<SEC-DOCUMENT>0001178913-25-001586.txt : 20250506
<SEC-HEADER>0001178913-25-001586.hdr.sgml : 20250506
<ACCEPTANCE-DATETIME>20250506060249
ACCESSION NUMBER:		0001178913-25-001586
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250506
FILED AS OF DATE:		20250506
DATE AS OF CHANGE:		20250506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILICOM LTD.
		CENTRAL INDEX KEY:			0000916793
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER COMMUNICATIONS EQUIPMENT [3576]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23288
		FILM NUMBER:		25915091

	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
<SEQUENCE>1
<FILENAME>zk2533107.htm
<DESCRIPTION>6-K
<TEXT>
<html>
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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="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">WASHINGTON, D.C. 20549</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-size: 14pt; font-weight: bold;">FORM 6-K</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;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16 OF</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</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;">For the month of May 2025</div>
    <div style="text-align: center; line-height: 1.25; font-style: italic; font-weight: bold;">________________</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-size: 16pt; 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 style="font-weight: bold;">&#160;</font>(Translation of Registrant's name
      into English)</div>
    <div style="text-align: center; line-height: 1.25; font-style: italic; font-weight: bold;">________________</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;">14 Atir Yeda St., P.O.Box 2164, Kfar-Sava 4464323, Israel</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;">(Address of principal executive offices)</div>
    <div style="text-align: center; line-height: 1.25; font-style: italic; font-weight: bold;">________________</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Indicate by check mark whether the registrant files or will
        file annual reports under cover of Form 20-F or Form 40-F:</div>
    <div style="line-height: 1.25;"></div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160; <br class="Apple-interchange-newline">
      <font style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Form 20-F&#160;&#9746;&#160; &#160;&#160; Form 40-F&#160;&#9744;</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">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:</div>
    <div style="line-height: 1.25;"> <font style="font-weight: bold;"><br>
      </font></div>
    <div style="line-height: 1.25;">
      <div style="text-align: center;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Yes &#9744;&#160;&#160;&#160;&#160;</font><font style="font-weight: bold;">No<font style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">&#160;&#9746;</font></font></div>
      <div><br>
      </div>
    </div>
    <div style="line-height: 1.25;">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______</div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="text-align: justify; line-height: 1.25;">Silicom Ltd. (the &#8220;Registrant&#8221;) will hold an Annual General Meeting of Shareholders on June 18, 2025, at 14:00 (Israel time), at the
      Registrant&#8217;s offices at 14 Atir Yeda Street, Kfar Sava 4464323, Israel (the &#8220;Meeting&#8221;).</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">In connection with the Meeting, on or about May 14, 2025, the Registrant will mail to shareholders the Notice of Annual General Meeting,
      Proxy Statement and Proxy Card.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><font style="font-weight: bold;"><u>Exhibit Index</u></font>:</div>
      <div style="line-height: 1.25">&#160;<br>
        <table cellspacing="0" cellpadding="0" border="0" id="z3040047847314906bc82b257ab901829" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 4%;"><a href="exhibit_99-1.htm">99.1:</a></td>
              <td style="width: auto;"><a href="exhibit_99-1.htm">Notice of Annual General Meeting and Proxy Statement.</a></td>
            </tr>
            <tr>
              <td style="width: 4%;"><a href="exhibit_99-2.htm">99.2:</a></td>
              <td style="width: auto;"><a href="exhibit_99-2.htm">Proxy Card.</a></td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; line-height: 1.25;">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>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <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 style="text-align: center; line-height: 1.25;">Signature</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf
      by the undersigned, thereunto duly authorized.</div>
    <div style="line-height: 1.25;"><br>
      <div style="line-height: 1.25;">
        <table cellspacing="0" cellpadding="0" border="0" id="za44cb51240294c27a80205b64ae58b80" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr>
              <td valign="top" style="width: 50%;"><br>
              </td>
              <td valign="top" style="width: 38%;"><strong></strong>Silicom Ltd.</td>
              <td valign="top" style="width: 12%;"><br>
              </td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;"><br>
              </td>
              <td valign="top" rowspan="1" style="width: 38%;">(Registrant)</td>
              <td valign="top" style="width: 12%;"><br>
              </td>
            </tr>
            <tr>
              <td valign="top" align="left" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" nowrap="nowrap" align="left" rowspan="1" style="width: 38%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" align="left" style="width: 50%;"><br>
              </td>
              <td valign="top" nowrap="nowrap" align="left" style="width: 38%;"><u>/s/ Liron Eizenman</u></td>
              <td valign="top" style="width: 12%;"><br>
              </td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;"><br>
              </td>
              <td valign="bottom" nowrap="nowrap" align="left" style="width: 38%;">Liron Eizenman<br>
              </td>
              <td valign="top" style="width: 12%;"><br>
              </td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;"><br>
              </td>
              <td valign="top" style="width: 38%;">PRESIDENT AND CHIEF EXECUTIVE OFFICER</td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Dated:&#160; May 6, 2025</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="line-height: 1.25; text-align: right;"><u><font style="font-weight: bold;">Exhibit 99.1</font></u>
        <div><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">SILICOM LTD.</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">June 18, 2025</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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, at the offices of the Company at 14 Atir Yeda Street, Kfar Sava 4464323, Israel, on June 18, 2025, at 14:00 Israel time.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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">&#160;</div>
    <div style="text-align: justify; text-indent: 35.35pt; line-height: 1.25;">The Meeting is being called for the following purposes:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to re-elect Ms. Ayelet Aya Hayak, to the Company'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 2028, and until her successor has been duly elected.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">2.&#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'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 2028, and until his successor has been duly elected.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve a framework for the grant of up to 10,000 Restricted Stock Units (&#8220;<font style="font-weight: bold;">RSUs</font>&#8221;) to
      Mr. Yeshayahu ('Shaike') Orbach, the Company's Vice Chairman of the Board of Directors, to be granted from time to time for services provided during the period commencing November 1, 2025, and ending October 31, 2027 (the &#8220;<font style="font-weight: bold;">RSU Framework</font>&#8221;), all pursuant to the Company's Global Share Incentive Plan (2013) (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) and in compliance with the Compensation Policy (&#8220;<font style="font-weight: bold;">Compensation
        Policy</font>&#8221;) and the Compensation Policy Cap (the &#8220;<font style="font-weight: bold;">Cap</font>&#8221;), as more fully set forth in the Proxy Statement included herewith.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">4.&#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 and the Cap, to Mr. Liron Eizenman, the Company&#8217;s President and Chief Executive Officer.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To consider and act upon a proposal to approve the grant of 60,000 options to purchase Ordinary Shares of the Company pursuant to Plan and in compliance with the
      Compensation Policy and the Cap, to Mr. Avi Eizenman, the Active Chairman of the Company's Board of Directors.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">6.&#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 A</u></font>
      (the &#8220;<font style="font-weight: bold;">Amended Compensation Policy</font>&#8221;).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">7.&#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 the year ending December 31, 2025, 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.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 49.65pt; line-height: 1.25;">8.&#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, 2024, and to transact such other business as may properly come before
      the Meeting.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">Shareholders of record at the close of business on May 10, 2025, 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="text-align: justify; text-indent: 28.35pt; line-height: 1.25;"> <br>
    </div>
    <div style="line-height: 1.25">
      <table cellspacing="0" cellpadding="0" border="0" id="z69883e4ed9634741a3c68f887bcdaddd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%;">
              <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;">&#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;">&#160;</div>
              <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><u>/s/ Liron Eizenman</u><br>
                Liron Eizenman</div>
              <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">President and Chief Executive Officer</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-indent: -282pt; margin-left: 285pt; line-height: 1.25;">Date: May 6, 2025</div>
    <div style="line-height: 1.25">&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" 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>
    <br>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROXY STATEMENT<br>
      ________________</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SILICOM LTD.<br>
        14 Atir Yeda St.<br>
        Kfar Sava<br>
        Israel
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">ANNUAL GENERAL MEETING OF SHAREHOLDERS<br>
      June 18, 2025</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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 18, 2025, 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">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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 14, 2025. Directors, officers, and
      employees of the Company may also solicit proxies by telephone, facsimile and personal interview.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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 10, 2025, are entitled to vote at the Meeting. On April 30, 2025, 5,674,097 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">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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 25, 2025 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">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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, 5 and 7 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">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">Pursuant to the Companies Law, each of Proposals 4 and 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 either:</div>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ec6af7b3dc14b158b0e47b5364091b8">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>
              <div style="line-height: 1.25;">the shares that voted for the approval of the proposal include at least majority of the shares held by non-controlling and non-interested shareholders voted at the Meeting, (excluding abstaining votes); or</div>
            </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zada451477e0c4b39b200d2771397eda1">

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          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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, (the &#8220;<font style="font-weight: bold;">Disinterested


                Majority</font>&#8221;), all as further described under Proposals 4 and 6.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    <!--PROfilePageNumberReset%Num%2%- % -%-->
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PRINCIPAL SHAREHOLDERS</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">The following table sets forth, as of April 30, 2025, 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 5,674,097 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">&#160;</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);" id="z52da73929a0c4792bfd66e8a47211851">

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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-family: 'Times New Roman', Times, serif; 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', Times, serif;"><font style="font-weight: bold;"><u>Number of Shares and Options Owned</u></font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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-family: 'Times New Roman', Times, serif; 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; font-family: 'Times New Roman', Times, serif;">Systematic Financial Management, LP <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; font-family: 'Times New Roman', Times, serif;">510,358</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; font-family: 'Times New Roman', Times, serif;">8.99%</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; font-family: 'Times New Roman', Times, serif;">First Wilshire Securities Management, Inc. <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; font-family: 'Times New Roman', Times, serif;">390,700</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; font-family: 'Times New Roman', Times, serif;">6.89%</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; font-family: 'Times New Roman', Times, serif;">Forsakringsatiebolaget Avanza Pension<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; font-family: 'Times New Roman', Times, serif;">334,087</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; font-family: 'Times New Roman', Times, serif;">5.89%</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c3b608405fa4fdebee2609f61d8011e">

        <tr>
          <td style="width: 18pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The table above includes the number of shares and options that are exercisable within 60 days of March 31, 2025. 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. Except where otherwise indicated, and subject to applicable community property laws, based on
              information furnished to us by such owners or otherwise disclosed in any public filings, to our knowledge, the persons and entities named in the table have sole voting and dispositive power with respect to all shares shown as beneficially
              owned by them. 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">&#160;</div>
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        <tr>
          <td style="width: 18pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>As reported on Schedule 13G/A filed by Systemic Financial Management, LP with the SEC on February 13, 2025.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4278112029d4202a37f5913c19f194d">

        <tr>
          <td style="width: 18pt; vertical-align: top;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>As reported on Schedules 13G/A filed by First Wilshire Securities Management, Inc. with the SEC on February 13, 2025.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2fbeb226a1949fdb6a46214eaffe062">

        <tr>
          <td style="width: 18pt; vertical-align: top;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>As reported on Schedules 13G filed by Forsakringsaktiebolaget Avanza Pension, Inc. with the SEC on October 3, 2024.</div>
          </td>
        </tr>

    </table>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 2 -</font></div>
      <div class="BRPFPageBreak" 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>
    <br>
    <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">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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, 2024, see the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 29, 2025.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">*&#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;*</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 3 -</font></div>
      <div class="BRPFPageBreak" 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">&#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">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">TO RE-ELECT MS. AYELET AYA HAYAK TO HOLD OFFICE AS DIRECTOR FOR A</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> THREE- YEAR TERM COMMENCING ON THE DATE OF THE MEETING</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The management of the Company has selected Mrs. Ayelet Aya Hayak 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 Mrs. Ayelet Aya Hayak. If Mrs. 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. Ms. Ayelet Aya Hayak, who is currently serving as a director of the Company, has advised the Company that
      she will continue to serve as director if re-elected.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">Mrs. 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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The following table provides certain relevant information concerning Mrs. Ayelet Aya Hayak, including her principal occupation during the past five years.</div>
    <div style="line-height: 1.25">&#160;</div>
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        <tr>
          <td style="width: 18.44%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Nominee</u></div>
          </td>
          <td style="width: 7.99%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Age</u></div>
          </td>
          <td style="width: 73.57%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Principal Occupation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.44%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Ayelet Aya Hayak</div>
          </td>
          <td style="width: 7.99%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">55</div>
          </td>
          <td style="width: 73.57%; 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 style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In accordance with our Compensation Policy which was re-approved by the Company&#8217;s Compensation Committee and Board of Directors on June 12, 2022 (the "<font style="font-weight: bold;">Compensation Policy</font>"), Ms. Ayelet Aya Hayak will continue to be a party to an indemnification agreement with the Company in the form of the 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 (the &#8220;<font style="font-weight: bold;">Indemnification Agreement</font>&#8221;), 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 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">&#160;</div>
    <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 style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-weight: bold;">&#8220;RESOLVED, to re-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.&#8221;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">The re-election of Ms. Ayelet Aya Hayak as director requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; 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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 4 -</font></div>
      <div class="BRPFPageBreak" 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">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL 2</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">TO RE-ELECT MR. ILAN EREZ TO HOLD OFFICE AS DIRECTOR FOR A THREE- </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">YEAR TERM COMMENCING ON THE DATE OF THE MEETING</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The management of the Company has selected Mr. Ilan Erez for re-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. Erez. If Mr. 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. Mr. Erez, who is currently serving as a director of the Company, has advised the Company that he will continue to
      serve as director if re-elected.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">
      <div style="text-indent: 35.45pt; line-height: 1.25;">&#160;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">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The following table provides certain relevant information concerning Mr. <font style="font-weight: bold;">Erez</font>, including his principal occupation during the past five
      years.</div>
    <div style="line-height: 1.25">&#160;</div>
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        <tr>
          <td style="width: 18.44%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Nominee</u></div>
          </td>
          <td style="width: 7.99%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Age</u></div>
          </td>
          <td style="width: 73.57%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Principal Occupation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.44%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Ilan Erez</div>
          </td>
          <td style="width: 7.99%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">57</div>
          </td>
          <td style="width: 73.57%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Mr. Erez&#160;has served as a director since July 2010. Mr. Erez has been CFO and General Manager of AlgoSec Inc. since October 2019. Algosec is a
              global leader in securing application&#160;connectivity anywhere. Its software&#160;platform enables the world's most complex organizations to gain visibility, reduce risk and process changes at zero-touch across&#160;the hybrid network. 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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In accordance with our Compensation Policy, Mr. Erez will continue to be a party to an Indemnification Agreement, 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 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">&#160;</div>
    <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 style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-weight: bold;">&#8220;RESOLVED, to re-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.&#8221;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">The re-election of Mr. Erez as director requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-weight: bold;">The Board of Directors, with the exception of Mr. Erez who expresses no recommendation as to the vote on the above proposal, recommends
      a vote FOR approval of the re-election of Mr. Erez as a director of the Company as set forth above.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 5 -</font></div>
      <div class="BRPFPageBreak" 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">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL 3</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">TO APPROVE A FRAMEWORK FOR THE GRANTING OF RESTRICTED STOCK UNITS</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> TO MR. YESHAYAHU ('SHAIKE') ORBACH</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Since July 1, 2022 Mr. Orbach has served as the Executive Vice Chairman of the Board following his stepping down as our President and CEO and head of sales and marketing. On
      November 1, 2023 the Company has requested, and Mr. Orbach agreed to spend 25% of his time assisting the Company with its sales activities (the &#8220;<font style="font-weight: bold;">Services</font>&#8221;), until such time as either the Company or Mr. Orbach
      decide to terminate the Services. In light of these increased efforts and time spent,<font style="font-style: italic;">&#160;</font>our Compensation Committee, Board of Directors and shareholders approved, a framework for granting Restricted Stock Units
      (&#8220;<font style="font-weight: bold;">RSUs</font>&#8221;) to Mr. Orbach under the Company's Global Share Incentive Plan (2013) (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;), pursuant to which in which Mr. Orbach may be granted from time to time (i) an
      aggregate of up to 10,000 RSUs under the Plan, upon terms to be determined by the Compensation Committee and Board of Directors, in consideration for his providing the Services during the period commencing November 1, 2023 and ending on October 31,
      2025.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25;">
        <div style="text-indent: 36pt; line-height: 1.25;">
          <div style="text-indent: 36pt; line-height: 1.25;">Since Mr. Orbach has been successfully performing the Services for the Company, our Compensation Committee and Board of Directors approved and recommended that our shareholders approve an
            extension to RSU framework, pursuant to which Mr. Orbach may be granted from time to time (i) an aggregate of up to 5,000 RSUs under the Plan, upon terms to be determined by the Compensation Committee and Board of Directors, in consideration
            for his providing the Services during the period commencing November 1, 2025 and ending October 31, 2026, and (ii) an aggregate of up to a further 5,000 RSUs under the Plan, upon terms to be determined by the Compensation Committee and Board of
            Directors, in consideration for his providing the Services during the period commencing November 1, 2026 and ending October 31, 2027 (the framework described in (i) and (ii) above, the &#8220;<font style="font-weight: bold;">Extended RSU Framework</font>&#8221;).
            All grants will be made in compliance with the Company's Compensation Policy, in effect at such time, and the Cap.</div>
          <div style="line-height: 1.25">&#160;</div>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25;">
      <div style="text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25;">
        <div style="text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25;">&#160;<font style="font-weight: bold;">&#8220;RESOLVED to approve the Extended RSU Framework; and provided that any grant shall be in compliance with the Compensation Policy in effect
            at such time, and the Cap</font>.<font style="font-weight: bold;">&#8221;</font></div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">The approval of the Extended RSU Framework requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-weight: bold;">The Board of Directors,&#160;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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 6 -</font></div>
      <div class="BRPFPageBreak" 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">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL 4</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; 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-weight: bold;"> OF THE COMPANY TO MR. LIRON EIZENMAN, PRESIDENT AND CHIEF EXECUTIVE </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">OFFICER OF THE COMPANY</div>
    <div style="line-height: 1.25">&#160;
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">
        <div style="text-indent: 36pt; line-height: 1.25;">
          <div style="text-indent: 36pt; line-height: 1.25;">The Company's Compensation Policy provides that &#8220;all Executives 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-eight percent (88%) of each Executive's total compensation package on an annual basis (the &#8220;<font style="font-weight: bold;">Cap</font>&#8221;).</div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
    </div>
    <div style="line-height: 1.25"> </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Our Compensation Committee and Board of Directors have each recommended and approved, a grant of 13,333 options to purchase Ordinary Shares (&#8220;<font style="font-weight: bold;">Options</font>&#8221;)


      pursuant to the Plan to Mr. Liron Eizenman, President and Chief Executive Officer of the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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
      and the 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 this Meeting, which shall be considered the &#8220;Grant Date&#8221;, where 50% will vest on
      the second anniversary of the Grant Date and 50% will vest on the third anniversary of the Grant Date, and which options (vested and unvested) shall expire, by their terms, upon the eighth anniversary of the Grant Date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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 and the Cap.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; margin-right: 2.75pt; line-height: 1.25; font-weight: bold;">&#8220;RESOLVED, to approve granting 13,333 Options to Mr. Liron Eizenman, President and Chief Executive Officer of the Company, pursuant to
      the Plan, with the effective grant date and vesting terms as set forth above.&#8221;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Pursuant to the Companies Law, approval of Proposal 4 requires the affirmative vote of a Disinterested Majority.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Companies Law, as supplemented by the Foreign Listed Regulations, requires that each shareholder voting on a proposed resolution requiring a Disinterested Majority, inform
        the Company whether or not he or she is a controlling shareholder or has a personal interest in the proposed resolutions. Under the Companies Law, in general, a person will be deemed to be a controlling shareholder if that person has the power to
        direct the activities of the company, otherwise than by reason of being a director or other office holder of the company, and a person is deemed to have a personal interest if any member of the shareholder&#8217;s immediate family, or the immediate
        family of a shareholder&#8217;s spouse, has a personal interest in the adoption of the proposals. In addition, you are deemed to have a personal interest if a company, other than Silicom, which is affiliated with you, has a personal interest in the
        adoption of the proposals. Such company is a company in which you or a member of your immediate family serves as a director or CEO, has the right to appoint a director or the CEO, or owns five percent (5%) or more of the outstanding shares.
        However, you are not deemed to have a personal interest in the adoption of the proposals if your interest in such proposal arises solely from your ownership of our shares, or to a matter that is not related to a relationship with a controlling
        shareholder.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">Please note that we consider it highly unlikely that any of our shareholders is a controlling shareholder or has a personal interest in this
          proposal</font>.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">However, as required under the Companies law, as supplemented by the Foreign Listed Regulations, you should actively inform the Company whether you are a controlling shareholder
        or have a personal interest in this Proposal 4.</div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; 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 that the
      shareholders vote FOR approval of the proposed resolution.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 7 -</font></div>
      <div class="BRPFPageBreak" 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">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL 5</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">TO APPROVE THE GRANT OF 60,000 OPTIONS TO PURCHASE ORDINARY SHARES</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> OF THE COMPANY TO MR. AVI EIZENMAN, ACTIVE CHAIRMAN OF THE BOARD OF</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> DIRECTORS OF THE COMPANY</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">Our Compensation Committee and Board of Directors have each recommended and approved, a grant of 60,000 Options pursuant to the Plan to Mr. Avi Eizenman, Active Chairman of the
      Board of Directors of the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">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
      and the 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 this Meeting, which shall be considered the &#8220;Grant Date&#8221;, where 50% will vest on
      the second anniversary of the Grant Date and 50% will vest on the third anniversary of the Grant Date, and which options (vested and unvested) shall expire, by their terms, upon the eighth anniversary of the Grant Date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">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 and the Cap.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-weight: bold;">&#8220;RESOLVED, to approve granting 60,000 Options to Mr. Avi Eizenman, Active Chairman of the Board of Directors of the Company, pursuant to the Plan, with the
      effective grant date and vesting terms as set forth above.&#8221;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Pursuant to the Companies Law, approval of Proposal 5 requires the affirmative vote of an Ordinary Majority.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; 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 that the
      shareholders vote FOR approval of the proposed resolution.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 8 -</font></div>
      <div class="BRPFPageBreak" 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">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL 6</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; text-indent: -35.45pt; margin-left: 35.45pt; line-height: 1.25; 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-weight: bold;"> COMPENSATION POLICY</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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 of Directors recommend to approve the Silicom Ltd. Amended Compensation Policy (the &#8220;<font style="font-weight: bold;">Amended
        Compensation Policy</font>&#8221;), attached hereto as <font style="font-weight: bold;"><u>Annex A</u></font>, which is deemed by the Compensation Committee and Board of Directors 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.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Amended Compensation Policy makes a number of clarificatory changes to the language of the Current Executive Compensation Policy, and includes the following main amendments:</div>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0c66654b40d410eb065eda3e3d9a31d">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Clarification that, subject to the terms of the Amended Compensation Policy, a compensation package including one or more elements, including cash bonuses and equity incentives, may be paid to all Executives.&#160;This amendment allows for
              tailored compensation packages, enabling the Company to include, at its discretion, individual elements of the bonus categories, rather than all of them, thereby aligning with individual executive needs and the Company's strategic objectives.
              This change permits a more strategic allocation of resources, ensuring compensation aligns with the Company's financial goals and conforms to market standards.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e76bd7a5a774421be9baabc77007e55">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Clarification that non-employee directors may be paid for non-board or committee services (such as the sales and marketing services provided by Mr. Shaike Orbach) in cash or equity up to the limitations of the Amended Compensation Policy.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad6d72a90dc94478a5cba9f3d1676499">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Recent SEC and Nasdaq rules require that companies adopt a compliant clawback policy. To align with these standards, the Company has removed the clawback provisions from the Amended Compensation Policy and replaced them with a reference to
              the new Clawback Policy, adopted by the Company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za3a8b4a5a18d4f188985ddd1c2622630">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The severance arrangements for the Company&#8217;s current President and CEO, already approved by the shareholders in June 2022, is now incorporated by reference into the Amended Compensation policy.</div>
          </td>
        </tr>

    </table>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 9 -</font></div>
      <div class="BRPFPageBreak" 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>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Our Compensation Committee and Board believe that these amendments are in the Company's best interests, are appropriate and suitable, are customary compensation mechanisms, and are
      appropriate and in-line with prevailing market practice. They also align our executives&#8217; long-term interests with those of the Company and its shareholders and provide the Company with the ability to competitively attract and retain highly qualified
      executives, who are essential to the Company&#8217;s ongoing growth and success, while maintaining an adequate balance with the other interests of the Company and its shareholders. In their review and approval of the proposed amendments to the Compensation
      Policy, our Compensation Committee and Board of Directors also took into account, among others, the considerations, principles and provisions set forth in the Companies Law. When considering the proposed amendments, our Compensation Committee and
      Board considered additional factors, such as the advancement of the Company&#8217;s objectives, the Company&#8217;s business plan and long-term strategy and creation of appropriate incentives for executive officers and directors, the Company&#8217;s risk management,
      size and the nature of its operations, and reviewed other empirical data and information they deemed relevant.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In light of the aforementioned considerations, the Compensation Committee and Board of Directors found that the Amended Compensation Policy was 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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The shareholders of the Company will be requested to adopt the following resolution at the Meeting:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25; font-weight: bold;">&#8220;RESOLVED, to approve the Amended Compensation Policy in the form attached as Annex A to the Proxy Statement.&#8221;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Pursuant to the Companies Law, approval of Proposal 4 requires the affirmative vote of a Disinterested Majority.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Companies Law, as supplemented by the Foreign Listed Regulations, requires that each shareholder voting on a proposed resolution requiring a Disinterested Majority inform the
      Company whether or not he or she is a controlling shareholder or has a personal interest in the proposed resolutions. Under the Companies Law, in general, a person will be deemed to be a controlling shareholder if that person has the power to direct
      the activities of the company, otherwise than by reason of being a director or other office holder of the company, and a person is deemed to have a personal interest if any member of the shareholder&#8217;s immediate family, or the immediate family of a
      shareholder&#8217;s spouse, has a personal interest in the adoption of the proposals. In addition, you are deemed to have a personal interest if a company, other than Silicom, which is affiliated with you, has a personal interest in the adoption of the
      proposals. Such company is a company in which you or a member of your immediate family serves as a director or CEO, has the right to appoint a director or the CEO, or owns five percent (5%) or more of the outstanding shares. However, you are not
      deemed to have a personal interest in the adoption of the proposals if your interest in such proposal arises solely from your ownership of our shares, or to a matter that is not related to a relationship with a controlling shareholder.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">Please note that we consider it highly unlikely that any of our shareholders is a controlling shareholder or has a personal interest in this
          proposal</font>.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">However, as required under the Companies law, as supplemented by the Foreign Listed Regulations, you should actively inform the Company whether you are a controlling shareholder
        or have a personal interest in this Proposal 6.</div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-weight: bold;">The Board of Directors recommends a vote FOR approval of the Amended Compensation Policy in the form attached hereto as Annex A.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 10 -</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL 7</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">APPOINTMENT OF KESSELMAN &amp; KESSELMAN CERTIFIED PUBLIC </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">ACCOUNTANTS (Isr.), PWC ISRAEL, AS INDEPENDENT PUBLIC ACCOUNTANTS OF </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">THE COMPANY AND AUTHORIZATION OF AUDIT COMMITTEE TO FIX THE </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">COMPENSATION OF SUCH AUDITORS</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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, 2025, and until the next annual general
      meeting of the shareholders of the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Audit Committee and Board of Directors believe that the selection of PwC Israel 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 7, 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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The shareholders of the Company are requested to adopt the following resolution:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">&#8220;RESOLVED, to appoint PwC Israel as the independent public accountants of the Company for the year ending December 31, 2025, and until the next
        annual general meeting of the Company's shareholders, and to authorize the Audit Committee to set their compensation</font>&#160;<font style="font-weight: bold;">in accordance with the volume and nature of their services.&#8221;</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The appointment of PwC Israel as the independent public accountants of the Company for the year ending December 31, 2025, 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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-weight: bold;">The Board of Directors recommends that the shareholders vote FOR approval of the proposed resolution.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 11 -</font></div>
      <div class="BRPFPageBreak" 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>
    <br>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">REVIEWING THE COMPANY'S FINANCIAL STATEMENTS FOR THE YEAR ENDED </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">DECEMBER 31, 2024, AND TRANSACTING SUCH OTHER BUSINESS AS MAY </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPERLY COME BEFORE THE MEETING</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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, 2024, 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, 2024 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, 2025 and is available at their website, <u>http://www.sec.gov</u>, 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 29,
      2025, 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">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">_________________________________</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 12 -</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <br>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">Your vote is important!</font> 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>.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">ADDITIONAL INFORMATION</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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 <u>http://www.sec.gov</u>. This proxy statement is also available on our website at <u>http://www.silicom.co.il</u>
      and on the SEC's website at <u>http://www.sec.gov</u>.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">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 6, 2025. YOU SHOULD NOT ASSUME THAT THE INFORMATION CONTAINED
      IN THIS DOCUMENT IS ACCURATE AS OF ANY DATE OTHER THAN MAY 6, 2025, AND THE MAILING OF THIS DOCUMENT TO SHAREHOLDERS SHOULD NOT CREATE ANY IMPLICATION TO THE CONTRARY.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z35eef1c39fdb4ed9ade9ab43f79f60dd">

          <tr>
            <td valign="top" style="width: 50%;"><br>
            </td>
            <td valign="top" style="width: 38%;">By Order of the Board of Directors</td>
            <td valign="top" style="width: 12%;"><br>
            </td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 3%; font-weight: bold;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 12%;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;"><br>
            </td>
            <td valign="top" style="width: 3%; font-weight: bold;" rowspan="1">SILICOM LTD.</td>
            <td valign="top" style="width: 12%;"><br>
            </td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%;"><br>
            </td>
            <td valign="top" style="width: 3%;" rowspan="1"><br>
            </td>
            <td valign="top" style="width: 12%;"><br>
            </td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;"><br>
            </td>
            <td valign="top" style="width: 3%;" rowspan="1"><u>/s/ Liron Eizenman</u><br>
            </td>
            <td valign="top" style="width: 12%;"><br>
            </td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;"><br>
            </td>
            <td valign="top" style="width: 3%;" rowspan="1">Liron Eizenman</td>
            <td valign="top" style="width: 12%;"><br>
            </td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;"><br>
            </td>
            <td valign="top" style="width: 3%;" rowspan="1">President and Chief Executive Officer</td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25">Kfar Sava, Israel<br>
      Date: May 6, 2025 <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">- 13 -</font></div>
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    <!--PROfilePageNumberReset%Num%1%A - %%-->
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u> <br>
      </u></div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Annex A</u></div>
    <div style="line-height: 1.25">&#160;
      <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>SILICOM LTD.</u></div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>AMENDED EXECUTIVE COMPENSATION POLICY</u></div>
      <div style="text-align: center; line-height: 1.25; font-style: italic;">[blacklined against previous version]</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;">Purpose</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;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;">&#160;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;">&#160;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-style: italic; font-variant: small-caps; font-weight: bold;">Compensation Committee Independence</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;The Compensation Committee will be composed of at least three members of the Board of Directors. Each member of the Compensation Committee must meet the independence requirements established under
        applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;">Overall Strategy</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;Silicom believes that strong, effective leadership is fundamental to its continued growth and success in the future.&#160;This requires the ability to attract, retain, reward and motivate
        highly-skilled Executives 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;">The Policy is intended to align between the need to incentivize Executives to succeed in achieving their goals and the need to ensure 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.&#160;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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;">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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              <div>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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            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
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              <div>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>
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              <div>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>
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            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
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              <div>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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">A - 1</font></div>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;">General Considerations in Setting Compensation</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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: 26.35pt; vertical-align: top;">&#8226;</td>
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              <div>the educational, professional experience and accomplishments of the Executive;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the Executive's position, responsibilities and prior compensation arrangements;</div>
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          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>data of peer companies, including companies in the industry and/or geographic market;</div>
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      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>compensation for comparably situated executives;</div>
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          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeec37f4b52f9442abd4289720d159c66">

          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>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>
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          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>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;">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="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;">Executive Compensation Framework</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Silicom provides fair and equitable compensation for its Executives by combining several compensation elements.</div>
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      <div style="text-align: justify; line-height: 1.25;">All compensation arrangements of Executives are to be approved in the manner prescribed by applicable law. Executives 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;">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Silicom pays Executives<strike>, other than non-employee directors,</strike><u>&#160; </u>&#160;a compensation package that combines<u> one or more of the following -</u>&#160;a base
          salary, a cash bonus, equity-based long-term incentives and other benefits.</div>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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;">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><strike>Non</strike><u>Notwithstanding anything else in this Policy, for board and committee services, non</u>-employee directors are entitled to be paid cash compensation<strike>
            for board and any committee </strike><strike>member services, as applicable</strike>, 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.<strike> We do not grant any
            variable bonus or equity</strike>&#160;<strike>based compensation, nor any separation payments to our</strike><u>For non-board or committee services,</u><u> </u><u>we may pay</u>&#160;non-employee directors<u> in cash or equity, subject to the
            limitations set forth in the</u><u> </u><u>Policy</u>.</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">A - 2</font></div>
        <div class="BRPFPageBreak" 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">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;">Variable Pay</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><strike>All </strike>&#160;Executives &#160;<strike>other than non-employee directors will</strike><u>may</u>&#160;be incentivized through a program that sets performance targets based
          on their role and scope. Actual payments are driven by the</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><strike>All </strike>Executives <strike>(other than non-employee directors) are</strike><u>may be</u>&#160;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.</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The performance targets and the maximum variable components of executive compensation, payable to each Executive<strike> (other than directors)</strike><u>, where
            applicable,</u>&#160;shall be presented and recommended by Silicom's Chief Executive Officer and reviewed and approved by the Compensation Committee and the Board of Directors, subject to the Policy.&#160; The performance targets and the maximum variable
          components of executive compensation 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.
          Notwithstanding the foregoing, the performance targets and the maximum variable components of executive compensation 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.</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">The maximum value of the variable compensation components shall not exceed eighty-eight percent of each Executive's total compensation package on an annual basis.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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 measurable criteria.&#160; &#160;A non-significant portion of the variable components may be based on non-measurable 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-measurable 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;">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: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>financial results;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>sales results;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze710d83d9b1c42679a62159a00267e40">

          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>efficiency metrics;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38291e4d9aa94439bb186b9bd728699d">

          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>internal and external customer satisfaction;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9a15514931244db917f61f00890b444">

          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>shareholder value;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcfbd5b11ec1040fc92092234215680cb">

          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>execution of projects; and</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 26.35pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>attainment to milestones.&#160;&#160;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Unless otherwise specified in the terms of the variable compensation of an Executive, the Board of Directors shall have discretion to unilaterally reduce or not award an Executive's variable
        compensation, even where performance targets have been met; provided the Board of Directors determines that such reduction or cancellation is in the best interests of the Company.<font style="font-weight: bold; font-style: italic; font-variant: small-caps;">&#160;</font></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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, restricted stock and stock issued pursuant to Employee Stock Purchase Plans.&#160;&#160;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;">All equity-based incentives granted to Executives shall be subject to vesting periods in order to promote long-term retention of the awarded Executives.&#160;&#160;Unless otherwise determined by the
        Compensation Committee and the Board of Directors, grants to Executives shall vest gradually over a period of between two to four years.&#160;&#160;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">A - 3</font></div>
        <div class="BRPFPageBreak" 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">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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;">The value of the equity-based compensation shall be calculated on the grant date, according to acceptable valuation practices at the time of grant.&#160;&#160; The Compensation Committee and the Board of
        Directors may at their discretion impose a limit on the value of any equity-based compensation granted to an Executive at the time of grant.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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;">&#160;<font style="font-weight: bold; font-style: italic; font-variant: small-caps;">Recoupment Policy</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;">To reflect sound corporate governance, <strike>Silicom's recoupment policy relating to Executive</strike>&#160;<strike>compensation</strike><u>Silicom has
          adopted a Clawback Policy, which</u>&#160;allows for the recovery of all or a portion of any compensation paid to an Executive that was paid during the previous three <strike>years</strike>&#160;<strike>on the basis of financial data included in Silicom's
          financial statements in any fiscal year that</strike>&#160;<strike>were found to be inaccurate and were subsequently restated</strike><u>fiscal years</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;"><strike>In such event, Silicom will seek reimbursement from the Executives to the extent such</strike>&#160;<strike>Executives would not have been entitled to
          all or a portion of such compensation, based on the</strike>&#160;<strike>financial data included in the restated financial statements.</strike></div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;<strike></strike></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</strike>&#160;<strike>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</strike>&#160;<strike>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;">The above noted <strike>recoupment</strike><u>clawback</u>&#160;policy does not derogate from any relevant recoupment or clawback provisions under any
        applicable law or regulatory rules which apply to 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;"><u>In the event of any conflict between the terms of the Clawback Policy and this Policy with</u>&#160;<u>respect to recoupment of compensation, the terms of
          the Clawback Policy shall prevail.</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;">Separation Payments</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;"> <br>
      </div>
      <div style="line-height: 1.25; font-style: normal; font-variant: normal; font-weight: 400; font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: justify; line-height: 1.25;">
          <div style="line-height: 1.25;">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.&#160; Should the Company elect to make a separation payment to a departing Executive such payment shall be determined based on certain criteria, including the length of employment of the Executive, the Executive&#8217;s compensation terms,
            the performance of the Company and the performance of the Executive during his/her term of service, as well as 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&#160; <strike>and the President and Chief</strike>&#160;<strike>Executive Officer which provide for extended notice provisions and severance payments in the</strike>&#160;<strike>event


              of termination.</strike>&#160;The arrangements, details of which can be found under <strike>Proposals</strike><u>Proposal</u> 2<strike> and 3</strike>&#160;in the Proxy Statement filed as Exhibit 2 to Form 6-<strike>k</strike><u>K</u>&#160;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. -<u>In April 2022, our Compensation</u><u> Committee
              and Board of Directors also approved severance arrangements for our President and Chief Executive Officer which provide for extended notice provisions and severance payments </u><u>in the event of termination. The arrangements, details of
              which can be found under Proposal 9</u><u>&#160;</u><u>in the Proxy Statement filed as Exhibit 2 to Form 6-K filed by Silicom with the SEC on May</u><u> 2, 2022, were also approved by our shareholders in June 2022, and remain in effect.</u> </div>
        </div>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">A - 4</font></div>
        <div class="BRPFPageBreak" 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">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; font-weight: bold;">Indemnification and Insurance</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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.&#160;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.&#160; The Company continues to renew a D&amp;O Insurance policy covering all Executives of the Company.&#160;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">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.&#160;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic; font-variant: small-caps; 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;">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="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The term of the Policy shall be three years as of the date of its adoption.&#160;&#160;Following such three year term, this Compensation Policy will be brought to the shareholders for approval.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Adopted: <u>&#160; &#160; &#160; &#160; &#160; &#160; &#160; </u>, <strike>2022</strike><u>2025</u></div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
  </div>
  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">A - 5</font>
    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit_99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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  <div style="text-align: right;"> <u><font style="font-weight: bold;">Exhibit 99.2</font></u></div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED HEREIN.</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXCEPT AS MENTIONED OTHERWISE IN THE PROXY STATEMENT AND BELOW ON THIS PROXY,</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">IF NO DIRECTION IS INDICATED, THIS PROXY WILL BE VOTED "FOR" THE PROPOSALS HEREIN.</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="line-height: 1.25;">
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          <tr>
            <td colspan="13" rowspan="1" style="width: 100%;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;">Please mark your vote as in this example &#9746;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"> <br>
    </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;">THE BOARD OF DIRECTORS (THE &#8220;BOARD&#8221;) RECOMMENDS A VOTE &#8220;FOR&#8221; PROPOSALS NO. 1 TO 7 OF THE PROXY STATEMENT.</div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" id="z9f5efc826abf490580b45120f0912e4e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%; text-align: left; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">1</font>: To approve the re-election of Ms. Ayelet Aya Hayak, to the Company'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 2028, and until her successor has been duly elected.</div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">FOR</div>
            <div style="text-align: center;">&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">AGAINST<br>
            </div>
            <div style="text-align: center;">&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">ABSTAIN</div>
            <div style="text-align: center;">&#9744; </div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
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          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%; text-align: left; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">2</font>:&#160;To approve the re-election of Mr. Ilan Erez to the Company'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 2028, and until his successor has been duly elected.</div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">FOR</div>
            <div style="text-align: center;">&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">AGAINST<br>
            </div>
            <div style="text-align: center;">&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">ABSTAIN</div>
            <div style="text-align: center;">&#9744; </div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
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          </td>
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          </td>
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          </td>
          <td style="width: 7.72%;"><br>
          </td>
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          </td>
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          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%; text-align: left; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
              <div style="line-height: 1.25;"><font style="font-weight: bold;">3:</font> To approve a framework
                for the grant of up to 10,000 Restricted Stock Units to Mr. Yeshayahu ('Shaike') Orbach, the Company's Vice Chairman of the Board of Directors, to be granted from time to time for services provided during the period commencing November 1,
                2025, and ending October 31, 2027, all pursuant to the Company's Global Share Incentive Plan (2013) and in compliance with the Compensation Policy, in effect at such time and the Cap.</div>
            </div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>FOR</div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>AGAINST<br>
            </div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>ABSTAIN</div>
            <div>&#9744; </div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%; text-align: left; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">4:</font> 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 and the Cap, to Mr. Liron Eizenman, the Company&#8217;s President and Chief Executive Officer.</div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>FOR</div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>AGAINST<br>
            </div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">ABSTAIN</div>
            <div style="text-align: center;">&#9744; </div>
          </td>
        </tr>
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          <td style="width: 7.72%;"><br>
          </td>
          <td style="width: 7.72%;"><br>
          </td>
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          </td>
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          <td style="width: 7.72%;"><br>
          </td>
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          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
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          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%; text-align: left; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">5: </font>To consider and act upon a proposal to approve the grant of 60,000 options to purchase Ordinary Shares of the Company
              pursuant to Plan and in compliance with the Compensation Policy and the Cap, to Mr. Avi Eizenman, the Active Chairman of the Company's Board of Directors.</div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>FOR</div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>AGAINST<br>
            </div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold;">
            <div style="text-align: center;">ABSTAIN</div>
            <div style="text-align: center;">&#9744; </div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.72%;"><br>
          </td>
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          </td>
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          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td style="width: 7.72%; font-weight: bold;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%; text-align: left; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">6</font>: To approve the Amended Executive Compensation Policy in the form attached to the Proxy Statement as Annex A (the &#8220;Amended
              Compensation Policy&#8221;).</div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>FOR</div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>AGAINST<br>
            </div>
            <div>&#9744; </div>
          </td>
          <td style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>ABSTAIN</div>
            <div>&#9744; </div>
          </td>
        </tr>
        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%;"><br>
          </td>
          <td rowspan="1" style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td rowspan="1" style="width: 7.72%; font-weight: bold;"><br>
          </td>
          <td rowspan="1" style="width: 7.72%; font-weight: bold;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="10" rowspan="1" style="width: 76.91%; text-align: left; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
              <div style="line-height: 1.25;"><font style="font-weight: bold;">7:</font> To approve the appointment of Kesselman &amp; Kesselman Certified Public Accountants (Isr.), PwC Israel, as the independent public accountants of the Company for the
                year ending December 31, 2025, 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.</div>
            </div>
          </td>
          <td rowspan="1" style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>FOR</div>
            <div>&#9744; </div>
          </td>
          <td rowspan="1" style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>AGAINST<br>
            </div>
            <div>&#9744; </div>
          </td>
          <td rowspan="1" style="width: 7.72%; font-weight: bold; text-align: center; vertical-align: top;">
            <div>ABSTAIN</div>
            <div>&#9744; </div>
          </td>
        </tr>

    </table>
  </div>
  <br>
  <div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">By executing this proxy card, the undersigned hereby confirms and declares that they are not a &#8220;controlling shareholder&#8221; and do not have a &#8220;personal interest&#8221; in any
        of the above proposals, except if they have notified the Company in writing and in advance on the existence of a &#8220;personal interest&#8221; in the approval of any of the above proposals.</font>&#160;<font style="font-weight: bold;">If the undersigned or a
        related party of the undersigned is a controlling shareholder of the Company or has such &#8220;personal interest&#8221; in any of the above proposals, please notify the Company immediately in writing.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Under the Companies Law, 5759-1999 (the &#8220;Companies Law&#8221;), a person will be deemed to be a "Controlling Shareholder" if that person has the power to direct the activities of the company, other than by reason of serving as
      a director or other office holder of the company.</div>
    <div style="line-height: 1.25;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25;">Under the Companies Law, a person is deemed to have a personal interest if they or any member of their immediate family, or the immediate family of their spouse, has a personal interest in the
      adoption of the proposal; or if a company, other than Silicom, that is affiliated with such person or affiliated with their spouse, has a personal interest in the adoption of the proposal. A company is deemed to be affiliated with a person if such
      company is a company in which such person or a member of such person&#8217;s immediate family serves as a director or chief executive officer, has the right to appoint a director or the chief executive officer, or owns 5% or more of the outstanding shares.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">You are not deemed to have a personal interest in the adoption of a proposal if your interest in such proposal arises solely from your ownership of Silicom's shares.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">For further information regarding the definition of &#8220;Controlling Shareholder&#8221; or "Personal Interest", please see the explanation under Proposals 4 and 6 of the Proxy Statement.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </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;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Signature of Shareholder ________________ Date ___________</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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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;">
      <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-size: 14pt; font-weight: bold;">SILICOM LTD.</div>
      <div style="line-height: 1.25;"><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-weight: bold;">Annual General Meeting of Shareholders to be held on June 18, 2025</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; text-indent: -1.3pt; margin-left: 1.3pt; line-height: 1.25;">THIS PROXY IS SOLICITED ON BEHALF OF MANAGEMENT</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 34.7pt; margin-left: 1.3pt; line-height: 1.25;">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 June 18, 2025, at 14:00 (Israel time), and all adjournments and postponements thereof.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; text-indent: 34.7pt; margin-left: 1.3pt; line-height: 1.25;">(CONTINUED AND TO BE SIGNED ON REVERSE SIDE)</div>
      <div><br>
      </div>
      <div>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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</DOCUMENT>
</SEC-DOCUMENT>
