<SEC-DOCUMENT>0000950103-20-015946.txt : 20200817
<SEC-HEADER>0000950103-20-015946.hdr.sgml : 20200817
<ACCEPTANCE-DATETIME>20200817164706
ACCESSION NUMBER:		0000950103-20-015946
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200817
DATE AS OF CHANGE:		20200817
EFFECTIVENESS DATE:		20200817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMDOCS LTD
		CENTRAL INDEX KEY:			0001062579
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-248075
		FILM NUMBER:		201110815

	BUSINESS ADDRESS:	
		STREET 1:		HIRZEL HOUSE, SMITH STREET
		STREET 2:		ST. PETER PORT
		CITY:			GUERNSEY
		STATE:			X0
		ZIP:			GY1 2NG
		BUSINESS PHONE:		011-44-1481-728444

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 263, HIRZEL HOUSE, SMITH STREET
		STREET 2:		ST. PETER PORT
		CITY:			GUERNSEY
		STATE:			X0
		ZIP:			GY1 2NG
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp134364_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on August 17, 2020</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: right; border-bottom: Black 4.5pt double"><B>Registration
No. 333-______</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</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; text-align: center">Washington, D.C. 20549</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</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"></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">AMDOCS LIMITED</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; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</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">&nbsp;</P>



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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><B>Guernsey</B></TD>
    <TD STYLE="width: 33%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center"><B>Not Applicable</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or Other Jurisdiction of<BR>
Incorporation or Organization)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer<BR>
Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Hirzel House, Smith Street,<BR>
St. Peter Port, Guernsey, <BR>
GY1 2NG</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">(Address including zip code of Principal Executive Offices)</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>


<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: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><B>1998 STOCK OPTION AND INCENTIVE PLAN, AS AMENDED</B></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">(Full Title of the Plan)</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o Matthew E. Smith, Amdocs Inc. 1390
        Timberlake Manor Parkway, Chesterfield, Missouri 63017<BR>
        Telephone: </B></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; text-align: center"><B>(314) 212-8328</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">(Telephone Number, Including Area Code, of Agent For Service)<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B><I>Copy to:</I></B></FONT><B><I></I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michael Kaplan</B></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; text-align: center"><B>Davis Polk &amp; Wardwell LLP</B></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; text-align: center"><B>450 Lexington Avenue<BR>
        New York, New York 10017</B></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; text-align: center"><B>(212) 450-4000&nbsp;</B></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company,&rdquo; and &quot;emerging growth company&quot; in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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; background-color: white">
    <TD STYLE="width: 67%">Large accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 33%">Accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Non-accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT> (Do not check if a smaller reporting company)</TD>
    <TD>Smaller reporting company&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings">o</FONT></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; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Title Of Securities To Be Registered</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Amount To Be <BR>
Registered (1)</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Proposed Maximum Offering Price Per Share (2)</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Proposed Maximum Aggregate Offering Price (2)</FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Amount Of<BR>
Registration Fee (3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">Ordinary Shares, &pound;0.01 par value&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 10pt">3,000,000</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">$61.075</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">$183,225,000</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">$23,782.61</FONT></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Form S-8 registration
statement (this &ldquo;Registration Statement&rdquo;) shall also cover any additional Ordinary Shares that become issuable under
the Plan (as hereinafter defined) being registered pursuant to this Registration Statement by reason of any stock dividend, stock
split, recapitalization or any other similar transaction effected without the receipt of consideration that results in an increase
in the number of the Registrant&rsquo;s outstanding Ordinary Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in">(2)</TD><TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h) of the Securities
Act, and based upon the average of the high and low prices of the Registrant&rsquo;s Ordinary Shares as reported on the Nasdaq
Global Select Market on August 13, 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in">(3)</TD><TD>Rounded up to the nearest penny.</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; text-align: justify; text-indent: 0.25in"><B>The
prospectus included in this Registration Statement is a combined prospectus which also relates to an aggregate of 67,550,000 Ordinary
Shares previously registered under the Company&rsquo;s registration statements on Form S-8 filed on February 12, 2018 (File No.
333-222992), January 30, 2014 (File No. 333-193659), May 12, 2009 (File No. 333-159163), April 4, 2006 (File No. 333-132968), March
31, 2004 (File No. 333-114077), April 6, 2001 (File No. 333-58454), March 2, 2000 (File No. 333-31506) and December 14, 1999 (File
No. 333-92705).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-bottom: Black 4.5pt double">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: bold 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-indent: 0.25in">This Registration Statement on Form S-8
is being filed for the purpose of registering 3,000,000 ordinary shares, par value &pound;0.01 per share (&ldquo;Ordinary Shares&rdquo;),
of Amdocs Limited (the &ldquo;Company&rdquo;) authorized for issuance pursuant to the Company&rsquo;s 1998 Stock Option and Incentive
Plan, as amended (the &ldquo;Plan&rdquo;). These additional shares were authorized for issuance as a result of the adoption of
amendments to the Plan approved by the Company&rsquo;s Board of Directors in November 2019 and shareholders in January 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>PART I</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>INFORMATION REQUIRED
IN THE SECTION 10(A) PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Item 1. PLAN INFORMATION.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information specified in Item 1 and
Item 2 of Part I is omitted from this filing and is included in documents sent or provided to participants in the Plan covered
by this Registration Statement pursuant to Rule 428(b)(1) of the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>PART II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Item 3. <FONT STYLE="text-transform: uppercase">INCORPORATION
BY REFERENCE.</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">The Registrant is subject to the informational
and reporting requirements of Sections 13(a), 14, and 15(d) of the Exchange Act, and in accordance therewith files reports and
other information with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;). The following documents, which are
on file with the Commission, are incorporated in this Registration Statement by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) Pursuant to General Instruction E to
Form S-8, the contents of eight registration statements on Form S-8 (File Nos. 333-222992, 333-193659, 333-159163, 333-132968,
333-114077, 333-58454, 333-31506 and 333-92705) previously filed by the Company with respect to Ordinary Shares offered pursuant
to the Plan are hereby incorporated by reference herein, and the opinions and consents listed below are filed herewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) The Registrant&rsquo;s Annual Report
on Form 20-F for the fiscal year ended September 30, 2019, as filed by the Company on December 19, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) All other reports filed pursuant to
Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the document referred to in (b) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) The description of the Registrant&rsquo;s
Ordinary Shares contained in the Registrant&rsquo;s Registration Statement on Form 8-A as filed with the Commission on December
19, 2013, including any amendment or report filed for updating such description.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Item 8. EXHIBITS.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; text-align: center; font-size: 8pt; font-weight: bold"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Exhibit</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;<U>Number</U></FONT></P></TD>
    <TD STYLE="padding-left: 0.25in; width: 91%; text-align: left; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><A HREF="dp134364_ex0501.htm">5.1</A></TD>
    <TD STYLE="padding-left: 0.25in"><A HREF="dp134364_ex0501.htm">Opinion of Carey Olsen.</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><A HREF="dp134364_ex0501.htm">23.1</A></TD>
    <TD STYLE="padding-left: 0.25in; width: 44%"><A HREF="dp134364_ex0501.htm">Consent of Carey Olsen (included in Exhibit 5.1).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><A HREF="dp134364_ex2302.htm">23.2</A></TD>
    <TD STYLE="padding-left: 0.25in"><A HREF="dp134364_ex2302.htm">Consent of Ernst &amp; Young LLP.</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><A HREF="#poa">24.1</A></TD>
    <TD STYLE="padding-left: 0.25in"><A HREF="#poa">Power of Attorney (included on the signature page of this Registration Statement).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><A HREF="dp134364_ex9901.htm">99.1</A></TD>
    <TD STYLE="padding-left: 0.25in"><A HREF="dp134364_ex9901.htm">Amdocs Limited 1998 Stock Option and Incentive Plan, as amended.</A></TD></TR>
</TABLE>

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

<P STYLE="font: bold 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-indent: 0.25in">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, on
this 17 day of August 2020.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">AMDOCS LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Matthew E. Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD>Matthew E. Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Secretary and Authorized Signatory</TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa"></A>POWER OF ATTORNEY AND SIGNATURES</P>

<P STYLE="font: bold 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-indent: 0.25in">We, the undersigned officers and directors
of Amdocs Limited, hereby severally constitute Matthew E. Smith and T<FONT STYLE="background-color: white">amar Rapaport-Dagim<B><I>&nbsp;</I></B>(with
full power to each of them to act alone)</FONT>, and each of them singly, our true and lawful attorneys-in-fact and agents with
full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Registration
Statement on Form S-8 filed herewith and any and all subsequent amendments to said Registration Statement, and generally to do
all such things in our names and behalf in our capacities as officers and directors to enable Amdocs Limited to comply with all
requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by
said attorneys-in-fact, or any of them, to said Registration Statement and any and all amendments thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 37%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Signature</U></FONT></TD>
    <TD STYLE="width: 40%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Title</U></FONT></TD>
    <TD STYLE="width: 23%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Date</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Shuky Sheffer</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
        Director and President&nbsp;&amp; Chief Executive Officer (Principal Executive Officer)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Shuky Sheffer</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Tamar Rapaport-Dagim</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Chief Financial and <FONT STYLE="background-color: white">Chief Operating Officer </FONT>(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Tamar Rapaport-Dagim</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">/s/ Robert A. Minicucci</P></TD>
    <TD STYLE="text-align: center">Chairman of the Board</TD>
    <TD STYLE="text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Robert A. Minicucci</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">/s/ Eli Gelman</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Eli Gelman</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">/s/ Rafael de la Vega</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Rafael de la Vega</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0">/s/ Adrian Gardner</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Adrian Gardner</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0">/s/ Giora Yaron</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Giora Yaron</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">/s/ James S. Kahan</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">James S. Kahan</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0">/s/ Richard T.C. LeFave</P></TD>
    <TD STYLE="width: 40%; text-align: center">Director</TD>
    <TD STYLE="width: 23%; text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Richard T.C. LeFave</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">/s/ John A. MacDonald</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">August 17, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John A. MacDonald</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">/s/ Yvette Kanouff</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">
        <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">August 17, 2020</P>
        <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid">Yvette Kanouff</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED REPRESENTATIVE</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-indent: 0.25in">Pursuant to the requirements of the&nbsp;Securities
Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Amdocs Limited, has signed
this Registration Statement on August 17, 2020.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Matthew E. Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">Name:</TD>
    <TD>Matthew E. Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;&nbsp;&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secretary and Authorized Signatory</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp134364_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>EXHIBIT
5.1</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>OPINION
OF CAREY OLSEN</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 212px; width: 794px"></P>

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



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; padding-left: 1.7pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-left: 1.7pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 1.7pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Our Ref:</FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">TC/RDLH/1000662/0111/G12102541v4</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.7pt; text-align: right; text-indent: 3.5in">17  August
        2020</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.7pt; text-align: center; text-indent: 3.5in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.7pt; text-align: left">Amdocs Limited<BR>
        Hirzel House, Smith Street<BR>
        St. Peter Port<BR>
        Guernsey<BR>
        GY1 2NG</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.7pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(the &quot;<B>Recipient</B>&quot;)</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Dear Sirs,</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD><B>INTRODUCTION</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">You have asked for our legal opinion on matters of Guernsey law in connection with the registration
with the United States Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) of 3,000,000 ordinary shares of &pound;0.01
each in the Company (the &quot;<B>Shares</B>&quot;) authorized for issuance pursuant to the Company&rsquo;s 1998 Stock Option and
Incentive Plan as amended on 2 February 2012 and 27 January 2017 and as further amended on 31 January 2020 (the &quot;<B>Option
Plan</B>&quot;) and the Company executing and filing with the SEC a Form S-8 (registration statement) dated 17 August 2020 (the
&quot;<B>Registration Statement</B>&quot;). The Option Plan provides that officers, directors, employees and consultants of the
Company (amongst other persons) (&quot;<B>Optionholders</B>&quot;) may be granted stock options, restricted stock awards and other
stock-based awards (the &quot;<B>Awards</B>&quot;) pursuant to the terms of the Option Plan and award agreements governing the
terms of such Awards (&quot;<B>Award Grant Agreement</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">The Option Plan and the Registration Statement are in this opinion together referred to as the
&quot;<B>Plan Documents</B>&quot;.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">Except as expressly referred to in this opinion we have not seen or examined, and give no opinion
on, any underlying or other documents referred to in the Plan Documents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">We are lawyers qualified to practice law in and to advise on the laws of the Island of Guernsey.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-weight: normal">2.</FONT></TD><TD><B>INSPECTION</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">In addition to examining the Plan Documents,
for the purpose of giving this opinion we have examined the following documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">a copy of the certificate of incorporation of the Company as filed at the registry of companies
in Guernsey (the &quot;<B>Registry</B>&quot;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>PARTNERS:
</B>A Alexander C Anderson A Boyce T Carey R Clark T Corfield D Crosland M Dunster K Friedlaender E Gray</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">J
Greenfield D Jones N Kapp T Lane K Le Cras D Le Marquand B Morgan J Morgan <B>CONSULTANTS:</B> N Carey M Eades J Greenfield G
Hall</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">The Guernsey
limited liability partnership known as Carey Olsen (Guernsey) LLP is a limited liability partnership incorporated in Guernsey
on 1 March 2018 with its registered office at Carey House, Les Banques, St Peter Port GY1 4BZ and registration number 95 (which
until 28 February 2018 operated as a legal partnership in Guernsey under the name &quot;Carey Olsen&quot;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">a copy of the Memorandum and Articles of Incorporation of the Company as filed at the Registry
at the date hereof (together the &quot;<B>Articles</B>&quot;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">copies of the minutes of the meetings of the board of directors of the Company dated 8 November
2011, 8 November 2016 and 12 November 2019 signed by the chairman of the respective meetings at which the director&rsquo;s authorized
the amendments to the Option Plan (the &quot;<B>Minutes</B>&quot;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">copies of (i) the proxy ballot in respect of the annual general meeting of shareholders held on
2 February 2012 (the &quot;<B>Proxy Ballot</B>&quot;) and (ii) the Form 6-K filed with the SEC for the month of January 2017 confirming,
amongst other things, the shareholders' approval to the 2017 amendment of the Option Plan (the &quot;<B>Form 6-K</B>&quot;) and
(iii) the Form 6-K filed with the SEC for the month of January 2020 confirming, amongst other things, the shareholders' approval
to the 2020 amendment of the Option Plan (the &quot;<B>2020 Form 6-K</B>&quot;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">the public records of the Company on file and available for the purposes of public inspection
                                                           at the Registry on 17 August 2020 and a search of the computerized records of matters raised in the Royal Court of Guernsey
                                                           (the &quot;<B>Royal Court</B>&quot; which definition shall include any court in the Island of Guernsey where the context so
                                                           requires) available for inspection at the Greffe (the registry of the Royal Court in Guernsey) on 17 August 2020 (together
                                                           the &quot;<B>Public Records</B>&quot;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">a copy of the register of directors and officers of the Company dated 12 June 2020; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">a certificate provided to us by the secretary of the Company dated 17 August 2020 (the
                                                           &quot;<B>Certificate</B>&quot;),</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(the &quot;<B>Documents</B>&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.</B></TD><TD><B>ASSUMPTIONS</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">For the purpose of this opinion, we have made and relied upon the assumptions set out below without
making any investigation thereof:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.1</TD><TD STYLE="text-align: justify">the conformity to the originals of all documents supplied to us as certified, photocopied, conformed
or facsimile copies and the authenticity and completeness of the originals of such documents, and the authenticity and completeness
of all documents supplied to us as originals;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.2</TD><TD STYLE="text-align: justify">the genuineness of all signatures and seals on the documents and instruments submitted to us for
the purposes of this letter and where we have been provided with only signature pages of documents, that the original signed versions
of such documents will not differ from the last version of the full documents provided to us;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.3</TD><TD STYLE="text-align: justify">that there are no provisions of the laws of any jurisdiction outside Guernsey which would have
any implication for the opinions we express and that, insofar as the laws of any jurisdiction outside Guernsey may be relevant,
such laws have been or will be complied with (including without limitation, the obtaining of all necessary consents, licenses,
registrations,</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 73.7pt; text-align: justify; text-indent: 0pt">approvals
and filings);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73.7pt; text-align: justify; text-indent: -37.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.4</TD><TD STYLE="text-align: justify">that the choice of governing law for the Plan Documents was bona fide (for example not made with
any intention of avoiding provisions of the law with which the transactions under the Plan Documents have the closest and most
real connection) and legal and there is no reason for avoiding that choice of law on grounds of public policy or otherwise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.5</TD><TD STYLE="text-align: justify">that the information and documents disclosed by our searches of the Public Records referred to
in paragraph 2.5 are accurate as at the date hereof and there is no information or document which had been delivered for registration,
or which is required by the laws of Guernsey to be delivered for registration, or which has been passed or made but not yet delivered
for registration, which was not included in the Public Records;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.6</TD><TD STYLE="text-align: justify">that the Certificate is complete and accurate as at the date hereof and that the proceedings described
in the Minutes remained quorate throughout and were duly conducted as so described and that the resolutions passed thereat were
duly adopted, have not been revoked, superseded or varied and remain in full force and effect as confirmed by the Certificate and
the continuing accuracy and completeness of all statements as to matters of fact contained in the Documents as at the date hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.7</TD><TD STYLE="text-align: justify">that there are no documents or information which we have not been provided with which could affect
the accuracy of this opinion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.8</TD><TD STYLE="text-align: justify">that the directors of the Company have acted prudently for the commercial benefit of the Company
and in good faith for the purposes of carrying on its business on arm&rsquo;s length commercial terms, and further that they have
disclosed all personal interests in the transactions contemplated in the Plan Documents in accordance with the requirements of
the Companies (Guernsey) Law, 2008 (as amended) (the &quot;<B>Companies Law</B>&quot;) and the Articles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.9</TD><TD STYLE="text-align: justify">that the Company is not insolvent or unable to pay its debts as they fall due and will not become
insolvent or unable to pay its debts as they fall due as a result of it entering into the Plan Documents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.10</TD><TD STYLE="text-align: justify">that all consents, exemptions, licenses, registrations, approvals or authorizations of any person
required in relation to the transaction contemplated or entered into under or pursuant to the Plan Documents, the execution and
delivery of the Plan Documents and the performance and observance of the terms thereof by the parties thereto (other than such
consents, exemptions, licenses, registrations, approvals or authorizations required of the Company under the laws and regulations
of Guernsey) have been obtained and are in full force and effect at the date of this opinion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.11</TD><TD STYLE="text-align: justify">that the powers of the Company and the powers and authority of the Company&rsquo;s directors have
not been restricted in any way other than as set out in the Plan Documents or the Articles;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.12</TD><TD STYLE="text-align: justify">the Awards are granted pursuant to and in accordance with terms and conditions of the Option Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.13</TD><TD STYLE="text-align: justify">the Award Grant Agreements are correctly and duly executed by all parties to such Award Grant Agreements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.14</TD><TD STYLE="text-align: justify">none of the parties to the Plan Documents have committed any act or omission that has caused or
may cause them to be in breach of the Plan Documents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.15</TD><TD STYLE="text-align: justify">where options to purchase Shares are exercised by the Optionholders, they are exercised in accordance
with the Option Plan and the relevant Award Grant Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.16</TD><TD STYLE="text-align: justify">that the resolutions passed at paragraph 2 of the Proxy Ballot and referred to in the Form 6-K
and the 2020 Form 6-K were passed by the requisite majority of the holders of the Ordinary Shares in the capital of the Company;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">3.1.17</TD><TD STYLE="text-align: justify">that the Option Price determined in accordance with the Plan Documents is fair and reasonable to
the Company and that the board of directors of the Company would be of that opinion at the relevant time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">We have not independently verified these assumptions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.</B></TD><TD><B>OPINIONS</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the basis of and subject to the above
and the observations and qualifications below and subject to matters not disclosed to us we are of the opinion that when issued
and paid for in accordance with the Option Plan such Shares in the Company will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.</B></TD><TD><B>QUALIFICATIONS</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The observations and qualifications referred
to above are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">We express no opinion as to whether the entering into the agreements constituted by the Plan Documents
will or may result in any breach of or otherwise infringe any other agreement, deed or document (other than the Articles) entered
into by or binding on the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">We express no opinion on the accuracy or completeness of any statements, representations or warranties
of fact set out in the Plan Documents and/or the Documents save insofar as an express opinion is given herein in respect thereof,
which statements, representations and warranties we have not independently verified.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">This opinion shall be governed by and construed in accordance with the laws of the Island of Guernsey
as it exists at the date hereof with no obligation to keep the terms of the opinion under review. We have not made any investigation
as to any other law other than the laws of the Island of Guernsey in force at and as interpreted at the date of this opinion; in
particular we express no</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt">opinion as
to whether the Plan Documents are enforceable in any jurisdiction outside Guernsey.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: justify">We do not give any opinion on the commerciality of any transaction contemplated or entered into
under or pursuant to the Plan Documents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: justify">The search of the Public Records referred to in paragraph 2.5 above is not conclusively capable
of revealing whether or not:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">5.5.1</TD><TD STYLE="text-align: justify">a winding up order has been made or a resolution passed for the winding up of the Company; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 37.7pt">5.5.2</TD><TD STYLE="text-align: justify">an order has been made or a resolution passed appointing a liquidator or administrator or other
person to control the assets of the Company,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">as notice of
these matters might not be filed with the Registry or the Greffe immediately or at all and, when filed, might not be entered on
the Public Records of the Company immediately. A company search conducted in Guernsey is limited in respect of the information
it produces. The Companies Law allows for various periods of time to file certain information with the Registry including resolutions,
notices and court orders which if the relevant period is still running may not appear in time for the search. Any changes to the
details of the directors of a company must be filed within 14 days of that change. There is no requirement to file at the Registry
information regarding the shareholders or secretary of a company or regarding mortgages, security interests or charges created
by a company other than in respect of real property situate in Guernsey. Moreover, a company search carried out in Guernsey is
unlikely to reveal any information as to any such procedure or similar proceedings initiated in any other jurisdiction. It should
be noted that the Guernsey Courts have the power to recognise, in Guernsey, insolvency office holders appointed in respect of a
Guernsey company pursuant to the laws of a foreign jurisdiction. Any such recognition may not be revealed by our searches.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.6</TD><TD STYLE="text-align: justify">There is no official register of pending actions in Guernsey available for public inspection and
no formal procedure for determining whether any proceedings have been commenced against the Company including as to whether proceedings
have commenced to declare the property of the Company &ldquo;en d&eacute;sastre&rdquo;; the enquiry of the Public Records referred
to in paragraph 2.5of this opinion above is an informal enquiry only and cannot be relied upon exclusively.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.7</TD><TD STYLE="text-align: justify">Insofar as a Plan Document grants or requires the grant of a power of attorney by the Company to
a party to the Plan Document, the grant of such power of attorney must be in accordance with the requirements of the Articles.
If the Articles are silent the Plan Document must be executed by one director. The absence of compliance with such requirements
will mean that the power of attorney may not be valid and enforceable in Guernsey.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.</B></TD><TD><B>ADDRESSEES</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This opinion is addressed only to the Recipient
and is solely for the benefit of the Recipient in connection with the Plan Documents and except with our prior written consent
it may not be disclosed to or relied upon by</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">any other person or used for any other purpose
or referred to or made public in any way. Notwithstanding the foregoing, we hereby consent to the filing of this opinion with the
SEC in connection with the Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation S-K under
the U.S. Securities Act of 1933, as amended (the &quot;<B>Securities Act</B>&quot;). In giving such consent, we do not hereby admit
that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Yours faithfully</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">/s/ Carey Olsen (Guernsey) LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Carey Olsen (Guernsey) LLP</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>dp134364_ex2302.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B><U>EXHIBIT 23.2</U></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">We consent to the incorporation by reference
in the Registration Statement on Form S-8 pertaining to the Amdocs Limited 1998 Stock Option and Incentive Plan, as amended, of
our reports dated December 16, 2019, with respect to the consolidated financial statements and schedule of Amdocs Limited,&nbsp;and
the effectiveness of internal control over financial reporting of Amdocs Limited included in its Annual Report (Form 20-F) for
the year ended September 30, 2019, filed with the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">/s/ Ernst &amp; Young LLP</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">August 17, 2020</P>

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



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

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



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>dp134364_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>EXHIBIT 99.1</U></B></P>

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 161pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>1998 STOCK OPTION AND
INCENTIVE PLAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>AS AMENDED ON JANUARY 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 88pt 0pt 112pt; text-indent: -23.8pt">&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: 29pt">1.</TD><TD STYLE="text-align: justify"><U>Purpose; Type of Awards; Construction </U></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 0pt 29pt; text-align: justify">The purpose of the Amdocs Limited
1998 Stock Option and Incentive Plan (as amended from time to time, the &ldquo;Plan&rdquo;) is to afford an incentive to officers,
directors, employees and consultants of Amdocs Limited (the &ldquo;Company&rdquo;), or any subsidiary of the Company which now
exists or hereafter is organized or acquired by the Company, to acquire a proprietary interest in the Company, to continue as employees,
directors and consultants, to increase their efforts on behalf of the Company and to promote the success of the Company&rsquo;s
business. It is further intended that options granted by the Committee (as such a term is defined below) pursuant to Section 8
of the Plan shall constitute &ldquo;incentive stock options&rdquo; (&ldquo;Incentive Stock Options&rdquo;) within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), and options granted by the Committee pursuant
to Section 7 of the Plan shall constitute &ldquo;nonqualified stock options&rdquo; (&ldquo;Nonqualified Stock Options&rdquo;).
The Committee may also grant restricted shares (&ldquo;Restricted Stock&rdquo;) under the Plan pursuant to Section 9 of the Plan.
If the Committee so determines it may grant Nonqualified Stock Options or Restricted Stock pursuant to the provisions of Section
102 of the Israel Income Tax Ordinance (New Version) 1961, and any regulations, rules, orders or procedures promulgated thereunder
(&ldquo;102 Securities&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">2.</TD><TD STYLE="text-align: justify"><U>Definitions </U></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 0pt 29pt; text-align: justify">As used in this Plan, the following
words and phrases shall have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">&ldquo;Ordinary Shares&rdquo; shall mean shares of ordinary shares, par value &pound;0.01 per share,
of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">&ldquo;Disability&rdquo; shall mean the inability of a Grantee (as defined in Section 3 hereof)
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12)
months.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">&ldquo;Fair Market Value&rdquo; per share as of a particular date shall mean (i) if the shares
of Ordinary Shares are not then listed on a national securities exchange or traded in an over-the-counter market, such value as
the Committee, in its sole discretion, shall determine; or (ii) if the shares of Ordinary Shares are then traded on a national
securities exchange the</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">closing sales price per share of
Ordinary Shares on the national securities exchange, on which the Ordinary Shares are principally traded, for the last preceding
date on which there was a sale of such Ordinary Shares on such exchange, or (iii) if the shares of Ordinary Shares are then traded
in an over-the-counter market, the average of the closing bid and asked prices for the shares of Ordinary Shares in such over -the-counter
market for the last preceding date on which there was a sale of such Ordinary Shares in such market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.4in"></TD><TD STYLE="width: 0.6in">(d)</TD><TD STYLE="text-align: justify">&ldquo;Option&rdquo; or &ldquo;Options&rdquo; shall mean a grant to a Grantee (as defined in Section
3 hereof) of an option or options to purchase shares of Ordinary Shares. Options granted by the Committee (as defined in Section
3 hereof), pursuant to the Plan shall constitute either Incentive Stock Options or Nonqualified Stock Options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(e)</TD><TD STYLE="text-align: justify">&ldquo;Parent&rdquo; shall mean an entity which directly or indirectly holds a controlling interest
(by vote or by value) in the Company. Whether employment by or service with a Parent is included within the scope of this Plan
shall be determined by the Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(f)</TD><TD STYLE="text-align: justify">&ldquo;Subsidiary&rdquo; shall mean an entity of which the Company directly or indirectly holds
a controlling interest (by vote or by value) in such entity. Whether employment by or service with a Subsidiary is included within
the scope of this Plan shall be determined by the Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(g)</TD><TD STYLE="text-align: justify">&ldquo;Ten Percent Stockholder&rdquo; shall mean a Grantee (as defined in Section 3 hereof), who,
at the time an Incentive Stock Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company or any Parent or Subsidiary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 29pt">3.</TD><TD STYLE="text-align: justify"><U>Administration </U></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 0pt 29pt; text-align: justify">The Plan shall be administered
by a committee (the &ldquo;Committee&rdquo;) established by the Board of Directors of the Company (the &ldquo;Board&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">The Committee shall have the authority
in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise
all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration
of the Plan, including, without limitation, the authority to grant Options and Restricted Stock; to determine which Options shall
constitute Incentive Stock Options and which Options or Restricted Stock shall constitute Nonqualified Stock Options or 102 Securities;
to determine the kind of consideration payable (if any) with respect to awards; to determine the period during which Options may
be exercised and Restricted Stock shall be subject to restrictions, and whether in whole or in installments; to determine the persons
to whom, and the time or times at which awards shall be granted (such persons are referred to herein as &ldquo;Grantees&rdquo;);
to determine the number of shares to be covered</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0pt 29pt; text-align: justify">by each award; to interpret the
Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the
agreements (which need not be identical) entered into in connection with awards granted under the Plan (the &ldquo;Agreements&rdquo;);
to cancel or suspend awards, as necessary; and to make all other determinations deemed necessary or advisable for the administration
of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">The Committee may delegate to
one or more of its members or to one or more agents such administrative duties as it may deem advisable, and the Committee or any
person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility
the Committee or such person may have under the Plan. All decisions, determinations and interpretations of the Committee shall
be final and binding on all Grantees of any awards under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">No member of the Board or Committee
shall be liable for any action taken or determination made in good faith with respect to the Plan or any award granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">4.</TD><TD STYLE="text-align: justify"><U>Eligibility </U></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 0pt 29pt; text-align: justify">Officers, Directors, other employees
and consultants of the Company or of any Subsidiary or Parent shall be eligible to receive awards hereunder. In determining the
persons to whom awards shall be granted and the number of shares to be covered by each award, the Committee, in its sole discretion,
shall take into account the contribution by the eligible individuals to the management, growth and/or profitability of the business
of the Company and such other factors as the Committee shall deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">5.</TD><TD STYLE="text-align: justify"><U>Ordinary Shares </U></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 0pt 29pt; text-align: justify">The maximum number of Ordinary
Shares reserved for grant of awards under the Plan shall be 70,550,000. Such shares may, in whole or in part, be authorized but
unissued shares. The foregoing numbers of shares may be increased or decreased by the events set forth in Section 10 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">If any outstanding award under
the Plan should, for any reason expire, be canceled or be terminated without having been exercised in full, the shares of Ordinary
Shares allocable to the unexercised, canceled or terminated portion of such award shall (unless the Plan shall have been terminated)
become available for subsequent grants of awards under the Plan; provided that an award under the plan may not again be made available
for issuance under the plan if such Ordinary Shares are: (i) Ordinary Shares that were subject to stock-settled stock appreciation
rights and were not issued upon the net settlement or net exercise of such stock appreciation rights, (ii) Ordinary Shares used
to pay the Option Price, (iii) Ordinary Shares delivered to or withheld by the Company to pay the withholding taxes related to
an award, or (iv) Ordinary Shares repurchased on the open market with proceeds of an Option exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

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

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


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<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: 29pt">6.</TD><TD STYLE="text-align: justify"><U>Terms and Conditions of Options </U></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 0pt 29pt; text-align: justify">Each Option granted pursuant to
the Plan shall be evidenced by a written agreement between the Company and the Grantee (the &ldquo;Option Agreement&rdquo;), in
such form as the Committee shall from time to time approve, which Option Agreement shall comply with and be subject to the following
terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">NUMBER OF SHARES. Each Option Agreement shall state the number of shares of Ordinary Shares to
which the Option relates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">TYPE OF OPTION. Each Option Agreement shall specifically state that the Option constitutes an Incentive
Stock Option or a Nonqualified Stock Option.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">OPTION PRICE. Each Option Agreement shall state the Option Price, which shall not be less than
one-hundred percent (100%) of the Fair Market Value of the shares of Ordinary Shares covered by the Option on the date of grant.
The Option Price shall be subject to adjustment as provided in Section 10 hereof. The date on which the Committee adopts a resolution
expressly granting an Option shall be considered the day on which such Option is granted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(d)</TD><TD STYLE="text-align: justify">MEDIUM AND TIME OF PAYMENT. The Option Price shall be paid in full, at the time of exercise and
may be made in cash, by the delivery of shares of Ordinary Shares with a fair market value equal to the Option Price, provided
that any such shares acquired by the Grantee pursuant to the exercise of an Incentive Stock Option shall have been held by the
Grantee for a period of at least one year, or by a combination of cash and such shares that have been held by the Grantee for a
period of at least one year whose fair market value together with such cash shall equal the Option Price. The Committee may also
permit Grantees, either on a selective or aggregate basis, simultaneously to exercise Options and sell the shares of Ordinary Shares
thereby acquired pursuant to a brokerage or a similar arrangement, approved in advance by the Committee, and use the proceeds from
such sale as payment of the Purchase Price of such shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(e)</TD><TD STYLE="text-align: justify">TERM AND EXERCISABILITY OF OPTIONS. Each Option Agreement shall be exercisable at such times and
under such conditions as the Committee, in its discretion, shall determine; provided, however, such exercise period shall not exceed
ten (10) years from the date of grant of such Option. The exercise period shall be subject to earlier termination as provided in
Sections 6(f) and 6(g) hereof. An Option may be exercised, as to any or all full shares of Ordinary Shares as to which the Option
has become exercisable, by giving written notice of such exercise to the Committee or its designated agent.</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 0pt 1in; text-align: justify">Options shall become exercisable
in cumulative installments of 25% on the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0pt 1in; text-align: justify">first, second, third and fourth
anniversary of the date on which such Option is granted, or at such other times and in such other installments (which may be cumulative)
as the Committee shall provide in the terms of the respective Option Agreements; provided, however, that the Committee, in its
absolute discretion, may, on such terms and conditions as it may determine to be appropriate, accelerate the time at which such
Option or any portion thereof may be exercised. The Option may contain performance goals and measurements, and the provisions with
respect to any Option need not be the same as the provisions with respect to any other Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-align: justify">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(f)</TD><TD STYLE="text-align: justify">TERMINATION. Except as provided in this Section 6(f) and in Section 6(g) hereof, an Option may
not be exercised unless the Grantee is then in the service or employ of the Company or a Parent or Subsidiary (or a company or
a parent or subsidiary company of such company issuing or assuming the Option in a transaction to which Section 424(a) of the Code
applies), and unless the Grantee has remained continuously so employed or has continuously performed such services since the date
of grant of the Option. In the event that the employment of a Grantee shall terminate or Grantee shall cease performance of services
for the Company, a Parent or a Subsidiary thereof (in either event, other than by reason of death or disability), all Options of
such Grantee that are exercisable at the time of such termination or cessation may, unless earlier terminated in accordance with
their terms, be exercised within ninety (90) days after the date of such termination or cessation; provided, however, that if the
Company, Subsidiary, or Parent, as the case may be, shall terminate the Grantee&rsquo;s employment for cause (as determined by
the Committee), all Options theretofore granted to such Grantee shall, to the extent not theretofore exercised, terminate on the
date of such termination or cessation unless otherwise determined by the Committee. In the case of a Grantee whose principal employer
is a Subsidiary, the Grantee&rsquo;s employment shall be deemed to be terminated for purposes of this Section 6(f) as of the date
on which such principal employer ceases to be a Subsidiary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(g)</TD><TD STYLE="text-align: justify">DEATH OR DISABILITY OF GRANTEE. If a Grantee shall die while employed by, or performing services
for, the Company or a Parent or subsidiary thereof, or within ninety (90) days after the date of cessation of such Grantee&rsquo;s
employment or performance of services other than as a result of termination for cause (or within such longer period as the Committee
may have provided pursuant to Section 6(e) hereof), or if the Grantee&rsquo;s employment shall terminate or performance of services
shall cease by reason of Disability, all Options theretofore granted to such Grantee may, unless earlier terminated in accordance
with their terms, be exercised by the Grantee or by the Grantee&rsquo;s estate or by a person who acquired the right to exercise
such Options by bequest or inheritance or otherwise by reason of the death or Disability of the Grantee, at any time within twelve
months after the date of death or Disability of the Grantee. In the event that an Option granted hereunder shall be exercised by
the legal representatives of</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"></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 0pt 1in; text-align: justify">a deceased or former Grantee, written
notice of such exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right of such
legal representative to exercise such Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.4in"></TD><TD STYLE="width: 0.6in">(h)</TD><TD STYLE="text-align: justify">LOANS. Subject to any law, the Company may make loans to Grantees as the Committee, in its discretion,
may determine in connection with the exercise of outstanding options granted under the Plan. Such loans shall (i) be evidenced
by promissory notes entered into by the Grantees in favor of the Company, (ii) be subject to the terms and conditions set forth
in this Section 6(h) and such other terms and conditions, not inconsistent with the Plan, as the Committee shall determine and
(iii) bear interest, if any, at such rate as the Committee shall determine. In no event may the principal amount of any such loan
exceed the exercise price less the par value of the shares of Ordinary Shares covered by the option, or portion thereof, exercised
by the Grantee. The initial term of the loan, the schedule of payments of principal and interest under the loan, the extent to
which the loan is to be with or without recourse against the Grantee with respect to principal and/or interest and the conditions
upon which the loan will become payable in the event of the Grantee&rsquo;s termination of employment or ceasing to perform services
shall be determined by the Committee; provided, however, that the term of the loan, including extensions, shall not exceed 10 years.
Unless the Committee determines otherwise, when a loan shall have been made, shares of Ordinary Shares having a Fair Market Value
at least equal to the principal amount of the loan shall be pledged by the Grantee to the Company as security for payment of the
unpaid balance of the loan and such pledge shall be evidenced by a pledge agreement, the terms of which shall be determined by
the Committee, in its discretion; provided, however, that each loan shall comply with all applicable laws, regulations and rules
of the Board of Governors of the Federal Reserve System and any other governmental agency having jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(i)</TD><TD STYLE="text-align: justify">OTHER PROVISIONS. The Option Agreements evidencing Options under the Plan shall contain such other
terms and conditions, not inconsistent with the Plan, as the Committee may determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(j)</TD><TD STYLE="text-align: justify">EXERCISE OF OPTIONS. A Grantee who decides to exercise an Option in whole or in part shall give
notice to the Company or its designated agent of such exercise in writing on a form approved by the Committee. Such notice shall
specify the manner in which the Grantee will make payment of the Option Price.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 29pt">7.</TD><TD STYLE="text-align: justify"><U>Nonqualified Stock Options </U></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 0pt 29pt">Options intended to constitute Nonqualified Stock Options
shall be subject only to the general terms and conditions specified in Section 6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt">&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"></TD><TD STYLE="width: 29pt; text-align: left">7A.</TD><TD><U>102 Securities</U></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>

<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 0pt 29pt; text-align: justify">Any 102 Securities which shall
be granted to employees or consultants of the Company, any Subsidiary or Parent, or if required by law, shall be issued to a trustee
nominated by the Board or the Committee (in accordance with the provisions of Section 102) (the &ldquo;Trustee&rdquo;) and held
for the benefit of the Grantee in accordance with any of the alternatives under Section 102 as shall be prescribed from time to
time by the Committee. The Trustee may also hold in trust any shares issued upon exercise of such 102 Securities, pursuant to the
provisions of Section 102.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">8.</TD><TD STYLE="text-align: justify"><U>Incentive Stock Options </U></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 0pt 29pt; text-align: justify">Options intended to constitute
Incentive Stock Options shall be subject to the following special terms and conditions, in addition to the general terms and conditions
specified in Section 6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">VALUE OF SHARES. The aggregate Fair Market Value (determined as of the date the Incentive Stock
Option is granted) of the shares of equity securities of the Company with respect to which Incentive Stock Options granted under
this Plan and all other option plans of any Parent or Subsidiary become exercisable for the first time by each Grantee during any
calendar year shall not exceed $100,000. To the extent that the aggregate fair market value of shares with respect to which Incentive
Stock Options are exercisable for the first time by any Grantee during any calendar year exceeds $100,000, such Option shall be
treated as a Non-Qualified Stock Option. The foregoing shall be applied by taking options into account in the order in which they
were granted, with the fair market value of any share to be determined at the time of the grant of the Option. In the event the
foregoing results in a portion of an Incentive Stock Option exceeding the $100,000 limitation, only such excess shall be treated
as a Non-Qualified Stock Option.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">TEN PERCENT STOCKHOLDER. In the case of an Incentive Stock Option granted to a Ten Percent Stockholder,
(i) the Option Price shall not be less than one hundred and ten percent (110%) of the Fair Market Value of the shares of Ordinary
Shares on the date of grant of such Incentive Stock Option and (ii) the exercise period shall not exceed five (5) years from the
date of grant of such Incentive Stock Option.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 29pt">9.</TD><TD STYLE="text-align: justify"><U>Restricted Stock </U></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 0pt 29pt; text-align: justify">The Committee may award shares
of Restricted Stock to any eligible individual. Each award of Restricted Stock under the Plan shall be evidenced by an instrument,
in such form as the Committee shall from time to time approve (the &ldquo;Restricted Stock Agreement&rdquo;), and shall comply
with the following terms and conditions (and with such other terms and conditions not inconsistent with the terms of this Plan
as the Committee, in its discretion, shall establish including, without limitation, the requirement that a Grantee provide consideration
for Restricted Stock upon the lapse of restrictions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">The Committee shall determine the number of shares of Ordinary Shares to be issued to the Grantee
pursuant to the award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(b)(i)</TD><TD STYLE="text-align: justify">Shares of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise
disposed of, except by will or the laws of descent and distribution, for such period as the Committee shall determine from the
date on which the award is granted (the &ldquo;Restricted Period&rdquo;). The Committee may also impose such other restrictions
and conditions on the shares as it deems appropriate including the satisfaction of performance criteria. Certificates for shares
of stock issued pursuant to Restricted Stock awards shall bear an appropriate legend referring to such restrictions, and any attempt
to dispose of any such shares of stock in contravention of such restrictions shall be null and void and without effect. During
the Restricted Period, such certificates shall be held in escrow by an escrow agent appointed by the Committee. In determining
the Restricted Period of an award, the Committee may provide that the foregoing restrictions shall lapse with respect to specified
percentages of the awarded shares on successive anniversaries of the date of such award, provided that the restrictions with respect
to no more than 25% of the awarded shares shall lapse prior to the first anniversary of the date of grant, no more than additional
25% shall lapse prior to the second anniversary of the date of grant, no more than additional 25% shall lapse prior to the third
anniversary of the date of grant and no more than additional 25% shall lapse prior to the fourth anniversary of the date of grant<B>;</B>
provided further, however, that the foregoing vesting schedule shall not apply to (A) Restricted Stock granted with restrictions
related to satisfaction of performance criteria; or (B) extraordinary circumstances as shall be determined by the Committee which
shall include, without limitation, death or disability, a merger, consolidation, sale, reorganization, recapitalization, or change
in control of the Company; or any other nonrecurring significant event affecting the Company, a Participant or the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(ii)</TD><TD STYLE="text-align: justify">The Committee may adjust the performance goals to take into account changes in law and accounting
and tax rules and to make such adjustments as the Committee deems necessary or appropriate to reflect the inclusion or exclusion
of the impact of extraordinary or unusual items, events or circumstances, provided that no adjustment shall be made which will
result in an increase in the compensation of any Grantee whose compensation is subject to the limitation on deductibility under
Section 162(m) of the Internal Revenue Code, as amended, or a successor provision, for the applicable year. The Committee also
may adjust the performance goals by reducing the amount to be received by any Grantee pursuant to an award if and to the extent
that the Committee deems it appropriate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">Subject to such exceptions as may be determined by the Committee, if the Grantee&rsquo;s continuous
employment with, or performance of, service for, the Company or any Parent or Subsidiary shall cease for any reason prior to the</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"></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 0pt 1in">expiration of the Restricted Period of an award, any
shares remaining subject to restrictions (after taking into account the provisions of Subsection</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">(e) of this Section 9) shall be repurchased by the Company
or its Subsidiary at a price per share equal to the par value thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(d)</TD><TD STYLE="text-align: justify">During the Restricted Period the Grantee shall possess all incidents of ownership of such shares,
subject to Subsection (b) of this Section 9, including the right to receive dividends with respect to such shares and to vote such
shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(e)</TD><TD STYLE="text-align: justify">The Committee shall have the authority (and the Restricted Stock Agreement may so provide) to cancel
all or any portion of any outstanding restrictions prior to the expiration of the Restricted Period with respect to any or all
of the shares of Restricted Stock awarded on such terms and conditions as the Committee shall deem appropriate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 29pt; text-align: left">9A.</TD><TD><U>Stock Appreciation Rights</U></TD>
</TR></TABLE>

<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: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">The Committee may also grant stock appreciation rights (&ldquo;SARs&rdquo;) without the grant of
an accompanying option, which rights shall permit the Grantees to receive, at the time of any exercise of such rights, cash equal
to the amount by which the fair market value of all shares of Ordinary Shares in respect to which the right was granted exceeds
the exercise price thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">The Committee shall establish the exercise price of each SAR and specify it in the applicable SAR
agreement. The exercise price shall not be less than 100% of the Fair Market Value on the date the SAR is granted; provided that
if the Committee approves the grant of an SAR effective as of a future date, the exercise price shall be not less than 100% of
the Fair Market Value on such future date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">Each SAR shall be exercisable at such times and subject to such terms and conditions as the Committee
may specify in the applicable SAR agreement; provided, however, that no SAR will be granted with a term in excess of 10 years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 29pt; text-align: left">9B.</TD><TD><U>Other Stock-Based Awards</U></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 5pt 0pt 1in">The Committee may grant other awards under the Plan
pursuant to which shares of Ordinary Shares (which may, but need not, be shares of Restricted Stock pursuant to Section 9 hereof)
are or may in the future be acquired, or awards denominated in stock units, including ones valued using measures other than market
value. Such other stock based awards may be granted alone, in addition to, or in tandem with any award of any typed granted under
the Plan and must be consistent with the purposes of the Plan. As of December 5, 2019, the Committee may not award such stock-based
awards that are &ldquo;full-value&rdquo; awards, including but not limited to Shares of Restricted Stock or awards denominated
in stock units (but</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 39pt 0pt 1in">excluding options and SARs), in an aggregate amount
that exceeds 8,248,493 Ordinary Shares. From and after January 31, 2020, the Committee may grant such &ldquo;full-value&rdquo;
awards with respect to an additional 3,000,000 Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39pt 0pt 1in">&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"></TD><TD STYLE="width: 29pt; text-align: left">9C.</TD><TD><U>Limitations and Conditions.</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(i)</TD><TD STYLE="text-align: justify">In the event that the Company makes an acquisition or is a party to a merger or consolidation and
the Company assumes or substitutes for the options or other awards consistent with the purpose of this Plan of the Company acquired,
merged or consolidated which are administered pursuant to this Plan, shares of Ordinary Shares subject to the assumed or substituted
options or other awards shall not count as part of the total number of shares of Ordinary Shares that may be made subject to awards
under this Plan or the limitation on other stock-based awards under Section 9B hereof, except as may be required by reason of Section
422 and related provisions of the Code. Any assumed or substituted awards to be administered under the Plan shall be on such terms
as the Board deems appropriate in the circumstances, notwithstanding any limitations on the terms and conditions of awards contained
in the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(ii)</TD><TD STYLE="text-align: justify">Subject to Section 5 above, any shares that have been made subject to an award that cease to be
subject to the award (other than by reason of exercise or payment of the award to the extent it is settled in shares) shall again
be available for award and shall not be considered as having been theretofore made subject to award. For the avoidance of doubt,
any shares that have been made subject to an award made prior to January 31, 2020 and of the type described in the last sentence
of Section 9B that cease to be subject to such award (other than by reason of exercise or payment of the award to the extent it
is settled in shares) shall again be available for awards of the type described in the last sentence of Section 9B, without regard
to the sublimit set forth in the last sentence of Section 9B, and shall not be considered as having been theretofore made subject
to award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.4in"></TD><TD STYLE="width: 0.6in">(iii)</TD><TD STYLE="text-align: justify">Nothing contained herein shall affect the right of the Company to terminate any Grantee&rsquo;s
employment at any time or for any reason.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 29pt">10.</TD><TD STYLE="text-align: justify"><U>Effect of Certain Changes </U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 28.95pt"></TD><TD STYLE="width: 42.05pt">(a)</TD><TD STYLE="text-align: justify">If there is any change in the shares of Ordinary Shares through the declaration of stock dividends,
recapitalization, stock splits, combinations or exchanges of such shares, or other similar transactions, which result in any increase
or decrease in the number of issued Ordinary Shares effected without receipt of consideration (provided, however, that conversion
of any convertible security of the Company shall not be deemed to have been effected without receipt of consideration), the number
of shares of Ordinary Shares available for awards, the number of such shares covered by</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"></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 39pt 0pt 1in">outstanding awards, and the price
per share of Options shall be proportionately adjusted by the Committee to reflect such change in the issued shares of Ordinary
Shares; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-align: justify">&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: 28.95pt"></TD><TD STYLE="width: 42.05pt">(b)</TD><TD STYLE="text-align: justify">In the event of the dissolution or liquidation of the Company or in the event of any corporate
separation or division, including, but not limited to, split-up, split-off or spin-off or in the event of other similar transactions,
the Committee may provide that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD>the Grantee of any award hereunder shall have the right
to exercise an Option (at its then Option price) or to receive in respect of other types of awards the kind and amount of shares
of stock and other securities, property, cash or any combination thereof receivable upon such dissolution, liquidation, or corporate
separation or division by a Grantee of the number of shares of Ordinary Shares subject to such award for which such award might
have been exercised or realized immediately prior to such dissolution, liquidation, or corporate separation or division; or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD>each award granted under the Plan shall terminate as
of a date to be fixed by the Committee and that not less than thirty (30) days&rsquo; written notice of the date so fixed shall
be given to each Grantee, who shall have the right, during the period of thirty (30) days preceding such termination, to exercise
or otherwise realize with respect to such awards all or any part of the shares of Ordinary Shares and other securities, property,
cash or any combination thereof, covered thereby.</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 39pt 0pt 1in">In the event of a proposed sale
of all or substantially all of the assets of the Company or the merger of the Company with or into another corporation, the Committee
may provide that any award then outstanding shall be assumed or an equivalent award shall be substituted by such successor corporation
or a parent or subsidiary of such successor corporation, unless such successor corporation does not agree to assume the award or
to substitute an equivalent award, in which case the Committee shall, in lieu of such assumption or substitution, provide for the
realization of such outstanding awards in the manner set forth in subsections 10(b)(i) or 10(b)(ii) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-align: justify">&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: 28.95pt"></TD><TD STYLE="width: 42.05pt">(c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39pt 0pt 1in">In the event of a change in the Ordinary Shares of the Company as presently constituted that is
limited to a change of all of its authorized shares of Ordinary Shares into the same number of shares with a different par value
or without par value, the shares resulting from any such change shall be deemed to be the Ordinary Shares within the meaning of
the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 28.95pt"></TD><TD STYLE="width: 42.05pt">(d)</TD><TD STYLE="text-align: justify">Except as herein before expressly provided in this Section 10, the Grantee</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"></P>

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


<!-- Field: Page; Sequence: 11; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">of an award hereunder shall have
no rights by reason of any subdivision or consolidation of shares of stock of any class or the payment of any stock dividend or
any other increase or decrease in the number of shares of stock of any class or by reason of any dissolution, liquidation, merger,
or consolidation or spin-off of assets or stock of another company; and any issue by the Company of shares of stock of any class,
or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Ordinary Shares subject to an award. Except in connection with a corporate transaction
involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization,
reorganization, merger, consolidation, split- up, spin-off, combination, or exchange of shares), the terms of outstanding awards
may not be amended to reduce the exercise price of outstanding Options or stock appreciation rights or cancel outstanding Options
or stock appreciation rights in exchange for cash, other awards or Options or stock appreciation rights with an exercise price
that is less than the exercise price of the original Options or stock appreciation rights without shareholder approval. The grant
of an award pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structures or to merge or to consolidate or to dissolve, liquidate or sell,
or transfer all or part of its business or assets or engage in any similar transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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"></TD><TD STYLE="width: 29pt">11.</TD><TD STYLE="text-align: justify"><U>[RESERVED] </U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 29pt">12.</TD><TD STYLE="text-align: justify"><U>Effective Date and Term of the Plan </U></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 0pt 29pt; text-align: justify">Awards may be granted pursuant
to the Plan from time to time by no later than January 28, 2025, but awards previously granted may extend beyond such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">13.</TD><TD STYLE="text-align: justify"><U>Nontransferability of Awards </U></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 0pt 29pt; text-align: justify">Awards granted under the Plan
shall not be transferable otherwise than by will or by the laws of descent and distribution, other than pursuant to a valid domestic
relations order issued by a court pursuant to Section 414(p) of the Code, and awards may be exercised or otherwise realized, during
the lifetime of the Grantee, only by the Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">14.</TD><TD STYLE="text-align: justify"><U>Approval of Shareholders </U></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 0pt 29pt; text-align: justify">The Plan shall take effect upon
its adoption by the Board but the Plan (and any grants of awards made prior to the shareholder approval mentioned herein) shall
be subject to the approval of the holder(s) of a majority of the issued and outstanding shares of voting securities of the Company
entitled to vote, which approval must occur within twelve months of the date the Plan is adopted by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">15.</TD><TD STYLE="text-align: justify"><U>Agreement by Grantee Regarding Withholding Taxes </U></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"></P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">If the Committee shall so require,
as a condition of exercise of an Option or other realization of an award, each Grantee shall agree that no later than the date
of exercise or other realization of an award granted hereunder, the Grantee will pay to the Company or make arrangements satisfactory
to the Committee regarding payment of any federal, state or local taxes of any kind required by law to be withheld upon the exercise
of an Option or other realization of an award. Alternatively, the Committee may provide that a Grantee may elect, to the extent
permitted or required by law, to have the Company deduct federal, state and local taxes of any kind required by law to be withheld
upon the exercise of an Option or realization of any award from any payment of any kind due to the Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">16.</TD><TD STYLE="text-align: justify"><U>Amendment and Termination of the Plan </U></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 0pt 29pt; text-align: justify">The Board at any time and from
time to time may suspend, terminate, modify or amend the Plan; provided, however, that any amendment that would increase the aggregate
number of Ordinary Shares as to which awards may be granted under the Plan or materially increase the benefits accruing to Grantees
under the Plan or change the class of employees eligible for participation in the Plan or reduce the basis upon which the minimum
Option Price is determined or extend the period within which awards under the Plan may be granted or provide for an Option that
is exercisable more than 10 years after the date it is granted shall be subject to the approval of the holders of a majority of
the Ordinary Shares issued and outstanding, except that any such increase or modification that may result from adjustments authorized
by Section 10 hereof shall not require such approval. Except as provided in Section 10 hereof, no suspension, termination, modification
or amendment of the Plan may adversely affect any award previously granted, unless the written consent of the Grantee is obtained.
In addition, unless such action is approved by the Company&rsquo;s shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">(1) no outstanding Option or SAR
granted under the Plan may be amended to provide an exercise price per share that is lower than the then-current exercise price
per share of such outstanding Option or SAR (other than adjustments pursuant to Section 10) and (2) the Board may not cancel any
outstanding Option or SAR (whether or not granted under the Plan) and grant in substitution therefore new awards under the Plan
covering the same or a different number of shares of Ordinary Shares and having an exercise price per share lower than the then-current
exercise price per share of the cancelled Option or SAR. No Option or SAR granted under the Plan shall contain any provision entitling
the Grantee to the automatic grant of additional Options or SARs in connection with any exercise of the original Option or SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">17.</TD><TD STYLE="text-align: justify"><U>Rights as a Shareholder </U></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 0pt 29pt; text-align: justify">Except as provided in Section
9(d) hereof, a Grantee or a transferee of an award shall have no rights as a shareholder with respect to any shares covered by
the award until the date of the issuance of a stock certificate to him or her for such shares. No adjustment shall be made for
dividends (ordinary or extraordinary, whether in cash, securities or other property) or distribution of other rights for which
the record date is prior to the date such stock certificate is issued, except as provided in Section 10 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 29pt">18.</TD><TD STYLE="text-align: justify"><U>No Rights to Employment </U></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 0pt 29pt; text-align: justify">Nothing in the Plan or in any
award granted or Agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ of the
Company or any subsidiary or to be entitled to any remuneration or benefits not set forth in the Plan or such Agreement or to interfere
with or limit in any way the right of the Company or any such subsidiary to terminate such Grantee&rsquo;s employment or services.
Awards granted under the Plan shall not be affected by any change in duties or position of a Grantee as long as such Grantee continues
in the employ of the Company or any subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">19.</TD><TD STYLE="text-align: justify"><U>Beneficiary </U></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 0pt 29pt; text-align: justify">A Grantee may file with the Committee
a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or
revoke such designation. If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee&rsquo;s
estate shall be deemed to be the Grantee&rsquo;s beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; 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"></TD><TD STYLE="width: 29pt">20.</TD><TD STYLE="text-align: justify"><U>Governing Law </U></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 0pt 0.5in">The Plan and all determinations made and actions taken
pursuant hereto shall be governed by the laws of the State of New York.</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"></P>

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



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

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    <!-- Field: /Page -->

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

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