<SEC-DOCUMENT>0001178913-20-000674.txt : 20200227
<SEC-HEADER>0001178913-20-000674.hdr.sgml : 20200227
<ACCEPTANCE-DATETIME>20200227164514
ACCESSION NUMBER:		0001178913-20-000674
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200227
DATE AS OF CHANGE:		20200227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPUGEN LTD
		CENTRAL INDEX KEY:			0001119774
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30902
		FILM NUMBER:		20663016

	BUSINESS ADDRESS:	
		STREET 1:		26 HAROKMIM STREET
		STREET 2:		BUILDING D
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885849
		BUSINESS PHONE:		011-972-3-765-8585

	MAIL ADDRESS:	
		STREET 1:		26 HAROKMIM STREET
		STREET 2:		BUILDING D
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885849
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F/A
<SEQUENCE>1
<FILENAME>zk2024101.htm
<DESCRIPTION>20-F/A
<TEXT>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">UNITED STATES</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">WASHINGTON, D.C. 20549</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">FORM 20-F/A</div>
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                <div style="font-weight: bold;">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="text-align: center; margin-left: 37.2pt; line-height: 1.25; font-weight: bold;">For the fiscal year ended December 31, 2019</div>
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                <div style="font-weight: bold;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="margin-left: 36pt; line-height: 1.25;">Date of event requiring this shell company report <font style="font-weight: bold;">-----------------------------</font></div>
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    <div style="text-align: center; line-height: 1.25;"><font style="font-weight: bold;">For the transition period from </font>____________ <font style="font-weight: bold;">to </font>____________ </div>
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    <div style="text-align: center; line-height: 1.25;">Commission file number: <font style="font-weight: bold;">000-30902</font></div>
    <div style="text-align: center; line-height: 1.25;">____________________________________________________</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">Compugen Ltd.</div>
    <div style="text-align: center; line-height: 1.25;">(Exact name of Registrant as specified in its charter)</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">____________________________________</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">&#160;(Translation of Registrant&#8217;s name into English)</div>
    <div style="text-align: center; line-height: 1.25;">___________________________________________________________________</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Israel</div>
    <div style="text-align: center; line-height: 1.25;">(Jurisdiction of incorporation or organization)</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Azrieli Center, 26 Harokmim Street, Building D, Holon 5885849 Israel</div>
    <div style="text-align: center; line-height: 1.25;">(Address of principal executive offices)</div>
    <div style="text-align: center; line-height: 1.25;">________________________________________________</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Ari Krashin, Chief Financial Officer</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Phone: +972-3-765-8585, Fax: +972-3-765-8555</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Azrieli Center, 26 Harokmim Street, Building D, Holon 5885849 Israel</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</div>
    <div style="text-align: center; line-height: 1.25;">________________________________________________</div>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Securities registered or to be registered pursuant to Section 12(b) of the Act.</div>
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            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Trading Symbol(s)</div>
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        <tr>
          <td style="width: 33%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; line-height: 1.25;">Ordinary shares, par value NIS 0.01 per share</div>
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            <div style="text-align: center; line-height: 1.25;">CGEN</div>
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            <div style="text-align: center; line-height: 1.25;">The Nasdaq Stock Market LLC</div>
            <div style="text-align: center; line-height: 1.25;">&#160;&#160;&#160;(The Nasdaq Global Market)</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Securities registered or to be registered pursuant to Section 12(g) of the Act.</div>
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    <div style="text-align: center; line-height: 1.25;">&#160;(Title of Class)</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.</div>
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    <div style="text-align: center; line-height: 1.25;">(Title of Class)</div>
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    <div style="text-align: justify; line-height: 1.25;">Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: <font style="font-weight: bold;">67,922,836



        Ordinary Shares</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</div>
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    <div style="text-align: center; line-height: 1.25;">&#9744; <font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Yes</font><font style="font-weight: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#9746; <font style="font-weight: normal;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;">No</font></font></font></div>
    <div style="line-height: 1.25; font-weight: normal;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file
        reports pursuant to</font><font style="font-weight: normal;"> Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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    <div style="text-align: center; line-height: 1.25;">&#9744;<font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"> Yes</font><font style="font-weight: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#9746; <font style="font-weight: normal;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;">No</font></font></font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of
        the Securities Exchange Act</font><font style="font-weight: normal;"> of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
        for the past 90 days:</font></div>
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    <div style="text-align: center; line-height: 1.25;">&#9746;<font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"> Yes</font><font style="font-weight: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744;&#160; </font><font style="font-weight: normal;">No</font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be
        submitted pursuant to Rule 405 of Regulation S-T (</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#167;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">232.405 of this chapter)
        during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</font></div>
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    <div style="text-align: center; line-height: 1.25;">&#9746;<font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"> Yes</font><font style="font-weight: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744;&#160; </font><font style="font-weight: normal;"><font style="font-family: Wingdings;"></font>No</font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
        filer </font><font style="font-weight: normal;">or an emerging growth company<font style="font-family: 'Times New Roman',Times,serif;">. See definition of &#8220;accelerated filer&#8221; &#8220;large accelerated filer&#8221; </font>and &#8220;emerging growth company&#8221; <font style="font-family: 'Times New Roman',Times,serif;">in Rule 12b-2 of the Exchange Act.</font></font></div>
    <div style="line-height: 1.25; font-weight: normal;">&#160;</div>
    <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Large accelerated filer </font>&#9744;<font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"> Accelerated filer </font>&#9746;
      <font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Non-accelerated filer </font>&#9744;<font style="font-weight: normal;">&#160;<font style="font-family: Wingdings;"> </font><font style="font-family: 'Times New Roman',Times,serif;">Emerging



          growth company </font>&#9744;</font></div>
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    <div style="text-align: justify; line-height: 1.25;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for
      complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act &#9633;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</div>
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            <div style="text-align: center; line-height: 1.25;">U.S. GAAP &#9746;</div>
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          <td style="width: 57.74%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">International Financial Reporting Standards as issued</div>
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          <td style="width: 23.39%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">Other &#9744;</div>
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          <td style="width: 18.87%; vertical-align: top;">&#160;</td>
          <td style="width: 57.74%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">by the International Accounting Standards Board &#9744;</div>
          </td>
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    <div style="line-height: 1.25;">Other &#9744;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</div>
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    <div style="text-align: center; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Item 17 </font>&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman',Times,serif;">Item 18 &#9744;</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</div>
    <div style="line-height: 1.25">&#160; <br>
    </div>
    <div style="text-align: center; line-height: 1.25;">&#9744; Y<font style="font-family: 'Times New Roman',Times,serif;">es</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman',Times,serif;">&#9746; No</font></div>
    <div style="line-height: 1.25">&#160;</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>EXPLANATORY NOTE</u></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">This amendment No.1 (the &#8220;Amendment No. 1&#8221;) to the annual report on Form 20-F of Compugen Ltd. for the fiscal year ended December 31, 2019, which was originally filed with the Securities and Exchange Commission on
      February 24, 2020 (the &#8220;2019 Annual Report&#8221;), is being filed solely for purposes of filing the &#8220;Description of Securities&#8221; exhibit as Exhibit 2.1 in accordance with Form 20-F.&#160; Exhibit 2.1 was not previously filed.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">This Amendment No. 1 speaks as of the filing date of the 2019 Annual Report on February 24, 2020. Other than as expressly set forth above, this Amendment No. 1 does not, and does not purport to, amend, update or restate
      the information in any other item of the 2019 Annual Report, or reflect any event that has occurred after the 2019 Annual Report was originally filed.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; line-height: 1.25; font-weight: bold;">ITEM 19. EXHIBITS</div>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Index to Exhibits</div>
    <div style="line-height: 1.25">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Description</div>
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        <tr>
          <td style="width: 14.29%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 85.71%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
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            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_2-1.htm">2.1</a></div>
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            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_2-1.htm">Description of Securities.</a></div>
          </td>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">The registrant hereby certifies that it meets all of the requirements for filing this Amendment No. 1 and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 on its
      behalf.</div>
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            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 38%; font-weight: bold;" colspan="2">COMPUGEN LTD.</td>
            <td valign="top" style="width: 12%;">&#160;</td>
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          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
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              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">By: </div>
            </td>
            <td valign="top" nowrap="nowrap" align="left" style="width: 35%; border-bottom: #000000 2px solid">/s/ Dr. Anat Cohen-Dayag</td>
            <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;">Name: Dr. Anat Cohen-Dayag</td>
            <td valign="top" style="width: 12%;">&#160;</td>
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          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">Title: President and Chief Executive Officer, Director</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">Date: February 27, 2020</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

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<DOCUMENT>
<TYPE>EX-2.1
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<DESCRIPTION>EXHIBIT 2.1
<TEXT>
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  <div>
    <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u> </u>
      <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> <br>
        </u></div>
    <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u> Exhibit 2.1</u><br>
    </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;">DESCRIPTION OF SECURITIES</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">The descriptions of the securities contained herein summarize the material terms and provisions of the ordinary shares of Compugen Ltd.
      (the &#8220;Company&#8221;), registered under Section 12 of the Securities Exchange Act of 1934.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">ORDINARY SHARES</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our authorized share capital is NIS 2,000,000 divided into 200,000,000 ordinary shares, nominal (par) value NIS 0.01 per share. Subject to
      our amended and restated articles of association, or our Articles, fully paid ordinary shares of the Company confer on the holders thereof rights to attend and to vote at general meetings of the shareholders. Subject to the rights of holders of
      shares with limited or preferred rights which may be issued in the future, the ordinary shares of the Company confer upon the holders thereof equal rights to vote, to receive dividends and to participate in the distribution of the assets of the
      Company upon its winding-up, in proportion to the amount paid up or credited as paid up on account of the nominal value of the shares held by them respectively and in respect of which such dividends are being paid or such distribution is being made,
      without regard to any premium paid in excess of the nominal value, if any. All outstanding ordinary shares are validly issued and fully paid.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">The Nasdaq Global Market and the Tel Aviv Stock Exchange</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our ordinary shares are listed on The Nasdaq Global Market under the symbol &#8220;CGEN&#8221; and on the Tel Aviv Stock Exchange&#160;under the
      symbol &#1511;&#1502;&#1508;&#1490;.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">Rights Attached to Our Shares</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Subject to our Articles, fully paid ordinary shares confer on the holders thereof rights to attend and to vote at general meetings of the
      shareholders. Subject to the rights of holders of shares with limited or preferred rights which may be issued in the future, our ordinary shares confer upon the holders thereof equal rights to receive dividends and to participate in the distribution
      of our assets upon our winding-up, in proportion to the amount paid up or credited as paid up on account of the nominal value of the shares held by them respectively and in respect of which such dividends are being paid or such distribution is being
      made, without regard to any premium paid in excess of the nominal value, if any. No preferred shares are currently authorized. All outstanding ordinary shares are validly issued and fully paid.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Voting Rights</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Subject to the provisions of our Articles, holders of ordinary shares have one vote for each ordinary share held by such shareholder of
      record, on all matters submitted to a vote of shareholders. Shareholders may vote in person, by proxy or by proxy card. Alternatively, shareholders who hold shares through members of the Tel Aviv Stock Exchange may vote electronically via the
      electronic voting system of the Israel Securities Authority, or Electronic Vote. These voting rights may be affected by the grant of any special voting rights to the holders of a class of shares with preferential rights that may be authorized in the
      future. As our ordinary shares do not have cumulative voting rights in the election of directors, the holders of the majority of the shares present and voting at a shareholders meeting generally have the power to elect all of our directors.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Transfer of Shares</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our ordinary shares which have been fully paid-up are transferable by submission of a proper instrument of transfer together with the
      certificate of the shares to be transferred and such other evidence of title, as our Board of Directors may require, unless such transfer is prohibited by another instrument or by applicable securities laws.</div>
    <div style="line-height: 1.25">&#160;</div>
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    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Dividends</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Under the Companies Law, dividends may be distributed only out of profits available for dividends as determined by the Companies Law,
      provided that there is no reasonable concern that the distribution will prevent the Company from being able to meet its existing and anticipated obligations when they become due. If the company does not meet the profit requirement, a court may
      nevertheless allow the company to distribute a dividend, as long as the court is convinced that there is no reasonable concern that such distribution will prevent the company from being able to meet its existing and anticipated obligations when they
      become due. Pursuant to our Articles, no dividend shall be paid other than out of the profits of the Company. Generally, under the Companies Law, the decision to distribute dividends and the amount to be distributed is made by a company&#8217;s board of directors.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our Articles provide that our Board of Directors, may, subject to the Companies Law, from time to time, declare and cause the Company to
      pay such dividends as may appear to the Board of Directors to be justified by the profits of our Company. Subject to the rights of the holders of shares with preferential, special or deferred rights that may be authorized in the future, our profits
      which shall be declared as dividends shall be distributed according to the proportion of the nominal (par) value paid up or credited as paid up on account of the shares held at the date so appointed by the Company and in respect of which such
      dividend is being paid, without regard to the premium paid in excess of the nominal (par) value, if any. The declaration of dividends does not require shareholders&#8217;
      approval.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">To date, we have not declared or distributed any dividend and we do not intend to pay cash dividends on our ordinary shares in the
      foreseeable future.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Liquidation Rights</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">In the event of our winding up on liquidation or dissolution, subject to applicable law, our assets available for distribution among the
      shareholders shall be distributed to the holders of ordinary shares in proportion to the amount paid up or credited as paid up on account of the nominal value of the shares held by them respectively and in respect of which such distribution is being
      made, without regard to any premium paid in excess of the nominal value, if any. This liquidation right may be affected by the grant of limited or preferential rights as to liquidation to the holders of a class of shares that may be authorized in the
      future.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Redemption Provisions</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">We may, subject to applicable law and to our Articles, issue redeemable shares and redeem the same upon such terms and conditions as
      determined by our Board of Directors.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Capital Calls</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Under our Articles, the liability of each shareholder for the Company&#8217;s obligations is limited to the unpaid sum, if any, owing to the Company in consideration for the issuance of the shares held by such shareholder.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Modification of Class Rights</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our amended and restated Memorandum of Association, or Memorandum, provides that we may amend the Memorandum in order to increase,
      consolidate or divide or otherwise amend our share capital by a simple majority of the voting power present at a shareholders meeting as currently provided in our Articles or by such other majority as shall be set forth in our Articles from time to
      time.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Pursuant to our Articles, if at any time our share capital is divided into different classes of shares, the rights attached to any class,
      unless otherwise provided by our Articles, may be modified or abrogated by the Company, subject to the consent in writing of, or sanction of a resolution passed by, the holders of a majority of the issued shares of such class at a separate general
      meeting of the holders of the shares of such class.&#160;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">Limitations on the Rights to Own Securities</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our Articles and Israeli law do not restrict the ownership or voting of ordinary shares by non-residents or persons who are not citizens of
      Israel, except with respect to subjects of nations which are in a state of war with Israel.</div>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">Changes in Capital</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our Articles enable us to increase or reduce our share capital. Any such changes are subject to the provisions of the Companies Law and our
      Articles and must be approved by a resolution duly passed by a simple majority of our shareholders at a general meeting by voting on such change in the capital.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">Shareholders&#8217; Meetings and Resolutions</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Our Articles and the Companies Law provide that our annual general meeting shall be held once in every calendar year at such time (within a
      period of not more than fifteen months after the last preceding annual general meeting), and place determined by our Board of Directors. Our Board of Directors may, in its discretion, convene additional special shareholders meetings and, pursuant to
      the Companies Law, must convene a meeting upon the demand of: (a) two directors or one quarter of the directors in office; or (b) the holder or holders of (i) 5% or more of our issued share capital and one percent or more of our voting rights; or
      (ii) 5% or more of our voting rights. All demands for shareholders meetings must set forth the items to be considered at that meeting. If the board of directors does not convene a meeting upon a valid demand of any of the above, then the persons who
      made the demand, and in the case of shareholders, part of such demanding shareholders holding at least half of the voting rights of such demanding shareholders, may convene a meeting of the shareholders to be held within three months of the demand.
      Alternatively, upon petition by the individuals making the demand, a court may order that a meeting be convened.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">The chairman of the Board of Directors, or any other director or office holder of the Company which may be designated for this purpose by
      the Board of Directors, shall preside as chairman at each of our general meetings. If there is no such chairman, or if the appointed chairman is unwilling to take the chair, or if he shall have indicated in advance that he will not be attending, or
      if at any meeting such chairman is not present within thirty (30) minutes after the time fixed for holding the meeting, then those present at the meeting shall choose someone present to be chairman of the meeting. The office of chairman shall not, by
      itself, entitle the holder thereof to vote at any general meeting nor shall it entitle a second or casting vote.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">According to regulations promulgated pursuant to the Companies Law and governing the terms of notice and publication of shareholder
      meetings of public companies, or the General Meeting Regulations, holder(s) of one percent or more of the Company&#8217;s voting rights may propose any matter appropriate
      for deliberation at a shareholder meeting to be included on the agenda of a shareholder meeting, generally by submitting a proposal within seven days of publicizing the convening of a shareholder meeting, or within fourteen days, if the Company
      publishes at least 21 days prior to publicizing the proxy materials for a shareholder meeting, a preliminary notice stating its intention to convene such meeting, the agenda thereof, shareholder&#8217;s right to propose a matter to be included on the
      agenda of such meeting and company&#8217;s right not to examine such proposals received upon termination of such 14-day period. Any such proposal must further comply with the information requirements under applicable law and our Articles and in the event
      that such shareholders propose to appoint directors for service on the Company&#8217;s board of directors, the proposal must include information regarding the director candidates as well as certain declarations of the director candidates, as required
      pursuant to regulations promulgated under the Companies Law. The agenda for a shareholder meeting is determined by the Board of Directors and must include matters in respect of which the convening of a shareholder meeting was demanded and any matter
      requested to be included by holder(s) of one percent of the Company&#8217;s voting rights, as detailed above.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Pursuant to the Companies Law and the General Meeting Regulations shareholder meetings generally require prior notice of not less than 21
      days, and not less than 35 days in certain cases. Pursuant to our Articles, we are not required to deliver or serve notice of a general meeting or of any adjournments thereof to any shareholder. However, subject to applicable law and stock exchange
      rules and regulations, we will publicize the convening of a general meeting in any manner reasonably determined by us, and any such publication shall be deemed duly made, given and delivered to all shareholders on the date on which it is first made,
      posted, filed or published in the manner so determined by us in our sole discretion.</div>
    <div style="line-height: 1.25">&#160;</div>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">The function of the general meeting is to elect directors, receive and consider the profit and loss account, the balance sheet and the
      ordinary reports and accounts of the directors and auditors, appoint external auditor, approve certain interested party transactions requiring general meeting approval as provided in the Companies Law, approve the Company&#8217;s merger, exercise of the
      powers of the board of directors if the board of directors is unable to exercise its powers and the exercise of any of its powers is vital for our proper management, approve amendments of our Articles and transact any other business which under our
      Articles or applicable law may be transacted by the shareholders of the Company in a general meeting.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Pursuant to our Articles, the quorum required for a meeting of shareholders consists of at least two shareholders, present in person, by
      proxy, by proxy card or by Electronic Vote and holding shares conferring in the aggregate twenty-five percent (25%) or more of the voting power of the Company. If within half an hour from the time appointed for the meeting a quorum is not present,
      the meeting shall stand adjourned to the same day in the following week at the same time and place or to such other later day, time and place as the Board of Directors may determine and specify in the publication with respect to the Meeting. At the
      adjourned meeting, any number of participants will constitute a quorum present, in person, by proxy, by proxy card or by electronic Vote; provided, however, that special general meeting which was convened by the Board upon the demand of shareholders
      or directors then in office, as detailed above, or directly by such shareholders or directors, in accordance the terms of the Companies Law, shall be cancelled.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Generally, under the Companies Law and our Articles, shareholder resolutions are deemed adopted if approved by the holders of a simple
      majority of the voting rights represented at the meeting, in person, by proxy, by proxy card or by Electronic Vote, and voting on the matter, unless a different majority is required by law or pursuant to our Articles such as a resolution for the
      voluntary winding up of our Company which requires the approval of holders of 75% of the voting power presented and voting at the meeting, or resolutions concerning certain related party transactions as set forth in Sections 267 and 270-275 of the
      Companies Law.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">Change of Control</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Merger</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Under the Companies Law, a merger is generally required to be approved by the shareholders and board of directors of each of the merging
      companies. If the share capital of the company that will not be the surviving company is divided into different classes of shares, the approval of each class is also required, unless determined otherwise by the court. Similarly, unless an Israeli
      court determines otherwise, a merger will not be approved if it is objected to by shareholders holding a majority of the voting rights participating and voting at the meeting (abstentions are disregarded), after excluding the shares held by the other
      party to the merger, by any person who holds 25% or more of the other party to the merger or by anyone on their behalf, including by the relatives of, or corporations controlled by, these persons. In approving a merger, the board of directors of both
      merging companies must determine that there is no reasonable concern that, as a result of the merger, the surviving company will not be able to satisfy its obligations to its creditors. Similarly, upon the request of a creditor of either party to the
      proposed merger, an Israeli court may prevent or delay the merger if it concludes that there exists a reasonable concern that, as a result of the merger, the surviving company will not be able to satisfy the obligations of the merging parties. A
      court may also issue other instructions for the protection of the creditors&#8217; rights in connection with a merger. Further, a merger may not be completed unless at
      least (i) 50 days have passed from the time that the requisite proposals for the approval of the merger were filed with the Israeli registrar of companies; and (ii) 30 days have passed since the merger was approved by the shareholders of each party.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Special Tender Offer</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">The Companies Law provides that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if as
      a result of the acquisition the purchaser would become a holder of 25% or more of the voting rights in the company. This rule does not apply if there is already another holder of 25% or more of the voting rights in the company. Similarly, the
      Companies Law provides that an acquisition of shares in a public company must be made by means of a tender offer if as a result of the acquisition the purchaser would become a holder of more than 45% of the voting rights in the company, if there is
      no other shareholder of the company who holds more than 45% of the voting rights in the company. These requirements do not apply if the acquisition (i) occurs in the context of a private placement by the company that received shareholder approval,
      (ii) was from a shareholder holding 25% or more of the voting rights in the company and resulted in the acquirer becoming a holder of 25% or more of the voting rights in the company, or (iii) was from a holder of more than 45% of the voting rights in
      the company and resulted in the acquirer becoming a holder of more than 45% of the voting rights in the company. A special tender offer may be consummated only if (i) at least 5% of the voting power attached to the company&#8217;s outstanding shares will be acquired by the offeror and (ii) the number of shares tendered in the offer exceeds the number of shares whose holders objected to the offer (excluding
      controlling shareholders, holders of 25% or more of the voting rights in the company and any person having a personal interest in the acceptance of the tender offer).</div>
    <div style="line-height: 1.25">&#160;</div>
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    </div>
    <div style="line-height: 1.25;">In the event that a special tender offer is made, a company&#8217;s
      board of directors is required to express its opinion on the advisability of the offer, or shall abstain from expressing any opinion if it is unable to do so, provided that it gives the reasons for its abstention. An office holder in a target company
      who, in his or her capacity as an office holder, performs an action the purpose of which is to cause the failure of an existing or foreseeable special tender offer or is to impair the chances of its acceptance, is liable to the potential purchaser
      and shareholders for damages, unless such office holder acted in good faith and had reasonable grounds to believe he or she was acting for the benefit of the company. However, office holders of the target company may negotiate with the potential
      purchaser in order to improve the terms of the special tender offer, and may further negotiate with third parties in order to obtain a competing offer.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">If a special tender offer is accepted, then shareholders who did not respond to or that had objected the offer may accept the offer within
      four days of the last day set for the acceptance of the offer. In the event that a special tender offer is accepted, then the purchaser or any person or entity controlling it or under common control with the purchaser or such controlling person or
      entity may not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger with the target company for a period of one year from the date of the offer, unless the purchaser or such person or entity
      undertook to effect such an offer or merger in the initial special tender offer.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Full Tender Offer</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Under the Companies Law, a person may not acquire shares in a public company if, after the acquisition, the acquirer will hold more than
      90% of the shares or more than 90% of any class of shares of that company, unless a tender offer is made to purchase all of the shares or all of the shares of the particular class. The Companies Law also generally provides that as long as a
      shareholder in a public company holds more than 90% of the company&#8217;s shares or of a class of shares, that shareholder shall be precluded from purchasing any
      additional shares. In order for all of the shares that the purchaser offered to purchase be transferred to him by operation of law, one of the following needs to have occurred: (i) the shareholders who declined or do not respond to the tender offer
      hold less than 5% of the company&#8217;s outstanding share capital or of the relevant class of shares and the majority of offerees who do not have a personal interest in
      accepting the tender offer accepted the offer, or (ii) the shareholders who declined or do not respond to the tender offer hold less than 2% of the company&#8217;s
      outstanding share capital or of the relevant class of shares.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">A shareholder that had his or her shares so transferred, whether he or she accepted the tender offer or not, has the right, within six
      months from the date of acceptance of the tender offer, to petition the court to determine that the tender offer was for less than fair value and that the fair value should be paid as determined by the court. However, the purchaser may provide in its
      offer that shareholders who accept the tender offer will not be entitled to such rights.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">If the conditions set forth above are not met, the purchaser may not acquire additional shares of the company from shareholders who
      accepted the tender offer to the extent that following such acquisition, the purchaser would own more than 90% of the company&#8217;s issued and outstanding share capital.
      The above restrictions apply, in addition to the acquisition of shares, to the acquisition of voting power.</div>
    <div style="line-height: 1.25">&#160;<br>
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