<SEC-DOCUMENT>0001178913-20-001797.txt : 20200615
<SEC-HEADER>0001178913-20-001797.hdr.sgml : 20200615
<ACCEPTANCE-DATETIME>20200615163711
ACCESSION NUMBER:		0001178913-20-001797
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200615
FILED AS OF DATE:		20200615
DATE AS OF CHANGE:		20200615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CERAGON NETWORKS LTD
		CENTRAL INDEX KEY:			0001119769
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30862
		FILM NUMBER:		20963856

	BUSINESS ADDRESS:	
		STREET 1:		24 RAOUL WALLENBERG ST
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			69719
		BUSINESS PHONE:		972-3-543-1000

	MAIL ADDRESS:	
		STREET 1:		24 RAOUL WALLENBERG ST
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			69719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GIGANET LTD
		DATE OF NAME CHANGE:	20000719
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2024569.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 7.0.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;"><font style="font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        </font>Washington, D. C. 20549</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-size: 14pt;">FORM 6-K</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: center; margin-left: 4.5pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">REPORT OF&#160; FOREIGN&#160; PRIVATE&#160; ISSUER&#160; PURSUANT&#160; TO RULE 13a-16&#160; OR </div>
      <div style="text-align: center; margin-left: 4.5pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">15d-16&#160; UNDER THE&#160; SECURITIES&#160; EXCHANGE&#160; ACT&#160; OF&#160; 1934</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">For the month of June 2020</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="margin-right: 274.55pt; line-height: 1.25; font-weight: bold;">Commission File Number: 0-30862</div>
      <div style="margin-right: 274.55pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="line-height: 1.25; font-weight: 400; font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: center; font-weight: bold;"><font style="font-size: 16pt;">CERAGON NETWORKS LTD.</font>
          <hr align="center" style="height: 2px; width: 40%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zfaf4c18a7d334e6ab0c3883e641413c0">

          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div>
                <div>
                  <div>
                    <div>
                      <div style="text-align: center; line-height: 1.25; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
                    </div>
                  </div>
                </div>
              </div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
          <hr align="center" style="height: 2px; width: 40%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;">(Address of principal executive offices)</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
      <div style="line-height: 1.25;"> <br>
      </div>
      <div style="line-height: 1.25;">
        <div style="margin-left: 1.3pt; line-height: 1.25; text-align: center;">Form 20-F&#160; &#9746;&#160;&#160;&#160; Form 40-F &#9744;</div>
      </div>
      <div style="line-height: 1.25;"> <br>
      </div>
      <div style="line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; margin-right: 7.5pt; line-height: 1.25; font-weight: bold;">SIGNATURES</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-indent: 18pt; margin-right: 2.55pt; margin-left: 7.3pt; line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
        undersigned, thereunto duly authorized.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z2300df38147f48ca98f73e36818a0fd0">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#160;</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">CERAGON NETWORKS LTD.</div>
            </td>
            <td style="width: 25%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Date: June 15, 2020</div>
            </td>
            <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25;">By:&#160; /s/ Ran Vered</div>
            </td>
            <td style="width: 25%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Name: Ran Vered<br>
                Title: Chief Financial Officer</div>
            </td>
            <td style="width: 25%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z429fd64d0f2a4209a0d398ab35feacd3">

          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div style="text-align: right; line-height: 1.25;">Exhibit Description</div>
              <div style="line-height: 1.25;"><a href="exhibit_a.htm">Exhibit A <font style="font-family: 'Times New Roman',Times,serif;">&#8211; </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8211; 2020 Annual General Meeting of Shareholders</font></a><font style="line-height: 1.25;"><a href="exhibit_a.htm"> </a><br>
                </font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; text-align: center;">- 2 -<br style="line-height: 1.25;">
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"> </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_a.htm
<DESCRIPTION>EXHIBIT A
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 7.0.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div>
      <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <u>Exhibit A</u><br>
        <br>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">CERAGON NETWORKS LTD.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">
        <hr align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">NOTICE OF 2020 ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">
        <hr align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">TO BE HELD ON <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;">JULY</font> 20, 2020</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Notice is hereby given that the 2020 Annual General Meeting of Shareholders (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Meeting</font>&#8221;) of Ceragon Networks
        Ltd. (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Company</font>&#8221;) will be held on <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;">Monday</font>, July 20, 2020
        at 5:00 p.m. (Israel time), at the offices of the Company, 24 Raoul Wallenberg Street, Tel Aviv, Israel, for the following purposes:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1f586d0a91b4165befbeff5dc9cdb1c">

          <tr>
            <td style="width: 6.6pt;"><br>
            </td>
            <td style="width: 24.9pt; vertical-align: top; align: right;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">To approve a cash bonus plan to our Chief Executive Officer for 2020;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73ba318ac5774f32ac23a2c45fd5f842">

          <tr>
            <td style="width: 6.6pt;"><br>
            </td>
            <td style="width: 24.9pt; vertical-align: top; align: right;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">To approve an amendment to the Company's Executives &amp; Directors Compensation Policy; and</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zed0b751438814cf2a98d956b92957662">

          <tr>
            <td style="width: 6.6pt;"><br>
            </td>
            <td style="width: 24.9pt; vertical-align: top; align: right;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">To re-appoint Kost Forer Gabbay &amp; Kasierer, a Member of Ernst &amp; Young Global, as the Company&#8217;s independent auditor for the fiscal year ending December 31, 2020 and&#160;until
                immediately following the next annual general meeting of shareholders.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">At the Meeting, you will also have an opportunity to receive and consider the auditor&#8217;s report and the audited consolidated financial statements of the Company for the fiscal year ended December
        31, 2019. This item will not involve a vote of the shareholders.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Only shareholders of record at the close of business day on <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;">Monday</font>, June 22, 2020, the record
        date for determining those shareholders eligible to vote at the Meeting, are entitled to notice of and to vote at the Meeting and at any postponements or adjournments thereof.&#160; All shareholders are cordially invited to attend the Meeting in person.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Whether or not you plan to attend the Meeting, you are urged to promptly complete, date and sign the enclosed proxy and to mail it in the enclosed envelope, which requires no postage if mailed in
        the United States, at your earliest convenience so that it will be received at the offices of the Company no later than twenty four (24) hours prior to the Meeting (i.e., 5:00 p.m. (Israel time) on July 19, 2020).&#160; Execution of your proxy will not
        deprive you of your right to attend the Meeting and vote in person, and any person giving a proxy has the right to revoke it any time before it is exercised.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">We currently intend to hold the Meeting in person, subject to the Israeli Ministry of Health COVID-19 restrictions. However, depending on developments with respect to the COVID-19 pandemic, we
        might hold the Meeting virtually on the above date and time instead of in person. If we determine that a change to a virtual meeting format is advisable or required, an announcement of such change will be made on Form 6-K as promptly as
        practicable.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Joint holders of shares should take note that, pursuant to Article 69(b) of the Articles of Association of the Company (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Articles</font>&#8221;), a notice may be given by the Company to the joint holders of a share by giving notice to the first of the joint holders named in the Register of Shareholders with respect to the shares, and any notice so given shall be
        sufficient notice to the holders of such share(s).</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Joint holders of shares should also take note that, pursuant to Article 32(d) of the Articles, the vote of the first of the joint holders named in the Register of Shareholders with respect to the
        share(s) who tenders a vote, will be accepted to the exclusion of the vote(s) of the other joint holder(s).</div>
      <div style="text-align: justify; line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-align: center; line-height: 1.25;">By Order of the Board of Directors,</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <table cellspacing="0" cellpadding="0" border="0" id="zbdd6411fca614a439061d4ec8a14027a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;">
                <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ZOHAR ZISAPEL</font></div>
                <div style="text-align: center;">Chairman of the Board of Directors<font style="font-family: 'Times New Roman',Times,serif;"> </font></div>
              </td>
              <td style="width: 50.00%;">
                <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">IRA PALTI</font></div>
                <div style="text-align: center;">Director, President and Chief Executive Officer<font style="font-family: 'Times New Roman',Times,serif;"> </font></div>
              </td>
            </tr>

        </table>
      </div>
      <br>
      <div style="text-align: center; line-height: 1.25;">June 15, 2020</div>
      <div style="text-align: center; line-height: 1.25;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">CERAGON NETWORKS LTD.</div>
      <div style="text-align: center; line-height: 1.25;">24 Raoul Wallenberg Street</div>
      <div style="text-align: center; line-height: 1.25;">Tel Aviv 69719, Israel</div>
      <div style="text-align: center; line-height: 1.25;">_______________________</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROXY STATEMENT</div>
      <div style="text-align: center; line-height: 1.25;">_______________________</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">2020 ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">This Proxy Statement is furnished to the holders of Ordinary Shares, NIS 0.01 nominal value (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Ordinary Shares</font>&#8221;
        or &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Shares</font>&#8221;), of Ceragon Networks Ltd. (&#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">we</font>,&#8221; &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Ceragon</font>&#8221; or the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Company</font>&#8221;) in connection with the solicitation by the Board of Directors of the Company of
        proxies for use at the Company's 2020 Annual General Meeting of Shareholders (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Meeting</font>&#8221;), or at any postponements or adjournments thereof.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The Meeting will be held on <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;">Monday</font>, July 20, 2020, at 5:00 p.m. (Israel time), at the offices
        of the Company, 24 Raoul Wallenberg Street, Tel Aviv, Israel.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PURPOSE OF THE ANNUAL GENERAL MEETING</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">It is proposed that at the Meeting, resolutions be adopted as follows:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8589ebb8ceb74317950ecddd7841093b">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">To approve a cash bonus plan to our Chief Executive Officer for 2020;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f7e94ea99424b0fb44262f803fc0b7d">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">To approve an amendment to the Company&#8217;s Executives &amp; Directors Compensation Policy; and</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32b0d675c1854f7f98dd83a9ac9f6aab">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">To re-appoint Kost Forer Gabbay &amp; Kasierer, a Member of Ernst &amp; Young Global, as the Company&#8217;s independent auditor for the fiscal year ending December 31, 2020 and&#160;until
                immediately following the next annual general meeting of shareholders.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Additionally, at the Meeting, shareholders will be provided with the opportunity to receive and consider the auditor&#8217;s report and the audited consolidated financial statements of the Company for
        the fiscal year ended December 31, 2019.&#160;&#160; This item will not involve a vote of the shareholders.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">We currently intend to hold the Meeting in person, subject to the Israeli Ministry of Health COVID-19 restrictions. However, depending on developments with respect to the COVID-19 pandemic, we
        might hold the Meeting virtually on the above date and time instead of in person. If we determine that a change to a virtual meeting format is advisable or required, an announcement of such change will be made on Form 6-K as promptly as
        practicable.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">RECORD DATE AND VOTING RIGHTS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Only holders of record of Ordinary Shares at the close of business on Monday, June 22, 2020, the record date for determining those shareholders eligible to vote at the Meeting, will be entitled to
        notice of and to vote at the Meeting and any adjournments or postponements thereof. At such time, each issued and outstanding Ordinary Share will be entitled to one vote upon each of the matters to be presented at the Meeting.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROXY PROCEDURE</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">A form of proxy for use at the Meeting and a return envelope for the proxy are also enclosed.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">If specification is made by a shareholder on the form of proxy, the Shares represented thereby will be voted in accordance with such specification. If a choice is not specified by a shareholder
        with respect to any proposal, the form of proxy will be voted &#8220;FOR&#8221; any such proposal and in the discretion of the proxies with respect to all other matters, which may properly come before the Meeting and any and all adjournments or postponements
        thereof. On all matters considered at the Meeting, abstentions and broker non-votes will be treated as neither a vote &#8220;FOR&#8221; nor &#8220;AGAINST&#8221; the matter, although they will be counted in determining if a quorum is present. Broker non-votes are votes
        that brokers holding shares of record for their clients are, pursuant to applicable stock exchange or other rules, precluded from casting in respect of certain non-routine proposals because such brokers have not received specific instructions from
        their clients as to the manner in which such shares should be voted on those proposals and as to which the brokers have advised the Company that, accordingly, they lack voting authority.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Shareholders may revoke the authority granted by their execution of proxies at any time before the effective exercise thereof by: (i) filing with the Company a written notice of revocation or duly
        executed proxy bearing a later date (but not less than twenty-four (24) hours prior to the time fixed for the Meeting); or (ii) voting in person at the Meeting.&#160; However, if a shareholder attends the Meeting and does not elect to vote in person,
        his or her proxy will not be revoked. If a proxy is properly executed and received at the offices of the Company not less than twenty-four (24) hours prior to the time fixed for the Meeting, Shares represented by the proxy in the enclosed form will
        be voted in the manner described above.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Proxies for use at the Meeting are being solicited by the Board of Directors of the Company, chiefly by mail; however, certain officers, directors, employees and agents of the Company, none of whom
        will receive additional compensation for such solicitation, may solicit proxies by telephone, electronic mail or other personal contact. We may also retain an independent contractor to assist in the solicitation of proxies. If retained for such
        services, we will pay the related costs. The Company will bear the cost for the solicitation of the proxies, including postage, printing and handling, and will reimburse the reasonable expenses of brokerage firms and others for forwarding material
        to, and obtaining authority to execute proxies from, beneficial owners of Shares.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Should changes be made to any item on the agenda for the Meeting after the publication of this Proxy Statement, we will communicate the changes to our shareholders through the publication of a
        press release, a copy of which will be submitted to the Securities and Exchange Commission (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">SEC</font>&#8221;) on Form 6-K.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">QUORUM</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Two or more shareholders, present in person or by proxy, entitled to vote and holding together Ordinary Shares conferring in the aggregate twenty-five percent (25%) or more of the voting power of
        the Company, shall constitute a quorum at the Meeting. If within an hour from the time appointed for the Meeting a quorum is not present, the Meeting shall stand adjourned to <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;">Monday</font>, July 27, 2020, at the same time and place. At such adjourned Meeting, any two (2) shareholders present in person or by proxy, shall constitute a quorum.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">BENEFICIAL OWNERSHIP OF SECURITIES BY PRINCIPAL</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SHAREHOLDERS AND MANAGEMENT</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The following table sets forth certain information, as of June 11, 2020, regarding: (i) all persons or entities known to the Company to beneficially own more than 5% of the Company&#8217;s Ordinary
        Shares; (ii) each &#8220;office holder&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>, as such term is defined in the Israeli Companies Law, 5759-1999 (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Companies Law</font>&#8221;), of the Company (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Office Holders</font>&#8221;) known to the Company to beneficially own more than 1% of the Company&#8217;s Ordinary Shares; and (iii) all Office Holders as a group.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The information contained herein has been obtained from the Company&#8217;s records or from information furnished by the individual or entity to the Company or disclosed in public filings with the SEC.
        Except where otherwise indicated, and except pursuant to community property laws, we believe, based on information furnished by such owners, that the beneficial owners of the Ordinary Shares listed below have sole investment and voting power with
        respect to such Shares.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The shareholders listed below do not have any different voting rights from any of our other shareholders.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The &#8220;Number of Ordinary Shares Beneficially Owned&#8221; in the table below includes Shares that may be acquired upon the exercise of options that are either currently exercisable or will become
        exercisable within sixty (60) days as of June 11, 2020. The Shares that may be issued under these options are deemed to be outstanding for the purpose of determining the percentage owned by the person or group holding the options but are not deemed
        to be outstanding for the purpose of determining the percentage of ownership of any other person or group shown in the table.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zad2ee6218f6c49ceace8051de19138af" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Name of Beneficial Owner</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">Number</div>
              <div style="text-align: center; line-height: 1.25;">of Ordinary Shares Beneficially Owned</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">Percentage of</div>
              <div style="text-align: center; line-height: 1.25;">Ordinary Shares Beneficially Owned (1)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Zohar Zisapel<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">10,593,885</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">13.06</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Joseph D. Samberg <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">8,100,065</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">9.98</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ira Palti <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">1,056,254</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">1.30</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">All Office Holders, including directors, as a group (consists of 20 persons)</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">12,396,393</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">15.28</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">%</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8b1077a1a93248338b4faaa2b680770f">

          <tr>
            <td style="width: 7.14%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">(1)</div>
              <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
              <div style="text-align: justify; line-height: 1.25;">(2)</div>
            </td>
            <td style="width: 92.86%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">Based on 81,134,454 Ordinary Shares issued and outstanding as of June 10, 2020.</div>
              <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
              <div style="text-align: justify; line-height: 1.25;">Zohar Zisapel&#8217;s address is 24 Raoul Wallenberg St., Tel Aviv 69719, Israel. The ordinary shares held by Zohar Zisapel include (i) 5,494,015 ordinary shares held by Mr. Zohar Zisapel, (ii)
                2,231,153 ordinary shares held by Lomsha Ltd., an Israeli company wholly owned by Mr. Zohar Zisapel, (iii) 2,500,000 ordinary shares held by Michael &amp; Klil Holdings (93) Ltd. an Israeli company, wholly owned by Mr. Zohar Zisapel, (iv)
                18,717 ordinary shares held by RAD Data Communications Ltd., an Israeli company of which Mr. Zisapel is a principal shareholder and a director, and (v) 350,000 ordinary shares issuable upon exercise of options, with an average exercise
                price per share of $4.67, expiring between the years 2020 and 2026. This information is based on information provided to the Company by Mr. Zohar Zisapel.</div>
              <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.14%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">(3)</div>
            </td>
            <td style="width: 92.86%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Joseph D. Samberg&#8217;s address is 1091 Boston Post Road, Rye, NY 10580.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.14%; vertical-align: top;">&#160;</td>
            <td style="width: 92.86%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7.14%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">(4)</div>
            </td>
            <td style="width: 92.86%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ira Palti&#8217;s address is 24 Raoul Wallenberg St., Tel Aviv 69719, Israel. Mr. Palti is a Director and our President and CEO.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">For information relating to the compensation of our five most highly compensated Office Holders with respect to the year ended December 31, 2019, please see &#8220;Item 6. <font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Directors, Senior Management and Employees</font> &#8211; B. <font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Compensation</font> - <font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">b) Individual Compensation of Office Holders</font>&#8221; in our Annual Report for 2019, which was filed on Form 20-F with the SEC on March 31, 2020 (File No. 0-30862).</div>
      <div style="line-height: 1.25;"><br>
        <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a74f583c29d4c9ead7e65c15d3a76f7">

            <tr>
              <td><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman',Times,serif;">The term "Office Holder" as defined in the Companies Law includes a director, the chief executive officer, the chief business officer, the vice chief executive officer, the deputy
                  chief executive officer, any other person fulfilling or assuming any of the foregoing positions without regard to such person's title, and any manager who is directly subordinated to the chief executive officer.</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">ITEM 1</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">APPROVAL OF A CASH BONUS PLAN TO OUR CHIEF EXECUTIVE OFFICER FOR 2020</div>
      <div style="text-align: justify; line-height: 1.25;"><u> <br>
        </u></div>
      <div style="text-align: justify; line-height: 1.25;"><u>Background</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Under the Companies Law, arrangements regarding the compensation of a chief executive officer (&#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">CEO</font>&#8221;) of a
        publicly traded company should generally be consistent with such Company&#8217;s compensation policy and require the prior approval of the company&#8217;s compensation committee, board of directors and shareholders (provided that, the majority of the shares
        voted in favor of this proposal are not held by &#8220;controlling shareholders&#8221; or shareholders with &#8220;personal interest&#8221; in the approval of such proposal, as further detailed below), in that order.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Under his existing employment agreement, our CEO, Mr. Ira Palti, is entitled to a gross annual base salary of NIS 1,080,000 (approximately $ 312,953) based on the NIS-US$ exchange rate as published
        by the Bank of Israel at the end of business on June 11, 2020), plus customary benefits which include, among others, managers&#8217; insurance, education fund, car expenses, long-term disability and life insurance. In addition, Mr. Palti is entitled to a
        performance-based annual cash bonus and to an annual equity grant.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">We now seek our shareholders' approval for a cash bonus plan to our CEO for 2020. This Meeting does not include an equity grant.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>General</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic;">2020 Cash Bonus Plan</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Consistent with the Company&#8217;s compensation policy, originally approved by our shareholders on September 12, 2013 and last updated and approved by our shareholders on June 12, 2018 (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Compensation Policy</font>&#8221;), and the Amended Policy (as defined in Item 2 below), and subject to the limitations set forth therein, the Company may determine, with respect to
        each year, the target and maximum annual cash bonuses, as well as related objectives and related weights, applicable thresholds and the formula for calculating the annual cash bonus payment to be granted to our CEO.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Taking into account numerous factors, including the provisions of the Compensation Policy, the Amended Policy and other relevant information and materials presented to them, our Compensation
        Committee and Board of Directors have resolved, and are recommending that the shareholders approve, the following annual bonus plan for calendar year 2020 for Mr. Ira Palti, including the following related objectives, their weights and terms:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">target annual bonus</font> for 2020, which is the annual cash amount that Mr. Palti will be entitled to receive
        upon achievement of 100% of his objectives (see below), will be equal to ten (10) monthly base salaries (approximately $261,000, based on the NIS-US$ exchange rate as published by the Bank of Israel at the end of business on June 10, 2020) (&#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">On Target Bonus</font>&#8221;), similarly to the target annual bonus that was approved by the Company&#8217;s shareholders for Mr. Palti with respect to the previous year. Based on the
        principles of the 2019 cash bonus plan, as was approved by our shareholders, Mr. Palti did not receive&#160; any annual cash bonus with respect to 2019. Our Compensation Committee and Board of Directors approved that the On Target Bonus is compliant
        with the Compensation Policy and the Amended Policy.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25;">The <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">personal objectives </font>for the annual cash bonus of Mr. Palti for 2020, <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">and their weights,</font> are as follows:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5000d70228c424883dd0f785c26b59d">

          <tr>
            <td><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Two financial <font style="font-weight: bold;">measurable targets</font>: (i) non-GAAP net income, weighing 70% of the On Target Bonus; and&#160;(ii) cash flow criteria, weighing 10% of the
                On Target Bonus. These two targets were determined based on the Company&#8217;s 2020 annual business targets (each, a &#8220;<font style="font-weight: bold;">Measurable Target</font>&#8221;).&#160;Following the end of the calendar year, the actual achievements of
                the Company for 2020 shall be measured against each of the Measurable Targets, and the score results for each of the Measurable Targets (each, a&#160; &#8220;<font style="font-weight: bold;">CEO Measurable Achievement</font>&#8221;), shall entitle our CEO
                to a bonus payment comprised as follows: (a) achievement of 150% of the first Measurable Target set in (i) above shall entitle our CEO to 100% payment for such Measurable Target&#8217;s respective weight of the On Target Bonus; (b) achievement of
                the cash flow criteria comprising the second Measurable Target set in (ii) above, shall entitle our CEO to 100% payment for such Measurable Target&#8217;s respective weight of the On Target Bonus; and (c) achievement below each CEO Measurable
                Achievement will decrease the cash bonus for each such Measurable Target, and achievement above each CEO Measurable Achievement will increase the cash bonus for each such Measurable Target on an accelerated basis, subject to the&#160; minimum
                threshold and to the Maximum Payment Cap (see below); and</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z656eb8082d6745549aba52e70d10e4ea">

          <tr>
            <td><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">A <font style="font-weight: bold;">non-measurable target</font> comprised of personal performance criteria, pre-determined by our Compensation Committee and Board of Directors, which
                shall be assigned a 20% weight.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Our Compensation Committee and Board of Directors have set a <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">minimum threshold</font> score with respect to each of the
        Measurable Targets, so that below a certain level of CEO Measurable Achievement, payment will not be made with respect to such Measurable Target, as well as a general plan threshold which is based on the achievement of a pre-determined measurable
        financial criteria, under which <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>no</u></font> annual cash bonus shall be paid to our CEO with respect to 2020.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Further, our Compensation Committee and Board of Director have resolved that the maximum annual bonus payment to our CEO for 2020 will be capped at 200% of his annual base salary (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Maximum Payment Cap</font>&#8221;), which cap is in compliance with the Compensation Policy and the Amended Policy. Reaching the Maximum Payment Cap, in the opinion of the
        Compensation Committee and Board of Directors, is an extremely challenging task.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Subject to receipt of shareholder approval of the above annual cash bonus, related objectives, weights&#160; and terms thereof for Mr. Palti, the Compensation Committee and the Board of Directors will
        determine, following approval by the Board of Directors of the Company&#8217;s audited financial statements for the 2020 fiscal year, and without the need for further shareholder approval, the actual bonus to be paid, if any, to Mr. Palti, with respect
        to calendar year 2020.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Our Compensation Committee and Board of Directors believe that the grant of annual cash bonus payment to our CEO is in the Company&#8217;s best interests and is in line with the compensation philosophy,
        objectives, limits and caps set forth in the Compensation Policy and Amended Policy. When reaching their conclusion, our Compensation Committee and Board of Directors analyzed all factors and considerations required under the Companies Law and
        under our Compensation Policy and Amended Policy, including data of peer companies in our industry, the responsibilities and duties performed by Mr. Palti, the estimation of Mr. Palti&#8217;s expected contribution and the importance of Mr. Palti to the
        future growth and profitability of the Company.</div>
      <div style="text-align: justify; line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>Required Vote</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The affirmative vote of the holders of a majority of the Ordinary Shares represented and voting at the Meeting in person or by proxy is required for the approval of our CEO&#8217;s 2020 cash bonus plan;
        provided that, the majority of the Shares voted in favor of this proposal are not held by &#8220;controlling shareholders&#8221; or shareholders with &#8220;personal interest&#8221; in the approval of such proposal, not taking into account any abstention, or that the
        total number of Shares referred to above voted against this proposal, does not exceed two percent of the aggregate voting rights in the Company.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25;">Under the Companies Law, in general, a person will be deemed to be a &#8220;controlling shareholder&#8221; if that person has the power to direct the activities of the company, other than by reason of serving
        as a director or other office holder of the company, and a person is deemed to have a &#8220;personal interest&#8221; if he/she or any member of the shareholder&#8217;s immediate family, or the immediate family of a shareholder&#8217;s spouse, has a personal interest in
        the adoption of the proposal. In addition, you are deemed to have a &#8220;personal interest&#8221; if a company, other than Ceragon, that is affiliated with you, has a personal interest in the adoption of the proposal. Such company is a company in which you
        or a member of your immediate family serves as a director or chief executive officer, has the right to appoint a director or the chief executive officer, or owns 5% or more of the outstanding shares. However, you are not deemed to have a personal
        interest in the adoption of the proposal if your interest in such proposal arises solely from your ownership of our shares. The term "immediate family" means a spouse, sibling, parent, grandparent and child, and child, sibling or parent of a spouse
        or the spouse of any of the foregoing.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">Please note that we consider it highly unlikely that any of our shareholders is a controlling shareholder, or has a personal interest in this proposal</font>.
        However, as required under Israeli law, the enclosed form of proxy requires that you specifically indicate whether you are, or are not, a controlling shareholder or have a personal interest in this proposal. Without indicating to this effect &#8211; we
        will not be able to count your vote with respect to the special majority vote required for the approval of this proposal.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">It is proposed that at the Meeting the following resolution be adopted:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">&#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">RESOLVED</font>, to approve the cash bonus plan to our CEO, for the year 2020, upon the terms described in this Item
        1.&#8221;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">The Board of Directors recommends a vote &#8220;FOR&#8221; approval of the proposed resolution.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic;">As Mr. Ira Palti has a personal interest in the above proposal, he refrained from making a recommendation with respect thereto.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">ITEM 2</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">APPROVAL OF AN AMENDMENT TO THE COMPANY'S&#160; EXECUTIVES &amp; DIRECTORS </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">COMPENSATION POLICY</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>Background</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">On September 12, 2013, our shareholders, following the recommendation of the Compensation Committee and the Board of Directors, approved the adoption of a Compensation Policy, which provides a
        framework for terms of office and employment of our Office Holders, including base salaries, cash bonuses, equity awards, severance and other benefits, the grant of an exemption from liability, insurance and an undertaking to indemnify or
        indemnification.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Under the Companies Law, our Compensation Policy must be reviewed from time to time by the Compensation Committee and the Board of Directors, in order to consider its adequacy, and propose
        amendments to the extent it finds that the Compensation Policy is inadequate or should otherwise be amended. In addition, the Compensation Policy must be reapproved by the Compensation Committee, Board of Directors and shareholders of the company
        at least every three years. Our Compensation Policy was last approved by our shareholders in June 2018.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>General</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.25; font-style: italic;">Insurance Framework</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">In recent years, trends in the D&amp;O insurance market include extremely high coverages purchased and premiums paid with respect to such insurance, as a result of several factors, including, a
        significant increase in the number of class-action claims, higher settlement amounts and related legal expenses, and a trend to file class-action claims also against mid to small size companies. The effects of the COVID-19 pandemic on the global
        economy and markets have significantly contributed towards a general atmosphere of uncertainty, which also influences the D&amp;O insurance market and further enhances the trend of increase in coverages purchased and premiums paid with respect to
        such insurance. These occurrences have caused a dramatic increase in insurance premiums, impacted the insurance terms and coverages available, and are still in the process of shaping the D&amp;O insurance market. Those trends are generally
        applicable to Israeli and other companies that are listed on Nasdaq, including the Company, as we have been served with such class-action claim.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Consequent to such increase in premiums paid for D&amp;O insurance policies, the cap for D&amp;O insurance premium as set in our&#160; Compensation Policy, is no longer aligned with currently prevailing
        market terms. In order to reflect such market terms, we propose to amend the insurance framework available under our Compensation Policy; pursuant to such amendment, the cap on the annual premium which may be paid for our D&amp;O insurance
        policy(ies) shall be increased to US$2,000,000, plus additional annual premium of up to US$300,000 for claims associated with M&amp;A transactions.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Our Compensation Committee and Board of Directors have approved this amendment to our Compensation Policy and deem it required in order to allow the Company more flexibility in providing its Office
        Holders, to the extent permitted by applicable law, with adequate coverage under D&amp;O insurance policies, which include premiums that are in line with current market practice for comparable companies. The Compensation Committee and Board of
        Directors further believe that the acquisition of an appropriate D&amp;O insurance policy is in the best interests of the Company and its shareholders, considering the fact, among others, that the Company would like to preserve its ability to
        recruit, nominate or maintain highly skilled and experienced Office Holders. In their review and approval of the proposed amendment to the Compensation Policy, our Compensation Committee and Board took into account, among others, the
        considerations, principles and provisions set forth in the Companies Law.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The proposed amendment to the Compensation Policy, for which we now seek shareholder approval, is marked in the revised version of the Compensation Policy attached to this Proxy Statement as <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Exhibit A</u></font> (the &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amended Policy</font>&#8221;); Other than the foregoing change in the
        insurance framework, all other terms of the Compensation Policy remain unchanged.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="background-color: rgb(255, 255, 255); line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If the Amended Policy is adopted pursuant to the Companies Law, then the date of such amendment shall be deemed to be the date of the adoption of the
          Amended Policy in its entirety, so that the Amended Policy shall be in full force and effect for a period of three years from the date of the Meeting.</div>
      </div>
      <div style="background-color: rgb(255, 255, 255); line-height: 1.25;">
        <div style="text-indent: 36pt; line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="background-color: rgb(255, 255, 255); line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If the Amended Policy is not adopted pursuant to the Companies Law, then the current Compensation Policy shall continue to be in full force and effect
          until June 11, 2021, which is three years from the date it was last approved by our shareholders.</div>
      </div>
      <div style="text-align: justify; line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>Required Vote</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The affirmative vote of the holders of a majority of the Ordinary Shares represented and voting at the Meeting in person or by proxy, is required for the approval of the Amended Policy; provided
        that, the majority of the shares voted in favor of this proposal are not held by &#8220;controlling shareholders&#8221; or shareholders with &#8220;personal interest&#8221; in the approval of such proposal, not taking into account any abstention, or that the total number
        of shares referred to above voted against this proposal, does not exceed two percent of the aggregate voting rights in the Company.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Please see Item 1 above for the definitions of the terms &#8220;controlling shareholders&#8221; and &#8220;personal interest&#8221;.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">Please note that we consider it highly unlikely that any of our shareholders is a controlling shareholder, or has a personal interest in this proposal</font>.
        However, as required under Israeli law, the enclosed form of proxy requires that you specifically indicate whether you are, or are not, a controlling shareholder or have a personal interest in this proposal. Without indicating to this effect &#8211; we
        will not be able to count your vote with respect to the special majority vote required for the approval of this proposal.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">It is proposed that at the Meeting the following resolution be adopted:</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;">&#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">RESOLVED</font>, that the Amended Policy, in the form attached as <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Exhibit A</u></font> to this Proxy Statement for the 2020 Annual General Meeting of Shareholders, be, and it hereby is, approved.&#8221;</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">The Board of Directors recommends a vote &#8220;FOR&#8221; approval of the proposed resolution.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic;">As all Board members have personal interest in the proposed resolution, they are all allowed to recommend with respect thereto.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">ITEM 3</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">RE-APPOINTMENT OF INDEPENDENT AUDITOR</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>Background</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The Companies Law and our Articles provide that a certified accountant be appointed as an independent auditor of the Company at the annual general meeting of shareholders of the Company, and that
        the independent auditor serve in this position until immediately following the date of the next annual general meeting.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>General</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">At the Meeting, the shareholders will be asked to re-appoint Kost Forer Gabbay &amp; Kasierer, a member firm of Ernst &amp; Young Global (&#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Kost Forer</font>&#8221;), as the Company&#8217;s independent auditor for the fiscal year ending December 31, 2020, and until immediately following the next annual general meeting of shareholders.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Kost Forer<font style="font-family: 'Times New Roman',Times,serif;"> has served as the Company&#8217;s independent auditor since 2002</font> and has no relationship with the Company or with any affiliate
        of the Company except as auditor, tax consultant and as a provider of other services that relate to transactional activities. Our Financial Audit Committee and the Board of Directors believe that such limited non-audit functions do not affect the
        independence of Kost Forer<font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">.</font></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">As a result of the combined provisions of the Israeli law, our Articles and the Sarbanes-Oxley Act of 2002, the appointment of the independent auditor requires the approval of the shareholders of
        the Company, and its remuneration requires the approval of our Financial Audit Committee.&#160;&#160; The Company&#8217;s Financial Audit Committee and Board of Directors have reviewed and are satisfied with the performance of Kost Forer, and have recommended
        their re-appointment as the Company&#8217;s independent auditor for the fiscal year ending December 31, 2020, and until immediately following the next annual general meeting of shareholders. Approval of that appointment is now being sought from the
        Company&#8217;s shareholders.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25;">The following table presents the aggregate amounts of fees paid by the Company to Kost Forer<font style="font-family: 'Times New Roman',Times,serif;"> for its services</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">to the Company for the fiscal year ended December 31, 2019:</font></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" id="ze6a2ed6d8a2c419f87b763d5c3085720" style="width: 50%; color: #000000; font-size: 10pt; text-align: left;">

          <tr>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Services Rendered</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Audit Fees&#160; <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25;">763,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Audit related fees<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25;">450,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Tax Fees <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25;">115,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Other Services <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25;">22,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="line-height: 1.25;">1,350,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d58c19f40a04d48a29bf3f88ee79cd2">

          <tr>
            <td style="width: 31.5pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Audit fees consist of services that would normally be provided in connection with statutory and regulatory filings or engagements, including services that generally only the independent
                accountant can reasonably provide.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6023d71fb0aa438598ee32d5fb378e65">

          <tr>
            <td style="width: 31.5pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; align: right;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Audit related fees principally relates to assistance with audit services and consultation.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c6b1564ae284d548d8e5325003aec33">

          <tr>
            <td style="width: 31.5pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; align: right;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Tax fees relate to tax compliance, planning and advice.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71e95a5047984737a50602da1c2c10f7">

          <tr>
            <td style="width: 31.5pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; align: right;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Other consulting services.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>Required Vote</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The affirmative vote of holders of the majority of the Ordinary Shares represented and voting at the Meeting in person, by proxy or by proxy card, is required for the re-appointment of Kost Forer
        as the Company's independent auditor.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">It is proposed that at the Meeting the following resolution be adopted:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 0pt; line-height: 1.25;"><font style="font-weight: bold;">&#8220;RESOLVED</font>, to re-appoint Kost Forer Gabbay &amp; Kasierer, a member firm of Ernst &amp; Young Global, as the independent auditor of the
        Company for the fiscal year ending December 31, 2020, and until immediately following the next annual general meeting of shareholders.&#8221;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">The Board of Directors recommends a vote "FOR" approval of the proposed resolution.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">RECEIPT AND CONSIDERATION OF THE AUDITOR&#8217;S REPORT AND</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">At the Meeting, our auditor&#8217;s report and the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2019 will be presented. The Company will hold a
        discussion with respect thereto, as required by the Companies Law. <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">This item will not involve a vote of the shareholders</font>.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25;">The foregoing auditor&#8217;s report and the audited consolidated financial statements, as well as our annual report on Form 20-F for the year ended December 31, 2019 (filed with the SEC on March 31,
        2020), may be viewed on our website &#8211; <font style="font-family: 'Times New Roman',Times,serif;"><u>https://www.ceragon.com/investors/financial-information</u></font> or through the EDGAR website of the SEC at <font style="font-family: 'Times New Roman',Times,serif;"><u>www.sec.gov</u></font>. Except as noted above under &#8220;Beneficial Ownership of Securities by Principal Shareholders and Management&#8221;, none of the auditor's report, audited consolidated financial statements, Form 20-F or the
        contents of our website form part of the proxy solicitation material.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">By Order of the Board of Directors,</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <table cellspacing="0" cellpadding="0" border="0" id="zed82ec113b2b469e9274d69794305c0c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50%;">
                <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ZOHAR ZISAPEL<br>
                  </font>Chairman of the Board of Directors<br>
                </div>
              </td>
              <td style="width: 50%;">
                <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">IRA PALTI</font></div>
                <div style="text-align: center;">Director, President and Chief Executive Officer<font style="font-family: 'Times New Roman',Times,serif;"> </font></div>
              </td>
            </tr>

        </table>
      </div>
      <br>
      <div style="text-align: center; line-height: 1.25;">June 15, 2020</div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Exhibit A</u></div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Executives &amp; Directors Compensation Policy</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b97cb20dbae4364aedf6c5331c7f399">

          <tr>
            <td style="width: 31.2pt; vertical-align: top; align: right; font-weight: bold;">I.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Overview</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6903f183c23d43f5b021a46b688e27ad">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Definitions</u></div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z29012598801741c7a54289672e0d2277">

          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Company</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">CERGAON NETWORKS LTD.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Law</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Israeli Companies Law 5759-1999 and any regulations promulgated under it, as amended from time to time.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Compensation Committee</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">A committee satisfying the requirements of applicable law.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Office Holder</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Director, CEO, Executive-Vice-President, any person filling any of these positions in a company even if he holds a different title, and any other excutive directly
                subordinate to the CEO, all as defined in section 1 of the Law.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Executive</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Office Holder, exculding a director.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Terms of Office and Employment</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Terms of office or employment of an Executive or a Director, including the grant of an exemption, an undertaking to indemnify, indemnification or insurance,
                separation package, and any other benefit, payment or undertaking to provide such payment, granted in light of such office or employment, all as defined in the Law.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Total Cash Compensation</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The total annual cash compensation of an Executive, which shall include the total amount of: (i) the annual base salary; and (ii) the On Target Cash Plan.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Equity Value</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The value of the total annual Equity Based Components, valued using the same methodology utilized in each annual financial statement of the Company.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 18.05%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 45pt;">Total Compesation</div>
            </td>
            <td style="width: 4.08%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
            </td>
            <td style="width: 77.86%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Total Cash Compensation and Equity Value.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5852f0b882bd48fc8c018dc6a769a240">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Global Strategy Guidelines</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64d48c09391f48ccb838fde8e557504f">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Our Company is a global backhaul wireless company operating in a competitive global market.&#160;&#160;Our solutions are deployed by more than 460 service providers of all sizes, as well as in
                hundreds of private networks, in more than 130 countries.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z109bf1deb3d247dca3aba5a8fbf182a2">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Our vision and business strategy is directed towards growth, profitability, innovation, success in future goals, all with a long term perspective.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a36474e674148c0a3eebde40ba56375">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company&#8217;s success in fulfilling its long term vision and strategy is much reliant on the excellence of its people through all levels. Thus, we believe that the Company&#8217;s ability to
                achieve its goals requires us to recruit, motivate and retain a leadership team comprised of high quality and experienced Executives and directors.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76f2ec85110e4a63be5212ee71918c3d">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Therefore, we believe in creating a comprehensive compensation policy for our Office Holders (the "<font style="font-weight: bold;">Policy</font>") which shall enable us to attract and
                retain highly qualified Executives. Moreover, the Policy shall motivate our Executives to achieve ongoing targeted results aligned with our business strategy, in addition to a high level of business performance in the long term, all,
                without encouraging excessive risk taking.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdabf6c8934cb4d8a966d0f7761ff07fc">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Policy is designed to offer our Executives a compensation package that is competitive with other peer group companies. Moreover, the Policy is intended to align between the
                importance of incentivizing Executives to reach personal targets and the need to assure that the overall compensation meets our Company's long term strategic performance and financial objectives. The Policy provides our Compensation
                Committee and our Board of Directors with adequate measures and flexibility, to tailor each of our Executive's compensation package based, among others, on geography, tasks, role, seniority, and capability.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbdbb1ee613ca451fa701f2f205c00abe">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Policy is tailored to ensure a compensation which balances performance targets and time horizons through rewarding business results, long-term performance and strategic decisions.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za92c1f66f8ee42628f1caa0cc7641e34">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Policy shall provide the Board of Directors with guidelines for exercising discretion under the Company&#8217;s equity plans.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4337e303a8184e42b835e83cf4061cee">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Policy is guided by the applicable principles set forth in the Law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46145889f5814620889180bc09518326">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Principles of the Policy</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0fbef47fc08465c90ec2b1d66696b44">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Policy shall guide the Company&#8217;s management, Compensation Committee and Board of Directors with regard to the Office Holders' compensation.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z866d38ff4b674107b32d49653c12ae64">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Policy shall be reviewed from time to time by the Compensation Committee and the Board of Directors, to ensure its compliance with applicable laws and regulations as well as market
                practices, and its conformity with the Company&#8217;s targets and strategy. As part of this review, the Board of Directors will analyze the appropriateness of the Policy in advancing achievement of its goals, considering the implementation of
                the Policy by the Company during previous years.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21890c088ba7487eb4faf132e418deba">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Any proposed amendment to the Policy shall be brought up to the approval of the Shareholders of the Company and the Policy as a whole shall be re-approved by the Shareholders of the
                Company at least once every three years, or as otherwise required by Law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12f5630d333d4845ac761ef8b493606f">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The approval procedures of Terms of Office and Employment as well as back-up data upon which the approvals are based shall be documented in detail and such documentation shall be kept
                in the Company&#8217;s offices for at least seven years following approval.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z143e8019f7db4188accf8095bbef76af">

          <tr>
            <td style="width: 21.3pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The compensation of each Office Holder shall be subject to mandatory or customary deductions and withholdings, in accordance with the applicable local laws.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6aa04e02cd44465791f9591f34281cce">

          <tr>
            <td style="width: 31.2pt; vertical-align: top; align: right; font-weight: bold;">II.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Executive Compensation</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a40eaaaaabd4543a3a7bc7ae2c0ae29">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 17.45pt; vertical-align: top; align: right;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">When examining and approving Executives&#8217; Terms of Office and Employment, the Compensation Committee and Board members shall review the following factors and shall include them in their
                considerations and reasoning:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z40e6db4c7a5647078d7110c2414d689a">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Executive&#8217;s education, skills, expertise, professional experience and specific achievements.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b09c267d4fd4a729a5bfc9e98867521">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Executive&#8217;s role and scope of responsibilities in accordance with the location in which such Executive is placed.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd23b26905b524c42b026340294e21be3">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Executive&#8217;s previous compensation.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf82b8a75d51842fe8d8a1071309a9a8e">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company&#8217;s performance and general market conditions.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa02d81f1b384042ad77f1d40a794e1f">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The ratio between the cost of an Executives' compensation, including all components of the Executives' Terms of Office and Employment, and the cost of salary of the Company&#8217;s employees,
                in particular with regard to the average and median ratios,&#160;and the effect of such ratio on work relations inside the Company, as defined by the Law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28726d619fd2410e940c1bb7e9eeda36">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Comparative information, as applicable, as to former Executives in the same position or similar positions, as to other positions with similar scopes of responsibilities inside the
                Company, and as to Executives in peer companies globally spread. The peer group shall include not less than 10 worldwide and local companies similar in parameters such as total revenues,&#160;market cap, industry and number of employees. The
                comparative information, as applicable, shall address the base salary, target cash incentives and equity and will rely, as much as possible, on reputable industry surveys.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0884b74c7ff4b9ab2eee1eb82d2a664">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 17.45pt; vertical-align: top; align: right;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The compensation of each Executive shall be composed of, some or all, of the following components:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z491ba03c3189494899e30526cf36f05b">

          <tr>
            <td style="width: 46.05pt;"><br>
            </td>
            <td style="width: 17.75pt; vertical-align: top; align: right;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Fixed components, which shall include, among others: base salary and benefits.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96b4e31c1e314e338914b0ce38cad177">

          <tr>
            <td style="width: 46.05pt;"><br>
            </td>
            <td style="width: 17.75pt; vertical-align: top; align: right;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Variable components, which may include: cash incentives and equity based compensation.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94ea5b85efab4c239db7da2b6323375a">

          <tr>
            <td style="width: 46.05pt;"><br>
            </td>
            <td style="width: 17.75pt; vertical-align: top; align: right;">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Separation package;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37563b089f314251952771f2c509eac7">

          <tr>
            <td style="width: 46.05pt;"><br>
            </td>
            <td style="width: 17.75pt; vertical-align: top; align: right;">iv.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Directors &amp; Officers (D&amp;O) Insurance, indemnification; and</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z203ea4070fcd4665921531a69e38874d">

          <tr>
            <td style="width: 46.05pt;"><br>
            </td>
            <td style="width: 17.75pt; vertical-align: top; align: right; font-style: italic;">v.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Other components, which may include: change in control payment, sign-on bonus relocation expenses, leave of absence, special bonus, etc<font style="font-style: italic;">.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c62f81ab753413a8c87b3edc282e5fd">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Our philosophy is that our Executives&#8217; compensation mix shall be comprised of, some or all, of the following components: annual base salary, performance-based cash incentives and
                long-term equity based compensation, all in accordance with the position and responsibilities of each Executive, and taking into account the purposes of each component, as presented in the following table:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zf428688f8b9b4670b5b743d6da1c88f1">

          <tr>
            <td style="width: 24.99%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: 2px solid #000000;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25; font-weight: bold;">Compensation Component</div>
              </div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 36%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Purpose</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Compensation Objective Achieved</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 37.01%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 38%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-indent: -12pt; margin-left: 12pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Annual base salary</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 36%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Provide annual cash income based on the level of responsibility, individual qualities, past performance inside the Company, past experience inside and outside the
                Company and comparative information.</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 37%; vertical-align: top; background-color: #FFFFFF;">
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226;&#160;Individual role, scope and capability based compensation&#160;&#160;</div>
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226; Market competitiveness in attracting Executives.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 37.01%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 38%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: top; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt; line-height: 1.25;">Performance-based cash</div>
              <div style="text-indent: -12pt; margin-left: 12pt; line-height: 1.25;">incentive compensation</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 36%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Motivate and incentivize individual towards reaching Company, department and&#160;&#160; individual's periodical and long-term goals and targets.</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 37%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;Reward periodical accomplishments</div>
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;Align Executive&#8217; objectives with Company, department and individual's objectives</div>
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226;&#160; Market competitiveness in attracting Executives</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 37.01%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 38%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: top; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt; line-height: 1.25;">Long-term equity-based</div>
              <div style="text-indent: -12pt; margin-left: 12pt; line-height: 1.25;">Compensation</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 36%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Align the interests of the individual with the Shareholders of the Company, by creating a correlation between the Company&#8217;s success and the value of the individual
                holdings</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td style="width: 37%; vertical-align: top; background-color: #FFFFFF;">
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;Company performance-based compensation</div>
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;Reward long-term objectives</div>
              <div style="text-align: justify; text-indent: -7.05pt; margin-left: 17pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;Align individual's objectives with shareholders&#8217; objectives</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26f4dcf2b6694af3a24a3da3af69e897">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 13.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The compensation package shall be reviewed with each Executive at least once a year, or as may be required from time to time.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30b56414059e4aee834c7315d6e50cd5">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 13.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Fixed compensation</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; text-indent: 31.2pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Base Salary:</u></div>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ba85c098aae44d8ad64db58cf6647d2">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Our Compensation Committee and Board of Directors shall determine, from time to time, the target percentile, and/or range of precentiles, that our Executives' base salary shall meet,
                with respect to the peer group companies as aforesaid.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7a18a363d7040b680b1bf0003fd509e">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The base salary is intended to provide annual cash income based on the level of responsibility, individual qualities, past performance inside the Company, and past experience inside and
                outside the Company.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05a391a7b28b44f4b4af598786a47678">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The value of the annual base salary in the compensation of each of our Executives shall be designed, not to be more than 66 % of such Executive's Total Compensation.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 31.2pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Benefits</u></div>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe8e6ef32a014b97b849a7159d1fabe4">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Benefits granted to Executives shall include any mandatory benefit under applicable law, as well as:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25c55d0e2a044293af345fa911b72ef9">

          <tr>
            <td style="width: 50.4pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.4.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Pension plan/ Executive insurance as customary in each territory.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf85e1d3e683e4dd980306715524c4c9e">

          <tr>
            <td style="width: 50.4pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.4.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Benefits which may be offered as part of the general employee benefits package, such as in Israel: Private medical insurance, disability and life insurance, transportation (including
                Company car, a Company's leased car or&#160;transportation allowance), communication &amp; media, Israeli education fund, etc. in accordance with the local practice of the Company.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e635ff18bc64623994c4a59b0ff02a5">

          <tr>
            <td style="width: 50.4pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.4.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">An Executive will be entitled to sick days and other special vacation days (such as recreation days), in accordance with local standards and practices.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36246142b5bd4738a338ad2b875c5c2a">

          <tr>
            <td style="width: 50.4pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.4.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">An Executive may be entitled to vacation days (or redemption thereof), in correlation with the Executive&#8217;s seniority and position in the Company (generally up to 28 days annualy),
                subject to the minimum vacation days requirements per country of employment as well as the local national holidays.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6aece049a9d948ae9bc601be63d10c27">

          <tr>
            <td style="width: 50.4pt;"><br>
            </td>
            <td style="width: 31.5pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.4.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Additional benefits, which their aggregate value for each of our Executives shall not exceed 15% of such Executive's annual base salary (excluding with respect to relocation).</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6365496286e54f369420c89eefa3400e">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 13.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Variable Components</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaca9b436293d472cb6b1bba7beac8483">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">When determining the variable components as part of an Executive's compensation package, the contribution of the Executive to the achievement of the Company&#8217;s goals, revenues,
                profitability and other key performance indicators ("<font style="font-weight: bold;">KPIs</font>") shall be considered, taking into account Company and department&#8217;s long term perspective and the Executive&#8217;s position.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z901eca2e38134108ba631a7b92d17c1f">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Variable compensation components shall be comprised of cash components which shall be mostly based on measurable criteria and on equity components, all taking into consideration
                periodical and a long term perspective.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze335ac5d41674ed3b25ea0d6f0d20107">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;"> The Board of Directors shall have the absolute discretion to reduce or cancel any cash incentive.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Cash Incentives</u></div>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a65d6a0c8fb42bd8fa46c0178d54ebd">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Variable Cash Incentive Plan</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1d4df35d5b545b39910e001cc23f189">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The cash incentive compensation are cash payments to the Executives that vary based on the Company and department&#8217;s performance and on the Executives individual performance and
                contribution to the Company.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z066c426dbb4a461a8907995f0c83ca7a">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">For each calendar year, our Compensation Committee and Board of Directors shall adopt a Cash Incentive Plan which will set forth for each Executive targets which form such Executive's
                on target Cash payment (which shall be referred to as the &#8220;<font style="font-weight: bold;">On Target Cash Plan</font>&#8221;) and the rules or formula for calculation of the On Target Cash Plan payment once actual achievements are known.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d26d99cfe244b1ea4e4c6a6ca1caad3">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Compensation committee and Board of Directors may include in the On Target Cash Plan predetermined thresholds, caps, multipliers, accelerators and deccelerators to corelate an
                Executive&#8217;s On Target Cash Plan payments with actual achievements.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4465f5f21bf43b9b910c5300074e664">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The annual On Target Cash Plan of each Executive shall be calculated as a percentage of such Executive&#8217;s annual base salary, which shall not exceed 100% for each Executive.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z578fa67c25184086bde838e1bb5fa6d6">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The annual Cash Plan actual payment for each Executive in a given year shall be capped as determined by our Board of Directors, but in no event shall exceed 250% of such Executive's On
                Target Cash Plan.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z55af792e14ee427aa31da30c1bf8920c">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">At least 80% of the targets shall be measurable. Such targets may include, among others, one or more of the following as may be relevant, with respect to the Executive:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea8874bed6ce4c69bffe215b6ddee087">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Company/ Region Net Profit</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6351470626a54917ab890c88c2cefdcc">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Company/ Region Net Income</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za045240fcace4dbf82ac0797003f99dc">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Company/ Region Revenues</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd2b44f5f4584805975a449611fb4582">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Company/ Region Operating Income</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf305f79f7cdf4f92baf8896e83a48381">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Pre-tax profits above previous fiscal year</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5fbd201a848b4c809f7552a5d52b8a6d">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Company/ Region Bookings</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54bc9e8a4d594bf683f6f5219f773920">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Collection</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z393f0b13053247f8acfc164cc8666121">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Customer satisfaction ("CSAT")</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d8cf76fa6bb4f22a6dea00efbd77ac6">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Cash flow</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89eb70daf26743d78e3f9a25217e83df">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">KPIs</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c8c929078bd49bea02b5e77845b35e5">

          <tr>
            <td style="width: 99pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">EPS</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-left: 96.4pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">All financial targets mentioned above may use either GAAP or NON-GAAP measurements.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04f6cb24f63e42d0a2a9060349b635a8">

          <tr>
            <td style="width: 85.5pt;"><br>
            </td>
            <td style="width: 45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.6.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The targets, as well as their weight, shall be determined in accordance with the Executive&#8217;s position, the Executive&#8217;s individual role, and the Company&#8217;s and department&#8217;s long term and
                short term targets. The measurable targets shall include one or more financial targets on a Company and/or region level weighing together, at least 50% of the On Target Cash Plan. (The Compensation committee and Board of Directors may,
                under special circumstances, determine that the financial targets with respect to a certain executive shall be derived, to the extent it is financially measurable, from a specific material transaction or activity.)</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3af71854c51047488ec1f1291e85c650">

          <tr>
            <td style="width: 85.5pt;"><br>
            </td>
            <td style="width: 45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.6.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">With respect to an Executive managing a department / region - at least 20% of the On Target Cash Plan shall be measurable target based on a department / region level.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5baadc9539c416fb0bce76810d4149c">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Up to 20% of the targets shall be based on non-measurable criteria; provided that with respect to all Executives except our CEO, our Compensation Committee and our Board of Directors
                may increase the portion of targets that are based on non-measurable criteria above the rate of 20%, up to the maximum portion permissible pursuant to the Law, but not to more than 50%. Such non-measurable criteria will be concluded, among
                others, by assessing the Executive's performance during the year, the contribution of the Executive to the achievement of the Company's goals, and the evaluation of the Executive by the CEO/Board of Directors, as relevant.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6ffef32384a4f7c8da68eede5d62215">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Board of Directors shall be authorized, under circumstances it deems exceptional, when the Company's targets are amended during a particular year, to determine whether, and in which
                manner, such amendment shall apply to the On Target Cash Plan.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1faae6fa97d4a20bac77642b38407d1">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Board of Directors shall annually determine a threshold(s) with respect to the Company&#8217;s targets under which no On Target Cash Plan payments shall be distributed.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54b8bab048fc48c09e1767470dfb046a">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.4.10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Adjustment to the Company and/or department targets may be made, when applicable, following major acquisitions, divestures, organizational changes or material changes in the business
                environment.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f833f496318432280254eb2d3f1117b">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.5.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Change In Control Cash&#160; Payment</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-left: 88.2pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Our Compensation Committee and Board of Directors shall be authorized to grant an Executive, in connection with an event of a "
        Corporate Transaction" of our Company (as defined in the Company's most recent equity plan, currently the Ceragon Networks Ltd. Amended and Restated Share Option and RSU Plan), with a cash payment of up to 200% of such Executive's annual base
        salary.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Equity Based Compensation</u></div>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48b0e7dfb39f4e899a05e78c5eec44c9">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company shall grant its Executives, from time to time, equity based compensation, which may include any type of equity, including, without limitation, any type of shares, options,
                restricted share units (RSUs), share appreciation rights, restricted shares or other shares based awards<font style="font-style: italic;">&#160;</font>(&#8220;<font style="font-weight: bold;">Equity Based Components</font>&#8221;), under the Ceragon
                Networks Ltd. Amended and Restated Share Option and RSU Plan or future equity plan (as may be adopted by the Company), and subject to any applicable law. The Company believes that it is not in its best interest to limit the exercise value
                of Equity Based Component<font style="font-style: italic;">s.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30aac39d766348c7b4c3b5b3ed67ce5b">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Equity Based Components for Executives shall be in accordance with and subject to the terms of our existing or future equity plan and shall vest in installments throughout a period
                which shall not be shorter than 3 years with at least a 1 year cliff, taking into account adequate incentives in a long term perspective.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7f33238568849cfaf348911c7399740">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company shall balance the mixture of Equity Based Components taking into account the importance of motivating its Executives as well as its shareholders&#8217; interest in limiting
                dilution from equity awards.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0255995ed1ff40ba96b3243032f990c9">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">When determining grants of Equity Based Components to Executives, the Compensation Committee and the Board of Directors shall take into account the interests of the Company&#8217;s investors
                and the effect of such grants on the dilution of its shareholders. &#160;&#160;&#160;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z393b19109f634958b3635ff647aeef52">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The total yearly Equity Value granted shall not exceed with respect to the CEO - 550% of his annual base salary and with respect to all other Executives 350% of such Executive's annual
                base salary.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z09a30592a34d4d0b9627169c5cb5c034">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">6.11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">In an event of "Corporate Transaction", unvested Equity Based Components may, at the discretion of the Compensation Committee and the Board of directors, be accelerated, under a double
                trigger mechanism, as provided in the Company's equity plan<font style="font-weight: bold; font-style: italic;">. </font>Company's policy is not to re-price the exercise price of any outstanding security granted to its Executives without
                prior approval of its shareholders.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z08ae856704694fbfbc1ba44b919e5347">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 13.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Separation Package</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3de1cecc2cb348beb9d57629d8e2e7f9">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">7.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The following criteria shall be taken into consideration when determining Separation Package: the duration of employment of the Executive, the terms of employment, the Company&#8217;s
                performance during such term, the Executive&#8217;s contribution to achieving the Company&#8217;s goals and revenues and the retirement&#8217;s circumstances.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb6cb559411c4644bc5bc0553b5bebe2">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">7.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">As a guideline, the notice period for the termination of an Executive shall not exceed 6 months or payment in lieu of such notice. In special circumstances, our Compensation Committee
                and Board of Directors shall be authorized to increase the notice period or the payment in lieu such notice by up to additional 12 months, provided, however, that the maximum Separation Package of each Executive shall not exceed 18 monthly
                salaries of such Executive (excluding vesting of unvested equity pursuant to a double trigger acceleration mechanism, if applicable).</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8fc2183ad5c54b5ab80bfbd3660a773a">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 13.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Others</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b754fcc5f834ba1a63b4a37fd2bf96d">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">8.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Non-Material Changes</font><font style="font-size: 10pt;"> - the Company's CEO shall be entitled to determine that
                  non-material changes (i.e. changes not exceeding an amount equal to two monthly base salaries for any calendar year) may be made to the terms of the benefits and perquisites, but not to the base salary or variable components, of all
                  Executives reporting, directly, or indirectly, to the CEO, without seeking the approval of the Compensation Committee.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb66e6e4812284948affb1e6af5ac08a2">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">8.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Relocation</font><font style="font-size: 10pt;">&#8211; additional compensation pursuant to local practices and law may be
                  granted to an Executive under relocation circumstances. Such benefits shall include reimbursement for out of pocket one time payments and other ongoing expenses, such as housing allowance, schooling allowance, car or transportation
                  allowance, home leave visit, health insurance for executive and family, etc, all as reasonable and customary for the relocated country and in accordance with the Company's relocation practices, as shall be approved by the Compensation
                  Committee and Board of Directors.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a85424c16db4077a3703b24de979546">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">8.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Special Bonus</font><font style="font-size: 10pt;"> - Our Compensation Committee and our Board of Directors may
                  approve, from time to time, with respect to any Executive, if they deem required under special circumstances or in case of an exceptional contribution to the Company, including in cases of retention or attraction of a new Executive ("Sign
                  On"), the grant of a onetime cash incentive, of up to 100% the Executive's annual base salary.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaff1fc478b034163acbe4306526f99a0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 13.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Clawback Policy</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z016f1821b89b4314be9c2cfca7b55f5d">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">9.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">In the event of a restatement of the Company&#8217;s financial results, we shall seek reimbursement from our Office Holders of any payment made due to erroneous restated data, with regards to
                each Office Holder&#8217;s Terms of Office and Employment that would not otherwise have been paid. The reimbursement shall be limited to such payments made during the 3-years period preceding the date of restatement. The above shall not apply in
                case of restatements that reflect the adoption of new accounting standards, transactions that require retroactive restatement (e.g., discontinued operations), reclassifications of prior year financial information to conform with the current
                year presentation, or discretionary accounting changes<font style="font-style: italic;">.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60c821c216294a17adf504e8480b1cce">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">9.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Our Compensation Committee and Board of Directors shall be authorized to seek recovery to the extent that (i) to do so would be unreasonable or impracticable; or (ii) there is low
                likelihood of success under governing law versus the cost and effort involved.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z498293e52a5f41cab5645847c8835a6f">

          <tr>
            <td style="width: 31.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">III.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Director Remuneration:</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-left: 31.2pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Our non-executive directors may be entitled to remuneration composed of cash compensation which includes annual fee and meeting
        participartion fee, as well as equity based compensation, as an incentive for their contribution and efforts as directors of the Company.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-left: 31.2pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In setting the compensation of our non-executive Directors, the Compensation Committee shall consider, among others, parameters it
        deems necessary in order to attract and retain highly skilled and experienced Directors.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7321dea72a544795a85ab7461db979c1">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Cash Compensation</font><font style="font-size: 10pt;">:</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf55943dc898d43328448650b10faa4dc">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company&#8217;s non-executive directors may be entitled to receive an annual cash fee and a participation fee for each meeting in accordance with the<font style="font-style: italic;">&#160;</font>amounts
                set forth in the Law&#160;regarding compensation and expense reimbursement of external directors<font style="font-style: italic;">.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e69fcd9ae084a7f82a8b01a57f1b01e">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company&#8217;s non-executive directors may be reimbursed for their reasonable expenses incurred in connection with attending meetings of the Board of Directors and of any Committees of
                the Board of Directors, all in accordance with the Law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf86a644c181a4cfc939d8893bab069ca">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Equity Based Compensation</font><font style="font-size: 10pt;">:</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1ac86f4184948fc82ce42d5c7727983">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Each of the Company&#8217;s non-executive directors shall be entitled to receive equal annual equity based compensation, which&#160;value shall not exceed USD 150,000<font style="font-style: italic;">.</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z689df073fae54852bff305745ca0eedc">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Chairman of any Committee of the Board of Directors may be entitled to receive annual equity based compensation of up to 1.5 times the annual equity based compensation of the other
                directors.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e458f9df5e8409d84e88394f6e94e2f">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Chairman of the Board of Directors may be entitled to receive an annual equity based compensation of to up to 3 the annual equity based compensation of the other directors.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z616a5d764b624d6fab9af53ba92f1ad4">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">External Directors' Compensation</font><font style="font-size: 10pt;">:</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38fda634f61c41c8a6bf3bd02ddf6175">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The compensation of our external directors shall be determined<font style="font-style: italic;">&#160;</font>and capped<font style="font-style: italic;">&#160;</font>in accordance with the
                Companies Regulations (Rules Regarding Compensation and Expense Reimbursement of External Directors) -2000.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4eab14c81464c969f8fe843f67ce4b4">

          <tr>
            <td style="width: 31.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">IV.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Indemnification, Insurance and Exemption</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf57e6d3805bc47bd9789188bc66788ab">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 15.05pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Office Holders shall be entitled to the same directors and officer&#8217;s indemnification and exemption of up to the maximum amount permitted by law, directors and officers liability
                insurance as shall be approved by the Compensetion Committee, the Board of Directors and our shareholders, all in accordance with any applicable law and the Company&#8217;s articles of association.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf334da04ff0349aa88131ffa49a35545">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 15.05pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">We shall be authorize to provide our directors and officers with a liability insurance policy which aggregare coverage shall be up to US$45 million, and the annual premium shall be up
                to US$ <font style="font-family: 'Times New Roman', Times, serif;"><strike>400,000</strike></font> 2,000,000, plus additional annual premium of up to US$ <font style="font-family: 'Times New Roman', Times, serif;"><strike>180,000</strike></font> 300,000 for claims associated with M&amp;A transactions. Our Compensation Committee shall be authorized to increase the coverage purchased, and/or the premiums paid for such policies, by up
                to 20% in any year, as compared to the previous year, or cumulatively for a number of years, without an additional shareholders' approval, if and to the extent permitted under the Law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4b755ef809f4a70aaa34b538c85c3e9">

          <tr>
            <td style="width: 31.2pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">V.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>General</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10308bdd243449028b9825dbbf725aff">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 15.05pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Compensation Committee and our Board of Directors shall be authorized to approve a deviation of up to 10% from any limits, caps or standards detailed in this Policy, and such
                deviation shall be deemed to be in alignment with this Policy.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ad17f97be084e2588e7e42711f62c17">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 15.05pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">This Policy is set as guidance for the Company's relevant organs, with respect to matters involving the compensation of its Office Holders, and is not intended to, and shall not confer
                upon any of the Office Holders, any rights with respect to the Company.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
        <div>
          <div style="text-align: justify; line-height: 1.25; font-weight: bold;">FORM OF PROXY CARD</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">CERAGON NETWORKS LTD.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">JULY 20, 2020</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: justify; line-height: 1.25;">The shareholder(s) hereby appoint/s Ira Palti and Ran Vered, or either one of them, as proxies, each with the power to appoint his substitute, and hereby authorize/s them to represent and to
            vote as designated on the reverse side of this Proxy, all of the ordinary shares of Ceragon Networks Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) that the shareholder(s) is/are entitled to vote at the annual general meeting of
            shareholders to be held at 5:00 p.m., on <font style="background-color: #FFFFFF;">Monday</font>, July 20, 2020, at the offices of the Company, 24 Raoul Wallenberg Street, Tel Aviv, Israel and any adjournment or postponement thereof (the "<font style="font-weight: bold;">Meeting</font>").</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: justify; line-height: 1.25; font-weight: bold;">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED BY THE SHAREHOLDER(S).&#160; IF NO SUCH DIRECTIONS ARE MADE BY THE SHAREHOLDER, THIS PROXY WILL BE VOTED FOR EACH
            PROPOSAL, AND AS SUCH PROXIES DEEM ADVISABLE WITH DISCRETIONARY AUTHORIZATION ON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND ANY ADJOURNMENT OR ADJOURNMENTS THEREOF. ABSTENTIONS WILL BE COUNTED AS PRESENT FOR PURPOSES OF
            DETERMINING A QUORUM BUT WILL NOT BE COUNTED IN CONNECTION WITH THE VOTE ON ANY PROPOSAL AS TO WHICH THE SHAREHOLDER HAS ABSTAINED.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">&#160;(Continued and to be signed on the reverse side)</div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <!--PROfilePageNumberReset%Num%2%%%-->
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">ANNUAL GENERAL MEETING OF SHAREHOLDERS OF</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">CERAGON NETWORKS LTD.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">JULY 20, 2020</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25;">Please date, sign and mail your proxy card in the envelope provided as soon as possible</div>
          <div style="text-align: center; line-height: 1.25;">_________________________________________________________________________</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221; PROPOSALS No. 1 to 3.</div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE &#9746;</div>
          <div style="text-align: center; line-height: 1.25; font-weight: bold;">_________________________________________________________________________</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z6aa87fb97c534f4985ed76a07d117ee2">

              <tr>
                <td style="width: 72.43%; vertical-align: top;">&#160;</td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">FOR</div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">AGAINST</div>
                </td>
                <td style="width: 9%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">ABSTAIN</div>
                </td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">
                  <div><font style="font-weight: bold;">1.</font>&#160;&#160; <font style="font-weight: bold;">To approve a cash bonus plan to our Chief Executive Officer for 2020.</font></div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center;">&#9744;</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center;">&#9744;</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 9%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#9744;</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">&#160;</td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">YES</div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">NO</div>
                </td>
                <td style="width: 9%; vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;Are you a "Controlling Shareholder&#8221; or do you have a "Personal Interest" in Item 1?</div>
                  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                  <div style="text-align: justify; margin-left: 17pt; line-height: 1.25;">Under the Companies Law, 5759-1999 (the &#8220;<font style="font-weight: bold;">Companies Law</font>&#8221;), a person will be deemed to be a "Controlling Shareholder" if that
                    person has the power to direct the activities of the company, other than by reason of serving as a director or other office holder of the company.</div>
                  <div style="text-align: justify; margin-left: 17pt; line-height: 1.25;"> <br>
                  </div>
                  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;Under the Companies Law, a person is deemed to have a personal interest if he/she or any member of his or her immediate family, or the
                    immediate family of his or her spouse, has a personal interest in the adoption of the proposal; or if a company, other than Ceragon, that is affiliated with such person or affiliated with his or her spouse, has a personal interest in
                    the adoption of the proposal. Such company is a company in which such person or a member of such person's immediate family serves as a director or chief executive officer, has the right to appoint a director or the chief executive
                    officer, or owns 5% or more of the outstanding shares.</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                  <div style="text-align: justify; margin-left: 17pt; line-height: 1.25;"><u>Please note</u> - you are not deemed to have a personal interest in the adoption of the proposal if your interest in such proposal arises solely from your
                    ownership of our shares.</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                  <div style="text-align: justify; line-height: 1.25;">For further information regarding the definition of "Personal Interest", please see the explanation under Item 1 of the Proxy Statement.</div>
                </td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#160;&#9744;</div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#160;&#9744;</div>
                </td>
                <td style="width: 9%; vertical-align: top;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;">2</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z80252f4207dc41acb24feed30b27097f">

              <tr>
                <td style="width: 72.43%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.25; font-weight: bold;">PLEASE NOTE THAT IT IS UNLIKELY THAT YOU ARE A CONTROLLING SHAREHOLDER OR THAT YOU HAVE A PERSONAL INTEREST IN ITEM 1.</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">&#160;</td>
                <td style="width: 9.18%; vertical-align: top;">&#160;</td>
                <td style="width: 9%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">&#160;</td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">FOR</div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">AGAINST</div>
                </td>
                <td style="width: 9%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">ABSTAIN</div>
                </td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">
                  <div><font style="font-weight: bold;">2.</font>&#160;&#160; <font style="font-weight: bold;">To approve an amendment to the Company's Executives &amp; Directors Compensation Policy.</font></div>
                  <div style="line-height: 1.25">&#160;</div>
                </td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#9744;</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#9744;</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 9%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#9744;</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">&#160;</td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">YES</div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">NO</div>
                </td>
                <td style="width: 9%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;Are you a "Controlling Shareholder&#8221; or do you have a "Personal Interest" in Item 2?</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#160;&#9744;</div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#160;&#9744;</div>
                </td>
                <td style="width: 9%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.25; font-weight: bold;">PLEASE NOTE THAT IT IS UNLIKELY THAT YOU ARE A CONTROLLING SHAREHOLDER OR THAT YOU HAVE A PERSONAL INTEREST IN ITEM 2.</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">&#160;</td>
                <td style="width: 9.18%; vertical-align: top;">&#160;</td>
                <td style="width: 9%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">&#160;</td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">FOR</div>
                </td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">AGAINST</div>
                </td>
                <td style="width: 9%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">ABSTAIN</div>
                </td>
              </tr>
              <tr>
                <td style="width: 72.43%; vertical-align: top;">
                  <div><font style="font-weight: bold;">3.</font>&#160;&#160; <font style="font-weight: bold;">To re-appoint Kost Forer Gabbay &amp; Kasierer, a Member of Ernst &amp; Young Global, as the Company&#8217;s independent auditor for the fiscal year ending
                      December 31, 2020 and until immediately following the next annual general meeting of shareholders.</font></div>
                </td>
                <td style="width: 2.96%; vertical-align: top;">&#160;</td>
                <td style="width: 6.43%; vertical-align: top; text-align: center;">&#9744;</td>
                <td style="width: 9.18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#9744;</div>
                </td>
                <td style="width: 9%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.25;">&#9744;</div>
                </td>
              </tr>

          </table>
          <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#160;</div>
          <div style="text-align: justify; margin-right: 54.4pt; line-height: 1.25;">Each shareholder voting at the meeting or prior thereto by means of this accompanying proxy card is requested to notify us if he, she or it is a &#8220;Controlling Shareholder&#8221;
            or has a &#8220;Personal Interest&#8221; in connection with Proposals 1 or 2 as a condition for his, her or its vote to be counted for the special disinterested majority required for the approval thereof. If any shareholder casting a vote in connection
            thereto does not notify us if he, she or it is a &#8220;Controlling Shareholder&#8221; or has a &#8220;Personal Interest&#8221; with respect to Proposals 1 or 2, he, she or it will be considered as a &#8220;Controlling Shareholder&#8221; or as having a &#8220;Personal Interest&#8221; and
            his, her or its vote with respect to such Proposal will not be counted for the special disinterested majority required for the approval thereof.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: justify; line-height: 1.25;">To change the address on your account, please check the box at right and indicate your new address in the address space above.&#160;&#160;&#160; &#9744;</div>
          <div style="text-align: justify; margin-right: 1.3pt; line-height: 1.25;">Please note that changes to the registered name(s) on the account may not be submitted via this method.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: justify; line-height: 1.25;">Signature of Shareholder_____________________&#160; Date___________ &#160;&#160;&#160;&#160;&#160;&#160; </div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: justify; line-height: 1.25;">Signature of Shareholder_____________________&#160; Date___________ &#160;&#160;&#160;&#160;&#160;&#160; </div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="line-height: 1.25;"><font style="font-weight: bold;">NOTE:&#160; </font>Please sign exactly as your name or names appear on this Proxy.&#160; When shares are held jointly, each holder should sign. When signing as executor, administrator,
            attorney, trustee or guardian, please give full title as such.&#160; If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name
            by authorized person.</div>
          <br>
        </div>
      </div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font>
    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
