<SEC-DOCUMENT>0001213900-22-019436.txt : 20220412
<SEC-HEADER>0001213900-22-019436.hdr.sgml : 20220412
<ACCEPTANCE-DATETIME>20220412163049
ACCESSION NUMBER:		0001213900-22-019436
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20220412
DATE AS OF CHANGE:		20220412
EFFECTIVENESS DATE:		20220412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zedge, Inc.
		CENTRAL INDEX KEY:			0001667313
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				263199071
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264248
		FILM NUMBER:		22822625

	BUSINESS ADDRESS:	
		STREET 1:		1178 BROADWAY
		STREET 2:		SUITE 1450, 3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
		BUSINESS PHONE:		330-577-3424

	MAIL ADDRESS:	
		STREET 1:		1178 BROADWAY
		STREET 2:		SUITE 1450, 3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ea158225-s8_zedgeinc.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>As filed
with the Securities and Exchange Commission on April 12, 2022</B></FONT></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8 </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ZEDGE, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26-3199071</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State of Incorporation)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1178 Broadway, 3rd Floor #1450</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10001</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(330) 577-3424 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Zedge, Inc. 2016 Stock Option and Incentive Plan,
as Amended and Restated</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Full Title of the Plan)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1178 Broadway, 3rd Floor #1450</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10001</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(330) 577-3424</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Agent for Service)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dov T. Schwell, Esq. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Schwell Wimpfheimer &amp; Associates LLP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>37 West 39<SUP>th</SUP> Street, Suite 505</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10018 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(646) 328-0795</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo;
in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 63.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging&nbsp;growth&nbsp;company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 63.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>General Instruction E Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This Registration Statement is
being filed for the purpose of increasing the number of securities of the same class as other securities for which certain Registration
Statements on Form&nbsp;S-8&nbsp;relating to the same employee benefit plan are effective in order to provide an increase in the pool
from which to grant awards granted pursuant to the Zedge, Inc. 2016 Stock Option and Incentive Plan, as amended and restated, in compliance
with Section 711(c) of the NYSE American Company Guide. The Registrant&rsquo;s Registration Statement on Form&nbsp;S-8&nbsp;filed with
the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) (File&nbsp;No.&nbsp;333-254225),&nbsp;excluding reports that the
Registrant filed with the Commission that were incorporated into the Form&nbsp;S-8&nbsp;Registration Statements in order to maintain current
information about the Registrant, are hereby incorporated by reference into this Registration Statement pursuant to General Instruction
E of Form&nbsp;S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;3. Incorporation of Documents by Reference.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following documents filed with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) by the Registrant, pursuant to the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;), are incorporated by reference in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1667313/000121390021057733/f10k2021_zedgeinc.htm">Form 10-K</A> for the year ended July 31, 2021, filed with the Commission on November 9, 2021;</FONT></TD></TR>
  <TR STYLE="display: none; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Quarterly Reports on Form 10-Q for the quarter ended <A HREF="http://www.sec.gov/Archives/edgar/data/1667313/000121390021065189/f10q1021_zedgeinc.htm">October 31, 2021</A>, filed with the Commission on December 14, 2021 and for the quarter ended <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390022012946/f10q0122_zedgeinc.htm">January 31, 2022</A> filed with the Commission on March 16, 2022;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Current Reports on Form 8-K filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021040784/ea145314-8k_zedgeinc.htm">August 6, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021047305/ea147154-8k_zedgeinc.htm">September 10, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021054888/ea149455-8k_zedgeinc.htm">October 27, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021057020/ea150056-8k_zedge.htm">November 5, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021057723/ea150277-8k_zedgeinc.htm">November 9, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021060564/ea150879-8k_zedgeinc.htm">November 18, 2021</A>,<A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021062170/ea151418-8k_zedgeinc.htm"> November 26, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390021064975/ea152226-8k_zedgeinc.htm">December 13, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390022002260/ea154075-8k_zedge.htm">January 18, 2022</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390022004355/ea154614-8k_zedge.htm">January 31, 2022</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390022012551/ea156912-8k_zedgeinc.htm">March 15, 2022</A>; and</FONT></TD></TR>
  <TR STYLE="display: none; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of the Class B common stock, par value $0.01 per share (the &ldquo;Class B Common Stock&rdquo;), of the Registrant set forth under Item 11 in the Post-Effective Amendment No. 2 to the Registrant&rsquo;s Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390016013946/f1012gposam2_zedgeinc.htm">Form 10</A>, filed with the Commission on June 1, 2016, including any amendment or report filed for the purpose of updating such information and contained in <A HREF="https://www.sec.gov/Archives/edgar/data/1667313/000121390020041739/f10k2020a1ex4-2_zedge.htm">Exhibit 4.2</A> to our Annual Report on 10-K filed with the Commission on November 9, 2021, including any amendment or report filed for the purpose of updating such information..</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">All documents subsequently filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates
that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference herein and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;5. Interests of Named Experts and Counsel. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">None.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;6. Indemnification of Directors and Officers. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Registrant&rsquo;s Certificate of Incorporation
provides that, no director shall be personally liable to the Corporation or any of its stockholders for monetary damages for any breach
of fiduciary duty as a director, except for liability (i) for breach of the director&rsquo;s duty of loyalty to the Corporation or its
stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii) pursuant to Section 174 of the GCL or (iv) for any transaction from which the director derived an improper personal benefit and
that&nbsp;any alteration, amendment or repeal of this section by the stockholders of the Corporation shall not adversely affect any right
or protection of a director of the Corporation existing at the time of such alteration, amendment or repeal with respect to acts or omissions
occurring prior to such alteration, amendment or repeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Registrant&rsquo;s By-Laws provide that the Registrant shall indemnify and hold harmless any person who was or is a party to or is threatened
to be made a party to </FONT>or is involved (as a party, witness, or otherwise) in <FONT STYLE="font-family: Times New Roman, Times, Serif">any
threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the
fact that he or she is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving
at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise, against all expenses (including attorneys&rsquo; fees), liabilities, losses, judgments, fines
and amounts paid or to be paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;7. Exemption from Registration Claimed.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;8. Exhibits. </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex4-1_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zedge, Inc.&rsquo;s 2016 Stock Option and Incentive Plan, as Amended and Restated.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex5-1_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Opinion of Schwell Wimpfheimer and Associates LLP.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex5-1_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex23-2_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Mayer Hoffman McCann CPAs, the New York Practice of Mayer Hoffman McCann P.C.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the Signature Page to this Registration Statement).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*107</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex-fee_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;9. Undertakings.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned Registrant hereby undertakes:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii) will not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Securities Exchange Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act of 1934 that are incorporated by reference in the Registration Statement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001"></A>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Form S-8 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of New York, State of New York, on April 12, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ZEDGE, INC.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jonathan Reich</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan Reich</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The undersigned directors and officers hereby constitute
and appoint Jonathan Reich, with full power to act and with full power of substitution and resubstitution, our true and lawful attorney-in-fact
with full power to execute in our name in the capacities indicated any and all amendments (including post-effective amendments) to this
Registration Statement and to sign any and all additional registration statements relating to the same offering of securities as this
Form S-8 that are filed pursuant to the requirements of the Securities Act of 1933, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission and hereby ratify and confirm that all such attorneys-in
fact, or either of them, or their substitutes shall lawfully do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, as amended, this Form S-8 Registration Statement has been signed by the following persons in the capacities indicated as of April
12, 2022.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Signature</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Titles</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Jonathan Reich</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jonathan Reich</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Principal Executive Officer)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Yi Tsai</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief
                                   Executive Officer</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Yi
                                   Tsai</B></FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Principal
                                   Financial Officer and Principal Accounting Officer)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Michael Jonas</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Michael Jonas</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Howard S. Jonas</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Howard S. Jonas</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Mark Ghermezian</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Ghermezian</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Elliot Gibber</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Elliot Gibber</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Paul Packer</FONT></P>
</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Paul Packer</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
                                         Gregory Suess</FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gregory
                                   Suess</B></FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex4-1_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zedge, Inc.&rsquo;s 2016 Stock Option and Incentive Plan, as Amended and Restated.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex5-1_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Opinion of Schwell Wimpfheimer and Associates LLP.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex5-1_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex23-2_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Mayer Hoffman McCann CPAs, the New York Practice of Mayer Hoffman McCann P.C.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the Signature Page to this Registration Statement).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea158225ex-fee_zedgeinc.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">II-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ea158225ex4-1_zedgeinc.htm
<DESCRIPTION>ZEDGE, INC.'S 2016 STOCK OPTION AND INCENTIVE PLAN, AS AMENDED AND RESTATED
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.1</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2016 STOCK OPTION AND INCENTIVE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Adopted as of May 23, 2016</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amended and Restated effective March 23,
2022)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><I>1.</I></TD><TD><I>Purpose; Types of Awards; Construction.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of the Zedge, Inc. 2016 Stock Option
and Incentive Plan (the &ldquo;Plan&rdquo;) is to provide incentives to executive officers, employees, directors and consultants of Zedge,
Inc. (the &ldquo;Company&rdquo;), or any subsidiary of the Company which now exists or hereafter is organized or acquired by the Company,
to acquire a proprietary interest in the Company, to continue as executive officers, employees, directors or consultants, to increase
their efforts on behalf of the Company and to promote the success of the Company&rsquo;s business. The provisions of the Plan are intended
to satisfy the requirements of Section 16(b) of the Securities Exchange Act of 1934, as amended, and shall be interpreted in a manner
consistent with the requirements thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used in this Plan, the following words and phrases
shall have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Agreement&rdquo;
shall mean a written agreement entered into between the Company and a Grantee in connection with an award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Board&rdquo;
shall mean the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Change
in Control&rdquo; means a change in ownership or control of the Company effected through either of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt"> </FONT>any
&ldquo;person,&rdquo; as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company, (B) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company, (C) any corporation or other entity owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Class B Common Stock, or
(D) any person who, as of October 30, 2020, owned more than 25% of the combined voting power of the Company&rsquo;s then outstanding voting
securities, or affiliates or family members thereof), is or becomes the &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person
any securities acquired directly from the Company or any of its affiliates other than in connection with the acquisition by the Company
or its affiliates of a business) representing 25% or more of the combined voting power of the Company&rsquo;s then outstanding voting
securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt"> </FONT>during
any period of not more than two consecutive years, not including any period prior to the initial adoption of this Plan by the Board, individuals
who at the beginning of such period constitute the Board, and any new director (other than a director whose initial assumption of office
is in connection with an actual or threatened election contest, including, but not limited to a consent solicitation, relating to the
election of directors of the Company) whose election by the Board or nomination for election by the Company&rsquo;s stockholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Class
B Common Stock&rdquo; shall mean shares of Class B Common Stock, par value $.01 per share, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Code&rdquo;
shall mean the Internal Revenue Code of 1986, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Committee&rdquo;
shall mean the Compensation Committee of the Board or such other committee as the Board may designate from time to time to administer
the Plan. The Board will cause the Committee to satisfy the applicable requirements of any stock exchange on which the Common Stock may
then be listed. For purposes of awards to Grantees who are subject to Section 16 of the Exchange Act, Committee means all of the members
of the Committee who are &ldquo;non-employee directors&rdquo; within the meaning of Rule 16b-3 adopted under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Company&rdquo;
shall mean Zedge, Inc., a corporation incorporated under the laws of the State of Delaware, or any successor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Continuous
Service&rdquo; means that the provision of services to the Company or a Related Entity in any capacity of officer, employee, director
or consultant is not interrupted or terminated. Continuous Service shall not be considered interrupted in the case of (i) any approved
leave of absence, (ii) transfers between locations of the Company or among the Company, any Related Entity or any successor in any capacity
of officer, employee, director or consultant, or (iii) any change in status as long as the individual remains in the service of the Company
or a Related Entity in any capacity of officer, employee, director or consultant (except as otherwise provided in the applicable Agreement).
An approved leave of absence shall include sick leave, short-term disability, maternity leave, military leave (including without limitation
service in the National Guard or the Army Reserves) and any other personal leave approved by the Company or the Committee. For purposes
of Incentive Stock Options, no such leave may exceed ninety (90) days unless reemployment upon expiration of such leave is guaranteed
by statute or contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Corporate
Transaction&rdquo; means any of the following transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt"> </FONT>a
merger or consolidation of the Company with any other corporation or other entity, other than (A) a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving or parent entity) 80% or more of the combined voting power of the voting
securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger
or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no &ldquo;person&rdquo; (as
defined in the Exchange Act) acquired 25% or more of the combined voting power of the Company&rsquo;s then outstanding securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0.5in">(ii)&nbsp;a plan of complete liquidation
of the Company or an agreement for the sale or disposition by the Company of all or substantially all of its assets (or any transaction
having a similar effect).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(j)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Disability&rdquo;
shall mean cause for termination of a Grantee&rsquo;s employment or service due to a determination that the Grantee is disabled in accordance
with a long-term disability&nbsp;insurance program maintained by the Company or a total and permanent&nbsp;disability&nbsp;as defined
in Code Section&nbsp;22(e)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(k)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Exchange
Act&rdquo; shall mean the Securities Exchange Act of 1934, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(l)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Fair
Market Value&rdquo; per share as of a particular date shall mean (i) the closing sale price per share of Class B Common Stock on the national
securities exchange on which the Class B Common Stock is principally traded for the last preceding date on which there was a sale of Class
B Common Stock on such exchange, or (ii) if the shares of Class B Common Stock are then traded in an over-the-counter market, the average
of the closing bid and asked prices for the shares of Class B Common Stock in such over-the-counter market for the last preceding date
on which there was a sale of Class B Common Stock in such market, or (iii) if the shares of Class B Common Stock are not then readily
tradable on an established securities market, such value as the Committee, in its sole discretion, shall determine, provided however that
such determination (A) with respect to Nonqualified Stock Options, shall be in good faith using a &ldquo;reasonable application of a reasonable
valuation method&rdquo; within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iv)(B), and (B) with respect to Incentive Stock
Options, shall be in a manner that satisfies the applicable requirements of Code Section 422.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(m)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Grantee&rdquo;
shall mean a person who receives a grant of Options or Restricted Stock under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(n)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Incentive
Stock Option&rdquo; shall mean any option intended to be, and designated as, an incentive stock option within the meaning of Section 422
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(o)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Insider&rdquo;
shall mean a Grantee who is subject to the reporting requirements of Section&nbsp;16(a) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(p)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Insider
Trading Policy&rdquo; shall mean the Insider Trading Policy of the Company, as may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(q)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Non-Employee
Director&rdquo; means an independent member of the Board, as determined by the Board, who is not an employee of the Company or any Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(r)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Non-Employee
Director Annual Grant&rdquo; shall mean an award of a number of shares of Restricted Stock with a value of $30,000 based on the average
closing prices of the Class B common stock on the NYSE American for the calendar month preceding the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(s)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Non-Employee
Director Grant Date&rdquo; shall mean January&nbsp;5 of the applicable year (or the following business day if January&nbsp;5 is not a
business day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(t)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Nonqualified
Stock Option&rdquo; shall mean any option not designated as an Incentive </FONT>Stock Optio<FONT STYLE="font-family: Times New Roman, Times, Serif">n.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(u)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Option&rdquo;
or &ldquo;Options&rdquo; shall mean a grant to a Grantee of an option or options to purchase shares of Class B Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(v)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Option
Agreement&rdquo; shall have the meaning set forth in Section 6 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(w)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Option
Price&rdquo; shall mean the exercise price of the shares of Class B Common Stock covered by an Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(x)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Parent&rdquo;
shall mean any company (other than the Company) in an unbroken chain of companies ending with the Company if, at the time of granting
an award under the Plan, each of the companies other than the Company owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other companies in such chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(y)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Related
Entity&rdquo; means any Parent, Subsidiary or any business, corporation, partnership, limited liability company or other entity in which
the Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or indirectly. The term &ldquo;substantial ownership
interest&rdquo; means the possession, directly or indirectly, of the power to direct the management and policies of such person or entity,
whether through the ownership of voting or other securities, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(z)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Restricted
Period&rdquo; shall have the meaning set forth in Section&nbsp;9(b) of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(aa)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Restricted
Stock&rdquo; means shares of Class B Common Stock issued under the Plan to a Grantee for such consideration, if any, and subject to such
restrictions on transfer, rights of refusal, repurchase provisions, forfeiture provisions and other terms and conditions as shall be determined
by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(bb)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Related
Entity Disposition&rdquo; means the sale, distribution or other disposition by the Company of all or substantially all of the Company&rsquo;s
interest in any Related Entity effected by a sale, merger or consolidation or other transaction involving such Related Entity or the sale
of all or substantially all of the assets of such Related Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(cc)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Retirement&rdquo;
shall mean a Grantee&rsquo;s retirement in accordance with the terms of any tax-qualified retirement plan maintained by the Company or
any of its affiliates in which the Grantee participates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(dd)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Rule
16b-3&rdquo; shall mean Rule 16b-3, as from time to time in effect, promulgated under the Exchange Act, including any successor to such
Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">(ee)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Subsidiary&rdquo;
shall mean any company (other than the Company) in an unbroken chain of companies beginning with the Companyv if each of the companies
other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power
of all classes of stock in one of the other companies in such chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(ff)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Tax
Event&rdquo; shall have the meaning set forth in Section&nbsp;15 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(gg)<FONT STYLE="font-size: 10pt"> </FONT>&ldquo;Ten
Percent Stockholder&rdquo; shall mean a Grantee who at the time an Incentive Stock Option is granted, owns stock possessing more than
ten percent (10%) of the total number of shares or of the combined voting power, in each case, of all classes of stock of the Company
or any Parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt"> </FONT>The
Plan shall be administered by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>The
Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer
the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in
the administration of the Plan, including, without limitation, the authority to grant Options and Restricted Stock; to determine which
options shall constitute Incentive Stock Options and which Options shall constitute Nonqualified Stock Options; to determine the purchase
price of the shares of Class B Common Stock covered by each Option; to determine the persons to whom, and the time or times at which awards
shall be granted; to determine the number of shares to be covered by each award; to interpret the Plan and any award under the Plan; to
reconcile any inconsistent terms in the Plan or any award under the Plan; to prescribe, amend and rescind rules and regulations relating
to the Plan; to determine the terms and provisions of the Agreements (which need not be identical) and to cancel or suspend awards, as
necessary; and to make all other determinations deemed necessary or advisable for the administration of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt"> </FONT>All
decisions, determination and interpretations of the Committee shall be final and binding on all Grantees of any awards under this Plan.
No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan
or any award granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt"> </FONT>The
Committee may delegate to one or more executive officers of the Company the authority to (i) grant awards under the Plan to employees
of the Company and its Subsidiaries who are not officers or directors of the Company, (ii) execute and deliver documents or take such
other ministerial actions on behalf of the Committee with respect to awards and (iii) to make interpretations of the Plan. The grant of
authority in this Section 3(d) shall be subject to such conditions and limitations as may be determined by the Committee. If the Committee
delegates authority to any such executive officer or executive officers of the Company pursuant to this Section 3(d), and such executive
officer or executive officers grant awards pursuant to such delegated authority, references in this Plan to the &ldquo;Committee&rdquo;
as they relate to such awards shall be deemed to refer to such executive officer or executive officers, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I></I></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Awards may be granted to executive officers, employees,
directors and consultants of the Company or of any Subsidiary. In addition to any other awards granted to Non-Employee Directors hereunder,
awards shall be granted to Non-Employee Directors pursuant to Section&nbsp;10 of the Plan. In determining the persons to whom awards shall
be granted and the number of shares to be covered by each award, the Committee shall take into account the duties of the respective persons,
their present and potential contributions to the success of the Company and such other factors as the Committee shall deem relevant in
connection with accomplishing the purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt"> </FONT>The
maximum number of shares of Class B Common Stock reserved for the grant of awards under the Plan shall be 2,531,000 </FONT>(which includes
685,000 shares reserved in a separate pool for awards under <FONT STYLE="font-family: Times New Roman, Times, Serif">Section 711(c) of
the NYSE American Company Guide</FONT>, all of which shall, except as provided for herein, be subject to the same provisions related to
grants provided herein)<FONT STYLE="font-family: Times New Roman, Times, Serif">, all of which may, but need not, be issued with respect
to Incentive Stock Options, subject to adjustment as provided in Section 11 of the Plan. Such shares may, in whole or in part, be authorized
but unissued shares or shares that shall have been or may be reacquired by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>If
any outstanding award under the Plan should, for any reason expire, be canceled or be forfeited without having been exercised in full,
the shares of Class B Common Stock allocable to the unexercised, canceled or terminated portion of such award shall (unless the Plan shall
have been terminated) become available for subsequent grants of awards under the Plan, unless otherwise determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>6.</I></TD><TD><I>Terms and Conditions of Options.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt"> </FONT>OPTION
AGREEMENT.&emsp;Each Option granted pursuant to the Plan shall be evidenced by a written agreement between the Company and the Grantee
(the &ldquo;Option Agreement&rdquo;), in such form and containing such terms and conditions as the Committee shall from time to time approve,
which Option Agreement shall comply with and be subject to the following terms and conditions, unless otherwise specifically provided
in such Option Agreement. For purposes of interpreting this Section 6, a director&rsquo;s service as a member of the Board or a consultant&rsquo;s
service shall be deemed to be employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>NUMBER
OF SHARES.&emsp;Each Option Agreement shall state the number of shares of Class B Common Stock to which the Option relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt"> </FONT>TYPE
OF OPTION.&nbsp;&nbsp;Each Option Agreement shall specifically state that the Option constitutes an Incentive Stock Option or a Nonqualified
Stock Option. In the absence of such designation, the Option will be deemed to be a Nonqualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt"> </FONT>OPTION
PRICE.&emsp;Each Option Agreement shall state the Option Price, which, in the case of an Incentive Stock Option, shall not be less than
one hundred percent (100%) of the Fair Market Value of the shares of Class B Common Stock covered by the Option on the date of grant.
The Option Price shall be subject to adjustment as provided in Section 9 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt"> </FONT>MEDIUM
AND TIME OF PAYMENT.&emsp;The Option Price shall be paid in full, at the time of exercise, in cash or in shares of Class B Common Stock
having a Fair Market Value equal to such Option Price or in a combination of cash and Class B Common Stock including a cashless exercise
procedure through a broker-dealer or otherwise; provided, however, that in the case of an Incentive Stock Option, the medium of payment
shall be determined at the time of grant and set forth in the applicable Option Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt"> </FONT>TERM
AND EXERCISABILITY OF OPTIONS.&emsp;Each Option Agreement shall provide the exercise schedule for the Option as determined by the Committee,
provided, that, the Committee shall have the authority to accelerate the exercisability of any outstanding option at such time and under
such circumstances as it, in its sole discretion, deems appropriate. The exercise period will be ten (10) years from the date of the grant
of the option unless otherwise determined by the Committee; provided, however, that in the case of an Incentive Stock Option, such exercise
period shall not exceed ten (10) years from the date of grant of such Option. The exercise period shall be subject to earlier termination
as provided in Sections 6(g) and 6(h) of the Plan. An Option may be exercised, as to any or all full shares of Class B Common Stock as
to which the Option has become exercisable, by written notice delivered in person or by mail to the administrator designated by the Company,
specifying the number of shares of Class B Common Stock with respect to which the Option is being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt"> </FONT>TERMINATION
OF CONTINUOUS SERVICE.&emsp;Except as expressly provided for in an applicable Option Agreement or as provided in this Section 6(g) and
in Section 6(h) of the Plan, an Option may not be exercised unless the Grantee is then in the employ of, or maintaining a director or
consultant relationship with, or otherwise a service provider to, the Company or a Subsidiary thereof (or a company or a Parent or Subsidiary
of such company issuing or assuming the Option in a transaction to which Section 424(a) of the Code applies), and unless the Grantee has
remained in Continuous Service with the Company or any Subsidiary since the date of grant of the Option. In the event that the Continuous
Service of a Grantee shall terminate (other than by reason of death, Disability or Retirement), all Options of such Grantee that are exercisable
at the time of Grantee&rsquo;s termination may, unless earlier terminated in accordance with their terms, be exercised within one hundred
eighty (180) days after the date of termination (or such different period as the Committee or the applicable Option Agreement shall prescribe).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt"> </FONT>DEATH,
DISABILITY OR RETIREMENT OF GRANTEE.&emsp;Unless otherwise expressly provided for in an Option Agreement, if a Grantee shall die while
providing Continuous Service or if the Grantee&rsquo;s Continuous Service shall terminate by reason of Disability, all Options theretofore
granted to such Grantee (to the extent otherwise exercisable) may, unless earlier terminated in accordance with their terms, be exercised
by the Grantee or by the Grantee&rsquo;s estate or by a person who acquired the right to exercise such Options by bequest or inheritance
or otherwise by result of death or Disability of the Grantee, at any time within three hundred sixty five (365) days after the death or
Disability of the Grantee (or such different period as the applicable Option Agreement or the Committee shall prescribe). In the event
that an Option granted hereunder shall be exercised by the legal representatives of a deceased or former Grantee, written notice of such
exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right of such legal representative
to exercise such Option. In the event that the Continuous Service of a Grantee shall terminate on account of such Grantee&rsquo;s Retirement,
all Options of such Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance with their
terms, be exercised at any time within one hundred eighty (180) days after the date of such Retirement (or such different period as the
applicable Option Agreement or the Committee shall prescribe).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(i) Notwithstanding
anything to the contrary herein, the Committee may reprice (or undertake any program or other action that is considered to be a repricing
under formal or informal guidance issued by the exchange or market on which the Company&rsquo;s Class B Common Stock then trades or is
quoted) any Option without the approval of the stockholders of the Company. For this purpose, &ldquo;reprice&rdquo; means: (i) lowering
the Option Price of an Option after it is granted when its Option Price exceeds <FONT STYLE="background-color: white">the then Fair Market
Value of a share of </FONT>Class B Common <FONT STYLE="background-color: white">Stock</FONT>, (ii) cancelling an Option at a time when
its Option Price exceeds the then Fair Market Value of a share of , in exchange for another Option, Restricted Stock, <FONT STYLE="background-color: white">payments
in cash or any combination of another Option, Restricted Stock or payments in cash, or (iii) other action or series of actions that has
the same or similar effect to the foregoing</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(j)<FONT STYLE="font-size: 10pt"> </FONT>OTHER
PROVISIONS.&emsp;The Option Agreements evidencing awards under the Plan shall contain such other terms and conditions not inconsistent
with the Plan as the Committee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>7.</I></TD><TD><I>Nonqualified Stock Options.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Options granted pursuant to this Section 7 are intended
to constitute Nonqualified Stock Options and shall be subject only to the general terms and conditions specified in Section 6 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I></I></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>8.</I></TD><TD><I>Incentive Stock Options.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Options granted pursuant to this Section 8 are intended
to constitute Incentive Stock Options and shall be subject to the following special terms and conditions, in addition to the general terms
and conditions specified in Section 6 of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt"> </FONT>LIMITATION
ON VALUE OF SHARES.&emsp;To the extent that the aggregate Fair Market Value of shares of Class B Common Stock subject to Options designated
as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company
or any Subsidiary) exceeds $100,000, such excess Options, to the extent of the shares covered thereby in excess of the foregoing limitation,
shall be treated as Nonqualified Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the order in
which they were granted, and the Fair Market Value of the shares of Class B Common Stock shall be determined as of the date that the Option
with respect to such shares was granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>TEN
PERCENT STOCKHOLDER.&emsp;In the case of an Incentive Stock Option granted to a Ten Percent Stockholder, (i) the Option Price shall not
be less than one hundred ten percent (110%) of the Fair Market Value of the shares of Class B Common Stock on the date of grant of such
Incentive Stock Option, and (ii) the exercise period shall not exceed five (5) years from the date of grant of such Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Committee may award shares of Restricted Stock
to any eligible executive officer, employee, director or consultant of the Company or of any Subsidiary. Each award of Restricted Stock
under the Plan shall be evidenced by a written Agreement between the Company and the Grantee, in such form as the Committee shall from
time to time approve, which Agreement shall comply with and be subject to the following terms and conditions, unless otherwise specifically
provided in such Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>NUMBER
OF SHARES</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;Each Agreement shall state the number of shares of Restricted
Stock to be subject to an award. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>RESTRICTIONS</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;Shares
of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws
of descent and distribution, for such period as the Committee shall determine from the date on which the award is granted (the &ldquo;Restricted
Period&rdquo;). The Committee may also impose such additional or alternative restrictions and conditions on the shares as it deems appropriate
including, but not limited to, the satisfaction of performance criteria. Such performance criteria may include sales, earnings before
interest and taxes, return on investment, earnings per share, any combination of the foregoing or rate of growth of any of the foregoing,
as determined by the Committee. The Company may, at its option, maintain issued shares in book entry form. Certificates, if any, for shares
of stock issued pursuant to Restricted Stock awards shall bear an appropriate legend referring to such restrictions, and any attempt to
dispose of any such shares of stock in contravention of such restrictions shall be null and void and without effect. During the Restricted
Period, any such certificates shall be held in escrow by an escrow agent appointed by the Committee. In determining the Restricted Period
of an award, the Committee may provide that the foregoing restrictions shall lapse with respect to specified percentages of the awarded
shares on successive anniversaries of the date of such award. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>FORFEITURE</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;Subject
to such exceptions as may be determined by the Committee, if the Grantee&rsquo;s Continuous Service with the Company or any Subsidiary
shall terminate for any reason prior to the expiration of the Restricted Period of an award, any shares remaining subject to restrictions
(after taking into account the provisions of Subsection (e)&nbsp;of this Section&nbsp;9) shall thereupon be forfeited by the Grantee and
transferred to, and retired by, the Company without cost to the Company or such Subsidiary, and such shares shall become available for
subsequent grants of awards under the Plan, unless otherwise determined by the Committee. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>OWNERSHIP</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;During
the Restricted Period, the Grantee shall possess all incidents of ownership of such shares, subject to Subsection (b)&nbsp;of this Section&nbsp;9,
including the right to receive dividends with respect to such shares and to vote such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>ACCELERATED
LAPSE OF RESTRICTIONS</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;Upon the occurrence of any of the events specified
in Section&nbsp;12 of the Plan (and subject to the conditions set forth therein), all restrictions then outstanding on any shares of Restricted
Stock awarded under the Plan shall lapse as of the applicable date set forth in Section&nbsp;12. The Committee shall have the authority
(and the Agreement may so provide) to cancel all or any portion of any outstanding restrictions prior to the expiration of the Restricted
Period with respect to any or all of the shares of Restricted Stock awarded on such terms and conditions as the Committee shall deem appropriate.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>10.</I></TD><TD><I>Non-Employee Director Restricted Stock. </I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section&nbsp;10 shall apply
only to certain grants of Restricted Stock to Non-Employee Directors, as provided below. Except as set forth in this Section&nbsp;10,
the other provisions of the Plan shall apply to grants of Restricted Stock to Non-Employee Directors to the extent not inconsistent with
this Section. For purposes of interpreting Section&nbsp;6 of the Plan and this Section&nbsp;10, a Non-Employee Director&rsquo;s service
as a member of the Board or the board of directors of any Subsidiary shall be deemed to be employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>GENERAL</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;Non-Employee
Directors shall receive Restricted Stock in accordance with this Section&nbsp;10. Restricted Stock granted pursuant to this Section&nbsp;10
shall be subject to the terms of such section and shall not be subject to discretionary acceleration of vesting by the Committee. Unless
determined otherwise by the Committee, Non-Employee Directors shall not receive separate and additional grants hereunder for being a Non-Employee
Director of (i)&nbsp;the Company and a Subsidiary or (ii)&nbsp;more than one Subsidiary. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>INITIAL
GRANTS OF RESTRICTED STOCK</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;A Non-Employee Director who first becomes
a Non-Employee Director shall receive a pro-rata amount (based on quarter(s) of service following the date the Non-Employee Director was
appointed as a Non-Employee Director on the next Non-Employee Director Annual Grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>ANNUAL
GRANTS OF RESTRICTED STOCK</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;On the Non-Employee Director Grant Date,
each Non-Employee Director who attended at least 75% of the regularly scheduled meetings of the Board of Directors during the previous
calendar year shall receive a Non-Employee Director Annual Grant; provided, however that a Non-Employee Director first appointed during
the previous calendar year shall receive only the initial grant of restricted stock as set forth in Section 10(b). Upon departure, a Non-Employee
Director shall receive a pro-rata amount (based on quarter(s) of service) on the Non-Employee Director Grant Date following his/her departure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>VESTING
OF RESTRICTED STOCK</I><FONT STYLE="font-family: Times New Roman, Times, Serif">.&emsp;Restricted Stock granted under this Section&nbsp;10
shall be fully vested upon grant. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>11.</I></TD><TD><I>Effect of Certain Changes.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt"> </FONT>ADJUSTMENTS
UPON CHANGES IN CAPITALIZATION.&emsp;In the event of any extraordinary dividend, stock dividend, recapitalization, merger, consolidation,
stock split, warrant or rights issuance, or combination or exchange of such shares, or other similar transactions, the Committee shall
equitably adjust (i) the maximum number of Options or shares of Restricted Stock that may be awarded to a Grantee in any calendar year
(as provided in Section 5 hereof), (ii) the number of shares of Class B Common Stock available for awards under the Plan, (iii) the number
and/or kind of shares covered by outstanding awards and (iv) the price per share of Options so as to reflect such event and preserve the
value of such awards; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>CHANGE
IN CLASS B COMMON STOCK.&emsp;In the event of a change in the Class B Common Stock as presently constituted that is limited to a change
of all of its authorized shares of Class B Common Stock, into the same number of shares with a different par value or without par value,
the shares resulting from any such change shall be deemed to be the Class B Common Stock within the meaning of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I></I></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>12.</I></TD><TD><I>Corporate Transaction; Change in Control; Related Entity Disposition.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt"> </FONT>CORPORATE
TRANSACTION.&emsp;In the event of a Corporate Transaction, each award which is at the time outstanding under the Plan shall automatically
become fully vested and exercisable and, in the case of an award of Restricted Stock, shall be released from any restrictions on transfer
(except with regard to the Insider Trading Policy and such other agreements between the Grantee and the Company) and repurchase or forfeiture
rights, immediately prior to the specified effective date of such Corporate Transaction. Effective upon the consummation of the Corporate
Transaction, all outstanding awards of Options under the Plan shall terminate, unless otherwise determined by the Committee. However,
all such awards shall not terminate if the awards are, in connection with the Corporate Transaction, assumed by the successor corporation
or Parent thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>CHANGE
IN CONTROL.&emsp;In the event of a Change in Control (other than a Change in Control which is also a Corporate Transaction), each award
which is at the time outstanding under the Plan automatically shall become fully vested and exercisable and, in the case of an award of
Restricted Stock, shall be released from any restrictions on transfer and repurchase or forfeiture rights, immediately prior to the specified
effective date of such Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt"> </FONT>RELATED
ENTITY DISPOSITION.&emsp;The Continuous Service of each Grantee (who is primarily engaged in service to a Related Entity at the time it
is involved in a Related Entity Disposition) shall terminate effective upon the consummation of such Related Entity Disposition, and each
outstanding award of such Grantee under the Plan shall become fully vested and exercisable and, in the case of an award of Restricted
Stock, shall be released from any restrictions on transfer (except with regard to the Insider Trading Policy and such other agreements
between the Grantee and the Company). Unless otherwise determined by the Committee, the Continuous Service of a Grantee shall not be deemed
to terminate (and each outstanding award of such Grantee under the Plan shall not become fully vested and exercisable and, in the case
of an award of Restricted Stock, shall not be released from any restrictions on transfer) if (i) a Related Entity Disposition involves
the spin-off of a Related Entity, for so long as such Grantee continues to remain in the service of such entity that constituted the Related
Entity immediately prior to the consummation of such Related Entity Disposition (&ldquo;SpinCo&rdquo;) in any capacity of officer, employee,
director or consultant or (ii) an outstanding award is assumed by the surviving corporation (whether SpinCo or otherwise) or its parent
entity in connection with a Related Entity Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt"> </FONT>SUBSTITUTE
AWARDS.&emsp;The Committee may grant awards under the Plan in substitution of stock-based incentive awards held by employees, consultants
or directors of another entity who become employees, consultants or directors of the Company or any Subsidiary by reason of a merger or
consolidation of such entity with the Company or any Subsidiary, or the acquisition by the Company or a Subsidiary of property or equity
of such entity, upon such terms and conditions as the Committee may determine, and such awards shall not count against the share limitation
set forth in Section 5 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>13.</I></TD><TD><I>Period During which Awards May Be Granted.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Awards may be granted pursuant to the Plan from
time to time within a period of ten (10) years from May 23, 2016, the date the Board adopted the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>14.</I></TD><TD><I>Transferability of Awards.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt"> </FONT>Incentive
Stock Options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by the laws of descent
and distribution and may be exercised, during the lifetime of the Grantee, only by the Grantee or his or her guardian or legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>Nonqualified
Stock Options shall be transferable in the manner and to the extent acceptable to the Committee, as evidenced by a writing signed by the
Company and the Grantee. Nonqualified Stock Options shall be transferable by a Grantee as a gift to the Grantee&rsquo;s &ldquo;family
members&rdquo; (as defined in Form S-8) under such terms and conditions as may be established by the Committee; provided that the Grantee
receives no consideration for the transfer. Notwithstanding the transfer by a Grantee of a Nonqualified Stock Option, the transferred
Nonqualified Stock Option shall continue to be subject to the same terms and conditions as were applicable to the Nonqualified Stock Option
immediately before the transfer (including, without limitation, the Insider Trading Policy) and the Grantee will continue to remain subject
to the withholding tax requirements set forth in Section 15 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt"> </FONT>The
terms of any award granted under the Plan, including the transferability of any such award, shall be binding upon the executors, administrators,
heirs and successors of the Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt"> </FONT>Each
Grantee who receives an award shall comply with any policy adopted by the Company from time to time covering transactions in the Company&rsquo;s
securities. By way of example, and not limitation, Restricted Stock shall remain subject to the Insider Trading Policy after the Restricted
Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>15.</I></TD><TD><I>Agreement by Grantee regarding Withholding Taxes. </I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Committee shall so require, as a condition
of exercise of an Option or the expiration of a Restricted Period (each a &ldquo;Tax Event&rdquo;), each Grantee shall agree that no later
than the date of the Tax Event, the Grantee will pay to the Company or make arrangements satisfactory to the Committee regarding payment
of any federal, state or local taxes of any kind required by law to be withheld upon the Tax Event. Unless determined otherwise by the
Committee, a Grantee shall permit, to the extent permitted or required by law, the Company to withhold federal, state and local taxes
of any kind required by law to be withheld upon the Tax Event from any payment of any kind due to the Grantee. Unless otherwise determined
by the Committee, any such above-described withholding obligation may, in the discretion of the Company, be satisfied by the withholding
by the Company or delivery to the Company of Class B Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>16.</I></TD><TD><I>Rights as a Stockholder.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as provided in Section&nbsp;9(d) of the Plan,
a Grantee or a transferee of an award shall have no rights as a stockholder with respect to any shares covered by the award until the
date of the issuance of such shares to him or her. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash,
securities or other property) or distribution of other rights for which the record date is prior to the date such shares are issued, except
as provided in Section&nbsp;11(a) of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>17.</I></TD><TD><I>No Rights to Employment; Forfeiture of Gains.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing in the Plan or in any award granted or Agreement
entered into pursuant hereto shall confer upon any Grantee the right to continue as a director of, in the employ of, or in a consultant
relationship with, the Company or any Subsidiary or to be entitled to any remuneration or benefits not set forth in the Plan or such Agreement
or to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate such Grantee&rsquo;s employment
or consulting relationship. Awards granted under the Plan shall not be affected by any change in duties or position of a Grantee as long
as such Grantee continues to be employed by, or in a consultant relationship with, or a director of the Company or any Subsidiary. The
Agreement for any award under the Plan may require the Grantee to pay to the Company any financial gain realized from the prior exercise,
vesting or payment of the award in the event that the Grantee engages in conduct that violates any non-compete, non-solicitation or non-disclosure
obligation of the Grantee under any agreement with the Company or any Subsidiary, including, without limitation, any such obligations
provided in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>18.</I></TD><TD><I>Beneficiary.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Grantee may file with the Committee a written
designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.
If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee&rsquo;s estate shall be deemed to be the
Grantee&rsquo;s beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I></I></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>19.</I></TD><TD><I>Approval; Amendment and Termination of the Plan.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(a) APPROVAL. The
Plan initially became effective when adopted by the Board on May 23, 2016 and shall terminate on the tenth anniversary of such date (except
as to awards outstanding on that date). The Plan was ratified by the Company&rsquo;s stockholder on May 24, 2016. The Board amended the
Plan: (A) on September 29, 2016 to, among other things, (i) increase the amount of authorized shares under the Plan to 691,000 shares
of Class B Common Stock and (ii) change the vesting of the Non-Employee Director Annual Grant to immediate, which amendment was ratified
by the Company&rsquo;s stockholders on January 17, 2017; (B) on November 9, 2017 to (i) increase the amount of authorized shares under
the Plan to 1,041,000 shares of Class B Common Stock and (ii) allow for the Non-Employee Director Annual Grant to be paid in cash, instead
of Class B Common Stock, which amendments were ratified by the Company&rsquo;s stockholders on January 17, 2018; (C) on October 24, 2018
to change the Non-Employee Director Annual Grant to a Non-Employee Director Bi-Annual Grant, which amendment was ratified by the Company&rsquo;s
stockholders on January 15, 2019; (D) on October 24, 2019 to change the Non-Employee Director Bi-Annual Grant from an award of a number
of shares of Restricted Stock with a value of $15,000 to an award of a number of shares of Restricted Stock with a value of $8,750; (E)
on November 7, 2019 to (i) increase the amount of authorized shares under the Plan to 1,271,000 shares of Class B Common Stock and (ii)
increase the maximum number of options that a grantee can receive in a calendar year to from 60,000 to 100,000; the Company&rsquo;s stockholders
ratified such amendments to the Plan on January 13, 2020; (F) on November 18, 2020 to (i) increase the amount of authorized shares under
the Plan to 1,521,000 shares of Class B Common Stock, (ii) remove the 100,000 maximum number of options that a grantee can receive in
a calendar year, (iii) allow the Compensation Committee to reprice options without stockholder approval and (iv) conform the Plan to current
tax laws; the Company&rsquo;s stockholders ratified such amendments to the Plan on January 11, 2021; (G) on October 20, 2021 to (i) increase
the amount of authorized shares under the Plan by 325,000 to 1,846,000 shares of Class B Common Stock and (ii) change the Non-Employee
Director Bi-Annual Grant to an Annual Grant of a number of shares of Restricted Stock with a value of $30,000; the Company&rsquo;s stockholders
ratified such amendments to the Plan on January 12, 2022; and (H) on March 23, 2022 to increase the maximum number of shares of Class
B Common Stock reserved for the grant of awards under the Plan by 685,000 shares to 2,531,000 shares, with such 685,000 shares to be reserved
in a separate pool for awards under Section 711(c) of the NYSE American Company Guide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt"> </FONT>AMENDMENT
AND TERMINATION OF THE PLAN.&emsp;The Board, or the Committee if so delegated by the Board, at any time and from time to time may suspend,
terminate, modify or amend the Plan; however, unless otherwise determined by the Board, or the Committee if applicable, an amendment that
requires stockholder approval in order for the Plan to continue to comply with any law, regulation or stock exchange requirement shall
not be effective unless approved by the requisite vote of stockholders. Except as provided in Section 11(a) of the Plan, no suspension,
termination, modification or amendment of the Plan may adversely affect any award previously granted, unless the written consent of the
Grantee is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>20.</I></TD><TD><I>Governing Law.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plan and all determinations made and actions
taken pursuant hereto shall be governed by the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>21.</I></TD><TD><I>Section 409A of the Code.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is the intention of the Company that no award
shall be &ldquo;deferred compensation&rdquo; subject to Section 409A of the Code, unless and to the extent that the Committee specifically
determines otherwise as provided in this Section 21, and the Plan and the terms and conditions of all awards shall be interpreted accordingly.
The terms and conditions governing any awards that the Committee determines will be subject to Section 409A of the Code shall be set forth
in the applicable award Agreement and shall comply in all respects with Section 409A of the Code. Notwithstanding any provision of this
Plan to the contrary, if one or more of the payments or benefits received or to be received by a Grantee pursuant to an award would cause
the Grantee to incur any additional tax or interest under Section 409A of the Code, the Committee may reform such provision to maintain
to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A of
the Code. Although the Company intends to administer the Plan so that Awards will be exempt from, or will comply with, the requirements
of Section 409A of the Code, the Company does not warrant that any Award under the Plan will qualify for favorable tax treatment under
Section 409A of the Code or any other provision of federal, state, local or foreign law. The Company shall not be liable to any Grantee
for any tax, interest, or penalties that Grantee might owe as a result of the grant, holding, vesting, exercise, or payment of any award
under the Plan.</P>

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


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX FOR GRANTEES IN ISRAEL</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of this Appendix is to set forth specific
procedures to be followed in the event any Awards are granted to Israeli Grantees so that the Israeli Grantees are able to enjoy tax treatment
of such Awards under the Israeli ITO that is substantially similar to the tax treatment of Awards already contemplated under the Plan
for non-Israeli Grantees. This Appendix has been adopted by the Compensation Committee of the Board (the &ldquo;Committee&rdquo;) under
its authority as set forth in Section 19(b) of the Plan. Because this Appendix contains only procedural terms that are designed to enable
Israeli Grantees to receive substantially similar tax treatment as already contemplated under the Plan, this Appendix is deemed not to
be a material amendment to the Plan.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><B>General</B></TD></TR><TR STYLE="vertical-align: top">
<TD></TD><TD></TD><TD STYLE="text-align: justify; padding-right: 0.5in">&nbsp;</TD></TR>
                                                                                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.1.</TD><TD STYLE="text-align: left">This Appendix for Grantees in Israel (this <B>&ldquo;Appendix&rdquo;</B>) to the Amended and Restated
2016 Stock Option and Incentive Plan of Zedge, Inc. (as amended and restated to date, the <B>&ldquo;Plan&rdquo;</B>) is effective as of
March 31, 2022 (the <B>&ldquo;Effective Date&rdquo;</B>) and has been adopted by the Committee pursuant to Section 19(b) of the Plan.</TD></TR>
                                                                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.2.</TD><TD STYLE="text-align: left">This Appendix shall apply only to persons who are executive officers, employees, directors or consultants
of an Israeli resident Related Entity and deemed to be residents of the State of Israel for tax purposes or are otherwise subject to taxation
in Israel with respect to grants of equity awards (the <B>&ldquo;Israeli Grantees&rdquo;</B>)<B>.</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                               </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.3.</TD><TD STYLE="text-align: left">This Appendix is to be read as a continuation of the Plan and only modifies the terms of Awards granted
to Israeli Grantees so that they comply with the requirements set by the Israeli law in general, and in particular with the provisions
of the Israeli ITO (as defined below), as may be amended or replaced from time to time. For the avoidance of doubt, this Appendix does
not add to or modify the Plan in respect of any other category of Grantees.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.4.</TD><TD>The Plan and this Appendix are complementary to each other and shall be deemed as one. In any case of contradiction with respect to
Awards granted to Israeli Grantees, whether explicit or implied, between the provisions of this Appendix and the Plan, the provisions
set out in this Appendix shall prevail. </TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Any capitalized term not specifically defined in this Appendix
shall be construed according to the definition or interpretation given to it in the Plan. The following additional definitions will apply
to grants made pursuant to this Appendix:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Administrator&rdquo; </B>means the Board or the
Committee or any executive officer of the Company authorized by the Committee pursuant to Section 3(d) of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Award&rdquo;</B> means, solely for the purpose
of this Appendix, individually or collectively, Options or Restricted Stock, granted by the Company to an Israeli Grantee, in accordance
with the provisions of the Plan, provided that they are payable only or settled only using shares of Class B Common Stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Award Share</B>&rdquo; means a share of Class
B Common Stock issued upon exercise of an Award or vesting of an Award, as applicable, or, if applicable, a freely transferable share
issued to a Grantee not resulting from another type of Award. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>102 Award</B>&rdquo; means a grant of an Award
to an Eligible 102 Grantee pursuant to the provisions of Section 102 of the ITO, the Rules, and any other regulations, rulings, procedures
or clarifications promulgated thereunder, or under any other section of the ITO that will be relevant for such issuance in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;102 Capital Gains Track Award&rdquo;</B> means
a 102 Trustee Award qualifying for the special tax treatment under the Capital Gains Track.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;102 Ordinary Income Track Award&rdquo;</B> means
a 102 Trustee Award qualifying for the ordinary income tax treatment under the Ordinary Income Track.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;102 Non-Trustee Award&rdquo; </B>means an Award
granted to an Eligible 102 Grantee pursuant to Section 102(c) of the ITO, which will not be subject to a Taxation Track and will not be
held in Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;102 Trustee Award&rdquo;</B> means an Award granted
pursuant to Section 102(b) of the ITO and held in trust by a Trustee for the benefit of the Grantee, and includes both 102 Capital Gains
Track Awards and 102 Ordinary Income Track Awards.  </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>3(i) Award</B>&rdquo; means an Award granted
to an Israeli Grantee who is not an Eligible 102 Grantee, which is subject to taxation pursuant to Section 3(i) of the ITO.  </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Beneficial Grantee</B>&rdquo; means the Grantee
for the benefit of whom the Trustee holds an Award in Trust. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Capital Gains Track</B>&rdquo; means the capital
gains tax track under Sections 102(b)(2) or 102(b)(3) of the ITO. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Controlling Shareholder</B>&rdquo; means a &ldquo;Controlling
Shareholder&rdquo;, as such term is defined in Section 102, as may be amended or replaced from time to time. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Election&rdquo; </B>means the Company&rsquo;s
choice of the type (as between Capital Gains Track or Ordinary Income Track) of 102 Trustee Grants it will make under the Plan and this
Appendix, as filed with the ITA.<B> </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Eligible 102 Grantee&rdquo;</B> means any Israeli
Grantee who is an Employee, a Non-Employee Director or an executive officer of an Israeli Related Entity, and who is not a Controlling
Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Israeli Related Entity&rdquo;</B> an Israeli
resident Related Entity of the Company and with respect to Eligible 102 Grantee, an &ldquo;Employing Company&rdquo; as such terms defined
under Section 102.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;ITA&rdquo;</B> means the Israel Tax Authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;ITO&rdquo;</B> means the Israeli Income Tax Ordinance
(New Version), 5721-1961 and the rules, regulations, orders or procedures promulgated thereunder and any amendments thereto, including
specifically the Rules, all as may be amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Required Holding Period</B>&rdquo; means the
requisite period prescribed by the ITO, or such other period as may be required by the ITA, with respect to 102 Award, during which Awards
or shares of Class B Common Stock granted or issued by the Company must be held by the Trustee for the benefit of the Israeli Grantee. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Ordinary Income Track</B>&rdquo; means the ordinary
income track under Section 102(b)(1) of the ITO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Rights</B>&rdquo; means rights issued in respect of shares of Class B Common Stock, including but not limited to bonus shares
of Class B Common Stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Rules&rdquo;</B> means the Income Tax Rules (Tax
benefits in Stock Issuance to Employees) 5763-2003. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Section 102&rdquo;</B> shall mean the provisions
of Section 102 of the ITO, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Tax&rdquo; </B>means any and all federal, provincial,
state and local taxes of any applicable jurisdiction, and other governmental fees, charges, duties, impositions and liabilities of any
kind whatsoever, including social security, national health insurance or similar compulsory payments, together with all interest, linkage
for inflation, penalties and additions imposed with respect to such amounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Taxation Track</B>&rdquo; means each of the Ordinary
Income Track or the Capital Gains Track.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Trust</B>&rdquo; means the holding of an Award
or an Award Share by the Trustee in Trust for the benefit of the Beneficial Grantee pursuant to the instructions of a Taxation Track.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Trustee</B>&rdquo; means a person or entity designated
by the Board to serve as a trustee or supervising trustee and approved by the ITA in accordance with the provisions of Section 102(a)
of the ITO, as may be replaced from time to time in accordance with the provisions of the ITO.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><B>Types of Awards and Section 102 Election </B></TD></TR><TR STYLE="vertical-align: top">
<TD></TD><TD></TD><TD STYLE="text-align: justify; padding-right: 0.5in">&nbsp;</TD></TR>
                                                                                                                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.1.</TD><TD STYLE="text-align: left">102 Trustee Awards shall be granted pursuant to either (a) the Capital Gains Track or (b) the Ordinary
Income Track. The Company&rsquo;s Election regarding the type of 102 Trustee Award it chooses to make shall be filed with the ITA. Once
the Company has filed such Election, it may change the type of 102 Trustee Award that it chooses to make only after the passage of at
least 12 months from the end of the calendar year in which the first grant was made in accordance with the previous Election, or following
the lapse of any shorter or longer period, if provided by applicable law. For the avoidance of doubt, such Election shall not prevent
the Company from granting 102 Non-Trustee Awards to Eligible 102 Grantees at any time.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.2.</TD><TD STYLE="text-align: left">Eligible 102 Grantees may receive only 102 Trustee Awards or 102 Non-Trustee Awards under this Appendix.
Israeli Grantees who are not Eligible 102 Grantees may be granted only 3(i) Awards under this Appendix.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.3.</TD><TD STYLE="text-align: left">No 102 Trustee Awards may be made effective pursuant to this Appendix until 30 days after the requisite
filings required by the ITO and the Rules have been made with the ITA.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.4.</TD><TD STYLE="text-align: left">The Agreement, or other documents evidencing the Awards granted pursuant to the Plan and this Appendix
shall indicate whether the Award granted is a 102 Trustee Award, a 102 Non-Trustee Award or a 3(i) Award; and, if the grant is a 102 Trustee
Award, whether it is a 102 Capital Gains Track Award or a 102 Ordinary Income Track Award. Notwithstanding Section 6(c) of the Plan, for
Israeli Grantees the Agreement should not specify whether an Option is intended to be an Incentive Stock Option or a Nonqualified Stock
Option.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
                 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.5.</TD><TD STYLE="text-align: left">Unless provided otherwise under the Supervising Trustee Arrangement (as defined below), the Company shall
provide the Trustee with a certified copy of the specific resolution of the Administrator approving the grant of the 102 Trustee Awards
and a list with the grant details, all within 45 days from the Grant Date. Within ninety (90) days following such resolution, the Administrator
shall provide the Trustee with fully executed copies of the corresponding Agreements.</TD></TR>
                                                                                               </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><B>Terms and Conditions of 102 Trustee Awards</B></TD></TR><TR STYLE="vertical-align: top">
<TD></TD><TD></TD><TD STYLE="text-align: justify; padding-right: 0.5in">&nbsp;</TD></TR>
                                                                                                                                                                                      </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.1.</TD><TD STYLE="text-align: left">Unless otherwise determined by the ITO and/or the ITA and subject to Section &lrm;3.3 of this Appendix,
each 102 Trustee Award will be deemed granted on the date of grant set forth in the Agreement, and shall be subject to compliance with
the requirements of Section 102 and the execution of any document by the Israeli Grantee required pursuant to this Section &lrm;4.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                            </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.2.</TD><TD STYLE="text-align: left">Each 102 Trustee Award granted to an Eligible 102 Grantee and each certificate (which may be in book entry
form) for Award Shares or for any shares of Class B Common Stock issued subsequently following any realization of Rights derived from
the Awards, representing Award Shares, shall be issued to the Trustee (and under the Supervising Trustee Arrangement, the Eligible 102
Grantee shall not sell or make any other disposition by itself, if applicable, through the Global Broker, all as defined in Section &lrm;4.11
below) and shall be held in trust for the benefit of the Beneficial Grantee for the Required Holding Period.</TD></TR>
                                                                                                                      </TABLE>


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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.3.</TD><TD STYLE="text-align: left">Each 102 Trustee Award shall be subject to the relevant terms of Section 102 and the ITO, as may be amended
or replaced from time to time, which shall be deemed an integral part of the 102 Trustee Award and shall prevail over any term contained
in the Plan, this Appendix or any agreement that is not consistent therewith. Any provision of the ITO and any additional terms required
by the ITA not expressly specified in this Appendix or the Agreement, as applicable, which are necessary to receive or maintain any tax
benefit pursuant to the Section 102 shall be binding on the Eligible 102 Grantee.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                           </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.4.</TD><TD STYLE="text-align: left">The Trustee and the Eligible 102 Grantee granted a 102 Trustee Award shall comply with the ITO, and the
terms and conditions of the applicable agreement entered into between the Company and/or an Israeli Related Entity and the Trustee. For
avoidance of doubt, it is reiterated that compliance with the ITO specifically includes compliance with the Rules. Further, the Eligible
102 Grantee agrees to execute any and all documents which the Company or the Trustee may reasonably determine to be necessary in order
to comply with the provision of any applicable law, and, particularly, Section 102.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                             </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.5.</TD><TD STYLE="text-align: justify"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">In accordance with Section 102, the tax benefits afforded to 102 Awards and Award Shares in accordance with the Ordinary Income Track or Capital Gains Track, as applicable, shall be contingent upon the Trustee holding such 102 Awards or Award Shares for the applicable Required Holding Period. During the Required Holding Period, the Eligible 102 Grantees shall not require the Trustee to release or sell any 102 Trustee Awards, any Award and/or any shares of Class B Common Stock received subsequently following any realization of Rights derived from the Awards (including, without limitation, stock dividends) to the Eligible 102 Grantee or to a third party, unless permitted to do so by applicable law.</P>
                                                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><BR> Notwithstanding the foregoing, the Trustee may at any time after the Awards are exercised or vested, as the case may be, pursuant to a written request and subject to applicable law (i) release from the Trust the Award Shares issued, on behalf of such Beneficial Grantee, by executing and delivering to the Company such instrument(s) as the Company may require, giving due notice of such release to such Beneficial Grantee , <U>provided</U>, <U>however</U>, that both of the following conditions have been fulfilled prior to such transfer: (a) all Taxes required to be paid upon the release and transfer of such Awards and/or Award Shares have been withheld for transfer to the competent tax authorities and (b) the Trustee has received written confirmation from the Administrator or Administrator&rsquo;s designee that all requirements for such release and transfer have been fulfilled according to the terms of the Company&rsquo;s corporate documents, the Plan, any applicable agreement and any applicable law; or (ii) Alternatively, provided that the shares of Class B Common Stock are listed on any stock exchange or quotation system, sell any Award Shares, in which event the Company and/or the Trustee shall use their reasonable efforts to effect such sale and shall transfer such Award Shares to the purchaser thereof concurrently with the receipt of, or after having made suitable arrangements to secure, the payment of the proceeds of the purchase price in such transaction. The Company and/or the Trustee, as applicable, shall withhold from such proceeds any and all Taxes required to be paid in respect of such sale, shall remit the amount so withheld to the appropriate tax authorities and shall pay the balance thereof directly to the Beneficial Grantee, reporting to such Beneficial Grantee on the amount so withheld and paid to said tax authorities. <BR> <BR> To avoid doubt, such sale or release during the Required Holding Period may result in different tax ramifications to the Eligible 102 Grantee under Section 102 of the ITO and the Rules and/or any other regulations or orders or procedures promulgated thereunder, which shall apply to and shall be borne solely by such Eligible 102 Grantee.</P></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.6.</TD><TD STYLE="text-align: left">In the event a stock dividend is declared and/or additional Rights are granted with respect to Award Shares,
such dividend and/or rights shall also be subject to the Taxation Track applying to the Award and to the provisions of this Section &lrm;4
and the Required Holding Period for such Award Shares and/or Rights shall be measured from the commencement of the Required Holding Period
for the Awards with respect to which the dividend was declared and/or Rights granted. In the event of a cash dividend on shares of Class
B Common Stock, the Trustee shall transfer the dividend proceeds to the Eligible 102 Grantee after deduction of Taxes and mandatory payments
in compliance with applicable withholding requirements.</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><P STYLE="margin-top: 0; margin-bottom: 0">4.7.</P></TD><TD STYLE="text-align: left">Dividend equivalent, if distributed with respect to unvested Restricted Stock that were granted to an
Eligible 102 Grantee, will be paid to the Trustee or to the relevant Israeli Related Entity which employs such Eligible 102 Grantee, as
the case may be, and will be classified as ordinary income of such Eligible 102 Grantee. The Trustee or the said Israeli Related Entity
shall withhold Taxes from such dividend equivalents as may be required pursuant to Section 102 and any Rules, regulations or orders promulgated
thereunder, or in accordance with a valid tax withholding certificate of the ITO, as the case may be.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                               </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.8.</TD><TD STYLE="text-align: left">Upon receipt of any 102 Trustee Award, the Eligible 102 Grantee will consent to the grant of the 102 Trustee
Award under Section 102 and will undertake to comply with the terms and conditions of (i) Section 102 and any Rules, regulations or orders
promulgated thereunder; (ii) any tax arrangement and/or ruling of the ITA, to the extent applicable; (iii) the Election; and (iv) the
trust arrangement between the Company or the relevant Related Entity and the Trustee. Without derogating from the foregoing, each Eligible
102 Grantee shall undertake not to sell or transfer the Awards and/or the Award Shares prior to the lapse of the applicable Required Holding
Period, unless required by law or he or she pays all Taxes that may arise in connection with such sale and/or transfer.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.9.</TD><TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><U>Voting Rights</U>. As long as the Trustee holds the Award Shares, the voting rights at any meeting of the Company&rsquo;s shareholders attached to such Award Shares will remain with the Trustee. However, the Trustee shall not be obligated to exercise such voting rights at general meetings nor notify the Beneficial Grantee of any Award Shares held in the Trust, of any meeting of the Company&rsquo;s shareholders.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Without derogating from the above, any Award Shares derived from the exercise or vesting of 102 Trustee Awards shall be voted in accordance with the provisions of Section 102 and any Rules, regulations or orders promulgated thereunder.</P></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                         </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.10.</TD><TD STYLE="text-align: left">With respect to a 102 Trustee Award, a copy of any notice of exercise shall be provided to the Trustee,
in such form and method as may be determined by the Trustee in accordance with the requirements of Section 102.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                         </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.11.</TD><TD STYLE="text-align: left">Notwithstanding the above in this Section &lrm;4, to the extent the Trustee is appointed and approved
in advance by the ITA to act as a supervising trustee (the &ldquo;<B>ITA Approval</B>&rdquo; and the &ldquo;<B>Supervising Trustee</B>&rdquo;),
such 102 Trustee Awards shall be managed through the Company&rsquo;s global broker (the &ldquo;<B>Global Broker</B>&rdquo;) in an account
in the name of each Eligible 102 Grantee and such accounts shall be under the supervision of the Supervising Trustee. The Supervising
Trustee will receive reports from the Global Broker regarding deposits, vesting, conversion, exercise, and disposition (sale/transfer)
made in connection with the 102 Trustee Awards (or any Award Shares issued as a result of a vesting or exercise of such 102 Trustee Awards).
The accounts of the Eligible 102 Grantees with the Global Broker will be restricted in a manner instructed by the Company such that Eligible
102 Grantees may not take any action or perform any disposition with respect to 102 Trustee Awards (or any Award Shares issued as a result
of a vesting or exercise of such 102 Trustee Awards) that is not made through the Trustee or under its supervision. Accordingly, when
an Eligible 102 Grantee wishes to sell or otherwise dispose of its 102 Trustee Awards or Shares issued upon exercise or vesting of such
102 Trustee Awards, funds from such sale will be transferred to an account in the name of the Trustee who shall transfer the funds to
the Eligible 102 Grantee only after withholding any applicable Israeli taxes as required by law. The Supervising Trustee shall be responsible
for making all applicable reporting, and remitting all applicable tax withholding, with the ITA, all in accordance with the terms of the
ITA&rsquo;s Approval (the arrangement described in this Section &lrm;4.11, the &ldquo;<B>Supervising Trustee Arrangement</B>&rdquo;).
For avoidance of doubt, in certain cases the Supervising Trustee Arrangement allows the transfer of such 102 Trustee Awards to the Supervising
Trustee, including the registration of such 102 Trustee Awards under the name of the Supervising Trustee for the benefits of Eligible
102 Grantee.</TD></TR></TABLE>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Limited Transferability of Awards and Award Shares of Class B Common Stock</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In addition to any limitation or restriction on the transferability
of Awards and/or shares of Class B Common Stock pursuant to the Plan, as long as Awards and/or Award Shares of Class B Common Stock are
held by the Trustee on behalf the Eligible 102 Grantee, all rights over the Awards and Award Shares are personal, may not be transferred,
assigned, pledged given as collateral or mortgaged, other than by will or pursuant to the laws of descent and distribution.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Taxation </B></TD></TR><TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                              </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.1.</TD><TD STYLE="text-align: left">Any tax consequences arising from the grant, vesting or exercise of any Award, from the issuance or sale
of Award Shares, or from any other event or act (of the Company and/or its Related Entity s and/or the Trustee and/or the Grantee), hereunder,
shall be borne solely by the Grantee. The Company and/or its Related Entity and/or the Trustee shall withhold Taxes according to the requirements
under the applicable laws, rules, and regulations. Furthermore, the Grantee shall indemnify the Company and/or its Related Entity and/or
the Trustee and hold them harmless against and from any and all liability for any such Tax or interest or penalty thereon, including without
limitation, liabilities relating to the necessity to withhold, or to have withheld, any such Tax from any payment made to the Grantee.
The Company and/or any of its Related Entity and/or the Trustee may make such provisions and take such steps as it may deem necessary
or appropriate for the withholding of all Taxes required by law to be withheld with respect to grants under the Plan and this Appendix
and the exercise and/or sale or other disposition thereof, including, but not limited, to (i) deducting the amount so required to be withheld
from any other amount (or shares of Class B Common Stock issuable) then or thereafter to be provided to the Grantee, including by deducting
any such amount from a Grantee&rsquo;s salary or other amounts payable to the Grantee, to the maximum extent permitted under applicable
law and/or (ii) requiring the Grantee to pay to the Company or any of its Related Entities the amount so required to be withheld as a
condition of the issuance, delivery, distribution or release of any Award Shares and/or (iii) by causing the exercise and sale or disposition
of any Award or Award Shares held by or on behalf of the Grantee to cover such liability. In addition, the Grantee will be required to
pay any amount due in excess of the Tax withheld and transferred to the tax authorities, pursuant to applicable tax laws, regulations
and rules.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                    </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.2.</TD><TD STYLE="text-align: left">The Company and/or, when applicable, the Trustee shall not be required to release any Award or Award Share
to an Israeli Grantee until all required Tax payments have been fully made or duly guaranteed to their full satisfaction.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.3.</TD><TD STYLE="text-align: left">With respect to 102 Non-Trustee Awards, if the Grantee ceases to be employed by the Company or any Related
Entity, the Eligible 102 Grantee shall extend to the Company and/or the relevant Related Entity, to their full satisfaction, a security
or guarantee for the payment of Tax due at the time of sale of the Award Shares, all in accordance with the provisions of Section 102
of the ITO and the Rules.</TD></TR>
          </TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><B>Termination of Continuous Service as Employee</B> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding anything to the contrary in the Plan, the
termination of Continuous Service of an Eligible 102 Grantee as employee shall be the cessation of the employee-employer relationship
between such Grantee and the Company or its Related Entity.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><B>One Time Award </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Awards and Award Shares are extraordinary, one-time
benefits granted to Israeli Grantees, and are not and shall not be deemed a salary component for any purpose whatsoever, including in
connection with calculating severance compensation under applicable law.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><B>Governing Law </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding anything to the contrary in the Plan, including
without limitation Section 20 of the Plan, with respect to Israeli Grantees subject to this Appendix, this Appendix, the Awards granted
hereunder and the corresponding Agreements shall be governed by, and interpreted in accordance with, the laws of the State of Israel,
without giving effect to any conflict of law provisions.</P>

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">17</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ea158225ex5-1_zedgeinc.htm
<DESCRIPTION>LEGAL OPINION OF SCHWELL WIMPFHEIMER AND ASSOCIATES LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">37 West 39<SUP>th</SUP>&nbsp;Street, Suite 505</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">New York, NY 10018</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 12, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zedge, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1178 Broadway, 3rd Floor #1450</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10001</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Zedge, Inc. &mdash;Registration Statement on Form S-8</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are counsel to Zedge, Inc.
(the &ldquo;Company&rdquo;), and as such we have been asked to render the following opinion in connection with the registration statement
on Form S-8 (the &ldquo;Registration Statement&rdquo;) to be filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
in connection with the registration under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), of an aggregate of 1,010,000
shares of the Company&rsquo;s Class B common stock, par value $0.01 (the &ldquo;Class B Common Stock&rdquo;), 685,000 of which are reserved
for issuance exclusively for the grant of awards in compliance with Section 711(c) of the NYSE American Company Guide, all of which are
reserved for issuance pursuant to the Zedge, Inc. 2016 Stock Option and Incentive Plan, as amended and restated, including, where relevant,
the Appendix for Grantees in Israel (the &ldquo;SOP&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In connection with the opinions
rendered herein, we have examined the Third Amended and Restated Certificate of Incorporation of the Company, its Second Amended and Restated
By-Laws and such other documents and corporate records as we have deemed necessary solely for the purpose of enabling us to render this
opinion.&nbsp; In our examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity
of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, photostatic
or digital copies and the authenticity of the originals of such copies. As to certain matters of fact, both expressed and implied, we
have relied upon representations, statements or certificates of officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On the basis of such examination,
we are of the opinion that the shares of Class B Common Stock to be offered pursuant to the Registration Statement, when issued pursuant
to the terms of the SOP and the terms of any grant instrument executed in connection therewith will be validly issued, fully paid and
non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The opinions set forth above
are subject to the following exceptions, limitations and qualifications: (i) the effect of bankruptcy, insolvency, reorganization, fraudulent
conveyance, moratorium or other similar laws now or hereafter in effect relating to or affecting the rights and remedies of creditors;
(ii) the effect of general principles of equity, whether enforcement is considered in a proceeding in equity or at law, and the discretion
of the court before which any proceeding therefor may be brought; (iii) the unenforceability under certain circumstances under law or
court decisions of provisions providing for the indemnification of, or contribution to, a party with respect to a liability where such
indemnification or contribution is contrary to public policy; and (iv) we express no opinion concerning the enforceability of any waiver
of rights or defenses with respect to stay, extension or usury laws. Our opinion is limited to the General Corporation Law of the State
of Delaware and the federal laws of the United States, and we express no opinion with respect to the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Please note that we are opining
only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion is based upon
currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to advise you of any change in
any of these sources of law or subsequent legal or factual developments which might affect any matters or opinions set forth herein after
the Registration Statement has been declared effective by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We hereby consent to the filing
of this opinion with the Commission as an exhibit to the Registration Statement in accordance with the requirements of Item 601(b)(5)
of Regulation S-K under the Act. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is
required under Section 7 of the Act or the rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Schwell Wimpfheimer &amp; Associates LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schwell Wimpfheimer &amp; Associates LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ea158225ex23-2_zedgeinc.htm
<DESCRIPTION>CONSENT OF MAYER HOFFMAN MCCANN CPAS, THE NEW YORK PRACTICE OF MAYER HOFFMAN MCCANN P.C
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Consent of Independent Registered Public Accounting
Firm</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We consent to the incorporation by reference in
this Registration Statement on Form S-8 of our report dated November 9, 2021, with respect to the consolidated financial statements of
Zedge, Inc. as of July 31, 2021 and 2020 and for the years then ended included in its Annual Report on Form 10-K for the year ended July
31, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Mayer Hoffman McCann CPAs</FONT></TD>
    <TD STYLE="width: 60%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(The New York Practice of Mayer Hoffman McCann
P.C.)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 12, 2022</P>

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>ea158225ex-fee_zedgeinc.htm
<DESCRIPTION>FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: white"><B>Exhibit 107</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>Calculation of Filing
Fee Table</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(Form Type)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>ZEDGE, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(Exact Name of Registrant
as Specified in its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><U>Table 1: Newly Registered
Securities</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 15%; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Security&nbsp;Type</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 18%; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Security<BR>
Class<BR>
Title</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 10%; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Fee<BR>
Calculation<BR>
Rule</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; width: 1%; padding-left: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; text-align: center; padding-right: 3pt; width: 10%; padding-left: 3pt; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Amount<BR>
Registered (1)</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 10%; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Proposed<BR>
Maximum<BR>
Offering<BR>
Price&nbsp;Per<BR>
Unit</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 10%; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Maximum<BR>
Aggregate<BR>
Offering<BR>
Price</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; width: 1%; padding-left: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 10%; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Fee<BR>
Rate</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt; width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 3pt; padding-right: 3pt; width: 10%; white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Amount&nbsp;of<BR>
Registration<BR>
Fee</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Equity</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Class B Common Stock, par value $0.01 per share</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">457(h)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,010,000(2)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$5.68(3)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$5,736,800(3)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.0000927</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-left: 3pt; white-space: nowrap; vertical-align: top; padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$531.81</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-right: 3pt; border-left: black 1pt solid; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Total Offering Amounts</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$5,736,800</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$531.81</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-right: 3pt; border-left: black 1pt solid; vertical-align: top; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Total Fees Previously Paid</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&mdash;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-right: 3pt; border-left: black 1pt solid; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Total Fee Offsets</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&mdash;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Net Fee Due</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$531.81</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Pursuant to Rule 416(a) under the Securities Act of 1933, as
amended (the &ldquo;Securities Act&rdquo;), the number of shares being registered shall be adjusted to include such additional indeterminate
number of shares as may be issuable pursuant to the anti-dilution provisions of the Zedge, Inc. 2016 Stock Option and Incentive Plan,
as amended and restated (the &ldquo;SOP&rdquo;). In addition, pursuant to Rule 416(c) under the Securities Act, this registration statement
also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plans described herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">Represents shares of Class B Common Stock of the Registrant
(&ldquo;Class B Common Stock&rdquo;) reserved for issuance pursuant to the SOP.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">Estimated solely for the purpose of calculating the amount of
the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act and based upon the average of the high and low reported
prices of the shares of the Class B Common Stock on the NYSE American on April 7,, 2022, <FONT STYLE="background-color: white">a date
within five business days prior to the filing of this Registration Statement</FONT>.</TD>
</TR></TABLE>

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
