<SEC-DOCUMENT>0001213900-25-045960.txt : 20250520
<SEC-HEADER>0001213900-25-045960.hdr.sgml : 20250520
<ACCEPTANCE-DATETIME>20250520160655
ACCESSION NUMBER:		0001213900-25-045960
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20250520
DATE AS OF CHANGE:		20250520
EFFECTIVENESS DATE:		20250520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			eToro Group Ltd.
		CENTRAL INDEX KEY:			0001493318
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-287430
		FILM NUMBER:		25968777

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		30 SHESHET HAYAMIN STREET
		CITY:			BNEI BRAK
		PROVINCE COUNTRY:   	L3
		ZIP:			5120261
		BUSINESS PHONE:		972 73-265-6600

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		30 SHESHET HAYAMIN STREET
		CITY:			BNEI BRAK
		PROVINCE COUNTRY:   	L3
		ZIP:			5120261

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tradonomi Ltd.
		DATE OF NAME CHANGE:	20100603
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ea0242347-s8_etoro.htm
<DESCRIPTION>REGISTRATION STATEMENT
<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 May 20, 2025&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration
No.&nbsp;333- </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER THE SECURITIES ACT OF 1933</I></B></P>

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><B>British Virgin Islands</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><B>Not Applicable</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> incorporation or organization)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
  </TABLE>

<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: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><B>30 Sheshet Hayamim St.,</B> <B>Bnei Brak, Israel</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><B>5120261</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>eToro Group Ltd. 2007 Employee Share Option
Plan<BR>
eToro Group Ltd. 2021 Share Incentive Plan, as amended<BR>
eToro Group Ltd. 2025 Employee Share Purchase Plan<BR>
</B>(Full title of the plans)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Yoni Assia<BR>
eToro USA LLC<BR>
221 River St 9<SUP>th</SUP> floor,<BR>
Hoboken, NJ&nbsp;07030<BR>
</B>(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<B>(201) 479-0267<BR>
</B>(Telephone number, including area code, of agent for service)</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"><I>With a copy to:</I></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"><B>David J.&nbsp;Goldschmidt<BR>
Skadden,&nbsp;Arps,&nbsp;Slate,&nbsp;Meagher&nbsp;&amp;&nbsp;Flom&nbsp;LLP<BR>
One Manhattan West<BR>
New&nbsp;York, NY&nbsp;10001<BR>
(212)&nbsp;735-3000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 STYLE="width: 50%; text-align: justify; font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&nbsp;7(a)(2)(B) of the Securities Act.<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>
&uml;</P>

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

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

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




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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">INFORMATION
REQUIRED IN THE PROSPECTUS*</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The information specified in Item&nbsp;1 and Item&nbsp;2 of
Part&nbsp;I of Form&nbsp;S-8 is omitted from this Registration Statement on Form&nbsp;S-8 (the &ldquo;Registration Statement&rdquo;)
in accordance with the provisions of Rule&nbsp;428 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and
the introductory note to Part&nbsp;I of Form&nbsp;S-8. The documents containing the information specified in Part&nbsp;I of Form&nbsp;S-8
will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule&nbsp;428(b)(1)
under the Securities Act.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM&nbsp;3. INCORPORATION OF DOCUMENTS BY REFERENCE</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents filed by eToro Group Ltd.
(the &ldquo;Registrant&rdquo; or the &ldquo;Company&rdquo;) with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
are incorporated by reference into this Registration Statement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s prospectus filed with the Commission on May 14, 2025 pursuant to Rule&nbsp;424(b) under the Securities Act,
relating to the Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1493318/000101376225001589/ea0223534-08.htm">Form&nbsp;F-1</A> originally filed with the Commission on March 24, 2025 (File No.&nbsp;333-286050),
as amended;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The description of the Registrant&rsquo;s Class A Common Shares, which is contained in the Registrant&rsquo;s Registration Statement
on <A HREF="http://www.sec.gov/Archives/edgar/data/1493318/000121390025042571/ea0241788-8a12b_etoro.htm">Form&nbsp;8-A</A> filed with the Commission on May 13, 2025 (File No.&nbsp;001-42647) under the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;), including any amendment or report filed for the purpose of updating such description; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>The Registrant&rsquo;s Current Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1493318/000121390025044406/ea0242225-6k_etoro.htm">6-K</A> filed with the Commission on May 15, 2025.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All documents filed by the Registrant pursuant
to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing
of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters
all securities then remaining unsold, including any Reports of Foreign Private Issuers on Form&nbsp;6-K&nbsp;furnished by the Registrant
to the Commission that indicate that they are incorporated herein by reference, shall be deemed to be incorporated by reference in this
Registration Statement and to be part hereof from the date of filing of such documents; <I>provided, however, </I>that documents or information
deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference
into this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein
or in any subsequently filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM&nbsp;4. DESCRIPTION OF SECURITIES</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM&nbsp;5. INTERESTS OF NAMED EXPERTS AND COUNSEL</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM&nbsp;6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under British Virgin Islands (&ldquo;BVI&rdquo;)
law, each of our directors and officers, in performing his or her functions, is required to act honestly and in good faith with a view
to the Company&rsquo;s best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable
circumstances. Fiduciary duties are owed to the Company and, under BVI law (and as further provided by our Amended and Restated Memorandum
and Articles of Association (our &ldquo;A&amp;R Memorandum and Articles&rdquo;), our directors will not be personally liable to the Company
or our shareholders for any acts or omissions in the performance of their fiduciary duties. Such limitation of liability does not affect
the availability of equitable remedies such as injunctive relief or rescission. These provisions will not limit the liability of directors
under United States federal securities laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our A&amp;R Memorandum and Articles provide that
we shall indemnify any of our directors, officers or anyone serving at our request as a director or officer of another entity against
all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection
with legal, administrative or investigate proceeding or suits; <I>provided</I> that such indemnification shall not apply unless the person
claiming such indemnification acted honestly and in good faith and in what that person believed to be the best interests of the Company
and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful. We may pay any
expenses, including legal fees, incurred by any such person in defending any legal, administrative or investigative proceedings in advance
of the final disposition of the proceedings. If a person to be indemnified has been successful in defense of any proceedings referred
to above, the director or officer is entitled to be indemnified against all expenses, including legal fees, and against all judgments,
fines and amounts paid in settlement and reasonably incurred by the director or officer in connection with the proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may purchase and maintain insurance in relation
to any of our directors or officers against any liability asserted against the directors or officers and incurred by the directors or
officers in that capacity, whether or not we have or would have had the power to indemnify the directors or officers against the liability
as provided in our current memorandum and articles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or controlling persons pursuant to the foregoing provisions, we have
been informed that in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act
and is therefore unenforceable as a matter of United States law.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM&nbsp;7. EXEMPTION FROM REGISTRATION CLAIMED.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM&nbsp;8. EXHIBITS</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 9%">
<DIV STYLE="border-bottom: Black 1.5pt solid; padding: 0in">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Exhibit</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Number</B></P>
</DIV></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Description</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">3.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1493318/000121390025044406/ea024222501ex3-1_etoro.htm">Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit&nbsp;3.1 filed with the Registrant&rsquo;s Registration Statement on Form&nbsp;6-K, filed with the Commission on May 15, 2025).</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">4.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1493318/000121390025028171/ea022353409ex10-2_etoro.htm">eToro Group Ltd. 2007 Employee Share Option Plan (incorporated by reference to Exhibit&nbsp;10.2 filed with the Registrant&rsquo;s Registration Statement on Form&nbsp;F-1 (File No.&nbsp;333-286050), filed with the Commission on April 2, 2025).</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">4.3*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea024234701ex4-3_etoro.htm">eToro Group Ltd. 2021 Share Incentive Plan, as amended.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">4.4*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea024234701ex4-4_etoro.htm">eToro Group Ltd. 2025 Employee Share Purchase Plan.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">5.1*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea024234701ex5-1_etoro.htm">Opinion of Appleby (BVI) Limited.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">23.1*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea024234701ex23-1_etoro.htm">Consent of Kost Forer Gabbay &amp; Kasierer, a Member of EY Global.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">23.2*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea024234701ex5-1_etoro.htm">Consent of Appleby (BVI) Limited (included in Exhibit&nbsp;5.1).</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">24.1*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#poa_001">Power of Attorney (included on the signature page of this Registration Statement).</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">107*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea024234701ex-fee_etoro.htm">Filing Fee Table.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM&nbsp;9. UNDERTAKINGS</P>



<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:</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; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)
of the Securities Act of 1933;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in this Registration Statement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan
of distribution not previously disclosed in this Registration Statement or any material change to such information in this registration
statement;</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>provided, however,</I>
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering 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: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.</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: 0.5in">(b)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange
Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Exchange
Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering 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"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</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: left"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Tel Aviv, Israel on May 20, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><B>ETORO GROUP LTD.</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%"> /s/ Jonathan Alexander Assia</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify; width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify"> Jonathan Alexander Assia</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chief Executive Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>



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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="poa_001"></A>POWER
OF ATTORNEY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each person whose signature appears below constitutes
and appoints Jonathan Alexander Assia and Meron Shani and each of them, individually, as attorneys-in-fact with full power of substitution,
for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments which said attorneys
and agents may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations and
requirements of the Securities and Exchange Commission thereunder, including, without limitation, the power and authority to sign the
name of each of the undersigned in the capacities indicated below to the Registration Statement on Form&nbsp;S-8, or the Registration
Statement, to be filed with the Securities and Exchange Commission, to any and all amendments or supplements to such Registration Statement,
whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration
Statement filed pursuant to Rule&nbsp;462 under the Securities Act, and to any and all instruments or documents filed as part of or in
connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective
date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorneys and agents shall
do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed 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-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Signature</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt">/s/ Jonathan Alexander Assia</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">Chairman of the Board and Chief Executive Officer</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">May 20, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">Jonathan Alexander Assia</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt">/s/ Meron Shani</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">Chief Financial Officer</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">May 20, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">Meron Shani</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt">(Principal Financial Officer and <BR>
Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: left; font-size: 10pt">/s/ Ronen Assia</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; font-size: 10pt">Director</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; text-align: center; font-size: 10pt">May 20, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">Ronen Assia</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt">/s/ Santo Politi</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">Director</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">May 20, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">Santo Politi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt">/s/ Avner Stepak</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">Director</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">May 20, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt">Avner Stepak</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt">/s/ Eddy Shalev</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">Director</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">May 20, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">Eddy Shalev</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SIGNATURE OF AUTHORIZED
U.S. REPRESENTATIVE OF THE REGISTRANT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">Pursuant
to the requirements of the Securities Act, the undersigned certifies that it is the duly authorized United States representative of the
registrant and has duly caused this registration statement to be signed by the undersigned, thereunto duly authorized, in the City of
Hoboken, State of New Jersey, on May 20, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&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>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><B>ETORO GROUP LTD.</B></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; text-align: left; font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: left; font-size: 10pt">/s/ Jonathan Alexander Assia</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 5%">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 31%">Jonathan Alexander Assia</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Director</TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>ea024234701ex4-3_etoro.htm
<DESCRIPTION>ETORO GROUP LTD. 2021 SHARE INCENTIVE PLAN, AS AMENDED
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>eToro Group Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>2021 Share Incentive Plan, as amended</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless otherwise defined, terms used herein
shall have the meaning ascribed to them in Section&nbsp;</I><FONT STYLE="font-size: 10pt">&lrm;</FONT><I>2 hereof.</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><U>PURPOSE; TYPES OF AWARDS; CONSTRUCTION</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1.   <U>Purpose</U>.
The purpose of this 2021 Share Incentive Plan (as amended, this &ldquo;<FONT STYLE="font-weight: normal"><U>Plan</U></FONT>&rdquo;) is
to afford an incentive to Service Providers of eToro Group Ltd., a company incorporated under the laws of the British Virgin Islands (together
with any successor corporation thereto, the &ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;), or any Affiliate of
the Company, which now exists or hereafter is organized or acquired by the Company or its Affiliates, to continue as Service Providers,
to increase their efforts on behalf of the Company or its Affiliates and to promote the success of the Company&rsquo;s business, by providing
such Service Providers with opportunities to acquire a proprietary interest in the Company by the issuance of Shares or restricted Shares
(&ldquo;<FONT STYLE="font-weight: normal"><U>Restricted Shares</U></FONT>&rdquo;) of the Company, Options, Restricted Share Units (&ldquo;<FONT STYLE="font-weight: normal"><U>RSUs</U></FONT>&rdquo;),
share appreciation rights and other Share-based Awards pursuant to Sections&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>11 through
<FONT STYLE="font-size: 10pt">&lrm;</FONT>13 of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2.   <U>Types
of Awards</U>. This Plan is intended to enable the Company to issue Awards under various tax regimes, including:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)   pursuant
and subject to the provisions of Section&nbsp;102 of the Ordinance (or the corresponding provision of any subsequently enacted statute,
as amended from time to time), and all regulations and interpretations adopted by any competent authority, including the Israel Tax Authority
(the &ldquo;<FONT STYLE="font-weight: normal"><U>ITA</U></FONT>&rdquo;), including the Income Tax Rules (Tax Benefits in Stock Issuance
to Employees) 5763-2003 or such other rules so adopted from time to time (the &ldquo;<FONT STYLE="font-weight: normal"><U>Rules</U></FONT>&rdquo;)
(such Awards that are intended to be (as set forth in the Award Agreement) and which qualify as such under Section&nbsp;102 of the Ordinance
and the Rules, &ldquo;<FONT STYLE="font-weight: normal"><U>102 Awards</U></FONT>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)   pursuant
to Section&nbsp;3(i) of the Ordinance or the corresponding provision of any subsequently enacted statute, as amended from time to time
(such Awards, &ldquo;<FONT STYLE="font-weight: normal"><U>3(i)&nbsp;Awards</U></FONT>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)   Incentive
Stock Options within the meaning of Section&nbsp;422 of the Code, or the corresponding provision of any subsequently enacted United States
federal tax statute, as amended from time to time, to be granted to Employees who are deemed to be residents of the United States, for
purposes of taxation, or are otherwise subject to U.S. Federal income tax (such Awards that are intended to be (as set forth in the Award
Agreement) and which qualify as an incentive stock option within the meaning of Section&nbsp;422(b) of the Code, &ldquo;<FONT STYLE="font-weight: normal"><U>Incentive
Stock Options</U></FONT>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)   Options
not intended to be (as set forth in the Award Agreement) or which do not qualify as an Incentive Stock Option to be granted to Service
Providers who are deemed to be residents of the United States for purposes of taxation, or are otherwise subject to U.S. Federal income
tax (&ldquo;<FONT STYLE="font-weight: normal"><U>Nonqualified Stock Options</U></FONT>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)   Share
appreciation rights; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)   Restricted
Shares, RSUs and other forms of Share-based Awards.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the issuance of Awards under the
relevant tax regimes in the United States of America and the State of Israel, and without derogating from the generality of Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>24,
this Plan contemplates issuances to Grantees in other jurisdictions or under other tax regimes with respect to which the Committee is
empowered, but is not required, to make the requisite adjustments in this Plan, to adopt sub-plans under this Plan and/or to set forth
the relevant conditions in an appendix to this Plan or in the Company&rsquo;s agreement with the Grantee in order to comply with Applicable
Law of such other jurisdictions or the requirements of such other tax regimes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3.   <U>Construction</U>.
To the extent any provision herein conflicts with the conditions of any relevant tax law, rule or regulation which are relied upon for
tax relief in respect of a particular Award to a Grantee, the Committee is empowered, but is not required, hereunder to determine that
the provisions of such law, rule or regulation shall prevail over those of this Plan and to interpret and enforce such prevailing provisions.
With respect to 102 Awards, if and to the extent any action or the exercise or application of any provision hereof or authority granted
hereby is conditioned or subject to obtaining a ruling or tax determination from the ITA, to the extent required by Applicable Law, then
the taking of any such action or the exercise or application of such section or authority with respect to 102 Awards shall be conditioned
upon obtaining such ruling or tax determination, and, if obtained, shall be subject to any condition set forth therein; it being clarified
that there is no obligation to apply for any such ruling or tax determination (which shall be in the sole discretion of the Committee)
and no assurance is made that if applied any such ruling or tax determination will be obtained (or the conditions thereof).</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><U>DEFINITIONS.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1.   <U>Terms
Generally</U>. Except when otherwise indicated by the context, (i) the singular shall include the plural and the plural shall include
the singular; (ii) any pronoun shall include the corresponding masculine, feminine and neuter forms; (iii) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document
as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements,
supplements or modifications set forth therein or herein), (iv) references to any law, constitution, statute, treaty, regulation, rule
or ordinance, including any section&nbsp;or other part thereof shall refer to it as amended from time to time and shall include any successor
thereof, (v) reference to a &ldquo;company&rdquo; or &ldquo;entity&rdquo; shall include a, partnership, corporation, limited liability
company, association, trust, unincorporated organization, or a government or agency or political subdivision thereof, and reference to
a &ldquo;person&rdquo; shall mean any of the foregoing or an individual, (vi) the words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo; and
&ldquo;hereunder&rdquo;, and words of similar import, shall be construed to refer to this Plan in its entirety, and not to any particular
provision hereof, (vii) all references herein to Sections&nbsp;shall be construed to refer to Sections&nbsp;to this Plan; (viii) the words
&ldquo;include&rdquo;, &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without
limitation&rdquo;; and (ix) use of the term &ldquo;or&rdquo; is not intended to be exclusive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2.
<U>Defined Terms</U>. The following terms shall have the meanings ascribed to them in this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>2:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.1   &ldquo;<FONT STYLE="font-weight: normal"><U>Affiliate</U></FONT>&rdquo;
shall mean, (i) with respect to any person, any other person that, directly or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such person, including, without limitation, any Parent or Subsidiary, or (ii) Employer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.2   &ldquo;<FONT STYLE="font-weight: normal"><U>Applicable
Law</U></FONT>&rdquo; shall mean any applicable law, rule, regulation, statute, pronouncement, policy, interpretation, judgment, order
or decree of any federal, provincial, state or local governmental, regulatory or adjudicative authority or agency, of any jurisdiction,
and the rules and regulations of any stock exchange, over-the-counter market or trading system on which the Company&rsquo;s shares are
then traded or listed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.3   &ldquo;<FONT STYLE="font-weight: normal"><U>Award</U></FONT>&rdquo;
shall mean any issuance of Shares or Restricted Shares, Options, RSUs, share appreciation rights and other Share-based Awards granted
under this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.4   &ldquo;<FONT STYLE="font-weight: normal"><U>Board</U></FONT>&rdquo;
shall mean the Board of Directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.5   &ldquo;<FONT STYLE="font-weight: normal"><U>Change
in Board Event</U></FONT>&rdquo; shall mean any time at which individuals who, as of the Effective Date, constitute the Board (the &ldquo;<FONT STYLE="font-weight: normal"><U>Incumbent
Board</U></FONT>&rdquo;) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming
a director subsequent to the Effective Date whose election, or nomination for election by the Company&rsquo;s shareholders, was approved
by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were
a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.6   &ldquo;<FONT STYLE="font-weight: normal"><U>Code</U></FONT>&rdquo;
shall mean the United States Internal Revenue Code of 1986, and any applicable regulations promulgated thereunder, all as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.7   &ldquo;<FONT STYLE="font-weight: normal"><U>Committee</U></FONT>&rdquo;
shall mean a committee established or appointed by the Board to administer this Plan, subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>3.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.8   &ldquo;<FONT STYLE="font-weight: normal"><U>Controlling
Shareholder</U></FONT>&rdquo; shall have the meaning set forth in Section&nbsp;32(9) of the Ordinance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.9   &ldquo;<FONT STYLE="font-weight: normal"><U>Disability</U></FONT>&rdquo;
shall mean (i) the inability of a Grantee to engage in any substantial gainful activity or to perform the major duties of the Grantee&rsquo;s
position with the Company or its Affiliates by reason of any medically determinable physical or mental impairment which has lasted or
can be expected to last for a continuous period of not less than 12 months (or such other period as determined by the Committee), as determined
by a qualified doctor acceptable to the Company, (ii) if applicable, a &ldquo;permanent and total disability&rdquo; as defined in Section&nbsp;22(e)(3)
of the Code or Section&nbsp;409A(a)(2)(c)(i) of the Code, as amended from time to time, or (iii) as defined in a policy of the Company
that the Committee deems applicable to this Plan, or that makes reference to this Plan, for purposes of this definition. Notwithstanding
the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Grantee is disabled under Section
409A(a)(2)(C)(i) or (ii) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.10   &ldquo;<FONT STYLE="font-weight: normal"><U>Employee</U></FONT>&rdquo;
shall mean any person treated as an employee (including an officer or a director who is also treated as an employee) in the records of
the Company or any of its Affiliates (and in the case of 102 Awards, subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9.3
or in the case of Incentive Stock Options, who is an employee for purposes of Section&nbsp;422 of the Code); provided, however, that neither
service as a director nor payment of a director&rsquo;s fee shall be sufficient to constitute employment for purposes of this Plan. The
Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee
and the effective date of such individual&rsquo;s employment or termination of employment, as the case may be. For purposes of a person&rsquo;s
rights, if any, under this Plan as of the time of the Company&rsquo;s determination, all such determinations by the Company shall be final,
binding and conclusive, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary determination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.11   &ldquo;<FONT STYLE="font-weight: normal"><U>Employer</U></FONT>&rdquo;
means, for purpose of a 102 Trustee Award, the Company or an Affiliate, Subsidiary or Parent thereof, which is an &ldquo;employing company&rdquo;
within the meaning and subject to the conditions of Section 102(a) of the Ordinance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.12   &ldquo;<FONT STYLE="font-weight: normal"><U>employment</U></FONT>&rdquo;,
&ldquo;<FONT STYLE="font-weight: normal"><U>employed</U></FONT>&rdquo; and words of similar import shall be deemed to refer to the employment
of Employees or to the services of any other Service Provider, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.13   &ldquo;<FONT STYLE="font-weight: normal"><U>Exchange
Act</U></FONT>&rdquo; shall mean the U.S. Securities Exchange Act of 1934, as amended, and all regulations, guidance and other interpretative
authority issued thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.14 &ldquo;<FONT STYLE="font-weight: normal"><U>exercise</U></FONT>,&rdquo;
&ldquo;<FONT STYLE="font-weight: normal"><U>exercised</U></FONT>&rdquo; and words of similar import, when referring to an Award that does not
require exercise or that is settled upon vesting (such as may be the case with RSUs or Restricted Shares, if so determined in their terms),
shall be deemed to refer to the vesting of such an Award (regardless of whether or not the wording included reference to vesting of such
an Awards explicitly).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.15   &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Period</U></FONT>&rdquo; shall mean the period, commencing on the date of grant of an Award, during which an Award shall be exercisable,
subject to any vesting provisions thereof (including any acceleration thereof, if any) and subject to the termination provisions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.16   &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Price</U></FONT>&rdquo; shall mean the exercise price for each Share covered by an Option or the purchase price for each Share covered
by any other Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.17   &ldquo;<FONT STYLE="font-weight: normal"><U>Fair
Market Value</U></FONT>&rdquo; shall mean, as of any date, the value of a Share or other securities, property or rights as determined
by the Board, in its discretion, subject to the following: (i) if, on such date, the Shares are listed on any securities exchange, the
closing sales price per Share on which the Shares are principally traded on such date, or if no sale occurred on such date, the last day
preceding such date on which a sale occurred, as reported in The Wall Street Journal or such other source as the Company deems reliable;
(ii) if, on such date, the Shares are then quoted in an over-the-counter market, the average of the closing bid and asked prices for the
Shares in that market on such date, or if there are no bid and asked prices on such date, the last day preceding such date on which there
are bid and asked prices, as reported in The Wall Street Journal or such other source as the Company deems reliable; or (iii) if, on such
date, the Shares are not then listed on a securities exchange or quoted in an over-the-counter market, or in case of any other securities,
property or rights, such value as the Committee, in its sole discretion, shall determine, with full authority to determine the method
for making such determination and which determination shall be conclusive and binding on all parties, and shall be made after such consultations
with outside legal, accounting and other experts as the Committee may deem advisable; provided, however, that, if applicable, the Fair
Market Value of the Shares shall be determined in a manner that is intended to satisfy the applicable requirements of and subject to Section&nbsp;409A
of the Code, and with respect to Incentive Stock Options, in a manner that is intended to satisfy the applicable requirements of and subject
to Section&nbsp;422 of the Code, subject to Section&nbsp;422(c)(7) of the Code. If the Shares are listed or quoted on more than one established
stock exchange or over-the-counter market, the Committee shall determine the principal such exchange or market and utilize the price of
the Shares on that exchange or market (determined as per the method described in clauses&nbsp;(i) or (ii) above, as applicable) for the
purpose of determining Fair Market Value.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.18   &ldquo;<FONT STYLE="font-weight: normal"><U>Grantee</U></FONT>&rdquo;
shall mean a person who has been granted an Award(s) under this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.19   &ldquo;<FONT STYLE="font-weight: normal"><U>Option</U></FONT>&rdquo;
shall mean a grant of options to purchase Shares, including, for the avoidance of doubt, Incentive Stock Options and Nonqualified Stock
Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.20   &ldquo;<FONT STYLE="font-weight: normal"><U>Ordinance</U></FONT>&rdquo;
shall mean the Israeli Income Tax Ordinance (New Version) 5271-1961, and the regulations and rules (including the Rules) promulgated thereunder,
all as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.21   &ldquo;<FONT STYLE="font-weight: normal"><U>Parent</U></FONT>&rdquo;
shall mean any company (other than the Company), which now exists or is hereafter organized, (i) in an unbroken chain of companies ending
with the Company if, at the time of granting an Award, each of the companies (other than the Company) owns stock possessing fifty percent
(50%) or more of the total combined voting power of all classes of stock in one of the other companies in such chain, or (ii) if applicable
and for purposes of Incentive Stock Options, that is a &ldquo;parent corporation&rdquo; of the Company, as defined in Section&nbsp;424(e)
of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.22   &ldquo;<FONT STYLE="font-weight: normal"><U>Retirement</U></FONT>&rdquo;
shall mean a Grantee&rsquo;s retirement pursuant to Applicable Law or in accordance with the terms of any tax-qualified retirement plan
maintained by the Company or any of its Affiliates in which the Grantee participates or is subject to.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.23
&ldquo;<FONT STYLE="font-weight: normal"><U>Securities Act</U></FONT>&rdquo; shall mean the U.S. Securities Act of 1933, and the rules
and regulations promulgated thereunder, all as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.24   &ldquo;<FONT STYLE="font-weight: normal"><U>Service
Provider</U></FONT>&rdquo; shall mean an Employee, director, officer, consultant, advisor and any other person or entity who provides
services to the Company or any Parent, Subsidiary or other Affiliate thereof. Service Providers shall include prospective Service Providers
to whom Awards are granted in connection with written offers of an employment or other service relationship with the Company or any Parent,
Subsidiary or any other Affiliates thereof, provided, however, that such employment or service shall have actually commenced. Notwithstanding
the foregoing, unless otherwise determined by the Committee, each Service Provider shall be an &ldquo;employee&rdquo; as defined in the
General Instructions to Form S-8 Registration Statement under the Securities Act (or any successor form thereto) at the time the Award
is granted to the Service Provider.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.25
&ldquo;<FONT STYLE="font-weight: normal"><U>Share(s)</U></FONT>&rdquo; shall mean Common Shares, no par value per share, of the Company
(including Common Shares resulting or issued as a result of share split, reverse share split, bonus shares, combination or other recapitalization
events), or shares of such other class of shares of the Company as shall be designated by the Board in respect of the relevant Award(s).
&ldquo;Shares&rdquo; include any securities or property issued or distributed with respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.26   &ldquo;<FONT STYLE="font-weight: normal"><U>Subsidiary</U></FONT>&rdquo;
shall mean any company (other than the Company), which now exists or is hereafter organized or acquired by the Company, (i) in an unbroken
chain of companies beginning with the Company if, at the time of granting an Award, each of the companies other than the last company
in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in
one of the other companies in such chain, or (ii) if applicable and for purposes of Incentive Stock Options, that is a &ldquo;subsidiary
corporation&rdquo; of the Company, as defined in Section&nbsp;424(f) of the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.27
&ldquo;<FONT STYLE="font-weight: normal"><U>tax(es)</U></FONT>&rdquo; shall mean (a) all federal, state, local or foreign taxes, charges,
fees, imposts, levies or other assessments, including all income, capital gains, alternative or add-on minimum, transfer, value added
tax, real and personal property, withholding, payroll, employment, escheat, social security, disability, national security, health tax,
wealth surtax, stamp, registration and estimated taxes, customs duties, fees, assessments and charges of any similar kind whatsoever (including
under Section 280G of the Code) or other tax of any kind whatsoever, (b) all interest, indexation differentials, penalties, fines, additions
to tax or additional amounts imposed by any taxing authority in connection with any item described in clause&nbsp;(a), (c) any transferee
or successor liability in respect of any items described in clauses&nbsp;(a) or (b) payable by reason of contract, assumption, transferee
liability, successor liability, operation of Applicable Law, or as a result of any express or implied obligation to assume Taxes or to
indemnify any other person, and (d) any liability for the payment of any amounts of the type described in clause&nbsp;(a) or (b) payable
as a result of being a member of an affiliated, consolidated, combined, unitary or aggregate or other group for any taxable period, including
under U.S. Treasury Regulations Section 1.1502-6(a) (or any predecessor or successor thereof of any analogous or similar provision under
Applicable Law) or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.28   &ldquo;<FONT STYLE="font-weight: normal"><U>Ten
Percent Shareholder</U></FONT>&rdquo; shall mean a Grantee who, at the time an Award is granted to the Grantee, owns shares possessing
more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or any Parent or Subsidiary, within
the meaning of Section&nbsp;422(b)(6) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.29   &ldquo;<FONT STYLE="font-weight: normal"><U>Trustee</U></FONT>&rdquo;
shall mean the trustee appointed by the Committee to hold the Awards (and, in relation with 102 Trustee Awards, approved by the ITA),
if so appointed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.2.30   <U>Other
Defined Terms</U>. The following terms shall have the meanings ascribed to them in the Sections&nbsp;set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; width: 69%; text-align: justify">Term</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; width: 29%; text-align: center">Section</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">102 Awards</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.2(i)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">102 Capital Gains Track Awards</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">9.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">102 Non-Trustee Awards</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">9.2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">102 Ordinary Income Track Awards</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">9.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">102 Trustee Awards</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">9.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">3(i) Awards</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.2(ii)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Award Agreement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Cause</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">6.6.4.4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Company</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Effective Date</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">24.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Election</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">9.2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Eligible 102 Grantees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">9.3.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Incentive Stock Options</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.2(iii)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Information</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">16.4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">ITA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.1(i)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Merger/Sale</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">14.2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Nonqualified Stock Options</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.2(iv)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Plan</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Prior Plan(s)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">5.2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Pool</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Recapitalization</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">14.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Required Holding Period</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">9.5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Restricted Period</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">11.2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Restricted Share Agreement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Restricted Share Unit Agreement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Restricted Share</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">RSUs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Rules</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">1.1(i)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">17.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Successor Corporation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">14.2.1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Withholding Obligations</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">18.5</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-indent: -0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><U>ADMINISTRATION.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1.   To
the extent permitted under Applicable Law, and the Memorandum of Association and Articles of Association of the Company (each as may be
amended and supplemented from time to time, the &ldquo;<FONT STYLE="font-weight: normal"><U>Articles of Association</U></FONT>&rdquo;)
and any other governing document of the Company, this Plan shall be administered by the Committee. In the event that the Board does not
appoint or establish a committee to administer this Plan, this Plan shall be administered by the Board and, accordingly, any and all references
herein to the Committee shall be construed as references to the Board. In the event that an action necessary for the administration of
this Plan is required under Applicable Law to be taken by the Board without the right of delegation, or if such action or power was explicitly
reserved by the Board in appointing, establishing and empowering the Committee, then such action shall be so taken by the Board. In any
such event, all references herein to the Committee shall be construed as references to the Board. Even if such a Committee was appointed
or established, the Board may take any actions that are stated to be vested in the Committee, and shall not be restricted or limited from
exercising all rights, powers and authorities under this Plan or Applicable Law. The Board shall appoint the members of the Committee,
may from time to time remove members from, or add members to, the Committee, and shall fill vacancies in the Committee, however caused,
provided that the composition of the Committee shall at all times be in compliance with any mandatory requirements of Applicable Law,
the Articles of Association and any other governing document of the Company. The Committee may select one of its members as its Chairman
and shall hold its meetings at such times and places as it shall determine. The Committee may appoint a Secretary, who shall keep records
of its meetings, and shall make such rules and regulations for the conduct of its business as it shall deem advisable and subject to mandatory
requirements of Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2.   Subject
to the terms and conditions of this Plan, any mandatory provisions of Applicable Law and any provisions of any Company policy required
under mandatory provisions of Applicable Law, and in addition to the Committee&rsquo;s powers contained elsewhere in this Plan, the Committee
shall have full authority, in its discretion, from time to time and at any time, to determine any of the following, or to recommend to
the Board any of the following if it is not authorized to take such action according to Applicable Law:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)   eligible
Grantees,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)   grants
of Awards and setting the terms and provisions of Award Agreements (which need not be identical) and any other agreements or instruments
under which Awards are made, including, the number of Shares underlying each Award and the class of Shares underlying each Award (if more
than one class was designated by the Board),</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)   the
time or times at which Awards shall be granted,</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)   the
terms, conditions and restrictions applicable to each Award (which need not be identical) and any Shares acquired upon the exercise or
(if applicable) vesting thereof, including, (1) designating Awards under Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>1.2; (2)
the vesting schedule, the acceleration thereof and terms and conditions upon which Awards may be exercised or become vested, (3) the Exercise
Price, (4) the method of payment for Shares purchased upon the exercise or (if applicable) vesting of the Awards, (5) the method for satisfaction
of any tax withholding obligation arising in connection with the Awards or such Shares, including by the withholding or delivery of Shares,
(6) the time of the expiration of the Awards, (7) the effect of the Grantee&rsquo;s termination of employment with the Company or any
of its Affiliates, and (8) all other terms, conditions and restrictions applicable to the Award or the Shares not inconsistent with the
terms of this Plan,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)   to
accelerate, continue, extend or defer the exercisability of any Award or the vesting thereof, including with respect to the period following
a Grantee&rsquo;s termination of employment or other service,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)   the
interpretation of this Plan and any Award Agreement and the meaning, interpretation and applicability of terms referred to in Applicable
Law,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii)   policies,
guidelines, rules and regulations relating to and for carrying out this Plan, and any amendment, supplement or rescission thereof, as
it may deem appropriate,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(viii)   to
adopt supplements to, or alternative versions of, this Plan, including, without limitation, as it deems necessary or desirable to comply
with the laws of, or to accommodate the tax regime or custom of, foreign jurisdictions whose citizens or residents may be granted Awards,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ix)   the
Fair Market Value of the Shares or other securities property or rights,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)   the
tax track (capital gains, ordinary income track or any other track available under the Section&nbsp;102 of the Ordinance) for the purpose
of 102 Awards,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xi)   the
authorization and approval of conversion, substitution, cancellation or suspension under and in accordance with this Plan of any or all
Awards or Shares,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xii)   unless
otherwise provided under the terms of this Plan, the amendment, modification, waiver or supplement of the terms of any outstanding Award
(including reducing the Exercise Price of an Award), provided, however, that if such amendments increase the Exercise Price of an Award
or reduce the number of Shares underlying an Award, then such amendments shall require the consent of the applicable Grantee, unless such
amendment is made pursuant to the exercise of rights or authorities in accordance with Sections&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14
or <FONT STYLE="font-size: 10pt">&lrm;</FONT>24,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiii)   without
limiting the generality of the foregoing, and subject to the provisions of Applicable Law, to grant to a Grantee, who is the holder of
an outstanding Award, in exchange for the cancellation of such Award, a new Award having an Exercise Price lower than that provided in
the Award so canceled and containing such other terms and conditions as the Committee may prescribe in accordance with the provisions
of this Plan or to set a new Exercise Price for the same Award lower than that previously provided in the Award,</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiv)   to
correct any defect, supply any omission or reconcile any inconsistency in this Plan or any Award Agreement and all other determinations
and take such other actions with respect to this Plan or any Award as it may deem advisable to the extent not inconsistent with the provisions
of this Plan or Applicable Law, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xv)   any
other matter which is necessary or desirable for, or incidental to, the administration of this Plan and any Award thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3.   The
authority granted hereunder includes the authority to modify Awards to eligible individuals who are foreign nationals or are individuals
who are employed outside the State of Israel or the United States of America, to recognize differences in local law, tax policy or custom,
in order to effectuate the purposes of this Plan but without amending this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4.   The
Board and the Committee shall be free at all times to make such determinations and take such actions as they deem fit. The Board and the
Committee need not take the same action or determination with respect to all Awards, with respect to certain types of Awards, with respect
to all Service Providers or any certain type of Service Providers and actions and determinations may differ as among the Grantees, and
as between the Grantees and any other holders of securities of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.5.   All
decisions, determinations, and interpretations of the Committee, the Board and the Company under this Plan shall be final and binding
on all Grantees (whether before or after the issuance of Shares pursuant to Awards), unless otherwise determined by the Committee, the
Board or the Company, respectively. The Committee shall have the authority (but not the obligation) to determine the interpretation and
applicability of Applicable Law to any Grantee or any Awards. No member of the Committee or the Board shall be liable to any Grantee for
any action taken or determination made in good faith with respect to this Plan or any Award granted hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.6.   Any
officer or authorized signatory of the Company shall have the authority to act on behalf of the Company with respect to any matter, right,
obligation, determination or election which is the responsibility of or which is allocated to the Company herein, provided such person
has apparent authority with respect to such matter, right, obligation, determination or election. Such person or authorized signatory
shall not be liable to any Grantee for any action taken or determination made in good faith with respect to this Plan or any Award granted
hereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><U>ELIGIBILITY</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Awards may be granted to Service Providers of
the Company or any Affiliate thereof, taking into account, at the Committee&rsquo;s discretion and without an obligation to do so, the
qualification under each tax regime pursuant to which such Awards are granted, subject to the limitation on the granting of Incentive
Stock Options set forth in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8.1. A person who has been granted an Award hereunder
may be granted additional Awards, if the Committee shall so determine, subject to the limitations herein. However, eligibility in accordance
with this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>4 shall not entitle any person to be granted an Award, or, having been
granted an Award, to be granted an additional Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Awards may differ in number of Shares covered
thereby, the terms and conditions applying to them or on the Grantees or in any other respect (including, that there should not be any
expectation (and it is hereby disclaimed) that a certain treatment, interpretation or position granted to one shall be applied to the
other, regardless of whether or not the facts or circumstances are the same or similar).</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><U>SHARES</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1.   The
maximum aggregate number of Shares that may be issued pursuant to Awards under this Plan (the &ldquo;Pool&rdquo;) shall be the sum of
(a) 8,254,881 Shares <I>plus</I> (and without the need to further amend the Plan), (b) on January 1, 2026 and on January 1<SUP>st</SUP>
of each calendar year thereafter through and including January 1, 2035, a number of Shares equal to the lesser of: (i) five percent (5%)
of the total number of Shares outstanding as of the end of the last day of the immediately preceding calendar year, and (ii) such smaller
amount of Shares as is determined by the Board, if so determined prior to the January 1<SUP>st</SUP> of the calendar year in which the
increase will occur, <I>plus</I> (c) any Shares underlying awards under the Prior Plan(s) as of the Effective Date which, following the
Effective Date, become available for issuance under the Plan pursuant to Section 5.2 below, in all events subject to adjustment as provided
in Section 14.1. Notwithstanding the foregoing, the total number of Shares that may be issued pursuant to Incentive Stock Options granted
under this Plan shall be 6,191,161, subject to adjustment as provided in Section 14.1. The Board may, at its discretion, reduce the number
of Shares that may be issued pursuant to Awards under this Plan, at any time (provided that such reduction does not derogate from any
issuance of Shares in respect of Awards then outstanding).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2.   Any
Shares (a) underlying an Award granted hereunder or an award granted under the Company&rsquo;s Employee Share Option Plan (2007) (the
&ldquo;<FONT STYLE="font-weight: normal"><U>Prior Plan</U></FONT>&rdquo;) that has expired, or was cancelled, terminated, forfeited, or
settled in cash in lieu of issuance of Shares, for any reason, without having been exercised; (b) if permitted by the Company, tendered
to pay the Exercise Price of an Award (or the exercise price or other purchase price of any option or other award under the Prior Plan(s)),
or withholding tax obligations with respect to an Award (or any awards under the Prior Plan(s)); or (c) if permitted by the Company, subject
to an Award (or any award under the Prior Plan(s)) that are not delivered to a Grantee because such Shares are withheld to pay the Exercise
Price of such Award (or any award under the Prior Plan(s)), or withholding tax obligations with respect to such Award (or such other award)
shall automatically, and without any further action on the part of the Company or any Grantee, again be available for grant of Awards
and for issuance upon exercise or (if applicable) vesting thereof for the purposes of this Plan (unless this Plan shall have been terminated),
unless the Board determines otherwise. Awards that may only be settled in cash shall not count against the Pool. Such Shares may be, in
whole or in part, authorized but unissued Shares, (and, subject to obtaining a ruling as it applies to 102 Awards) treasury shares (dormant
shares) or otherwise Shares that shall have been or may be repurchased by the Company (to the extent permitted pursuant to Applicable
Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3.   Unless
determined otherwise by the Board or the Committee, any Shares under the Pool that are not subject to outstanding or exercised Awards
at the termination of this Plan shall cease to be reserved for the purpose of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4.   From
and after the Effective Date, no further grants or awards shall be made under the Prior Plan(s); however, Awards made under the Prior
Plan(s) before the Effective Date shall continue in effect in accordance with their terms.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><U>TERMS AND CONDITIONS OF AWARDS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Award granted pursuant to this Plan shall
be evidenced by a written or electronic agreement between the Company and the Grantee or a written or electronic notice delivered by the
Company (the &ldquo;<FONT STYLE="font-weight: normal"><U>Award Agreement</U></FONT>&rdquo;), in substantially such form or forms and containing
such terms and conditions, as the Committee shall from time to time approve. The Award Agreement shall comply with and be subject to the
following general terms and conditions and the provisions of this Plan (except for any provisions applying to Awards under different tax
regimes), unless otherwise specifically provided in such Award Agreement, or the terms referred to in other Sections of this Plan applying
to Awards under such applicable tax regimes, or terms prescribed by Applicable Law. Award Agreements need not be in the same form and
may differ in the terms and conditions included therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1.   <U>Number
of Shares</U>. Each Award Agreement shall state the number of Shares covered by the Award.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2.   <U>Type
of Award</U>. Each Award Agreement may state the type of Award granted thereunder, provided that the tax treatment of any Award, whether
or not stated in the Award Agreement, shall be as determined in accordance with Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3.   <U>Exercise
Price</U>. Each Award Agreement shall state the Exercise Price, if applicable. Subject to Sections&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>3,
<FONT STYLE="font-size: 10pt">&lrm;</FONT>7.2 and <FONT STYLE="font-size: 10pt">&lrm;</FONT>8.2 and to the foregoing, the Committee may
reduce the Exercise Price of any outstanding Award, on terms and subject to such conditions as it deems advisable. The Exercise Price
shall also be subject to adjustment as provided in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14 hereof. The Exercise Price
of any Award granted to a Grantee who is subject to U.S. federal income tax shall be determined in accordance with Section 409A of the
Code, in accordance with Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>7.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.4.   <U>Manner
of Exercise</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.4.1   An
Award may be exercised, as to any or all Shares as to which the Award has become exercisable, (a) by written notice delivered in person
or by mail (or such other methods of delivery prescribed by the Company) to the stock plan administrator designated by the Company or
to such other person as determined by the Committee, (b) by way of an exercise order submitted via the online service operated and maintained
by the Company or any of its service providers, or (c) or in any other manner as the Committee shall prescribe from time to time, specifying
the number of Shares with respect to which the Award is being exercised (which may be equal to or lower than the aggregate number of Shares
that have become exercisable at such time, subject to the last sentence of this Section), accompanied by payment of the aggregate Exercise
Price for such Shares in the manner specified in the following sentence. The Exercise Price shall be paid in full with respect to each
Share, at the time of exercise and as a condition therefor, either (i) in cash, (ii) if the Company&rsquo;s shares are listed for trading
on any securities exchange or over-the-counter market, and if the Committee so determines, all or part of the Exercise Price and any withholding
taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by
the Company to sell Shares and to deliver all or part of the sales proceeds to the Company or the Trustee, (iii) if the Company&rsquo;s
shares are listed for trading on any securities exchange or over-the-counter market, and if the Committee so determines, all or part of
the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction
to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver all or part of the loan
proceeds to the Company or the Trustee, (iv) by applying the Cashless Exercise Mechanism set forth in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.4.3
below, or (v) in such other manner as the Committee shall determine, which may include procedures for cashless exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.4.2   The
application of Cashless Exercise Mechanism with respect to any 102 Awards shall be subject to obtaining a ruling from the ITA, to the
extent required by Applicable Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.4.3   Unless
otherwise determined by the Committee, any and all Options (other than Incentive Stock Options) may be exercised using a cashless exercise
mechanism, in which case the number of the Shares to be issued by the Company upon such exercise shall be calculated pursuant to the following
formula (the &ldquo;<FONT STYLE="font-weight: normal"><U>Cashless Exercise Mechanism</U></FONT>&rdquo;):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 43%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; width: 4%">X =</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 10%">Y * (A &ndash; B)</TD>
    <TD STYLE="text-align: center; width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">A</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-align: justify">Where:</TD>
    <TD STYLE="width: 0.4in; text-align: justify">X =</TD>
    <TD STYLE="text-align: justify">the number of Shares to be issued to the Grantee.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Y =</TD>
    <TD STYLE="text-align: justify">the number of Shares, as adjusted to the date of such calculation, underlying the number of Options being exercised.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">A =</TD>
    <TD STYLE="text-align: justify">the Fair Market Value of one Share at the exercise date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">B =</TD>
    <TD STYLE="text-align: justify">the Exercise Price of the Options being exercised.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">Upon the completion of the calculation, if X is a negative number, then X shall be deemed to equal 0 (zero).</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.5.   <U>Term
and Vesting of Awards</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.5.1   Each
Award Agreement shall provide the vesting schedule for the Award as determined by the Committee. The Committee shall have the authority
to determine the vesting schedule and accelerate the vesting of any outstanding Award and remove any restrictions thereupon at such time
and under such circumstances as it, in its sole discretion, deems appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.5.2   The
Award Agreement may contain performance goals and measurements (which, in case of 102 Trustee Awards, may, if then required, be subject
to obtaining a specific tax ruling or determination from the ITA), and the provisions with respect to any Award need not be the same as
the provisions with respect to any other Award. Such performance goals may include, but are not limited to, revenues, sales, operating
income, earnings before interest and taxes, return on investment, earnings per share, share trading price and performance hurdles or targets,
any combination of the foregoing or rate of growth of any of the foregoing, as determined by the Committee. The Committee may adjust performance
goals pursuant to Awards previously granted 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 the exclusion of the impact of extraordinary or unusual items,
events or circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.5.3   The
Exercise Period of an Award will be ten (10) years from the date of grant of the Award, unless otherwise determined by the Committee and
stated in the Award Agreement, but subject to the vesting provisions described above and the early termination provisions set forth in
Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.6 hereof. At the expiration of the Exercise Period, any Award, or any part thereof,
that has not been exercised within the term of the Award and the Shares covered thereby not paid for in accordance with this Plan and
the Award Agreement shall terminate and become null and void, and all interests and rights of the Grantee in and to the same shall expire.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.6.   <U>Termination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.6.1   Unless
otherwise determined by the Committee, and subject to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.6 hereof, an Award
may not be exercised unless the Grantee was, since the date of grant of the Award throughout the vesting dates, and is then (at the time
of exercise), a Service Provider.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.6.2   Except
as otherwise determined by the Committee or provided in an Award Agreement, in the event that the employment or service of a Grantee terminates
and the Grantee is no longer a Service Provider, all Awards of such Grantee that are unvested at the time of such termination shall terminate
on the date of such termination, and all Awards of such Grantee that are vested and exercisable at the time of such termination shall
be settled in accordance with their terms and Options and stock appreciation rights may be exercised up to ninety (90) days after the
date of such termination (or such different period as the Committee shall prescribe, in general or on a case-by-case basis), but in any
event no later than the date of expiration of the Award&rsquo;s term as set forth in the Award Agreement or pursuant to this Plan, except
as set forth below in Section 6.6.3 and Section 6.6.4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.6.3   Notwithstanding
Section <FONT STYLE="font-size: 10pt">&lrm;</FONT>6.6.2, if the Company (or its Subsidiary or other Affiliate thereof, as applicable)
shall have terminated the Grantee&rsquo;s employment or service for Cause (as defined below) (whether the facts or circumstances that
constitute such Cause occur prior to or after termination of employment or service), or if facts or circumstances arise or are discovered
with respect to the Grantee that would have constituted Cause, then all Awards theretofore granted to such Grantee (whether vested or
not) shall terminate and be subject to recoupment by the Company on the date of such termination (or on such subsequent date on which
such facts or circumstances arise or are discovered, as the case may be) unless otherwise determined by the Committee, and any Shares
issued upon exercise or (if applicable) vesting of Awards (including other Shares or securities issued or distributed with respect thereto,
and including the gross amount of any proceeds, gains or other economic benefit the Grantee actually or constructively receives upon receipt
or exercise of any Award or the receipt or resale of any Shares underlying the Award), whether held by the Grantee or by the Trustee for
the Grantee&rsquo;s benefit, shall be deemed to be irrevocably offered for sale to the Company, any of its Affiliates or any person designated
by the Company to purchase, at the Company&rsquo;s election and subject to Applicable Law, either for no consideration, for the par value
of such Shares (if such Shares bear a par value) or against payment of the Exercise Price previously received by the Company for such
Shares upon their issuance, as the Committee deems fit, upon written notice to the Grantee at any time prior to, at or after the Grantee&rsquo;s
termination of employment or service. Such Shares or other securities shall be sold and transferred within 30 days from the date of the
Company&rsquo;s notice of its election to exercise its right. If the Grantee fails to transfer such Shares or other securities to the
Company, the Company, at the decision of the Committee, shall be entitled to forfeit or repurchase such Shares and to authorize any person
to execute on behalf of the Grantee any document necessary to effect such transfer, whether or not the share certificates are surrendered.
The Company shall have the right and authority to effect the above either by, subject to Applicable Law: (i) repurchasing all of such
Shares or other securities held by the Grantee or by the Trustee for the benefit of the Grantee, or designate the purchaser of all or
any part of such Shares or other securities, for the Exercise Price paid for such Shares, the par value of such Shares (if such Shares
bear a par value) or for no payment or consideration whatsoever, as the Committee deems fit; (ii) forfeiting all or any part of such Shares
or other securities; (iii) redeeming all or any part of such Shares or other securities, for the Exercise Price paid for such Shares,
the par value of such Shares (if such Shares bear a par value) or for no payment or consideration whatsoever, as the Committee deems fit;
(iv) taking action in order to have all or any part of such Shares or other securities converted into deferred shares entitling their
holder only to their par value (if such Shares bear a par value) upon liquidation of the Company; or (v) taking any other action which
may be required in order to achieve similar results, including requiring the Grantee to repay to the Company in cash the Fair Market Value
of such Shares or other securities as of the date of the Company&rsquo;s notice of its election to exercise its rights under this Section&nbsp;6.6.3;
all as shall be determined by the Committee, at its sole and absolute discretion, and the Grantee is deemed to irrevocably empower the
Company or any person which may be designated by it to take any action by, in the name of or on behalf of the Grantee to comply with and
give effect to such actions (including, voting such shares, filling in, signing and delivering share transfer deeds, etc.).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.7.   If
a Grantee shall die while employed by, or performing service for, the Company or any of its Affiliates, or within the ninety (90) period
(or such longer period of time as determined by the Board, in its discretion) after the date of termination of such Grantee&rsquo;s employment
or service (or within such different period as the Committee may have provided pursuant to Section 6.6 hereof), or if the Grantee&rsquo;s
employment or service with the Company or any of its Affiliates shall terminate by reason of Disability, all Options and stock appreciation
rights theretofore granted to such Grantee may (to the extent otherwise vested and exercisable and 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 legal right to exercise
such Awards by bequest or inheritance, or by a person who acquired the legal right to exercise such Awards in accordance with applicable
law in the case of Disability of the Grantee, as the case may be, at any time within one (1) year (or such longer period of time as determined
by the Committee, in its discretion) after the death or Disability of the Grantee (or such different period as the Committee shall prescribe),
but in any event no later than the date of expiration of the Award&rsquo;s term as set forth in the Award Agreement or pursuant to this
Plan. In the event that an Options and stock appreciation rights granted hereunder shall be exercised as set forth above by any person
other than the Grantee, written notice of such exercise shall be accompanied by a certified copy of letters testamentary or proof satisfactory
to the Committee of the right of such person to exercise such Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.7.1   Notwithstanding
anything to the contrary, the Committee, in its absolute discretion, may, on such terms and conditions as it may determine appropriate,
extend the periods for which Awards held by any Grantee may continue to vest and be exercisable or accelerate the vesting and exercisability
of Awards in whole or in part, subject to Section 409A of the Code for Grantees who are United States taxpayers and provided that for
all Grantees, Options and stock appreciation rights may not be exercisable after the maximum term specified in the Plan; it being clarified
that such Awards may lose their entitlement to certain tax benefits under Applicable Law (including, without limitation, qualification
of an Award as an Incentive Stock Option) as a result of the modification of such Awards and/or in the event that the Award is exercised
beyond the later of: (i) ninety (90) days after the date of termination of the employment or service relationship; or (ii) the applicable
period under Section&nbsp;6.6.4 above with respect to a termination of the employment or service relationship because of the death or
Disability of a Grantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.7.2   For
purposes of this Plan:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">6.7.2.1   A
termination of employment or service relationship of a Grantee shall not be deemed to occur (except to the extent required by the Code
with respect to the Incentive Stock Option status of an Option) in case of (i) a transition or transfer of a Grantee among the Company
and its Affiliates, (ii) a change in the capacity in which the Grantee is employed or renders service to the Company or any of its Affiliates
or a change in the identity of the employing or engagement entity among the Company and its Affiliates, provided, in case of the foregoing
clauses&nbsp;(i) and (ii) above, that the Grantee has remained continuously employed by and/or in the service of the Company and its Affiliates
since the date of grant of the Award and throughout the vesting period; or (iii) if the Grantee takes any authorized leave.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">6.7.2.2   An
entity or an Affiliate thereof assuming an Award or issuing in substitution thereof in a transaction to which Section&nbsp;424(a) of the
Code applies or in a Merger/Sale in accordance with Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14 shall be deemed as an Affiliate
of the Company for purposes of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.6, unless the Committee determines otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">6.7.2.3   In
the case of a Grantee whose principal employer or service recipient is a Subsidiary or other Affiliate thereof, the Grantee&rsquo;s employment
or service relationship shall also be deemed terminated for purposes of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.6
as of the date on which such principal employer or service recipient ceases to be a Subsidiary or other Affiliate thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">6.7.2.4   The
term &ldquo;<FONT STYLE="font-weight: normal"><U>Cause</U></FONT>&rdquo; shall mean (irrespective of, and in addition to, any definition
included in any other agreement or instrument applicable to the Grantee, and unless otherwise determined by the Committee) any of the
following: (i) any theft, fraud, embezzlement, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, falsification
of any documents or records of the Company or any of its Affiliates, felony or similar act by the Grantee (whether or not related to the
Grantee&rsquo;s relationship with the Company); (ii) an act of moral turpitude by the Grantee, or any act that causes significant injury
to, or is otherwise adversely affecting, the reputation, business, assets, operations or business relationship of the Company (or a Subsidiary
or other Affiliate thereof, when applicable); (iii) any breach by the Grantee of any material agreement with or of any material duty of
the Grantee to the Company or any Subsidiary or other Affiliate thereof (including breach of confidentiality, non-disclosure, non-use
non-competition or non-solicitation covenants towards the Company or any of its Affiliates) or failure to abide by code of conduct or
other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct), or repeated and
unreasonable refusal to carry out a reasonable directive of the Company or of Grantee&rsquo;s supervisor which involves the business of
the Company or its Affiliate and was capable of being lawfully performed; (iv) any act which constitutes a breach of a Grantee&rsquo;s
fiduciary duty towards the Company or a Subsidiary or other Affiliate thereof, including disclosure of confidential or proprietary information
thereof or acceptance or solicitation to receive unauthorized or undisclosed benefits, irrespective of their nature, or funds, or promises
to receive either, from individuals, consultants or corporate entities with whom the Company or a Subsidiary or other Affiliate thereof
conducts business; (v) the Grantee&rsquo;s unauthorized use, misappropriation, destruction, or diversion of any tangible or intangible
asset or corporate opportunity of the Company or any of its Affiliates (including, without limitation, the improper use or disclosure
of confidential or proprietary information); or (vi) any circumstances that constitute grounds for termination for cause under the Grantee&rsquo;s
employment or service agreement with the Company or Affiliate, to the extent applicable or (vi) any conduct (other than conduct in good
faith) reasonably determined by the Board to be materially detrimental to the Company. For the avoidance of doubt, the determination as
to whether a termination is for Cause for purposes of this Plan, shall be made in good faith by the Committee and shall be final and binding
on the Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.8.   <U>Securities
Law Restrictions</U>. Except as otherwise provided in the applicable Award Agreement or other agreement between the Service Provider and
the Company, if the exercise of an Award following the termination of the Service Provider&rsquo;s employment or service (other than for
Cause) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the Securities
Act or equivalent requirements under equivalent laws of other applicable jurisdictions, then the Award shall remain exercisable and terminate
on the earlier of (i) the expiration of a period of three (3) months (or such longer period of time as determined by the Committee, in
its discretion) after the termination of the Service Provider&rsquo;s employment or service during which the exercise of the Award would
not be in such violation, or (ii) the expiration of the term of the Award as set forth in the Award Agreement or pursuant to this Plan.
In addition, unless otherwise provided in a Grantee&rsquo;s Award Agreement, if the sale of any Shares received upon exercise or (if applicable)
vesting of an Award following the termination of the Grantee&rsquo;s employment or service (other than for Cause) would violate the Company&rsquo;s
insider trading policy, then the Award shall terminate on the earlier of (i) the expiration of a period equal to the applicable post-termination
exercise period after the termination of the Grantee&rsquo;s employment or service during which the exercise of the Award would not be
in violation of the Company&rsquo;s insider trading policy, or (ii) the expiration of the term of the Award as set forth in the applicable
Award Agreement or pursuant to this Plan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.9.   <U>Other
Provisions</U>. The Award Agreement evidencing Awards under this Plan shall contain such other terms and conditions not inconsistent with
this Plan as the Committee may determine, at or after the date of grant, including provisions in connection with the restrictions on transferring
the Awards or Shares covered by such Awards, which shall be binding upon the Grantees and any purchaser, assignee or transferee of any
Awards, and other terms and conditions as the Committee shall deem appropriate.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD><U>NONQUALIFIED STOCK OPTIONS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Awards granted pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>7
are intended to constitute Nonqualified Stock Options and shall be subject to the general terms and conditions specified in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6
hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards under different tax laws or regulations.
In the event of any inconsistency or contradictions between the provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>7
and the other terms of this Plan, this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>7 shall prevail. However, if for any reason
the Awards granted pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>7 (or portion thereof) does not qualify as
an Incentive Stock Option, then, to the extent of such non-qualification, such Option (or portion thereof) shall be regarded as a Nonqualified
Stock Option granted under this Plan. In no event will the Board, the Company or any Parent or Subsidiary or any of their respective employees
or directors have any liability to Grantee (or any other person) due to the failure of the Option to qualify for any reason as an Incentive
Stock Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1.   <U>Certain
Limitations on Eligibility for Nonqualified Stock Options</U>. Nonqualified Stock Options may not be granted to a Service Provider who
is deemed to be a resident of the United States for purposes of taxation or who is otherwise subject to United States federal income tax
unless the Shares underlying such Options constitute &ldquo;service recipient stock&rdquo; under Section&nbsp;409A of the Code or unless
such Options comply with the payment requirements of Section&nbsp;409A of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2.   <U>Exercise
Price</U>. The Exercise Price of a Nonqualified Stock Option shall not be less than 100% of the Fair Market Value of a Share on the date
of grant of such Option unless the Committee specifically indicates that the Awards will have a lower Exercise Price and the Award complies
with Section&nbsp;409A of the Code or such Option is granted to a Grantee who is not a U.S. taxpayer. Notwithstanding the foregoing, a
Nonqualified Stock Option may be granted with an exercise price lower than the minimum exercise price set forth above if such Award is
granted pursuant to an assumption or substitution for another option in a manner qualifying under the provisions of that complies with
Section&nbsp;424(a) of the Code 1.409A-1(b)(5)(v)(D) of the U.S. Treasury Regulations or any successor guidance.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD><U>INCENTIVE STOCK OPTIONS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Awards granted pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8
are intended to constitute Incentive Stock Options and shall be granted subject to the following special terms and conditions, the general
terms and conditions specified in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6 hereof and other provisions of this Plan, except
for any provisions of this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions
between the provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8 and the other terms of this Plan, this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8
shall prevail.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.1.   <U>Eligibility
for Incentive Stock Options</U>. Incentive Stock Options may be granted only to Employees of the Company, or to Employees of a Parent
or Subsidiary, determined as of the date of grant of such Options. An Incentive Stock Option granted to a prospective Employee upon the
condition that such person become an Employee shall be deemed granted effective on the date such person commences employment, with an
exercise price determined as of such date in accordance with Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.   <U>Exercise
Price</U>. The Exercise Price of an Incentive Stock Option shall not be less than one hundred percent (100%) of the Fair Market Value
of the Shares covered by the Awards on the date of grant of such Option or such other price as may be determined pursuant to the Code.
Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than the minimum exercise price set
forth above if such Award is granted pursuant to an assumption or substitution for another option in a manner that complies with the provisions
of Section&nbsp;424(a) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.3.   <U>Date
of Grant</U>. Notwithstanding any other provision of this Plan to the contrary, no Incentive Stock Option may be granted under this Plan
after 10 years from the date this Plan is adopted, or the date this Plan is approved by the shareholders, whichever is earlier.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.4.   <U>Exercise
Period</U>. No Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the effective date of grant of
such Award, subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8.6. No Incentive Stock Option granted to a prospective
Employee may become exercisable prior to the date on which such person commences employment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.5.   <U>$100,000
Per Year Limitation</U>. The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares
with respect to which all Incentive Stock Options granted under this Plan and all other &ldquo;incentive stock option&rdquo; plans of
the Company, or of any Parent or Subsidiary, become exercisable for the first time by each Grantee during any calendar year shall not
exceed one hundred thousand United States dollars ($100,000) with respect to such Grantee. To the extent that the aggregate Fair Market
Value of Shares with respect to which such Incentive Stock Options and any other such incentive stock options are exercisable for the
first time by any Grantee during any calendar year exceeds one hundred thousand United States dollars ($100,000), such options shall be
treated as Nonqualified Stock Options. The foregoing shall be applied by taking options into account in the order in which they were granted.
If the Code is amended to provide for a different limitation from that set forth in this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8.5,
such different limitation shall be deemed incorporated herein effective as of the date and with respect to such Awards as required or
permitted by such amendment to the Code. If an Option is treated as an Incentive Stock Option in part and as a Nonqualified Stock Option
in part by reason of the limitation set forth in this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8.5, the Grantee may designate
which portion of such Option the Grantee is exercising. In the absence of such designation, the Grantee shall be deemed to have exercised
the Incentive Stock Option portion of the Option first. Separate certificates representing each such portion may be issued upon the exercise
of the Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.6.   <U>Ten
Percent Shareholder</U>. In the case of an Incentive Stock Option granted to a Ten Percent Shareholder, notwithstanding the foregoing
provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>8, (i) the Exercise Price shall not be less than one hundred
and ten percent (110%) of the Fair Market Value of a Share on the date of grant of such Incentive Stock Option, and (ii) the Exercise
Period shall not exceed five (5) years from the effective date of grant of such Incentive Stock Option.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.7.   <U>Payment
of Exercise Price</U>. Each Award Agreement evidencing an Incentive Stock Option shall state each alternative method by which the Exercise
Price thereof may be paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.8.   <U>Leave
of Absence</U>. A Grantee&rsquo;s employment shall not be deemed to have terminated if the Grantee takes a leave of absence which was
authorized by the Company. Subject to compliance with Applicable Law, including if applicable, Section 409A of the Code, the Committee
may adopt rules and make determinations on how a leave of absence will impact an Award, including, without limitation, tolling the vesting
schedule or treating such leave of absence as a termination of employment or other service (such rules may be applied retroactively).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.9.   <U>Exercise
Following Termination</U>. Notwithstanding anything else in this Plan to the contrary, Incentive Stock Options that are not exercised
within three (3) months following termination of the Grantee&rsquo;s employment with the Company or its Parent or Subsidiary or with a
corporation (or a parent or subsidiary of such corporation) issuing or assuming an Option of such Grantee in a transaction to which Section&nbsp;424(a)
of the Code applies, or within one year in case of termination of the Grantee&rsquo;s employment with the Company or its Parent or Subsidiary
due to a Disability (within the meaning of Section&nbsp;22(e)(3) of the Code), shall be deemed to be Nonqualified Stock Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.10.   <U>Notice
to Company of Disqualifying Disposition</U>. Each Grantee who receives an Incentive Stock Option must agree to notify the Company in writing
immediately after the Grantee makes a Disqualifying Disposition of any Shares received pursuant to the exercise of Incentive Stock Options.
A &ldquo;<FONT STYLE="font-weight: normal"><U>Disqualifying Disposition</U></FONT>&rdquo; is any disposition (including any sale) of such
Shares before the later of (i) two years after the date the Grantee was granted the Incentive Stock Option, or (ii) one year after the
date the Grantee acquired Shares by exercising the Incentive Stock Option. If the Grantee dies before such Shares are sold, these holding
period requirements do not apply and no disposition of the Shares will be deemed a Disqualifying Disposition.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD><U>102 AWARDS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Awards granted pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9
are intended to constitute 102 Awards and shall be granted subject to the following special terms and conditions, the general terms and
conditions specified in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6 hereof and other provisions of this Plan, except for
any provisions of this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions
between the provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9 and the other terms of this Plan, this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9
shall prevail.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1.   <U>Tracks</U>.
Awards granted pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9 are intended to be granted pursuant to Section&nbsp;102
of the Ordinance pursuant to either (i) Section&nbsp;102(b)(2) or (3) thereof (as applicable), under the capital gain track (&ldquo;<FONT STYLE="font-weight: normal"><U>102
Capital Gain Track Awards</U></FONT>&rdquo;), or (ii)&nbsp;Section&nbsp;102(b)(1) thereof under the ordinary income track (&ldquo;<FONT STYLE="font-weight: normal"><U>102
Ordinary Income Track Awards</U></FONT>&rdquo;, and together with 102 Capital Gain Track Awards, &ldquo;<FONT STYLE="font-weight: normal"><U>102
Trustee Awards</U></FONT>&rdquo;). 102 Trustee Awards shall be granted subject to the special terms and conditions contained in this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9,
the general terms and conditions specified in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6 hereof and other provisions of
this Plan, except for any provisions of this Plan applying to Options under different tax laws or regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2.   <U>Election
of Track</U>. Subject to Applicable Law, the Company may grant only one type of 102 Trustee Awards at any given time to all Grantees who
are to be granted 102 Trustee Awards pursuant to this Plan, and shall file an election with the ITA regarding the type of 102 Trustee
Awards it elects to grant before the date of grant of any 102 Trustee Awards (the &ldquo;<FONT STYLE="font-weight: normal"><U>Election</U></FONT>&rdquo;).
Such Election shall also apply to any other securities, including bonus shares, received by any Grantee as a result of holding the 102
Trustee Awards. The Company may change the type of 102 Trustee Awards that it elects to grant only after the expiration of at least 12
months from the end of the year in which the first grant was made in accordance with the previous Election, or as otherwise provided by
Applicable Law. Any Election shall not prevent the Company from granting Awards, pursuant to Section&nbsp;102(c) of the Ordinance without
a Trustee (&ldquo;<FONT STYLE="font-weight: normal"><U>102 Non-Trustee Awards</U></FONT>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3.   <U>Eligibility
for Awards</U>. Subject to Applicable Law, 102 Awards may only be granted to an &ldquo;employee&rdquo; within the meaning of Section&nbsp;102(a)
of the Ordinance (which as of the date of the adoption of this Plan means (i) individuals employed by an Israeli company being the Company
or any of its Affiliates, and (ii) individuals who are serving and are engaged personally (and not through an entity) as &ldquo;office
holders&rdquo; by such an Israeli company), but may not be granted to a Controlling Shareholder (&ldquo;<FONT STYLE="font-weight: normal"><U>Eligible
102 Grantees</U></FONT>&rdquo;). Eligible 102 Grantees may receive only 102 Awards, which may either be granted to a Trustee or granted
under Section&nbsp;102 of the Ordinance without a Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.4.   <U>102
Award Grant Date</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.4.1   Each
102 Award will be deemed granted on the date determined by the Committee, subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9.4.2,
provided that (i) the Grantee has signed all documents required by the Company or pursuant to Applicable Law, and (ii) with respect to
102 Trustee Award, the Company has provided all applicable documents to the Trustee in accordance with the guidelines published by the
ITA, and if an agreement is not signed and delivered by the Grantee within 90 days from the date determined by the Committee (subject
to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9.4.2), then such 102 Trustee Award shall be deemed granted on such later date
as such agreement is signed and delivered and on which the Company has provided all applicable documents to the Trustee in accordance
with the guidelines published by the ITA. In the case of any contradiction, this provision and the date of grant determined pursuant hereto
shall supersede and be deemed to amend any date of grant indicated in any corporate resolution or Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.4.2   Unless
otherwise permitted by the Ordinance, any grants of 102 Trustee Awards that are made on or after the date of the adoption of this Plan
or an amendment to this Plan, as the case may be, that may become effective only at the expiration of thirty (30) days after the filing
of this Plan or any amendment thereof (as the case may be) with the ITA in accordance with the Ordinance shall be conditional upon the
expiration of such 30-day period, such condition shall be read and is incorporated by reference into any corporate resolutions approving
such grants and into any Award Agreement evidencing such grants (whether or not explicitly referring to such condition), and the date
of grant shall be at the expiration of such 30-day period, whether or not the date of grant indicated therein corresponds with this Section.
In the case of any contradiction, this provision and the date of grant determined pursuant hereto shall supersede and be deemed to amend
any date of grant indicated in any corporate resolution or Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.5.   <U>102
Trustee Awards</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.5.1   Each
102 Trustee Award, each Share issued pursuant to the exercise of any 102 Trustee Award, and any rights granted thereunder, including bonus
shares, shall be issued to and registered in the name of the Trustee and shall be held in trust for the benefit of the Grantee for the
requisite period prescribed by the Ordinance (the &ldquo;<FONT STYLE="font-weight: normal"><U>Required Holding Period</U></FONT>&rdquo;).
In the event that the requirements under Section&nbsp;102 of the Ordinance to qualify an Award as a 102 Trustee Award are not met, then
the Award may be treated as a 102 Non-Trustee Award or 3(9) Award, all in accordance with the provisions of the Ordinance. After expiration
of the Required Holding Period, the Trustee may release such 102 Trustee Awards and any such Shares, provided that (i) the Trustee has
received an acknowledgment from the ITA that the Grantee has paid any applicable taxes due pursuant to the Ordinance, or (ii) the Trustee
and/or the Company and/or the Employer withholds all applicable taxes and compulsory payments due pursuant to the Ordinance arising from
the 102 Trustee Awards and/or any Shares issued upon exercise or (if applicable) vesting of such 102 Trustee Awards. The Trustee shall
not release any 102 Trustee Awards or Shares issued upon exercise or (if applicable) vesting thereof prior to the payment in full of the
Grantee&rsquo;s tax and compulsory payments arising from such 102 Trustee Awards and/or Shares or the withholding referred to in (ii)
above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.5.2   Each
102 Trustee Award shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings or approvals issued
by the ITA, which shall be deemed an integral part of the 102 Trustee Awards and shall prevail over any term contained in this Plan or
Award Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any determinations, rulings or approvals
by the ITA not expressly specified in this Plan or Award Agreement that are necessary to receive or maintain any tax benefit pursuant
to Section&nbsp;102 of the Ordinance shall be binding on the Grantee. Any Grantee granted a 102 Trustee Awards shall comply with the Ordinance
and the terms and conditions of the trust agreement entered into between the Company and the Trustee. The Grantee shall execute any and
all documents that the Company and/or its Affiliates and/or the Trustee determine from time to time to be necessary in order to comply
with the Ordinance and the Rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.5.3   During
the Required Holding Period, the Grantee shall not release from trust or sell, assign, transfer or give as collateral, the Shares issuable
upon the exercise or (if applicable) vesting of a 102 Trustee Awards and/or any securities issued or distributed with respect thereto,
until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release or other action occurs during
the Required Holding Period it may result in adverse tax consequences to the Grantee under Section&nbsp;102 of the Ordinance and the Rules,
which shall apply to and shall be borne solely by such Grantee. Subject to the foregoing, the Trustee may, pursuant to a written request
from the Grantee, but subject to the terms of this Plan, release and transfer such Shares to a designated third party, provided that both
of the following conditions have been fulfilled prior to such release or transfer: (i) payment has been made to the ITA of all taxes and
compulsory payments required to be paid upon the release and transfer of the Shares, and confirmation of such payment has been received
by the Trustee and the Company, and (ii) the Trustee has received written confirmation from the Company that all requirements for such
release and transfer have been fulfilled according to the terms of the Company&rsquo;s corporate documents, any agreement governing the
Shares, this Plan, the Award Agreement and any Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.5.4   If
a 102 Trustee Award is exercised or (if applicable) vested, the Shares issued upon such exercise or (if applicable) vesting shall be issued
in the name of the Trustee for the benefit of the Grantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.5.5   Upon
or after receipt of a 102 Trustee Award, if required, the Grantee may be required to sign an undertaking to release the Trustee from any
liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation to this Plan, or any
102 Trustee Awards or Share granted to such Grantee thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.6.   <U>102
Non-Trustee Awards</U>. The foregoing provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9 relating to 102 Trustee
Awards shall not apply with respect to 102 Non-Trustee Awards, which shall, however, be subject to the relevant provisions of Section&nbsp;102
of the Ordinance and the applicable Rules. The Committee may determine that 102 Non-Trustee Awards, the Shares issuable upon the exercise
or (if applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto, shall be allocated
or issued to the Trustee, who shall hold such 102 Non-Trustee Awards and all accrued rights thereon (if any), in trust for the benefit
of the Grantee and/or the Company, as the case may be, until the full payment of tax arising from the 102 Non-Trustee Awards, the Shares
issuable upon the exercise or (if applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed with respect
thereto. The Company may choose, alternatively, to force the Grantee to provide it with a guarantee or other security, to the satisfaction
of each of the Trustee and the Company, until the full payment of the applicable taxes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.7.   <U>Written
Grantee Undertaking</U>. To the extent and with respect to any 102 Trustee Award, and as required by Section&nbsp;102 of the Ordinance
and the Rules, by virtue of the receipt of such Award, the Grantee is deemed to have provided, undertaken and confirmed the following
written undertaking (and such undertaking is deemed incorporated into any documents signed by the Grantee in connection with the employment
or service of the Grantee and/or the grant of such Award), which undertaking shall be deemed to apply and relate to all 102 Trustee Awards
granted to the Grantee, whether under this Plan or other plans maintained by the Company, and whether prior to or after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.7.1   The
Grantee shall comply with all terms and conditions set forth in Section&nbsp;102 of the Ordinance with regard to the &ldquo;Capital Gain
Track&rdquo; or the &ldquo;Ordinary Income Track&rdquo;, as applicable, and the applicable rules and regulations promulgated thereunder,
as amended from time to time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.7.2   The
Grantee is familiar with, and understands the provisions of, Section&nbsp;102 of the Ordinance in general, and the tax arrangement under
the &ldquo;Capital Gain Track&rdquo; or the &ldquo;Ordinary Income Track&rdquo; in particular, and its tax consequences; the Grantee agrees
that the 102 Trustee Awards and Shares that may be issued upon exercise or (if applicable) vesting of the 102 Trustee Awards (or otherwise
in relation to the 102 Trustee Awards), will be held by the Trustee appointed pursuant to Section&nbsp;102 of the Ordinance for at least
the duration of the &ldquo;Holding Period&rdquo; (as such term is defined in Section&nbsp;102) under the &ldquo;Capital Gain Track&rdquo;
or the &ldquo;Ordinary Income Track&rdquo;, as applicable. The Grantee understands that any release of such 102 Trustee Awards or Shares
from trust, or any sale of the Share prior to the termination of the Holding Period, as defined above, will result in taxation at marginal
tax rate, in addition to deductions of appropriate social security, health tax contributions or other compulsory payments; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9.7.3   The
Grantee agrees to the trust agreement signed between the Company, the Employer and the Trustee appointed pursuant to Section&nbsp;102
of the Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD><U>3(i) AWARDS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Awards granted pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>10
are intended to constitute 3(i) Awards and shall be granted subject to the general terms and conditions specified in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6
hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards under different tax laws or regulations.
In the event of any inconsistency or contradictions between the provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>10
and the other terms of this Plan, this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>10 shall prevail.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.1.   To
the extent required by the Ordinance or the ITA or otherwise deemed by the Committee to be advisable, the 3(i) Awards and/or any shares
or other securities issued or distributed with respect thereto granted pursuant to this Plan shall be issued to the Grantee and shall
be supervised by a Trustee nominated by the Committee in accordance with the provisions of the Ordinance or the terms of a trust agreement,
as applicable. In such event, the Trustee shall hold such Awards and or other securities issued or distributed with respect thereto in
trust, until exercised or (if applicable) vested by the Grantee and the full payment of tax arising therefrom, pursuant to the Company&rsquo;s
instructions from time to time as set forth in a trust agreement, which will have been entered into between the Company and the Trustee.
If determined by the Board or the Committee, and subject to such trust agreement, the Trustee shall be responsible for withholding any
taxes to which a Grantee may become liable upon issuance of Shares, whether due to the exercise or (if applicable) vesting of Awards.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.2.   Shares
pursuant to a 3(9) Award shall not be issued, unless the Grantee delivers to the Company payment in cash or by bank check or such other
form acceptable to the Committee of all withholding taxes due, if any, on account of the Grantee acquired Shares under the Award or gives
other assurance satisfactory to the Committee of the payment of those withholding taxes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD><U>RESTRICTED SHARES</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee may award Restricted Shares to any
eligible Grantee, including under Section&nbsp;102 of the Ordinance. Each Award of Restricted Shares under this Plan shall be evidenced
by a written agreement between the Company and the Grantee (the &ldquo;<FONT STYLE="font-weight: normal"><U>Restricted Share Agreement</U></FONT>&rdquo;),
in such form as the Committee shall from time to time approve. The Restricted Shares shall be subject to all applicable terms of this
Plan, which in the case of Restricted Shares granted under Section&nbsp;102 of the Ordinance shall include Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9
hereof, and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Restricted Shares
Agreements entered into under this Plan need not be identical with respect to any two Awards or Grantees. The Restricted Share Agreement
shall comply with and be subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6 and the following terms and conditions, unless
otherwise specifically provided in such Agreement and not inconsistent with this Plan or Applicable Law:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.1.   <U>Purchase
Price</U>. Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.4 shall not apply. Each Restricted Share Agreement shall state an
amount of Exercise Price to be paid by the Grantee, if any, in consideration for the issuance of the Restricted Shares and the terms of
payment thereof, which may include payment in cash or, subject to the Committee&rsquo;s approval, by issuance of promissory notes or other
evidence of indebtedness on such terms and conditions as determined by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.2.   <U>Restrictions</U>.
Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of
descent and distribution (in which case they shall be transferred subject to all restrictions then or thereafter applicable thereto),
until such Restricted Shares shall have vested (the period from the date on which the Award is granted until the date of vesting of the
Restricted Shares thereunder being referred to herein as the &ldquo;<FONT STYLE="font-weight: normal"><U>Restricted Period</U></FONT>&rdquo;).
The Committee may also impose such additional or alternative restrictions and conditions on the Restricted Shares, as it deems appropriate,
including the satisfaction of performance criteria (which, in case of 102 Trustee Awards, may be subject to obtaining a specific tax ruling
or determination from the ITA). Such performance criteria may include, but are not limited to, sales, earnings before interest and taxes,
return on investment, earnings per share, share trading price and performance hurdles and targets, any combination of the foregoing or
rate of growth of any of the foregoing, as determined by the Committee or pursuant to the provisions of any Company policy required under
mandatory provisions of Applicable Law. Certificates for shares issued pursuant to Restricted Share Awards, if issued, shall bear an appropriate
legend referring to such restrictions, and any attempt to dispose of any such shares in contravention of such restrictions shall be null
and void and without effect. Such certificates may, if so determined by the Committee, be held in escrow by an escrow agent appointed
by the Committee, or, if a Restricted Share Award is made pursuant to Section&nbsp;102 of the Ordinance, by the Trustee. 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 Restricted Shares on successive anniversaries of the date of such Award. To the extent required by the Ordinance or the
ITA, the Restricted Shares issued pursuant to Section&nbsp;102 of the Ordinance shall be issued to the Trustee in accordance with the
provisions of the Ordinance and the Restricted Shares shall be held for the benefit of the Grantee for at least the Required Holding Period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.3.   <U>Forfeiture;
Repurchase</U>. Subject to such exceptions as may be determined by the Committee, if the Grantee&rsquo;s continuous employment with or
service to the Company or any Affiliate thereof shall terminate (such that Grantee is no longer a Service Provider of either the Company
or any Affiliate thereof) for any reason prior to the expiration of the Restricted Period of an Award or prior to the timely payment in
full of the Exercise Price of any Restricted Shares, any Restricted Shares remaining subject to vesting or with respect to which the purchase
price has not been paid in full, shall thereupon be forfeited, transferred to, and redeemed, repurchased or cancelled by, as the case
may be, in any manner as set forth in Section&nbsp;6.6.3(i) through (v), subject to Applicable Law and the Grantee shall have no further
rights with respect to such Restricted Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.4.   <U>Ownership</U>.
During the Restricted Period the Grantee shall possess all incidents of ownership of such Restricted Shares, subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.9
and Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>11.2, including the right to vote and receive dividends with respect to such
Shares. All securities, if any, received by a Grantee with respect to Restricted Shares as a result of any stock split, stock dividend,
combination of shares, or other similar transaction shall be subject to the restrictions applicable to the original Award. Notwithstanding
anything to the contrary herein, dividends which are paid to the Company&rsquo;s shareholders prior to the vesting date of any Restricted
Shares shall only be paid to the Grantee of such Restricted Shares to the extent the vesting conditions applicable to such Restricted
Shares are subsequently satisfied (and any such dividends will be paid no later than March 15 of the calendar year following the calendar
year in which the right to the dividend payment becomes nonforfeitable).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD><U>RESTRICTED SHARE UNITS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An RSU is an Award covering a number of Shares
that is settled, if vested and (if applicable) exercised, by issuance of those Shares or, in the discretion of the Committee, an amount
of cash equal to the aggregate Fair Market Value of the Shares underlying the Award (other than with respect to 102 Trustee Awards). An
RSU may be awarded to any eligible Grantee, including under Section&nbsp;102 of the Ordinance. The Award Agreement relating to the grant
of RSUs under this Plan (the &ldquo;<FONT STYLE="font-weight: normal"><U>Restricted Share Unit Agreement</U></FONT>&rdquo;), shall be
in such form as the Committee shall from time to time approve. The RSUs shall be subject to all applicable terms of this Plan, which in
the case of RSUs granted under Section&nbsp;102 of the Ordinance shall include Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9
hereof, and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Restricted Share
Unit Agreements entered into under this Plan need not be identical. RSUs may be granted in consideration of a reduction in the recipient&rsquo;s
other compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.1.   <U>Exercise
Price</U>. No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award Agreement or as required
by Applicable Law, and Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.4 shall apply, if applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.2.   <U>Shareholders&rsquo;
Rights</U>. The Grantee shall not possess or own any ownership rights in the Shares underlying the RSUs and no rights as a shareholder
shall exist prior to the actual issuance of Shares in the name of the Grantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.3.   <U>Settlements
of Awards</U>. Settlement of vested RSUs shall be made in the form of Shares or, in the discretion of the Committee, an amount of cash
equal to the aggregate Fair Market Value of the Shares underlying the Award (other than with respect to 102 Trustee Awards). Distribution
to a Grantee of an amount (or amounts) from settlement of vested RSUs can be deferred to a date after vesting as determined by the Committee.
The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents. Until the grant of RSUs is settled,
the number of Shares underlying such RSUs shall be subject to adjustment pursuant hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.4.   <U>Section&nbsp;409A
Restrictions</U>. Notwithstanding anything to the contrary set forth herein, any RSUs granted under this Plan that are not exempt from
the requirements of Section&nbsp;409A of the Code shall contain such restrictions or other provisions so that such RSUs will comply with
the requirements of Section&nbsp;409A of the Code, if applicable to the Grantee. Such restrictions, if any, shall be determined by the
Committee and contained in the Restricted Share Unit Agreement evidencing such RSU.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD><U>OTHER SHARE OR SHARE-BASED AWARDS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.1.   The
Committee may grant other Awards under this Plan pursuant to which Shares (which may, but need not, be Restricted Shares pursuant to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>11
hereof), cash (in settlement of Share-based Awards) or a combination thereof, are or may in the future be acquired or received, or Awards
denominated in stock units, including units valued on the basis of measures other than market value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.2.   The
Committee may also grant stock appreciation rights 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 the Shares in respect
to which the right was granted is so exercised exceeds the exercise price thereof. The exercise price of any such stock appreciation right
granted to a Grantee who is subject to U.S. federal income tax shall be determined in compliance with Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>7.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.3.   Such
other Share-based Awards as set forth above may be granted alone, in addition to, or in tandem with any Award of any type granted under
this Plan (without any obligation or assurance that that such Share-based Awards will be entitled to tax benefits under Applicable Law
or to the same tax treatment as other Awards under this Plan).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD><U>EFFECT OF CERTAIN CHANGES.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.1.   <U>General</U>.
In the event of a division or subdivision of the outstanding share capital of the Company, any distribution of bonus shares (stock split),
consolidation or combination of share capital of the Company (reverse stock split), reclassification with respect to the Shares or any
similar recapitalization events (each, a &ldquo;<FONT STYLE="font-weight: normal"><U>Recapitalization</U></FONT>&rdquo;), a merger (including,
a reverse merger and a reverse triangular merger), consolidation, amalgamation or like transaction of the Company with or into another
corporation, a reorganization (which may include a combination or exchange of shares, spin-off or other corporate divestiture or division,
or other similar occurrences, the Committee shall make, without the need for a consent of any holder of an Award, such adjustments as
determined by the Committee to be appropriate, in its discretion, in order to adjust (i) the number and class of shares reserved and available
for grants of Awards, (ii) the number and class of shares covered by outstanding Awards, (iii) the Exercise Price per share covered by
any Award, (iv) the terms and conditions concerning vesting and exercisability and the term and duration of the outstanding Awards, (v)
the type or class of security, asset or right underlying the Award (which need not be only that of the Company, and may be that of the
surviving corporation or any affiliate thereof or such other entity party to any of the above transactions), and (vi) any other terms
of the Award that in the opinion of the Committee should be adjusted. Subject to Applicable Law, any fractional shares resulting from
such adjustment shall be treated as determined by the Committee, and in the absence of such determination shall be rounded to the nearest
whole share, and the Company shall have no obligation to make any cash or other payment with respect to such fractional shares. No adjustment
shall be made by reason of the distribution of subscription rights or rights offering to outstanding shares or other issuance of shares
by the Company, unless the Committee determines otherwise. The adjustments determined pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.1
(including a determination that no adjustment is to be made) shall be final, binding and conclusive.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything to the contrary included
herein, and subject to Applicable Law and the applicable accounting standards, in the event of a distribution of cash dividend by the
Company to all holders of Shares, the Committee shall have the authority to determine, without the need for a consent of any holder of
an Award, that the Exercise Price of any Award, which is outstanding and unexercised on the record date of such distribution, shall be
reduced by an amount equal to the per Share gross dividend amount distributed by the Company, and the Committee may determine that the
Exercise Price following such reduction shall be not less than the par value of a Share (if such Shares bear a par value). The application
of this Section with respect to any 102 Awards shall be subject to obtaining a ruling from the ITA, to the extent required by applicable
law and subject to the terms and conditions of any such ruling.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.2.   <U>Merger/Sale
of Company</U>. In the event of (i) a sale of all or substantially all of the assets of the Company, or a sale (including an exchange)
of all or substantially all of the shares of the Company, to any person (as &ldquo;<FONT STYLE="font-weight: normal"><U>person</U></FONT>&rdquo;
is defined in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof), or a purchase by a shareholder
of the Company or by an Affiliate of such shareholder, of all the shares of the Company held by all or substantially all other shareholders
or by other shareholders who are not Affiliated with such acquiring party; (ii) a merger (including, a reverse merger and a reverse triangular
merger), consolidation, amalgamation or like transaction of the Company with or into another corporation; (iii) a scheme of arrangement
for the purpose of effecting such sale, merger, consolidation, amalgamation or other transaction; (iv) approval by the shareholders of
the Company of a complete liquidation or dissolution of the Company, (v) Change in Board Event; or (vi) such other transaction or set
of circumstances that is determined by the Board, in its discretion, to be a transaction subject to the provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.2
excluding any of the foregoing transactions in clauses&nbsp;(i) through (iv) if the Board determines that such transaction should be excluded
from the definition hereof and the applicability of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.2 (each of the foregoing
transactions, a &ldquo;<FONT STYLE="font-weight: normal"><U>Merger/Sale</U></FONT>&rdquo;), then, without derogating from the general
authority and power of the Board or the Committee under this Plan, without the Grantee&rsquo;s consent and action and without any prior
notice requirement, the Committee may make, in its sole and absolute discretion, any determination as to the treatment of Awards including,
without limitation, as provided herein:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.1   Unless
otherwise determined by the Committee, any Award then outstanding shall be assumed or be substituted by the Company, or by the successor
corporation in such Merger/Sale or by any parent or Affiliate thereof, as determined by the Committee in its discretion (the &ldquo;<FONT STYLE="font-weight: normal"><U>Successor
Corporation</U></FONT>&rdquo;), under terms as determined by the Committee or the terms of this Plan applied by the Successor Corporation
to such assumed or substituted Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purposes of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.2.1,
the Award shall be considered assumed or substituted if, following a Merger/Sale, the Award confers on the holder thereof the right to
purchase or receive, for each Share underlying an Award immediately prior to the Merger/Sale, either (i) the consideration (whether shares
or other securities, cash or other property, or rights, or any combination thereof) distributed to or received by holders of Shares in
the Merger/Sale for each Share held on the effective date of the Merger/Sale (and if holders were offered a choice or several types of
consideration, the type of consideration as determined by the Committee, which need not be the same type for all Grantees), or (ii) regardless
of the consideration received by the holders of Shares in the Merger/Sale, solely shares or any type of Awards (or their equivalent) of
the Successor Corporation at a value to be determined by the Committee in its discretion, or a certain type of consideration (whether
shares or other securities, cash or other property, or rights, or any combination thereof) as determined by the Committee. Any of the
consideration referred to in the foregoing clauses&nbsp;(i) and (ii) shall be subject to the same vesting and expiration terms of the
Awards applying immediately prior to the Merger/Sale, unless determined by the Committee in its discretion that the consideration shall
be subject to different vesting and expiration terms, or other terms, and the Committee may determine that it be subject to other or additional
terms. The foregoing shall not limit the Committee&rsquo;s authority to determine, that in lieu of such assumption or substitution of
Awards for Awards of the Successor Corporation, such Award will be substituted for shares or other securities, cash or other property,
or rights, or any combination thereof, including as set forth in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.2.2 hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.2   Regardless
of whether or not Awards are assumed or substituted, the Committee may (but shall not be obligated to):</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">14.2.2.1   provide
for the Grantee to have the right to exercise the Award in respect of Shares covered by the Award which would otherwise be exercisable
or vested, under such terms and conditions as the Committee shall determine, and the cancellation of all unexercised Awards (whether vested
or unvested) upon or immediately prior to the closing of the Merger/Sale, unless the Committee provides for the Grantee to have the right
to exercise the Award, or otherwise for the acceleration of vesting of such Award, as to all or part of the Shares covered by the Award
which would not otherwise be exercisable or vested, under such terms and conditions as the Committee shall determine;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">14.2.2.2   provide
for the cancellation of each outstanding Award at or immediately prior to the closing of such Merger/Sale, and if and to what extent payment
shall be made to the Grantee of an amount in, shares or other securities of the Company, the acquirer or of a corporation or other business
entity which is a party to the Merger/Sale, in cash or other property, in rights, or in any combination thereof, as determined by the
Committee to be fair in the circumstances, and subject to such terms and conditions as determined by the Committee. The Committee shall
have full authority to select the method for determining the payment (being the intrinsic (&ldquo;<FONT STYLE="font-weight: normal"><U>spread</U></FONT>&rdquo;)
value of the option, Black-Scholes model or any other method). Inter alia, and without limitation of the following determination being
made in other circumstances, the Committee&rsquo;s determination may provide that payment shall be set to zero if the value of the Shares
is determined to be less than the Exercise Price, or in respect of Shares covered by the Award which would not otherwise be exercisable
or vested, or that payment may be made only in excess of the Exercise Price; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">14.2.2.3   provide
that the terms of any Award shall be otherwise amended, modified or terminated, as determined by the Committee to be fair in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.3   Subject
to Applicable Law, the Committee may, determine: (i) that any payments made in respect of Awards shall be made or delayed to the same
extent that payment of consideration to the holders of the Shares in connection with the Merger/Sale is made or delayed as a result of
escrows, indemnification, earn outs, holdbacks or any other contingencies or conditions; (ii) the terms and conditions applying to the
payment made or payable to the Grantees, including participation in escrow, indemnification, releases, earn-outs, holdbacks or any other
contingencies; and (iii) that any terms and conditions applying under the applicable definitive transaction agreements shall apply to
the Grantees (including, appointment and engagement of a shareholders or sellers representative, payment of fees or other costs and expenses
associated with such services, indemnifying such representative, and authorization to such representative within the scope of such representative&rsquo;s
authority in the applicable definitive transaction agreements).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.4   The
Committee may, determine to suspend the Grantee&rsquo;s rights to exercise any vested portion of an Award for a period of time prior to
the signing or consummation of a Merger/Sale transaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.5   Without
limiting the generality of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14, if the consideration in exchange for Awards
in a Merger/Sale includes any securities and due receipt thereof by any Grantee (or by the Trustee for the benefit of such Grantee) may
require under applicable law (i) the registration or qualification of such securities or of any person as a broker or dealer or agent
with respect to such securities; or (ii) the provision to any Grantee of any information under the Securities Act or any other securities
laws, then the Committee may determine that the Grantee shall be paid in lieu thereof, against surrender of the Shares or cancellation
of any other Awards, an amount in cash or other property, or rights, or any combination thereof, as determined by the Committee to be
fair in the circumstances, and subject to such terms and conditions as determined by the Committee. Nothing herein shall entitle any Grantee
to receive any form of consideration that such Grantee would be ineligible to receive as a result of such Grantee&rsquo;s failure to satisfy
(in the Committee&rsquo;s sole determination) any condition, requirement or limitation that is generally applicable to the Company&rsquo;s
shareholders, or that is otherwise applicable under the terms of the Merger/Sale, and in such case, the Committee shall determine the
type of consideration and the terms applying to such Grantees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.6   Neither
the authorities and powers of the Committee under this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.2, nor the exercise or
implementation thereof, shall (i) be restricted or limited in any way by any adverse consequences (tax or otherwise) that may result to
any holder of an Award, and (ii) as, inter alia, being a feature of the Award upon its grant, be deemed to constitute a change or an amendment
of the rights of such holder under this Plan, nor shall any such adverse consequences (as well as any adverse tax consequences that may
result from any tax ruling or other approval or determination of any relevant tax authority) be deemed to constitute a change or an amendment
of the rights of such holder under this Plan, and may be effected without consent of any Grantee and without any liability to the Company
or its Affiliates or to its or their respective officers, directors, employees and representatives and the respective successors and assigns
of any of the foregoing. The Committee need not take the same action with respect to all Awards or with respect to all Service Providers.
The Committee may take different actions with respect to the vested and unvested portions of an Award. The Committee may determine an
amount or type of consideration to be received or distributed in a Merger/Sale which may differ as among the Grantees, and as between
the Grantees and any other holders of shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.7   The
Committee may determine that upon a Merger/Sale any Shares held by Grantees (or for Grantee&rsquo;s benefit) are sold in accordance with
instructions issued by the Committee in connection with such Merger/Sale, which shall be final, conclusive and binding on all Grantees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.8   All
of the Committee&rsquo;s determinations pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14 shall be at its sole
and absolute discretion, and shall be final, conclusive and binding on all Grantees (including, for clarity, as it relates to Shares issued
upon exercise or vesting of any Awards or that are Awards, unless otherwise determined by the Committee) and without any liability to
the Company or its Affiliates, or to their respective officers, directors, employees, shareholders and representatives, and the respective
successors and assigns of any of the foregoing, in connection with the method of treatment, chosen course of action or determinations
made hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.9   If
determined by the Committee, the Grantees shall be subject to the definitive agreement(s) in connection with the Merger/Sale as applying
to holders of Shares including, such terms, conditions, representations, undertakings, liabilities, limitations, releases, indemnities,
appointing and indemnifying shareholders/sellers representative, participating in transaction expenses, shareholders/sellers representative
expense fund and escrow arrangement, in each case as determined by the Committee. Each Grantee shall execute (and authorizes any person
designated by the Company to so execute, as well as (if applicable) the Trustee holding any Shares for the Grantee&rsquo;s behalf) such
separate agreement(s) or instruments as may be requested by the Company, the Successor Corporation or the acquirer in connection with
such in such Merger/Sale or otherwise under or for the purpose of implementing this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.2,
and in the form required by them. The execution of such separate agreement(s) may be a condition to the receipt of assumed or substituted
Awards, payment in lieu of the Award, the exercise of any Award or otherwise to be entitled to benefit from shares or other securities,
cash or other property, or rights, or any combination thereof, pursuant to this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.2
(and the Company (and, if applicable, the Trustee) may exercise its authorization above and sign such agreement on behalf of the Grantee
or subject the Grantee to the provisions of such agreements).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14.2.10
Notwithstanding the foregoing, for each Award that constitutes deferred compensation under Section 409A of the Code, to the extent required
to avoid the imposition of taxes or penalties under Section 409A of the Code, no such Award shall become payable as a result of a Merger/Sale
unless such Merger/Sale also constitutes a change in the ownership or effective control of the Company or a change in ownership of a substantial
portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.3.   <U>Reservation
of Rights</U>. Except as expressly provided in this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14 (if any), the Grantee of
an Award hereunder shall have no rights by reason of any transaction or event referred to in this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14
(including, Recapitalization of shares of any class, any increase or decrease in the number of shares of any class, or any dissolution,
liquidation, reorganization, business combination, exchange of shares, spin-off or other corporate divestiture or division, or other similar
occurrences, or Merger/Sale). Any issue by the Company of shares 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, type or price of shares subject to an
Award. The grant of an Award pursuant to this 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD><U>NON-TRANSFERABILITY OF AWARDS; SURVIVING BENEFICIARY</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.1.   All
Awards granted under this Plan by their terms shall not be transferable other than by will or by the laws of descent and distribution,
unless otherwise determined by the Committee or under this Plan, provided that with respect to Shares issued upon exercise of Awards,
Shares issued upon the vesting of Awards or Awards that are Shares, the restrictions on transfer shall be the restrictions referred to
in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>16 (Conditions upon Issuance of Shares) hereof. Subject to the above provisions,
the terms of such Award, this Plan and any applicable Award Agreement shall be binding upon the beneficiaries, executors, administrators,
heirs and successors of such Grantee. Awards may be exercised or otherwise realized, during the lifetime of the Grantee, only by the Grantee
or by his guardian or legal representative, to the extent provided for herein. Any transfer of an Award not permitted hereunder (including
transfers pursuant to any decree of divorce, dissolution or separate maintenance, any property settlement, any separation agreement or
any other agreement with a spouse) and any grant of any interest in any Award to, or creation in any way of any direct or indirect interest
in any Award by, any party other than the Grantee shall be null and void and shall not confer upon any party or person, other than the
Grantee, any rights. A Grantee may file with the Committee a written designation of a beneficiary, who shall be permitted to exercise
such Grantee&rsquo;s Award or to whom any benefit under this Plan is to be paid, in each case, in the event of the Grantee&rsquo;s death
before he or she fully exercises his or her Award or receives any or all of such benefit, 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. Notwithstanding the foregoing, upon the request of
the Grantee and subject to Applicable Law, the Committee, at its sole discretion, may permit the Grantee to transfer the Award to a trust
whose beneficiaries are the Grantee and/or the Grantee&rsquo;s immediate family members (all or several of them).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.2.   Notwithstanding
any other provisions of the Plan to the contrary, no Incentive Stock Option may be sold, transferred, pledged, assigned or otherwise alienated
or hypothecated, other than by will or by the laws of descent and distribution or in accordance with a beneficiary designation pursuant
to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>15.1. Further, all Incentive Stock Options granted to a Grantee shall be exercisable
during his or her lifetime only by such Grantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.3.   As
long as the Shares are held by the Trustee in favor of the Grantee, all rights possessed by the Grantee over the Shares are personal,
and may not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.4.   If
and to the extent a Grantee is entitled to transfer an Award and/or Shares underlying an Award in accordance with the terms of the Plan
and any other applicable agreements, such transfer shall be subject (in addition, to any other conditions or terms applying thereto) to
receipt by the Company from such proposed transferee of a written instrument, on a form reasonably acceptable to the Company, pursuant
to which such proposed transferee agrees to be bound by all provisions of the Plan and any other applicable agreements, including without
limitation, any restrictions on transfer of the Award and/or Shares set forth herein (however, failure to so deliver such instrument to
the Company as set forth above shall not derogate from all such provisions applying on any transferee).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.5.   The
provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>15 shall apply to the Grantee and to any purchaser, assignee
or transferee of any Shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD><U>CONDITIONS UPON ISSUANCE OF SHARES; GOVERNING PROVISIONS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.1.   <U>Legal
Compliance</U>. The grant of Awards and the issuance of Shares upon exercise or settlement of Awards shall be subject to compliance with
all Applicable Law as determined by the Company, including, applicable requirements of federal, state and foreign law with respect to
such securities. The Company shall have no obligations to issue Shares pursuant to the exercise or settlement of an Award and Awards may
not be exercised or settled, if the issuance of Shares upon exercise or settlement would constitute a violation of any Applicable Law
as determined by the Company, including, applicable federal, state or foreign securities laws or other law or regulations or the requirements
of any stock exchange or market system upon which the Shares may then be listed. In addition, no Award may be exercised unless (i) a registration
statement under the Securities Act or equivalent law in another jurisdiction shall at the time of exercise or settlement of the Award
be in effect with respect to the shares issuable upon exercise of the Award, or (ii) in the opinion of legal counsel to the Company, the
shares issuable upon exercise of the Award may be issued in accordance with the terms of an applicable exemption from the registration
requirements of the Securities Act or equivalent law in another jurisdiction. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, if any, deemed by the Company to be necessary to the lawful issuance and sale of any Shares hereunder,
and the inability to issue Shares hereunder due to non-compliance with any Company policies with respect to the sale of Shares, shall
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority or compliance
shall not have been obtained or achieved. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any Applicable Law or regulation
and to make any representation or warranty with respect thereto as may be requested by the Company, including to represent and warrant
at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or
distribute such Shares, all in form and content specified by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.2.   <U>Provisions
Governing Shares</U>. Shares issued pursuant to an Award shall be subject to this Plan and shall be subject to the Articles of Association
of the Company, and any other governing documents of the Company and all policies, manuals and internal regulations of the Company, as
in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.3.   <U>Share
Purchase Transactions; Forced Sale</U>. In the event that the Board approves a Merger/Sale effected by way of a forced or compulsory sale
(whether pursuant to the Company&rsquo;s Memorandum of Association, Articles of Association and any other governing document of the Company,
any Applicable Law, or any shareholders agreement or otherwise) or in the event of a transaction for the sale of all shares of the Company,
then, without derogating from such provisions and in addition thereto, the Grantee shall be obligated, and shall be deemed to have agreed
to the offer to effect the Merger/Sale (and the Shares held by or for the benefit of the Grantee shall be included in the shares of the
Company approving the terms of such Merger/Sale for the purpose of satisfying the required majority), and shall sell all of the Shares
held by or for the benefit of the Grantee on the terms and conditions applying to the holders of Shares, in accordance with the instructions
then issued by the Board, whose determination shall be final. No Grantee shall contest, bring any claims or demands, or exercise any appraisal
or dissenters&rsquo; rights related to any of the foregoing. Each Grantee shall execute (and authorizes any person designated by the Company
to so execute, as well as (if applicable) the Trustee holding any Shares for the Grantee&rsquo;s behalf) such documents and agreements,
as may be requested by the Company relating to matters set forth in or otherwise for the purpose of implementing this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>16.3.
The execution of such separate agreement(s) may be a condition by the Company to the exercise of any Award and the Company (and, if applicable,
the Trustee) may exercise its authorization above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions
of such agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.4.   <U>Data
Privacy; Data Transfer</U>. Information related to Grantees and Awards hereunder, as shall be received from Grantee or others, and/or
held by, the Company or its Affiliates from time to time, and which information may include sensitive and personal information related
to Grantees (&ldquo;<FONT STYLE="font-weight: normal"><U>Information</U></FONT>&rdquo;), will be used by the Company or its Affiliates
(or third parties appointed by any of them, including the Trustee) to comply with any applicable legal requirement, or for administration
of the Plan as they deems necessary or advisable, or for the respective business purposes of the Company or its Affiliates (including
in connection with transactions related to any of them). The Company and its Affiliates shall be entitled to transfer the Information
among the Company or its Affiliates, and to third parties for the purposes set forth above, which may include persons located abroad (including,
any person administering the Plan or providing services in respect of the Plan or in order to comply with legal requirements, or the Trustee,
their respective officers, directors, employees and representatives, and the respective successors and assigns of any of the foregoing),
and any person so receiving Information shall be entitled to transfer it for the purposes set forth above. The Company shall use commercially
reasonable efforts to ensure that the transfer of such Information shall be limited to the reasonable and necessary scope. By receiving
an Award hereunder, Grantee acknowledges and agrees that the Information is provided at Grantee&rsquo;s free will and Grantee consents
to the storage and transfer of the Information as set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.5.   <U>Prohibition
on Executive Officer Loans</U>. Notwithstanding any other provision of the Plan to the contrary, no Grantee who is a member of the Board
or an &ldquo;executive officer&rdquo; of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make
payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to such payment, with a loan
from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.6.   <U>Clawback
Provisions</U>. All Awards (including the gross amount of any proceeds, gains or other economic benefit the Grantee actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to recoupment
by the Company to the extent required to comply with Applicable Law or any policy of the Company (subject to Applicable Law) providing
for the reimbursement of incentive compensation, whether or not such policy was in place at the time of grant of an Award.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD><U>AGREEMENT REGARDING TAXES; DISCLAIMER</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.1.   If
the Company shall so require, as a condition of exercise or (if applicable) vesting of an Award, the release of Shares by the Trustee
or the vesting or settlement of an Award, a Grantee shall agree that, no later than the date of such occurrence, the Grantee will pay
to the Company (or the Trustee, as applicable) or make arrangements satisfactory to the Company and the Trustee (if applicable) regarding
payment of any applicable taxes and compulsory payments of any kind required by Applicable Law to be withheld or paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.2.   <U>TAX
LIABILITY</U>. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY AWARDS OR THE EXERCISE OR (IF APPLICABLE)
VESTING THEREOF, THE SALE OR DISPOSITION OF ANY SHARES GRANTED HEREUNDER OR ISSUED UPON EXERCISE OR (IF APPLICABLE) THE VESTING OF ANY
AWARD, THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF AWARDS OR FROM ANY OTHER ACTION IN CONNECTION WITH THE FOREGOING
(INCLUDING WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS, SUCH AS SOCIAL SECURITY OR HEALTH TAX PAYABLE BY THE GRANTEE OR THE COMPANY
IN CONNECTION THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE GRANTEE, AND THE GRANTEE SHALL INDEMNIFY THE COMPANY, ITS SUBSIDIARIES
AND AFFILIATES AND THE TRUSTEE, AND SHALL HOLD THEM HARMLESS AGAINST AND FROM ANY LIABILITY FOR ANY SUCH TAX OR PAYMENT OR ANY PENALTY,
INTEREST OR INDEXATION THEREON. EACH GRANTEE AGREES TO, AND UNDERTAKES TO COMPLY WITH, ANY RULING, SETTLEMENT, CLOSING AGREEMENT OR OTHER
SIMILAR AGREEMENT OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH THE FOREGOING WHICH IS APPROVED BY THE COMPANY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.3.   <U>NO
TAX ADVICE</U>. THE GRANTEE IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING, EXERCISING OR
DISPOSING OF AWARDS HEREUNDER. THE COMPANY (INCLUDING ITS AFFILIATES OR ITS AFFILIATES&rsquo; EMPLOYEES, DIRECTORS AND OFFICERS) DOES
NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE GRANTEE ON SUCH MATTERS, WHICH SHALL REMAIN SOLELY THE RESPONSIBILITY OF THE GRANTEE.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.4.   <U>TAX
TREATMENT</U>. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO THE
EFFECT THAT ANY AWARD SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM ANY
PARTICULAR TAX TREATMENT OR TAX ADVANTAGE OF ANY TYPE AND THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL BEAR NO LIABILITY
IN CONNECTION WITH THE MANNER IN WHICH ANY AWARD IS TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE AWARD WAS GRANTED OR WAS INTENDED
TO QUALIFY UNDER ANY PARTICULAR TAX REGIME OR TREATMENT. THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED
IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW. THE COMPANY
AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN ORDER TO QUALIFY ANY AWARD
WITH THE REQUIREMENT OF ANY PARTICULAR TAX TREATMENT AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT ANY AWARD IS INTENDED TO QUALIFY
FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE TO REPORT
FOR TAX PURPOSES ANY AWARD IN ANY PARTICULAR MANNER, INCLUDING IN ANY MANNER CONSISTENT WITH ANY PARTICULAR TAX TREATMENT. NO ASSURANCE
IS MADE BY THE COMPANY OR ANY OF ITS AFFILIATES (INCLUDING THE EMPLOYER) THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT WILL CONTINUE
TO EXIST OR THAT THE AWARD WOULD QUALIFY AT THE TIME OF EXERCISE, VESTING OR DISPOSITION THEREOF WITH ANY PARTICULAR TAX TREATMENT. THE
COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE EVENT THAT AN AWARD
DOES NOT QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY COULD HAVE OR SHOULD HAVE TAKEN ANY ACTION TO CAUSE
SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE GRANTEE. THE COMPANY
DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN OR UNWRITTEN) OF ANY TAX AUTHORITIES,
INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT. IF THE AWARDS
DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT IT COULD RESULT IN ADVERSE TAX CONSEQUENCES TO THE GRANTEE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.5.   The
Company or any Subsidiary or other Affiliate thereof (including the Employer) may take such action as it may deem necessary or appropriate,
in its discretion, for the purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Company
or any Subsidiary or other Affiliate thereof (including the Employer) (or any applicable agent thereof) is required by any Applicable
Law to withhold in connection with any Awards, including, without limitations, any income tax, social benefits, social insurance, health
tax, pension, payroll tax, fringe benefits, excise tax, payment on account or other tax-related items related to the Grantee&rsquo;s participation
in the Plan and applicable by law to the Grantee (collectively, &ldquo;<FONT STYLE="font-weight: normal"><U>Withholding Obligations</U></FONT>&rdquo;).
Such actions may include (i) requiring a Grantees to remit to the Company or the Employer in cash an amount sufficient to satisfy such
Withholding Obligations and any other taxes and compulsory payments, payable by the Company or the Employer in connection with the Award
or the exercise or (if applicable) the vesting thereof; (ii) subject to Applicable Law, allowing the Grantees to surrender Shares to the
Company, in an amount that at such time, reflects a value that the Committee determines to be sufficient to satisfy such Withholding Obligations;
(iii) withholding Shares otherwise issuable upon the exercise of an Award at a value which is determined by the Company to be sufficient
to satisfy such Withholding Obligations; (iv) allowing Grantees to satisfy all or part of the Withholding Obligations by the delivery
(on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to
deliver all or part of the sales proceeds to the Company or the Trustee; or (iv) any combination of the foregoing. The Company shall not
be obligated to allow the exercise or vesting of any Award by or on behalf of a Grantee until all tax consequences arising therefrom are
resolved in a manner acceptable to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.6.   Each
Grantee shall notify the Company in writing promptly and in any event within ten (10) days after the date on which such Grantee first
obtains knowledge of any tax authority inquiry, audit, assertion, determination, investigation, or question relating in any manner to
the Awards granted or received hereunder or Shares issued thereunder and shall continuously inform the Company of any developments, proceedings,
discussions and negotiations relating to such matter, and shall allow the Company and its representatives to participate in any proceedings
and discussions concerning such matters. Upon request, a Grantee shall provide to the Company any information or document relating to
any matter described in the preceding sentence, which the Company, in its discretion, requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.7.   With
respect to 102 Non-Trustee Options, if the Grantee ceases to be employed by the Company, Parent, Subsidiary or any Affiliate (including
the Employer), the Grantee shall extend to the Company and/or the Employer a security or guarantee for the payment of taxes due at the
time of sale of Shares, all in accordance with the provisions of Section&nbsp;102 of the Ordinance and the Rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.8.   If
a Grantee makes an election under Section 83(b) of the Code to be taxed with respect to an Award as of the date of transfer of Shares
rather than as of the date or dates upon which the Grantee would otherwise be taxable under Section 83(a) of the Code, such Grantee shall
deliver a copy of such election to the Company upon or prior to the filing such election with the U.S. Internal Revenue Service. Neither
the Company nor any Affiliate (including the Employer) shall have any liability or responsibility relating to or arising out of the filing
or not filing of any such election or any defects in its construction.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.</TD><TD><U>RIGHTS AS A SHAREHOLDER; VOTING AND DIVIDENDS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.1.   Subject
to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>11.4, a Grantee shall have no rights as a shareholder of the Company with respect
to any Shares covered by an Award until the Grantee shall have exercised or (as applicable) vests in the Award, paid any Exercise Price
therefor and becomes the record holder of the subject Shares. In the case of 102 Awards, the Trustee shall have no rights as a shareholder
of the Company with respect to the Shares covered by such Award until the Trustee becomes the record holder for such Shares for the Grantee&rsquo;s
benefit, and the Grantee shall not be deemed to be a shareholder and shall have no rights as a shareholder of the Company with respect
to the Shares covered by the Award until the date of the release of such Shares from the Trustee to the Grantee and the transfer of record
ownership of such Shares to the Grantee (provided, however, that the Grantee shall be entitled to receive from the Trustee any cash dividend
or distribution made on account of the Shares held by the Trustee for such Grantee&rsquo;s benefit, subject to any tax withholding and
compulsory payment). No adjustment shall be made for dividends (ordinary or extraordinary, whether in shares or other securities, cash
or other property, or rights, or any combination thereof) or distribution of other rights for which the record date is prior to the date
on which the Grantee or Trustee (as applicable) becomes the record holder of the Shares covered by an Award, except as provided in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.2.   With
respect to all Awards issued in the form of Shares hereunder or upon the exercise or (if applicable) the vesting of Awards hereunder,
any and all voting rights attached to such Shares shall be subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.9, and
the Grantee shall be entitled to receive dividends distributed with respect to such Shares, subject to the provisions of the Company&rsquo;s
Memorandum of Association, Articles of Association and any other governing document of the Company, as amended from time to time, and
subject to any Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.3.   The
Company may, but shall not be obligated to, register or qualify the sale of Shares under any applicable securities law or any other Applicable
Law.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.</TD><TD><U>NO REPRESENTATION BY COMPANY</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By granting the Awards, the Company is not, and
shall not be deemed as, making any representation or warranties to the Grantee regarding the Company, its business affairs, its prospects
or the future value of its Shares and such representations and warranties are hereby disclaimed. The Company shall not be required to
provide to any Grantee any information, documents or material in connection with the Grantee&rsquo;s considering an exercise of an Award.
To the extent that any information, documents or materials are provided, the Company shall have no liability with respect thereto. Any
decision by a Grantee to exercise an Award shall solely be at the risk of the Grantee.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.</TD><TD><U>NO RETENTION RIGHTS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nothing in this Plan, any Award Agreement or in
any Award granted or agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ of, or be
in the service of the Company or any Subsidiary or other Affiliate thereof as a Service Provider or to be entitled to any remuneration
or benefits not set forth in this Plan or such agreement, or to interfere with or limit in any way the right of the Company or any such
Subsidiary or other Affiliate thereof to terminate such Grantee&rsquo;s employment or service (including, any right of the Company or
any of its Affiliates to immediately cease the Grantee&rsquo;s employment or service or to shorten all or part of the notice period, regardless
of whether notice of termination was given by the Company or its Affiliates or by the Grantee). Awards granted under this Plan shall not
be affected by any change in duties or position of a Grantee, subject to Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>6.6. No
Grantee shall be entitled to claim and the Grantee hereby waives any claim against the Company or any Subsidiary or other Affiliate thereof
that he or she was prevented from continuing to vest Awards as of the date of termination of his or her employment with, or services to,
the Company or any Subsidiary or other Affiliate thereof. No Grantee shall be entitled to any compensation in respect of the Awards which
would have vested had such Grantee&rsquo;s employment or engagement with the Company (or any Subsidiary or other Affiliate thereof) not
been terminated.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.</TD><TD><U>PERIOD DURING WHICH AWARDS MAY BE GRANTED</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.1.   Awards
may be granted pursuant to this Plan from time to time during the period commencing on the Effective Date and ending on the date that
this Plan is terminated by the Board, except that Incentive Stock Options shall not be granted following the ten (10) year anniversary
of the earlier of the date this Plan was approved by (x) the Board or (y) the shareholders of the Company. From and after the date the
Board terminates this Plan, no grants of Awards may be made and this Plan shall continue to be in full force and effect with respect to
Awards or Shares issued thereunder that remain outstanding.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.</TD><TD><U>AMENDMENT OF THIS PLAN AND AWARDS</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.1.   The
Board at any time and from time to time may suspend, terminate, modify or amend this Plan, whether retroactively or prospectively. Any
amendment effected in accordance with this Section&nbsp;shall be binding upon all Grantees and all Awards, whether granted prior to or
after the date of such amendment, and without the need to obtain the consent of any Grantee. No termination or amendment of this Plan
shall affect any then outstanding Award unless expressly provided by the Board.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.2.   Subject
to changes in Applicable Law that would permit otherwise, without the approval of the Company&rsquo;s shareholders, there shall be (i)
no increase in the maximum aggregate number of Shares that may be issued under this Plan as Incentive Stock Options (except by operation
of the provisions of Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>14.1), (ii) no change in the class of persons eligible to
receive Incentive Stock Options, and (iii) no other amendment of this Plan that would require approval of the Company&rsquo;s shareholders
under any Applicable Law or the rules of the applicable stock market or exchange, if any, on which the Shares are principally quoted or
traded. Unless not permitted by Applicable Law, if the grant of an Award is subject to approval by shareholders, the date of grant of
the Award shall be determined as if the Award had not been subject to such approval. Failure to obtain approval by the shareholders shall
not in any way derogate from the valid and binding effect of any grant of an Award that is not an Incentive Stock Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.3.   The
Board or the Committee at any time and from time to time may modify or amend any Award theretofore granted, including any Award Agreement,
whether retroactively or prospectively.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.</TD><TD><U>APPROVAL</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.1.   This
Plan shall take effect upon its adoption by the Board and approval by the shareholders within twelve (12) months before or after adoption
by the Board (the &ldquo;Effective Date&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.2.   102
Awards are conditional upon the filing with or approval by the ITA, if required, as set forth in Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>9.4.
Failure to so file or obtain such approval shall not in any way derogate from the valid and binding effect of any grant of an Award, which
is not a 102 Award.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.</TD><TD><U>RULES PARTICULAR TO SPECIFIC COUNTRIES; SECTION&nbsp;409A</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.1.   Notwithstanding
anything herein to the contrary, the terms and conditions of this Plan may be supplemented or amended with respect to a particular country
or tax regime by means of a sub-plan or an appendix to this Plan, and to the extent that the terms and conditions set forth in any sub-plan
or appendix conflict with any provisions of this Plan, the provisions of such sub-plan or appendix shall govern with respect to Awards
made pursuant thereto. Terms and conditions set forth in such sub-plan or appendix shall apply only to Awards granted to Grantees under
the jurisdiction of the specific country or such other tax regime that is the subject of such sub-plan or appendix and shall not apply
to Awards issued to a Grantee not under the jurisdiction of such country or such other tax regime. The adoption of any such sub-plan or
appendix shall be subject to the approval of the Board or the Committee, and if and to the extent determined by the Committee to be required
by Applicable Law in connection with the application of certain tax treatment, pursuant to applicable stock exchange rules or regulations
or otherwise, then also the approval of the shareholders of the Company at the required majority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.2.   This
Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>24.2 shall only apply to Awards granted to Grantees who are subject to United States
Federal income tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">24.2.1   It
is the intention of the Company that the Plan as well as Awards granted under the Plan shall be exempt from, or to the extent subject
thereto, to comply with Section&nbsp;409A, and to the maximum extent permitted, the Plan and the terms and conditions of all Awards shall
be interpreted and administered accordingly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">24.2.2   Notwithstanding
anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section
409A of the Code, the Grantee shall not be considered to have terminated employment or service with the Company or its Affiliate for purposes
of the Plan and no payment shall be due to the Grantee under the Plan or any Award until the Grantee would be considered to have incurred
a &ldquo;separation from service&rdquo; within the meaning of Section 409A of the Code from the Company and its Affiliates. Any payments
described in the Plan that are due within the &ldquo;short term deferral period&rdquo; as defined in Section 409A of the Code shall not
be treated as deferred compensation unless Applicable Law requires otherwise. Each amount to be paid or benefit to be provided under this
Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code..</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">24.2.3   The
Company shall have complete discretion to interpret and construe the Plan and any Award Agreement in any manner that establishes an exemption
from (or compliance with) the requirements of Section&nbsp;409A of the Code. If for any reason, such as imprecision in drafting, any provision
of the Plan and/or any Award Agreement does not accurately reflect its intended establishment of an exemption from (or compliance with)
Section&nbsp;409A of the Code, as demonstrated by consistent interpretations or other evidence of intent, such provision shall be considered
ambiguous as to its exemption from (or compliance with) Section&nbsp;409A of the Code and shall be interpreted by the Company in a manner
consistent with such intent, as determined in the discretion of the Company. If, notwithstanding the foregoing provisions of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>24.2.4,
any provision of the Plan or any such agreement would cause a Grantee to incur any additional tax or interest under Section&nbsp;409A
of the Code, the Company may reform such provision in a manner intended to avoid the incurrence by such Grantee of any such additional
tax or interest; provided that the Company shall maintain, to the extent reasonably practicable, the original intent and economic benefit
to the Grantee of the applicable provision without violating the provisions of Section 409A of the Code. For the avoidance of doubt, no
provision of this Plan shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section&nbsp;409A
from any Grantee or any other individual to the Company or any of its affiliates, employees or agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">24.2.4   Notwithstanding
any other provision in the Plan, any Award Agreement, or any other written document establishing the terms and conditions of an Award,
if any Grantee is a &ldquo;specified employee,&rdquo; within the meaning of Section&nbsp;409A of the Code, as of the date of his or her
&ldquo;separation from service&rdquo; (as defined under Section&nbsp;409A of the Code), then, to the extent required by Treasury Regulation
Section&nbsp;1.409A-3(i)(2) (or any successor provision) to avoid the imposition of any individual tax and penalty interest charges imposed
under Section 409A of the Code, the settlement and payment made to such Grantee of such Award (or other amounts) on account of his or
her separation from service shall not be made before a date that is six months after the date of his or her separation from service (or
death, if earlier).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">24.2.5   Notwithstanding
any other provision of this Section&nbsp;<FONT STYLE="font-size: 10pt">&lrm;</FONT>24.2 to the contrary, although the Company intends
to administer the Plan so that Awards will be exempt from, or will comply with, the requirements of Section&nbsp;409A of the Code, the
Company does not warrant that any Award under the Plan will qualify for favorable tax treatment under Section&nbsp;409A of the Code or
any other provision of federal, state, local, or non-United States law. The Company shall not be liable to any Grantee for any tax, interest,
or penalties the Grantee might owe as a result of the grant, holding, vesting, exercise, or payment of any Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">25.</TD><TD><U>GOVERNING LAW; JURISDICTION</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Plan and all determinations made and actions
taken pursuant hereto shall be governed by the laws of the State of Israel, except with respect to matters that are subject to tax laws,
regulations and rules of any specific jurisdiction, which shall be governed by the respective laws, regulations and rules of such jurisdiction.
Certain definitions, which refer to laws other than the laws of such jurisdiction, shall be construed in accordance with such other laws.
The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive jurisdiction over any dispute arising out of or in connection
with this Plan and any Award granted hereunder. By signing any Award Agreement or any other agreement relating to an Award, each Grantee
irrevocably submits to such exclusive jurisdiction.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">26.</TD><TD><U>NON-EXCLUSIVITY OF THIS PLAN</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adoption of this Plan shall not be construed
as creating any limitations on the power or authority of the Company to adopt such other or additional incentive or other compensation
arrangements of whatever nature as the Company may deem necessary or desirable or preclude or limit the continuation of any other plan,
practice or arrangement for the payment of compensation or fringe benefits to employees generally, or to any class or group of employees,
which the Company or any Affiliate now has or will lawfully put into effect, including any retirement, pension, savings and stock purchase
plan, insurance, death and disability benefits and executive short-term or long-term incentive plans.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">27.</TD><TD><U>MISCELLANEOUS.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.1.   <U>Survival</U>.
The Grantee shall be bound by and the Shares issued upon exercise or (if applicable) the vesting of any Awards granted hereunder shall
remain subject to this Plan after the exercise or (if applicable) the vesting of Awards, in accordance with the terms of this Plan, whether
or not the Grantee is then or at any time thereafter employed or engaged by the Company or any of its Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.2.   <U>Additional
Terms</U>. Each Award awarded under this Plan may contain such other terms and conditions not inconsistent with this Plan as may be determined
by the Committee, in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.3.   <U>Fractional
Shares</U>. No fractional Share shall be issuable upon exercise or vesting of any Award and the number of Shares to be issued shall be
rounded down to the nearest whole Share (and the Company shall have liability to compensate for such fractional shares at any time), with
in any Share remaining at the last vesting date due to such rounding to be issued upon exercise at such last vesting date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.4.   <U>Severability</U>.
If any provision of this Plan, any Award Agreement or any other agreement entered into in connection with an Award shall be determined
to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable
and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. In addition, if
any particular provision contained in this Plan, any Award Agreement or any other agreement entered into in connection with an Award shall
for any reason be held to be excessively broad as to duration, geographic scope, activity or subject, it shall be construed by limiting
and reducing such provision as to such characteristic so that the provision is enforceable to fullest extent compatible with Applicable
Law as it shall then appear.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.5.   <U>Captions
and Titles</U>. The use of captions and titles in this Plan or any Award Agreement or any other agreement entered into in connection with
an Award is for the convenience of reference only and shall not affect the meaning or interpretation of any provision of this Plan or
such agreement.</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>ea024234701ex4-4_etoro.htm
<DESCRIPTION>ETORO GROUP LTD. 2025 EMPLOYEE SHARE PURCHASE PLAN
<TEXT>
<HTML>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
4.4</B></FONT></P>

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

<P STYLE="border: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 1pt 0pt 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">ETORO
GROUP LTD.<BR>
2025 EMPLOYEE SHARE PURCHASE PLAN</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
I.<BR>
PURPOSE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
purpose of this Plan is to assist Eligible Employees of the Company and its Designated Subsidiaries in acquiring a share ownership interest
in the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Plan consists of two components: (i) the Section 423 Component and (ii) the Non-Section 423 Component. The Section 423 Component is intended
to qualify as an &ldquo;employee stock purchase plan&rdquo; under Section&nbsp;423 of the Code and shall be administered, interpreted
and construed in a manner consistent with the requirements of Section 423 of the Code. The Non-Section 423 Component authorizes the grant
of rights which need not qualify as rights granted pursuant to an &ldquo;employee stock purchase plan&rdquo; under Section 423 of the
Code. Rights granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices,
rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other objectives for Eligible
Employees and Designated Subsidiaries but shall not be intended to qualify as an &ldquo;employee stock purchase plan&rdquo; under Section&nbsp;423
of the Code. Except as otherwise determined by the Administrator or provided herein, the Non-Section 423 Component will operate and be
administered in the same manner as the Section 423 Component. Offerings intended to be made under the Section 423 Component will be designated
as such by the Administrator at or prior to the time of such Offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
purposes of this Plan, the Administrator may designate separate Offerings under the Plan in which Eligible Employees will participate.
The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are
identical, provided that the terms of participation are the same within each separate Offering under the Section 423 Component (as determined
under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required
to, provide for simultaneous Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
II.<BR>
DEFINITIONS AND CONSTRUCTION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Wherever
the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1
&ldquo;<B><I>Administrator</I></B>&rdquo; means the entity, including any committee specifically designated by the Board, that conducts
the general administration of the Plan as provided in Article&nbsp;XI.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2
&ldquo;<B><I>Affiliate</I></B>&rdquo; means any entity in which the Company has an equity or other ownership interests.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3
&ldquo;<B><I>Agent</I></B>&rdquo; means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged,
retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.4
&ldquo;<B><I>Applicable Law</I></B>&rdquo; means the requirements relating to the administration of equity incentive plans under U.S.
federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation
system on which Shares are listed or quoted and the applicable laws and rules of any non-U.S. country or other jurisdiction where rights
under this Plan are granted.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5
&ldquo;<B><I>Board</I></B>&rdquo; means the Board of Directors of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.6
&ldquo;<B><I>Code</I></B>&rdquo; means the U.S. Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.7
&ldquo;<B><I>Common Share</I></B>&rdquo; means a Class A common share, no par value, of the Company and such other securities of the
Company that may be substituted therefore.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.8
&ldquo;<B><I>Company</I></B>&rdquo; means eToro Group Ltd., a company organized under the laws of the British Virgin Islands, or any
successor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.9
&ldquo;<B><I>Compensation</I></B>&rdquo; of an Eligible Employee means, unless otherwise determined by the Administrator, the gross base
compensation or wages received by such Eligible Employee as compensation for services to the Company or any Designated Subsidiary, including
overtime payments but excluding sales commissions, incentive compensation, bonuses, expense reimbursements, fringe benefits, any amounts
realized from the exercise of any stock options or incentive awards and other special payments.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.10
&ldquo;<B><I>Designated Subsidiary</I></B>&rdquo; means any Subsidiary designated by the Administrator in accordance with Section 11.2(b),
such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary
may participate in either the Section 423 Component or Non-Section 423 Component, but not both; provided that a Subsidiary that, for
U.S. tax purposes, is disregarded from the Company or any Subsidiary that participates in the Section 423 Component shall automatically
constitute a Designated Subsidiary that participates in the Section 423 Component. The designation by the Administrator of Designated
Subsidiaries and changes in such designations by the Administrator shall not require shareholder approval. Only entities that are subsidiary
corporations of the Company within the meaning of Section 424 of the Code may be designated as Designated Subsidiaries for purposes of
the Section 423 Component, and if an entity does not so qualify, it shall automatically be deemed to be a Designated Subsidiary in the
Non-Section 423 Component.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.11
&ldquo;<B><I>Effectiv</I></B>e <B><I>Date</I></B>&rdquo; means the date upon which the Plan is approved by the shareholders of the Company,
provided that the Board has adopted the Plan on, or within 12 months prior to, such date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.12
&ldquo;<B><I>Eligible Employee</I></B>&rdquo; means:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
With respect to the Section 423 Component of the Plan, an Employee who does not, immediately after any rights under this Plan are granted,
own (directly or through attribution) share possessing 5% or more of the total combined voting power or value of all classes of Shares
and other securities of the Company, a Parent or a Subsidiary (as determined under Section 423(b)(3) of the Code). For purposes of the
foregoing, the rules of Section 424(d) of the Code with regard to the attribution of share ownership shall apply in determining the share
ownership of an individual, and a share that an Employee may purchase under outstanding options shall be treated as a share owned by
the Employee. With respect to an Employee participating in the Non-Section 423 Component, such qualification shall not apply, unless
otherwise required by Applicable Law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
Notwithstanding the foregoing, the Administrator may provide in an Offering Document that an Employee shall not be eligible to participate
in an Offering Period under the Section 423 Component if: (i) such Employee is a highly compensated employee within the meaning of Section&nbsp;423(b)(4)(D)
of the Code; (ii) such Employee has not met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of
the Code (which service requirement may not exceed two years); (iii) such Employee&rsquo;s customary employment is for twenty hours per
week or less; (iv) such Employee&rsquo;s customary employment is for less than five months in any calendar year; and/or (v) such Employee
is a citizen or resident of a non-U.S. jurisdiction and the grant of a right to purchase Shares under the Plan to such Employee would
be prohibited under the laws of such non-U.S. jurisdiction or the grant of a right to purchase Shares under the Plan to such Employee
in compliance with the laws of such non-U.S. jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code,
as determined by the Administrator in its sole discretion; <U>provided</U>, <U>further</U>, that any exclusion in clauses (i), (ii),
(iii), (iv) or (v) shall be applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation
Section 1.423-2(e).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
With respect to the Non-Section 423 Component, the foregoing rules shall apply in determining who is an &ldquo;Eligible Employee,&rdquo;
except (i) the Administrator may limit eligibility further within the Company or a Designated Subsidiary so as to only designate some
Employees of the Company or a Designated Subsidiary as Eligible Employees, and (ii) to the extent the foregoing eligibility rules are
not consistent with applicable local laws, the applicable local laws shall control.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.13
&ldquo;<B><I>Employee</I></B>&rdquo; means any individual who renders services to the Company or any Designated Subsidiary in the status
of an employee, and, with respect to the Section 423 Component, a person who is an employee of the Company or any Designated Subsidiary
within the meaning of Section 3401(c) of the Code. For purposes of an individual&rsquo;s participation in, or other rights under the
Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental
agency subsequently makes a contrary determination. For purposes of the Plan, the employment relationship shall be treated as continuing
intact while the individual is on sick leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the
requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months and the individual&rsquo;s
right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated
on the first day immediately following such three (3)-month period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.14
&ldquo;<B><I>Enrollment Date</I></B>&rdquo; means the first Trading Day of each Offering Period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.15
&ldquo;<B><I>Fair Market Value</I></B>&rdquo; means, as of any date, the value of Shares determined as follows: (i)&nbsp;if the Shares
are listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Shares as quoted on such
exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported
in The Wall Street Journal or another source the Administrator deems reliable; (ii)&nbsp;if the Shares are not traded on a stock exchange
but are quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such
date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source
the Administrator deems reliable; or (iii) without an established market for the Shares, the Administrator will determine the Fair Market
Value in its discretion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.16
&ldquo;<B><I>Non-Section 423 Component</I></B>&rdquo; means those Offerings under the Plan, together with the sub-plans, appendices,
rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase
Shares during an Offering Period may be granted to Eligible Employees that need not satisfy the requirements for rights to purchase Shares
granted pursuant to an &ldquo;employee stock purchase plan&rdquo; that are set forth under Section 423 of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.17
&ldquo;<B><I>Offering</I></B>&rdquo; means an offer under the Plan of a right to purchase Shares that may be exercised during an Offering
Period as further described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees
of the Company or a Designated Subsidiary shall be deemed a separate Offering, even if the dates and other terms of the applicable Offering
Periods of each such Offering are identical, and the provisions of the Plan will separately apply to each Offering. To the extent permitted
by Treas. Reg. &sect; 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided
that the terms of the Section 423 Component and an Offering thereunder together satisfy Treas. Reg. &sect; 1.423-2(a)(2) and (a)(3).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.18
&ldquo;<B><I>Offering Document</I></B>&rdquo; has the meaning given to such term in Section&nbsp;4.1.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.19
&ldquo;<B><I>Offering Period</I></B>&rdquo; has the meaning given to such term in Section&nbsp;4.1.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.20
&ldquo;<B><I>Parent</I></B>&rdquo; means any corporation, other than the Company, in an unbroken chain of corporations ending with the
Company if, at the time of the determination, each of the corporations other than the Company owns shares possessing 50% or more of the
total combined voting power of all classes of shares in one of the other corporations in such chain.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.21
&ldquo;<B><I>Participant</I></B>&rdquo; means any Eligible Employee who has executed a subscription agreement and been granted rights
to purchase Shares pursuant to this Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.22
&ldquo;<B><I>Payday</I></B>&rdquo; means the regular and recurring established day for payment of Compensation to an Employee of the
Company or any Designated Subsidiary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.23
&ldquo;<B><I>Plan</I></B>&rdquo; means this 2025 Employee Share Purchase Plan, including both the Section 423 Component and Non-Section
423 Component and any other sub-plans or appendices hereto, as amended from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.24
&ldquo;<B><I>Purchase Date</I></B>&rdquo; means the last Trading Day of each Offering Period or such other date as determined by the
Administrator and set forth in the Offering Document.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.25
&ldquo;<B><I>Purchase Price</I></B>&rdquo; means the purchase price designated by the Administrator in the applicable Offering Document
(which purchase price, for purposes of the Section 423 Component, shall not be less than 85% of the Fair Market Value of a Share on the
Enrollment Date or on the Purchase Date, whichever is lower); <U>provided</U>, <U>however</U>, that, in the event no purchase price is
designated by the Administrator in the applicable Offering Document, the purchase price for the Offering Periods covered by such Offering
Document shall be 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is lower; <U>provided</U>,
<U>further</U>, that the Purchase Price may be adjusted by the Administrator pursuant to Article&nbsp;VIII and shall not be less than
the par value of a Share (if any).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.26
&ldquo;<B><I>Section 423 Component</I></B>&rdquo; means those Offerings under the Plan, together with the sub-plans, appendices, rules
or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares
during an Offering Period may be granted to Eligible Employees that are intended to satisfy the requirements for rights to purchase Shares
granted pursuant to an &ldquo;employee stock purchase plan&rdquo; that are set forth under Section 423 of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.27
&ldquo;<B><I>Securities Act</I></B>&rdquo; means the U.S. Securities Act of 1933, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.28
&ldquo;<B><I>Share</I></B>&rdquo; means a Common Share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.29
&ldquo;<B><I>Subsidiary</I></B>&rdquo; means any corporation, other than the Company, in an unbroken chain of corporations beginning
with the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain
owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other corporations in such
chain; <U>provided</U>, however, that a limited liability company or partnership may be treated as a Subsidiary to the extent either
(a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other
Subsidiary that is a corporation being the sole owner of such entity, or (b) such entity elects to be classified as a corporation under
Treasury Regulation Section 301.7701-3(a) and such entity would otherwise qualify as a Subsidiary. In addition, with respect to the Non-Section
423 Component, Subsidiary shall include any corporate or non-corporate entity in which the Company has a direct or indirect equity interest
or significant business relationship.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.30
&ldquo;<B><I>Trading Day</I></B>&rdquo; means a day on which national stock exchanges in the United States are open for trading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.31
&ldquo;<B><I>Treas. Reg.</I></B>&rdquo; means U.S. Department of the Treasury regulations.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
III.<BR>
SHARES SUBJECT TO THE PLAN</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1 <U>Number
of Shares</U>. Subject to Article&nbsp;VIII, the aggregate number of Shares that may be issued pursuant to rights granted under the
Plan shall be 2,201,301 Shares. In addition to the foregoing, subject to Article VIII, on the first day of each calendar year
beginning on January 1, 2026 and ending on and including January 1, 2035, the number of Shares available for issuance under the Plan
shall be increased by that number of Shares equal to the lesser of (a) 1% of the Shares outstanding on the last day of the
immediately preceding calendar year, and (b) such smaller number of Shares as may be determined by the Board. If any right granted
under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such right shall again
become available for issuance under the Plan. Notwithstanding anything in this Section&nbsp;3.1 to the contrary, the number of
Shares that may be issued or transferred pursuant to the rights granted under the Section 423 Component of the Plan shall not exceed
an aggregate of 2,201,301 Shares, subject to Article&nbsp;VIII.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2
<U>Shares Distributed</U>. Any Shares distributed pursuant to the Plan may consist, in whole or in part, of authorized and unissued Shares,
treasury shares or Shares purchased on the open market.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
IV.<BR>
Offering Periods; Offering Documents; Purchase Dates</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1
 <U>Offering Periods</U>. The Administrator may from time to time grant or provide for the grant of rights to purchase Shares under the
Plan to Eligible Employees during one or more periods (each, an &ldquo;<B><I>Offering Period</I></B>&rdquo;) selected by the Administrator.
The terms and conditions applicable to each Offering Period shall be set forth in an &ldquo;<B><I>Offering Document</I></B>&rdquo; adopted
by the Administrator, which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator
shall deem appropriate and shall be incorporated by reference into and made part of the Plan and shall be attached hereto as part of
the Plan. The provisions of separate Offerings or Offering Periods under the Plan need not be identical.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2
<U>Offering Documents</U>. Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions
of this Plan by reference or otherwise):</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
the length of the Offering Period, which period shall not exceed twenty-seven months;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
the maximum number of Shares that may be purchased by any Eligible Employee during such Offering Period, which, in the absence of a contrary
designation by the Administrator, shall be 1,000 Shares or, if lesser and with respect to the Section 423 Component only, the number
of Shares equal to $25,000 divided by the Fair Market Value of a Share on the Enrollment Date, which price shall be adjusted if the price
per Share is adjusted pursuant to Article VIII; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
such other provisions as the Administrator determines are appropriate, subject to the Plan.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
V.<BR>
ELIGIBILITY AND PARTICIPATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1
<U>Eligibility</U>. Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date
for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this
Article&nbsp;V and, for the Section 423 Component, the limitations imposed by Section 423(b) of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2
 <U>Enrollment in Plan</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
Except as otherwise set forth in an Offering Document or determined by the Administrator, an Eligible Employee may become a Participant
in the Plan for an Offering Period by delivering a subscription agreement to the Company by such time prior to the Enrollment Date for
such Offering Period (or such other date specified in the Offering Document) designated by the Administrator and in such form as the
Company provides.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
Each subscription agreement shall designate a whole percentage of such Eligible Employee&rsquo;s Compensation to be withheld by the Company
or the Designated Subsidiary employing such Eligible Employee on each Payday during the Offering Period as payroll deductions under the
Plan. The percentage of Compensation designated by an Eligible Employee may not be less than 1% and may not be more than the maximum
percentage specified by the Administrator in the applicable Offering Document (which percentage shall be 20% in the absence of any such
designation) as payroll deductions, <I>provided</I> that, in no event shall the actual amount withheld on any Payday hereunder exceed
the net amount payable to the Eligible Employee on such Payday after taxes and any other applicable deductions therefrom (and if amounts
to be withheld hereunder would otherwise result in a negative payment to the Eligible Employee on such Payday, the amount to be withheld
hereunder shall instead be reduced by the least amount necessary to avoid a negative payment amount for the Eligible Employee on such
Payday, as determined by the Administrator. The payroll deductions made for each Participant shall be credited to an account for such
Participant under the Plan and shall be deposited with the general funds of the Company. Unless determined otherwise by the Administrator,
all payroll deductions in respect of the Non-Section 423 Component for Employees shall be made only by after-tax payroll deductions by
the Company or Designated Subsidiary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
A Participant may increase or decrease the percentage of Compensation designated in his or her subscription agreement, subject to the
limits of this Section&nbsp;5.2, or may suspend his or her payroll deductions, at any time during an Offering Period; <U>provided</U>,
<U>however</U>, that the Administrator may limit the number of changes a Participant may make to his or her payroll deduction elections
during each Offering Period in the applicable Offering Document (and in the absence of any specific designation by the Administrator,
a Participant shall be allowed to decrease or increase his or her payroll deduction elections one time during each Offering Period).
Any such change or suspension of payroll deductions shall be effective with the first full payroll period following five business days
after the Company&rsquo;s receipt of the new subscription agreement (or such shorter or longer period as may be specified by the Administrator
in the applicable Offering Document). In the event a Participant suspends his or her payroll deductions, such Participant&rsquo;s cumulative
payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase of Shares on the next
occurring Purchase Date and shall not be paid to such Participant unless he or she withdraws from participation in the Plan pursuant
to Article&nbsp;VII.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
Except as otherwise set forth in an Offering Document or determined by the Administrator, a Participant may participate in the Plan only
by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3
 <U>Payroll Deductions</U>. Except as otherwise provided in the applicable Offering Document, payroll deductions for a Participant shall
commence on the first Payday following the Enrollment Date and shall end on the last Payday in the Offering Period to which the Participant&rsquo;s
authorization is applicable, unless sooner terminated by the Participant as provided in Article&nbsp;VII or suspended by the Participant
or the Administrator as provided in Section 5.2 and Section 5.6, respectively. Notwithstanding any other provisions of the Plan to the
contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited, the Administrator may provide
that an Eligible Employee may elect to participate through contributions to the Participant&rsquo;s account under the Plan in a form
acceptable to the Administrator in lieu of or in addition to payroll deductions; provided, however, that, for any Offering under the
Section 423 Component, the Administrator shall take into consideration any limitations under Section 423 of the Code when applying an
alternative method of contribution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.4
<U>Effect of Enrollment</U>. A Participant&rsquo;s completion of a subscription agreement will enroll such Participant in the Plan for
each subsequent Offering Period on the terms contained therein until the Participant either submits a new subscription agreement, withdraws
from participation under the Plan as provided in Article&nbsp;VII or otherwise becomes ineligible to participate in the Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5
<U>Limitation on Purchase of Shares</U>. An Eligible Employee may be granted rights under the Section 423 Component only if such rights,
together with any other rights granted to such Eligible Employee under &ldquo;employee stock purchase plans&rdquo; of the Company, any
Parent or any Subsidiary, as specified by Section 423(b)(8) of the Code, do not permit such employee&rsquo;s rights to purchase shares
of the Company or any Parent or Subsidiary to accrue at a rate that exceeds $25,000 of the fair market value of such shares (determined
as of the first day of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding
at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.6
<U>Suspension of Payroll Deductions</U><FONT STYLE="font-size: 10pt">. Notwithstanding the foregoing, to the extent necessary to comply
with Section 423(b)(8) of the Code and Section&nbsp;5.5 (with respect to the Section 423 Component) or the other limitations set forth
in this Plan, a Participant&rsquo;s payroll deductions may be suspended by the Administrator at any time during an Offering Period. The
balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares by reason of Section
423(b)(8) of the Code, Section&nbsp;5.5 or the other limitations set forth in this Plan shall be paid to such Participant in one lump
sum in cash as soon as reasonably practicable after the Purchase Date.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.7
 <U>Non-U.S. Employees</U><FONT STYLE="font-size: 10pt">. In order to facilitate participation in the Plan, the Administrator may provide
for such special terms applicable to Participants who are citizens or residents of a non-U.S. jurisdiction, or who are employed by a
Designated Subsidiary outside of the United States, as the Administrator may consider necessary or appropriate to accommodate differences
in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the Section 423 Component, such special
terms may not be more favorable than the terms of rights granted under the Section 423 Component to Eligible Employees who are residents
of the United States. Such special terms may be set forth in an addendum to the Plan in the form of an appendix or sub-plan (which appendix
or sub-plan may be designed to govern Offerings under the Section 423 Component or the Non-Section 423 Component, as determined by the
Administrator). To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the
Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section
11.2(f). Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect to
Participants who are non-U.S. nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from
participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions
by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures, establishment
of bank or trust accounts to hold payroll deductions or contributions.</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.8
 <U>Leave of Absence</U><FONT STYLE="font-size: 10pt">. During leaves of absence approved by the Company meeting the requirements of Treasury
Regulation Section 1.421-1(h)(2) under the Code, unless otherwise set forth in the terms of an Offering Document, a Participant may continue
participation in the Plan by making cash payments to the Company on his or her normal Payday equal to the Participant&rsquo;s authorized
payroll deduction.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
VI.<BR>
grant and Exercise of rights</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1
<U>Grant of Rights</U>. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period
shall be granted a right to purchase the maximum number of Shares specified under Section&nbsp;4.2, subject to the limits in Section&nbsp;5.5,
and shall have the right to buy, on each Purchase Date during such Offering Period (at the applicable Purchase Price), such number of
whole Shares as is determined by dividing (a) such Participant&rsquo;s payroll deductions accumulated prior to such Purchase Date and
retained in the Participant&rsquo;s account as of the Purchase Date, by (b) the applicable Purchase Price (rounded down to the nearest
Share). The right shall expire on the last day of the Offering Period, or if earlier, the date on which the Participant withdraws in
accordance with Section 7.1 or Section 7.3.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2
<U>Exercise of Rights</U>. On each Purchase Date, each Participant&rsquo;s accumulated payroll deductions and any other additional payments
specifically provided for in the applicable Offering Document will be applied to the purchase of whole Shares, up to the maximum number
of Shares permitted pursuant to the terms of the Plan and the applicable Offering Document, at the Purchase Price. No fractional Shares
shall be issued upon the exercise of rights granted under the Plan, unless the Offering Document specifically provides otherwise. Any
cash in lieu of fractional Shares remaining after the purchase of whole Shares upon exercise of a purchase right will be credited to
a Participant&rsquo;s account and carried forward and applied toward the purchase of whole Shares for the next following Offering Period,
unless the Administrator provides that such amounts should be returned to the Participant in one lump sum payment in a subsequent payroll
check. Shares issued pursuant to the Plan may be evidenced in such manner as the Administrator may determine and may be issued in certificated
form or issued pursuant to book-entry procedures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.3
 <U>Pro Rata Allocation of Shares</U>. If the Administrator determines that, on a given Purchase Date, the number of Shares with respect
to which rights are to be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment
Date of the applicable Offering Period, or (b) the number of Shares available for issuance under the Plan on such Purchase Date, the
Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase
on such Enrollment Date or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in
its sole discretion to be equitable among all Participants for whom rights to purchase Shares are to be exercised pursuant to this Article&nbsp;VI
on such Purchase Date, and shall either (i) continue all Offering Periods then in effect, or (ii) terminate any or all Offering Periods
then in effect pursuant to Article&nbsp;IX. The Company may make pro rata allocation of the Shares available on the Enrollment Date of
any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance
under the Plan by the Company&rsquo;s shareholders subsequent to such Enrollment Date. The balance of the amount credited to the account
of each Participant that has not been applied to the purchase of Shares shall be paid to such Participant without interest in one lump
sum in cash as soon as reasonably practicable after the Purchase Date or such earlier date as determined by the Administrator.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.4
 <U>Withholding</U><FONT STYLE="font-size: 10pt">. At the time a Participant&rsquo;s rights under the Plan are exercised, in whole or
in part, or at the time some or all of the Shares issued under the Plan is disposed of, the Participant must make adequate provision
for the Company&rsquo;s federal, state, or other tax withholding obligations, if any, that arise upon the exercise of the right or the
disposition of the Shares. At any time, the Company may, but shall not be obligated to, withhold from the Participant&rsquo;s compensation
or Shares received pursuant to the Plan the amount necessary for the Company to meet applicable withholding obligations, including any
withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Shares
by the Participant.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.5
 <U>Conditions to Issuance of Shares</U>. The Company shall not be required to issue or deliver any certificate or certificates for, or
make any book entries evidencing, Shares purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following
conditions: (a) the admission of such Shares to listing on all stock exchanges, if any, on which the Shares are then listed; (b) the
completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations
of the Securities and Exchange Commission or any other governmental regulatory body, that the Administrator shall, in its absolute discretion,
deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency that
the Administrator shall, in its absolute discretion, determine to be necessary or advisable; (d) the payment to the Company of all amounts
that it is required to withhold under federal, state or local law upon exercise of the rights, if any; and (e) the lapse of such reasonable
period of time following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative
convenience.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
VII.<BR>
WITHDRAWAL; CESSATION OF ELIGIBILITY</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1
 <U>Withdrawal</U>. A Participant may withdraw all but not less than all of the payroll deductions credited to his or her account and
not yet used to exercise his or her rights under the Plan at any time by giving written notice to the Company in a form acceptable to
the Company no later than one week prior to the end of the Offering Period (or such shorter or longer period as may be specified by the
Administrator in the applicable Offering Document). All of the Participant&rsquo;s payroll deductions credited to his or her account
during an Offering Period shall be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal and
such Participant&rsquo;s rights for the Offering Period shall be automatically terminated, and no further payroll deductions for the
purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall
not resume at the beginning of any subsequent Offering Period unless the Participant is an Eligible Employee and timely delivers to the
Company a new subscription agreement by the applicable enrollment deadline for any such subsequent Offering Period, as determined by
the Administrator.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.2
 <U>Future Participation</U>. A Participant&rsquo;s withdrawal from an Offering Period shall not have any effect upon his or her eligibility
to participate in any similar plan that may hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering
Periods that commence after the termination of the Offering Period from which the Participant withdraws.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.3
<U>Cessation of Eligibility</U>. Upon a Participant&rsquo;s ceasing to be an Eligible Employee for any reason, he or she shall be deemed
to have elected to withdraw from the Plan pursuant to this Article&nbsp;VII and the payroll deductions credited to such Participant&rsquo;s
account during the Offering Period shall be paid to such Participant or, in the case of his or her death, to the person or persons entitled
thereto under Section&nbsp;12.4, as soon as reasonably practicable, and such Participant&rsquo;s rights for the Offering Period shall
be automatically terminated. If a Participant transfers employment from the Company or any Designated Subsidiary, or the Company (as
the case may be), participating in the Section 423 Component to any Designated Subsidiary participating in the Non-Section 423 Component,
such transfer shall not be treated as a termination of employment, but the Participant shall immediately cease to participate in the
Section 423 Component; however, any contributions made for the Offering Period in which such transfer occurs shall be transferred to
the Non-Section 423 Component, and such Participant shall immediately join the then-current Offering under the Non-Section 423 Component
upon the same terms and conditions in effect for the Participant&rsquo;s participation in the Section 423 Component, except for such
modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment from any Designated Subsidiary
participating in the Non-Section 423 Component to the Company or any Designated Subsidiary participating in the Section 423 Component
shall not be treated as terminating the Participant&rsquo;s employment and shall remain a Participant in the Non-Section 423 Component
until the earlier of (i) the end of the current Offering Period under the Non-Section 423 Component or (ii) the Enrollment Date of the
first Offering Period in which the Participant is eligible to participate following such transfer. Notwithstanding the foregoing, the
Administrator may establish different rules to govern transfers of employment between entities participating in the Section 423 Component
and the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
VIII.<BR>
Adjustments upon Changes in SHARES</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.1
 <U>Changes in Capitalization</U>. Subject to Section 8.3, in the event that the Administrator determines that any dividend or other distribution
(whether in the form of cash, Shares, other securities, or other property), change in control, reorganization, merger, amalgamation,
consolidation, combination, repurchase, redemption, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other
disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company,
issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or
event, as determined by the Administrator, affects the Shares such that an adjustment is determined by the Administrator to be appropriate
in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under
the Plan or with respect to any outstanding purchase rights under the Plan, the Administrator shall make equitable adjustments, if any,
to reflect such change with respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued
under the Plan (including, but not limited to, adjustments of the limitations in Section&nbsp;3.1 and the limitations established in
each Offering Document pursuant to Section&nbsp;4.2 on the maximum number of Shares that may be purchased); (b) the class(es) and number
of Shares and price per Share subject to outstanding rights; and (c) the Purchase Price with respect to any outstanding rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.2
<U>Other Adjustments</U>. Subject to Section&nbsp;8.3, in the event of any transaction or event described in Section&nbsp;8.1 or any
unusual or nonrecurring transactions or events affecting the Company, any Affiliate of the Company, or the financial statements of the
Company or any Affiliate, or of changes in Applicable Law or accounting principles, the Administrator, in its discretion, and on such
terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator
determines that such action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan or with respect to any right under the Plan, to facilitate such transactions or events or to give
effect to such changes in laws, regulations or principles:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
To provide for either (i) termination of any outstanding right in exchange for an amount of cash, if any, equal to the amount that would
have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding
right with other rights or property selected by the Administrator in its sole discretion;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
To provide that the outstanding rights under the Plan shall be assumed by the successor or survivor corporation, or a parent or subsidiary
thereof, or shall be substituted for by similar rights covering the shares of the successor or survivor corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding rights under the Plan and/or
in the terms and conditions of outstanding rights and rights that may be granted in the future;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
To provide that Participants&rsquo; accumulated payroll deductions may be used to purchase Shares prior to the next occurring Purchase
Date on such date as the Administrator determines in its sole discretion and the Participants&rsquo; rights under the ongoing Offering
Period(s) shall be terminated; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)
To provide that all outstanding rights shall terminate without being exercised.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3
<U>No Adjustment Under Certain Circumstances</U>. Unless determined otherwise by the Administrator, no adjustment or action described
in this Article&nbsp;VIII or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would
cause the Section 423 Component of the Plan to fail to satisfy the requirements of Section&nbsp;423 of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4
<U>No Other Rights</U>. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or
consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any
dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan
or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible
into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject
to outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
IX.<BR>
Amendment, modification and termination</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1
<U>Amendment, Modification and Termination</U>. The Administrator may amend, suspend or terminate the Plan at any time and from time
to time; <U>provided</U><I>, </I><U>however</U>, that approval of the Company&rsquo;s shareholders shall be required to amend the Plan
to: (a) increase the aggregate number, or change the type, of shares that may be sold pursuant to rights under the Plan under Section&nbsp;3.1
(other than an adjustment as provided by Article&nbsp;VIII) or (b) change the corporations or classes of corporations whose employees
may be granted rights under the Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2
<U>Certain Changes to Plan</U>. Without shareholder consent and without regard to whether any Participant rights may be considered to
have been adversely affected (and, with respect to the Section 423 Component of the Plan, to the extent permitted by Section 423 of the
Code), the Administrator shall be entitled to change the Offering Periods, add or revise Offering Period share limits, limit the frequency
and/or number of changes in the amount withheld from Compensation during an Offering Period, establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant
in order to adjust for delays or mistakes in the Company&rsquo;s processing of withholding elections, establish reasonable waiting and
adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each Participant
properly correspond with amounts withheld from the Participant&rsquo;s Compensation, and establish such other limitations or procedures
as the Administrator determines in its sole discretion to be advisable that are consistent with the Plan.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.3
<U>Actions In the Event of Unfavorable Financial Accounting Consequences</U><FONT STYLE="font-size: 10pt">. In the event the Administrator
determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may,
in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence
including, but not limited to: </FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
shortening any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the
time of the Administrator action;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
allocating Shares; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
such other changes and modifications as the Administrator determines are necessary or appropriate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Such
modifications or amendments shall not require shareholder approval or the consent of any Participant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4
<U>Payments Upon Termination of Plan</U><FONT STYLE="font-size: 10pt">. Upon termination of the Plan, the balance in each Participant&rsquo;s
Plan account shall be refunded as soon as practicable after such termination, without any interest thereon, or the Offering Period may
be shortened so that the purchase of Shares occurs prior to the termination of the Plan.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
X.<BR>
TERM OF PLAN</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Plan shall become effective on the Effective Date. The effectiveness of the Plan shall be subject to approval of the Plan by the Company&rsquo;s
shareholders within twelve months before or after the date the Plan is first approved by the Board. No right may be granted under the
Plan prior to such shareholder approval. No rights may be granted under the Plan during any period of suspension of the Plan or after
termination of the Plan.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
XI.<BR>
ADMINISTRATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1
<U>Administrator</U>. Unless otherwise determined by the Board, the Administrator of the Plan shall be the Compensation Committee of
the Board (or another committee or a subcommittee of the Board to which the Board delegates administration of the Plan). The Board may
at any time vest in the Administrator any authority or duties for administration of the Plan. The Administrator may delegate administrative
tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including establishing and
maintaining an individual securities account under the Plan for each Participant.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2
<U>Authority of Administrator</U>. The Administrator shall have the power, subject to, and within the limitations of, the express provisions
of the Plan:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
To determine when and how rights to purchase Shares shall be granted and the provisions of each offering of such rights (which need not
be identical).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
To designate from time to time which Subsidiaries of the Company shall be Designated Subsidiaries, which designation may be made without
the approval of the shareholders of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
To impose a mandatory holding period pursuant to which Employees may not dispose of or transfer Shares purchased under the Plan for a
period of time determined by the Administrator in its discretion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
To construe and interpret the Plan and rights granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the
extent it shall deem necessary or expedient to make the Plan fully effective.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)
To amend, suspend or terminate the Plan as provided in Article&nbsp;IX.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)
Generally, to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests
of the Company and its Subsidiaries and to carry out the intent that the Plan be treated as an &ldquo;employee stock purchase plan&rdquo;
within the meaning of Section&nbsp;423 of the Code for the Section 423 Component.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)
The Administrator may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed
to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over other provisions of this Plan,
with the exception of Section 3.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan
shall govern the operation of such sub-plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3
<U>Decisions Binding</U><FONT STYLE="font-size: 10pt">. The Administrator&rsquo;s interpretation of the Plan, any rights granted pursuant
to the Plan, any subscription agreement and all decisions and determinations by the Administrator with respect to the Plan are final,
binding, and conclusive on all parties.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Article
XII.<BR>
MISCELLANEOUS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1
<U>Restriction upon Assignment</U><FONT STYLE="font-variant: small-caps">.</FONT> A right granted under the Plan shall not be transferable
other than by will or the applicable laws of descent and distribution, and is exercisable during the Participant&rsquo;s lifetime only
by the Participant. Except as provided in Section&nbsp;12.4 hereof, a right under the Plan may not be exercised to any extent except
by the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or alienation of the Participant&rsquo;s
interest in the Plan, the Participant&rsquo;s rights under the Plan or any rights thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2
<U>Rights as a Shareholder</U>. With respect to Shares subject to a right granted under the Plan, a Participant shall not be deemed to
be a shareholder of the Company, and the Participant shall not have any of the rights or privileges of a shareholder, until such Shares
have been issued to the Participant or his or her nominee following exercise of the Participant&rsquo;s rights under the Plan. No adjustments
shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other property) or distribution or other rights
for which the record date occurs prior to the date of such issuance, except as otherwise expressly provided herein or as determined by
the Administrator.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.3
<U>Interest</U>. No interest shall accrue on the payroll deductions or contributions of a Participant under the Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.4
<U>Designation of Beneficiary</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
A Participant may, in the manner determined by the Administrator, file a written designation of a beneficiary who is to receive any Shares
and/or cash, if any, from the Participant&rsquo;s account under the Plan in the event of such Participant&rsquo;s death subsequent to
a Purchase Date on which the Participant&rsquo;s rights are exercised but prior to delivery to such Participant of such Shares and cash.
In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant&rsquo;s account
under the Plan in the event of such Participant&rsquo;s death prior to exercise of the Participant&rsquo;s rights under the Plan. If
the Participant is married and resides in a community property state, a designation of a person other than the Participant&rsquo;s spouse
as his or her beneficiary shall not be effective without the prior written consent of the Participant&rsquo;s spouse.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
Such designation of beneficiary may be changed by the Participant at any time by written notice to the Company. In the event of the death
of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant&rsquo;s
death, the Company shall deliver such Shares and/or cash to the executor or administrator of the estate of the Participant, or if no
such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such
Shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative
is known to the Company, then to such other person as the Company may designate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5
<U>Notices</U>. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company
for the receipt thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.6
<U>Equal Rights and Privileges</U>. Subject to Section&nbsp;5.7, all Eligible Employees will have equal rights and privileges under the
Section 423 Component so that the Section 423 Component of this Plan qualifies as an &ldquo;employee stock purchase plan&rdquo; within
the meaning of Section 423 of the Code. Subject to Section&nbsp;5.7, any provision of the Section 423 Component that is inconsistent
with Section 423 of the Code will, without further act or amendment by the Company, the Board or the Administrator, be reformed to comply
with the equal rights and privileges requirement of Section 423 of the Code. Eligible Employees participating in the Non-Section 423
Component need not have the same rights and privileges as other Eligible Employees participating in the Non-Section 423 Component or
as Eligible Employees participating in the Section 423 Component.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.7
<U>Use of Funds</U>. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate
purpose, and the Company shall not be obligated to segregate such payroll deductions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.8
<U>Reports</U>. Statements of account shall be given to Participants at least annually, which statements shall set forth the amounts
of payroll deductions, the Purchase Price, the number of Shares purchased and the remaining cash balance, if any.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.9
<U>No Employment Rights</U>. Nothing in the Plan shall be construed to give any person (including any Eligible Employee or Participant)
the right to remain in the employ of the Company or any Parent or Subsidiary or affect the right of the Company or any Parent or Subsidiary
to terminate the employment of any person (including any Eligible Employee or Participant) at any time, with or without cause.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.10
<U>Notice of Disposition of Shares</U>. Each Participant shall give prompt notice to the Company of any disposition or other transfer
of any Shares purchased upon exercise of a right under the Section 423 Component of the Plan if such disposition or transfer is made:
(a) within two years from the Enrollment Date of the Offering Period in which the Shares were purchased or (b) within one year after
the Purchase Date on which such Shares were purchased. Such notice shall specify the date of such disposition or other transfer and the
amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or
other transfer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.11
<U>Limitations on Liability</U>. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other
employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, designated beneficiary or any
other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Offering Period, and such individual
will not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as
an Administrator, director, officer, other employee or agent of the Company or any Subsidiary.&nbsp; The Company will indemnify and hold
harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated
any duty or power relating to the Plan&rsquo;s administration or interpretation, against any cost or expense (including attorneys&rsquo;
fees) or liability (including any sum paid in settlement of a claim with the Administrator&rsquo;s approval) arising from any act or
omission concerning this Plan unless arising from such person&rsquo;s own fraud or bad faith.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.12
<U>Data Privacy</U>. As a condition for participation in the Plan, each Participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries
and affiliates exclusively for implementing, administering and managing the Participant&rsquo;s participation in the Plan.&nbsp; The
Company and its Subsidiaries and affiliates may hold certain personal information about a Participant, including the Participant&rsquo;s
name, address and telephone number; birthdate; social security number, insurance number or other identification number; salary; nationality;
job title(s); any Shares held in the Company or its Subsidiaries and affiliates; and participation details, to implement, manage and
administer the Plan and any Offering Period(s) (the &ldquo;<B><I>Data</I></B>&rdquo;).&nbsp; The Company and its Subsidiaries and affiliates
may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant&rsquo;s participation in the
Plan and any Offering Period(s), and the Company and its Subsidiaries and affiliates may transfer the Data to third parties assisting
the Company with Plan implementation, administration and management.&nbsp; These recipients may be located in the Participant&rsquo;s
country, or elsewhere, and the Participant&rsquo;s country may have different data privacy laws and protections than the recipients&rsquo;
country.&nbsp; By participating in any Offering Period under the Plan, each Participant authorizes such recipients to receive, possess,
use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant&rsquo;s participation
in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant may elect
to deposit any Shares.&nbsp; The Data related to a Participant will be held only as long as necessary to implement, administer, and manage
the Participant&rsquo;s participation in the Plan.&nbsp; A Participant may, at any time, view the Data that the Company holds regarding
such Participant, request additional information about the storage and processing of the Data regarding such Participant, recommend any
necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 12.12 in writing, without
cost, by contacting the local human resources representative.&nbsp; If the Participant refuses or withdraws the consents in this Section
12.12, and the Company may cancel Participant&rsquo;s ability to participate in the Plan or any Offering Period(s).&nbsp; For more information
on the consequences of refusing or withdrawing consent, Participants may contact their local human resources representative.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.13
<U>Conformity to Securities Laws</U>. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable
Laws.&nbsp; Notwithstanding anything herein to the contrary, the Plan and all Offering Periods will be administered only in conformance
with Applicable Laws.&nbsp; To the extent Applicable Laws permit, the Plan and all Offering Periods will be deemed amended as necessary
to conform to Applicable Laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.14
<U>Relationship to Other Benefits</U>. No payment under the Plan will be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly
provided in writing in such other plan or an agreement thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.15
<U>Governing Law</U>. The Plan and any agreements hereunder shall be administered, interpreted and enforced in accordance with the laws
of the State of Israel, disregarding any state&rsquo;s choice of law principles requiring the application of a jurisdiction&rsquo;s laws
other than the State of Israel. Certain definitions, which refer to the laws of such jurisdiction, shall be construed in accordance with
other such laws. The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive jurisdiction over any dispute arising out
of or in connection with this Plan and any award granted hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.16
<U>Electronic Forms</U>. To the extent permitted by Applicable Law and in the discretion of the Administrator, an Eligible Employee may
submit any form or notice as set forth herein by means of an electronic form approved by the Administrator. Before the commencement of
an Offering Period, the Administrator shall prescribe the time limits within which any such electronic form shall be submitted to the
Administrator with respect to such Offering Period in order to be a valid election.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.17
<U>Section 409A</U>. The Section 423 Component of the Plan and the rights to purchase Shares granted pursuant to Offerings thereunder
are intended to be exempt from the application of Section 409A of the Code and the U.S. Department of Treasury Regulations and other
interpretive guidance issued thereunder (collectively, &ldquo;<B><I>Section 409A</I></B>&rdquo;). Neither the Non-Section 423 Component
nor any right to purchase Shares granted pursuant to an Offering thereunder is intended to constitute or provide for &ldquo;nonqualified
deferred compensation&rdquo; within the meaning of Section 409A. Notwithstanding any provision of the Plan to the contrary, if the Administrator
determines that any right to purchase Shares granted under the Plan may be or become subject to Section 409A or that any provision of
the Plan may cause a right to purchase Shares granted under the Plan to be or become subject to Section 409A, the Administrator may adopt
such amendments to the Plan and/or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions as the Administrator determines are necessary or appropriate to avoid the imposition of taxes under
Section 409A, either through compliance with the requirements of Section 409A or with an available exemption therefrom.</FONT></P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>ea024234701ex5-1_etoro.htm
<DESCRIPTION>OPINION OF APPLEBY (BVI) LIMITED
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 429.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;</B></FONT><B>5.1</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 429.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex5-1_001.jpg" ALT="" STYLE="height: 14px; width: 169px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="padding-left: 2in; width: 65%"><FONT STYLE="font-size: 10pt"><B>eToro Group Ltd.</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 35%"><FONT STYLE="font-size: 10pt"><B>Email:</B></FONT> <FONT STYLE="font-size: 10pt">jkirk@applebyglobal.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2in">30 Sheshet Hayamin St.</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2in">Bnei Brak</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Direct Dial:</B> + 1 284 393 5318</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2in">Israel 5120261</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Tel:</B> +1 284 393 4742</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><B>Appleby Ref:</B> 423261.0015/JK/PG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">20 <FONT STYLE="font-size: 10pt"> May 2025</FONT></TD></TR>
  </TABLE>


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


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

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="font-size: 8pt; width: 1.85in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 1.95pt 0pt 22.45pt; text-align: right; text-indent: -17.05pt"><BR>
<BR>
<BR>
<BR>
<FONT STYLE="font-size: 8pt">British
                         Virgin Islands Office<BR>
 Appleby (BVI) Limited</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 38.9pt; text-align: right; text-indent: 17.75pt"><FONT STYLE="font-size: 8pt">Jayla
Place<BR>
 Wickhams Cay 1<BR>
</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">PO Box 3190</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Road Town<BR>
</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 1.95pt 0pt 27pt; text-align: right; text-indent: 44.5pt"><FONT STYLE="font-size: 8pt">Tortola
<BR>
British Virgin Islands<BR>
</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">VG 11</FONT>10</P>
</TD>
  <TD STYLE="width: 0.15in"></TD>
  <TD>Dear Sirs or Madams<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&nbsp;</P>
                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>eToro Group Ltd. (company number
1373068) (Company)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We act as legal counsel in the British Virgin
Islands (<B>BVI</B>) to the Company, and this legal opinion as to BVI law is addressed to you in connection with the Company&rsquo;s
filing of a registration statement on Form S-8 filed by the Company on 20 May 2025 (the <B>Registration Statement</B>, which term
does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or
schedule thereto) with the U.S. Securities and Exchange Commission (the <B>Commission</B>) relating to the Company&rsquo;s: (i) 2007
Employee Share Option Plan; (ii) 2021 Share Incentive Plan, as amended; and (iii) 2025 Employee Share Purchase Plan (together the <B>Equity
Plans</B>) covering the registration under the Securities Act of 1933, as amended (the <B>Securities Act</B>) of up to 17,946,764 of
the Company&rsquo;s common A shares, no par value per share, and 7,490,582 of the Company&rsquo;s common B shares, no par value per
share (together the <B>Shares</B>), subject to issuance by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The opinion is provided as Exhibit Number 5.1 to the Registration Statement
and includes our consent as Exhibit Number 23.2 (as included in Exhibit Number 5.1).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>OUR REVIEW</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">For the purposes of giving this opinion we have examined and relied upon
the documents listed in Part 1 of Schedule 1 (<B>Documents</B>). We have not examined any other documents, even if they are referred to
in the Documents.</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; text-align: justify">In giving this opinion we have relied upon and assume the accuracy and
completeness of the Certificate of Incumbency and the Registers (each as defined in Part 1 of Schedule 1), the contents of which we have
not verified.</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; text-align: justify">For the purposes of giving this opinion we have carried out the Company
Search and the Litigation Search described in Part 2 of Schedule 1.</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="font-size: 8pt">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; font-size: 8pt; vertical-align: bottom">Appleby (BVI) Limited (the Legal Practice) is a company limited by
shares incorporated in the British Virgin Islands. The term &ldquo;Partner&rdquo; is a title referring to a director, shareholder or an
employee of the Legal Practice. Legal services are supplied by Legal Practitioners admitted to the Roll and authorised to practice in
the British Virgin Islands.</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; text-align: left">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai</TD></TR>
</TABLE>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not made any other enquiries concerning the Company and in particular
we have not investigated or verified any matter of fact or opinion (whether set out in any of the Documents or elsewhere) other than as
expressly stated in this opinion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise defined herein, capitalised terms have the meanings assigned
to them in Schedule 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.3pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIMITATIONS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinion is limited to, and should be construed in accordance with,
the laws of the British Virgin Islands at the date of this opinion. We express no opinion on the laws of any other jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is strictly limited to the matters stated in it and does not
extend to, and is not to be extended by implication, to any other matters. We express no opinion on the commercial implications of the
Documents or whether they give effect to the commercial intentions of the parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is given solely for the benefit of the addressee(s) in connection with the matters referred to herein
and, except with our prior written consent it may not be transmitted or disclosed to or used or relied upon by any other person or be
relied upon for any other purpose whatsoever.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSENT</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to the Registration
Statement and to the references to our firm, as BVI counsel to the Company, in the Registration Statement.&nbsp;In giving this consent
we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of
persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSUMPTIONS
AND RESERVATIONS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
give the following opinions on the basis of the assumptions set out
in Schedule 2 (<B>Assumptions</B>), which we have not verified, and subject to the reservations set out in Schedule 3 (<B>Reservations</B>).</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPINIONS</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation
                                            and Status</B>: The Company is a company incorporated under the BVI Business Companies
Act (as amended) (<B>BCA</B>) with limited liability and existing under the laws of the BVI and is a separate legal entity. The Company
is in good standing with the Registrar of Corporate Affairs of the BVI (<B>BVI Registrar</B>).</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorisation</B>:
                                            The Company has taken all necessary corporate action to authorise the issuance
upon exercise of the Shares under the Registration Statement and in relation to the Equity Plans.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Issue of Shares:</B> The Shares to be allotted and issued by the Company will have been duly authorised,
and when fully paid, allotted and when issued by the Company in the manner set out in the Registration Statement and in accordance with
the Resolutions, will be validly issued, fully paid and non-assessable. The reference in this opinion to Shares being non-assessable shall
mean solely that no further sums of money are required to be paid by the holders of such Shares in connection with the issuance thereof.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="width: 2in">&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours
  faithfully,</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex5-1_002.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
  Kirk</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appleby
  (BVI) Limited</B></FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  </TR>
</TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
1</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Part
1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Documents</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            scanned copy of the certificate of incorporation of the Company dated
14 December, 2006 together with a certificate of incorporation of change of name dated 23 March, 2011 obtained from the Company Search
(<B>Certificate of Incorporation</B>).</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 7.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            scanned copy of the previous version of the Company&rsquo;s memorandum
of association and articles of association of the Company adopted on 8 February, 2023 (<B>Previous Articles</B>).</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 7.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                             </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            scanned copy of the current amended and restated memorandum of association
and articles of association of the Company in the form contemplated in the Resolutions and effective as from 14 May 2025 (<B>Amended and
Restated Memorandum and Articles of Association</B>) (<B>Constitutional Documents</B>).</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 7.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            scanned copy of the certificate of good standing issued by the BVI
Registrar dated 20 May 2025 in respect of the Company (<B>Certificate of Good Standing</B>).</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 7.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                        </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">A <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">scanned
                                                                                                                                                                                                                                 copy of the registered agent&rsquo;s certificate dated 20 May 2025 issued by the Company&rsquo;s registered agent in respect of the
                                                                                                                                                                                                                                 Company (<B>Registered Agent&rsquo;s Certificate</B>).</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 7.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scanned copies of the written resolutions of all of the directors of
the Company dated 21 March 2025 and 1 May 2025 (<B>Director Resolutions</B>) and the written resolutions constituting: (i) the requisite
majority of the shareholders of the Company pursuant to the Company&rsquo;s Previous Articles; (ii) the holders of a majority of the Company&rsquo;s
Preferred Shares (voting together as a single and separate class) pursuant to the Company&rsquo;s Previous Articles; and (iii) the holders
of a majority of the Company&rsquo;s Class F, Class E, Class D, Class C-2 Preferred Shares and Class C Preferred Shares (voting together
as a single class) in writing of the Company dated 1 May, 2025 pursuant to the Company&rsquo;s Previous Articles (<B>Shareholder Resolutions</B>,
and together the <B>Resolutions</B>).</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 7.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                             </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">S<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">canned
copies of the Equity Plans.</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 7.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            scanned copy of the register of directors of the Company certified
as a true copy by the registered agent of the Company on 20 May 2025 (<B>Register of Directors</B>).</FONT></TD></TR>
                                                                                                                                                              </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            copy of the register of mortgages and charges of the Company certified
as a true copy by the registered agent of the Company on 20 May, 2025 (<B>Register of Charges</B>) (together with item 8 above, the <B>Registers</B>).</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            copy of the results of the Litigation Search and the Company Search
(as defined in Part 2 of this Schedule).</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Part
2</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            public records of the Company on file and available for inspection
at the Registry of Corporate Affairs, Road Town, Tortola, British Virgin Islands, as revealed by a search conducted on 2 May 2025 and
updated on 20 May 2025 (<B>Company Search</B>).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            records of proceedings on file and available for inspection at the
High Court of Justice, Road Town, Tortola, British Virgin Islands, as revealed by a search conducted on 2 May, 2025 and updated on 20
May 2025 in respect of the Company of each of the Civil Index Book and the Commercial Book, as maintained by the British Virgin Islands&rsquo;
High Court Registry (<B>Litigation Search</B>).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 2in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
2</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have assumed:</FONT></TD></TR>
                                                                                                                                          <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            originals of all documents examined in connection with this opinion
are authentic, accurate and complete; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            authenticity, accuracy, completeness and conformity to original documents
of all documents submitted to us as copies;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            there has been no change to the information contained in the Certificate
of Incorporation, the Constitutional Documents, the Certificate of Incumbency, or the Registers;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            the signatures and seals on all documents and certificates submitted
to us as originals or copies of executed originals are genuine and authentic, and the signatures on all such documents are the signatures
of the persons authorised to execute such documents;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            where incomplete documents, drafts or signature pages only have been supplied to us for the purposes of issuing
this opinion, that the original documents have been duly completed and correspond in all material respects with the last version of the
relevant documents examined by us prior to giving our opinion;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            truth, accuracy and completeness of all representations and warranties
or statements of fact or law (other than as to the laws of the British Virgin Islands and those matters upon which we have expressly opined)
made in the Documents and any correspondence submitted to us;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            accuracy, completeness and currency of the records and filing systems
maintained at the public offices where we have searched or enquired or have caused searches or enquiries to be conducted, that such search
and enquiry did not fail to disclose any information which had been filed with or delivered to the relevant body but had not been processed
at the time when the search was conducted and the enquiries were made, and that the information disclosed by the Litigation Search and
Company Search is accurate and complete in all respects and such information has not been materially altered since the date of the Litigation
Search and Company Search;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 2in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai</FONT></P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            the Company is not a land owning company for the purposes of section
242 of the BCA, meaning that neither it nor any of its subsidiaries has an interest in any land in the British Virgin Islands;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            the Company does not carry on any activities which would require it
to be licensed under any of the British Virgin Islands financial services legislation in force from time to time;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            meetings at which the Resolutions were passed were duly convened and
had a duly constituted quorum present and voting throughout and any Resolutions passed in writing were adopted in accordance with the
law and the Constitutional Documents;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            interests of the directors on the subject matter of the Resolutions,
if any, were declared and disclosed in accordance with the law and Constitutional Documents;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Resolutions have not been revoked, amended or superseded, in whole
or in part, and remain in full force and effect at the date of this opinion; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            directors of the Company have concluded that the transactions approved
by the Resolutions are <I>bona fide</I> in the best interests of the Company and for a proper purpose of the Company;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Certificate of Incumbency and the Register of Directors accurately
reflects the names of all directors of the Company; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Certificate of Incumbency and the Register of Members accurately reflects
the names of all members of the Company,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 173.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 2.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
at the dates the Resolutions were passed or adopted, and as at the
date hereof; and</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            no resolution to voluntarily wind up the Company has been adopted by
its members and no event of a type which is specified in the Constitutional Documents as giving rise to the winding up of the Company
(if any) has in fact occurred.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
3</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinion is subject to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 137.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Good
                                            standing</B>: The term good standing as used in this opinion means solely that the Company has received a Certificate of Good Standing
from the BVI Registrar because it has paid all fees, annual fees and penalties due and payable under the BCA; has filed with the BVI Registrar
in accordance with regulation 25 of the BVI Business Companies Regulations (as amended):</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            copy of its register of directors (or the Company is not yet due to
file that register); and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            declaration in the approved form attesting that the Company has filed
with its registered agent the Company&rsquo;s annual financial return in accordance with section 98A of the BCA (unless exempted from
that requirement or the Company is not yet due to file such annual financial return),</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Company is on the Register of Companies. Failure to (a) pay such
fees, annual fees or penalties; (b) file with the BVI Registrar a copy of its register of directors that is due; or (c) file with the
BVI Registrar such declaration in respect of any annual financial return that is due, would in each case make the Company not in good
standing and liable to be struck off the Register of Companies and cease to exist under the laws of the British Virgin Islands if any
such default is not remedied before the BVI Registrar publishes a notice of striking off in the British Virgin Islands Gazette.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annual
                                            Financial Returns</B>: As of 1 January 2023, a company shall (unless it falls within an exemption
under section 98A of the BCA), in respect of each financial year of the company, file with its registered agent an annual return in prescribed
form within nine months after the end of such financial year. The registered agent shall, at the request of the Financial Services Commission
or any other competent authority, provide the Commission or such other authority with a copy of the annual return and retain the annual
return for a period of at least five years from the date it ceases to act as registered agent of the company. If a company that is not
exempted from the requirement to file an annual return with its registered agent fails to do so, the registered agent shall, not later
than 30 days after the annual return was due, notify the BVI Registrar in writing of that fact by stating the name of the company, the
financial year to which the annual return relates and the last time the company filed its annual return. Failure to file the annual return
with its registered agent within the specified period would make a company liable to penalties as prescribed under the BCA and, eventually,
liable to be struck off the Register of Companies and cease to exist under the laws of the British Virgin Islands.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Bermuda &#9632; British Virgin Islands &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
&#9632; Seychelles &#9632; Shanghai</P>

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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>ea024234701ex23-1_etoro.htm
<DESCRIPTION>CONSENT OF KOST FORER GABBAY & KASIERER, A MEMBER OF EY GLOBAL
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</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; background-color: white"><B>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We consent to the incorporation by reference
in the Registration Statement (Form S-8) pertaining to the eToro Group Ltd. 2007 Employee Share Option Plan, eToro Group Ltd. 2021 Share
Incentive Plan, as amended, and eToro Group Ltd. 2025 Employee Share Purchase Plan of ETORO GROUP LTD. of our report dated February 28,
2025, with respect to the consolidated financial statements of ETORO GROUP LTD. included in Amendment No. 2 to the Registration Statement
(Form F-1 No. 333-286050) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Kost Forer Gabbay &amp; Kasierer</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">A Member of EY Global</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">Tel Aviv, Israel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 20, 2025</P>

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

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>ea024234701ex-fee_etoro.htm
<DESCRIPTION>FILING FEE TABLE
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 107</B></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; text-align: center; background-color: white"><FONT STYLE="text-transform: uppercase"><B>CALCULATION
OF FILING FEE TABLES</B></FONT></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; text-align: center; background-color: white">Form S-8</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Exact Name of Registrant
as Specified in its Amended and Restated Memorandum and Articles of Association)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U>Table 1: Newly Registered
Securities</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Security<BR> Type</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Security Class Title</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fee<BR> Calculation<BR> or Carry<BR> Forward</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rule</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR> Registered<SUP>(1)</SUP></B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed<BR> Maximum<BR> Offering<BR> Price Per</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unit</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maximum<BR> Aggregate<BR> Offering<BR> Price</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fee Rate</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount of<BR> Registration<BR> Fee</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="25" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Newly Registered Securities</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 9%; text-align: left">Fees to be Paid</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 9%; text-align: center">Equity</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24%; text-align: center">Class A common shares, pursuant to options outstanding under the 2007 Plan</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 9%; text-align: center">Rule 457(h)</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5,762,842</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">7.93</TD><TD STYLE="padding-bottom: 4pt; width: 0.5%; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">45,699,337.06</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.00015310</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">6,996.57</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fees to be Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Class A common shares, pursuant to conversion of Class B common shares underlying options outstanding under the 2007 Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Rule 457(i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,762,842</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fees to be Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Class B common shares, pursuant to options outstanding under the 2007 Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Rule 457(h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,762,842</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.93</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,699,337.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00015310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,996.57</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fees to be Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Class A common shares, pursuant to options outstanding under the 2021 Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Rule 457(h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,727,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.98</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,787,365.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00015310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,110.85</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fees to be Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Class A common shares, pursuant to conversion of Class B common shares underlying options outstanding under the 2021 Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Rule 457(i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,727,740</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fees to be Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Class B common shares, pursuant to options outstanding under the 2021 Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Rule 457(h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,727,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.98</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(8)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,787,365.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00015310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,110.85</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fees to be Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Class A common shares reserved for issuance under the 2021 Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Rule 457(c) and 457(h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,254,881</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">63.14</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(9)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">521,225,155.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00015310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">79,799.57</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fees to be Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Class A common shares reserved for issuance under the ESPP</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Rule 457(c) and 457(h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,201,301</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">63.14</TD><TD STYLE="padding-bottom: 4pt; text-align: left"><SUP>(9)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">138,993,337.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00015310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,279.88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="10" STYLE="padding-bottom: 1.5pt; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: center">Total Offering Amounts</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">779,191,897.46</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">119,294.29</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="10" STYLE="padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: center">Total Fee Offsets</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="10" STYLE="padding-bottom: 4pt; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: center">Net Fee Due</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">119,294.29</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement
on Form S-8 (the &ldquo;Registration Statement&rdquo;) also covers an indeterminate number of additional Class A common shares, no par
value (&ldquo;Class A common shares&rdquo;) and Class B common shares, no par value (&ldquo;Class B common shares&rdquo;), of eToro Group
Ltd. (the &ldquo;Registrant&rdquo;) that may be offered and issued under the Registrant&rsquo;s 2007 Employee Share Option Plan (the &ldquo;2007
Plan&rdquo;), the Registrant&rsquo;s 2021 Share Incentive Plan, as amended (the &ldquo;2021 Plan&rdquo;) and the Registrant&rsquo;s 2025
Employee Share Purchase Plan (the &ldquo;ESPP&rdquo;) to prevent dilution resulting from stock splits, stock distributions, recapitalization
or other similar transactions.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) under the Securities Act. The proposed
maximum offering price per unit and maximum aggregate offering price are based upon $7.93, which is the weighted-average exercise price
for Class A common shares outstanding under the 2007 Plan as of the date of this Registration Statement.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Represents Class A common shares issuable upon conversion of Class B common shares issuable upon the exercise of outstanding options
to purchase Class B common shares granted under the 2007 Plan.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Pursuant to Rule 457(i), there is no fee associated with the registration of shares of Class&nbsp;A common shares issuable upon conversion
of Class&nbsp;B common shares (a convertible security) being registered under this Registration Statement because no additional consideration
will be received in connection with the conversion of Class B common shares.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) under the Securities Act. The proposed
maximum offering price per unit and maximum aggregate offering price are based upon $7.93, which is the weighted-average exercise price
for Class B common shares outstanding under the 2007 Plan as of the date of this Registration Statement.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) under the Securities Act. The proposed
maximum offering price per unit and maximum aggregate offering price are based upon $7.98, which is the weighted-average exercise price
for Class A common shares outstanding under the 2021 Plan as of the date of this Registration Statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">Represents Class A common shares issuable upon conversion of Class B common shares issuable upon the exercise of outstanding options
to purchase Class B common shares granted under the 2021 Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) under the Securities Act. The proposed
maximum offering price per unit and maximum aggregate offering price are based upon $7.98, which is the weighted-average exercise price
for Class B common shares outstanding under the 2021 Plan as of the date of this Registration Statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of determining the registration fee pursuant to Rules 457(c) and (h)&nbsp;under the Securities Act,
based upon the average of the high and low prices of the Registrant&rsquo;s Class&nbsp;A common shares on May 19, 2025.</TD></TR></TABLE>

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

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

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

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

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