<SEC-DOCUMENT>0001104659-21-076803.txt : 20210708
<SEC-HEADER>0001104659-21-076803.hdr.sgml : 20210708
<ACCEPTANCE-DATETIME>20210604105734
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-076803
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			monday.com Ltd.
		CENTRAL INDEX KEY:			0001845338
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		52 MENACHEM BEGIN RD.
		CITY:			TEL AVIV-YAFO
		STATE:			L3
		ZIP:			6713701
		BUSINESS PHONE:		972(55) 939-7720

	MAIL ADDRESS:	
		STREET 1:		52 MENACHEM BEGIN RD.
		CITY:			TEL AVIV-YAFO
		STATE:			L3
		ZIP:			6713701
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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    <TD ROWSPAN="22" STYLE="width: 70%">
    <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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm211978d15_f1img001.jpg" ALT="">&nbsp;</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">&nbsp;</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">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 4, 2021</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;&nbsp;</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">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>VIA EDGAR AND OVERNIGHT DELIVERY</U></I></B></P></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53rd at Third</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">885 Third Avenue</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York, New York 10022-4834</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tel: +1.212.906.1200 Fax: +1.212.751.4864</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">www.lw.com</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FIRM / AFFILIATE OFFICES</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moscow</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Munich</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brussels</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Century City</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orange County</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paris</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dubai</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riyadh</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D&uuml;sseldorf</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Diego</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frankfurt</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Francisco</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamburg</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seoul</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silicon Valley</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los Angeles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tokyo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madrid</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, D.C.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milan</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Lisa Etheredge, Robert Littlepage Mitchell Austin, Jan Woo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD><B>monday.com Ltd.<BR>
Amendment No. 2 to Registration Statement on Form&nbsp;F-1<BR>
Filed June 1, 2021<BR>
CIK No.&nbsp;0001845338</B></TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of our client, monday.com Ltd., a limited
company incorporated under the laws of the State of Israel (the &#8220;<B><I>Company</I></B>&#8221;), and pursuant to the applicable
provisions of the Securities Act of 1933, as amended (the &#8220;<B><I>Securities Act</I></B>&#8221;), and the rules&nbsp;promulgated
thereunder, please find enclosed for filing with the Securities and Exchange Commission (the &#8220;<B><I>Commission</I></B>&#8221;)
a complete copy of our Amendment No. 3 to Registration Statement on Form&nbsp;F-1 (the &#8220;<B><I>Registration Statement</I></B>&#8221;).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registration Statement reflects certain revisions
to the latest amendment to the Amendment No. 2 to the Registration Statement on Form F-1 in response to the comment letter from the Staff of the Commission (the &#8220;<B><I>Staff</I></B>&#8221;)
to Roy Mann, the Company&#8217;s Co-Chief Executive Officer, dated June 3, 2021. The responses provided herein are based on information
provided to Latham&nbsp;&amp; Watkins LLP by the Company.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The numbered paragraphs in italics below set forth
the Staff&#8217;s comments together with the response. Unless otherwise indicated, capitalized terms used herein have the meanings assigned
to them in the Registration 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"></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Page 2</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT="">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>Please revise your prospectus summary to disclose that your executive officers, directors and principal shareholders will continue
to have significant control over the company after this offering. Highlight the beneficial ownership percentage of this group, as well
as the beneficial ownership percentage of Insight Partners.</I></TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on page 13</FONT> to disclose the beneficial
ownership percentage of the Company&#8217;s executive officers, directors and principal shareholders, as well as the beneficial ownership
percentage of Insight Partners.</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: 0.5in"><B><U>Dilution, page 69</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>2.</I></FONT></TD><TD STYLE="text-align: justify"><I>Please disclose your historical net tangible book value (deficit) as of March 31, 2021 and how you considered redeemable convertible
preferred shares as part of that calculation. Please also revise to clarify how you calculated historical net tangible book value (deficit)
per ordinary share as of March 31, 2021.</I></TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on page 69</FONT> to disclose the Company&#8217;s
historical net tangible book value (deficit) as of March 31, 2021 and how the Company considered redeemable convertible preferred shares
as part of that calculation. In addition, the Company revised the disclosure to clarify how the Company calculated historical net tangible
book value (deficit) per ordinary share as of March 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>Management's Discussion and Analysis of Financial Condition and
Results of Operations Enterprise Customers, page 73</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>3.</I></FONT></TD><TD STYLE="text-align: justify"><I>You disclose here and elsewhere that your ARR from enterprise customers grew by 297% from 2019 to 2020 and 261% in the three months
ended March 31, 2021 compared to the same period in 2020. For all periods presented, please disclose the actual amounts of ARR from all
customers, ARR from enterprise customers, and ARR from customers with more than 10 users.</I></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; text-indent: 0.5in"><B>Response:</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on page 73</FONT> to disclose the actual
amounts of ARR from all customers, ARR from enterprise customers, and ARR from customers with more than 10 users.</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"></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>Page 3</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT="">&nbsp;</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: 0.5in"><B><U>Consolidated Financial Statements </U></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: 0.5in"><B><U>Note 11: Shareholders' Equity, page F-25</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>4.</I></FONT></TD><TD STYLE="text-align: justify"><I>We note the anticipated price range for your offering as provided in your correspondence dated May 24, 2021. Please provide us
with a breakdown of the details of all stock-based compensation awards granted during 2020 and through the current date, including the
fair value of the underlying stock used to value such awards. To the extent there were any significant fluctuations in the fair values,
please describe for us the factors that contributed to such fluctuations, including any intervening events within the company or changes
in your valuation assumptions or methodology.</I></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; text-indent: 0.5in"><B>Response:</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 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment, the
Company respectfully advises the Staff that the following table presents the grant dates and related exercise prices of options granted
to employees, non-employee directors and consultants during 2020 and 2021:</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"></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; text-indent: 0.5in; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Page 4</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Determination of Ordinary Shares Fair Value
for Equity Related Awards Issuances</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Date of Grant</B></P></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Number of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Ordinary</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Shares</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>underlying</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Options</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Granted</B></P></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exercise Price of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Options Granted</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>per Ordinary</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share (1)</B></P></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Estimated Fair Value</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>per Ordinary Share</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on Grant Date </B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;9, 2020 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">523,071</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.9-$25.63 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$31.92</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;17, 2020 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,516</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7.69 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$31.92</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;31, 2020 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">345,109</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.9-31.92 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$39.40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&nbsp;31, 2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">468,376</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4.79-31.92 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$46.89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;14, 2020 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.9-31.92 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$54.37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;22, 2020 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,279</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.9-$4.79 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$54.37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;6, 2020 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,094</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.9-54.37</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$58.34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;28, 2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">486,657</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ -</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$62.52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;14, 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,221,098</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.90-$62.52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$81.27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;17, 2021 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">125,092</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9.38</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$82.19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;28, 2021 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,639</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9.38</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$85.57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;05, 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191,100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$90.18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 91%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price range reflects variance in exercise prices for options granted to employees based in Israel and employees based in the United States. Pursuant to Israeli law, options may be granted to employees with an exercise price per share below fair value; provided, however, that the compensation charge taken by the grantor of the options be the fair value per share of such grants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At this time, the fair value per share of ordinary shares as of May&nbsp;5, 2021 for financial reporting purposes has not been determined.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&rsquo;s ordinary
shares underlying the Company&rsquo;s options had been determined at each grant date by the Company&rsquo;s Board of Directors (&ldquo;<B><I>Board</I></B>&rdquo;),
taking into account third-party valuations reports (&ldquo;<B><I>Valuation Reports</I></B>&rdquo;) and inputs from management. Given the
lack of observable daily share prices, and in accordance with the American Institute of Certified Public Accountants&rsquo; Accounting
and Valuation Practice Aid,&nbsp;<I>Valuation of Privately-Held Company Equity Securities Issued as Compensation</I> (the &ldquo;<B><I>AICPA
Practice Aid</I></B>&rdquo;), management and the Board exercised reasonable judgment and considered numerous objective and subjective
factors to determine the best estimate of the fair value of the Company&rsquo;s ordinary shares at each grant date, including but not
limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">third-party valuations and secondary sales of the Company&rsquo;s ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rights, preferences and privileges of the Company&rsquo;s convertible preferred shares relative to
those of its ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">lack of marketability of the Company&rsquo;s ordinary shares;</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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Page 5</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT=""></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">current business conditions and projections;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s actual operating and financial performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the hiring of key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the public trading prices of comparable companies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the likelihood of an initial public offering (&ldquo;<B>IPO</B>&rdquo;), sale or private company scenarios.</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; text-align: justify"><B><I>Valuation Methodology</I></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-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
valuing the fair value of the Company&rsquo;s ordinary shares, absent an arm&rsquo;s-length current or recent financing round, the enterprise
pricewas determined using a combination of the income approach and market approach. The income approach estimates value based on the expectation
of future cash flows that the Company will generate. These future cash flows are discounted to their present values using a discount rate
based on the capital rates of return for comparable publicly traded companies and are adjusted to reflect the risks inherent in the Company&rsquo;s
cash flows relative to those inherent in the comparable companies utilized in the discount rate calculation. The market approach applied
was the Guideline Public Company Method (&ldquo;<B><I>GPCM</I></B>&rdquo;), which estimates value based on a comparison of the Company
to comparable public companies in a similar line of business. From the comparable companies, a representative market multiple is determined
and then applied to the Company&rsquo;s financial results to estimate the value of the Company. In deriving the enterprise value, a weighting
was used for each of the income approach and market approach. The resulting enterprise value was then allocated to each share class using
an Option Pricing Model (&ldquo;<B><I>OPM</I></B>&rdquo;). The OPM allocates the overall company value to the various share classes based
on differences in liquidation preferences, participation rights, dividend policy, and conversion rights, using a series of call options.
The call option is valued using a Black-Scholes option pricing model. The OPM is appropriate to use when the range of possible future
outcomes is difficult to predict. Beginning March&nbsp;2021, the Company utilized the hybrid method, which is a hybrid between the probability-weighted
expected return method (&ldquo;<B><I>PWERM</I></B>&rdquo;) and the OPM, estimating the probability-weighted value across multiple scenarios
along with the OPM to allocate value among the various share classes for certain scenarios. </FONT> The PWERM is typically used when the
range of possible future outcomes and liquidity events for an enterprise has narrowed, giving the enterprise a higher degree of confidence
in the achievement of a particular outcome. As such, the PWERM can give more weight to the likely liquidity scenarios as compared to the
normative distribution of the outcomes in the OPM.</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: justify">Under PWERM, the value of a company&rsquo;s ordinary
share is estimated based upon an analysis of future values for the entire enterprise assuming various outcomes. For each of the various
scenarios, an enterprise value is estimated and the rights and preferences for each class of shareholders are considered to allocate the
enterprise value to ordinary shares. The ordinary share value is then multiplied by a discount factor reflecting the calculated discount
rate and the timing of the event. The resulting ordinary share value is then multiplied by an estimated probability for each scenario.
The probability and timing of each scenario are based on discussions between the Board and management.</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"></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Page 6</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT=""></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company considered that, in the event of an IPO, its preferred shares would convert into ordinary shares on a one-to-one basis and, accordingly,
would receive the same amount of proceeds per share as ordinary shares. In the case of a sale or liquidation of the Company, the preferred
shares would receive </FONT>the higher of their liquidation preferences and allocation of an amount per share as would have been payable
had all shares been converted into ordinary shares immediately prior to liquidation on a <I>pro rata</I> basis. Accordingly, the Company
determined the fair value of its ordinary shares under three scenarios (IPO, sale and private company) and then applied a weighted average
of these values based on their relative probabilities in order to calculate the final per share value.</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: justify">In determining the estimated fair value of the
Company&rsquo;s ordinary shares as of each grant date, and after determining the fair value of the ordinary shares on a minority, marketable
basis, the Board also considered that the Company&rsquo;s shares are not freely tradable in the public markets. Therefore, the estimated
fair value of the Company&rsquo;s ordinary shares at each grant date reflects a discount for lack of marketability (&ldquo;<B><I>DLOM</I></B>&rdquo;)
partially based on the anticipated likelihood and timing of a future liquidity event as well as a function of the Company&rsquo;s estimated
volatility, derived primarily using the volatility of comparable publicly traded companies.</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: justify">In addition, the Company also considered any secondary
transactions involving its shares. In the Company&rsquo;s evaluation of those transactions, the Company considered the facts and circumstances
of each transaction to determine the extent to which they represented a fair value exchange. Factors considered include transaction volume,
proximity to other transactions, as well as the valuation date, frequency of similar transactions, whether the transactions occurred between
willing and unrelated parties, and whether the transactions involved parties with sufficient access to the Company&rsquo;s financial information
from which to make an informed decision on price.</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: justify">For financial reporting purposes, and as further
described below, the Company retrospectively assessed the fair value used for computing share-based compensation and considered the amount
of time between the valuation date and the grant date to determine whether to use the latest ordinary share valuation determined pursuant
to the methods described above or a straight-line methodology to interpolate the estimated fair value between two valuation dates. The
Company determined that the straight-line methodology would provide the most reasonable basis for the valuation of the ordinary share
on these interim dates between valuations because there was no single event that occurred during these periods that resulted in the increase
in fair value but rather continued progress consistent with the Company&rsquo;s financial targets, as well as the Company&rsquo;s progress
toward a liquidity event.</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: justify">In establishing the exercise price of the equity
awards granted on each grant date, the Board considered the most recent Valuation Report available to the Board at such time, which reflected
a valuation of the underlying ordinary share.&nbsp;As described above, this differs from the reassessed estimated fair value for financial
reporting purposes, as such reassessed estimated fair value incorporated information related to comparable publicly traded companies that
was obtained during the underwriter process and was not available at the time of the grant.</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"></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Page 7</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT=""></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary of Valuations</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-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>March&nbsp;2020
</I></B></FONT><B><I>Valuation</I></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-align: justify">The Company&rsquo;s management and Board determined
that the fair value of its ordinary shares as of March&nbsp;9, 2020&nbsp;and March&nbsp;17, 2020 was $31.92 (the &ldquo;<B><I>March&nbsp;2020
Valuation</I></B>&rdquo;) per share after considering a number of objective and subjective factors consistent with the AICPA Practice
Aid, including a third-party valuation. The enterprise value was determined by applying a weighting between the income approach (50%)
using a discount rate of 23%, and the GPCM approach (50%), following which the OPM was applied to allocate the enterprise value of the
Company to the various classes and series of the Company&rsquo;s share capital, including the Company&rsquo;s ordinary shares. The value
per ordinary share was determined by applying a weighting of IPO scenario (20%) resulting in a share price of $38.58, sale scenario (45%)
resulting in a share price of $37.67 and private company scenario (35%) resulting in a share price of $36.97, and the March&nbsp;31,2021
Valuation further applied 18%, 18% and 26% discounts in the IPO, sale and private company scenarios, respectively, to reflect that the
value of the ordinary shares was on a non-marketable basis.</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: justify">In addition, certain secondary share purchase
transactions took place between July&nbsp;and December&nbsp;2019, representing in aggregate 2.3% of the total fully diluted ordinary shares
outstanding of the Company at the valuation date. The secondary share purchase transactions consisted of sales of the Company&rsquo;s
ordinary shares to new and existing investors and were all executed at $38.18 per share. Although the Company does not believe the secondary
share purchase transactions fairly represent the fair value of the Company&rsquo;s ordinary shares, the transactions do represent tangible
evidence of an orderly transaction involving the Company&rsquo;s ordinary shares and, accordingly, the Company included the secondary
share purchase transactions in the valuation. A weighting of 25% was assigned to the secondary share purchase transactions, while a weighting
of 75% was assigned to the value of $29.81 from the application of the OPM, as discussed above.</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: justify"><B><I>September&nbsp;2020 Valuation</I></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-align: justify">The Company&rsquo;s management and Board determined
that the fair value of the ordinary shares as of the September&nbsp;14, 2020&nbsp;and September&nbsp;22, 2020 option grants to be $54.37
(the &ldquo;<B><I>September&nbsp;2020 Valuation</I></B>&rdquo;) per share. A number of objective and subjective factors were considered
consistent with the AICPA Practice Aid, including a third-party valuation dated September&nbsp;30, 2020. The enterprise value used was
determined by applying a weighting between the income approach (50%) using a discount rate of 19%, and the GPCM approach (50%), following
which the OPM was applied to allocate the enterprise value of the Company to the various classes and series of the Company&rsquo;s share
capital, including the Company&rsquo;s ordinary shares. The value per ordinary share was determined by applying a weighting of IPO scenario
(33%) resulting in a share price of $62.07, sale scenario (33%) resulting in a share price of $61.78 and private company scenario (33%)
resulting in a share price of $61.01, and the September&nbsp;2020 Valuation further applied 16.3%, 16.3% and 25% discounts in the IPO,
sale and private company scenarios, respectively, to reflect that the value of the ordinary shares was on a non-marketable basis.</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: justify">The probability of an IPO scenario increased compared
to the previous valuation because the Company initiated its IPO-readiness processes at the beginning of September&nbsp;2020.</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: justify">During June&nbsp;2020 through July&nbsp;2020,
certain secondary share purchase transactions took place, representing in aggregate 1.4% of the total fully diluted ordinary shares outstanding
of the Company at the valuation date. The secondary share purchase transactions consisted of sales of the Company&rsquo;s ordinary shares
to existing investors and were all executed at $58.96 per share. Although the Company does not believe the secondary share purchase transactions
fairly represent the fair value of the Company&rsquo;s ordinary shares, the transactions do represent tangible evidence of an orderly
transaction involving the Company&rsquo;s ordinary shares and accordingly, the Company included the secondary share purchase transactions
in the valuation. A weighting of 50% was assigned to the secondary share purchase transactions, and 50% was assigned to the value of $49.79
from the application of the OPM, as discussed above.</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"></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Page 8</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT=""></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>May&nbsp;and July&nbsp;2020 Grants</I></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-align: justify">The Company&rsquo;s management and Board determined
the fair market value based on a straight-line interpolation between the concluded fair values of the March&nbsp;2020 Valuation and the
September&nbsp;2020 Valuation, which resulted in a fair market value per ordinary share of $39.4 in the May&nbsp;31, 2020 options grant
and $46.89 in the July&nbsp;31, 2020 options grant. The use of the straight-line interpolation was concluded to be appropriate as it represents
the continued growth of the Company&rsquo;s business and as the Company did not identify any single event that occurred during the period
between the two valuation dates that would have caused a material change in fair value at the date of the grant other than the passage
of time.</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: justify"><B><I>December&nbsp;2020 Valuation</I></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-align: justify">The Company&rsquo;s management and Board determined
that the fair value of the Company&rsquo;s ordinary shares as of December&nbsp;15, 2020 was $62.52 (the &ldquo;<B><I>December&nbsp;2020
Valuation</I></B>&rdquo;) per share considering a number of objective and subjective factors consistent with the AICPA Practice Aid, including
a third-party valuation. The enterprise value was determined by applying a weighting between the income approach (50%) using a discount
rate of 16.5%, and the GPCM approach (50%), following which the OPM was applied to allocate the enterprise value of the Company to the
various classes and series of the Company&rsquo;s share capital, including the Company&rsquo;s ordinary shares. The value per ordinary
share was determined by applying a weighting of IPO scenario (40%) resulting in a share price of $74.07, sale scenario (40%) resulting
in a share price of $74.02 and private company scenario (20%) resulting in a share price of $72.89, and the December&nbsp;2020 Valuation
further applied 12.3%, 12.3% and 27.3% discounts in the IPO, sale and private company scenarios, respectively, to reflect that the value
of the ordinary shares was on a non-marketable basis.</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: justify">The probability of an IPO scenario increased compared
to the previous valuation due to the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company completed interviews with several investment banks in late November&nbsp;2020 and, in December&nbsp;2020,
selected the lead underwriters that were intended to represent the Company in a potential IPO; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">following the organizational meeting on December&nbsp;9, 2020, the Company began drafting sessions of
the registration statement on Form&nbsp;F-1 in late January&nbsp;2021, although the Company did not submit the initial draft of the registration
restatement until mid-March&nbsp;2021 and did not conduct any &ldquo;testing-the-waters&rdquo; meetings at this time.</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; background-color: white"><B><I>November&nbsp;2020 grants</I></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-align: justify">The Company&rsquo;s management and Board determined
the fair market value based on a straight-line interpolation between the concluded fair values of the September&nbsp;2020 Valuation and
the December&nbsp;2020 Valuation, which resulted in fair market value per ordinary share of $58.34 in the November&nbsp;6, 2020 options
grant.. The use of the straight-line interpolation was concluded to be appropriate as it represents the continued growth of the Company&rsquo;s
business and as the Company did not identify any single event that occurred during the period between the two valuation dates that would
have caused a material change in fair value at the date of the grant other than the passage of time.</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"></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Page 9</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT=""></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>March&nbsp;2021
</I></B></FONT><B><I>Valuation</I></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-align: justify">The Company&rsquo;s management and Board determined
that the fair value of the Company&rsquo;s ordinary shares as of March&nbsp;15, 2021 was $90.18 (the &ldquo;<B><I>March&nbsp;2021 Valuation</I></B>&rdquo;)
per share after considering a number of objective and subjective factors consistent with the AICPA Practice Aid, including a third-party
valuation. The enterprise value was determined by applying a weighting between the income approach (50%) using a discount rate of 14.5%,
and the GPCM approach (50%), along with estimating the Company&rsquo;s enterprise value using a PWERM allocation methodology because the
likelihood of a successful IPO had increased given the Company had confidentially submitted a registration statement with the Commission
in March&nbsp;2021. The OPM was applied to allocate the enterprise value of the Company to the various classes and series of the Company&rsquo;s
share capital, including the Company&rsquo;s ordinary shares and the PWERM allocation was used for the different IPO scenarios that were
utilized. The value per ordinary share was determined by applying a weighting of IPO scenario (50%) resulting in a share price of $118.54,
sale scenario (30%) resulting in a share price of $100.17 and private company scenario (20%) resulting in a share price of $99.71, and
the March&nbsp;2021 Valuation further applied 15.0%, 16.0% and 27.0% discounts in the IPO, sale, and private company scenarios, respectively,
to reflect that the value of the ordinary shares was on a non-marketable basis.</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: justify">The probability of an IPO scenario increased compared
to the previous valuation due to the Company having submitted a confidential draft registration statement in March&nbsp;2021.</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: justify"><B><I>February&nbsp;2021 Grants</I></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-align: justify">The Company&rsquo;s management and Board determined
the fair market value based on a straight-line interpolation between the concluded fair values of the December&nbsp;2020 Valuation and
the March&nbsp;2021 Valuation, which resulted in fair market value per ordinary share of $81.27 in the February&nbsp;14, 2021 options
grant, $82.19 in the February&nbsp;17, 2021 options grant and $85.57 in the February&nbsp;28, 2021 options grant. The use of the straight-line
interpolation was concluded to be appropriate as it represents the continued growth of the Company&rsquo;s business and as the Company
did not identify any single event that occurred during the period between the two valuation dates that would have caused a material change
in fair value at the date of the grant other than the passage of time.</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"></P>

<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Page 10</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT=""></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional Considerations</I></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-align: justify">In addition to the analysis above, the Company
also submits that the ordinary share valuations described above are reasonable due to: (i)&nbsp;the preliminary price range included in
the Registration Statement (the &ldquo;<B><I>Preliminary Price Range</I></B>&rdquo;) assumes that the IPO has occurred and that a public
market for the Company&rsquo;s ordinary shares has been created, and therefore excludes any marketability or illiquidity discount for
the ordinary shares, which was appropriately taken into account in the Board&rsquo;s fair value determinations throughout 2020 and 2021;
(ii)&nbsp;the differences in the valuation methodologies, assumptions and inputs used by the underwriters in their valuation analysis
discussed with the Company&rsquo;s management, which assume a successful IPO with no weighting attributed to any other outcome, compared
to the valuation methodologies, assumptions and inputs used in the valuations considered by the Board; (iii)&nbsp;the differences in comparable
companies in the SAAS market discussed between the Company and the underwriters with respect to the underwriters&rsquo; view of the initial
public offering market and the positioning of the Company for a successful IPO, as compared to the narrower set of comparable companies
used by the Board in determining the valuations; (iv)&nbsp;the time value of money taking into account the expected timing of the IPO
and potential delays in that timing; (v)&nbsp;the possibility that the actual offering price could be lower than the Preliminary Price
Range; and (vi)&nbsp;the 180-day gradual lock-up to which certain of the shares underlying options will be subject after the IPO.</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: justify">Furthermore, the Preliminary Price Range takes
into account recent performance and valuations of companies that the underwriters expect will be viewed as comparable to the Company.
While market conditions have remained volatile since December&nbsp;2020, market conditions have improved and stock indices and multiple
technology companies have reached or returned to near all-time highs and there have been a number of successful initial public offerings
over the past number of months. Market conditions have improved in recent weeks as a result of the improvement in the economic outlook
in the United States following the rollout of vaccines and other recent developments involving the COVID-19 pandemic. For example, in
May&nbsp;2021, the United Nations increased its global growth projections to 5.4% for 2021, raising its projection of 4.7% growth from
January&nbsp;2021, citing a rebounding U.S. economy. Similarly, in May&nbsp;2021, the Organisation for Economic Co-operation and Development
increased its global growth projection to 5.8% for 2021, revising its projection of 4.2% growth from December&nbsp;2020. In addition,
in helping to determine the Preliminary Price Range, the underwriters also proposed applying higher multiples to the Company&rsquo;s financial
results to determine a more current public company valuation in light of recent developments and initiatives to re-open the economy following
the COVID-19 pandemic. For example, in May&nbsp;2021, the United States Centers for Disease Control and Prevention provided updated guidance
for wearing masks to slow the spread of COVID-19. These and other recent developments and initiatives are expected to reduce a number
of the headwinds facing the business and operations of the Company and its customers.</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: justify">As such, considering all of the above, the Company
believes it has fully complied with all applicable rules&nbsp;and regulations for the determination of fair value, including the best
practices outlined in the AICPA Practice Aid. The Company also believes that the fair values determined by the Board for the ordinary
share underlying each options grant are appropriate and demonstrate the Board&rsquo;s consideration of all relevant factors in determining
fair value at each valuation date. Accordingly, the Company submits that it believes that its determination of the fair value of the ordinary
shares for financial reporting purposes is appropriate and it has properly reflected the share-based compensation expense for its historical
grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&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="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 4, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>Page 11</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"><IMG SRC="tm211978d15_f1img002.jpg" ALT="">&nbsp;</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; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Please do not hesitate to contact me at +44.20.7710.5820
with any questions or further comments you may have regarding this submission or if you wish to discuss the above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joshua G. Kiernan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joshua G. Kiernan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of LATHAM&nbsp;&amp; WATKINS LLP</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">Enclosures</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">cc:</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(via e-mail)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Roy Mann, Co-Chief Executive Officer, monday.com Ltd.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Eran Zinmann, Co-Chief Executive Officer, monday.com Ltd.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Eliran Glazer, Chief Financial Officer, monday.com Ltd.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Shiran Nawi, General Counsel, monday.com Ltd.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Marc D. Jaffe,&nbsp;Esq., Latham&nbsp;&amp; Watkins LLP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Ian D. Schuman,&nbsp;Esq., Latham&nbsp;&amp; Watkins LLP</TD></TR>
  </TABLE>


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

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

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