to the election
of our external directors).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The term of office for external directors
of Israeli companies traded on certain foreign stock exchanges, including the NASDAQ Global Select Market, may be extended indefinitely
in increments of additional three-year terms, in each case provided that the audit committee and the board of directors of the
company confirm that, in light of the external director&rsquo;s expertise and special contribution to the work of the board of
directors and its committees, the reelection for such additional period(s) is beneficial to the company, and provided that the
external director is reelected subject to the same shareholder vote requirements as if elected for the first time (as described
below with respect to the election of our external directors). Prior to the reelection of the external director at a general meeting
of shareholders, the company&rsquo;s shareholders must be informed of the term previously served by him or her and of the reasons
why the board of directors and audit committee recommended the extension of his or her term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An external director may be removed by the
same special majority of the shareholders required for his or her election, if he or she ceases to meet the statutory qualifications
for appointment or if he or she violates his or her fiduciary duty to the company. An external director may also be removed by
order of an Israeli court if the court finds that the external director is permanently unable to exercise his or her office, has
ceased to meet the statutory qualifications for his or her appointment, has violated his or her fiduciary duty to the company,
or has been convicted by a court outside Israel of certain offenses detailed in the Companies Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An external director is entitled to compensation
and reimbursement of expenses in accordance with regulations promulgated under the Companies Law and is otherwise prohibited from
receiving any other compensation, directly or indirectly, in connection with serving as a director except for certain exculpation,
indemnification and insurance provided by the company, as specifically allowed by the Companies Law. In the case of our external
directors, we have elected to have their compensation governed by the &ldquo;relative compensation&rdquo; provisions of the Companies
Law regulations, as described in Proposal 2 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to our initial public offering, our
Board and our shareholders appointed Mr. Ron Gutler and Ms. Kim Perdikou as external directors for a three year term following
the recommendation of the Board and subject to the required ratification of the election by our shareholders following our initial
public offering. Both external directors are required to serve on our audit committee and compensation committee, and at least
one external director is required to serve on each other committee of our Board that is authorized to exercise the powers of the
Board. If their election is ratified at the Meeting, Mr. Ron Gutler will continue to serve as the Chairperson of our audit committee
and as a member of our compensation committee and nominating and governance committee, and Ms. Kim Perdikou will continue to serve
as the Chairperson of our compensation committee and a member of our audit committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board has determined that each of Mr.
Ron Gutler and Ms. Kim Perdikou satisfies the external director requirements under the Companies Law, as well as the independent
director requirements under the NASDAQ Listing Rules and the SEC&rsquo;s audit committee rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The nominees whose election as external
directors will be subject to ratification at the Meeting are Ron Gutler and Kim Perdikou, and their background information appears
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Ron Gutler</I> has served as a member
of our Board since July 2014 and is intended to serve as an external director under the Companies Law subject to the ratification
of his appointment at the Meeting. From May 2002 through February 2013, Mr. Gutler served as the Chairman of NICE Systems Ltd.,
a public company specializing in voice recording, data security, and surveillance. Between 2000 and 2011, Mr. Gutler served as
the Chairman of G.J.E. 121 Promoting Investment Ltd., a real estate company. Between 2000 and 2002, Mr. Gutler managed the Blue
Border Horizon Fund, a global macro fund. Mr. Gutler is a former Managing Director and a Partner of Bankers Trust Company, which
is currently part of Deutsche Bank. He also established and headed the Israeli office of Bankers Trust. Mr. Gutler is currently
a director of Wix.com Ltd. (NASDAQ: WIX). Mr. Gutler holds a Bachelor of Arts in economics and international relations and an MBA,
both from the Hebrew University in Jerusalem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Kim Perdikou</I> has served as a member
of our Board since July 2014 and is intended to serve as an external director under the Companies Law subject to the ratification
of her appointment at the Meeting. Since 2013, Ms.&nbsp;Perdikou has served as the Juniper Networks, Inc. board observer on two
of Juniper&rsquo;s portfolio companies. From 2010 to August 2013, Ms. Perdikou served as the Executive Vice President for the Office
of the Chief Executive Officer at Juniper Networks, Inc. Before that she served as the Executive Vice President and General Manager
of Infrastructure Products Group and as Chief Information Officer at Juniper Networks, Inc. from 2006 to 2010 and from August 2000
to January 2006, respectively. Ms. Perdikou served on the board of directors and audit committee of Lam Research Corporation, a
major provider of wafer fabrication equipment and services, from May 2011 to November 2012. Ms. Perdikou served as Chief Information
Officer at Women.com from June&nbsp;1999 to August 2000, and held the position of Vice President, Global Networks, at Reader&rsquo;s
Digest from March 1992 to April 1998, as well as leadership positions at Knight Ridder from June 1999 to August 2000, and Dun &amp;
Bradstreet from August 1989 to March 1992. Ms. Perdikou holds a Bachelor of Science in Computing Science with Operational Research
from Paisley University in Paisley, Scotland, a Post-Graduate degree in Education from Jordanhill College in Glasgow, Scotland
and a Masters in Information Systems from Pace University in New York.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">If their election is ratified pursuant
to this Proposal 1, each of our external director nominees will receive compensation that was approved by our shareholders prior
to our initial public offering and that complies with Companies Law regulations that govern external director compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Proposed Resolutions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are proposing that our shareholders adopt
the following resolutions at the Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>&ldquo;<B>RESOLVED</B>, to ratify the election of Mr. Ron Gutler as an external director of CyberArk Software Ltd., following
his initial appointment as an external director by the Board effective as of July 10, 2014, prior to the Company&rsquo;s initial
public offering, in accordance with the requirements of the Companies Law;&rdquo; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>&ldquo;<B>FURTHER</B> <B>RESOLVED</B>, to ratify the election of Ms. Kim Perdikou<B> </B>as an external director of CyberArk
Software Ltd., following her initial appointment as an external director by the Board effective as of July 10, 2014, prior to the
Company&rsquo;s initial public offering, in accordance with the requirements of the Companies Law.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Required Vote</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The vote required for the ratification of
the election of each of Mr. Ron Gutler and Ms. Kim Perdikou as an external director is the affirmative vote of the holders of a
majority of the voting power represented at the Meeting in person or by proxy and voting thereon (excluding abstentions). Apart
from for the purpose of determining a quorum, broker non-votes will not be counted as present and are not entitled to vote. Abstentions
are not treated as vote &ldquo;FOR&rdquo; or a vote &ldquo;AGAINST&rdquo; this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Companies Law requires
that either of two additional voting requirements be met as part of the approval by an ordinary majority of shares present and
voting on this proposal, with respect to each of its subsections (that is, the ratification of election of each external director).
Please see the discussion under &ldquo;Vote Required for Approval of Each of the Proposals&rdquo; above for a description of those
voting requirements, as well as for instructions as to how to vote in the event that you possess a personal interest in the approval
of Proposal 1(a) or 1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Recommendation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><B>The Board unanimously recommends that
you vote &ldquo;FOR&rdquo; the ratification of the election of each of the two external directors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPROVAL OF COMPENSATION POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Background</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Under the Companies Law, the board of
directors of an Israeli public company is required to appoint a compensation committee and to establish a compensation policy regarding
the terms of engagement of office holders.&nbsp; Please see the &ldquo;Background&rdquo; section of Proposal 1 above for the Companies
Law definition of an &ldquo;office holder.&rdquo; At our Company, the office holders include our directors, executive officers
and other managers who meet the definition of &ldquo;office holder&rdquo; under the Companies Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The Companies Law requires the compensation
policy to serve as the basis for decisions concerning the financial terms of employment or engagement of office holders, including
exculpation, insurance, indemnification and any monetary payment or obligation of payment in respect of employment or engagement.
The compensation policy must relate to certain factors, including advancement of a company&rsquo;s objectives, business and its
long-term strategy, and creation of appropriate incentives for executives.&nbsp; It must also consider, among other things, the
company&rsquo;s risk management, size and the nature of its operations.&nbsp; The compensation policy must furthermore consider
the following additional factors:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the knowledge, skills, expertise and accomplishments
of the relevant director or executive;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-indent: -34.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">&#9679;</TD><TD>the director&rsquo;s or executive&rsquo;s roles and responsibilities and prior compensation agreements with him or her;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>the relationship between the terms offered and the average compensation of the other employees of the company, including those
employed through manpower companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the impact of disparities in salary upon work relationships
in the company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>the possibility of reducing variable compensation at the discretion of the board of directors; and the possibility of setting
a limit on the exercise value of non-cash variable compensation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD>as to severance compensation, the period of service of the director or executive, the terms of his or her compensation during
such service period, the company&rsquo;s performance during that period of service, the person&rsquo;s contribution towards the
company&rsquo;s achievement of its goals and the maximization of its profits, and the circumstances under which the person is leaving
the company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The compensation policy must include the
following principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-indent: -34.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">&#9679;</TD><TD>the link between variable compensation and long-term performance and measurable criteria;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-indent: -34.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">&#9679;</TD><TD>the relationship between variable and fixed compensation, and the ceiling for the value of variable compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-indent: -34.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">&#9679;</TD><TD>the conditions under which a director or executive would be required to repay compensation paid to him or her if it was later
shown that the data upon which such compensation was based was inaccurate and was required to be restated in the company&rsquo;s
financial statements; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-indent: -34.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">&#9679;</TD><TD>the minimum holding or vesting period for variable, equity-based compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The compensation policy must also include
appropriate incentives from a long-term perspective and maximum limits for severance compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The compensation policy must be approved
by the board of directors, after considering the recommendation of the compensation committee. The Companies Law also requires
shareholder approval of the compensation policy by an ordinary majority of the shares present and voting that also constitutes
a special majority, as described below. If the compensation policy is not approved by the shareholders, the board of directors
may nonetheless approve the compensation policy, provided that the compensation committee and thereafter the board of directors
concludes, following further discussion of the matter and for specified reasons, that such approval is in the best interests of
the company. Pursuant to the Companies Law as currently in effect, a compensation policy that is for a period of more than three
years must generally be approved by the board of directors and the shareholders every three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">On November 12, 2014, following the recommendation
of the compensation committee, our Board approved the CyberArk Software Ltd. Compensation Policy, in the form attached as <U>Appendix
A</U> to this proxy statement, or the &ldquo;<B>Compensation Policy</B>&rdquo;, in accordance with the provisions of the Companies
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">When considering the proposed Compensation
Policy, the compensation committee and our Board considered various factors, including the relevant matters and provisions set
forth in the Companies Law, and reviewed various data and information they deemed relevant, with the advice and assistance of management
and legal advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Proposed Resolution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">We are proposing that our shareholders
adopt the following resolution at the Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;<B>RESOLVED,</B> that, in compliance with the
requirements of the Israeli Companies Law, 5759&mdash;1999, the CyberArk Software Ltd. Compensation Policy, in the form attached
as <U>Appendix A</U> to the proxy statement with respect to Special General Meeting held on December 18, 2014, and as previously
approved by the board of directors at the recommendation of the compensation committee, be, and the same hereby is, approved.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Required Vote</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The vote required for approval of our proposed
Compensation Policy is the affirmative vote of the holders of a majority of the voting power represented at the Meeting in person
or by proxy and voting thereon (excluding abstentions). Apart from for the purpose of determining a quorum, broker non-votes will
not be counted as present and are not entitled to vote. Abstentions are not treated as vote &ldquo;FOR&rdquo; or a vote &ldquo;AGAINST&rdquo;
a proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;In addition, the Companies Law requires
that either of two additional voting requirements be met as part of the approval by an ordinary majority of shares present and
voting on this proposal. Please see the discussion under &ldquo;Vote Required for Approval of Each of the Proposals&rdquo; above
for a description of those voting requirements, as well as for instructions as to how to vote in the event that you possess a personal
interest in the approval of Proposal 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>OTHER
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.55pt">Our Board does not intend to bring any
matters before the Meeting other than those specifically set forth in the Notice of Special General Meeting of Shareholders and
knows of no matters to be brought before the Meeting by others. If any other matters properly come before the Meeting, it is the
intention of the persons named in the accompanying proxy to vote such proxy in accordance with their judgment and based on the
recommendation of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;The Company&rsquo;s final prospectus
from its initial public offering, filed with the SEC on September 24, 2014, is available for viewing and downloading on the SEC&rsquo;s
website at <U>www.sec.gov</U> as well as under the Investor Relations section of the Company&rsquo;s website at <U>www.cyberark.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;The Company is subject to the information
reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, applicable to foreign private issuers. The Company
fulfills these requirements by filing reports with the SEC. The Company&rsquo;s filings with the SEC may be inspected without charge
at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Room 1580 Washington, D.C. 20549. Information on the operation
of the Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330. The Company&rsquo;s SEC filings are also available
to the public on the SEC&rsquo;s website at <U>www.sec.gov</U>. As a foreign private issuer, the Company is exempt from the rules
under the Exchange Act related to the furnishing and content of proxy statements. The circulation of this Proxy Statement should
not be taken as an admission that the Company is subject to those proxy rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 57%">&nbsp;</td>
    <td style="width: 43%"><font style="font: 10pt Times New Roman, Times, Serif">By order of the Board of Directors:</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Gadi Tirosh,</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Chairman of the Board of Directors</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petach Tikva, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 20, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Appendix A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CyberArk Software Ltd. Compensation Policy
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CYBERARK SOFTWARE LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2014 COMPENSATION POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Purpose</U></B>.<B>
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">This 2014 Compensation Policy (the &ldquo;<B>Policy</B>&rdquo;)
constitutes the Compensation Policy (as such term is defined in the Companies Law) of CyberArk Software Ltd. (the &ldquo;<B>Company</B>&rdquo;)
with respect to the determination of Terms of Office and Engagement of Office Holders (as such term is defined in the Companies
Law), if and to the extent such determination is required by the Companies Law to be made pursuant to the Compensation Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Definitions;
Construction</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Affiliate</B>&rdquo;
of any Person, shall mean any other Person that, directly or indirectly through one or more intermediaries, is controlled by such
Person, and the term &ldquo;control&rdquo; (including the terms &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;)
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through ownership of voting securities, by contract or otherwise.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Applicable
Law</B>&rdquo; shall mean any applicable law, rule, regulation, statute, extension order, judgment, order or decree of any federal,
state or local governmental, regulatory or adjudicative authority or agency, of any jurisdiction, and the rules and regulations
of any stock exchange or trading or quotation system on which the securities of the Company are then traded, listed or quoted.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Board</B>&rdquo;
means the Board of Directors of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Committee</B>&rdquo;
means the Compensation Committee within the meaning of the Companies Law.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Companies
Law</B>&rdquo; means the Israeli Companies Law, 5759-1999 together with the regulations promulgated thereunder, all as amended
from time to time.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Director</B>&rdquo;
means any member of the Board of Directors of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Executive</B>&rdquo;
means any Office Holder who does not preside solely as Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Office
Holders</B>&rdquo; means as set forth in the Companies Law, regardless of whether such Office Holder is employed by the Company
or an Affiliate thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Person</B>&rdquo;
means (whether or not a capitalized term) any individual, corporation, partnership, limited liability company, firm, joint venture,
association, joint-stock company, trust, estate, unincorporated organization or other entity.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Terms
of Office and Engagement</B>&rdquo; means as defined in the Companies Law.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms
not otherwise defined herein shall have the meaning ascribed to them in the Companies Law, unless the context dictates otherwise.
To the extent any provision herein conflicts with the conditions of any Applicable Law, the provisions of the Applicable Law shall
prevail over this Policy and the Board is empowered hereunder to interpret and enforce such prevailing provisions. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &ldquo;include&rdquo;,
&ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation&rdquo;.
References to any law or regulation, rule or ordinance, including any section or other part thereof, shall refer to that it as
amended from time to time and shall include any successor law. The use of captions and titles in this Policy is for the convenience
of reference only and shall not affect the meaning of any provision of this Plan.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Policy shall confer upon any person, including, any Office Holder, any rights, entitlements, benefits or remedies whatsoever,
including any right or entitlement to any compensation, remuneration or benefits of any kind or nature or to interfere with or
limit in any way the right and authority of the Company or any its Affiliates to determine any compensation, remuneration or benefits
or to terminate the service or employment of any Office Holder. The Terms of Office and Engagement of an Office Holder shall only
be as set in an agreement between such Office Holder and the Company or its Affiliates or in a written undertaking of the Company
or its Affiliates or in a resolution of the relevant organ of the Company or such Affiliate setting forth the Terms of Office and
Engagement and their applicability to the relevant Office Holder, and, in each case, as prescribed by Applicable Law. No representation
or warranty is made by the Company in adopting this Policy, and no custom or practice shall be inferred from this Policy or the
implementation thereof, which is specific and applied on a case-by-case basis.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that an Office Holder's engagement or service is effected pursuant to an agreement between the Company or any Affiliate
thereof, on the one hand, and an Affiliate of the Office Holder, on the other hand, then this Policy shall apply,&nbsp;<I>mutatis
mutandis</I>, to the same extent as if the service or engagement would have been made pursuant to an agreement with the Office
Holder personally. To the extent that an Office Holder's engagement or service (including, a Director in his capacity as such or
in other capacities) is not through employment relations with the Company or any Affiliate thereof then this Policy shall apply,&nbsp;<I>mutatis
mutandis</I>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Policy shall not apply, and shall have no effect with respect to or derogate from, any Terms of Office and Engagement of any Office
Holder which are in effect prior to the date of adoption of this Policy.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">2.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that after the date this Policy is approved in accordance with the Companies Law there will be a relief in the mandatory
or minimum requirements prescribed by Applicable Law to be included in a Compensation Policy as of the date hereof, or any limitation
contained in this Policy is more stringent than that required by Applicable Law, than such relief or less stringent limitation
shall be deemed incorporated by reference into this Policy notwithstanding anything else to the contrary, unless otherwise determined
by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-variant: small-caps">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Administration</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted under the Companies Law, this Policy shall be administered by the Board, unless and to the extent an action
necessary for the administration of this Policy is required under the Companies Law to be taken by the Committee (and in any such
event, all references herein to the Board shall be construed as references to the Committee).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this Policy and any mandatory provisions of Applicable Law, and in addition to the Board's powers
provided elsewhere in this Policy and by the Companies Law, the Board shall have full authority in its discretion, from time to
time and at any time, to determine any of the following:&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
interpret the Policy;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prescribe,
amend and rescind rules and regulations relating to and for carrying out the Policy, as it may deem appropriate; and&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other matter which is necessary or desirable for, or incidental to, the administration of the Policy and any determination made
pursuant thereto.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>General
Considerations</U></B></FONT>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">This Policy is
made, and the Terms of Office and Engagement determined pursuant hereto shall be determined, on the basis of various considerations,
including, those listed below. The Company believes that in order to attract and retain competent and skilled Office Holders that
would support the efforts to create shareholder value, the levels of Terms of Office and Engagement should generally be within
a range of between average and above average levels in comparable companies. The Terms of Office and Engagement should reflect
the notion that Executives serving in roles having responsibility over global operations should be considered in relation to comparable
global roles while Executives serving in particular localities should be considered in relation to comparable roles in such localities.
In certain circumstances, in order to attract unique talents that are considered by the Company as such, the Terms of Office and
Engagement may exceed the above levels.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promoting
the Company&rsquo;s objectives, its business plan and its long-term strategy. The Company believes that attracting and retaining
Office Holders that have appropriate qualifications is one of the key elements to the Company's success. In order to attract and
retain Office Holders that possess skills, experience, professional capabilities and motivation that would support the Company's
efforts to increase shareholder value, the Terms of Office and Engagement under which such Office Holders are retained should be
competitive, should reflect the anticipated contribution of such Office Holders to the Company and its business, should reflect
the scope of authority and responsibilities of the Office Holder and should create adequate incentives for such Office Holders
to dedicate their full attention, skills and efforts to the success and growth of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creating
appropriate incentives to the Company&rsquo;s Office Holders, considering, among other factors, the Company&rsquo;s risk management
policy. In this respect, the Company will strive to create balanced compensation arrangements under which an Office Holder will
be, on the one hand, motivated to contribute to the achievement of corporate targets by creating a link between performance and
compensation, and, on the other hand, attention will be given to the need to allocate an appropriate portion to compensation that
is not based on performance with a view to maintaining caution as to the tolerance of risk management. In addition, the Company
believes that the Terms of Office and Engagement should reflect a balance between short term and long term achievements, between
personal performance of an Office Holder and performance of the Company or specific divisions or regions of the Company, between
past performance and future performance and taking into account various other considerations that are appropriate in each individual
case. Moreover, the Company believes that the Terms of Office and Engagement of each Office Holder are both a reflection of the
Company's general policies and the individual circumstances relating to the retention of such Office Holder, and therefore, there
may be variations between the Terms of Office and Engagement of different Office Holders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
size of the Company and the nature of its operations. The Company is involved in various businesses, products lines, technologies,
geographic regions and target markets. In addition, the Company operates in an environment and markets that are dynamic and are
continuously in flux offering multiple and different challenges. Accordingly, in connection with the determination of the Terms
of Office and Engagement of each Office Holder, appropriate attention should be given to the particular circumstances and challenges
of such Office Holder.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Terms of Office and Engagement of an Office Holder should be determined after consideration is given to the terms offered to comparables
Office Holders in comparable companies, to the extent such information is readily available, with a view to the Company's ability
to offer competitive terms and retain competent and capable Office Holders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Terms of Office and Engagement of an Office Holder may include a combination of various components, such as: salary and auxiliary
payments and benefits, bonuses, equity or equity-linked awards, expense reimbursement, insurance, exculpation and indemnification,
and compensation and benefits mandated by Applicable Law. In each instance, it shall be considered which components are appropriate,
and not necessarily all of the above mentioned components need be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B><U>Specific
Considerations in the determination of Terms of Office and Engagement</U></B>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With a view to achieving the general purpose
and intent of the considerations as set forth in Section&nbsp;&lrm;&lrm;4, the Terms of Office and Engagement of an Office Holder
shall be predominantly based on the following considerations:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
education, qualification, skills, expertise, professional experience, accomplishments, references, reputation, achievements of
the Office Holder;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
applicable, the experience, references, reviews, achievements and sustained performance of the Office Holder over time within the
Company and its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
seniority, tenure and duration of employment with or service to the Company or its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
job function, organizational level, position and areas of and scope of responsibility and authority of the Office Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations, responsibilities, roles and objectives imposed on such Office Holder under Applicable Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
need to retain Office Holders who have relevant skills, know-how or unique expertise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
Terms of Office and Engagement with the Company and its Affiliates or previous employers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
then current and prospective condition of the Company's business, affairs, budget, operations, activities, liabilities, financial
results, plans and strategy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geographical
location and region of activity, and the then common employment or compensation practices in the industry and/or the relevant geographical
location, region of activity or jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of compensation of other groups of employees of the Company and its Affiliates that are determined to be relevant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
employment or compensation practices of comparable companies. The extent to which reference to comparable companies shall be required,
as well as the parameters for determination of the identity of the companies which are comparable, shall be examined in each instance.
Such parameters may include: the field of operation or industry, public or privately held companies, size, local or global operations,
business condition, numbers of years of operations and jurisdiction of incorporation or of the executive headquarters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intra-organizational
implications, including impact on other relevant employees of the Company and its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ratio between the Terms of Office and Engagement of the Office Holder and the salary (as defined in the Companies Law), and specifically
the average and median salary (as defined in the Companies Law) of other employees of the Company, including for purposes of this
section those engaged through manpower companies, and the effect of such differences on the employment environment in the Company;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Terms of Office and Engagement include variable components, the inclusion of provisions reducing variable components, and setting
a limit to the value of an equity variable component upon its exercise, all &ndash; at the Board&rsquo;s discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Terms of Office and Engagement include termination benefits, the term of office or engagement of the Office Holder, the Office
Holder&rsquo;s Terms of Office and Engagement during such period, the performance of the Company (or the applicable Affiliate or
division) during such period, the Office Holder&rsquo;s contribution towards the Company&rsquo;s achievement of its goals and maximizing
its profits, and the circumstances of termination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
and tax considerations and implications, including, the total cost or value of the compensation (or any component thereof) to the
Company, the manner in which such compensation shall be recorded in the Company&rsquo;s financial statements, impact on cash flow
and any applicable requirement to obtain approvals from any tax or other regulatory authority;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
relevant cases, the impact, if any, of the fact that the engagement of the Office Holder is effected pursuant to an agreement between
the Company or its Affiliate, on the one hand, and an Affiliate of the Office Holder, on the other hand;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Terms of Office and Engagement include equity or equity-linked components, the value thereof, the anticipated incentive associated
with such components and any dilution resulting from the issuance of the securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
requirements prescribed by the Companies Law, U.S. securities laws and NASDAQ rules, and any other Applicable Law, from time to
time; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other considerations as are deemed relevant or applicable in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
goals and objectives of the Company (or if applicable, the relevant Affiliate or division) and incentivizing the Office Holder
to reach and achieve these goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">5.22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
specific goals or targets defined for the Executive or for which such Executive is recruited or retained and incentivizing the
Office Holder to reach and achieve these goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">The relevancy
and applicability of the foregoing considerations shall be weighed in each particular instance, taking into account that the Company
is operating in various jurisdictions, has a number of product lines and different operating business segments, each of which may
differ significantly in its employment practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">The determination
shall be made on the basis of all or part of the foregoing considerations and the weight of any particular consideration shall
be as determined in the particular instance and based on the specific circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">The Company may,
but shall not be required to, obtain advice from advisors and professionals for the purpose of assessing and determining the above
considerations as the Company deems necessary, including, for the purpose of gathering relevant data, market research, labor practices
and economic/cost analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Components
of Terms of Office and Engagement of an Executive</U></B></FONT>.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Terms of Office and Engagement of an
Executive may include a combination of all or any part of the following components. In each instance, a consideration shall be
made as to which components are appropriate and their respective weight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 0.5in; text-align: left">6.1.</TD><TD STYLE="text-align: justify"><U>Salary and additional or related Benefits</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Terms of Office and Engagement of an Executive may include a mechanism for salary updates and currency conversion calculations.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">6.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
or related benefits may include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Pension</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Education fund</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Severance pay</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Managers insurance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Medical insurance (general, vision and dental) and life insurance, including with respect to immediate family members</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>Disability insurance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>Periodic medical examination</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>Leased car or company car (as well as bearing the cost of related expenses or reimbursement thereof), or the value of the use
thereof, or transportation allowance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Telecommunication and electronic devices and communication expenses, including cellular telephone and other devices, personal
computer/laptop, internet, etc. or the value of the use thereof</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD>Paid vacation, including, if applicable, the redemption thereof</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD>Sick days</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD>Holiday and special occasion gifts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD>Recuperation pay</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD>Expense reimbursement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD>Payments or participation in relocation and related costs, perquisites and expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD>Exculpation and indemnification</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(q)</TD><TD STYLE="text-align: left">General directors&rsquo; and officers' liability insurance
covering persons serving at present or in the future, from time to time, as directors and officers of the Company and its subsidiaries
(including those who also serve as officers, directors or employees of a controlling shareholder), including renewals thereof,
with coverage substantially similar to the coverage in effect on the date of approval of this Policy, or as may be increased from
time to time to reflect the circumstances at the time (including the Company's activities, size and status, markets at which its
shares are traded etc.) and at premiums that are substantially similar to the premiums in effect on the date of approval of this
Policy, or as may be increased from time to time (provided that the total premiums for a particular year do not exceed by more
than 30% of the premiums payable under the then-effective coverage for the then current year)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left">(r)</TD><TD STYLE="text-align: left">Directors&rsquo; and officers' liability insurance with
respect to specific events, such as public offerings, or with respect to periods to time following which the then existing insurance
coverage ceases to apply, such as &ldquo;run-off&rdquo; coverage in connection with a change in control</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(s)</TD><TD STYLE="text-align: left">Advance notice of termination, not exceeding the higher
of the period required by Applicable Law or 12 months</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(t)</TD><TD STYLE="text-align: left">Adjustment period following termination not exceeding
12 months</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(u)</TD><TD STYLE="text-align: left">Termination and severance payments, not exceeding 12
months&rsquo; salary (in addition to any mandatory severance payments under Applicable Law)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(v)</TD><TD STYLE="text-align: left">Non-solicitation and/or non-compete undertakings for
a period of time after termination, and payment in consideration for such undertaking not exceeding the total amount of compensation
(including benefits) that would have been payable to the Executive had he or she continued to be employed during the non solicitation
or non compete period</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(w)</TD><TD STYLE="text-align: justify">Change-of-control provisions</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(x)</TD><TD STYLE="text-align: justify">Loans or advances</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(y)</TD><TD STYLE="text-align: justify">professional or academic courses or studies</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(z)</TD><TD STYLE="text-align: justify">Newspaper or online subscriptions</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(aa)</TD><TD STYLE="text-align: justify">Professional membership dues or subscription fees</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(bb)</TD><TD STYLE="text-align: left">Professional advice or analysis (such as pension, insurance
and tax)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(cc)</TD><TD STYLE="text-align: left">Other benefits generally provided to Company employees
(or any applicable Affiliate or division)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(dd)</TD><TD STYLE="text-align: left">Other benefits or entitlements mandated by Applicable
Law</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-indent: -40.75pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(ee)</TD><TD STYLE="text-align: justify">Other benefits and entitlements that are part of compensation
practices in the industry, relevant geographical location, region of activity or jurisdiction.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">Any of the above
benefits may be within the requirement mandated by Applicable Law or in excess thereof. Any of the above benefits may include gross
up of taxes and mandatory payments required to be made by Applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise determined by the Committee, at its discretion
on a case by case basis, the Terms of Office and Engagement of an Executive pursuant to subsections&nbsp;&lrm;(s), &lrm;(t), &lrm;(u)&nbsp;and&nbsp;&lrm;(v)
shall not exceed the higher of the period required by Applicable Law or 15 months (or the value of total compensation plus benefits
during such period), in the aggregate, under all of the aforementioned subsections (in addition to any mandatory payment or period
under Applicable Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonuses</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">6.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonuses
may include annual bonuses and other bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to each year, an Executive Management Bonus Plan (the &ldquo;<B>Bonus Plan</B>&rdquo;) shall be prepared, containing a
set of objectives for all or any part of the Executives based on the Company&rsquo;s performance on a long-term basis and pursuant
to measurable criteria, to the extent required by law. The Bonus Plan shall relate to on target achievement and may also relate
to overachievement. The Bonus Plan may, but shall not be required to, be set out in individual agreements with the applicable relevant
Executives. To the extent applicable, the Bonus Plan may be revisited during the annual period, including in order to account for
recruitments and promotions during such year, significant changes in the Company&rsquo;s operations or business, an M&amp;A transaction
or material changes in the market(s) in which the Company operates.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Terms of Office and Engagement of an Executive may include other bonuses (&ldquo;<B>Special</B>&nbsp;<B>Bonuses</B>&rdquo;). Such
Special Bonuses shall be based on the achievement by the Company (or the applicable Affiliate or division) or the Executive of
specific goals or the occurrence of specific events (such as public offerings, acquisitions or specific projects), and may include
retention and signing bonuses.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
criteria and the method of measuring the criteria underlying the bonuses may differ from period to period and from one Executive
to another.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of each bonus shall apply specific weight to each criterion (if included in such bonus) in determining the resulting bonus
payments based on actual achievement or occurrence against such criteria.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Terms of Office and Engagement of an Executive may provide that a non-material portion of his or her bonuses may be granted on
the basis of non-measurable criteria, considering the contribution of the Executive to the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary, and to the extent permitted by the Companies Law, bonuses to an Executive (other than the CEO) may be
determined by the CEO, in whole or in part, on the basis of criteria which is not measurable, by taking into account the contribution
of the Executive to the Company and its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
bonus opportunity of each Executive may include corporate, strategic and financial objectives, as well as leadership and management
measures relating to the Executive&rsquo;s business unit, department or individually, including: (i) contribution to the management
and corporate values, vision and mission; (ii) ability to hire, manage and motivate personnel in support of Company&rsquo;s objectives;
and (iii) management of functions and responsibilities within set financial budgets and forecasts or other applicable criteria.
The terms of the bonus may determine the impact of one-time events and those which are not under the control or management of the
Company. The terms of the bonus may refer to circumstance and the effect of partial employment throughout the relevant period on
the bonus entitlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
bonus payable to an Executive pursuant to the Bonus Plan for a certain year shall be up to twenty four (24) months&rsquo; of such
Executive&rsquo;s salary for the specific year. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Bonus payable to an Executive shall be up to twelve (12) months&rsquo; of the employer&rsquo;s cost for such Executive&rsquo;s
salary and additional or related benefits for the specific year (as listed in Section 6.1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the above, under special circumstances and after reconsidering the terms of this Policy, the bonus payable to an Executive pursuant
to the Bonus Plan or Special Bonus for a certain year or event may exceed the limits set forth above, if so resolved by the Committee
and the Board to be in the interest of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.2.12.&nbsp;&nbsp;&nbsp;&nbsp;Examples
of measurable criteria (which may be determined on a Company-wide or divisional basis) that may be considered include:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
results (whether GAAP or non-GAAP);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
and marketing objectives;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Productivity
indices and growth in the volume of activity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
savings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efficiency
metrics;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution
of projects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal
and external customer satisfaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promotion
of strategic targets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promotion
of innovation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
evaluation surveys;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
and legal targets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Success
in raising capital;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attainment
of milestones;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meeting
the Company&rsquo;s budget; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with corporate governance rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">6.2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Examples
of non-measurable criteria that may be considered include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution
to the Company&rsquo; business, profitability and stability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
need to retain an Executive with skills, know-how or unique expertise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
responsibility imposed on an Executive;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
that occurred in the responsibility imposed on an Executive during the year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.85pt; text-indent: -37.45pt; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
satisfaction, including assessing the degree of involvement of an Executive and devotion of efforts in the performance of the Executive&rsquo;s
duties);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.85pt; text-indent: -37.45pt; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assessment
of an Executive&rsquo;s ability to work in coordination and cooperation with other employees; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution
to an appropriate control environment and ethical environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 98.85pt; text-indent: -40.45pt; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Equity
Awards</U>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
awards will be made in the manner prescribed by the Company&rsquo;s 2014 Share Incentive Plan, as amended, and under such other
equity plans for employees of the Company or its Affiliates that the Company may adopt from time to time (the &ldquo;<B>Equity
Plans</B>&rdquo;). These include: options to purchase Ordinary Shares of the Company, restricted stock units, restricted shares,
performance based awards and any other type of equity compensation that is based on the Company's securities; and may be granted
under applicable tax regimes.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">6.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
awards will be subject to an overall vesting period or reverse-vesting, as applicable (being measured by the last vesting date
from the date of commencement of vesting) of no less than one (1) year (including, periodic vesting dates during such period and
portions that may be fully vested upon grant), or as set forth in the grant agreement executed with the Executive pursuant thereto
pursuant to the Equity Plans. The above minimum vesting or holding period is an appropriate incentive, on a long-term basis. As
set forth in the Equity Plans, the Equity Plan administrator shall also have the authority to determine the specific vesting schedule,
including partial or full acceleration of vesting of equity awards in certain events, including termination events or change in
control, as the Equity Plan administrator deems appropriate, as well as other adjustments, modifications and changes (including
re-pricing and extension of periods) to the terms of the equity awards (which adjustments, modifications and adjustments may be
made either at the time of approval of the award or at any time thereafter), as permitted under the terms of the Equity Plans and
subject to applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">6.3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to an equity award that includes an exercise price equal to or higher than fair market value (as determined at such time
by the Committee and/or the Board, in their discretion) &ndash; the total amount of such equity award shall not exceed 1.0% of
the issued and outstanding share capital of the Company at the time of grant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">With respect to an equity award that
does not include an exercise price (such as, restrictive stock unit) or includes an exercise price lower than fair market value
(as determined at such time by the Committee and/or the Board in their discretion) &ndash; the total amount of such equity award
shall not exceed 0.5% of the issued and outstanding share capital of the Company at the time of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that equity awards granted to groups of employees of the Company and/or its Affiliates are subject to a re-pricing or
other amendment or adjustment of terms that is applied to the entire group of such employees, then such re-pricing or other amendment
or adjustment may be applied also to Executives that constitute part of the same group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may approve to continue the vesting and/or the exercise eligibility of an Executive&rsquo;s equity awards after termination
of such Office Holder&rsquo;s service or engagement, in excess of the provisions of the Equity Plans (including, during transition
or adjustment periods or thereafter).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">6.3.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board and/or the Committee may amend other terms of an Executive&rsquo;s grant(s) to the extent provided in the applicable Equity
Plan.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Components
of Terms of Office and Engagement of a Director</U></B></FONT><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 27pt">The Terms of Office
and Engagement of a Director may include a combination of all or any part of the following components. In each instance, a consideration
shall be made as to which components are appropriate and their respective weight.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">The Terms of
Office and Engagement of an External Director (as defined in the Companies Law) shall also be subject to the Companies Law, and
may be determined as permitted by the Companies Law and the applicable regulations promulgated thereunder.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees&nbsp;and
benefits</U>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Periodic
fees</U>. Fees payable with respect to a period of service, typically annual fees. The terms of the periodic fees may refer to
circumstance and the effect of partial service throughout the relevant period on the fee entitlement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Per
meeting fees</U>. A fee payable for each meeting of the Board and/or any committee thereof, whether participation was in person,
through a telephone or through a written consent;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement
of expenses, including travel, stay and lodging;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased
car, company car or the value of the use thereof; as well as bearing the cost of related expenses (or reimbursement thereof);&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunication
and electronic devices and communication expenses, including cellular telephone and other devices, personal computer/laptop, internet,
etc. or the value of the use thereof;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance
(as set forth in clause &lrm;(q) and &lrm;(r) of Section &lrm;6.1.2), exculpation and indemnification;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
benefits generally provided to Company employees (or any applicable Affiliate or division);&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
compensation, benefits or entitlements mandated by Applicable Law; and&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.7pt; background-color: white">7.1.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
benefits and entitlements that are part of directors&rsquo; compensation practices in the industry, relevant geographical location,
region of activity or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Equity
Awards</U>.&nbsp; The provisions of Section&nbsp;&lrm;6.3&lrm; shall apply to awards of equity grants to Directors. In addition,
the Committee may determine that all unvested equity awards shall become immediately vested and exercisable at the earlier of (a)
immediately prior to the consummation of a Change in Control, as defined in the Equity Plan, in which the Director is required
to resign from or is otherwise terminated from the service as a Director, or (b) upon termination of service of such director occurring
after the consummation of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B><U>Recoupment</U></B></FONT>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Terms
of Office and Engagement of an Office Holder shall include provisions that require an Office Holder to repay to the Company amounts
paid to such Officer Holder as part of the Terms of Office and Engagement, if they were paid on the basis of figures that later
transpired to be incorrect and were restated in the Company&rsquo;s financial statements. The Compensation Committee shall be entitled
to determine the amounts and conditions of such repayment, which may include terms under which (i) repayment will be made either
on a pre-tax basis or an after-tax basis, unless and to the extent the Office Holder was able to recoup tax payments made with
respect to the amounts to be repaid, (ii) no repayment obligation shall arise after the lapse of a period of time to be set forth
in the Terms of Office and Engagement of an Office Holder, being no less than two years from the date on which the original payments
was due to be made, (iii) the period of time of no more than 12 months over which the repayment payments to the Company shall be
made and the ability to make the repayment in installments, (iv) no repayment obligation shall arise in the event that the reason
or basis for the restatement was due to changes in the Applicable Law, including generally acceptable accounting principles or
financial reporting standards; and (v) such other provisions as determined in each case. Nothing in this Section&nbsp;<FONT STYLE="color: blue">&lrm;</FONT>&lrm;</FONT>8<FONT STYLE="font-size: 10pt">&nbsp;shall
derogate or limit from any other or similar provisions imposed on an Office Holder by Applicable Law, including, securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Effectiveness;
Term</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Policy shall take effect upon its approval in accordance with the Companies Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">9.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term of this Policy shall not be limited in time, except that it will terminate at the earlier of (i) such time that the Policy
is no longer in effect under the Companies Law, or (ii) such time that the Policy is terminated by the Board, to the extent that
the Board has the power under the Companies Law to terminate the Policy, or (iii) such time as the Company as the determination
of Terms of Office and Engagement of Office Holders is not required to be made pursuant to a Compensation Policy under the Companies
Law, including, without limitation of the foregoing, in the event that the Company ceases to be a Public Company (as defined in
the Companies Law), in which case this Policy shall have no effect with respect to Terms of Office and Engagement of Office Holders
with respect to the period after the Company ceasing to be a Public Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Non-Exclusivity
of this Policy</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the adoption of this Policy nor the submission of this Policy to shareholders of the Company for approval (to the extent required
under the Companies Law), shall be construed as creating any limitations on the power or authority of the Board or the Committee
to adopt such other or additional incentive or other compensation arrangements of whatever nature as they may deem necessary or
desirable or preclude or limit the continuation of any other Policy, practice or arrangement for the payment of compensation or
fringe benefits to employees generally, or to any class or group of employees, which the Company or any Affiliate now has lawfully
put into effect, including, without limitation, any retirement, pension, savings and stock purchase plan, insurance, death and
disability benefits and executive short-term or long-term incentive plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">10.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Terms of Office and Engagement of an Office Holder may contain such other terms and conditions not inconsistent with this Policy
(to the extent required by the Companies Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Governing
Law</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Policy shall be governed by the laws
of the State of Israel, excluding its conflict of law rules, except with respect to matters that are subject to tax or labor Laws
in any specific jurisdiction, which shall be governed by the respective Laws of such jurisdiction. Certain definitions, which refer
to Laws other than the Laws of such jurisdiction, shall be construed in accordance with such other Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>Severability</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">If any provision of this Policy shall be
determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof
shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.
In addition, if any particular provision contained in this Policy shall for any reason be held to be excessively broad as to duration,
geographic scope, activity or subject, it shall be construed by limiting and reducing such provision as to such characteristic
so that the provision is enforceable to fullest extent compatible with the applicable law as it shall then appear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 12, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CYBERARK SOFTWARE LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PROXY FOR A SPECIAL GENERAL MEETING OF
SHAREHOLDERS</B><BR>
<B>TO BE HELD ON DECEMBER 18, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>THIS PROXY IS SOLICITED
ON BEHALF OF THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The undersigned hereby
constitutes and appoints Donna Rahav, and Jonathan M. Nathan, and each of them, the true and lawful attorneys, agents and proxies
of the undersigned, with full power of substitution to each of them, to represent and to vote, on behalf of the undersigned, all
the Ordinary Shares of CyberArk Software Ltd. (the &ldquo;<B>Company</B>&rdquo;), held of record in the name of the undersigned
at the close of business on Monday, November 17, 2014, at a Special General Meeting of Shareholders (the &ldquo;<B>Meeting</B>&rdquo;)
to be held at the executive offices of the Company, 94 Em-Ha&rsquo;moshavot Road, Petach Tikva 4970602, Israel, on Thursday, December
18, 2014 at 4:30&nbsp;p.m. (Israel time), and at any and all adjournments or postponements thereof, on the following matters, which
are more fully described in the Notice of Special General Meeting of Shareholders of the Company and Proxy Statement relating to
the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">The undersigned acknowledges
receipt of the Notice of Special General Meeting of Shareholders and Proxy Statement of the Company (the &ldquo;<B>Proxy Statement</B>&rdquo;)
relating to the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><B>This Proxy, when
properly executed, will be voted in the manner directed herein by the undersigned. If no direction is given with respect to any
of the proposals for the Meeting, this Proxy will be voted &ldquo;FOR&rdquo; each proposal and in such manner as the holder of
the Proxy determines with respect to any other business as may properly come before the Meeting or all and any adjournments or
postponements thereof. In such case, however, the votes under this Proxy will not count towards the special majority of shareholders
lacking a Personal Interest in any such proposal, as described in the Proxy Statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><B>Any and all proxies
heretofore given by the undersigned are hereby revoked.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Continued and to be signed on the reverse
side)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SPECIAL GENERAL MEETING OF SHAREHOLDERS
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CYBERARK SOFTWARE LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>December&nbsp;18, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Please date, sign and mail<BR>
your proxy card in the<BR>
envelope provided as soon<BR>
as possible.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&darr;Please detach
along perforated line and mail in envelope.&darr;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt dashed; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 8pt"><B>THE
BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; EACH PROPOSAL LISTED BELOW.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>PLEASE
SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE </B></FONT><B><FONT STYLE="font: 9pt Wingdings">x</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 4pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding: 4pt; text-align: justify; text-indent: 14.2pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">FOR</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">AGAINST</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">ABSTAIN</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" ROWSPAN="3" STYLE="border-right: Black 1pt solid; padding: 4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.7pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt"><B><U>Directions
        (Proposals 1(a), 1(b) and 2)</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.7pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">If
        you possess a Personal Interest (as described in the Proxy Statement) in the approval of Proposals 1(a), 1(b) or 2 and
        wish to vote &ldquo;For&rdquo; or &ldquo;Against&rdquo; any such proposal, you should not fill out your vote for such
        proposal in this proxy card but should instead indicate in the space below that you possess such a Personal Interest and
        should furthermore contact the Company&rsquo;s Corporate Secretary, Donna Rahav, at +972-3-918-0000 or<FONT STYLE="color: #365F91">
        </FONT>proxies@cyberark.com, who will advise you as to how to submit your vote for any such proposal.</FONT></P></TD>
    <TD STYLE="padding: 4pt"><P STYLE="text-align: justify; font-size: 10pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
        To ratify the election of Mr. Ron Gutler as an external director of the Company for a three year term, in accordance with
        the Israeli Companies Law, 5759-1999 (the &ldquo;<B>Companies Law</B>&rdquo;).</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 8pt">(b)
To ratify the election of Ms. Kim Perdikou as an external director of the Company for a three year term, in accordance with the
Companies Law.</FONT></P></TD>
    <TD STYLE="text-align: center; padding: 4pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; padding: 4pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; padding: 4pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; padding: 4pt 4pt 4pt 0.25in; text-indent: -0.25in">&nbsp;&nbsp;<FONT STYLE="font: 8pt Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;To
    approve a Compensation Policy with respect to the terms of service and employment of the Company&rsquo;s office holders, as
    such term is defined in the Companies Law.</FONT></TD>
    <TD STYLE="text-align: center; padding: 4pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; padding: 4pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; padding: 4pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt; padding: 4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>By
    filling out and returning this proxy card with respect to Proposals 1(a), 1(b) and/or 2 above, the undersigned hereby confirms
    (whether voting &ldquo;For&rdquo; or &ldquo;Against&rdquo; such proposal) that he, she or it does not possess a Personal Interest
    (as defined in the Companies Law) with respect to the subject matter of such proposal. If you possess a Personal Interest
    or believe that you possess a Personal Interest and wish to vote &ldquo;For&rdquo; or &ldquo;Against&rdquo; such proposal,
    you should not fill out your vote for such proposal and should instead follow the &ldquo;Directions&rdquo; opposite. </B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; text-align: justify; text-indent: 0in; font-size: 10pt; width: 26%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">To
    change the address on your account, please check the box at the right and indicate your new address in the address space above.
    Please note that changes to the registered name(s) on the account may not be submitted via this method.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 4pt; text-align: right; text-indent: -17.55pt; font-size: 10pt; width: 7%"><FONT STYLE="font-size: 14pt">&#9633;</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: justify; font-size: 10pt; text-indent: -15.85pt; width: 46%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 18pt; text-align: center; padding: 4pt; width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 18pt; text-align: center; padding: 4pt; width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 18pt; text-align: center; padding: 4pt; width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border-right: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">Signature
    of shareholder</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; border-right: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;Date</FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border-right: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;Signature
    of shareholder</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; border-right: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;Date</FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.95pt; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 26.95pt"><FONT STYLE="font-size: 7pt">Note:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Please
                                         sign exactly as your name or names appear on this Proxy. When shares are held jointly,
                                         each owner should sign. When signing as executor, administrator, attorney, trustee or
                                         guardian, please give full title as such. If the signer is a corporation, please sign
                                         full corporate name by a duly authorized officer, giving full title as such. If the signer
                                         is a partnership, please sign in partnership name by authorized person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.95pt; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
