<SEC-DOCUMENT>0001178913-22-001924.txt : 20220512
<SEC-HEADER>0001178913-22-001924.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512124150
ACCESSION NUMBER:		0001178913-22-001924
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220512
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILICOM LTD.
		CENTRAL INDEX KEY:			0000916793
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER COMMUNICATIONS EQUIPMENT [3576]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23288
		FILM NUMBER:		22916809

	BUSINESS ADDRESS:	
		STREET 1:		14 ATIR YEDA ST.
		CITY:			KFAR-SAVA
		STATE:			L3
		ZIP:			4464323
		BUSINESS PHONE:		97297644555

	MAIL ADDRESS:	
		STREET 1:		14 ATIR YEDA ST.
		CITY:			KFAR-SAVA
		STATE:			L3
		ZIP:			4464323

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SILICOM LTD
		DATE OF NAME CHANGE:	19940103
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>zk2227808.htm
<DESCRIPTION>6-K/A
<TEXT>
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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>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">WASHINGTON, D.C. 20549</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">
    <div style="line-height: 1.25; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">FORM 6-K/A</div>
    <div style="line-height: 1.25; font-size: 10pt; font-weight: bold;">(Amendment No. 1)</div>
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16 OF</div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">For the month of May 2022</div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">________________</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SILICOM LTD.</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(Translation of Registrant's name into English)</font></div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">________________</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">14 Atir Yeda St., P.O.Box 2164, Kfar-Sava 4464323, Israel</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">(Address of principal executive offices)</div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">________________</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman', serif;"><font style="font-family: 'Times New Roman',Times,serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
  <div style="line-height: 1.25; font-family: 'Times New Roman', serif;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
    </font></div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">Form 20-F&#160;</font>&#9745;<font style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160; Form 40-F </font>&#9744;</font></div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">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; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">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; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman', serif;"><font style="font-family: 'Times New Roman',Times,serif;">Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing
      the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&#160;&#160;&#160;&#160;&#160;</font></div>
  <div style="line-height: 1.25; font-family: 'Times New Roman', serif;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
    </font></div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">Yes&#160;</font>&#9744;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">No </font>&#9745;</font></div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______</div>
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    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
  </div>
  <div style="text-align: justify; line-height: 1.25;">On May 2, 2022, Silicom Ltd. (the &#8220;Registrant&#8221;) filed a Current Report on Form 6-K announcing that it will hold an annual general meeting of shareholders on June 7, 2022 at 14:00 (Israel time) at the
    Registrant&#8217;s offices at 14 Atir Yeda Street, Kfar Sava 4464323, Israel and attached a Notice and Proxy Statement and Proxy Card.</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25;">This Amendment No. 1 on Form 6-K/A is furnishing an amended Notice and Proxy Statement and Proxy Card solely to add Annexes A and B which were inadvertently omitted from the Notice and Proxy Statement
    and Proxy Card.&#160; Attached is the Notice and Proxy Statement and Proxy Card that will be sent to the shareholders reflecting this change.&#160;&#160; No other changes have been made to the Notice and Proxy Statement and Proxy Card.</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;"><u>Exhibit Index</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">:</font></div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><a href="exhibit_1.htm">Exhibit 1: Notice of Annual General
      Meeting.</a></div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><a href="exhibit_2.htm">Exhibit 2: Proxy Statement.</a></div>
  <div style="text-indent: 28.35pt; margin-left: 7.65pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><a href="exhibit_3.htm">Exhibit 3: Proxy Card.</a></div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">This report on Form 6-K is incorporated by reference into all effective registration statements filed by the Registrant under the Securities Act of 1933.</div>
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  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Signature</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">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; font-family: 'Times New Roman',Times,serif;"> <br>
  </div>
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            <div>
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Silicom Ltd.</div>
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">(Registrant)</div>
              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
              </div>
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><u>/s/ Yeshayahu (&#8216;Shaike&#8217;) Orbach</u></div>
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Yeshayahu (&#8216;Shaike&#8217;) Orbach<br>
              </div>
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> DIRECTOR, PRESIDENT AND CHIEF </div>
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">EXECUTIVE OFFICER</div>
            </div>
          </td>
        </tr>

    </table>
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
  </div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Dated:&#160; May 12, 2022</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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          <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;"><font style="font-weight: bold;"><u>Exhibit 1</u></font><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SILICOM LTD.</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">June 7, 2022</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Notice is hereby given that an Annual General Meeting (the &#8220;<font style="font-weight: bold;">Meeting</font>&#8221;) of Shareholders of
        Silicom Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) will be held,&#160;at the offices of the Company at 14 Atir Yeda Street, Kfar Sava 4464323, Israel, on June 7, 2022, at 14:00 Israel time.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company is an Overseas Company, as such term is defined in the Israeli Companies Regulations (Concessions for Public Companies
        Traded on Stock Markets Outside of Israel) &#8211; 2000.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 35.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Meeting is being called for the following purposes:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve the Amendment of the Company's Articles of Association in
          the form attached hereto as <font style="font-weight: bold;"><u>Annex A</u></font> (the &#8220;<font style="font-weight: bold;">Amended Articles</font>&#8221;).</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to re-elect Mr. Avi Eizenman, the Company&#8217;s Active Chairman of the
          Board of Directors, to the Company&#8217;s Board of Directors, and, subject to the approval of the Amended Articles, to hold office as director for a two-year term, commencing on the date of the Meeting until the Annual General Meeting of Shareholders
          to be held in the year 2024, and until his successor has been duly elected.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to elect Mr. Ilan Erez, to the Company&#8217;s Board of Directors, to hold
          office as director for a three-year term commencing on the date of the Meeting until the Annual General Meeting of Shareholders to be held in the year 2025, and until his successor has been duly elected.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to elect Ms. Ayelet Aya Hayak, to the Company&#8217;s Board of Directors,
          to hold office as director for a three-year term commencing on the date of the Meeting until the Annual General Meeting of Shareholders to be held in the year 2025, and until her successor has been duly elected.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve the grant of 13,333 options to purchase Ordinary Shares of
          the Company pursuant to the Company&#8217;s Global Share Incentive Plan (2013) (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) and in compliance with the Company&#8217;s Compensation Policy, which was re-approved by the Company&#8217;s shareholders on June 5,
          2019 (the &#8220;<font style="font-weight: bold;">Compensation Policy</font>&#8221;), the Compensation Policy Cap (as such term is defined in the Proxy Statement attached hereto) and the Amended Executive Compensation Policy to Mr. Avi Eizenman, the
          Company&#8217;s Active Chairman of the Board of Directors.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve the grant of 13,333 options to purchase Ordinary Shares of
          the Company pursuant to the Plan and in compliance with the Compensation Policy, the Compensation Policy Cap and the Amended Executive Compensation Policy to Mr. Yeshayahu (&#8216;Shaike&#8217;) Orbach, the Company&#8217;s current President and Chief Executive
          Officer.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve an increase in the monthly base salary of Mr. Avi
          Eizenman, the Company&#8217;s Active Chairman of the Board of Directors, in compliance with the Compensation Policy and the Amended Executive Compensation Policy.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve an increase in the monthly base salary of Mr. Yeshayahu
          (&#8216;Shaike&#8217;) Orbach, the Company&#8217;s current President and Chief Executive Officer, in compliance with the Compensation Policy and the Amended Executive Compensation Policy.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon the proposal to approve the Compensation Package for Mr. Liron Eizenman, who
          will be appointed as the Company&#8217;s new President and Chief Executive Officer, commencing July 1, 2022.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve the grant of 50,000 options to purchase Ordinary Shares
          of the Company pursuant to the Plan and in compliance with the Compensation Policy, the Amended Executive Compensation Policy and the Compensation Policy Cap to Mr. Liron Eizenman, upon the commencement of his term as the Company&#8217;s new President
          and Chief Executive Officer, on July 1, 2022.</font></div>
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      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve the Amended Executive Compensation Policy in the form
          attached hereto as <font style="font-weight: bold;"><u>Annex B</u></font> (the &#8220;<font style="font-weight: bold;">Amended Compensation Policy</font>&#8221;).</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve the appointment of Kesselman &amp; Kesselman Certified
          Public Accountants (Isr.), PwC Israel, as the independent public accountants of the Company for year ending December 31, 2022, and until the next annual general meeting of the shareholders of the Company, and to authorize the Audit Committee of
          the Board of Directors to fix the compensation of such auditors in accordance with the amount and nature of their services.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To review the Company's Financial Statements and Annual Report for the year ended December 31, 2021, and
          to transact such other business as may properly come before the Meeting.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Shareholders of record at the close of business on May 9, 2022 will be entitled to vote at the Meeting or any postponements or
        adjournments thereof. Shareholders who do not expect to attend the Meeting in person are requested to mark, date, sign and mail the enclosed proxy as promptly as possible.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
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                <div>Date: May 12, 2022<br>
                </div>
              </td>
              <td style="width: 50%;">
                <div>
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">By Order of the Board of Directors</div>
                  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SILICOM LTD.</div>
                  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><u>/s/ Yeshayahu (&#8216;Shaike&#8217;) Orbach</u><br>
                      Yeshayahu (&#8216;Shaike&#8217;) Orbach</font></div>
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',serif; font-size: 11pt;">Director, President and Chief Executive Officer<font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> </font></div>
                </div>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exhibit_2.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
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      <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;"><u><font style="font-weight: bold;">Exhibit 2</font></u><br style="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-weight: bold;">PROXY STATEMENT<br>
      ________________</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SILICOM LTD.<br>
        14 Atir Yeda St.<br>
        Kfar Sava<br>
        Israel
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ANNUAL GENERAL MEETING OF SHAREHOLDERS<br>
      June 7, 2022</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The enclosed proxy is being solicited by the board of directors (the &#8220;<font style="font-weight: bold;">Board of Directors&#8221;</font>) of
      Silicom Ltd. (the &#8220;<font style="font-weight: bold;">Company&#8221;</font>) for use at the Company's Annual General Meeting of Shareholders (the &#8220;<font style="font-weight: bold;">Meeting&#8221;</font>) to be held on June 7, 2022, at 14:00 Israel time, or at any
      adjournment or postponement thereof. Upon the receipt of a properly executed proxy in the form enclosed, the persons named as proxies therein will vote the ordinary shares, par value New Israeli Shekels (&#8220;<font style="font-weight: bold;">NIS&#8221;</font>)
      0.01 each, of the Company (the &#8220;<font style="font-weight: bold;">Ordinary Shares&#8221;</font>) covered thereby in accordance with the directions of the shareholders executing the proxy. In the absence of such directions, and except as mentioned otherwise
      in this proxy statement, the Ordinary Shares represented thereby will be voted in favor of each of the proposals described in this proxy statement.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The proxy solicited hereby may be revoked at any time prior to its exercise, by means of a written notice delivered to the Company,
      by substitution of a new proxy bearing a later date or by a request for the return of the proxy at the Meeting. The Company expects to solicit proxies by mail and to mail this proxy statement and the accompanying proxy card to shareholders on or
      about May 9, 2022. Directors, officers and employees of the Company may also solicit proxies by telephone, facsimile and personal interview.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company will bear the cost of the preparation and mailing of its proxy materials and the solicitation of proxies. Copies of
      solicitation materials will be furnished to brokerage firms, nominees, fiduciaries and other custodians for forwarding to their principals, and the reasonable fees and expenses of such forwarding agents will be borne by the Company. Only holders of
      record of Ordinary Shares at the close of business in New York, NY, USA on May 9, 2022 are entitled to vote at the Meeting. On April 29, 2022, 6,650,824 Ordinary Shares were outstanding and entitled to vote. Each Ordinary Share is entitled to one
      vote on each matter to be voted at the Meeting.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Two or more shareholders present, personally or by proxy, holding not less than thirty three and a third percent (33 1/3%) of the
      Company's outstanding Ordinary Shares, shall constitute a quorum for the Meeting. If within half an hour from the time the Meeting is convened a quorum is not present, the Meeting shall stand adjourned until June 14, 2022 at 14:00<font style="font-weight: bold;">&#160;</font>Israel time. If a quorum is not present at the adjourned Meeting within half an hour from the time appointed for such meeting, two or more shareholders present personally or by proxy shall be deemed a quorum, and
      shall be entitled to deliberate and to resolve in respect of the matters for which the Meeting was convened. Abstentions and broker non-votes are counted as Ordinary Shares present for the purpose of determining a quorum.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Pursuant to the Israeli Companies Law, 1999-5759 (the &#8220;<font style="font-weight: bold;">Companies Law</font>&#8221;), each of Proposals 1,
      2, 3, 4, 5, 7, and 12 requires the affirmative vote of shareholders present at the Meeting, in person or by proxy, and holding Ordinary Shares of the Company amounting in the aggregate to at least a majority of the votes actually cast by shareholders
      with respect to such proposals (hereinafter an &#8220;<font style="font-weight: bold;">Ordinary Majority</font>&#8221;).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law, each of Proposals 6, 8, 9, 10 and 11 requires the affirmative vote of a simple majority of shares
      present at the Meeting, in person or by proxy, and voting thereon, as long as either:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the majority of shares that voted for the approval of the proposal includes at least majority of the shares held by non-controlling and non-interested shareholders voted at the Meeting, (excluding abstaining votes); or</div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the total number of shares of non-controlling and non-interested shareholders that voted against the approval of the proposal does not exceed two percent of the aggregate voting rights in the Company.</div>
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    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Shareholders are requested to notify us whether or not they have a "Personal Interest" in connection with each of Proposals 6, 8, 9,
      10 and 11 (please see the definition of the term "Personal Interest" with respect to such proposal below under the description of the proposal). If any shareholder casting a vote in connection thereto does not notify us as to whether or not they have
      a Personal Interest with respect to each of Proposals 6, 8, 9 10 and 11 they will be deemed as having a Personal Interest with respect to such proposal and their vote will not be counted for the special disinterested majority required for the
      approval of such proposal. </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PRINCIPAL SHAREHOLDERS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following table sets forth, as of April 15, 2022, the number of Ordinary Shares, including options and warrants to purchase
      Ordinary Shares exercisable within 60 days, owned by (i) all shareholders known to the Company to own more than five percent (5%) of the Company's Ordinary Shares and (ii) all directors and officers as a group (based on 6,650,824 Ordinary Shares
      outstanding on that date). Each of our shareholders has identical voting rights with respect to its shares. All of the information with respect to beneficial ownership of the Ordinary Shares is given to the best of our knowledge. Except where
      otherwise indicated, and subject to applicable community property laws, we believe, based on information furnished to us by such owners or otherwise disclosed in any public filings, that the beneficial owners of the Ordinary Shares listed below have
      sole dispositive and voting power with respect to such Ordinary Shares.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <td style="width: 46.49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;"><u>Name of Shareholder</u></div>
          </td>
          <td style="width: 28.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;"><u>Number of Shares and Options Owned</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
          </td>
          <td style="width: 25.09%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;"><u>Percentage of Outstanding Shares</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Wellington Management Group LLP<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 28.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">677,200</div>
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            <div style="line-height: 1.25;">10.2%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Systemic Financial Management, LP<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="width: 28.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">528,838</div>
          </td>
          <td style="width: 25.09%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">8.0%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">First Wilshire Securities Management, Inc. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
          </td>
          <td style="width: 28.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">488,428</div>
          </td>
          <td style="width: 25.09%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="line-height: 1.25;">7.3%</div>
          </td>
        </tr>

    </table>
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          </td>
          <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; font-family: 'Times New Roman',Times,serif;">
            <div>The table above includes the number of shares and options that are exercisable within 60 days of April 15, 2022. Ordinary shares subject to these options are deemed beneficially owned for the purpose of computing the ownership percentage
              of the person or group holding these options, but are not deemed outstanding for purposes of computing the ownership percentage of any other person. All the information detailed in this table is as set forth in major shareholders' public
              filings, unless stated otherwise.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <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; font-family: 'Times New Roman',Times,serif;">
            <div>As reported on Schedule 13G/A filed by Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP and Wellington Management Company LLP with the SEC on April 11, 2022. The securities as to
              which the Schedule was filed are owned of record by clients of one or more investment advisers, which are directly or indirectly owned by Wellington Management Group LLP.</div>
          </td>
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    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; margin-left: 53.85pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of,
      such securities. No such client is known to have such right or power with respect to more than 5% of this class of securities, except for: Wellington Trust Company, NA (&#8220;Wellington&#8221;).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; margin-left: 53.85pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">As reported on Schedule 13G filed by Wellington with the SEC on February 4, 2022, those securities as to which the Schedule was filed
      by Wellington, in its capacity as investment adviser, are owned of record by its clients. Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such securities. No such
      client is known to have such right or power with respect to more than five percent of this class of securities.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 2 -</font></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; margin-left: 53.85pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The securities as to which the Schedule was filed by Wellington Management Group LLP, as parent holding company of certain holding
      companies and the Wellington Investment Advisers, are owned of record by clients of the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP controls directly, or indirectly through Wellington Management Global Holdings, Ltd.,
      the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP is owned by Wellington Group Holdings LLP. Wellington Group Holdings LLP is owned by Wellington Management Group LLP.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <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; font-family: 'Times New Roman',Times,serif;">
            <div>As reported on Schedule 13G/A filed by Systemic Financial Management, LP with the SEC on February 10, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>As reported on Schedules 13G filed by First Wilshire Securities Management, Inc. with the SEC on February 14, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">COMPENSATION OF OFFICERS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For details concerning the compensation granted to the Company's five most highly compensated office holders (as defined in the
      Companies Law) during or with respect to the year ended December 31, 2021, see the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 27, 2022.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 3 -</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 1</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO CONSIDER AND ACT UPON A PROPOSAL TO APPROVE THE AMENDMENT OF </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">THE COMPANY&#8217;S ARTICLES OF ASSOCIATION</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Under the Company&#8217;s Articles of Association (the &#8220;<font style="font-weight: bold;">Articles</font>&#8221;), directors are elected into three
      groups (&#8220;<font style="font-weight: bold;">Groups</font>&#8221;). For as long as the Company was required to elect external directors, however, such directors were not elected to the Groups, and were elected separately in accordance with the Companies Law.&#160;
      In light of the July 2020 decision of our Board of Directors to take advantage of exception under Regulation 5D of the Companies Law Regulations (Regulations for Companies the Shares of Which are Registered for Trading Outside of Israel), 2000,
      whereby it is not required to elect external directors, we no longer have serving external directors and Mr. Ilan Erez and Ms. Ayelet Aya Hayak have continued to serve the remainder of their three-year term as independent directors under NASDAQ
      rules.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Consequently, our Board of Directors resolved, subject to shareholder approval to amend Article 39(b) of the Articles to remove
      reference to external directors (the &#8220;<font style="font-weight: bold;">First Amendment</font>&#8221;).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Additionally, management of the Company has selected Mr. Ilan Erez and Ms. Ayelet Aya Hayak to be elected to the Board of Directors,
      subject to the approval of the Meeting. However, under the current Articles, each Group is required to be as nearly equal in number as possible, and consequently, our Board resolved to revise the structure of the Groups, so that Mr. Ilan Erez and Ms.
      Ayelet Aya Hayak can be elected to the Board of Directors, together with Mr. Avi Eizenman, the Active Chairman of the Board of Directors, whose current term concludes at this Meeting. To that effect our Board of Directors resolved to introduce a new
      Sub-Article 39(v) such that one of the members of the Group elected to our Board of Directors at this Meeting, will only serve for a two-year term (the &#8220;<font style="font-weight: bold;">Second Amendment</font>&#8221; and with the First Amendment, the &#8220;<font style="font-weight: bold;">Amendments</font>&#8221;).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">As resolved by the Board of Directors, the Board of Directors deems it advisable and in the best interest of the Company to adopt the
      Amendments and to adopt a corresponding amendment to the Articles, a marked-up version of which is attached hereto as&#160;<font style="font-weight: bold;"><u>Annex A</u></font>. The proposed Amendments are designed to support continuity of the leadership
      of the Board of Directors and Company stability, thus contributing to the success of the Company and to the effort to maximize its operations and results.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8220;RESOLVED, to approve the adoption of the Amendments and to adopt Amended Articles in the form attached hereto as
      Annex A (the &#8220;Amended Articles&#8221;) to the Proxy Statement.&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The adoption of the Amendment and the corresponding amendment of the Articles requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors recommends that the shareholders vote FOR approval of the proposed resolution.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 2</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO RE-ELECT MR. AVI EIZENMAN</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The management of the Company has selected Mr. Avi Eizenman, the Company's Active Chairman of the Board, for re-election as director and
      as Active Chairman of the Board of Directors.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">As noted in Proposal 1, in light of the desire of the Company&#8217;s management to elect Mr. Ilan Erez and Ms. Ayelet Aya Hayak to the Board
      of Directors in this Meeting, and the need to have the Groups as nearly equal in number as possible, subject to the approval of the adoption of the Amended Articles, Mr. Eizenman&#8217;s term in office will be a two-year term and will commence on the date
      of the Meeting until the Annual General Meeting of the shareholders to be held in 2024 and until his successor has been duly elected.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In the absence of instructions to the contrary, the persons named in the enclosed proxy will vote the Ordinary Shares represented
      thereby &#8220;FOR&#8221; the election of Mr. Avi Eizenman. If Mr. Avi Eizenman is unable to serve, the persons named in the proxy shall vote the Ordinary Shares for the election of such other nominee as management may propose. Mr. Avi Eizenman, who is currently
      serving as a director of the Company and as the Company's Active Chairman of the Board, has advised the Company that he will continue to serve as director and as Active Chairman of the Board if re-elected.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 4 -</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Mr. Avi Eizenman has attested to the Board of Directors and the Company that he meets all the requirements in connection with the
      election of directors of publicly traded companies under the Companies Law and the regulations promulgated thereunder.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following table provides certain relevant information concerning Mr. Avi Eizenman.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</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: rgb(0, 0, 0);">

        <tr>
          <td style="width: 24.51%; vertical-align: top;">
            <div style="text-align: justify; text-indent: 7.1pt; line-height: 1.25; font-weight: bold;"><u>Nominee</u></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Age</u></div>
          </td>
          <td style="width: 64.59%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Principal Occupation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.51%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 64.59%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.51%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Avi Eizenman</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">64</div>
          </td>
          <td style="width: 64.59%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Mr. Eizenman co-founded the Company in 1987 and has served as a Director since its inception. Mr. Eizenman also served as our President and Chief Executive Officer from the Company's
              inception until April 1, 2001, and on such date, he resigned from his positions as President and Chief Executive Officer and was appointed Active Chairman of the Board of Directors. Before the incorporation of Silicom, Mr. Eizenman held
              various engineering and management positions at Scitex Ltd. and at the Electronic Research &amp; Development Department of the Israeli Ministry of Defense. Mr. Eizenman holds a B.Sc. degree, with honors, in Electrical Engineering from the
              Technion, and an M.B.A. from Tel Aviv University.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In accordance with our Amended Executive Compensation Policy, which has been submitted to the shareholders for their approval at this
      Meeting (the &#8220;<font style="font-weight: bold;">Amended Compensation Policy</font>&#8221;), Mr. Avi Eizenman will continue to be a party to an indemnification agreement with the Company in the form of an indemnification letter previously approved by the
      shareholders on April 11, 2012 to be entered into by the Company with directors serving from time to time in such capacity, and shall continue to be insured under the Company's directors and officers insurance coverage which provides coverage for all
      directors of the Company. Under our Amended Compensation Policy, any change to the indemnification agreement or the insurance policy, including the cost and/or any changes, which materially depart from the key terms of the current agreement and/or
      insurance policy (provided that such changes apply equally to all executives of the Company, including directors), will be submitted to the Company's Compensation Committee and the Board of Directors for their approval but shall not, unless required
      by law or the Company's Articles of Association, be presented at a General Meeting of the shareholders.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 14.5pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8220;RESOLVED, to re-elect Mr. Avi Eizenman, the Company&#8217;s Active Chairman of the Board of
      Directors, to the Company&#8217;s Board of Directors, and, subject to the approval of the Amended Articles, to hold office as director for a two-year term, commencing on the date of the Meeting until the Annual General Meeting of Shareholders to be held in
      the year 2024, and until his successor has been duly elected.&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The re-election of Mr. Eli Eizenman as director and Active Chairman of the Board requires the affirmative vote of an Ordinary
      Majority.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors, with the exception of Mr. Avi Eizenman who expresses no
      recommendation as to the vote on the above proposal recommends a vote FOR approval of the re-election of Mr. Avi Eizenman as a director of the Company and Active Chairman of the Board as set forth above.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 5 -</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 3</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SUBJECT TO APPROVAL OF THE AMENDED ARTICLES, TO ELECT MR. ILAN EREZ TO </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">THE COMPANY&#8217;S BOARD OF DIRECTORS, TO HOLD OFFICE AS DIRECTOR FOR </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">A THREE-YEAR TERM COMMENCING ON THE DATE OF THE MEETING</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">As noted in Proposal 1, given that Mr. Ilan Erez is no longer considered an external director, and considering that his term is
      terminating in June 2022, the management of the Company has selected Mr. Ilan Erez for election as director to serve for an additional three-year term commencing on the date of the Meeting until the end of his term and until his successor is duly
      elected. In the absence of instructions to the contrary, the persons named in the enclosed proxy will vote the Ordinary Shares represented thereby "FOR" the election of Mr. Ilan Erez. If Mr. Ilan Erez is unable to serve, the persons named in the
      proxy shall vote the Ordinary Shares for the election of such other nominee as management may propose. Ilan Erez, who is currently serving as an independent director of the Company, has advised the Company that he will continue to serve as director
      if elected.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Mr. Ilan Erez has attested to the Board of Directors and the Company that he meets all the requirements in connection with the
      election of directors of publicly traded companies under the Companies Law and the regulations promulgated thereunder.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following table provides certain relevant information concerning Mr.Ilan Erez.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</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: rgb(0, 0, 0);">

        <tr>
          <td style="width: 24.51%; vertical-align: top;">
            <div style="text-align: justify; text-indent: 7.1pt; line-height: 1.25; font-weight: bold;"><u>Nominee</u></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Age</u></div>
          </td>
          <td style="width: 64.59%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Principal Occupation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.51%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 64.59%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.51%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Ilan Erez</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">54</div>
          </td>
          <td style="width: 64.59%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Mr. Erez served as a director since July 2010. Mr. Erez has been CFO and General Manager of AlgoSec Inc. since October 2019. AlgoSec is a leading provider of business-driven security
              management software. Prior to that, Mr. Erez had been General Manager of 3D Systems Corporation's (NYSE: DDD) Software Business Unit from September 2016 to March 2019 and co-managed that business unit from May 2015 to September 2016. 3D
              Systems provides comprehensive 3D products and services, including 3D printers, print materials, on-demand manufacturing services and digital design and manufacturing tools. From 2005 to 2015, Mr. Erez&#160;served as Chief Financial Officer of
              Cimatron Ltd. (NASDAQ: CIMT) engaged in the design and sale of CAD/CAM software for the tool-making and discrete manufacturing industries. From 1998 to 2005 Mr. Erez served as the Chief Financial Officer of the Company. He also served as VP
              Operations of the Company from May 2001 to 2005. From 1996 to 1998 Mr. Erez served as Controller and Assistant to the Chief Executive Officer of Bio-Dar Ltd. From 1994 to 1996 Mr. Erez served as an auditor at Kesselman &amp; Kesselman, a PWC
              member firm. Mr. Erez is a Certified Public Accountant in Israel and holds a B.A in Accounting and Economics from the Hebrew University&#160;and an LL.M. in Business Law from Bar-Ilan University.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In accordance with our Amended Compensation Policy which has been submitted to the shareholders for their approval at this Meeting, Mr.
      Ilan Erez will continue to be a party to an indemnification agreement with the Company in the form of indemnification letter previously approved by the shareholders on April 11, 2012 to be entered into by the Company with directors serving from time
      to time in such capacity, and shall continue to be insured under the Company&#8217;s directors and officers insurance coverage which provides coverage for all directors of the Company. Under our Amended Compensation Policy, any change to the
      indemnification agreement or the insurance policy, including the cost and/or any changes which materially depart from the key terms of the current agreement and/or insurance policy (provided that such changes apply equally to all executives of the
      Company, including directors) will be submitted to the Company's Compensation Committee and the Board of Directors for their approval but shall not, unless required by law or the Company's Articles of Association, be presented at a General Meeting of
      the shareholders.</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 6 -</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#8220;<font style="font-weight: bold;">RESOLVED, to elect Mr. Ilan Erez as a director of the Company for a three-year term commencing on the
        date of the Meeting and until his successor has been duly elected.</font>&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The election of Mr. Ilan Erez as director requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors, with the exception of Mr. Ilan Erez who expresses no recommendation
      as to the vote on the above proposal recommends a vote FOR approval of the election of Mr. Ilan Erez as a director of the Company as set forth above.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 4</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SUBJECT TO APPROVAL OF THE AMENDED ARTICLES, TO ELECT MS. AYELET </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AYA HAYAK TO THE COMPANY&#8217;S BOARD OF DIRECTORS, TO HOLD OFFICE AS </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">DIRECTOR FOR A THREE-YEAR TERM COMMENCING ON THE DATE OF THE MEETING</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">As noted in Proposal 1, given that Ms. Ayelet Aya Hayak is no longer considered an external director, and considering that her term is
      terminating in June 2022, the management of the Company has selected Ms. Ayelet Aya Hayak for election as director to serve for an additional three-year term commencing on the date of the Meeting until the end of her term and until his successor is
      duly elected. In the absence of instructions to the contrary, the persons named in the enclosed proxy will vote the Ordinary Shares represented thereby "FOR" the election of Ms. Ayelet Aya Hayak. If Ms. Ayelet Aya Hayak is unable to serve, the
      persons named in the proxy shall vote the Ordinary Shares for the election of such other nominee as management may propose. Ayelet Aya Hayak, who is currently serving as an independent director of the Company, has advised the Company that she will
      continue to serve as director if elected.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ms. Ayelet Aya Hayak has attested to the Board of Directors and the Company that she meets all the requirements in connection with
      the election of directors of publicly traded companies under the Companies Law and the regulations promulgated thereunder.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following table provides certain relevant information concerning Ms. Ayelet Aya Hayak.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</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;">

        <tr>
          <td style="width: 24.51%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Nominee</u></div>
          </td>
          <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Age</u></div>
          </td>
          <td style="width: 64.59%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Principal Occupation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.51%; vertical-align: top; font-family: 'Times New Roman',Times,serif;" rowspan="1">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman',Times,serif;" rowspan="1">&#160;</td>
          <td style="width: 64.59%; vertical-align: top; font-family: 'Times New Roman',Times,serif;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.51%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25;">Ayelet Aya Hayak</div>
          </td>
          <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25;">52</div>
          </td>
          <td style="width: 64.59%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ms. Hayak has served as a director since July 1, 2013. Ms. Hayak provides financial consulting services to corporations. Hayak Ayelet was the CEO
              of an Automation company, and also serves as a director in several companies. Ms. Hayek holds a BA degree in accounting and business administration from the Tel Aviv College of Management and is also a Certified Public Accountant.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In accordance with our Amended Compensation Policy which has been submitted to the shareholders for their approval at this Meeting, Ms.
      Ayelet Aya Hayak will continue to be a party to an indemnification agreement with the Company in the form of indemnification letter previously approved by the shareholders on April 11, 2012 to be entered into by the Company with directors serving
      from time to time in such capacity, and shall continue to be insured under the Company&#8217;s directors and officers insurance coverage which provides coverage for all directors of the Company. Under our Amended Compensation Policy, any change to the
      indemnification agreement or the insurance policy, including the cost and/or any changes which materially depart from the key terms of the current agreement and/or insurance policy (provided that such changes apply equally to all executives of the
      Company, including directors) will be submitted to the Company's Compensation Committee and the Board of Directors for their approval but shall not, unless required by law or the Company's Articles of Association, be presented at a General Meeting of
      the shareholders.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#8220;<font style="font-weight: bold;">RESOLVED, to elect Ms. Ayelet Aya Hayak as a director of the Company for a three-year term commencing
        on the date of the Meeting and until her successor has been duly elected.</font>&#8221;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 7 -</font></div>
      <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>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The election of Ms. Ayelet Aya Hayak as director requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors, with the exception of Ms. Ayelet Aya Hayak who expresses no
      recommendation as to the vote on the above proposal recommends a vote FOR approval of the re-election of Ms. Ayelet Aya Hayak as a director of the Company as set forth above.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 5</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO APPROVE THE GRANT OF 13,333 OPTIONS TO PURCHASE ORDINARY SHARES </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">OF THE COMPANY TO MR. AVI EIZENMAN, THE COMPANY'S ACTIVE CHAIRMAN </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">OF THE BOARD OF DIRECTORS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company's Compensation Policy provides that &#8220;all Executives (other than non-employee directors) are incentivized through cash
      bonuses and long-term equity-based incentives to provide the Executive with a stake in Silicom&#8217;s success &#8211; thus linking the Executive's long-term financial interests with the interests of Silicom&#8217;s shareholders&#8221;.&#160;Under the existing Compensation
      Policy, the maximum value of the variable compensation components shall not exceed eighty percent (80%) of each Executive's total compensation package on an annual basis (the &#8220;<font style="font-weight: bold;">Compensation Policy Cap</font>&#8221;).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and the Board of Directors have each recommended and approved on March 14, 2022, a grant of 13,333 options to
      purchase the Company's Ordinary Shares (hereinafter in this Resolution, the <font style="font-weight: bold;">(&#8220;Options&#8221;</font>) to Mr. Avi Eizenman, the Company's Active Chairman of the Board, pursuant to the Company's Global Share Incentive Plan
      (2013) (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;). The Compensation Committee and Board of Directors have each also determined that the proposed grant of options to Mr. Avi Eizenman is in compliance with the Compensation Policy, the Amended
      Compensation Policy and the Compensation Policy Cap. The proposed grant has an exercise price equal to the average closing price of the Company's Ordinary Shares on the 30 trading days preceding the date of the approval of such grant by the Company's
      shareholders, which date of approval shall be the grant date (in this Proposal 5, the &#8220;<font style="font-weight: bold;">Exercise Price</font>&#8221; and &#8220;<font style="font-weight: bold;">Grant Date</font>,&#8221; respectively), where 100% will vest on the second
      anniversary of the Grant Date, and which options (vested and unvested) shall expire, by their terms, upon the earlier to occur of: (a) the eighth anniversary of the Grant Date; and (b) the first date following the Grant Date on which the closing
      price per share of the Company's Ordinary Shares falls below fifty percent (50%) of the Exercise Price and remains at such price or at lower price for a period of at least 30 days.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors have each concluded that the terms of the proposed grant of options are pursuant to
      the Plan and are in compliance with the Compensation Policy, the Amended Compensation Policy and the Compensation Policy Cap.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#8220;<font style="font-weight: bold;">RESOLVED to approve granting 13,333 options to purchase Ordinary Shares of
        the Company to Mr. Avi Eizenman, the Active Chairman of the Company&#8217;s Board of Directors, with the effective grant date and vesting terms as set forth above</font>.&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The approval of the grant of 13,333 options to purchase Ordinary Shares of the Company to Mr. Avi Eizenman, the Active Chairman of
      the Company's Board of Directors, requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors,<font style="color: rgb(0, 0, 0);">&#160;</font>with the exception of Mr. Eizenman who expresses
      no recommendation as to the vote on the above proposal, recommends that the shareholders vote FOR approval of the proposed resolution.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 8 -</font></div>
      <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>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 6</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO APPROVE THE GRANT OF 13,333 OPTIONS TO PURCHASE ORDINARY SHARES </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">OF THE COMPANY TO MR. YESHAYAHU (&#8216;SHAIKE&#8217;) ORBACH, A MEMBER OF THE </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">BOARD OF DIRECTORS, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMPANY</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors have each recommended and approved on March 14, 2022, a grant of 13,333 Plan Options
      to purchase Ordinary Shares of the Company pursuant to the Plan to Mr. Yeshayahu (&#8216;Shaike&#8217;) Orbach, a member of the Board of Directors, and President and Chief Executive Officer of the Company. The Compensation Committee and Board of Directors have
      each also determined that the proposed grant of options to Mr. Yeshayahu (&#8216;Shaike&#8217;) Orbach is in compliance with the Compensation Policy, the Amended Compensation Policy and the Compensation Policy Cap. The proposed grant has an exercise price equal
      to the average closing price of the Company's Ordinary Shares on the 30 trading days preceding the date of the approval of such grant by the Company's shareholders, which date of approval shall be the grant date (in this Proposal 6, the &#8220;<font style="font-weight: bold;">Exercise Price</font>&#8221; and &#8220;<font style="font-weight: bold;">Grant Date</font>,&#8221; respectively), where 100% will vest on the second anniversary of the Grant Date, and which options (vested and unvested) shall expire, by
      their terms, upon the earlier to occur of: (a) the eighth anniversary of the Grant Date; and (b) the first date following the Grant Date on which the closing price per share of the Company's Ordinary Shares falls below fifty percent (50%) of the
      Exercise Price and remains at such price or at a lower price for a period of at least 30 days.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors have each concluded that the terms of the proposed grant of options are pursuant to
      the Plan and are in compliance with the Compensation Policy, the Amended Compensation Policy and the Compensation Policy Cap.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#8220;RESOLVED











        to approve granting 13,333 options to purchase Ordinary Shares of the Company to Mr. Yeshayahu (&#8216;Shaike&#8217;) Orbach, a member of the Board of Directors, and President and Chief Executive Officer of the Company, with the effective grant date and
        vesting terms as set forth above</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">.<font style="font-weight: bold;">&#8221;</font></font></div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law, approval of Proposal 6 requires the affirmative vote of a simple majority of
        shares present at the meeting, in person or by proxy, and voting thereon, as long as one of the following conditions is met:</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the majority of shares voted for the proposal includes at least a majority of the shares held by non-controlling and non-interested shareholders voted at the meeting (excluding abstaining votes); or</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the total number of shares of non-controlling and non-interested shareholders voted against the proposal does not exceed two percent of the aggregate voting rights in the company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Each shareholder voting at
          the meeting or prior thereto by means of the accompanying proxy card is requested to notify us if he, she or it has a Personal Interest in connection with this Proposal 6 as a condition for his or her vote to be counted with respect to this
          Proposal 6. If any shareholder casting a vote in connection hereto does not notify us if he, she or it has a Personal Interest with respect to this Proposal 6, he, she or it </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">will be deemed as having a Personal Interest with respect to this Proposal 6 and his, her or its vote will not be counted for the special disinterested majority required.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For this purpose, &#8220;Personal Interest&#8221; is defined as: (1) a shareholder's personal interest in the approval of an act or a transaction
      of the Company, including (i) the personal interest of his or her relative (which includes for these purposes any members of his/her (or his/her spouse's) immediate family or the spouses of any such members of his or her (or his/her spouse's)
      immediate family); and (ii) a personal interest of a body corporate in which a shareholder or any of his/her aforementioned relatives serves as a director or the chief executive officer, owns at least five percent (5%) of its issued share capital or
      its voting rights or has the right to appoint a director or chief executive officer, but (2) excluding (i) a personal interest arising solely from the fact of holding shares in the Company or in a body corporate; or (ii) a personal interest that is
      not a result of connections with a controlling shareholder of the Company.<br>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z172d039fa71247ed9324555917ffab38">

          <tr>
            <td style="width: 50%;" rowspan="1">
              <div>
                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
                  <div style="line-height: 1.25;">
                    <div style="text-align: left; line-height: 1.25; font-weight: bold;">The Board of Directors, with the exception of Mr. Orbach who expresses no recommendation as to the vote on the above proposal, recommends that the shareholders vote
                      FOR approval of the proposed resolution.</div>
                  </div>
                </div>
              </div>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 9 -</font></div>
      <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>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 7</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO APPROVE AN INCREASE IN THE MONTHLY BASE SALARY OF MR. AVI </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EIZENMAN, THE COMPANY'S ACTIVE CHAIRMAN OF THE BOARD OF DIRECTORS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors reviewed the monthly base salary currently paid to Mr. Avi Eizenman, the Company's
      Active Chairman of the Board, which is equal to NIS 97,654 per month, and assessed its compatibility, to ensure that Mr. Eizenman&#8217;s base salary remains suitable and appropriate.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">After their evaluation and assessment, each of the Compensation Committee and the Board of Directors approved an increase in Mr.
      Eizenman&#8217;s base salary by five percent (5%) to NIS 102,536 from NIS 97,654, per month. The proposed increase, subject to approval by shareholders, will be effective retroactively from January 1, 2022.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors have each concluded that the terms of the proposed increased base salary are in
      compliance with the Compensation Policy and the Amended Compensation Policy.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#8220;<font style="font-weight: bold;">RESOLVED to approve the increase in the monthly base salary paid to Mr. Avi
        Eizenman, the Company's Active Chairman of the Board of Directors, from NIS 97,654 per month to NIS 102,536 per month, effective retroactively as of January 1, 2022</font>.&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The approval of the increase in the monthly base salary paid to Mr. Avi Eizenman, the Active Chairman of the Company's Board of
      Directors, requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors,<font style="color: rgb(0, 0, 0);">&#160;</font>with the exception of Mr. Eizenman who expresses no recommendation as
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 8</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO APPROVE AN INCREASE IN THE MONTHLY BASE SALARY OF MR. YESHAYAHU </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> (&#8216;SHAIKE&#8217;) ORBACH, A MEMBER OF THE BOARD OF DIRECTORS, PRESIDENT AND </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CHIEF EXECUTIVE OFFICER OF THE COMPANY</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors reviewed the monthly base salary currently paid to Mr. Yeshayahu (&#8216;Shaike&#8217;) Orbach, a
      member of the Board of Directors, and President and Chief Executive Officer of the Company, which is equal to NIS 79,790 per month, and assessed its compatibility, to ensure that Mr. Orbach's base salary remains suitable and appropriate.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">After their evaluation and assessment, each of the Compensation Committee and the Board of Directors approved an increase in Mr.
      Orbach's base salary by five percent (5%) to NIS 83,780 from NIS 79,790, per month. The proposed increase, subject to approval by shareholders, will be effective retroactively from January 1, 2022.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors have each concluded that the terms of the proposed increased base salary are in
      compliance with the Compensation Policy and the Amended Compensation Policy.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#8220;<font style="font-weight: bold;">RESOLVED to approve the increase in the monthly base salary paid to Mr.
        Yeshayahu (&#8216;Shaike&#8217;) Orbach, a member of the Board of Directors, and President and Chief Executive Officer of the Company, from NIS 79,790 per month to NIS 83,780 per month, effective retroactively as of January 1, 2022</font>.&#8221;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 10 -</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law, approval of Proposal 8 requires the affirmative vote of a simple majority of
        shares present at the meeting, in person or by proxy, and voting thereon, as long as one of the following conditions is met:</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the majority of shares voted for the proposal includes at least a majority of the shares held by non-controlling and non-interested shareholders voted at the meeting (excluding abstaining votes); or</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the total number of shares of non-controlling and non-interested shareholders voted against the proposal does not exceed two percent of the aggregate voting rights in the company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Each shareholder voting at
          the meeting or prior thereto by means of the accompanying proxy card is requested to notify us if he, she or it has a Personal Interest in connection with this Proposal 8 as a condition for his or her vote to be counted with respect to this
          Proposal 8. If any shareholder casting a vote in connection hereto does not notify us if he, she or it has a Personal Interest with respect to this Proposal 8, he, she or it </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">will be deemed as having a Personal Interest with respect to this Proposal 8 and his, her or its vote will not be counted for the special disinterested majority required.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For this purpose, "Personal Interest" is defined as: (1) a shareholder's personal interest in the approval of an act or a transaction
      of the Company, including (i) the personal interest of his or her relative (which includes for these purposes any members of his/her (or his/her spouse's) immediate family or the spouses of any such members of his or her (or his/her spouse's)
      immediate family); and (ii) a personal interest of a body corporate in which a shareholder or any of his/her aforementioned relatives serves as a director or the chief executive officer, owns at least five percent (5%) of its issued share capital or
      its voting rights or has the right to appoint a director or chief executive officer, but (2) excluding (i) a personal interest arising solely from the fact of holding shares in the Company or in a body corporate; or (ii) a personal interest that is
      not a result of connections with a controlling shareholder of the Company.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors,<font style="color: rgb(0, 0, 0);">&#160;</font>with the exception of Mr. Orbach who expresses no recommendation as to
      the vote on the above proposal, recommends that the shareholders vote FOR approval of the proposed resolution.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 9</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO CONSIDER AND ACT UPON A PROPOSAL TO APPROVE THE COMPENSATION </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PACKAGE OF MR. LIRON EIZENMAN, AS THE COMPANY&#8217;S NEW PRESIDENT AND </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CHIEF EXECUTIVE OFFICER, COMMENCING JULY 1, 2022</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company&#8217;s Board of Directors has approved the appointment of Mr. Liron Eizenman as the Company&#8217;s new President and Chief
      Executive Officer, commencing July 1, 2022.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Mr. Liron Eizenman, who is the son of Mr. Avi Eizenman, the Company&#8217;s Active Chairman of the Board of Directors, has been with the
      Company for over six years and served in key executive roles with the Company, including as Chief Operations Officer of the Company and as CEO of Silicom&#8217;s North American subsidiary, Silicom Inc. Mr. Liron Eizenman was the visionary of Silicom&#8217;s Edge
      Networking Solutions strategy and was instrumental in driving the company to its leadership position in the SD-WAN/Edge platforms market. According to the Company&#8217;s planned changes in management, effective July 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2022, Mr. Orbach will
      cease to serve as the Company&#8217;s President and Chief Executive Officer and will be appointed as executive vice chairman of the board of directors. The Company and Mr. Orbach have agreed that he will work in his new role on a 40% basis and will be paid
      a pro rata portion of his approved compensation. Mr. Orbach will remain eligible to receive 50% of any annual bonus due to him as President and Chief Executive Officer, in respect of 2022, and 20% of such bonus for 2023.</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 11 -</font></div>
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        <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;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company&#8217;s Compensation Committee and Board of Directors have approved, subject to the approval of the Company&#8217;s shareholders a
      compensation package for Mr. Liron Eizenman as the new President and Chief Executive Officer consisting of (i) an amendment to his current employment agreement with the Company to revise his compensation structure and (ii)&#160; a severance agreement, ,
      identical to the current CEO severance agreement, as set forth in <font style="font-weight: bold;"><u>Annex C</u></font> (&#8220;<font style="font-weight: bold;">Severance Agreement</font>&#8221; and collectively with the amendment to his current employment
      agreement, the &#8220;<font style="font-weight: bold;">Compensation Package</font>&#8221;), the principal terms of which are as follows, commencing July 1, 2022:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 17.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Gross monthly base salary of NIS 70,000</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 17.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Entitlement to the Chief Executive Officer annual bonus upon the terms and in accordance with the formula approved by the Company&#8217;s shareholders at the Annual General Meeting held on June 8, 2016 (the &#8220;<font style="font-weight: bold;">CEO
                Bonus</font>&#8221;), provided only that Mr. Liron Eisenman will only be entitled to 50% of the applicable CEO Bonus for 2022, as and when determined by our Compensation Committee and Board of Directors (with the remaining portion being payable
              to Mr. Orbach).</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 17.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Standard social benefits package applicable to all full-time employees of the Company.</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 17.45pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Severance/Termination provisions (as more fully set forth in the Severance Agreement, attached to this Proxy as Exhibit C)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>:</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 54pt; font-family: 'Times New Roman',Times,serif;"><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; text-align: justify;">
            <div style="font-family: Arial, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">In the event of Mr. Liron Eizenman&#8217;s termination for any reason other than &#8220;Good Reason&#8221; following a
                &#8220;Change in Control&#8221;<font style="font-weight: bold;">, </font>the Company shall pay Mr. Liron Eizenman (A) his last full monthly salary multiplied by the number of years and any additional portion thereof that he was employed by the
                Company; minus (B) the severance component payable under Mr. Liron Eizenman&#8217;s Mangers&#8217; Insurance Policy (the &#8220;<font style="font-weight: bold;">Severance Component</font>&#8221;).</font></div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 54pt; font-family: 'Times New Roman',Times,serif;"><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; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Should Mr. Liron Eizenman&#8217;s employment be terminated by the Company for any reason other than &#8220;Cause&#8221; or by Mr. Liron Eizenman for &#8220;Good Reason&#8221; following a &#8220;Change in Control&#8221;, the Company shall pay Mr. Liron Eizenman (A) one and half
              times his monthly salary multiplied by the number of years and any additional portion thereof that he was employed by the Company; minus (B) the Severance Component.</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 54pt; font-family: 'Times New Roman',Times,serif;"><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; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Should Mr. Liron Eizenman&#8217;s employment be terminated by reason of death or &#8220;Disability&#8221;, the Company shall pay him a lump sum severance payment, equal to the balance of the full salary on the effective date of termination (excluding
              bonuses) that would have been payable to him had his employment with the Company continued for a period of 12 months following the date of termination.</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 54pt; font-family: 'Times New Roman',Times,serif;"><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; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Notice Period for termination (i) for Disability shall be 30 days, (ii) for any reason other than for &#8220;Cause&#8221;, no less than 12 months, and (iii) for any reason other than &#8220;Disability&#8221; or &#8220;Cause&#8221;, following a &#8220;Change in Control&#8221;, no less
              than 18 months.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors have each concluded that the Compensation Package is in compliance with the
      Compensation Policy and the Amended Compensation Policy.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#8220;<font style="font-weight: bold;">RESOLVED to approve the Compensation Package for Mr. Liron Eizenman, the
        Company&#8217;s new President and Chief Executive Officer, effective as of July 1, 2022</font>.&#8221;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law, approval of Proposal 9 requires the affirmative vote of a simple majority of
        shares present at the meeting, in person or by proxy, and voting thereon, as long as one of the following conditions is met:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the majority of shares voted for the proposal includes at least a majority of the shares held by non-controlling and non-interested shareholders voted at the meeting (excluding abstaining votes); or</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the total number of shares of non-controlling and non-interested shareholders voted against the proposal does not exceed two percent of the aggregate voting rights in the company.</div>
          </td>
        </tr>

    </table>
    <div> <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>
    <div> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Capitalized terms not otherwise defined in the description of the principal terms of the Severance Agreement, can be found in the Exhibit C to the Proxy.</div>
    <div> <br>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25;">
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">- 12 -</font></div>
          <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>
        <div style="text-align: left; line-height: 1.25;"> <br>
        </div>
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Each shareholder voting at
          the meeting or prior thereto by means of the accompanying proxy card is requested to notify us if he, she or it has a Personal Interest in connection with this Proposal 9 as a condition for his or her vote to be counted with respect to this
          Proposal 9. If any shareholder casting a vote in connection hereto does not notify us if he, she or it has a Personal Interest with respect to this Proposal 9, he, she or it </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">will be deemed as having a Personal Interest with respect to this Proposal 9 and his, her or its vote will not be counted for the special disinterested majority required.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For this purpose, "Personal Interest" is defined as: (1) a shareholder's personal interest in the approval of an act or a transaction
      of the Company, including (i) the personal interest of his or her relative (which includes for these purposes any members of his/her (or his/her spouse's) immediate family or the spouses of any such members of his or her (or his/her spouse's)
      immediate family); and (ii) a personal interest of a body corporate in which a shareholder or any of his/her aforementioned relatives serves as a director or the chief executive officer, owns at least five percent (5%) of its issued share capital or
      its voting rights or has the right to appoint a director or chief executive officer, but (2) excluding (i) a personal interest arising solely from the fact of holding shares in the Company or in a body corporate; or (ii) a personal interest that is
      not a result of connections with a controlling shareholder of the Company.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors,<font style="color: rgb(0, 0, 0);">&#160;</font>with the exception of Mr. Avi Eizenman who was not present on the
      Board of Directors when the above proposal was being considered and voted upon, recommends that the shareholders vote FOR approval of the proposed resolution.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 10</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO APPROVE THE GRANT OF 50,000 OPTIONS TO PURCHASE ORDINARY SHARES </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">OF THE COMPANY TO MR. LIRON EIZENMAN, THE COMPANY&#8217;S NEW PRESIDENT </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AND CHIEF EXECUTIVE OFFICER OF THE COMPANY</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In light of Mr. Liron Eizenman&#8217;s appointment of the Company&#8217;s new Chief Executive Officer, commencing July 1, 2022 (the &#8220;<font style="font-weight: bold;">Commencement Date</font>&#8221;), the Compensation Committee and Board of Directors have each recommended and approved, a special long term incentive and retention grant of 50,000 Plan Options to purchase Ordinary Shares of the
      Company pursuant to the Plan to Mr. Liron Eizenman. The Compensation Committee and Board of Directors have each also determined that the proposed grant of options to Mr. Liron Eizenman is in compliance with the Compensation Policy, the Amended
      Compensation Policy and the Compensation Policy Cap. The proposed grant shall have an exercise price equal to the average closing price of the Company's Ordinary Shares on the 30 trading days preceding the Commencement Date (in this Proposal 10, the
      &#8220;<font style="font-weight: bold;">Exercise Price</font>&#8221;), where 50% will vest on the second anniversary of the Commencement Date, 25% on the third anniversary of the Commencement Date and 25% on fourth anniversary of the Commencement Date, and which
      options (vested and unvested) shall expire, by their terms, upon the earlier to occur of: (a) the eighth anniversary of the Commencement Date; and (b) the first date following the Commencement Date on which the closing price per share of the
      Company's Ordinary Shares falls below fifty percent (50%) of the Exercise Price and remains at such price or at a lower price for a period of at least 30 days.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors have each concluded that the terms of the proposed grant of options are pursuant to
      the Plan and are in compliance with the Compensation Policy, the Amended Compensation Policy and the Compensation Policy Cap.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#8220;RESOLVED











        to approve granting 50,000 options to purchase Ordinary Shares of the Company to Mr. Liron Eizenman in connection with his appointment as President and Chief Executive Officer of the Company, with the exercise price and vesting terms as set forth
        above</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">.<font style="font-weight: bold;">&#8221;</font></font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 13 -</font></div>
      <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>
    <div style="line-height: 1.25;">&#160;<br>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law, approval of Proposal 10 requires the affirmative vote of a simple majority of
        shares present at the meeting, in person or by proxy, and voting thereon, as long as one of the following conditions is met:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the majority of shares voted for the proposal includes at least a majority of the shares held by non-controlling and non-interested shareholders voted at the meeting (excluding abstaining votes); or</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the total number of shares of non-controlling and non-interested shareholders voted against the proposal does not exceed two percent of the aggregate voting rights in the company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Each shareholder voting at
          the meeting or prior thereto by means of the accompanying proxy card is requested to notify us if he, she or it has a Personal Interest in connection with this Proposal 10 as a condition for his or her vote to be counted with respect to this
          Proposal 10. If any shareholder casting a vote in connection hereto does not notify us if he, she or it has a Personal Interest with respect to this Proposal 10, he, she or it </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">will be deemed as having a Personal Interest with respect to this Proposal 10 and his, her or its vote will not be counted for the special disinterested majority required.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For this purpose, &#8220;Personal Interest&#8221; is defined as: (1) a shareholder's personal interest in the approval of an act or a transaction
      of the Company, including (i) the personal interest of his or her relative (which includes for these purposes any members of his/her (or his/her spouse's) immediate family or the spouses of any such members of his or her (or his/her spouse's)
      immediate family); and (ii) a personal interest of a body corporate in which a shareholder or any of his/her aforementioned relatives serves as a director or the chief executive officer, owns at least five percent (5%) of its issued share capital or
      its voting rights or has the right to appoint a director or chief executive officer, but (2) excluding (i) a personal interest arising solely from the fact of holding shares in the Company or in a body corporate; or (ii) a personal interest that is
      not a result of connections with a controlling shareholder of the Company.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors,<font style="color: rgb(0, 0, 0);">&#160;</font>with the exception of Mr. Avi Eizenman who was not present on the
      Board of Directors when the above proposal was being considered and voted upon, recommends that the shareholders vote FOR approval of the proposed resolution.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 11</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; text-indent: -35.45pt; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO CONSIDER AND ACT UPON A PROPOSAL TO APPROVE THE AMENDED </div>
    <div style="text-align: center; text-indent: -35.45pt; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">COMPENSATION POLICY</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">As required by the Companies Law, the Company has adopted an Executive Compensation Policy regarding the terms of
      office and employment of its directors and executive officers, which was adopted by its shareholders on July 31, 2013.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">As per the provisions of the Companies Law, inter alia Sections 267A and B, and Section 118B(1), an executive
      compensation policy must be approved and re-approved at least once every three years in accordance with the Companies Law.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Following the review of the
        Executive Compensation Policy, in light of certain changes in the Companies Law, and in light of the rapid changes in the Company's global business activities and its environment since the adoption of the Executive Compensation Policy, the
        Compensation Committee and Board </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">of Directors <font style="color: rgb(0, 0, 0);">recommend to approve the Silicom Ltd. Amended Compensation Policy, attached hereto
          as </font><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Annex B</u></font><font style="color: rgb(0, 0, 0);">, which is deemed by the Compensation Committee and Board </font>of Directors <font style="color: rgb(0, 0, 0);">to be
          appropriate for the Company and aligns the overall compensation package offered to the Company's office holders with the purposes and goals of the Company.</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: -35.45pt; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Amended Compensation Policy includes the following main amendments to the current Executive Compensation
      Policy:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 21.3pt; font-family: 'Times New Roman',Times,serif;"><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; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Deletion of certain references to External Directors in the current Compensation Policy, reflecting the fact that the Company no longer has External Directors.</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 21.3pt; font-family: 'Times New Roman',Times,serif;"><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; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>Increase in the percentage of the annual total compensation package that each Executive (other than non-employee directors) can receive in the form of variable compensation. The maximum value of the variable compensation components shall
              not exceed 88% of each Executive's total compensation package on an annual basis.</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 21.3pt; font-family: 'Times New Roman',Times,serif;"><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; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>The Board of Directors is authorized to exercise its discretion to reduce or not award any Executive's variable compensation, even where performance targets have been met.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 11.2pt; margin-left: 39.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In considering the recommendation regarding the Amended Compensation Policy, the Compensation Committee and Board
      of Directors reviewed the Amended Compensation Policy and its suitability to the Company while considering the following parameters: (a) advancement of the goals of the Company, its working plan and its long term policy; (b) the creation of proper
      incentives for the office holders while taking into consideration, inter alia, the Company's risk management policies; (c) the Company's size and nature of its operations; and (d) the contributions and expected contributions of the various office
      holders in achieving the goals of the Company, and profit in the long term in light of their positions.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 15.05pt; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board then reviewed and verified that the following considerations are addressed
      in the Amended Compensation Policy:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <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; font-family: 'Times New Roman',Times,serif;">
            <div>the education, skills, expertise and achievements of the relevant office holders in the Company in light of the goals of the Company and the contributions of said officers to the development and success of the Company;</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <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; font-family: 'Times New Roman',Times,serif;">
            <div>the role and particular position of the office holders, areas of their responsibilities and any previous compensation agreements with them;</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <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; font-family: 'Times New Roman',Times,serif;">
            <div>the correlation of the proposed compensation terms of office holders included in the Amended Compensation Policy with the compensation of other employees of the Company, and the possible effect of such differences in compensation on the
              employment relations in the Company;</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the possibility of reducing variable compensation at the discretion of the Board and, consideration of a possible maximum value for equity compensation when sold; and</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div> the terms of severance payment included in the Amended Compensation Policy taking into account the performance and roles and responsibilities of the Company's office holders and the performance of the Company during the office holders'
              tenure.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 14.5pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors, in its consideration of recommending the approval of the Amended
      Compensation Policy by the Company's shareholders, seek to balance the interests of the public shareholders of the Company, with the need to fairly compensate office holders, by considering the value and positioning of the Company on the Israeli and
      global markets and the role of said office holders in effectuating or maintaining said positioning.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 14.5pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Amended Compensation Policy was evaluated in light of the advancement of the long term goals of the Company,
      considerations of how management have handled the risks facing the Company, the size of the Company and the character of its operations in comparison to similar companies in the Israeli market, in addition to the factors discussed above. All of these
      considerations included, as much as possible, a review of measurable criteria and historical data.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 14.5pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors seek to ensure that it maintains the ability to attract and
      retain superior office holders in key positions, and that the compensation provided to office holders remains competitive relative to the compensation paid to similarly situated office holders in the Company's industry and the broader marketplace
      from which it recruits and competes for talent.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 14.5pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board of Directors believe that the most effective compensation program is one
      designed to reward achievement that aligns office holders' interests with those of the Company and its shareholders by rewarding performance, with the ultimate objective of improving shareholder value and building and maintaining a sustainable
      company.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 14.5pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In light of the aforementioned considerations, the Compensation Committee and Board of Directors found that the
      Amended Compensation Policy is fair and beneficial to the Company and its shareholders in light of the factors, considerations, and materials outlined above.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 15 -</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 14.5pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Compensation Committee and Board believe that the Amended Compensation Policy properly balances the
      requirements of the Companies Law and the philosophy and objectives described above.</div>
    <div style="text-align: justify; text-indent: 20.7pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; text-indent: 45pt;">&#160; The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 20.7pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8220;RESOLVED, to approve the Amended Compensation Policy in the form attached as Annex B to the
      Proxy Statement.&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 20.7pt; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law, approval of Proposal 11 requires the affirmative vote of a
      simple majority of shares present at the meeting, in person or by proxy, and voting thereon, as long as one of the following conditions is met:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the majority of shares voted for the proposal includes at least a majority of the shares held by non-controlling and non-interested shareholders voted at the meeting (excluding abstaining votes); or</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 35.45pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div>the total number of shares of non-controlling and non-interested shareholders voted against the proposal does not exceed two percent of the aggregate voting rights in the company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Each shareholder voting at
          the meeting or prior thereto by means of the accompanying proxy card is requested to notify us if he, she or it has a Personal Interest in connection with this Proposal 11 as a condition for his or her vote to be counted with respect to this
          Proposal 11. If any shareholder casting a vote in connection hereto does not notify us if he, she or it has a Personal Interest with respect to this Proposal 11, he, she or it </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">will be deemed as having a Personal Interest with respect to this Proposal 11 and his, her or its vote will not be counted for the special disinterested majority required.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For this purpose, &#8220;Personal Interest&#8221; is defined as: (1) a shareholder's personal interest in the approval of an act or a transaction
      of the Company, including (i) the personal interest of his or her relative (which includes for these purposes any members of his/her (or his/her spouse's) immediate family or the spouses of any such members of his or her (or his/her spouse's)
      immediate family); and (ii) a personal interest of a body corporate in which a shareholder or any of his/her aforementioned relatives serves as a director or the chief executive officer, owns at least five percent (5%) of its issued share capital or
      its voting rights or has the right to appoint a director or chief executive officer, but (2) excluding (i) a personal interest arising solely from the fact of holding shares in the Company or in a body corporate; or (ii) a personal interest that is
      not a result of connections with a controlling shareholder of the Company.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The Companies Law allows our Board of Directors to approve the Amended Compensation Policy even in the event it was
      not approved by our shareholders; provided that our Compensation Committee and thereafter the Board of Directors have determined, based on detailed reasoning, and after having re-examined the Amended Compensation Policy, that the approval of the
      Amended Compensation Policy, in spite of the objection of the Company's shareholders, is for the benefit of the Company.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors recommends a vote FOR approval of the Amended Compensation Policy in the
      form attached hereto as Annex B.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 12</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">APPOINTMENT OF KESSELMAN &amp; KESSELMAN CERTIFIED PUBLIC </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ACCOUNTANTS (Isr.), PWC ISRAEL, AS INDEPENDENT PUBLIC ACCOUNTANTS OF </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">THE COMPANY AND AUTHORIZATION OF AUDIT COMMITTEE TO FIX THE </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">COMPENSATION OF SUCH AUDITORS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Under the Israeli Companies Law, the appointment of independent public accountants requires the approval of the shareholders of the
      Company.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Following the recommendation and approval of the Audit Committee, the Board of Directors has authorized and approved the appointment of
      the accounting firm of Kesselman &amp; kesselman Certified Public Accountants (Isr.), PwC Israel (&#8220;<font style="font-weight: bold;">PwC Israel</font>&#8221;), as the independent certified public accountants of the Company for the year ending December 31,
      2022, and until the next annual general meeting of the shareholders of the Company.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 16 -</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Audit Committee and Board of Directors believe that the selection of PWC as the independent accountants of the Company is
      appropriate and in the best interest of the Company and its shareholders. Subject to the approval of this Proposal 12, the Audit Committee will be authorized to set the compensation of such auditors in accordance with the volume and nature of their
      services.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The shareholders of the Company are requested to adopt the following resolution:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#8220;RESOLVED, to appoint PwC
        Israel as the independent public accountants of the Company for the year ending December 31, 2022, and until the next annual general meeting of the Company's shareholders, and to authorize the Audit Committee to set their compensation</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;<font style="font-weight: bold;">in accordance with the volume and nature of their services.</font>&#8221;</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The appointment of PwC Israel as the independent public accountants of the Company for the year ending December 31, 2022, and until the
      next annual general meeting of the Company's shareholders and authorization of the Audit Committee to set their compensation in accordance with the volume and nature of their services, requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Board of Directors recommends that the shareholders vote FOR approval of the proposed resolution.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL 13</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">REVIEWING THE COMPANY'S FINANCIAL STATEMENTS FOR THE YEAR ENDED </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">DECEMBER 31, 2021, AND TRANSACTING SUCH OTHER BUSINESS AS MAY </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPERLY COME BEFORE THE MEETING</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">At the Meeting, shareholders will have an opportunity to review, ask questions and comment on the Company's Consolidated Balance Sheet
      as of December 31, 2021 and the Consolidated Statement of Income for the year then ended. The Company published its audited financial statements for the fiscal year ended December 31, 2021 on Form 6-K, which was filed with the Securities and Exchange
      Commission (the &#8220;<font style="font-weight: bold;">SEC</font>&#8221;) on March 17, 2022 and is available at their website, <font style="color: rgb(0, 0, 255);"><u>www.sec.gov</u></font>, and also published such financial statements together with the
      Company's Annual Report on Form 20-F, which was filed with the SEC on April 27, 2022 and is available at their website, and you may request that a copy be mailed to you. The Company will hold a discussion with respect to the Annual Report and
      financial statements at the Meeting. This agenda item will not involve a vote by the shareholders.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Management is not aware of any other matters to be presented at the Meeting. If, however, any other matters should properly come before
      the Meeting or any adjournment or postponement thereof, the proxy confers discretionary authority with respect to acting thereon, and the persons named in the enclosed proxy will vote on such matters in accordance with their best judgment.</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">_________________________________</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Your vote is important!</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> Shareholders are urged to complete and return their proxies promptly in order to, among other things, ensure action by a quorum and to avoid the expense of additional
        solicitation. If the accompanying proxy is properly executed and returned in time for voting, and a choice is specified, the shares represented thereby will be voted as indicated thereon. EXCEPT AS MENTIONED OTHERWISE IN THIS PROXY STATEMENT, IF NO
        SPECIFICATION IS MADE, THE PROXY WILL BE VOTED IN FAVOR OF EACH OF THE PROPOSALS DESCRIBED IN THIS PROXY STATEMENT. <font style="font-weight: bold;">Proxies and all other applicable materials should be sent to the offices of the Company at 14 Atir
          Yeda Street, Kfar Sava 4464323, Israel (telephone number: 972-9-764-4555, facsimile number: 972-9-765-1977)</font>.</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">- 17 -</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ADDITIONAL INFORMATION</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">Exchange Act&#8221;</font>), as applicable to foreign private issuers. Accordingly, we file reports and other information with the SEC. Shareholders may read and copy any document we file at the SEC's public reference rooms at 450 Fifth Street,
      N.W., Washington, D.C. 20549. Shareholders can call the SEC at 1-800-SEC-0330 for further information on using the public reference room. In addition, similar information concerning us can be inspected and copied at the offices of the National
      Association of Securities Dealers, Inc., 9513 Key West Avenue, Rockville, Maryland 20850 USA. All documents which we will file on the SEC's EDGAR system will be available for retrieval on the SEC's website at <font style="color: rgb(0, 0, 255);"><u>http://www.sec.gov</u></font>.
      This proxy statement is also available on our website at <font style="color: rgb(0, 0, 255);"><u>http://www.silicom.co.il</u></font> and on the SEC's website at <font style="color: rgb(0, 0, 255);"><u>http://www.sec.gov</u></font>.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing certain disclosure and procedural
      requirements for proxy solicitations. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under
      the Exchange Act. The Notice of the Annual General Meeting of Shareholders and the Proxy Statement have been prepared in accordance with applicable disclosure requirements in the State of Israel.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROXY STATEMENT OR THE INFORMATION FURNISHED TO YOU IN CONNECTION WITH THIS
      PROXY STATEMENT WHEN VOTING ON THE MATTERS SUBMITTED TO SHAREHOLDER APPROVAL HEREUNDER. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH INFORMATION THAT IS DIFFERENT FROM WHAT IS CONTAINED IN THIS DOCUMENT. THIS PROXY STATEMENT IS DATED MAY 2,
      2022. YOU SHOULD NOT ASSUME THAT THE&#160; INFORMATION&#160; CONTAINED&#160; IN&#160; THIS&#160; DOCUMENT&#160; IS&#160; ACCURATE&#160; AS&#160; OF&#160; ANY&#160; DATE&#160; OTHER&#160; THAN&#160; MAY 2, 2022,&#160; AND&#160; THE&#160; MAILING&#160; OF&#160; THIS&#160; DOCUMENT&#160; TO SHAREHOLDERS SHOULD NOT CREATE ANY IMPLICATION TO THE CONTRARY.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#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;">

        <tr>
          <td style="width: 39.06%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 60.94%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">By Order of the Board of Directors</div>
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SILICOM LTD.</div>
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><u>/s/ Yeshayahu (&#8216;Shaike&#8217;) Orbach</u></div>
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Yeshayahu (&#8216;Shaike&#8217;) Orbach<br>
              <br>
              DIRECTOR, PRESIDENT AND CHIEF EXECUTIVE OFFICER</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.06%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;">Kfar Sava, Israel<br>
              Date: May 12, 2022</div>
          </td>
          <td style="width: 60.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
  </div>
  <div style="text-align: center;"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">- 18 -</font></div>
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  </div>
  <div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Annex A</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">AMENDED AND RESTATED</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">ARTICLES OF ASSOCIATION</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;">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;">SILICOM 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;">A COMPANY LIMITED BY SHARES</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;">PRELIMINARY</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">1.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">COMPANY NAME</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The name of the company is &#8220;Silicom Ltd.&#8221; (the &#8220;Company&#8221;).</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">2.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">INTERPRETATION</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">In these Articles, the following terms shall bear the meanings set forth below, unless inconsistent with the subject or context.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#8220;Office Holder&#8221; shall mean every director and every other person included in the definition of &#8220;office holder&#8221; under the Companies Law, including the executive officers of the Company.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#8220;External Directors&#8221; shall mean directors appointed and serving in accordance with Sections 239 through 249 of the Companies Law.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">&#8220;Companies Law&#8221; shall mean the Israeli Companies Law, 5759-1999, as amended and as may be amended from time to time, and any regulations promulgated thereunder.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#8220;Articles&#8221; shall mean these Amended and Restated Articles of Association as originally adopted or as amended from time to time.</div>
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        <tr>
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            <div style="text-align: justify; line-height: 1.25;">Defined terms used herein, but not defined, shall have the meaning given them in the Companies Law.</div>
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        <tr>
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          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">Unless the subject or the context otherwise requires: words and expressions importing the masculine gender shall include the feminine gender; and words and expressions importing persons shall
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">PUBLIC COMPANY; LIMITED LIABILITY AND COMPANY OBJECTIVES</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25;">The Company is a Public Company, as such term is defined in the Companies Law.</div>
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      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">The liability of the Company&#8217;s shareholders is limited and, accordingly, the liability of each shareholder for the Company&#8217;s obligations shall be limited to the payment of the nominal value
              of the shares held by such shareholder, subject to the provisions of these Articles and the Companies Law.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25;">The Company's objectives are to carry on any business and&#160;perform any act which is not prohibited by law. The Company may also make contributions of reasonable sums to worthy purposes even if
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      <div style="text-align: justify; 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;">A - 2</font></div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SHARE CAPITAL</div>
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">SHARE CAPITAL</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
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            <div style="text-align: justify; line-height: 1.25;">The authorized share capital of the Company is one hundred thousand&#160;New Israeli Shekels (NIS 100,000) divided into ten million (10,000,000) Ordinary Shares, nominal value NIS 0.01 per share.</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">The Ordinary Shares all rank&#160;<font style="font-style: italic;">pari passu</font>&#160;in all respects.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">5.</div>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">INCREASE OF AUTHORIZED SHARE CAPITAL</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
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            <div style="text-align: justify; line-height: 1.25;">The Company may, from time to time, by resolution of its shareholders, whether or not all the shares then authorized have been issued and whether or not all the shares theretofore issued have
              been called up for payment, increase its authorized share capital by the creation of new shares. Any such increase shall be in such amount and shall be divided into shares of such nominal amounts, and such shares shall confer such rights and
              preferences, and shall be subject to such restrictions, as such resolution shall provide.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">Except to the extent otherwise provided in such resolution, any new shares included in the authorized share capital increased as aforesaid shall be subject to all the provisions of these
              Articles which are applicable to shares of the same class included in the existing share capital.</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">6.</div>
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">SPECIAL RIGHTS; MODIFICATION OF RIGHTS</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of these Articles, and without prejudice to any special rights previously conferred upon the holders of existing shares in the Company, the Company may, from time to
              time, by resolution of its shareholders, provide for shares with such preferred or deferred rights or rights of redemption or other special rights and/or such restrictions, whether in regard to liquidation, dividends, voting, repayment of
              share capital or otherwise, as may be stipulated in such resolution provided that any resolution with respect to the issuance of shares will be made only by the Board of Directors.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(i)</div>
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            <div style="text-align: justify; line-height: 1.25;">If at any time the share capital is divided into different classes of shares, the rights attached to any class, unless otherwise provided by these Articles, may be modified or abrogated by
              the Company, by a resolution of the shareholders, subject to the consent in writing of the holders of a majority of the issued shares of such class or the adoption of a resolution passed at a separate General Meeting of the holders of the
              shares of such class.</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">The provisions of these Articles relating to General Meetings shall,&#160;<font style="font-style: italic;">mutatis mutandis</font>, apply to any separate General Meeting of the holders of the
              shares of a particular class, provided, however, that the requisite quorum at any such separate General Meeting shall be two or more members present in person or by proxy and holding not less than thirty three and a third percent (33 1/3%) of
              the issued shares of such class.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">Unless otherwise provided by these Articles, the enlargement of an authorized class of shares, or the issuance of additional shares thereof out of the authorized and unissued share capital,
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Company may, from time to time, by resolution of its shareholders (subject, however, to the provisions of Article 6(b) hereof and to applicable law):</div>
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          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
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          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">consolidate and divide all or part of its issued or un-issued authorized share capital into shares of a per share nominal value which is larger than the per share nominal value of its
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 6%; vertical-align: top;">
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          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">subdivide its shares (issued or un-issued) or any of them, into shares of smaller nominal value;</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(iii)</div>
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          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">cancel any shares which, at the date of the adoption of such resolution, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of
              the shares so canceled; or</div>
          </td>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(iv)</div>
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            <div style="text-align: justify; line-height: 1.25;">reduce its share capital in any manner, subject to any consent required by law.</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">With respect to any consolidation of issued shares into shares of a larger nominal value per share, and with respect to any other action which may result in fractional shares, the Board of
              Directors may settle any difficulty which may arise with regard thereto, as it deems fit, and, in connection with any such consolidation or other action which could result in fractional shares, may, without limiting its aforesaid power:</div>
          </td>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(i)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">determine, as to the holder of shares so consolidated, which issued shares shall be consolidated into a share of a larger nominal value per share;</div>
          </td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(ii)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">allot, in contemplation of or subsequent to such consolidation or other action, shares or fractional shares sufficient to preclude or remove fractional share holdings;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(iii)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">redeem, in the case of redeemable preference shares, and subject to applicable law, such shares or fractional shares sufficient to preclude or remove fractional share holdings; and/or</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z45a7c09967c149dcbe19d884aede0093">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(iv)</div>
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          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">cause the transfer of fractional shares by certain shareholders of the Company to other shareholders thereof so as to most expediently preclude or remove any fractional shareholdings, and
              cause the transferees of such fractional shares to pay the transferors thereof the fair value thereof, and the Board of Directors is hereby authorized to act in connection with such transfer, as agent for the transferors and transferees of
              any such fractional shares, with full power of substitution, for the purposes of implementing the provisions of this sub-Article 7(b)(iv).</div>
          </td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 5</font></div>
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      </div>
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      </div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SHARES</div>
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      </div>
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        <tr>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">8.</div>
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">ISSUANCE OF SHARE CERTIFICATES; REPLACEMENT OF LOST CERTIFICATES</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Share Certificates shall be issued under the corporate seal of the Company and shall bear the signature of one Director, or of any other person or persons so authorized by the Board of
              Directors.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Each shareholder shall be entitled to one or several numbered certificates for all the shares of any class registered in his name, each for one or more of such shares. Each certificate shall
              specify the serial numbers of the shares represented thereby and may also specify the amount paid up thereon.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A share certificate registered in the names of two or more persons shall be delivered to the person first named in the Shareholder Register in respect of such co-ownership.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A share certificate which has been defaced, lost or destroyed, may be replaced, and the Company shall issue a new certificate to replace such defaced, lost or destroyed certificate upon
              payment of such fee, and upon the furnishing of such evidence of ownership and such indemnity, as the Board of Directors in its discretion deems fit.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">9.</div>
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">REGISTERED HOLDER</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Except as otherwise provided in these Articles, the Company shall be entitled to treat the registered holder of each share as the absolute owner thereof, and accordingly, shall not, except as
        ordered by a court of competent jurisdiction, or as required by statute, be obligated to recognize any equitable or other claim to, or interest in, such share on the part of any other person.</div>
      <div style="text-align: justify; 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;">A - 6</font></div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The un-issued shares from time to time shall be under the sole control of the Board of Directors, who shall have the power to allot, issue or otherwise dispose of shares to such persons, on such
        terms and conditions (including&#160;<font style="font-style: italic;">inter alia</font>&#160;terms relating to calls as set forth in Article 12(f) hereof), and either at par or at a premium, or, subject to the provisions of the Companies Law, at a discount
        and/or with payment of commission, and at such times, as the Board of Directors deems fit, and the power to give to any person the option to acquire from the Company any shares, either at par or at a premium, or, subject as aforesaid, at a discount
        and/or with payment of commission, during such time and for such consideration as the Board of Directors deems fit.</div>
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      </div>
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        <tr>
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      <div style="text-align: justify; line-height: 1.25;">If pursuant to the terms of allotment or issue of any share, all or any portion of the price thereof shall be payable in installments, every such installment shall be paid to the Company on the due
        date thereof by the then registered holder(s) of the share or the person(s) then entitled thereto.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">CALLS ON SHARES</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may, from time to time, as it, in its discretion, deems fit, make calls for payment upon shareholders in respect of any sum which has not been paid up in respect of
              shares held by such shareholders and which is not pursuant to the terms of allotment or issue of such shares or otherwise, payable at a fixed time, and each shareholder shall pay the amount of every call so made upon him or her (and of each
              installment thereof if the same is payable in installments), to the Company at the time(s) and place(s) designated by the Board of Directors, as any such time(s) may be thereafter extended or place(s) changed. Unless otherwise stipulated in
              the resolution of the Board of Directors (and in the notice hereafter referred to), each payment in response to a call shall be deemed to constitute a&#160;<font style="font-style: italic;">pro rata</font>&#160;payment on account of all the shares in
              respect of which such call was made.</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
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          </td>
          <td style="width: 3%; vertical-align: top;">
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Notice of any call for payment by a shareholder shall be given in writing to such shareholder not less than fourteen (14) days prior to the time of payment fixed in such notice, and shall
              specify the time and place of payment.&#160;&#160;Prior to the time for any such payment fixed in a notice of a call given to a shareholder, the Board of Directors may in its absolute discretion, by notice in writing to such member, revoke such call in
              whole or in part, extend the time fixed for payment thereof, or designate a different place of payment. In the event of a call payable in installments, only one notice thereof need be given.</div>
          </td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: justify; line-height: 1.25;">If pursuant to the terms of allotment or issue of a share or otherwise, an amount is made payable at a fixed time (whether on account of such share or by way of premium), such amount shall be
              payable at such time as if it were payable by virtue of a call made by the Board of Directors and for which notice was given in accordance with paragraphs (a) and (b) of this Article 12, and the provisions of these Articles with regard to
              calls (and the non-payment thereof) shall be applicable to such amount (and the non-payment thereof).</div>
          </td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Joint holders of a share shall be jointly and severally liable to pay all calls for payment in respect of such share and all interest payable thereon.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(e)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any amount called for payment which is not paid when due shall bear interest from the date fixed for payment until actual payment thereof, at such rate (not exceeding the then prevailing
              debitory rate charged by leading commercial banks in Israel), and payable at such time(s) as the Board of Directors may prescribe.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(f)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Upon the allotment of shares, the Board of Directors may provide for differences among the allottees of such shares as to the amounts and times for payment of calls in respect of such shares.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z772c1d34c6b649cdba526757596af62e">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">13.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">PREPAYMENT</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">With the approval of the Board of Directors, any shareholder may pay to the Company any amount not yet payable in respect of his shares, and the Board of Directors may approve the payment by the
        Company of interest on any such amount until the same would be payable if it had not been paid in advance, at such rate and time(s) as may be approved by the Board of Directors. The Board of Directors may at any time cause the Company to repay all
        or any part of the money so advanced, without premium or penalty. Nothing in this Article 13 shall derogate from the right of the Board of Directors to make any call for payment before or after receipt by the Company of any such advance.</div>
      <div style="text-align: justify; 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;">A - 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="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">FORFEITURE AND SURRENDER</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z1839cbca8c5042cdae91bdcd61b6eb96">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">If any shareholder fails to pay an amount payable by virtue of a call, or interest thereon as provided for in accordance herewith, on or before the day fixed for payment of the same, the
              Board of Directors may at any time after the day fixed for such payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, resolve to forfeit all or any of the shares in respect of
              which such payment was called for. All expenses incurred by the Company in attempting to collect any such amount or interest thereon, including, without limitation, attorney&#8217;s fees and costs of legal proceedings, shall be added to, and shall,
              for all purposes (including the accrual of interest thereon), constitute a part of, the amount payable to the Company in respect of such call.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zc97b8c952ad640ee92d75ed50700f414">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Upon the adoption of a resolution as to the forfeiture of a shareholder&#8217;s share, the Board of Directors shall cause notice thereof to be given to such shareholder, which notice shall state
              that, in the event of the failure to pay the entire amount so payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is given and which may be extended by the Board of
              Directors), such shares shall be&#160;<font style="font-style: italic;">ipso facto</font>&#160;forfeited, provided, however, that, prior to such date, the Board of Directors may nullify such resolution of forfeiture, but no such nullification shall
              prevent the Board of Directors from adopting a further resolution of forfeiture in respect of the non-payment of the same amount.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z6ccf7385d6ba448788611090b1a146a9">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Without derogating from Articles 54 and 59 hereof, whenever shares are forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof and not actually paid shall
              be deemed to have been forfeited at the same time.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zfc6c7046f2dc45f5ba73e936275bb41c">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share not fully paid for.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="ze9f954cb012743f7a68b051c43138813">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(e)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any share forfeited or surrendered as provided herein, shall become the property of the Company, and the same, subject to the provisions of these Articles, may be sold, re-allotted or
              otherwise disposed of as the Board of Directors deems fit.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="za9c7d1d98d4e45089bcab170ff76e1fa">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(f)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any shareholder whose shares have been forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be liable to
              pay, and shall forthwith pay, to the Company, all calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender, together with interest thereon from the time of forfeiture or surrender until
              actual payment, at the rate prescribed in Article 12(e) above, and the Board of Directors, in its discretion, may, but shall not be obligated to, enforce the payment of such moneys, or any part thereof. In the event of such forfeiture or
              surrender, the Company, by resolution of the Board of Directors, may accelerate the date(s) of payment of any or all amounts then owing to the Company by the shareholder in question (but not yet due) in respect of all shares owned by such
              shareholder, solely or jointly with another.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z88446684373c4569aa992a19ad00d159">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(g)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may at any time, before any share so forfeited or surrendered shall have been sold, re-allotted or otherwise disposed of, nullify the forfeiture or surrender on such
              conditions as it deems fit, but no such nullification shall prevent the Board of Directors from re-exercising its powers of forfeiture pursuant to this Article 14.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z28496e6c35d142c29f03f69a820e3022">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">15.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">LIEN</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z8f6342ec31a44001b0e2aff99ece1696">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Except to the extent the same may be waived or subordinated in writing, the Company shall have a first and paramount lien upon all the shares registered in the name of each shareholder
              (without regard to any equitable or other claim or interest in such shares on the part of any other person), and upon the proceeds of the sale thereof, for his debts, liabilities and engagements to the Company arising from any amount payable
              by such shareholder in respect of any unpaid or partly paid share, whether or not such debt, liability or engagement has matured. Such lien shall extend to all dividends from time to time declared or paid in respect of such share. Unless
              otherwise provided, the registration by the Company of a transfer of shares shall be deemed to be a waiver on the part of the Company of the lien (if any) existing on such shares immediately prior to such transfer.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zdd9c760978ec4adebe1757848b0856ef">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may cause the Company to sell a share subject to such a lien when the debt, liability or engagement giving rise to such lien has matured, in such manner as the Board of
              Directors deems fit, but no such sale shall be made unless such debt, liability or engagement has not been satisfied within fourteen (14) days after written notice of the intention to sell shall have been served on such shareholder, his
              executors or administrators.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="z615484b9b5c940f9ac544e0f328e6301">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The net proceeds of any such sale, after payment of the costs thereof, shall be applied in or toward satisfaction of the debts, liabilities or engagements of such member in respect of such
              share (whether or not the same have matured), and the residue (if any) shall be paid to the shareholder, his executors, administrators or assigns.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z9888d7963a404177b2b80d7bcbf72b96">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">16.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">SALE AFTER FORFEITURE OR SURRENDER OR IN ENFORCEMENT OF LIEN</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Upon any sale of a share after forfeiture or surrender or for enforcing a lien, the Board of Directors may appoint any person to execute an instrument of transfer of the share so sold and cause the
        purchaser&#8217;s name to be entered in the Shareholder Register in respect of such share. The purchaser shall be registered as the shareholder and shall not be bound to see to the regularity of the sale proceedings, or to the application of the proceeds
        of such sale, and after his name has been entered in the Shareholder Register in respect of such share, the validity of the sale shall not be impeached by any person, and the remedy of any person aggrieved by the sale shall be in damages only and
        against the Company exclusively.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">REDEEMABLE SHARES</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Company may, subject to applicable law, issue redeemable shares and redeem the same.</div>
      <div style="text-align: justify; 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;">A - 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="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">TRANSFER OF SHARES</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">18.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">REGISTRATION OF TRANSFER</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z4d0c4e94ee254624a576b83149b20bad">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">No transfer of shares shall be registered unless a proper writing or instrument of transfer (in any customary form or any other form satisfactory to the Board of Directors) has been submitted
              to the Company (or its transfer agent),&#160;together with the share certificate(s) and such other evidence of title as the Board of Directors may reasonably require. Until the transferee has been registered in the Shareholder Register (or with
              the transfer agent) in respect of the shares so transferred, the Company may continue to regard the transferor as the owner thereof. The Board of Directors, may, from time to time, prescribe a fee for the registration of a transfer.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zbd9e0246186144d68f1e61ae13d4a609">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may, in its discretion to the extent it deems necessary, close the Shareholder Register for registrations of transfers of shares during any year for a period determined
              by the Board of Directors, and no registrations of transfers of shares shall be made by the Company during any such period during which the Shareholder Register is so closed.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">19.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">RECORD DATE FOR NOTICES OF GENERAL MEETINGS AND OTHER ACTION</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Notwithstanding any provision of these Articles to the contrary, and to allow the Company to determine the shareholders entitled to notice of, or to vote at, any Annual or Extraordinary
              General Meeting or any adjournment thereof, or to express consent to or dissent from any corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or
              entitled to exercise any rights in respect of, or to take or be the subject to, any other action, the Board of Directors may fix, a record date, which shall not be more than forty (40) days, or any longer period required under the Companies
              Law, nor less than four (4) days, or any longer period required under the Companies Law, before the date of such meeting or other action. A determination of shareholders of record entitled to notice of or to vote at a meeting shall apply to
              any adjournment of the meeting: provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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 style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="z95ba40e8bb3f417a82aa370e866d614a">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any shareholder or shareholders of the Company holding, at least (i) five percent (5%) of the issued share capital of the Company and one percent (1%) of the voting rights in the issued share
              capital of the Company or (ii) five percent (5%) of the voting rights in the issued share capital of the Company, may, pursuant to the Companies Law, request that the Board of Directors include a subject in the agenda of a General Meeting to
              be held in the future. Any such request must be in writing, must include all information related to subject matter and the reason that such subject is proposed to be brought before the General Meeting and must be signed by the shareholder or
              shareholders making such request. In addition, subject to the Companies Law and the provisions of Article 39, the Board of Directors may include such subject in the agenda of a General Meeting only if the request has been delivered to the
              Secretary of the Company not later than sixty (60) days and not more than one hundred and twenty (120) days prior to the General Meeting in which the subject is to be considered by the shareholders of the Company. Each such request shall also
              set forth: (a) the name and address of the shareholder making the request; (b) a representation that the shareholder is a holder of record of shares of the Company entitled to vote at such meeting and intends to appear in person or by proxy
              at the meeting; (c) a description of all arrangements or understandings between the shareholder and any other person or persons (naming such person or persons) in connection with the subject which is requested to be included in the agenda;
              and (d) a declaration that all the information that is required under the Companies Law and any other applicable law to be provided to the Company in connection with such subject, if any, has been provided. Furthermore, the Board of
              Directors, may, in its discretion to the extent it deems necessary, request that the shareholders making the request provide additional information necessary so as to include a subject in the agenda of a General Meeting, as the Board of
              Directors may reasonably require.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">TRANSMISSION OF SHARES</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">20.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">DECEDENTS&#8217; SHARES</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zb64070b17f5e477b9b5dcec84a6cb7f4">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">In case of death of a registered holder of a share registered in the names of two or more holders, the Company may recognize the survivor(s) as the sole owner(s) thereof unless and until the
              provisions of Article 20(b) have been effectively invoked.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="z2448e52644324e16899a7b0425a42101">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any person becoming entitled to a share in consequence of the death of any shareholder, upon producing evidence of the grant of probate or letters of administration or declaration of
              succession (or such other evidence as the Board of Directors may reasonably deem sufficient), shall be registered as a shareholder in respect of such share, or may, subject to the regulations as to transfer herein contained, transfer such
              share.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">21.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">RECEIVERS AND LIQUIDATORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z4f51d3d3fd2c473a855391e125523c39">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Company may recognize any receiver, liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a corporate shareholder, and a trustee, manager, receiver,
              liquidator or similar official appointed in bankruptcy or in connection with the reorganization of, or similar proceeding with respect to a shareholder or its properties, as being entitled to the shares registered in the name of such member.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z9234ddd0aaad493ab47325fba69f7329">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Such receiver, liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a corporate shareholder and such trustee, manager, receiver, liquidator or similar official
              appointed in bankruptcy or in connection with the reorganization of, or similar proceedings with respect to a shareholder or its properties, upon producing such evidence as the Board of Directors may deem sufficient as to his authority to act
              in such capacity or under this Article, shall with the consent of the Board of Directors (which the Board of Directors may grant or refuse in its absolute discretion), be registered as a shareholder in respect of such shares, or may, subject
              to the regulations as to transfer herein contained, transfer such shares.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">GENERAL MEETINGS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">22.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">ANNUAL GENERAL MEETING</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z6e492ca156324cbcafa659a52dc577dc">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">An Annual General Meeting shall be held once in every calendar year at such time (within a period of not more than fifteen (15) months after the last preceding Annual General Meeting) and at
              such place, either within or without the State of Israel, as may be determined by the Board of Directors.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zaf2fb2dd2a924554b35b5e0bc3ddd286">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of these Articles, the function of the Annual General Meeting shall be to elect the members of the Board of Directors; to receive the financial statements; to
              appoint the Company&#8217;s auditors and to fix their remuneration and to transact any other business which, in accordance with these Articles or the Companies Law, are to be transacted at a General Meeting.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">23.</div>
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">EXTRAORDINARY GENERAL MEETINGS</div>
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        </tr>

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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">All General Meetings other than Annual General Meetings shall be called &#8220;Extraordinary General Meetings&#8221;. The Board of Directors may, whenever it thinks fit, convene an Extraordinary General
        Meeting, at such time and place, within or out of the State of Israel, as may be determined by the Board of Directors, and shall be obliged to do so upon a requisition in writing in accordance with Section 63 of the Companies Law. In addition, the
        Board of Directors may, whenever it thinks fit, postpone or cancel an Extraordinary General Meeting.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">24.</div>
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          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">NOTICE OF GENERAL MEETINGS; OMISSION TO GIVE NOTICE</div>
          </td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Not less than twenty-one (21) days&#8217; prior notice, or thirty-five (35) days&#8217; prior notice to the extent required under regulations promulgated under the Companies Law, shall be given of every
              General Meeting. Each such notice shall specify the place and the day and hour of the meeting and the general nature of each item to be acted upon thereat, said notice to be given to all members who would be entitled to attend and vote at
              such meeting. Anything therein to the contrary notwithstanding, with the consent of all members entitled to vote thereon, a resolution may be proposed and passed at such meeting although a lesser notice than hereinabove prescribed has been
              given.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The accidental omission to give notice of a meeting to any member, or the non-receipt of notice sent to such member, shall not invalidate the proceedings at such meeting.</div>
          </td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 15</font></div>
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      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Notwithstanding anything to the contrary in this Article 24, and subject to any applicable stock exchange rules or regulations, notice of a General Meeting need not be delivered to
              shareholders, and notice by the Company of such General Meeting that is published in two daily newspapers in Israel shall be deemed to have been duly given on the date of such publication to any shareholder whose address, as listed in the
              Register of Shareholders (or as designated in writing for the receipt of notices and other documents), is located in the State of Israel, and notice by the Company of a General Meeting which is published in one daily newspaper in New York,
              New York, USA or in one international wire service, shall be deemed to have been duly given on the date of such publication to any shareholder whose address, as registered in the Register of Shareholders (or as designated in writing for the
              receipt of notices and other documents), is located outside of Israel.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">MANNER OF MEETING</div>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board may, in its absolute discretion, resolve to enable persons entitled to attend a General Meeting to do so by simultaneous attendance and participation at the principal meeting place and a
        satellite meeting place or places anywhere in the world and the shareholders present in person, by proxy or by written ballot at satellite meeting places shall be counted in the quorum for and entitled to vote at the General Meeting in question,
        and that meeting shall be duly constituted and its proceedings valid, provided that the chairman of the General Meeting is satisfied that adequate facilities are available throughout the General Meeting to ensure that shareholders attending at all
        the meeting places are able to:</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">participate in the business for which the meeting has been convened;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">hear all persons who speak (whether by the use of microphones, loudspeakers audio-visual communications equipment or otherwise) in the principal meeting place and any satellite meeting
              place(s); and</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">be heard by all other persons so present in the same way.</div>
          </td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROCEEDINGS AT GENERAL MEETINGS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
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        <tr>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">26.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
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          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">No business shall be transacted at a General Meeting, or at any adjournment thereof, unless the quorum required under these Articles for such General Meeting or such adjourned meeting, as the
              case may be, is present when the meeting proceeds to business.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z35c27590240c42a79724816f4d4d9156">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">In the absence of contrary provisions in these Articles, two or more shareholders (not in default in payment of any sum referred to in Article 32(a) hereof), present in person or by proxy and
              holding shares conferring in the aggregate more than thirty three and a third (33 1/3 %) percent of the voting power of the Company, shall constitute a quorum of General Meetings.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">If within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if convened upon requisition under Sections 64 or 65 of the Companies Law, shall be
              dissolved, but in any other case it shall be adjourned to the same day in the next week, at the same time and place, or to such day and at such time and place as the Chairman may determine. No business shall be transacted at any adjourned
              meeting except business which might lawfully have been transacted at the meeting as originally called.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zae876e17b11c4ff0ae7c9717193765a5">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may determine, in its discretion, the matters that may be voted upon at the meeting by proxy or written ballot in addition to the matters listed in Section 87(a) to the
              Companies Law.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">27.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">CHAIRMAN</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Chairman of the Board of Directors, shall preside as Chairman at every General Meeting of the Company. If at any meeting the Chairman is not present within fifteen (15) minutes after the time
        fixed for holding the meeting or is unwilling to act as Chairman, the Co-Chairman shall preside at the meeting. If at any such meeting both the Chairman and the Co-Chairman are not present or are unwilling to act as Chairman, the shareholders
        present shall choose someone of their number to be Chairman. The office of Chairman shall not, by itself, entitle the holder thereof to vote at any General Meeting nor shall it entitle such holder to a second or casting vote (without derogating,
        however, from the rights of such Chairman to vote as a shareholder or proxy of a shareholder if, in fact, he is also a shareholder or proxy).</div>
      <div style="text-align: justify; 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;">A - 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>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">28.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">ADOPTION OF RESOLUTIONS AT GENERAL MEETINGS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z6f1b5a756bec4aaea35501129db78b05">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A resolution, including a resolution to amend these Articles, shall be deemed adopted if approved by the holders of a majority of the voting power represented at the meeting in person or by
              proxy or by written ballot and voting thereon.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Every question submitted to a General Meeting shall be decided by a show of hands, but the Chairman of the Meeting may determine that a resolution shall be decided by a written ballot. A
              written ballot may be implemented before the proposed resolution is voted upon or immediately after the declaration by the Chairman of the results of the vote by a show of hands. If a vote by written ballot is taken after such declaration,
              the results of the vote by a show of hands shall be of no effect, and the proposed resolution shall be decided by such written ballot.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z99a4beb8a0594032804e8b007201fae2">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A declaration by the Chairman of the meeting that a resolution has been carried unanimously, or carried by a particular majority, or lost, and an entry to that effect in the minute book of
              the Company, shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favor of or against such resolution.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z1185c3937c11427385a8b2c658221224">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Notwithstanding any of the other provisions of these Articles, any resolution to consummate a Merger, as defined in Section 1 of the Companies Law, shall require the approval of the holders
              of a majority of the voting power of the Company. For the avoidance of doubt, any amendment to this Article 28(d) shall require the approval of the holders of a majority of the voting power of the Company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">29.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">RESOLUTIONS IN WRITING</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">A resolution in writing signed by all shareholders of the Company then entitled to attend and vote at General Meetings or to which all such shareholders have given their written consent (by letter,
        telegram, telex, facsimile, e-mail or otherwise) shall be deemed to have been unanimously adopted by a General Meeting duly convened and held.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">30.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">POWER TO ADJOURN</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z07ba943b712f445cb74df054f95090c6">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Chairman of a General Meeting at which a quorum is present may, with the consent of the holders of a majority of the voting power represented in person or by proxy and voting on the
              question of adjournment (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting except business which might lawfully have been
              transacted at the meeting as originally called.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">It shall not be necessary to give notice of an adjournment, whether pursuant to Article 26(c) or Article 30(a), unless the meeting is adjourned for twenty-one (21) days or more in which event
              notice thereof shall be given in the manner required for the meeting as originally called.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
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          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">VOTING POWER</div>
          </td>
        </tr>

    </table>
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      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of Article 32(a) and subject to any provision hereof conferring special rights as to voting, or restricting the right to vote, every shareholder shall have one vote for
        each share held by him of record, on every resolution, without regard to whether the vote thereon is conducted by a show of hands, by written ballot or by any other means.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">32.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">VOTING RIGHTS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">No shareholder shall be entitled to vote at any General Meeting (or be counted as a part of the quorum thereat), unless all calls and other sums then payable by him in respect of his shares
              in the Company have been paid, but this Article 32(a) shall not apply to separate General Meetings of the holders of a particular class of shares pursuant to Article 6(b).</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 19</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A company or other corporate body being a shareholder of the Company may duly authorize any person to be its representative at any meeting of the Company or to execute or deliver a proxy on
              its behalf. Any person so authorized shall be entitled to exercise on behalf of such shareholder all the power which the latter could have exercised if it were an individual shareholder. Upon the request of the Chairman of the meeting,
              written evidence of such authorization (in form acceptable to the Chairman) shall be delivered to him.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zcf1c680c84204d39afb938980f607080">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any shareholder entitled to vote may vote either in person or by proxy (who need not be a shareholder of the Company), or, if the shareholder is a company or other corporate body, by a
              representative authorized pursuant to Article 32(b).</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z38ab37c29e38438e890814ec3bf459e3">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">If two or more persons are registered as joint holders of any share, the vote of the senior who tenders a vote, in person or by proxy, shall be accepted to the exclusion of the vote(s) of the
              other joint holder(s). For the purpose of this Article 32(d), seniority shall be determined by the order of registration of the joint holders in the Shareholder Register.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROXIES</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="z42b3ac38612248e68be00c2275c1bb49">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">33.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">INSTRUMENT OF APPOINTMENTS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z1bc9679bd7d74ef1bc1a5ce8a63e7c2a">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">An instrument appointing a proxy shall be in writing and shall be substantially in the following form:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">&#8220;I, [insert name of shareholder] of [insert address of shareholder], being a member of Silicom Ltd. (the &#8220;Company&#8221;), hereby appoint [insert name of proxy] or [insert address of proxy] as my proxy
        to vote for me and on my behalf at the [Annual / Extraordinary] General Meeting of the Company to be held on the ___ day of _______, 20__ and at any adjournment(s) thereof.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Signed this ____ day of ___________, 20__.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">_____________________</div>
      <div style="text-align: justify; line-height: 1.25;">(Signature of Appointor)&#8221;</div>
      <div style="text-align: justify; 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;">A - 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>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </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="zf24fd090156b41c9bb87846d47873b5d">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">or in any usual or common form or in such other form as may be approved by the Board of Directors, including appointment by telephone, Internet or any other electronic means. Such proxy shall
              be duly signed by the Appointor or such person&#8217;s duly authorized attorney or, if such Appointor is a company or other corporate body, under its common seal or stamp or the hand of its duly authorized agent(s) or attorney(s).</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z30ef8f2d832743038754e64bffba9d19">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The instrument appointing a proxy (and the power of attorney or other authority, if any, under which such instrument has been signed) shall either be presented to the Chairman at the meeting
              at which the person named in the instrument proposes to vote or be delivered to the Company (at its Registered Office, at its principal place of business, or at the offices of its registrar or transfer agent, or at such place as the Board of
              Directors may specify) not less than two (2) hours before the time fixed for such meeting, except that the instrument shall be delivered (i) twenty-four (24) hours before the time fixed for the meeting where the meeting is to be held in the
              United States of America and the instrument is delivered to the Company at its Registered Office or principal place of business, or (ii) forty-eight (48) hours before the time fixed for the meeting where the meeting is to be held outside of
              the United States of America and Israel and the instrument is delivered to the Company&#8217;s registrar or transfer agent.&#160;&#160;Notwithstanding the above, the Chairman shall have the right to waive the time requirement provided above with respect to
              all instruments of proxies and to accept any and all instruments of proxy received prior to the beginning of a General Meeting.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zbf775dbcf0094d1394cba70dd433ac25">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">34.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">EFFECT OF DEATH OF APPOINTOR OR TRANSFER OF SHARE OR REVOCATION OF APPOINTMENT</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zca8df90341e0485c97c80786096e2ef7">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding the prior death or bankruptcy of the appointing member (or of his attorney-in-fact, if any, who
              signed such instrument), or the transfer of the share in respect of which the vote is cast, unless written notice of such matters shall have been received by the Company or by the Chairman of such meeting prior to such vote being cast.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 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;"><br style="line-height: 1.25;">
      </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="zb44c19b3e8524b6b810d8b86361164c1">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">An instrument appointing a proxy shall be deemed revoked (i) upon receipt by the Company or the Chairman, subsequent to receipt by the Company of such instrument, of written notice signed by
              the person signing such instrument or by the member appointing such proxy canceling the appointment thereunder (or the authority pursuant to which such instrument was signed) or of an instrument appointing a different proxy (and such other
              documents, if any, required under Article 33(b) for such new appointment), provided such notice of cancellation or instrument appointing a different proxy were so received at the place and within the time for delivery of the instrument
              revoked thereby as referred to in Article 33(b) hereof, or (ii) if the appointing shareholder is present in person at the meeting for which such instrument of proxy was delivered, upon receipt by the Chairman of such meeting of written notice
              from such member of the revocation of such appointment, or if and when such shareholder votes at such meeting. A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding the revocation or purported
              cancellation of the appointment, or the presence in person or vote of the appointing shareholder at a meeting for which it was rendered, unless such instrument of appointment was deemed revoked in accordance with the foregoing provisions of
              this Article 34(b) at or prior to the time such vote was cast.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">BOARD OF DIRECTORS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zd322a733633044c0ae32613832b0d926">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">35.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">POWERS OF BOARD OF DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zaf1a6ca5e3704b808b343f2090ed96a2">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">General.&#160;&#160;The management of the business of the Company shall be vested in the Board of Directors, which may exercise all such powers and do all such acts and things as the Company is
              authorized to exercise and do, and are not by these Articles or by law required to be exercised or done by the Company by action of its shareholders at a General Meeting. The authority conferred on the Board of Directors by this Article 35
              shall be subject to the provisions of the Companies Law, these Articles and any regulation or resolution consistent with these Articles adopted from time to time by the Company by action of its shareholders at a General Meeting, provided,
              however, that no such regulation or resolution shall invalidate any prior act done by or pursuant to a decision of the Board of Directors which would have been valid if such regulation or resolution had not been adopted.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 22</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;"><br style="line-height: 1.25;">
      </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="z3da0c9f980854226a4744948326feb43">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Borrowing Power.&#160;&#160;The Board of Directors may from time to time, at its discretion, cause the Company to borrow or secure the payment of any sum or sums of money for the purposes of the
              Company, and may secure or provide for the repayment of such sum or sums in such manner, at such times and upon such terms and conditions as it deems fit, and, in particular, by the issuance of bonds, perpetual or redeemable debentures,
              debenture stock, or any mortgages, charges, or other securities on the undertaking or the whole or any part of the property of the Company, both present and future, including its uncalled or called but unpaid capital for the time being.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="ze2331c25169f43188461a48dda67e4d3">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Reserves.&#160;&#160;The Board of Directors may, from time to time, set aside any amount(s) out of the profits of the Company as a reserve or reserves for any purpose(s) which the Board of Directors,
              in its absolute discretion, shall deem fit, including without limitation, capitalization and distribution of bonus shares, and may invest any sum so set aside in any manner and from time to time deal with and vary such investments and dispose
              of all or any part thereof, and employ any such reserve or any part thereof in the business of the Company without being bound to keep the same separate from other assets of the Company, and may subdivide or redesignate any reserve or cancel
              the same or apply the funds therein for another purpose, all as the Board of Directors may from time to time think fit.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z1516a082dc3542fda70f10488f11be75">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">36.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">EXERCISE OF POWERS OF BOARD OF DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z50f81c7ae0d342a6acbc83a96deb478e">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A meeting of the Board of Directors at which a quorum is present shall be competent to exercise all the authorities, powers and discretion vested in or exercisable by the Board of Directors,
              whether in person or by any other means by which the Directors may hear each other simultaneously.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zb9f40bb5f2b2448ebd52a53b40df00e3">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A resolution proposed at any meeting of the Board of Directors shall be deemed adopted if approved by a majority of the Directors present when such resolution is put to a vote and voting
              thereon.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 23</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;"><br style="line-height: 1.25;">
      </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="z97846ed397c54f829ee2cdfa09d3d0e4">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may adopt resolutions without holding a meeting of the Board of Directors, provided that all of the Directors then in office and lawfully entitled to vote thereon shall
              have agreed to vote on the matters underlying such resolutions without convening a meeting of the Board of Directors.&#160;&#160;If the Board of Directors adopts resolutions as set forth in the immediately preceding sentence, minutes including such
              resolutions, including a resolution to vote on such matters without convening a meeting of the Board of Directors, shall be prepared and the Chairman of the Board of Directors (or in his or her absence the Co-Chairman) will sign such minutes.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zbfa7be9424484100b47d748ef3145a62">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">37.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">DELEGATION OF POWERS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z7a6fc3645df0425a9670fbca65866b4d">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees, each consisting of one or more persons (who are Directors), and it
              may from time to time revoke such delegation or alter the composition of any such committee. Any Committee so formed (in these Articles referred to as a &#8220;Committee of the Board of Directors&#8221;), shall, in the exercise of the powers so
              delegated, conform to any regulations imposed on it by the Board of Directors. The meetings and proceedings of any such Committee of the Board of Directors shall,&#160;<font style="font-style: italic;">mutatis mutandis</font>, be governed by the
              provisions herein contained for regulating the meetings of the Board of Directors, so far as not superseded by any regulations adopted by the Board of Directors under this Article. Unless otherwise expressly provided by the Board of Directors
              in delegating powers to a Committee of the Board of Directors, such Committee shall not be empowered to further delegate such powers.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zf6bf90b3b8cd47c5af7610617b0bb594">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Without derogating from the provisions of Article 51, the Board of Directors may from time to time appoint a Secretary to the Company, as well as officers, agents, employees and independent
              contractors, as the Board of Directors deems fit, and may terminate the service of any such person. The Board of Directors may, subject to the provisions of the Companies Law, determine the powers and duties, as well as the salaries and
              emoluments, of all such persons, and may require security in such cases and in such amounts as it deems fit.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zefe64b169aad41c6bb8e8dec2f5d2f97">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may from time to time, by power of attorney or otherwise, appoint any person, company, firm or body of persons to be the attorney or attorneys of the Company at law or
              in fact for such purpose(s) and with such powers, authorities and discretions, and for such period and subject to such conditions, as it deems fit, and any such power of attorney or other appointment may contain such provisions for the
              protection and convenience of persons dealing with any such attorney as the Board of Directors deems fit, and may also authorize any such attorney to delegate all or any of the powers, authorities and discretion vested in him.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 24</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;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">38.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">NUMBER OF DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors of the Company shall consist of not less than two (2) nor more than eight (8) Directors.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">39.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">ELECTION AND REMOVAL OF DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zd337983e8b85458b8c808096844aa544">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Directors shall be elected at the Annual General Meeting or an Extraordinary Meeting of the Company by the vote of the holders of a majority of the voting power represented at such meeting in
              person or by proxy and voting on the election of directors.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z13bab85ff8084b50a0ae251bbc26d54c">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">
              <div style="line-height: 1.25;">The Annual General Meeting or Extraordinary Meeting shall be entitled to elect, in the manner and for the periods of time which are set forth below in this Article 39, Directors, who shall be divided into three
                groups. Each of the groups shall be as nearly equal in number as possible, including but not limited to a decrease or increase in the number of maximum Directors in the Board of Directors, but under no circumstance shall a decrease in the
                number of Directors in service affect the term of a serving Director. <strike>The provisions of this Article set forth below shall not apply to the External</strike>&#160;<strike>Directors who are required to be appointed as of the adoption of
                  this Article pursuant</strike>&#160;<strike>to the provisions of the Companies Law.</strike></div>
            </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zd68bf720e7d449d5bb1dbf2d4bc265ed">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">At each Annual General Meeting, including the Annual General Meeting convening in 2016 (the "<font style="font-weight: bold;">2016 Meeting</font>"), at which the Directors shall be elected
              pursuant to the provisions of this Article, the Directors shall be elected for various periods of time, as follows:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zcd4f969dc47048d2bd75a874fbb8ef4b">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(i)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">At the 2016 Meeting, Directors who are members of the first group shall be elected to serve in office on a continuous basis for a three-year term, until the Annual General Meeting which shall
              take place in 2019 and until their respective successors are duly elected;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 25</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;"><br style="line-height: 1.25;">
      </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="zaae763f1951c4834a5e28f853b4d91ed">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(ii)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">At the 2016 Meeting, Directors who are members of the second group shall be elected to serve in office on a continuous basis for a one-year term, until the Annual General Meeting which shall
              take place in&#160;2017 and until their respective successors are duly elected; and</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zd13ce209e45f46a994cdd717171d20c8">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(iii)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">At the 2016 Meeting, Directors who are members of the third group shall be elected to serve in office on a continuous basis for a two-year term, until the Annual General Meeting which shall
              take place in 2018&#160;and until their respective successors are duly elected.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="ze0161ce3b5514f1dbb20287ca9e30a9a">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(iv)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">At each Annual General Meeting following the 2016 Meeting, the Annual General Meeting shall be entitled to elect Directors, who shall be elected for a three-year term to replace the Directors
              whose term in office has expired as of that Annual General Meeting, and so on&#160;<font style="font-style: italic;">ad infinitum</font>, so that the Directors who shall be elected as stated above shall serve for three-year terms, and so that,
              each year, the term in office of one of the groups of Directors shall expire.</div>
            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><u>(v)</u></div>
          </td>
          <td rowspan="1" style="width: 91%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><u>Notwithstanding Article 39(c)(iv), at the first General Meeting of the Company to take place in 2022, one member of the first group shall be elected to serve in office on a continuous
                basis for a two-year term until the Annual General Meeting which shall take place in 2024 and until their respective successor is duly elected.</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25;">(collectively, the &#8220;<font style="font-weight: bold;">Board Election Mechanism</font>&#8221;).</div>
      <div style="text-align: justify; 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;">A - 26</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;"><br style="line-height: 1.25;">
      </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="z34d0a82f9913487b83846b20545c631b">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Subject to and in accordance with the Board Election Mechanism,&#160;nominations for the election of Directors may be made by the Board of Directors or a committee appointed by the Board of
              Directors or by any shareholder holding at least (i) five percent (5%) of the share capital in the Company and one percent (1%) of the outstanding voting power in the Company or (ii) five percent (5%) of the outstanding voting power in the
              Company. However, and without limitation of Sections 63 or 64 of the Companies Law, any such shareholder may nominate one or more persons for election as Directors at a General Meeting only if a written notice of such shareholder&#8217;s intent to
              make such nomination or nominations has been given to the Secretary of the Company not later than (i) with respect to an election to be held at an Annual General Meeting of shareholders, ninety (90) days prior to the anniversary date of the
              immediately preceding annual meeting, and (ii) with respect to an election to be held at a Extraordinary General Meeting of shareholders for the election of Directors, at least ninety (90) days prior to the date of such meeting. Each such
              notice shall set forth: (a) the name and address of the shareholder who intends to make the nomination and of the person or persons to be nominated; (b) a representation that the shareholder is a holder of record of shares of the Company
              entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (c) a description of all arrangements or understandings between the shareholder and each
              nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by the shareholder; and (d) the consent of each nominee to serve as a Director of the Company if so elected
              and a declaration signed by each of the nominees declaring that there is no limitation under the Companies Law for the appointment of such a nominee and that all the information that is required under the Companies Law to provided to the
              Company in connection with such an appointment has been provided. The Chairman of the meeting may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedure.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z3ad242f0f5d847b7bf1032bccdb2a020">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(e)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The office of a Director shall be vacated,&#160;<font style="font-style: italic;">ipso facto</font>, and the shareholders shall be able to cause a Director to vacate his office, only upon the
              occurrence of one of the following events: (i) his or her death; (ii) if he or she be found lunatic or become of unsound mind; or if he or she (iii) (a) was convicted in an offense under the circumstances listed in subsection 228(a)(2) of the
              Companies Law, (b) was subject to an enforcement procedure under the circumstances listed in subsection 228(a)(2A) of the Companies Law, (c) was subject to a court order ordering his or her cessation of service as a Director in the Company
              under the circumstances listed in subsection 228(a)(3) of the Companies Law, (d) becomes bankrupt, and if the Director is a company, in the event of its liquidation or winding up under the circumstances listed in subsection 228 (a)(4) of the
              Companies Law, or (e) he or she cease meeting one or more of the qualification requirements for service as a director under the circumstances listed in subsection 228(a)(5) of the Companies Law.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 27</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;"><br style="line-height: 1.25;">
      </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="z85baaddd1ba14f4e92771c4e2cae47a1">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(f)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">In the event of any contradiction between the provisions of this Article 39 and the provisions of the Companies Law relating to the election and term of External Directors, the applicable
              provisions of the Companies Law shall govern, and the External Directors shall be elected and hold office in accordance with the provisions of the Companies Law.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z0a2691e70cdb43e59b033aced1241462">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">40.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">QUALIFICATION OF DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">No person shall be disqualified to serve as a Director by reason of his not holding shares in the Company or by reason of his having served as a Director in the past.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zcbd9a778e0f6492690529a5dc52edf8f">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">41.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">CONTINUING DIRECTORS IN THE EVENT OF VACANCIES</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of Article 39 and the Board Election Mechanism,&#160;<strike>In</strike>&#160;in&#160;the event that one or more vacancies is created in the Board of Directors, including without
        limitation, a situation in which the number of Directors is less than the minimum number permitted under Article 38 (a &#8220;Vacancy&#8221;), the continuing Directors may continue to act in every matter, and, may appoint Directors to temporarily fill any such
        Vacancy, provided, however, that if the number of Directors is less than two (2), they may only act in (i) an emergency; or (ii) to fill the office of director which has become vacant; or (iii) in order to call a General Meeting of the Company for
        the purpose of electing Directors to fill any or all Vacancies, so that at least two (2) Directors are in office as a result of said meeting. Notwithstanding the foregoing, in the event of Vacancy of an External Director, the Company shall call a
        General Meeting to elect a new External Director or take such other action as required under the Companies Law.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zf9a2b0cafa76440b8e1cb75b829c7f1a">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">42.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">VACATION OF OFFICE</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z3eac8aad29b742258611bc99107aeaa1">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The office of a Director may also be vacated by the written resignation of the Director,&#160;in accordance with Section 231 of the Companies Law. Such resignation shall become effective on the
              date fixed therein, or upon the delivery thereof to the Company, whichever is later. Such written resignation shall include the reasons that lead the Director to resign from his office.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 28</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;"><br style="line-height: 1.25;">
      </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="ze6965957d90a4e3c96794d6a210a7a4c">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">43.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">REMUNERATION OF DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">A Director shall be paid remuneration by the Company for his services as Director to the extent such remuneration shall have been approved by the Company in accordance with the Companies Law.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z2745818c2caf403bbadb2e6461b3bdd9">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">44.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">CONFLICT OF INTEREST</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of the Companies Law, no Director shall be disqualified by virtue of his office from holding any office or place of profit in the Company or in any company in which the
        Company shall be a shareholder or otherwise interested, or from contracting with the Company as vendor, purchaser or otherwise, nor shall any such contract, or any contract or arrangement entered into by or on behalf of the Company in which any
        Director shall be in any way interested, be voided, nor, other than as required under the Companies Law, shall any Director be liable to account to the Company for any profit arising from any such office or place of profit or realized by any such
        contract or arrangement by reason only of such Director&#8217;s holding that office or of the fiduciary relations thereby established, but the nature of his interest, as well as any material fact or document, must be disclosed by him at the meeting of
        the Board of Directors (or a Committee of the Board of Directors) at which the contract or arrangement is first considered, if his interest then exists, or, in any other case, at no later than the first meeting of the Board of Directors (or a
        Committee of the Board of Directors) after the acquisition of his interest.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z1a3cb2fd4d21445bb51a07a59f70a9ec">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">45.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">ALTERNATE DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z68ff12f000e7478fa7072e6a45367e93">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of the Companies Law and subject to the approval of the Board of Directors, a Director may appoint an alternate (in these Articles referred to an: &#8220;Alternate
              Director&#8221;). A person that is not qualified to serve as a Director or a person that is serving as a Director or Alternate Director shall not be appointed to serve as an Alternate Director.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="za042fe146e38479bafb1dab680e6a1b7">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">An Alternate Director shall be deemed for all intents and purposes as the Director which appointed him as his alternate, and he shall be entitled to be present at meetings of the Board of
              Directors and/or Committees of the Board of Directors, to participate and vote thereat, as was the Director that appointed him was entitled.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 29</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;"><br style="line-height: 1.25;">
      </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="zcab7d0da0771440cb04fbf383a4c2220">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A Director that appointed an Alternate Director may, subject to the provisions of the Companies Law, cancel the appointment at any time. Furthermore, the office of an Alternate Director shall
              be vacated, whenever the office of the Director that appointed him ceases to serve as a Director of the Company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="za0963a58e65440198a9ce06034a28e89">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any appointment of an Alternate Director or cancellation of the appointment, as aforementioned, shall be done by written notice which shall be delivered to the Alternate Director and to the
              Company, and shall come into force after delivery of the letter of appointment or cancellation as aforesaid, or on the date specified in the letter of appointment or letter of cancellation, whichever the later.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROCEEDINGS OF THE BOARD OF DIRECTORS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zea50b3402d8f4f34b1d1e0e05a9d0674">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">46.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">MEETINGS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zeea8f31b50c04fbeb1b06b975a75e98f">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may meet and adjourn its meetings and otherwise regulate such meetings and proceedings as the Directors think fit.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zf383b9264ac44a6bb4b8dd85b05b830b">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any Director may at any time, and the Secretary, upon the request of such Director, shall, convene a meeting of the Board of Directors, but not less than two (2) days&#8217; notice shall be given
              of any meeting so convened. Notice of any such meeting shall be given to all the Directors and may be given orally, by telephone, in writing or by mail, email or facsimile. Notwithstanding anything to the contrary herein, failure to deliver
              notice to a director of any such meeting in the manner required hereby may be waived by such Director, and a meeting shall be deemed to have been duly convened notwithstanding such defective notice if such failure or defect is waived prior to
              action being taken at such meeting, by all Directors entitled to participate at such meeting to whom notice was not duly given as aforesaid.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 30</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>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z378ebf61ef23477c80fe963ce0cf0c3e">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">47.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">RESOLUTIONS IN WRITING</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">A resolution in writing signed by the Chairman of the Board of Directors, or of a Committee of the Board of Directors, provided that all the members of the Board of Directors or such Committee have
        agreed to adopt such resolution without convening a meeting, shall be valid for every purpose as a resolution adopted at a Board of Directors' or Committee meeting, as the case may be, that was duly convened and held.&#160;&#160;In place of a Director the
        aforesaid resolution may be signed and delivered by his attorney.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z77f5034bba0c4e1395d5c14fa98d7ad7">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">48.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">QUORUM</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Until otherwise unanimously decided by the Board of Directors, a quorum at a meeting of the Board of Directors shall be constituted by the presence in person or by telephone conference of half
        (50%) of the Directors then in office who are lawfully entitled to participate in the meeting, including Alternate Directors, if there is a meeting at which an appointing Director is not present. No business shall be transacted at a meeting of the
        Board of Directors unless the requisite quorum is present (in person or by telephone conference or by other means by which all directors may hear and be heard) when the meeting proceeds to business.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z6bc49c4ab7cc4f66b41f164091b59c22">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">49.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">CHAIRMAN OF THE BOARD OF DIRECTORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors may from time to time, elect one of its members to be the Chairman of the Board of Directors, and another of its members as Co-Chairman, remove such Chairman and Co-Chairman
        from office and appoint others in their place. The Chairman of the Board of Directors shall preside at every meeting of the Board of Directors, but if there is no such Chairman, or if at any meeting he is not present within fifteen (15) minutes of
        the time fixed for the meeting or if he is unwilling to take the chair, the Co-Chairman shall preside. If both the Chairman and the Co-Chairman are not present within such fifteen (15) minutes or are unwilling to take the chair the Directors
        present shall choose one of their number to be the Chairman of such meeting.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z800f2ec1ae2c49e488066cc7f052d31e">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">50.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">VALIDITY OF ACTS DESPITE DEFECTS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">All acts done&#160;<font style="font-style: italic;">bona fide</font>&#160;at any meeting of the Board of Directors, or of a Committee of the Board of Directors, or by any person(s) acting as Director(s),
        shall, notwithstanding that it may afterwards be discovered that there was some defect in the appointment of the participants in such meetings or any of them or any person(s) acting as aforesaid, or that they or any of them were disqualified, be as
        valid as if there were no such defect or disqualification.</div>
      <div style="text-align: justify; 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;">A - 31</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>
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    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">CHIEF EXECUTIVE OFFICER AND PRESIDENT</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="z16319351aed3480292189b6de9504bbf">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">51.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">CHIEF EXECUTIVE OFFICER AND PRESIDENT</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors may from time to time appoint one or more persons, whether or not Directors, as Chief Executive Officer or Officers, General Manager or Managers, or President of the Company
        and may confer upon such person(s), and from time to time modify or revoke, such title(s) and such duties and authorities of the Board of Directors as the Board of Directors may deem fit, subject to such limitations and restrictions as the Board of
        Directors may from time to time prescribe. Unless otherwise determined by the Board of Directors, the Chief Executive Officer shall have authority with respect of the management of the Company in the ordinary course of business. Such appointment(s)
        may be either for a fixed term or without any limitation of time, and the Board of Directors may from time to time (subject to the provisions of the Companies Law and of any contract between any such person and the Company) fix his or their
        salaries and emoluments, remove or dismiss him or them from office and appoint another or others in his or their place or places.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">MINUTES</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">52.&#160;</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">MINUTES</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z699fc1abe54b4ab7bb31c1a17e68b14e">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Minutes of each General Meeting and of each meeting of the Board of Directors or of any Committee of the Board of Directors shall be recorded and duly entered in books provided for that
              purpose, and shall be held by the Company at its principal place of office or its Registered Office or such other place as shall have been determined by the Board of Directors. Such minutes shall, in all events, set forth the names of the
              persons present at the meeting and all resolutions adopted thereat.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zf2db5b6123324c7ea4a280687b117d20">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any minutes as aforesaid, if purporting to be signed by the Director presiding over the meeting, shall constitute prima facie evidence of the matters recorded therein.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 32</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;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">DIVIDENDS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="ze2a35fb516c349c69589de836ee6fda7">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">53.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">DECLARATION OF DIVIDENDS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors may, subject to the applicable provisions of the Companies Law, from time to time declare, and cause the Company to pay, such dividend as may appear to the Board of Directors
        to be justified by the profits of the Company. The Board of Directors shall determine the time for payment of such dividends, both interim and final, and the record date for determining the shareholders entitled thereto.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="ze6e6f5bdc5ea487a942d651f273bfd90">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">54.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">FUNDS AVAILABLE FOR PAYMENT OF DIVIDEND</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">No dividend shall be paid otherwise than out of the profits of the Company.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zf0244399cbd947349517488c9fe2561b">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">55.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">AMOUNT PAYABLE BY WAY OF DIVIDENDS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of these Articles and subject to any rights or conditions attached at that time to any share in the capital of the Company granting preferential, special or deferred
        rights or not granting any rights with respect to dividends, the profits of the Company which shall be declared as dividends shall be distributed according to the proportion of the nominal value paid up on account of the shares held at the date so
        appointed by the Company, without regard to the premium paid in excess of the nominal value, if any.&#160;&#160;No amount paid or credited as paid on a share in advance of calls shall be treated for purposes of this Article as paid on a share.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z01513e8e3a2e4743b8603a4191eb8b7f">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">56.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">INTEREST</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">No dividend shall carry interest as against the Company.</div>
      <div style="text-align: justify; 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;">A - 33</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;"><br style="line-height: 1.25;">
      </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="z34ceb919daf24aa482f59e94d5226fb0">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">57.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">PAYMENT IN SPECIE</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Upon the determination of the Board of Directors, the Company (i) may cause any monies, investments, or other assets forming part of the undivided profits of the Company, standing to the credit of
        a reserve fund, or to the credit of a reserve fund for the redemption of capital, or in the hands of the Company and available for dividends, or representing premiums received on the issuance of shares and standing to the credit of the share
        premium account, to be capitalized and distributed among such of the shareholders as would be entitled to receive the same if distributed by way of dividend and in the same proportion, on the footing that they become entitled thereto as capital, or
        may cause any part of such capitalized fund to be applied on behalf of such shareholders in paying up in full, either at par or at such premium as the resolution may provide, any unissued shares or debentures or debenture stock of the Company which
        shall be distributed accordingly or in payment, in full or in part, of the uncalled liability on all issued shares or debentures or debenture stock if such liability exists, on a&#160;<font style="font-style: italic;">pro rata</font>&#160;basis; and (ii) may
        cause such distribution or payment to be accepted by such shareholders in full satisfaction of their interest in the said capitalized sum.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="ze34519bd57a54ae3b7e80750006daeec">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">58.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">IMPLEMENTATION OF POWERS UNDER ARTICLE 57</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">For the purpose of giving full effect to any resolution under Article 57, and without derogating from the provisions of Article 7(b) hereof, the Board of Directors may settle any difficulty which
        may arise in regard to the distribution as it thinks expedient, and, in particular, may issue fractional certificates, and may fix the value for distribution of any specific assets, and may determine that cash payments shall be made to any members
        upon the footing of the value so fixed, or that fractions of less value than the nominal value of one share may be disregarded in order to adjust the rights of all parties, and may vest any such cash, shares, debentures, debenture stock or specific
        assets in trustees upon such trusts for the persons entitled to the dividend&#160;&#160;or capitalized fund as may seem expedient to the Board of Directors.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;&#160;</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="zd99da383952547c49a7134fb4d9ad079">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">59.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">DIVIDEND ON UNPAID SHARES</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Without derogating from Article 54 hereof, the Board of Directors may give an instruction which shall prevent the distribution of a dividend to the registered holders of shares, the full nominal
        amount of which, has not been paid up.</div>
      <div style="text-align: justify; 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;">A - 34</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>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z55d4e859b8044a23a481391e5a029a6b">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">60.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">RETENTION OF DIVIDENDS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z2ebdf03364e948ec9a2f6e3e6e107270">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may retain any dividend or other monies payable or property distributable in respect of a share on which the Company has a lien, and may apply the same in or towards
              satisfaction of the debts, liabilities, or engagements in respect of which the lien exists.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z232c342a2cc34f14952133668499ca9e">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may retain any dividend or other monies payable or property distributable in respect of a share in respect of which any person is, under Article 20 or 21, entitled to
              become a member, or which any person, is, under said Articles, entitled to transfer, until such person shall become a member in respect of such share or shall transfer the same.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zda62b6c3f51e46c58fdefad538eff4d1">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">61.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">UNCLAIMED DIVIDENDS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">All unclaimed dividends or other moneys payable in respect of a share may be invested or otherwise made use of by the Board of Directors for the benefit of the Company until claimed. The payment by
        the Directors of any unclaimed dividend or such other moneys into a separate account shall not cause the Company to be a trustee in respect thereof. The principal (and only the principal) of an unclaimed dividend or such other moneys shall be, if
        claimed, paid to the person entitled thereto.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z6927110f35174264a682324ffacd2e0d">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">62.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">MECHANICS OF PAYMENT</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors may fix the mechanics for payment of dividends as it deems fit.&#160;&#160;However, if nothing to the contrary is provided in the resolution of the Board of Directors, then all
        dividends, or other moneys payable in cash in respect of a share, may be paid by check or warrant sent through the post to, or left at, the registered address of the person entitled thereto or by transfer to a bank account specified by such person
        (or, if two or more persons are registered as joint holders of such share or are entitled jointly thereto in consequence of the death or bankruptcy of the holder or otherwise, to the joint holder whose name is registered first in the Shareholder
        Register or his bank account or the person who the Company may then recognize as the owner thereof or entitled thereto under Article 20 or 21 hereof, as applicable, or such person&#8217;s bank account), or to such person and at such other address as the
        person entitled thereto may by writing direct. Every such check or warrant shall be made payable to the order of the person to whom it is sent, or to such person as the person entitled thereto as aforesaid may direct, and payment of the check or
        warrant by the banker upon whom it is drawn shall be a good discharge to the Company.</div>
      <div style="text-align: justify; 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;">A - 35</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;"><br style="line-height: 1.25;">
      </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="z47a91755ef864ff182e8554ead5b1c2c">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">63.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">RECEIPT FROM A JOINT HOLDER</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">If two or more persons are registered as joint holders of any share, or are entitled jointly thereto in consequence of the death or bankruptcy of the holder or otherwise, any one of them may give
        effectual receipts for any dividend or other moneys payable or property distributable in respect of such share.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">ACCOUNTS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="ze52429751be44cc8ad433bee7480c31a">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">64.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">BOOKS OF ACCOUNT</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors shall cause accurate books of account to be kept in accordance with the provisions of&#160;the Companies Law and of any other applicable law.&#160;&#160;Such books of account shall be kept
        at the Registered Office of the Company, or at such other place or places as the Board of Directors may think fit, and they shall always be open to inspection by all Directors.&#160;&#160;No member, not being a Director, shall have any right to inspect any
        account or book or other similar document of the Company, except as conferred by law or authorized by the Board of Directors or by resolution of the shareholders of the Company.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zfe807e0ff8c54d8e8be012d631bd79a0">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">65.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">AUDIT</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">At least once in every fiscal year the accounts of the Company shall be audited and the correctness of the profit and loss account and balance sheet certified by one or more duly qualified
        auditors.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zd935a3fce85b495ba29d637392e11434">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">66.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">AUDITORS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The appointment, authorities, rights and duties of the auditor(s) of the Company, shall be regulated by applicable law, provided, however, that in exercising its authority to fix the remuneration
        of the auditor(s), the shareholders by resolution in a General Meeting may act (and in the absence of any action in connection therewith shall be deemed to have so acted) to authorize the Board of Directors or a Committee of the Board of Directors
        to fix such remuneration subject to such criteria or standards, if any, as may be provided in such resolution, and if no such criteria or standards are so provided, such remuneration shall be fixed in an amount commensurate with the volume and
        nature of the services rendered by such auditor(s).</div>
      <div style="text-align: justify; 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;">A - 36</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;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">BRANCH REGISTERS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zff92c67d543e4f81913956179bb600ff">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">67.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">BRANCH REGISTERS</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Subject to and in accordance with the provisions of Sections 130 to 139, inclusive, of the Companies Law and to all orders and regulation issued thereunder, the Company may cause branch registers
        to be kept in any place outside Israel as the Board of Directors may think fit, and, subject to all applicable requirements of law, the Board of Directors may from time to time adopt such rules and procedures as it may think fit in connection with
        the keeping of such branch registers.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">INSURANCE, INDEMNITY AND EXEMPTION</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zdafb62f9ec634ffb8b4d3969fc60e722">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">68.&#160;</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">INDEMNITY, INSURANCE AND EXEMPTION</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="za7100f0b98af4317a4d1fa98634dacce">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of the Companies Law and the Israeli Securities Law, 5728-1968 (the &#8220;<font style="font-weight: bold;">Securities Law</font>&#8221;), the Company may resolve in advance to
              exempt an Office Holder of the Company from all or any of his liability for damage in consequence of a breach of the duty of care vis-&#224;-vis the Company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="ze7d4c212f9774673933d07f5ec95f526">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of the Companies Law and the Securities Law, the Company may enter into a contract to insure the liability of an Office Holder of the Company for an obligation
              imposed upon him in consequence of an act done in his capacity as an Office Holder, in any of the following cases:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </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="z0dff187b21f8470d8120ae0d208a0e56">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(i) a breach of the duty of care vis-&#224;-vis the Company or vis-&#224;-vis another person;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z01fdfc5a0b0c4380b08d92fa9f01aab6">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(ii) a breach of the fiduciary duty vis-&#224;-vis the Company, provided that the Office Holder acted in good faith and had reasonable basis to believe that the act would not harm the Company;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 37</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;">
        <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: 6%; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25;">&#160;</div>
              </td>
              <td style="width: 94%; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25;">
                  <div style="line-height: 1.25;">(iii) a monetary obligation imposed on him in favor of another person;</div>
                  <div style="line-height: 1.25;">&#160;</div>
                  <div style="line-height: 1.25;">(iv) for reasonable expenses, including attorneys fees, incurred by the officer as a result of an ongoing proceeding instituted against him in accordance with the Securities Law. Without derogating from the
                    generality of the foregoing, such expenses will include a payment imposed on the officer in favor of an injured party as set forth in Section 52LIV(a)(1)(a) of the Securities Law and expenses that the officer incurred in connection with
                    a proceeding under Chapters VIII&#8217;3, VIII&#8217;4 or IX&#8217;1 of the Securities Law, including reasonable legal expenses, which term includes attorney fees.</div>
                  <div style="line-height: 1.25;">&#160;</div>
                  <div style="line-height: 1.25;">(v) any other incident for which it is or shall be permitted by law to insure the liability of an Office Holder.</div>
                </div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">
          <div style="line-height: 1.25;">&#160;</div>
        </div>
      </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="zd2120356b7d547ba92c8a10b3a7f66ef">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Subject to the provisions of the Companies Law and the Securities Law &#8211;</div>
            <div style="text-align: justify; line-height: 1.25;"> <br>
            </div>
            <div style="text-align: justify; line-height: 1.25;">
              <div style="line-height: 1.25;">(i) The Company may give an undertaking in advance to indemnify an Office Holder of the Company for an obligation or expense as specified in sub-Article (d) below, imposed on or incurred by him in consequence
                of an act or omission to act in his capacity as an Office Holder, provided that the undertaking with respect to obligations specified in sub-Article (d)(i) below is limited to events which in the Board of Directors&#8217; opinion are foreseeable
                in view of the Company&#8217;s activity at&#160;the time of the indemnity undertaking, and to an amount or degree which the Board of Directors has determined is reasonable in the circumstances of the case (hereinafter: &#8220;an indemnification
                undertaking&#8221;).</div>
              <div style="line-height: 1.25;">&#160;</div>
              <div style="line-height: 1.25;">(ii) Without derogating from the provisions of sub-Article (c)(i) above, the Company may indemnify an Office Holder of the Company retroactively, for an obligation or expense as specified in sub-Article (d)
                below, imposed or incurred on him in consequence of an act done in his capacity as an Office Holder in the Company.</div>
            </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z0742002d502b45b3b6830cd1dca939a7">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(d)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The indemnification undertaking or indemnity, as mentioned in sub-Article (c) above, may be given for an obligation or expense as specified in sub-Articles (d)(i) to (d)(iv) below, imposed on
              or incurred by the Office Holder of the Company in consequence of an act or omission to act in his capacity as an Office Holder, as follows:</div>
            <div style="text-align: justify; line-height: 1.25;"> <br>
            </div>
            <div style="text-align: justify; line-height: 1.25;">
              <div style="line-height: 1.25;">(i) A monetary liability imposed by the Office Holder of the Company pursuant to a judgment in favor of another person, including a judgment imposed on such Office Holder in a compromise or an arbitration
                decision that was approved by a court of law;</div>
            </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 38</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;">
        <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: 6%; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25;">&#160;</div>
              </td>
              <td style="width: 94%; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25;">
                  <div style="line-height: 1.25;">(ii) Reasonable litigation expenses, including attorneys&#8217; fees, incurred by the Office Holder of the Company due to an investigation or a proceeding instituted against the Office Holder by an authority
                    competent to administrate such an investigation or proceeding, and that was &#8220;finalized without the filing of an indictment against the Office Holder&#8221; (as defined in the Companies Law) and without any &#8220;financial obligation imposed on the
                    Office Holder in lieu of criminal proceedings&#8221; (as defined in the Companies Law); or that was &#8220;finalized without the filing of an indictment against the Office Holder&#8221; but with &#8220;financial obligation imposed on the Office Holder in lieu
                    of criminal proceedings&#8221; with respect to an offence that does not require proof of criminal intent; or expenses incurred in connection with an administrative enforcement proceeding or a financial sanction. Without derogating from
                    generality of the foregoing, such expenses will include a payment imposed on the officer in favor of an injured party as set forth in Section 52LIV(a)(1)(a) of the Securities Law and expenses that the officer incurred in connection with
                    a proceeding under Chapters VIII&#8217;3, VIII&#8217;4 or IX&#8217;1 of the Securities Law, including reasonable legal expenses, which term includes attorney fees.</div>
                  <div style="line-height: 1.25;">&#160;</div>
                  <div style="line-height: 1.25;">(iii) Reasonable litigation expenses, including attorneys&#8217; professional fees, incurred by the Office Holder of the Company or which he is ordered to pay by a court in proceedings filed against him by the
                    Company or on its behalf or by another person, or in a criminal indictment of which he is acquitted, or in a criminal indictment of which he is convicted of an offence that does not require proof of criminal intent.</div>
                  <div style="line-height: 1.25;">&#160;</div>
                  <div style="line-height: 1.25;">(iv) Any other obligation or expense for which it is or shall be permitted by law to indemnify an Office Holder of the Company.</div>
                </div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">
          <div style="line-height: 1.25;">&#160;</div>
        </div>
      </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="z9498889acc1544deb269a0fec4178d95">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(e)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any amendment to the Companies Law, the Securities Law or any other applicable law adversely affecting the right of any Office Holder to be indemnified or insured pursuant to this Article 68
              shall be prospective in effect, and shall not affect the Company&#8217;s obligation or ability to indemnify or insure an Office Holder for any act or omission occurring prior to such amendment, unless otherwise provided by the Companies Law, the
              Securities Law or such other applicable law.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 39</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;">&#160;</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="z85c076a77f58443cbf62f80951c4d96a">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(f)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The provisions of this Article 68 are not intended, and shall not be interpreted so as to restrict the Company, in any manner, (i) in respect of the procurement of insurance and/or
              indemnification and/or exculpation, in favour of any person who is not an Office Holder, including, without limitation, any employee, agent, consultant or contractor of the Company who is not an Office Holder; and (ii) in respect of the
              procurement of insurance and/or indemnification and/or exculpation, in favour of an Office Holder insofar as such insurance and/or indemnification and/or exculpation are not specifically prohibited pursuant to any law.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">WINDING UP</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zee7ca7f683424ff584a8fea8634b0ea6">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">69.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">WINDING UP</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">If the Company is wound up, then subject to applicable law and to the rights of the holders of shares with special rights upon winding up, the assets of the Company available for distribution among
        the shareholders shall be distributed to them in proportion to the respective holdings of the shares in respect of which such distribution is being made.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">RIGHTS OF SIGNATURE, STAMP, AND SEAL</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="zad043880e79f43b78aa696ed77621bb5">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">70.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">RIGHTS OF SIGNATURE, STAMP, AND SEAL</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zb4f81dca48934d8a9ef92f5a6c9fbce8">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors shall be entitled to authorize any person or persons (who need not be Directors) to act and sign on behalf of the Company, and the acts and signature of such person(s)
              on behalf of the Company shall bind the Company insofar as such person(s) acted and signed within the scope of his or their authority.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zac538cebbaf14e6997ca3279c01c48d0">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">The Board of Directors may provide for a seal.&#160;&#160;If the Board of Directors so provides, it shall also provide for the safe custody thereof.&#160;&#160;Such seal shall not be used except by the authority
              of the Board of Directors and in the presence of the person(s) authorized to sign on behalf of the Company, who shall sign every instrument to which such seal is affixed.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; 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;">A - 40</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;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">NOTICES</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="z7a21ae286c314b75ac5f3b2ebdfad535">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">71.</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">NOTICES</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z2d268c518b0647e1bf298c2f46afc183">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(a)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any written notice or other document may be served by the Company upon any shareholder either personally or by sending it by prepaid mail (airmail if sent internationally) addressed to such
              member at his address as described in the Shareholder Register. Any written notice or other document may be served by any shareholder upon the Company by tendering the same in person to the Secretary or the General Manager or Chief Executive
              Officer of the Company at the principal office of the Company or by sending it by prepaid registered mail (airmail if posted outside Israel) to the Company at it Registered Address.&#160;&#160;Any such notice or other document shall be deemed to have
              been served two (2) business days after it has been posted (seven (7) business days if posted internationally), or when actually tendered in person, to such shareholder (or to the Secretary or the General Manager or the Chief Executive
              Officer), whichever is earlier.&#160;&#160;Notice sent by email or facsimile shall be deemed to have been served two business days after the notice is sent to the addressee, or when in fact received, whichever is earlier, notwithstanding that if it was
              defectively addressed or failed, in some other respect, to comply with the provisions of this Article 71(a).</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="zd05c6a18f90f4c238d0006419f5f8f04">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(b)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">All notices to be given to the shareholders shall, with respect to any share to which persons are jointly entitled, be given to whichever of such persons is named first in the Shareholder
              Register, and any notice so given shall be sufficient notice to the holders of such share.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">&#160;</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="z26132528b11243c28483751f10a91b3b">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(c)</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">If requested by the Company, each shareholder shall provide the Company with the shareholder&#8217;s full street and mailing address, as well, if available with facsimile number and email
              address.&#160;&#160;Any shareholder whose address is not set out in the Shareholder Register, and who shall not have designated in writing delivered to the Company an address for the receipt of notices, shall not be entitled to receive any notice from
              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;">A - 41</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-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Annex B</u></div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>SILICOM LTD.</u></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;"><u>AMENDED EXECUTIVE COMPENSATION POLICY</u></div>
  <div style="line-height: 1.25">&#160;</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">PURPOSE</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;">The purpose of the Silicom Ltd. ("<font style="font-weight: bold;">Silicom</font>") Amended Executive Compensation Policy (the "<font style="font-weight: bold;">Policy</font>") is to describe Silicom's overall compensation strategy for executive officers and directors and to provide guidelines for setting compensation of its executive officers and directors.</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;">The Policy is adopted and re-approved in accordance with the requirements of Israel's Companies Law, 1999 (the "<font style="font-weight: bold;">Companies
      Law</font>") and reflects the specific compensation requirements and limitations as set forth in the Companies Law. This Policy applies to the compensation arrangements of all of Silicom's directors and executive officers, including all office
    holders (as defined in the Companies Law) (collectively, the "<font style="font-weight: bold;">Executives</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;">The adoption, amendment and restatement of the Policy shall be recommended by the Compensation Committee of the Board of Directors (the "<font style="font-weight: bold;">Compensation Committee</font>") and approved by the Board of Directors and Silicom's shareholders, except that the approval of the shareholders may be waived in circumstances prescribed by the Companies Law.</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-style: italic; font-weight: bold;">COMPENSATION COMMITTEE INDEPENDENCE</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;">The Compensation Committee will be composed of at least three members 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; font-family: 'Times New Roman',Times,serif;">Each member of the Compensation Committee must meet the independence requirements established under applicable law.<strike> All of Silicom's External
      Directors (within the meaning of the Companies Law)</strike>&#160;<strike>will be appointed as members of the Compensation Committee, and shall constitute a majority of the</strike>&#160;<strike>Compensation Committee members. The Chairman of the Compensation
      Committee shall be an</strike>&#160;<strike>External Director.</strike></div>
  <div style="line-height: 1.25;">&#160;</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>
  <!--PROfilePageNumberReset%Num%2%B - %%-->
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">OVERALL STRATEGY</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;">Silicom believes that strong, effective leadership is fundamental to its continued growth and success in the future. This requires the ability to attract,
    retain, reward and motivate highly-skilled <strike>executives;</strike>&#160;<strike>executives</strike><u>Executives</u>&#160;with the competencies needed to excel in a rapidly changing marketplace and to continually motivate their employees.</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;">The Policy is intended to align between the need to incentivize Executives to succeed in achieving their goals and the need to <strike>assure</strike><u>ensure</u>&#160;that

    the compensation structure meets Silicom's interests and its overall financial and strategic objectives, rewards performance, maintains a reasonable wage structure throughout the organization and reinforces a culture that management believes will
    promote the long- term success of Silicom.</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;">The Policy is also designed to offer Executives a compensation package that is competitive with other companies in our industry, and in particular in the IT,
    Internet and Technology industries.</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;">In support of this goal, Silicom's executive compensation practices are designed to meet the following objectives:</div>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.55pt;"><br>
        </td>
        <td style="width: 24.85pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman',Times,serif;">align incentives, the board determined performance targets and equity grants, with Silicom's fiscal performance as well as achievement of strategic objectives that create shareholder value;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.55pt;"><br>
        </td>
        <td style="width: 24.85pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman',Times,serif;">retain and encourage high potential team players to build a career at the Company;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="zc2a1998e7255456cb43f5af3f37bf58c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman',Times,serif;">provide incentives that are cost-efficient, competitive with other organizations and fair to employees and shareholders; and</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="zae2f629984694b23982df7154440fa52" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman',Times,serif;">design a balanced approach to compensation that properly aligns incentives with company performance and shareholder value and does not promote inappropriate risk taking.</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">GENERAL CONSIDERATIONS IN SETTING COMPENSATION</div>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In setting compensation of an Executive, the Compensation Committee and the Board of Directors shall consider, among other things, the following factors:</div>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.55pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">the educational, professional experience and accomplishments of the Executive;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="z31de3c7d654b4a25bb68176867145702" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.55pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">the Executive's position, responsibilities and prior compensation arrangements;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="z90937aa6f4fb44fc8da1612b148f58e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">data of peer companies, including companies in the industry and/or geographic market;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="zf2c0733d86184091b6e3574389adad27" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">compensation for comparably situated executives;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="z73504fc8fa754f188f0be50471b42141" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">the Executive's expected contribution to Silicom's future growth and profitability;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="zf8b8866d9d8e4db2921181ddf11b1127" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman',Times,serif;">the relation between the employment terms of the Executive and the average and median compensation of Silicom's employees and contractors, as well as whether such variation has an effect on
            employment relations; and</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="z3c69581dc0e6431ba76c00abb29e75cd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman',Times,serif;">any requirements prescribed by applicable law from time to time.</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Each of the Compensation Committee and Board of Directors may engage compensation advisors and other professionals to assist in formulating compensation
    packages in line with the Policy, including, without limitation, to assist in collecting relevant data, framing the appropriate factors to be considered and evaluating the different factors being considered.</div>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">EXECUTIVE COMPENSATION FRAMEWORK</div>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Silicom provides fair and equitable compensation for its Executives by combining several compensation elements.</div>
  <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">
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  </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;">All compensation arrangements of Executives are to be approved in the manner prescribed by applicable law. Executives<strike>, including External Directors
      or Independent Directors,</strike>&#160;may waive their entitlement to their compensation, subject to applicable law.</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;">Silicom pays Executives, other than non-employee directors, a compensation package that combines a base salary, a cash bonus, equity-based long-term
    incentives and other benefits.</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;">Silicom's Compensation Committee and Board of Directors may approve an amendment to the compensation of Silicom's Chief Executive Officer that is immaterial
    relative to the existing compensation of Silicom's Chief Executive Officer and complies with the terms of this Policy. For the purposes hereof, an amendment at an aggregate threshold of up to three monthly base salaries during the term of this Policy
    (i.e. during a three-year period following the adoption date of this Policy) relative to compensation of Silicom's Chief Executive Officer as of the adoption date of this Policy shall be deemed an immaterial amendment.</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;">Non-employee directors<strike>, including External Directors within the meaning of the Companies Law,</strike>&#160;are entitled to be paid cash compensation for
    board and any committee member services, as applicable, in accordance with the amounts which are permitted under the Companies Regulations (Rules Regarding Compensation and Expenses of External Directors), 2000 enacted pursuant to the Companies Law, as
    amended by the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel), 2000, as such regulations may be amended from time to time. We do not grant any variable bonus or equity based compensation, nor any
    separation payments to our non-employee directors.</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-style: italic; font-weight: bold;"><strike>R</strike><strike>ECOUPMENT </strike><strike>P</strike><strike>OLICY</strike></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;"><strike>To reflect sound corporate governance, Silicom's recoupment policy relating to Executive compensation allows for the recovery of all or a portion of
      any compensation paid to an Executive that was paid during the previous three years on the basis of financial data included in Silicom's financial statements in any fiscal year that were found to be inaccurate and were subsequently restated</strike></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;"><strike>In such event, Silicom will seek reimbursement from the Executives to the extent such Executives would not have been entitled to all or a portion of
      such compensation, based on the financial data included in the restated financial statements.</strike></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;"><strike>The Compensation Committee will be responsible for approving the amounts to be recouped and for setting terms for such recoupment from time to time.</strike></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;"><strike>Notwithstanding the aforesaid, the recoupment policy will not be triggered in the event of a financial restatement due to changes in the applicable
      reporting or accounting standards.</strike></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;"><strike>The above noted recoupment policy does not derogate from any relevant recoupment or clawback provisions under any applicable law or regulatory rules
      which apply to Silicom.</strike></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-style: italic; font-weight: bold;">VARIABLE PAY</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;">All Executives other than non-employee directors will be incentivized through a program that sets performance targets based on their role and scope. Actual
    payments are driven by the business and individual performance vis-&#224;-vis the performance targets set at the beginning of the year.</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;"><strike>The performance targets and the maximum variable components payable to each Executive (other than directors) shall be presented and recommended by
      Silicom's Chief Executive Officer and reviewed and approved by the Compensation Committee and the Board of Directors. The performance targets and the maximum variable components payable to any employee Executives who are also directors shall be
      presented and recommended by the Compensation Committee and reviewed and approved by the Board of Directors and Silicom's shareholders, and the performance targets and the maximum variable components payable to Silicom's Active Chairman of the Board
      and President and Chief Executive Officer shall be as approved by Silicom's shareholders on the general annual meeting of Silicom's shareholders dated June 8, 2016.</strike></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;">All Executives (other than non-employee directors) are incentivized through cash bonuses and long- term equity-based incentives to provide the Executive with
    a stake in Silicom's success &#8211; thus linking the Executive's long-term financial interests with the interests of Silicom's shareholders.<strike> The maximum value of the variable compensation components shall not exceed eighty percent of each
      Executive's total compensation package on an annual basis.</strike></div>
  <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="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">B - 3</font></div>
    <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>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><u>The performance targets and the maximum variable components of executive compensation, payable</u>&#160;<u>to each Executive (other than directors) shall be
      presented and recommended by Silicom's Chief</u>&#160;<u>Executive Officer and reviewed and approved by the Compensation Committee and the Board of</u>&#160;<u>Directors, subject to the Policy. The performance targets and the maximum variable components of</u>&#160;<u>executive

      compensation payable to any employee Executives who are also directors shall be presented</u>&#160;<u>and recommended by the Compensation Committee and reviewed and approved by the Board of</u>&#160;<u>Directors and Silicom's shareholders, Notwithstanding the
      foregoing, the performance targets and the</u>&#160;<u>maximum variable components of executive compensation payable to Silicom's Active Chairman of</u>&#160;<u>the Board and President and Chief Executive Officer shall be as approved by Silicom's shareholders
      on</u>&#160;<u>the general annual meeting of Silicom's shareholders dated June 8, 2016.</u></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;"><u>The maximum value of the variable compensation components shall not exceed eighty-eight percent</u>&#160;<u>of each Executive's total compensation package on
      an annual basis.</u></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;">In determining performance targets for Executives and the cash bonus and equity-based long-term incentives payable to each Executive, consideration should be
    given to promote Silicom's goals and to ensure that a significant portion of the variable components be determined based on <strike>measureable</strike><u>measurable</u>&#160;criteria. A non-significant portion of the variable components may be based on
    non-<strike>measureable</strike><u>measurable</u>&#160;criteria taking into account the Executive's contribution to Silicom, unless such Executive is subordinated to Silicom's Chief Executive Officer, in which case a significant portion of the variable
    components may be based on non-<strike>measureable</strike><u>measurable</u>&#160;criteria taking into account the Executive's contribution to Silicom, provided that the aggregate value of such portion does not exceed three monthly base salaries of such
    Executive.</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;">Examples of performance targets that will be considered include:</div>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.9pt; 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;">financial results;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.55pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">sales results;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="zc579275d707742d5b03cadd8a0a12e6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">efficiency metrics;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="zf013b3b9260c4148ad1354d78da8d15c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">internal and external customer satisfaction;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">shareholder value;</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">execution of projects; and</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
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      <tr>
        <td style="width: 8.5pt;"><br>
        </td>
        <td style="width: 24.85pt; 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;">attainment to milestones.</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Unless otherwise specified in the terms of the variable compensation of an Executive, the Board of Directors shall <strike>not </strike>have discretion to
    unilaterally reduce <strike>such </strike><u>or not award an </u>Executive's variable compensation, <u>even where performance targets have been met; provided the Board of Directors</u>&#160;<u>determines that such reduction or cancellation is in the
      best interests of the Company.</u></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;">Equity compensation may be granted in any form permitted under Silicom's equity incentive plans, as in effect from time to time (collectively, the "<font style="font-weight: bold;">Equity Incentive Plans</font>"), including stock options, restricted share units<strike> and</strike><u>,</u> restricted stock<u> and stock issued pursuant to Employee Stock Purchase</u>&#160;<u>Plans</u>. Equity grants to
    Executives shall be made in accordance with the terms of the Equity Incentive Plans.</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;">All equity-based incentives granted to Executives shall be subject to vesting periods in order to promote long-term retention of the awarded Executives.
    Unless <u>otherwise </u>determined <strike>otherwise in a specific</strike>&#160;<strike>award agreement approved </strike>by the Compensation Committee and the Board of Directors, grants to Executives <strike>other than directors </strike>shall vest
    gradually over a period of between two to four years.</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;">Silicom does not have any equity ownership guidelines that require any of our Executives to hold a stated number or fixed percentage of our ordinary shares,
    nor do they have to continue to hold for any period of time shares in the Company which they acquired as a result of the exercise of fully vested equity grants.</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;">The value of the equity-based compensation shall be calculated on the grant date, according to acceptable valuation practices at the time of grant. The <u>Compensation

      Committee and the </u>Board of Directors <strike>shall not have</strike><u>may at their</u>&#160;discretion <strike>to</strike><u>impose a</u>&#160;limit <u>on </u>the value of <strike>the</strike><u>any</u>&#160;equity-based compensation <u>granted to an
      Executive </u>at the time of <strike>exercise. </strike><u>grant.</u></div>
  <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="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">B - 4</font></div>
    <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>
  <div style="line-height: 1.25;">&#160;</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Board of Directors may, following approval by the Compensation Committee, extend the period of time for which an award is to remain exercisable, or make
    provisions with respect to the acceleration of the vesting period of any Executive&#8217;s awards, including, without limitation, in connection with a corporate transaction involving a change of control.</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;"><strike>The Chairman of </strike><font style="font-weight: bold; font-style: italic;"><u> R</u><u>ECOUPMENT </u><u>P</u><u>OLICY</u></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;"><u>To reflect sound corporate governance, Silicom's recoupment policy relating to Executive</u>&#160;<u>compensation allows for </u>the <strike>Board</strike><u>recovery

      of all or a portion</u>&#160;of <strike>Directors together with</strike><u>any</u>&#160;<u>compensation paid to an Executive that was paid during</u>&#160;the <strike>President</strike><u>previous three years on the basis</u>&#160;<u>of financial data included in
      Silicom's financial statements in any fiscal year that were found to be</u>&#160;<u>inaccurate</u>&#160;and <strike>Chief Executive Officer is</strike><u>were subsequently restated.</u></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;"><u>In such event, Silicom will seek reimbursement from the Executives to the extent such Executives</u>&#160;<u>would not have been</u>&#160;entitled to <strike>recommend

      granting special incentives to Executives, subject to the</strike>&#160;<strike>approval of the</strike>&#160;<u>all or a portion of such compensation, based on the financial data included in the restated</u>&#160;<u>financial statements.</u></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;"><u>The </u>Compensation Committee <u>will be responsible for approving the amounts to be recouped </u>and <strike>the</strike>&#160;<strike>Board of
      Directors. </strike><u>for setting terms for such recoupment from time to time.</u></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;"><u>Notwithstanding the aforesaid, the recoupment policy will not be triggered in the event of a financial</u>&#160;<u>restatement due to changes in the applicable
      reporting or accounting standards.</u></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;"><u>The above noted recoupment policy does not derogate from any relevant recoupment or clawback</u>&#160;<u>provisions under any applicable law or regulatory
      rules which apply to Silicom.</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-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">SEPARATION PAYMENTS</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;">As a matter of policy Silicom does not generally provide separation payments upon termination of an Executive&#8217;s engagement with the company, other than
    payments prescribed by applicable law, practice or other legal considerations. Should the Company elect to make a separation payment to a departing Executive<strike>, and other than as stated below with respect to the separation payments to be provided
      to</strike>&#160;<strike>Silicom's Active Chairman of the Board and its President and Chief Executive Officer, such payment</strike>&#160;<strike>may not exceed an amount equal to 12 months&#8217; pay of the departing Executive&#8217;s compensation and</strike>&#160;<u>such
      payment</u>&#160;shall be determined based on certain criteria, including the length of employment of the Executive, the Executive&#8217;s <u>compensation terms, the</u>&#160;performance <u>of the Company and the performance</u>&#160;<u>of the Executive </u>during
    his/her <strike>employment,</strike><u>term of service, as well as</u>&#160;the circumstances surrounding the termination of employment of the Executive, etc. In December 2007 our Audit Committee and Board of Directors approved severance arrangements for
    the Active Chairman of the Board and the President and Chief Executive Officer which provide for extended notice provisions and severance payments in the event of termination. The arrangements, details of which can be found under Proposals 2 and 3 in
    the Proxy Statement filed as Exhibit 2 to Form 6-k filed by Silicom with the Securities and Exchange Commission ("<font style="font-weight: bold;">SEC</font>") on December 13, 2007, were also approved by our shareholders in January 2008, and remain in
    effect.</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-style: italic; font-weight: bold;">INDEMNIFICATION AND INSURANCE</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;">The articles of the association of Silicom permit the Company to indemnify its Executives and to procure directors and officers insurance ("<font style="font-weight: bold;">D&amp;O Insurance</font>") for its Executives to the fullest extent permitted by applicable law, and it has been Company policy to do so, including for new hires. All of our Executives continue to be party to an
    indemnification agreement with the Company as attached as Appendix A to the Proxy Statement included as Exhibit 2 to the Form 6-k filed by the Company with the SEC on March 1, 2012. The Company continues to renew a D&amp;O Insurance policy covering all
    Executives of the Company.</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;">Going forward, and upon approval of this Policy as required pursuant to the Companies Law, any change to the Executive indemnification agreement and/or the
    D&amp;O Insurance, including the cost and/or any changes which materially depart from the key terms of the current agreement and/or D&amp;O Insurance (provided that such changes apply equally to Executives of the Company, including directors) will be
    submitted to the Company&#8217;s Compensation Committee and the Board of Directors for their approval but shall not, unless required by law or the Company&#8217;s Articles of Association, be presented at a General Meeting of the shareholders.</div>
  <div style="line-height: 1.25;">&#160;</div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">B - 5</font></div>
    <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>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">RECOMMENDATION, REVIEW AND APPROVAL OF POLICY</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;">The independent Compensation Committee shall periodically review the Policy and monitor its implementation, and recommend to the Board of Directors and
    shareholders to amend the Policy as it deems necessary from time to time.</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;">The term of the Policy shall be three years as of the date of its adoption. Following such three year term, this Compensation Policy will be brought to the
    shareholders for approval.</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-family: 'Times New Roman',Times,serif; font-weight: bold;">Adopted:</font> _________<font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">, <strike>2019</strike></font><u>2022</u></font></div>
  <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></font></div>
  <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></font></div>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>exhibit_3.htm
<DESCRIPTION>EXHIBIT 3
<TEXT>
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  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <div>
    <div id="DSPFPageHeader" style="font-family: 'Times New Roman',Times,serif;">
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        <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;"><u><font style="font-weight: bold;">Exhibit 3</font></u><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
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            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED HEREIN.</div>
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">EXCEPT AS MENTIONED OTHERWISE IN THE PROXY STATEMENT AND BELOW ON THIS PROXY, IF NO DIRECTION IS INDICATED, THIS PROXY WILL BE VOTED "FOR" THE PROPOSALS HEREIN.</div>
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            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Please mark your vote as in this example&#160;&#160; &#9746;</div>
          </td>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 24%;">&#160;</td>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 21%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 1</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: To approve the Amendment of the Company's Articles of Association&#160;in the form attached as <font style="font-weight: bold;"><u>Annex A</u></font> to the Proxy Statement (the &#8220;<font style="font-weight: bold;">Amended</font>&#160;<font style="font-weight: bold;">Articles</font>&#8221;).</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 2: </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">To approve a proposal to re-elect Mr. Avi Eizenman, the Company&#8217;s Active Chairman of the Board of Directors, to the Company&#8217;s Board of Directors, and, subject to the approval of the Amended Articles, to
                hold office as director for a two-year term, commencing on the date of the Meeting until the Annual General Meeting of Shareholders to be held in the year 2024, and until his successor has been duly elected.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 3: </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">To approve a proposal to elect Mr. Ilan Erez, to the Company&#8217;s Board of Directors, to hold office as director for a three-year term commencing on the date of the Meeting until the Annual General Meeting
                of Shareholders to be held in the year 2025, and until his successor has been duly elected.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 4</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">:&#160; To approve a proposal to elect Ms. Ayelet Aya Hayak, to the Company&#8217;s Board of Directors, to hold office as director for a three-year term commencing on the date of the Meeting until the Annual
                General Meeting of Shareholders to be held in the year 2025, and until her successor has been duly elected.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 5</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">:&#160;&#160; To approve the grant of 13,333 options to purchase Ordinary Shares of the Company pursuant to the Company&#8217;s Global Share Incentive Plan (2013) (the &#8220;Plan&#8221;) and in compliance with the Company&#8217;s
                Compensation Policy, which was re-approved by the Company&#8217;s shareholders on June 5, 2019 (the &#8220;Compensation Policy&#8221;), the Compensation Policy Cap (as such term is defined in the Proxy Statement) and the Amended Executive Compensation Policy
                to Mr. Avi Eizenman, the Company&#8217;s Active Chairman of the Board of Directors.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 6</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: To approve a proposal to approve the grant of 13,333 options to purchase Ordinary Shares of the Company pursuant to the Plan and in compliance with the Compensation Policy, the Compensation Policy Cap
                and the Amended Executive Compensation Policy to Mr. Yeshayahu (&#8216;Shaike&#8217;) Orbach, the Company&#8217;s current President and Chief Executive Officer.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;">
            <div style="line-height: 1.25; font-weight: bold;">DO YOU HAVE A "PERSONAL INTEREST" (AS DEFINED BELOW) WITH RESPECT TO THE SUBJECT MATTER OF PROPOSAL 6? (PLEASE NOTE: IF YOU DO NOT MARK EITHER YES OR NO YOU WILL BE DEEMED AS HAVING A PERSONAL
              INTEREST WITH RESPECT TO PROPOSAL 6 AND YOUR VOTE WILL NOT BE COUNTED FOR THE SPECIAL DISINTERESTED MAJORITY REQUIRED FOR THE APPROVAL OF PROPOSAL 6).</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">YES</div>
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">NO</div>
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 7</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">:&#160; To approve a proposal to approve an increase in the monthly base salary of Mr. Avi Eizenman, the Company&#8217;s Active Chairman of the Board of Directors, in compliance with the Compensation Policy and
                the Amended Executive Compensation Policy.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 8</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: To approve a proposal to approve an increase in the monthly base salary of Mr. Yeshayahu (&#8216;Shaike&#8217;) Orbach, the Company&#8217;s current President and Chief Executive Officer, in compliance with the
                Compensation Policy and the Amended Executive Compensation Policy.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-weight: bold;">DO YOU HAVE A "PERSONAL INTEREST" (AS DEFINED BELOW) WITH RESPECT TO THE SUBJECT MATTER OF PROPOSAL 8? (PLEASE NOTE: IF YOU DO NOT MARK EITHER YES OR NO YOU WILL BE DEEMED AS HAVING A PERSONAL
              INTEREST WITH RESPECT TO PROPOSAL 8 AND YOUR VOTE WILL NOT BE COUNTED FOR THE SPECIAL DISINTERESTED MAJORITY REQUIRED FOR THE APPROVAL OF PROPOSAL 8).</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">YES</div>
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">NO</div>
            <div style="text-align: center; line-height: 1.25;">&#9744;</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </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="3" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 9</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: To approve the Compensation Package for Mr. Liron Eizenman, who will be appointed as the Company&#8217;s new President and Chief Executive Officer, commencing July 1, 2022.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;">
            <div style="line-height: 1.25; font-weight: bold;">DO YOU HAVE A "PERSONAL INTEREST" (AS DEFINED BELOW) WITH RESPECT TO THE SUBJECT MATTER OF PROPOSAL 9? (PLEASE NOTE: IF YOU DO NOT MARK EITHER YES OR NO YOU WILL BE DEEMED AS HAVING A PERSONAL
              INTEREST WITH RESPECT TO PROPOSAL 9 AND YOUR VOTE WILL NOT BE COUNTED FOR THE SPECIAL DISINTERESTED MAJORITY REQUIRED FOR THE APPROVAL OF PROPOSAL 9).</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">YES</div>
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">NO</div>
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 10</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">:&#160; To approve a proposal to approve the grant of 50,000 options to purchase Ordinary Shares of the Company pursuant to the Plan and in compliance with the Compensation Policy, the Amended Executive
                Compensation Policy and the Compensation Policy Cap to Mr. Liron Eizenman, upon the commencement of his term as the Company&#8217;s new President and Chief Executive Officer, on July 1, 2022.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;">
            <div style="line-height: 1.25; font-weight: bold;">DO YOU HAVE A "PERSONAL INTEREST" (AS DEFINED BELOW) WITH RESPECT TO THE SUBJECT MATTER OF PROPOSAL 10? (PLEASE NOTE: IF YOU DO NOT MARK EITHER YES OR NO YOU WILL BE DEEMED AS HAVING A PERSONAL
              INTEREST WITH RESPECT TO PROPOSAL 10 AND YOUR VOTE WILL NOT BE COUNTED FOR THE SPECIAL DISINTERESTED MAJORITY REQUIRED FOR THE APPROVAL OF PROPOSAL 10).</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">YES</div>
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">NO</div>
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 11</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: To approve a proposal to approve the Amended Executive Compensation Policy&#160;in the form attached as <font style="font-weight: bold;"><u>Annex B</u></font> in the Proxy Statement (the &#8220;<font style="font-weight: bold;">Amended</font>&#160;<font style="font-weight: bold;">Compensation</font>&#160;<font style="font-weight: bold;">Policy</font>&#8221;).</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;">
            <div style="line-height: 1.25; font-weight: bold;">DO YOU HAVE A "PERSONAL INTEREST" (AS DEFINED BELOW) WITH RESPECT TO THE SUBJECT MATTER OF PROPOSAL 11? (PLEASE NOTE: IF YOU DO NOT MARK EITHER YES OR NO YOU WILL BE DEEMED AS HAVING A PERSONAL
              INTEREST WITH RESPECT TO PROPOSAL 11 AND YOUR VOTE WILL NOT BE COUNTED FOR THE SPECIAL DISINTERESTED MAJORITY REQUIRED FOR THE APPROVAL OF PROPOSAL 11).</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">YES</div>
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">NO</div>
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 79%;" rowspan="2">
            <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">PROPOSAL NO. 12</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">:&#160; To approve a proposal to approve the appointment of Kesselman &amp; Kesselman Certified Public Accountants (Isr.), PwC Israel, as the independent public accountants of the Company for year ending
                December 31, 2022, and until the next annual general meeting of the shareholders of the Company, and to authorize the Audit Committee of the Board of Directors to fix the compensation of such auditors in accordance with the amount and
                nature of their services.</font></div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FOR</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">AGAINST</div>
          </td>
          <td style="width: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">ABSTAIN</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 7%;">
            <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: 7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <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>

    </table>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="5">
            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
            <div style="text-align: justify; line-height: 1.25;">The undersigned hereby acknowledges receipt of the Notice of the Annual General Meeting, revokes any proxy or proxies heretofore given to vote upon or act with respect to the undersigned&#8217;s
              shares and hereby ratifies and confirms all that the proxies, their substitutes, or any of them, may lawfully do by virtue hereof.</div>
            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">
              <div style="line-height: 1.25;">______________________________________</div>
            </div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 10%;">&#160;</td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 25%;">
            <div style="text-align: center; line-height: 1.25;">______________________________________</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 6%;">&#160;</td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 15%;">
            <div style="text-align: center; line-height: 1.25;">_______________________</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">(NAME OF SHAREHOLDER)</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 10%;">&#160;</td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 25%;">
            <div style="text-align: center; line-height: 1.25;">(SIGNATURE OF SHAREHOLDER)</div>
          </td>
          <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 6%;">&#160;</td>
          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); width: 15%;">
            <div style="text-align: center; line-height: 1.25;">(DATE)</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Each shareholder voting at the meeting or prior thereto by means of the accompanying proxy card is requested to notify us if they have
        a Personal Interest in connection with Proposals: 6, 8, 9, 10, or 11 (each, a &#8220;<font style="font-weight: bold;">Personal</font>&#160;<font style="font-weight: bold;">Interest</font>&#160;<font style="font-weight: bold;">Proposal</font>&#8221;), as a condition for
        their vote to be counted with respect to the Personal Interest Proposals. If any shareholder casting a vote in connection hereto does not notify us if they have a Personal Interest with respect to a Personal Interest Proposal, they will be deemed
        as having a Personal Interest with respect to such Personal Interest Proposal and their vote will not be counted for the special disinterested majority required.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">For this purpose, "Personal Interest" is defined as: (1) a shareholder's personal interest in the approval of an act or a transaction of the Company,
        including (i) the personal interest of his or her relative (which includes for these purposes any members of his/her (or his/her spouse's) immediate family or the spouses of any such members of his or her (or his/her spouse's) immediate family);
        and (ii) a personal interest of a body corporate in which a shareholder or any of his/her aforementioned relatives serves as a director or the chief executive officer, owns at least 5% of its issued share capital or its voting rights or has the
        right to appoint a director or chief executive officer, but (2) excluding a personal interest arising solely from the fact of holding shares in the Company or in a body corporate.</div>
    </div>
    <div style="text-align: center; text-indent: -1.3pt; margin-left: 1.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </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>
    <div style="text-align: center; text-indent: -1.3pt; margin-left: 1.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; text-indent: -1.3pt; margin-left: 1.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SILICOM LTD.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; text-indent: -1.3pt; margin-left: 1.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Annual General Meeting of Shareholders to be held on June 7, 2022</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; text-indent: -1.3pt; margin-left: 1.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">THIS PROXY IS SOLICITED ON BEHALF OF MANAGEMENT</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 34.7pt; margin-left: 1.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The undersigned shareholder of Silicom Ltd. (the "<font style="font-weight: bold;">Company</font>") hereby
      appoints Mr. Eran Gilad, the true and lawful attorney, agent and proxy of the undersigned, to vote, as designated below, all of the Ordinary Shares of the Company which the undersigned is entitled in any capacity to vote at the Annual General Meeting
      of Shareholders of the Company, to be held at the corporate offices of the Company at 14 Atir Yeda Street, Kfar Sava 4464323, Israel on Tuesday June 7, 2022, at 14:00, (Israel time), and all adjournments and postponements thereof.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">(CONTINUED AND TO BE SIGNED ON REVERSE SIDE)</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
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