<SEC-DOCUMENT>0001185185-26-003120.txt : 20260724
<SEC-HEADER>0001185185-26-003120.hdr.sgml : 20260724
<ACCEPTANCE-DATETIME>20260724160112
ACCESSION NUMBER:		0001185185-26-003120
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20260724
FILED AS OF DATE:		20260724
DATE AS OF CHANGE:		20260724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QTREX Quantum Ltd.
		CENTRAL INDEX KEY:			0001837493
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40303
		FILM NUMBER:		261201427

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		HATIDHAR 2
		STREET 2:		11TH FLOOR
		CITY:			RA'ANANA
		PROVINCE COUNTRY:   	L3
		BUSINESS PHONE:		972-9-9664488

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		HATIDHAR 2
		STREET 2:		11TH FLOOR
		CITY:			RA'ANANA
		PROVINCE COUNTRY:   	L3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Inspira Technologies OXY B.H.N. Ltd
		DATE OF NAME CHANGE:	20201221
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>qtrex6k072326.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></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">&nbsp;</P>

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

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>FORM
6-K</B></FONT></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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-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>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</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; text-align: center"><B>For the Month of July 2026 (Report No. 4)</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>Commission File Number: 001-40303</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>Qtrex
Quantum Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Translation of registrant&rsquo;s name into English)</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; text-align: center"><B>2 Ha-Tidhar St.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ra&rsquo;anana 4366504, Israel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of principal executive office)</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; text-align: justify">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:</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"><FONT STYLE="font-family: Segoe UI Emoji,sans-serif">&#9746;</FONT>
Form 20-F <FONT STYLE="font-family: Segoe UI Emoji,sans-serif">&#9744;</FONT> Form 40-F</P>

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

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Attached
hereto and incorporated herein is Qtrex Quantum Ltd.&rsquo;s (the &ldquo;Company&rdquo;) Notice of Annual and Extraordinary General Meeting
of Shareholders (the &ldquo;Meeting&rdquo;), Proxy Statement and Proxy Card for the Meeting to be held on August 28, 2026.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Only
shareholders of record who hold ordinary shares, no par value, of the Company at the close of business on July 31, 2026, will be entitled
to notice of and to vote at the Meeting and any postponements or adjournments thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">This
Foreign Private Issuer Report on Form 6-K is incorporated by reference into the Company&rsquo;s Registration Statements on Form F-3
(Registration Nos. <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000121390025004023/ea0227763-f3_inspira.htm">333-284308</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000121390025072618/ea0251967-f3_inspira.htm">333-289324</A>
and <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000118518526002343/qtrexf3060326.htm">333-296482</A>) and Form S-8
(Registration Nos. <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000121390021044780/ea146415-s8_inspiratech.htm">333-259057</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000121390024023044/ea0201791-s8_inspira.htm">333-277980</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000121390025020699/ea0233153-s8_inspira.htm">333-285565</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000121390025086563/ea0254938-s8_inspira.htm">333-290162</A>
and <A HREF="http://www.sec.gov/Archives/edgar/data/1837493/000121390026001862/ea0272007-s8_inspira.htm">333-292592</A>),
&nbsp;filed with the Securities and Exchange Commission, to be a part thereof from the date on which this Report is submitted, to
the extent not superseded by documents or reports subsequently filed or furnished.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in; background-color: white"><B><U><BR>
EXHIBIT INDEX</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; white-space: nowrap; width: 9%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
    Number</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    of Document</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><A HREF="qtrexex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Meeting, Proxy Statement and Proxy Card for the Annual and Extraordinary General Meeting of Shareholders to be held on August
    28, 2026.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SIGNATURES</U></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; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Qtrex
    Quantum Ltd.</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    July 24, 2026</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Dagi Ben-Noon</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dagi
    Ben-Noon</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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">&nbsp;</P>

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

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





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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>qtrexex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF ANNUAL AND EXTRAORDINARY GENERAL MEETING
OF SHAREHOLDERS</B></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: justify">Notice is hereby given that an Annual and Extraordinary
General Meeting of Shareholders (the &ldquo;<B>Meeting</B>&rdquo;) of QTREX Quantum Ltd. (&ldquo;<B>QTREX</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;)
will be held on August 28, 2026, at 1:00 p.m. Israel time at the Company&rsquo;s office, located at 2 Ha-Tidhar St. Ra&rsquo;anana, 4366504,
Israel.</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"><U>The Meeting is being called for the following
purposes:</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.25in">1.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">To re-appoint Ziv Haft, Certified Public Accountants (Israel), a member of BDO Global, an independent registered public accounting firm, as the Company&rsquo;s independent auditor of the Company until the next annual general meeting of shareholders, and to authorize the Company&rsquo;s board of directors (the &ldquo;<B>Board</B>&rdquo;) to determine the compensation of Ziv Haft until the next annual general meeting (&ldquo;<B>Proposal 1</B>&rdquo;); </TD></TR>
  </TABLE>
<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: 0.25in">2.</TD>
    <TD STYLE="text-align: justify">To re-elect Mr. Dagi Ben-Noon, Mr. Tal Parnes, Mr. Lior Amit and Ms. Sivan Matza, and to elect Dr. Shlomit Chappel-Ram to serve as members of the Board until the next annual general meeting of shareholders (&ldquo;<B>Proposal 2</B>&rdquo;); </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.</TD>
    <TD STYLE="text-align: justify">To approve the adoption of the Company&rsquo;s updated compensation policy (&ldquo;<B>Proposal 3</B>&rdquo;);</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.</TD>
    <TD STYLE="text-align: justify">To approve an increase in the monthly fee for Mr. Dagi Ben-Noon, the Company&rsquo;s Chief Executive Officer and a director (&ldquo;<B>Proposal 4</B>&rdquo;); </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5.</TD>
    <TD STYLE="text-align: justify">To approve a grant of Restricted Share Units (&ldquo;<B>RSUs</B>&rdquo;) to Mr. Dagi Ben-Noon, the Company&rsquo;s Chief Executive Officer and a director (&ldquo;<B>Proposal 5</B>&rdquo;); </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.</TD>
    <TD STYLE="text-align: justify">To approve an increase of the annual fee for Mr. Tal Parnes, the Chairman of the Board (&ldquo;<B>Proposal 6</B>&rdquo;); </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.</TD>
    <TD STYLE="text-align: justify">To approve a grant of RSUs to Mr. Tal Parnes, the Chairman of the Board (&ldquo;<B>Proposal 7</B>&rdquo;); </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8.</TD>
    <TD STYLE="text-align: justify">To approve an increase in the annual fees for the Company&rsquo;s non-executive directors (&ldquo;<B>Proposal 8</B>&rdquo;); </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9.</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To approve a grant of RSUs to Mrs. Sivan
Matza and Mr. Lior Amit, non-executive directors of the Company (&ldquo;<B>Proposal 9</B>&rdquo;);</P>
   </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>10.</TD>
    <TD>To approve an increase in the Company&rsquo;s
    authorized share capital and to amend and restate the Company&rsquo;s amended and restated articles of association to reflect the same;
    (&ldquo;<B>Proposal 10</B>&rdquo;); and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>11. </TD>
    <TD STYLE="text-align: justify">&nbsp;To approve certain amendments to the Company&rsquo;s amended and restated articles of association (&ldquo;<B>Proposal 11</B>&rdquo;, and together with Proposals 1-10, the &ldquo;<B>Proposals</B>&rdquo;).</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; text-align: justify">In addition to putting forward the Proposals above
at the Meeting, the audited financial statements of the Company for the year ended December 31, 2025 and the Company&rsquo;s annual report
for the year ended December 31, 2025 will be presented for discussion and consideration by the Company&rsquo;s shareholders.</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"><B><I>Board Recommendation</I></B></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">The Board unanimously recommends that you vote
in favor of each of the Proposals, which are described in the attached proxy statement (the &ldquo;<B>Proxy Statement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Record Date</I></B></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">Shareholders of record at the close of business
on July 31, 2026 (the &ldquo;<B>Record Date</B>&rdquo;), are entitled to notice of and to vote at the Meeting, either in person or by
appointing a proxy to vote in their stead at the Meeting (as detailed below).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Required Vote and Voting Procedures</I></B></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">Pursuant to the Israeli Companies Law, 5759-1999
(the &ldquo;<B>Companies Law</B>&rdquo;), each of Proposals 1, 2, 10, and, in the event Proposal 3 is approved, also Proposals 6, 7 and
8 and 9 as described hereinafter, require the affirmative vote of shareholders present at the Meeting, in person or by proxy, and holding
ordinary shares of the Company, no par value (the &ldquo;<B>Ordinary Shares</B>&rdquo;), amounting in the aggregate to at least a majority
of the votes cast by shareholders at the Meeting with respect to such proposal (&ldquo;<B>Simple Majority</B>&rdquo;).</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">Pursuant to the Companies Law, each of Proposals
3, 4, 5, an, in the event Proposal 3 is not approved, Proposals 6, 7, 8 and 9 as described hereinafter, are subject to the fulfillment
of the voting requirement above and also one of the following additional voting requirements: (i) the majority of the shares that are
voted at the Meeting in favor of such Proposal, excluding abstentions, includes a majority of the votes of shareholders who are not controlling
shareholders and do not have a personal interest in the Proposal; or (ii) the total number of shares held by the shareholders mentioned
in clause (i) above that are voted against such Proposal does not exceed two percent (2%) of the total voting rights in the Company (the
&ldquo;<B>Special Majority</B>&rdquo;).</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">For this purpose, &ldquo;<B>Personal Interest</B>&rdquo;
is defined under the Companies Law as: (1) a shareholder&rsquo;s personal interest in the approval of an act or a transaction of the Company,
including (i) the personal interest of any of his or her relatives (which includes for these purposes foregoing shareholder&rsquo;s spouse,
siblings, parents, grandparents, descendants, and spouse&rsquo;s descendants, siblings, and parents, and the spouse of any of the foregoing);
(ii) a personal interest of a corporation in which a shareholder or any of his/her aforementioned relatives serve as a director or the
chief executive officer, owns at least 5% of its issued share capital or its voting rights or has the right to appoint a director or chief
executive officer; and (iii) a personal interest of an individual voting via a power of attorney given by a third party (even if the empowering
shareholder has no personal interest), and the vote of an attorney-in-fact shall be considered a personal interest vote if the empowering
shareholder has a personal interest, and all with no regard as to whether the attorney-in-fact has voting discretion or not, but (2) excludes
a personal interest arising solely from the fact of holding shares in the Company.</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">For this purpose, a &ldquo;<B>controlling shareholder</B>&rdquo;
is any shareholder that has the ability to direct the Company&rsquo;s activities (other than by means of being a director or office holder
of the Company). A person is presumed to be a controlling shareholder if he or she holds or controls, by himself or herself of together
with others, one half or more of any one of the &ldquo;means of control&rdquo; of a company; in the context of a transaction with an interested
party, a shareholder who holds 25% or more of the voting rights in the company if no other shareholder holds more than 50% of the voting
rights in the company, is also presumed to be a controlling shareholder. &ldquo;Means of control&rdquo; is defined as any one of the following:
(i) the right to vote at a general meeting of a company, or (ii) the right to elect directors of a company or its chief executive officer.</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"><B>According to the Companies Law Regulations
(Exemptions for Companies whose Securities are Listed for Trading on a Stock Exchange Outside of Israel)&nbsp;5760-2000, by signing and
submitting the attached proxy card, a shareholder of record declares and approves that he or she is not a controlling shareholder and/or
has no personal interest in the approval of any of the items on the Meeting agenda that requires such declaration&nbsp;under the Companies
Law, with the exception of a personal interest that the shareholder positively&nbsp;<U>informed</U>&nbsp;the Company about, as detailed
in the attached proxy card.</B></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">Pursuant to the Company&rsquo;s amended and restated
articles of association (the &ldquo;<B>Current Articles</B>&rdquo;), Proposal 10 requires the affirmative vote of a majority of at least
70% of the voting power represented at the Meeting in person or by proxy and voting thereon, disregarding abstentions from the count of
the voting power present and voting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>How You Can Vote</I></B></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">A form of proxy for use at the Meeting is attached
to the Proxy Statement, together with a return envelope, will be sent to holders of the Company&rsquo;s Ordinary Shares. By appointing
&ldquo;proxies,&rdquo; shareholders may vote at the Meeting regardless of whether they attend in person. If a properly executed proxy
in the attached form is received by the Company at least four (4) hours prior to the Meeting, all of the Ordinary Shares represented by
the proxy shall be voted as indicated on the form. Subject to applicable law and the rules of the Nasdaq Stock Market, in the absence
of instructions, the Ordinary Shares represented by properly executed and received proxies will be voted &ldquo;FOR&rdquo; all of the
proposed resolutions to be presented at the Meeting for which the Board recommends a &ldquo;FOR&rdquo;.</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">Shareholders may revoke their proxies or voting
instruction form (as applicable) in accordance with Section 9 of the Companies Law regulations (proxy and position statements), by filing
with the Company a written notice of revocation or duly executed proxy or voting instruction form (as applicable) bearing a later date
and time.</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; text-align: justify"><I><U>Shareholders of Record</U></I></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">If your shares are registered directly in your
name with our transfer agent, Equinity Trust Company LLC, you are considered, with respect to those shares, the shareholder of record.
In such case, these proxy materials are being sent directly to you. As the shareholder of record, you have the right to use the proxy
card included with this Proxy Statement to grant your voting proxy directly to Yafit Tehila, the Chief Financial Officer of the Company
(yafit@q-trex.com), or to vote in person at the Meeting.</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"><I><U>Beneficial Owners</U></I></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">If your shares are held through a bank, broker
or other nominee, they are considered to be held in &ldquo;street name&rdquo; and you are the beneficial owner with respect to those shares.
A beneficial owner as of the Record Date has the right to direct the bank, broker or nominee how to vote shares held by such beneficial
owner at the Meeting and must also provide the Company with a copy of their identity card, passport or certification of incorporation,
as the case may be. If your shares are held in &ldquo;street name,&rdquo; as of the Record Date, these proxy materials are to be forwarded
to you by your bank, broker or nominee who is considered, with respect to those shares, as the shareholder of record, together with a
voting instruction card for you to use in directing the bank, broker or nominee how to vote your shares. You also may attend the Meeting.
Since a beneficial owner is not a shareholder of record, you may not vote those shares directly at the Meeting unless you obtain a &ldquo;legal
proxy&rdquo; from the bank, broker or other nominee that holds your shares directly, giving you the right to vote the shares at the Meeting.
Absent specific instructions from the beneficial owner of the shares, brokers are not allowed to exercise their voting discretion, among
other things, with respect to the election and/or re-election of directors (Proposal 2) or any matter that relates to compensation (Proposals
3, 4, 5, 6, 7, 8, 9 and 10), which we believe are considered as non-routine under applicable rules; and therefore, a &ldquo;broker non-vote&rdquo;
occurs with respect to such uninstructed shares. Therefore, it is important for a shareholder that holds ordinary shares through a bank
or broker to instruct its bank or broker how to vote its shares if the shareholder wants its shares count for all proposals.</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="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Sincerely,</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 1pt solid">/s/ Tal Parnes</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Chairman of the Board of Directors</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>July 24, 2026</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<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>QTREX QUANTUM LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>RA&rsquo;ANANA,
ISRAEL</B></FONT></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: center"><FONT STYLE="background-color: white">PROXY STATEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNUAL AND EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO BE HELD ON AUGUST 28, 2026</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: justify">The enclosed proxy statement (the &ldquo;<B>Proxy
Statement</B>&rdquo;) is being solicited by the board of directors (the &ldquo;<B>Board of Directors</B>&rdquo;) of QTREX Quantum Ltd.
(the &ldquo;<B>Company</B>&rdquo;) for use at the Company&rsquo;s annual and extraordinary general meeting of shareholders (the &ldquo;<B>Meeting</B>&rdquo;)
to be held on August 28, 2026, at 1:00 p.m. Israel time, or at any adjournment or postponement thereof.</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">Upon the receipt of a properly executed proxy
in the form enclosed, the persons named as proxies therein shall vote the ordinary shares, no par value, of the Company (the &ldquo;<B>Ordinary
Shares</B>&rdquo;) covered thereby in accordance with the directions of the shareholders executing the proxy. In the absence of such directions,
and except as otherwise mentioned in this Proxy Statement, the Ordinary Shares represented thereby shall be voted in favor of each of
the proposals described in this Proxy Statement.</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"><B>Quorum </B></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">Two or more shareholders present, personally or
by proxy, holding in the aggregate not less than twenty-five percent (25%) of the Company&rsquo;s outstanding Ordinary Shares, shall constitute
a quorum for the Meeting. If within half an hour from the time the Meeting is convened a quorum is not present, the Meeting shall stand
adjourned until August 28, 2026, at 2:30 p.m. Israel time (the &ldquo;<B>Adjourned Meeting</B>&rdquo;). At the Adjourned Meeting, any
number of shareholders present personally or by proxy shall be deemed a quorum and shall be entitled to deliberate and to resolve in respect
of the matters for which the Meeting was convened. Abstentions and broker non-votes are counted as Ordinary Shares present for the purpose
of determining a quorum.</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"><B>Required Majority </B></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">Pursuant to the Israeli Companies Law, 5759-1999
(the &ldquo;<B>Companies Law</B>&rdquo;), each of Proposals 1, 2, 10, and in case Proposal 3 is approved, also Proposals 6, 7, 8 and 9
as described hereinafter, require the affirmative vote of shareholders present at the Meeting, in person or by proxy, and holding Ordinary
Shares of the Company amounting in the aggregate to at least a majority of the votes actually cast by shareholders at the Meeting with
respect to such proposals (a &ldquo;<B>Simple Majority</B>&rdquo;).</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">Pursuant to the Companies Law, each of Proposals
3, 4, 5, and, and in case Proposal 3 will not be approved, Proposals 6, 7, 8 and 9 as described hereinafter, are subject to the fulfillment
of the voting requirement above and also one of the following additional voting requirements: (i) the majority of the shares that are
voted at the Meeting in favor of such Proposal, excluding abstentions, includes a majority of the votes of shareholders who are not controlling
shareholders and do not have a personal interest in the Proposal; or (ii) the total number of shares held by the shareholders mentioned
in clause (i) above that are voted against such Proposal does not exceed two percent (2%) of the total voting rights in the Company (the
&ldquo;<B>Special Majority</B>&rdquo;).</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">For this purpose, &ldquo;<B>Personal Interest</B>&rdquo;
is defined under the Companies Law as: (1) a shareholder&rsquo;s personal interest in the approval of an act or a transaction of the Company,
including (i) the personal interest of any of his or her relatives (which includes for these purposes foregoing shareholder&rsquo;s spouse,
siblings, parents, grandparents, descendants, and spouse&rsquo;s descendants, siblings, and parents, and the spouse of any of the foregoing);
(ii) a personal interest of a corporation in which a shareholder or any of his/her aforementioned relatives serve as a director or the
chief executive officer, owns at least 5% of its issued share capital or its voting rights or has the right to appoint a director or chief
executive officer; and (iii) a personal interest of an individual voting via a power of attorney given by a third party (even if the empowering
shareholder has no personal interest), and the vote of an attorney-in-fact shall be considered a personal interest vote if the empowering
shareholder has a personal interest, and all with no regard as to whether the attorney-in-fact has voting discretion or not, but (2) excludes
a personal interest arising solely from the fact of holding shares in the Company.&nbsp;</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"></P>

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<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">For this purpose, a &ldquo;<B>controlling shareholder</B>&rdquo;
is any shareholder that has the ability to direct the Company&rsquo;s activities (other than by means of being a director or office holder
of the Company). A person is presumed to be a controlling shareholder if he or she holds or controls, by himself or herself or together
with others, one half or more of any one of the &ldquo;means of control&rdquo; of a company; in the context of a transaction with an interested
party, a shareholder who holds 25% or more of the voting rights in the company if no other shareholder holds more than 50% of the voting
rights in the company, is also presumed to be a controlling shareholder. &ldquo;Means of control&rdquo; is defined as any one of the following:
(i) the right to vote at a general meeting of a company, or (ii) the right to elect directors of a company or its chief executive officer.</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"><B>According to the Companies Law Regulations
(exemptions for companies whose securities are listed for trading on a stock exchange outside of Israel)&nbsp;5760-2000, by signing and
submitting the attached Proxy Card, a shareholder of record declares and approves that he or she is not a controlling shareholder and/or
has no personal interest in the approval of any of the items on the Meeting agenda that requires such declaration&nbsp;under the Companies
Law, with the exception of a personal interest that the shareholder positively&nbsp;<U>informed</U>&nbsp;the Company about, as detailed
in the attached proxy card.</B></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">Pursuant to the Company&rsquo;s amended and restated
articles of association (the &ldquo;<B>Current Articles</B>&rdquo;), Proposal 10 requires the affirmative vote of a majority of 70% of
the voting power represented at the Meeting in person or by proxy and voting thereon, disregarding abstentions from the count of the voting
power present and voting.</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">In accordance with the Companies Law, and regulations
promulgated thereunder, any shareholder of the Company holding at least 1% of the outstanding voting rights of the Company for the Meeting
may submit to the Company a proposed additional agenda item for the Meeting (and in case of a proposed additional agenda item for nominating
or removal of a director, at least five percent (5%) to Ms. Yafit Tehila, via e-mail (yafit@q-trex.com) no later than July 31, 2026. All
such submissions must comply with the requirements under the Companies Law, the regulations promulgated thereunder, and the Current Articles.</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"><B>Position Statements </B></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">Shareholders wishing to express their position
on an agenda item for this Meeting may do so by submitting a written statement (a &ldquo;<B>Position Statement</B>&rdquo;) to the Company&rsquo;s
offices at 2 Ha-Tidhar St. Ra&rsquo;anana, 4366504,, Israel. Any Position Statement received shall be furnished with the U.S. Securities
and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) on a Report of Foreign Private Issuer on Form 6-K and be made available to the public
on the SEC&rsquo;s website at www.sec.gov. Position Statements should be submitted to the Company no later than August 18, 2026. A shareholder
is entitled to contact the Company directly and receive the text of the proxy card and any Position Statement. The Board of Directors&rsquo;
response to the Position Statement shall be submitted no later than August 23, 2026.</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">It is noted that there may be changes on the agenda
after publishing the Proxy Statement, including Position Statements. Therefore, the most updated agenda shall be furnished with the SEC
on a Report of Foreign Private Issuer on Form 6-K and shall be made available to the public on the SEC&rsquo;s website at www.sec.gov.</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"></P>

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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PROPOSAL 1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TO RE-APPOINT ZIV HAFT, CERTIFIED PUBLIC ACCOUNTANTS
(ISRAEL), A MEMBER OF BDO GLOBAL, AS THE COMPANY&rsquo;S INDEPENDENT AUDITOR OF THE COMPANY, AND TO AUTHORIZE THE COMPANY&rsquo;S BOARD
OF DIRECTORS TO DETERMINE THE COMPENSATION OF ZIV HAFT UNTIL THE NEXT ANNUAL GENERAL MEETING</B></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: justify; background-color: white">Under the Companies Law,
the appointment of independent public accountants requires the approval of the shareholders of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Board of Directors
has authorized and approved the re-appointment of the accounting firm of Ziv Haft, Certified Public Accountants (Israel), a member of
BDO Global (&ldquo;<B>Ziv Haft</B>&rdquo;), as the Company&rsquo;s independent auditor until the next annual general meeting, after examining,
among other things, its expertise, experience in the industry in which the Company operates, the length of time they have served as an
auditor of the Company and its independence as an auditor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On July 6, 2026, the
Board of Directors determined, pursuant to the recommendation of the Company&rsquo;s audit committee, that the compensation of Ziv Haft
is reasonable, after examining, among other things, the scope of its work and the complexity and scope of the Company&rsquo;s activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Board of Directors
believes that the re-appointment of Ziv Haft as the independent auditor of the Company is appropriate and in the best interests of the
Company and its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For additional information
on the fees paid by the Company and its subsidiaries to Ziv Haft in each of the previous two fiscal years, please see Item 16C &lsquo;Principal
Accountant Fees and Services&rsquo; in the Company&rsquo;s annual report on Form 20-F for the year ended December 31, 2025, filed with
the SEC on March 26, 2026.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The shareholders of the
Company are requested to adopt the following resolution:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;RESOLVED, to
re-appoint Ziv Haft as the Company&rsquo;s independent auditor until the next annual general meeting, and to authorize the Company&rsquo;s
Board of Directors to determine the compensation of Ziv Haft until the next annual general meeting</B>.<B>&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The re-appointment of
Ziv Haft requires the affirmative vote of a Simple Majority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board of Directors unanimously recommends
a vote FOR the above proposal.</B></P>

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


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<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; text-align: center"><B>PROPOSAL 2</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-align: center"><B>TO RE-ELECT MR. DAGI BEN-NOON, MR. TAL PARNES,
MR. LIOR AMIT AND MS. SIVAN MATZA, AND TO ELECT DR. SHLOMIT CHAPPEL-RAM AS MEMBERS OF THE BOARD OF DIRECTORS UNTIL THE NEXT ANNUAL GENERAL
MEETING OF SHAREHOLDERS</B></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: justify; background-color: white"><B><I>Background </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under the Companies Law,
the management of the Company&rsquo;s business is vested in the Board of Directors. The Board of Directors may exercise all powers and
may take all actions that are not specifically granted to our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Current Articles
provide that the Company may have at least three (3) and not more than twelve (12) directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Board of Directors
currently consists of five (5) directors, including Mr. Dagi Ben-Noon, Mr. Tal Parnes, Mr. Lior Amit and Ms. Sivan Matza, who were previously
re-elected at the Company&rsquo;s annual general meeting of shareholders that convened on December 30, 2025, and Dr. Shlomit Chappel-Ram,
who was appointed by the Board of Directors on July 14, 2026, in accordance with the Current Articles. Each director holds office until
the annual general meeting of the Company&rsquo;s shareholders in which his or her term expires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Re-Election and
Election of Directors</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Board of Directors
has approved the nomination of each of the following individuals for re-election as members of the Board of Directors &ndash; Mr. Dagi
Ben-Moon, Mr. Tal Parnes, Mr. Lior Amit and Ms. Sivan Matza, and the nomination of Dr. Shlomit Chappel-Ram for election as a member of
the Board of Directors (together, the &ldquo;<B>Director Nominees</B>&rdquo;). The Board of Directors recommends that the shareholders
elect and/or re-elect each of the Director Nominees to the position of director until the next annual general meeting is held.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each of the Director
Nominees, whose professional background is provided below, has advised the Company that they are willing, able, and ready to serve as
directors if elected and/or re-elected. Additionally, in accordance with the Companies Law, each of the nominees has certified to the
Company that he or she meets all the requirements of the Companies Law for election and/or re-election as a director of a public company,
and has the necessary qualifications and sufficient time, to fulfill his or her duties as a director of the Company, taking into account
the size and needs of the Company. The Company does not have any understanding or agreement with respect to the future re-election of
any of the Directors.</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; text-align: justify; background-color: white">In addition, the Board
of Directors has determined that each of Mr. Lior Amit, Ms. Sivan Matza and Dr. Shlomit Chappel-Ram is independent under the Nasdaq listing
standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subject to the election
and/or re-election of the Director Nominees, they shall continue to be entitled to indemnification and exemption letters as applicable
and shall continue to be covered by the Company&rsquo;s director and officers&rsquo; insurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, in the event
that Proposal 8 will not be approved, each of the non-executive Director Nominees shall continue to be entitled to the same fixed fee
as previously approved by the Company&rsquo;s shareholders on May 12, 2025. In the event that Proposal 8 is approved, each of the non-executive
Director Nominees shall be entitled to the New Fixed Fee for Directors, as defined in Proposal 8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Mr. Parnes shall be eligible
to the fixed fee previously approved by the Company&rsquo;s shareholders on May 12, 2025, for his position as the Company&rsquo;s Chairman
of the Board of Directors. In the event that Proposal 6 is approved, Mr. Parnes will be eligible to the New Annual Fee to Mr. Parnes (as
defined in Proposal 6 below).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Mr. Ben-Noon is currently
compensated according to his position as the Company&rsquo;s Chief Executive Officer, in accordance with the terms of compensation previously
approved by the Company&rsquo;s shareholders on May 12, 2025, and in accordance with the Proposed Compensation policy (as defined in Proposal
3 below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this
Proxy Statement, Mr. Ben-Noon is not entitled to additional compensation for his services as a director. In case Proposal 4 is approved,
Mr. Ben-Noon will be eligible to the Updated Cost of Monthly fee to Mr. Ben-Noon (as defined in Proposal 4 below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Set forth below is certain
biographical information regarding the background and experience for each of the Director nominees:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Dagi Ben-Noon</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Mr. Dagi Ben-Noon</I>
has served as our Chief Executive Officer since July 2020 and as a director since March 2020. Prior to that, Mr. Ben-Noon served as our
Chief Operations Officer from March 2018 to June 2020. Mr. Ben-Noon co-founded our company in February 2018. Mr. Ben-Noon has over 15
years of experience in product development from idea inception to illustration, design, manufacturing and product launch. Mr. Ben-Noon
co-founded Nano Dimension Ltd. (Nasdaq: NNDN) and served as the company&rsquo;s chief operating officer and director from July 2012 to
October 2017. As Nano Dimension Ltd.&rsquo;s chief operating officer, Mr. Ben-Noon was in charge of the company&rsquo;s research and development,
operations, production, quality and information technology. Mr. Ben-Noon has a BSc in Mechanical Engineering from the Ben-Gurion University
of the Negev in Beer Sheva, Israel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Tal Parnes</B></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"><I>Mr. Tal Parnes</I> has served as Chairman of
our Board of Directors since February 1, 2025, and has served on our Board of Directors since July 16, 2021. Mr. Parnes co-founded and
served as a chief executive officer and president of Zuta-Core Ltd. from 2016 to 2020. Prior to that, Mr. Parnes co-founded and served
as a chief executive officer of HQL Pharmaceuticals Ltd. from 2010 to 2015. Mr. Parnes also served as chief operating officer of Silynx
Communications Inc. from 2007 to 2009, served as a vice president of operations of Wavion Inc. from 2005 to 2006 and vice president of
operations of Atrica Ltd. from 2002 to 2004. Between 1999 to 2001, Mr. Parnes also served as chief financial officer and business development
director of Printlife Ltd. Mr. Parnes holds a B.A. in Economics and History from Tel Aviv University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Lior Amit</B></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"><I>Mr. Lior Amit</I> has served on our Board of
Directors since August 1, 2021. Since 2014, Mr. Amit has served as a private financial advisor for both high net worth individuals and
companies, serves as a director in Nirplex Ltd. and served as a director in Scoutcam Inc., ICIC, an Israeli credit insurance company and
Ronimar LTD. Mr. Amit was the CFO of the BBR Saatchi &amp; Saatchi advertising group in Israel from 1996 to 2013, helping to turn it into
a leading local advertising company including advertising agencies, media operations and digital and content, growing from 40 employees
to 250 employees. Mr. Amit holds a Master of Business Administration (Finance and Insurance) and a B.A. in Economics and Accounting from
Tel Aviv University. Mr. Amit is a Certified Public accountant in Israel and holds an advisor license with the Israeli Securities Authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Ms. Sivan Matza</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Ms. Sivan Matza</I>
has served on our Board of Directors since October 21, 2025. Ms. Matza has been working as a consultant and director at Brevan Howard
Tel Aviv from January 2021. Ms. Matza has been working as an owner's representative at Alexander Hotel (Tel Aviv) from 2017. Prior to
that, Ms. Matza was an executive committee member and director at Braven Howard Israel Ltd from 2014 to 2018, and prior to that Ms. Matza
was the finance and operations manager, head of human resources and compliance and anti-money laundering officer at Braven Howard (Israel)
Ltd from 2006 to 2018. From 2003 to 2006, Ms. Matza was a CPA in finance division in Bank Leumi, and from 1999 to 2003, Ms. Matza was
audit manager in Hi-Tech division at Ernst &amp; Young. Ms. Matza holds an M.A. in law with specialization in accounting from Bar-Ilan
University, has a CPA from the Institute of Certified Public Accountants, Israel, and holds a B.A. in Business Management from The College
of Management, Rishon LeZion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Dr. Shlomit Chppel-Ram</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dr. Shlomit Chappel-Ram</I>&nbsp;is nominated
for election to our Board of Directors at the Meeting. Dr. Chappel-Ram has over 20 years of executive leadership experience in the medical
device industry and capital equipment. She has served as General Manager of Digma Medical since January 2025, where she leads operations,
product development, regulatory and clinical programs, fundraising, and investor communications. Prior to that, Dr. Chappel-Ram served
as Vice President research and development (&ldquo;<B>R&amp;D</B>&rdquo;) and Investor Relations at Digma Medical from January 2021 to
December 2024. Dr. Chappel-Ram also serves as a consultant and advisory board member at Kidron Capital Assets since April 2021, and served
as a consultant and advisory board member at NGLi Holdings from March 2023 to March 2024. Previously, Dr. Chappel-Ram served as Vice President
R&amp;D at Nano Dimension Ltd. from March 2019 to December 2020, and as R&amp;D Senior Manager at Edwards Lifesciences from May 2017 to
March 2019, and in multiple senior research and development roles at Medinol Ltd. from 2006 to 2017. Dr. Chappel-Ram&rsquo;s academic
and professional training includes a Ph.D. in Physical Chemistry,&nbsp;<I>summa cum laude,</I>&nbsp;an MBA from Bar-Ilan University, postdoctoral
work in Chemistry and Biochemistry at the City University of New York and completion of the Directors &amp; Senior Corporate Officeholders
Program at Tel Aviv University, LAHAV Executive Education.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The shareholders of the
Company are recommended to adopt the following resolutions at the Meeting:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;RESOLVED, to
re-elect Mr. Dagi Ben-Noon as a director of the Company until the next annual general meeting of shareholders following such re-election
and until he ceases to serve in office in accordance with the provisions of the Current Articles or any law, whichever is the earlier.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;RESOLVED, to
re-elect Mr. Tal Parnes as a director of the Company until the next annual general meeting of shareholders following such re-election
and until he ceases to serve in office in accordance with the provisions of the Current Articles or any law, whichever is the earlier.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;RESOLVED, to
re-elect Mr. Lior Amit as a director of the Company until the next annual general meeting of shareholders following such re-election and
until he ceases to serve in office in accordance with the provisions of the Current Articles or any law, whichever is the earlier.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;RESOLVED, to
re-elect Ms. Sivan Matza as a director of the Company until the next annual general meeting of shareholders following such re-election
and until she ceases to serve in office in accordance with the provisions of the Current Articles or any law, whichever is the earlier.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;RESOLVED, to
elect Dr. Shlomit Chappel-Ram as a director of the Company until the next annual general meeting of shareholders following such re-election
and until she ceases to serve in office in accordance with the provisions of the Current Articles or any law, whichever is the earlier.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>The election and/or re-election of each
director shall be voted upon separately</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The election and/or re-election
of each Director Nominee requires the affirmative vote of a Simple Majority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>The Board of Directors
unanimously recommends a vote FOR the above proposal.</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PROPOSAL 3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO APPROVE THE ADOPTION OF THE COMPAY&rsquo;S
UPDATED COMPENSATION POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: center; text-indent: -45.35pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Companies Law, all public Israeli
companies are required to adopt a written compensation policy for their officers and directors, which addresses certain items prescribed
by the Companies Law and serves as a flexible framework for executive and director compensation. Accordingly, on December 17, 2021, the
Company&rsquo;s shareholders approved the compensation policy for the Company&rsquo;s officers and directors for a period of five (5)
years as of the completion of our initial public offering (the &ldquo;<B>Previous Compensation Policy</B>&rdquo;).</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">Since our initial public offering, which took
place on July 16, 2021, our Previous Compensation Policy expired on July 16, 2026, and therefore, is not in effect as of the date of this
Proxy Statement and requires renewal for an additional three-year period.</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"><B><I>Proposed Compensation Policy </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 6, 2026, the Compensation Committee and
Board of Directors, reviewed in depth the terms of the Previous Compensation Policy and approved, and recommended to the Company&rsquo;s
shareholders to approve the adoption of an updated compensation policy (the &ldquo;<B>Proposed Compensation Policy</B>&rdquo;). The purpose
of the amendments included in the Proposed Compensation Policy (compared to the Previous Compensation Policy) is to meet the changing
legal and business environment in which the Company operates and the compensation needs of its officers.</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">The following table presents the main amendments
made in the Proposed Compensation Policy compared to the Previous Compensation Policy:</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>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 7%; vertical-align: bottom"><B>Section</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 18%; vertical-align: bottom"><B>Topic</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 23%; vertical-align: bottom"><B>Previous Compensation Policy &nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 49%; vertical-align: bottom"><B>Proposed Compensation Policy</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">5.1.2.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>Base Salary, Equity- Based Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Equity Compensation in Lieu of Cash
    Salary -</B>&nbsp;The Compensation Committee and the Board of Directors may decide to exchange the basic salary (or part thereof) with
    equity-based compensation (the &quot;<B>Exchange Basic Salary</B>&quot;), such as options to purchase Ordinary Shares of the Company,
    Restricted Shares (&quot;<B>RS</B>&quot;) or Restricted Share Units (&quot;<B>RSUs</B>&quot;), either in whole or in part, which may be
    granted under the Company's equity incentive plan, as amended from time to time, and in a minimum exercise price per share as allowed
    under any applicable law, and which may be vested on a monthly basis, in accordance with applicable law.</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">In such case, the value of the equity-based
compensation granted in lieu of the Converted Basic Salary shall equal 1.3 times the amount of the basic salary converted for the relevant
month.&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">5.1.2.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>Base Salary, Equity-Based Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Exchange of Accrued and Unpaid Salary
    for Equity</B> -&nbsp;The Compensation Committee and the Board of Directors may decide to exchange accrued and unpaid cash salary owed
    to Executives, including controlling shareholders and/or relatives of a controlling shareholder (only in the circumstances described in
    this section), with RSUs, Options or any other equity-based compensation, in accordance with the Company's equity incentive plan (the
    &quot;<B>Exchanged Equity-Based Compensation</B>&quot;).</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">The Exchanged Equity-Based Compensation terms
will be determined as follows: (i)&nbsp;Vesting Period&nbsp;&ndash; will be no less than one (1) month; (ii)&nbsp;Share Price&nbsp;-
will be calculated according to the average of the Company's market share price over the last 5-30 trading days (at the Board's discretion),
with a discount of up to 50%. All other relevant terms will be as specified in Section 6.6 of this Policy.&rdquo;</P></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 7%"><B>Section</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 18%"><B>Topic</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 23%"><B>Previous Compensation Policy &nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 49%"><B>Proposed Compensation Policy</B></TD></TR>

  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">6.3.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>Annual Bonus, Equity-Based Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;The Compensation Committee and Board
of Directors may pay part or all of the annual bonus in equity-based compensation, in accordance with the terms specified in section
6.6 below.&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">6.8.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>Compensation of Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">The Company&rsquo;s directors will be eligible to receive a fixed compensation fee which will not exceed the higher of: (i) 50,000 USD annual and participation fee; or (ii) the maximum amount in accordance with the table specified in the Second and Third Schedule of the compensation regulations under the Companies Law.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">The Company&rsquo;s directors will be eligible to receive a fixed compensation fee which will not exceed the higher of: (i) 55,000 USD annual and participation fee; or (ii) the maximum amount in accordance with the table specified in the Second and Third Schedule of the compensation regulations under the Companies Law.</TD></TR>
  </TABLE>
<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">Other than the above-mentioned changes as reflected
in the Proposed Compensation Policy, some additional technical and immaterial changes were made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When considering the approval of the Proposed
Compensation Policy, the Compensation Committee and Board considered numerous factors, including the advancement of the Company&rsquo;s
objectives, the Company&rsquo;s business plan and its long-term strategy, and creation of appropriate incentives for its officers and
directors. The Compensation Committee and the Board of Directors also considered, among other things, the Company&rsquo;s risk management,
size and the nature of its operations, and reviewed various data and information they deemed relevant.</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">The Compensation Committee and the Board of Directors
also determined that the Proposed Compensation Policy is designed to promote retention and motivation of officers and directors, incentivize
superior individuals&rsquo; excellence, align the interests of the Company&rsquo;s directors and officers with the long-term performance
of the Company and provide a risk management tool. To that end, a portion of an officer compensation package is targeted to reflect the
Company&rsquo;s short and long-term goals, as well as the officer&rsquo;s individual performance, while taking into account each officer&rsquo;s
skills, education, expertise and achievements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proposed Compensation Policy is attached hereto
as&nbsp;<U>Annex A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">The shareholders
of the Company are requested to adopt the following resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;RESOLVED, that the Proposed Compensation
Policy, in the form attached as&nbsp;<U>Annex A</U>&nbsp;to this Proxy Statement, be, and it hereby is, approved<I>&nbsp;</I>for a term
of three (3) years as of the date of this Meeting.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">The approval
of this proposal, as described above, requires the affirmative vote of a Special Majority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>The Board of Directors
recommends a vote FOR the approval of the proposed resolution.</B></P>

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


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<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>PROPOSAL 4</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-align: center"><B>TO APPROVE AN INCREASE IN THE MONTHLY FEE FOR
MR. DAGI BEN-NOON, THE COMPANY&rsquo;S CHIEF EXECUTIVE OFFICER AND A DIRECTOR</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We seek shareholder approval with respect to the
increase in the monthly fee of Mr. Ben-Noon, the Company&rsquo;s Chief Executive Officer and director, all in accordance with our Proposed
Compensation Policy.</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"><B><I>General</I></B></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">Mr. Dagi Ben-Noon has served as our Chief Executive
Officer since July 2020 and as a director since March 2020. Prior to that, Mr. Ben-Noon served as our Chief Operations Officer from March
2018 to June 2020.</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">During the period in which Mr. Ben-Noon has been
a part of the Company, Mr. Ben-Noon has made a significant contribution to the Company&rsquo;s business and growth. The Compensation Committee
and the Board of Directors believe that Mr. Ben-Noon performs a significant role in the planning, establishment, and implementation of
the Company&rsquo;s business model, and will continue to play a key role in the Company&rsquo;s pursuit to enhance its business and growth
opportunities. Under Mr. Ben-Noon&rsquo;s leadership, the Company has recently undertaken a significant strategic shift in its operations,
including the acquisition of certain assets comprising Nano Dimension Technologies Ltd.&rsquo;s additive manufacturing electronics business
and Fabrica business. The Compensation Committee and the Board of Directors believe that Mr. Ben-Noon was instrumental in identifying,
negotiating and advancing this transaction, and in leading the Company&rsquo;s efforts to integrate the acquired assets and capabilities
into its business. The Compensation Committee and the Board of Directors further believe that these developments reflect Mr. Ben-Noon&rsquo;s
leadership, vision and ongoing contribution to the Company&rsquo;s evolution and long-term growth strategy.</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"><B><I>Monthly Fee</I></B></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">The current monthly fee paid to Mr. Ben-Noon
is NIS 100,800 (approximately $33,127<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>),
part of which is subject to value added tax (&ldquo;<B>VAT</B>&rdquo;). On July 6, 2026, the Compensation Committee and the Board of
Directors approved and recommend that the Company&rsquo;s shareholders approve an increase in Mr. Ben-Noon&rsquo;s monthly fee to a total
of NIS 130,000 (approximately $42,723<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>),
(the &ldquo;<B>Updated Cost of Monthly Fee to Mr. Ben-Noon</B>&rdquo;), in acknowledgment of Mr. Ben-Noon&rsquo;s achievements and contribution
to the Company, effective as of July 1, 2026.</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">It is clarified that Mr. Ben-Noon is entitled
to compensation only for his position as the Company&rsquo;s Chief Executive Officer and is not entitled to compensation for his position
as a member of the Board of Directors.</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">In making its recommendation with regard to the
approval of the Updated Cost of Monthly Fee to Mr. Ben-Noon, the Compensation Committee and the Board of Directors have considered all
relevant considerations and discussed all matters required under the Companies Law and the regulations promulgated thereunder, and also
considered, among other things: (i) the responsibilities and duties performed by Mr. Ben-Noon, including Mr. Ben-Noon&rsquo;s substantial
contributions to the Company, his efforts to achieve the Company&rsquo;s business goals, and the importance of Mr. Ben-Noon to the future
growth of the Company; (ii) that the Updated Cost of Monthly Fee to Mr. Ben-Noon is in accordance with the Proposed Compensation Policy
) of Mr. Ben-Noon; and (iii) that the value of Mr. Ben-Noon&rsquo;s compensation, including the Updated Cost of Monthly Fee to Mr. Ben-Noon,
is below the average fees paid to comparable chief executive officers in similar companies, in accordance with comparative data prepared
by an external consultant as presented to the Compensation Committee and the Board of Directors and reviewed by them (the &ldquo;<B>Benchmark
Report</B>&rdquo;).</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">The shareholders of the Company are requested
to adopt the following resolution:</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"><B>&ldquo;RESOLVED, to approve the Updated Cost
of Monthly Fee to Mr. Ben-Noon, the Company&rsquo;s Chief Executive Officer and a director, as set forth in the Proxy Statement.&rdquo;</B></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">The approval of the Updated Cost of Monthly Fee
to Mr. Ben-Noon, as described above, requires the affirmative vote of a Special Majority.</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"><B>The Board of Directors unanimously recommends
a vote FOR the above proposal.</B>&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Unless otherwise noted, all conversions from NIS to U.S.
dollars in this Proxy Statement were made based on a conversion a rate of NIS 3.0428 per $1.00, which is the exchange rate as of July
17, 2026.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">See footnote 1 above.</TD>
</TR></TABLE>

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


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<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>PROPOSAL 5</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-align: center"><B>TO APPROVE A GRANT OF RSUS TO MR. DAGI BEN-NOON,
THE COMPANY&rsquo;S CHIEF EXECUTIVE OFFICER AND A DIRECTOR</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 6, 2026, the Compensation Committee and
the Board of Directors, approved and recommended that the Company&rsquo;s shareholders approve a grant of RSUs, which will be settled
in Ordinary Shares, to Mr. Ben-Noon, the Company&rsquo;s Chief Executive Officer and a director, under the amended and restated QTREX
Quantum Ltd. (previously Inspira Technologies Oxy B.H.N. Ltd.) 2019 Equity Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;).</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">The recommended grant consists of up to 550,000
RSUs to be granted to Mr. Ben-Noon (the &ldquo;<B>Grant of RSUs to Mr. Ben-Noon</B>&rdquo;). The annual value of Grant of RSUs on the
first year of vesting to Mr. Ben-Noon and its terms are within the frame and principles of the Previous Compensation Policy and the Proposed
Compensation Policy, representing an amount of $527,589 (approximately NIS 1,605,348<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>).</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">Together with the holdings of Ordinary Shares,
currently outstanding options exercisable to Ordinary Shares, and RSUs which will vest to Ordinary Shares, all granted to Mr. Ben-Noon
in the aggregate in the past, Mr. Ben-Noon&rsquo;s holdings resulting from the Grant of RSUs to Mr. Ben-Noon, will be equal to approximately
4.89% of the Company&rsquo;s issued and outstanding share capital on a fully diluted basis as of the date of this Proxy Statement.</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">The Grant of RSUs to Mr. Ben-Noon is subject to
a vesting period of three (3) years, as follows (in this proposal, the &ldquo;<B>Vesting Schedule</B>&rdquo;): (i) 33.34% of the RSUs
will vest on the first anniversary date following July 1, 2026 (the &ldquo;<B>First Instalment</B>&rdquo; and the &ldquo;<B>Commencement
Date</B>&rdquo;, respectively); and (ii) 8.33% of the RSUs will vest on a quarterly basis over 8 quarters (two (2) years), following the
First Instalment.</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">It is hereby clarified that the Vesting Schedule
will be accelerated upon the termination of Mr. Ben-Noon&rsquo;s services by the Company, not for &ldquo;cause&rdquo; (as defined in the
Plan), or in the event of change of control (as defined in the Previous Compensation Policy and the Proposed Compensation Policy).</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">The Grant of RSUs to Mr. Ben-Noon will be granted
in accordance with the capital gain track of Section 102 of the Israeli Income Tax Ordinance, 1961, as applicable.</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">In making its recommendation with regard to the
approval of the Grant of RSUs to Mr. Ben-Noon, the Compensation Committee and the Board of Directors each have considered all relevant
considerations and discussed all matters required under the Companies Law&nbsp;and the regulations promulgated thereunder, and also considered,
inter alia: (i) the responsibilities of Mr. Ben-Noon and his contribution to the Company&rsquo;s achievements and execution of the Company&rsquo;s
strategy; (ii) that the Grant of RSUs to Mr. Ben-Noon reflects a fair and reasonable value for Mr. Ben-Noon&rsquo;s services, commitment
and contribution to the Company&rsquo;s achievements; (iii) that the Grant of RSUs to Mr. Ben-Noon is in accordance with the Previous
Compensation Policy and the Proposed Compensation Policy; (iv) that the Grant of RSUs to Mr. Ben-Noon is meant to establish and maintain
an alignment of interests between Mr. Ben-Noon and the Company&rsquo;s shareholders; and (v) that the Grant of RSUs to Mr. Ben-Noon includes
a vesting schedule to retain Mr. Ben-Noon and his commitment for the Company&rsquo;s businesses for the long term.</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">The shareholders of the Company are requested
to adopt the following resolution:</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">&ldquo;<B>RESOLVED, to approve the Grant of RSUs
to Mr. Ben-Noon, as set forth in the Proxy Statement</B>.&rdquo;</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">The approval of Grant of RSUs to Mr. Ben-Noon,
requires the affirmative vote of a Special Majority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board of Directors unanimously recommends
a vote FOR the above proposal.</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></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"><SUP>3</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-align: center"><B>PROPOSAL 6</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-align: center"><B>TO APPROVE AN INCREASE OF THE ANNUAL FEE FOR
MR. TAL PARNES, THE COMPANY&rsquo;S CHAIRMAN OF THE BOARD OF DIRECTORS</B></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: justify"><B><I>Background </I></B></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">On January 19, 2025, the Board of Directors appointed
Mr. Tal Parnes as Chairman of the Board of Directors, effective as of February 1, 2025. As of July 2026, Mr. Parnes has assumed a more
active role in the Company&rsquo;s affairs beyond the customary duties as Chairman of the Board of Directors. Among other things, Mr.
Parnes participates in management meetings, provides advice with respect to research and development matters and is expected to represent
the Company at conferences and industry events in the quantum field. In light of Mr. Parnes&rsquo; increased level of involvement, the
expanded scope of his contributions to the Company and the time and effort he devotes to these activities, the Compensation Committee
and the Board of Directors believe that it is appropriate to compensate Mr. Parnes as an active Chairman of the Board of Directors.</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"><B><I>Suggested Increase to Mr. Parnes Annual
Fee</I></B></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">On July 6, 2026, the Compensation Committee and
the Board of Directors, approved and recommended that the Company&rsquo;s shareholders approve an increase of the annual fee to which
Mr. Parnes, as Chairman of the Board of Directors, shall be entitled, to NIS 480,000 (approximately $157,749<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>)
(the &ldquo;<B>New Annual Fee to Mr. Parnes</B>&rdquo;).</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">The New Annual Fee to Mr. Parnes is in accordance
with the Company&rsquo;s Proposed Compensation Policy for Active Chairman of the Board of Directors and will be paid on a quarterly basis
in NIS, subject to VAT, as applicable, and shall be effective as of July 1, 2026.</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">In making its recommendation with regard to the
approval of the New Annual Fee to Mr. Parnes, the Compensation Committee and the Board of Directors each have considered all relevant
considerations and discussed all matters required under the Companies Law&nbsp;and the regulations promulgated thereunder, and also considered,
inter alia: (i) the position of Mr. Parnes as Active Chairman of the Board of Directors, responsibilities, background and experience of
Mr. Parnes; and (ii) that the New Annual Fee to Mr. Parnes is fair and reasonable, in light of the expected increase in the scope of Mr.
Parnes&rsquo; services as an active Chairman and increase in his involvement in strategic management meetings and decisions, to promote
the Company&rsquo;s goals and business objectives; and (iii) that the value of the New Annual Fee to Mr. Parnes, is below the average
of fees paid to comparable active Chairmen in similar companies, in accordance with the Benchmark Report.</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">The shareholders of the Company are requested
to adopt the following resolution:</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"><B>&ldquo;RESOLVED, to approve an increase of
the annual fee for Mr. Tal Parnes, the Company&rsquo;s chairman of the Board of Directors, as set forth in the Proxy Statement</B>.<B>&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case Proposal&nbsp;3 is approved, the approval
of this Proposal 6, requires the affirmative vote of a Simple Majority (as defined in this Proxy Statement.).</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">In case Proposal&nbsp;3 is not approved, the approval
of this Proposal 6, requires the affirmative vote of a Special Majority (as defined in this Proxy Statement).</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"><B>The Board of Directors unanimously recommends
a vote &ldquo;FOR&rdquo; the above proposal.</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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"><SUP>4</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-align: center"><B>PROPOSAL 7</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-align: center"><B>TO APPROVE A GRANT OF RSUS TO MR. TAL PARNES,
THE &nbsp;CHAIRMAN OF THE BOARD OF DIRECTORS&nbsp;</B></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: justify"><B><I>Background </I></B></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">On January 19, 2025, the Board of Directors appointed
Mr. Tal Parnes as Chairman of the Board of Directors, effective as of February 1, 2025. As of July 2026, Mr. Parnes has assumed a more
active role in the Company&rsquo;s affairs beyond the customary duties as Chairman of the Board of Directors. Among other things, Mr.
Parnes participates in management meetings, provides advice with respect to research and development matters and is expected to represent
the Company at conferences and industry events in the quantum field. In light of Mr. Parnes&rsquo; increased level of involvement, the
expanded scope of his contributions to the Company and the time and effort he devotes to these activities, the Compensation Committee
and the Board of Directors believe that it is appropriate to compensate Mr. Parnes as an active Chairman of the Board of Directors.</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"><B><I>Suggested grant of RSUs to Mr. Parnes </I></B></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">On July 6, 2026, the Company&rsquo;s Compensation
Committee and Board, approved and recommended that the Company&rsquo;s shareholders approve, a grant of RSUs which will be settled in
Ordinary Shares of the Company, to Mr. Tal Parnes, the Chairman of the Board of Directors, under the Plan.</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">The recommended grant consists of up to 550,000
RSUs to be granted to Mr. Parnes (the &ldquo;<B>Grant of RSUs to Mr. Parnes</B>&rdquo;). The annual value of Grant of RSUs in the first
year of vesting, to Mr. Parnes and its terms are within the frame and principles of the Previous Compensation Policy and the Proposed
Compensation Policy, representing an amount of $527,589 (approximately NIS 1,605,348<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>).</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">Together with the holdings of Ordinary Shares
and RSUs which will vest to Ordinary Shares, granted to Mr. Parnes in the aggregate in the past, Mr. Parnes&rsquo;s holdings resulting
from the Grant of RSUs to Mr. Parnes, will be equal to approximately 1.06% of the Company&rsquo;s issued and outstanding share capital
on a fully diluted basis as of the date of this Proxy Statement.</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">The Grant of RSUs to Mr. Parnes is subject to
a vesting period of three (3) years, as follows (in this proposal, the &ldquo;<B>Vesting Schedule</B>&rdquo;): (i) 33.34% of the RSUs
will vest on the first anniversary date following July 1, 2026 (the &ldquo;<B>Commencement Date</B>&rdquo; and the &ldquo;<B>First Installment</B>&rdquo;,
respectively); and (ii) 8.33% of the granted RSUs will vest on a quarterly basis over 8 quarters (two (2) years), following the First
Installment.</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">It is hereby clarified that the Vesting Schedule
will accelerate upon the termination of Mr. Parnes&rsquo;s services by the Company without &ldquo;cause&rdquo; (as defined in the Plan),
or in the event of change of control (as defined in the Policy).</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">The Grant of RSUs to Mr. Parnes is granted in
accordance with the capital gain track of Section 102 of the Israeli Income Tax Ordinance, 1961, as applicable.</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">In making its recommendation with regard to the
approval of the Grant of RSUs to Mr. Parnes, the Compensation Committee and the Board of Directors each have considered all relevant considerations
and discussed all matters required under the Companies Law&nbsp;and the regulations promulgated thereunder, and also considered, inter
alia: (i) the responsibilities, of Mr. Parnes and his contribution to the Company&rsquo;s achievements and execution of the Company&rsquo;s
strategy as an active Chairman of the Board of Directors; (ii) that the Grant of RSUs to Mr. Parnes reflects a fair and reasonable value
for Mr. Parnes&rsquo;s services, commitment and contribution to the Company&rsquo;s achievements as an active Chairman; (iii) that the
Grant of RSUs to Mr. Parnes is in accordance with the Previous Compensation Policy and the Proposed Compensation Policy; (iv) that the
Grant of RSUs to Mr. Parnes is meant to establish and maintain an alignment of interests between Mr. Parnes and the Company&rsquo;s shareholders.</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">The shareholders of the Company are requested
to adopt the following resolution:</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">&ldquo;<B>RESOLVED, to approve the Grant of RSUs
to Mr. Parnes, as set forth in the Proxy Statement</B>.&rdquo;</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">In case Proposal&nbsp;3 is approved, the approval
of this proposal 7, requires the affirmative vote of a Simple Majority (as defined in this Proxy Statement.).</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">In case Proposal&nbsp;3 is not approved, the approval
of this proposal 7, requires the affirmative vote of a Special Majority (as defined in this Proxy Statement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board of Directors unanimously recommends
a vote FOR the above proposal.</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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"><SUP>5</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-align: center"><B>PROPOSAL 8</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-align: center"><B>TO APPROVE AN INCREASE IN THE ANNUAL FEES FOR
THE COMPANY&rsquo;S NON-EXECUTIVE DIRECTORS </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-align: justify">In accordance with the Companies Law and the Policy,
the cash fees currently paid to each of Mrs. Matza, Mr. Lior Amit and Dr. Chappel-Ram, our non-executive directors as of the date hereof
(in this Proposal, the &ldquo;<B>Non-Executive Directors</B>&rdquo;) includes an annual fee of $46,000.</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">On July 21, 2026, the Compensation Committee and
the Board of Directors approved and recommended that the Company&rsquo;s shareholders approve an increase in the annual fees to which
the Non-Executive Directors shall be entitled to receive NIS156,000 (approx. $51,269<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>)
(the &ldquo;<B>New Annual Fee to Non-Executive Directors</B>&rdquo;) effective as of July 1, 2026.</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">The New Annual Fee to the Non-Executive Directors
shall be paid on a quarterly basis, in NIS and shall be subject to VAT, as applicable.</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">In making its recommendation with regard to the
approval of the New Annual Fee to the Non-Executive Directors, each of the Compensation Committee and the Board have considered all relevant
considerations and discussed all matters required under the Companies Law&nbsp;and the regulations promulgated thereunder, and also considered,
inter alia: (i) that the level of remuneration for our Non-Executive Directors was previously determined in 2025, and since then, there
have been considerable additional demands placed on the Board due to change of the Company&rsquo;s activity. Considering our directors&rsquo;
average time of commitment, the market rate necessary to attract and retain them and other qualified members and the nature of their roles,
the Compensation Committee and the Board of Directors believe that an increase in their remuneration is fair and reasonable in all the
relevant circumstances relating to the Company&rsquo;s affairs, the nature, extent and liabilities associated with service as non-executive
directors or otherwise by reference to prevailing corporate governance standards and practices; and (ii) that the New Annual Fee to the
Non-Executive Directors is in accordance with our Proposed Compensation Policy.</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">The shareholders of the Company are requested
to adopt the following resolution:</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">&ldquo;<B>RESOLVED, to approve an increase in
the annual fees for the Company&rsquo;s Non-Executive Directors, as set forth in the Proxy Statement</B>.&rdquo;</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">In case Proposal 3 is approved, the approval of
this Proposal 8 requires the affirmative vote of a Simple Majority (as defined in this Proxy Statement).</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">In case Proposal 3 is approved, the approval of
this Proposal 8, requires the affirmative vote of a Special Majority (as defined in this Proxy Statement).</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">The Board unanimously recommends a vote &ldquo;FOR&rdquo;
the above proposal.</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></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"><SUP>6</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-align: center"><B>PROPOSAL 9</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-align: center"><B>TO APPROVE A GRANT OF RSUs TO MRS. SIVAN MATZA
AND MR. LIOR AMIT, NON-EXECUTIVE DIRECTORS</B>&nbsp;<B>OF THE COMPANY</B></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">On July 6, 2026, the Compensation Committee and
the&nbsp;Board of Directors, approved and recommended that the Company&rsquo;s shareholders approve, a grant of RSUs, which will be settled
to Ordinary Shares, to Mrs. Sivan Matza and Mr. Lior Amit, two of the Company&rsquo;s non-executive directors (in this proposal, the &ldquo;<B>Mr.
Amit and Mrs. Matza</B>&rdquo;), under the Plan.</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">The Compensation Committee and the Board of Directors&nbsp;believe
it is in the best interests of the Company to grant RSUs, under the Plan, to Mrs. Sivan Matza and Mr. Lior Amit, as follows (the &ldquo;<B>Grant
of RSUs to Mr. Amit and Mrs. Matza</B>&rdquo;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Title</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Previous<BR>
 No. of<BR>
 Ordinary<BR>
 Shares<BR>
 Underlying<BR>
 RSUs<BR>
 Granted</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">No. of<BR>
 Ordinary<BR>
 Shares<BR>
 Underlying<BR>
 RSUs<BR>
 Proposed<BR>
 for Grant</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: justify">Mrs. Sivan Matza</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify">Non-Executive Director</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">30,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Mr. Lior Amit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Non-Executive Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">90,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">170,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">120,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">270,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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">The Grant of RSUs to Mr. Amit and Mrs. Matza is
subject to a vesting period of three (3) years, as follows (in this proposal, the &ldquo;<B>Vesting Schedule</B>&rdquo;): (i) 33.34% of
the RSUs will vest on the first anniversary date following July 1, 2026 (the &ldquo;<B>Commencement Date</B>&rdquo; and the &ldquo;<B>First
Instalment</B>&rdquo;, respectively); and (ii) 8.33% of the granted RSUs will vest on a quarterly basis over 8 quarters (two (2) years),
following the First Instalment. In the event of termination of engagement between the Company and each of Mr. Amit and Mrs. Matza, any
unvested RSUs at the time of such termination shall be automatically cancelled.</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">The value of Grant of RSUs to Mr. Amit and Mrs.
Matza and its terms are within the framework and principles of the Previous Compensation Policy and the Proposed Compensation Policy,
representing total amounts of: $243,100 (approximately NIS 739,705<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>),
and on the first year of vesting approximately $163,073 (approximately NIS 496,199<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>)
for Mr. Amit; and $143,000 (approximately NIS 435,077<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>),
and on the first year of vesting approximately $95,925 (approximately NIS 291,852<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>)
for Mrs. Matza.</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">The Grant of RSUs to Mr. Amit and Mrs. Matza are
granted in accordance with the capital gain track of Section 102 of the Israeli Income Tax Ordinance, 1961, as applicable.</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">In making its recommendation with regard to the
approval of the Grant of RSUs to Mr. Amit and Mrs. Matza, the Compensation Committee and the Board of Directors each have considered all
relevant considerations and discussed all matters required under the Companies Law&nbsp;and the regulations promulgated thereunder, and
also considered, inter alia: (i) the position, responsibilities, background and experience of each of Mr. Amit and Mrs. Matza (and of
Mr. Amit as Chairman of the Board&rsquo;s committees); (ii) that the grant of RSUs to each of Mr. Amit and Mrs. Matza reflects a fair
and reasonable value for their services, commitment and contribution to the Company&rsquo;s growth and achievements; (iii) that the Grants
of RSUs to Mr. Amit and Mrs. Matza are in accordance with the Previous Compensation Policy (which was in effect on the date on which the
Compensation Committee and the Board of Directors approved such grant) and the Proposed Compensation Policy; and (iv) that the Grants
of RSUs to Mr. Amit and Mrs. Matza are meant to establish and maintain an alignment of interests between them and the Company&rsquo;s
shareholders and to align their compensation with the Company&rsquo;s long-term achievements.</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">The shareholders of the Company are requested
to adopt the following resolution:</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">&ldquo;<B>RESOLVED, to approve the Grant of RSUs
to Mr. Lior Amit and Mrs. Sivan Matza, non-executive directors of the Company, as set forth in the Proxy Statement</B>.&rdquo;</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">In case Proposal&nbsp;3 is approved, the approval
of this Proposal 9, requires the affirmative vote of a Simple Majority (as defined in this Proxy Statement).</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">In case Proposal&nbsp;3 is not approved, the approval
of this Proposal 9, requires the affirmative vote of a Special Majority (as defined in this Proxy Statement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board of Directors unanimously recommends
a vote FOR the above proposal.</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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"><SUP>7</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

<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"><SUP>8</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

<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"><SUP>9</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

<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"><SUP>10</SUP></TD><TD STYLE="text-align: justify">See footnote 1 above</TD>
</TR></TABLE>

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


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<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-align: center"><B>PROPOSAL 10</B></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: center; background-color: white"><B>TO INCREASE THE COMPANY&rsquo;S
AUTHORIZED SHARE CAPITAL AND TO AMEND AND RESTATE THE CURRENT ARTICLES TO REFLECT THE SAME</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, the Company&rsquo;s authorized share capital consists of 100,000,000&nbsp;Ordinary Shares.</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">On July 6, 2026, the Board of Directors approved
an increase to the Company&rsquo;s authorized share capital by 200,000,000&nbsp;Ordinary Shares (the &ldquo;<B>Increase of Authorized
Share Capital</B>&rdquo;). Accordingly, after giving effect to the Increase of Authorized Share Capital, the authorized share capital
of the Company will be 300,000,000&nbsp;Ordinary Shares.</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">An amendment to the Current Articles that reflects
the Increase of Authorized Share Capital, will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><I>5.</I></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B><I><U>Authorized Share Capital</U></I></B></FONT><I>.</I></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>(a) The share capital of the Company
shall consist of 300,000,000 Ordinary Shares, no par value (the &ldquo;<B>Shares</B>&rdquo;).</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Board of Directors
believes that the Increase of Authorized Share Capital is advisable and in the Company shareholders&rsquo; best interests to reinstate
the authorized share capital to 300,000,000, which was previously approved by the Company&rsquo;s shareholders, in order to give the Company
greater flexibility in considering and planning for future potential business needs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The shareholders of the Company are requested
to adopt the following resolution:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;RESOLVED, to
approve the Increase to Authorized Share Capital, and to amend and restate the Current Articles to reflect the same.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The approval of this Proposal, as described
above, requires the affirmative vote of a Simple Majority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The Board of Directors unanimously recommends
that the shareholders vote &ldquo;FOR&rdquo; the above proposal.</B></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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>PROPOSAL 11</B></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: center"><B>TO APPROVE CERTAIN AMENDMENTS TO THE COMPANY&rsquo;S
CURRENT ARTICLES</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-align: left"><B><I>Background</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of the Company&rsquo;s current strategic
position, the Board of Directors considers it essential to have measures in place that support the long-term&nbsp;interests of its shareholders.
Accordingly, on July 6, 2026, the Board of Directors discussed, approved and recommended to the shareholders to approve, to amend and
restate the Current Articles, as outlined in the form attached hereto as&nbsp;<B><U>Annex&nbsp;B</U></B>&nbsp;(the &ldquo;<B>Amended Articles</B>&rdquo;
or the &ldquo;<B>Amended and Restated Articles of Association</B>&rdquo;).</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"><I>Rationale for the Proposed Amendments</I></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">The Board believes that, in light of the Company&rsquo;s
strategic transformation and the long term potential of its AME and quantum connectivity technologies, the marked share price of the Company&rsquo;s
Ordinary Shares may not at all times fully reflect the long-term value of the Company&rsquo;s technology, intellectual property and strategic
opportunities. The Board therefore believes that it is important to maintain appropriate protections against unsolicited, coercive or
opportunistic attempts to acquire control of the Company without providing all shareholders with fair treatment and an adequate opportunity
to realize the full value of their investment.</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">The proposed Amended Articles are not intended
to prevent a bona fide acquisition proposal or to preclude the Board from considering or approving a transaction that it determines, consistent
with its fiduciary duties, is in the best interests of the Company and its shareholders. Rather, the Amended Articles are intended to
provide the Board with sufficient time and flexibility to evaluate any proposal, consider strategic alternatives, negotiate improved terms
and seek to maximize value for all shareholders.</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">The Amended Articles include, among other things,
the following material changes to the Current Articles:</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"><U>An increase in the Company&rsquo;s Authorized
Share Capital </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: justify">The Amended Articles include an increase in the
Company&rsquo;s authorized share capital (as describe in Proposal 9 above). Accordingly, the authorized share capital of the Company will
be increased to 300,000,000&nbsp;Ordinary Shares.</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"><U>Staggered Board of Directors</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: justify">The Amended Articles provide for a classification
of the Board of Directors into three (3) classes with staggered three (3)-year&nbsp;terms. Accordingly, at each annual shareholders&rsquo;
meeting, directors are elected or re-elected&nbsp;for terms ending at the third subsequent annual meeting. Beginning in 2027, only one
class of directors&rsquo; term will expire each year.</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">If approved at the Meeting, our directors will
be divided among the three classes by the Board of Directors, as nearly equal in number as practicable, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">The term of office of the initial Class&nbsp;I directors shall expire at the 2027 annual general meeting,
and when their successors are elected and qualified,</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: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">The term of office of the initial Class&nbsp;II directors shall expire at the 2028 annual general meeting
and when their successors are elected and qualified, and</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: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">The term of office of the initial Class&nbsp;III directors shall expire at the 2029 annual general meeting
and when their successors are elected and qualified.</TD></TR>
                                                              </TABLE>

<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">Further, according to the Amended Articles: (i)&nbsp;directors
may only be elected at the Company&rsquo;s annual shareholders&rsquo; meeting, and not at a special general meetings of shareholders;
(ii)&nbsp;a director may not be dismissed from office by shareholders or at a shareholders&rsquo; meeting prior to the expiration of their
term of office under the staggered board provisions of the Amended Articles, except in an annual general meeting of shareholders by a
majority of at least 70% of the voting power represented at the general meeting in person or by proxy and voting thereon, disregarding
abstentions from the count of the voting power present and voting; and (iii)&nbsp;an affirmative vote of 70% of the voting power represented
at the general meeting in person or by proxy and voting thereon, disregarding abstentions from the count of the voting power present and
voting, is required to amend the Amended Articles with respect to the provisions relating to the staggered board, dismissal and the provisions
relating to shareholder proposals.</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"></P>

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<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"><U>Appointment of directors by the Board of Directors</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: justify">The Amended Articles provide that the Board of
Directors may, at any time, appoint one or more individuals as directors, subject to the maximum number of directors prescribed therein;
whether to fill a vacancy or as an addition to our Board of Directors. In making such appointment, the Board of Directors shall determine
the class of the staggered board to which the appointed director will belong. A director appointed under this provision shall serve for
the remainder of the term applicable to that class, and may thereafter be re-elected, unless such term is terminated earlier by the Board
of Directors or by our general meeting of shareholders. This ensures that newly appointed directors may serve for a period of up to three
(3)&nbsp;years, consistent with the staggered structure, rather than only until the next annual meeting of shareholders.</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"><U>Shareholder Rights Plan</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: justify">The Amended Articles provide that the Board of
Directors may, at any time and in its sole discretion, subject to applicable law, adopt protective measures designed to prevent or delay
a coercive takeover of the Company. Such measures may include, without limitation, the adoption of a shareholder rights plan.</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"><U>Exclusive Forum</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: justify">The Amended Articles provide that, unless the
Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall
be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933,
as amended. This exclusive forum provision will not apply to suits brought to enforce any liability or duty created by the Securities
Exchange Act of 1934, as amended.</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">The shareholders of the Company are requested
to adopt the following resolution:</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"><B>&ldquo;RESOLVED, to approve the Amended Articles,
to be in effect as of the date of the Meeting, in the form attached as&nbsp;<U>Annex&nbsp;B</U> to this Proxy Statement.&rdquo;</B></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">The approval of the amendments to the Current
Articles requires the affirmative vote of at least 70% of the voting power represented at the Meeting in person or by proxy and voting
thereon, disregarding abstentions from the count of the voting power present and voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board of Directors unanimously recommends
a vote &ldquo;FOR&rdquo; the above proposal.</B></P>

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


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<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>DISCUSSION OF THE COMPANY&rsquo;S FINANCIAL
STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2025</B></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: justify">Pursuant to the Companies Law, the Company is
required to present the Company&rsquo;s audited financial statements for the year ended December 31, 2025, to the Company&rsquo;s shareholders.</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">The financial statements and annual report on
Form 20-F for the year ended December 31, 2025, filed with the SEC on March 26, 2026, are available on the Company&rsquo;s website at:
https://q-trex.com/investors/sec-filings.</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">At the Meeting, shareholders shall have an opportunity
to review, ask questions and comment on the Company&rsquo;s audited financial statements and annual report for the year ended December
31, 2025.</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"><B>This agenda item shall not involve a vote by
the shareholders, and accordingly there is no proposed resolution.</B></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"><B>Your vote is important! </B>Shareholders are
urged to complete and return their proxies promptly in order to, among other things, ensure action by a quorum and to avoid the expense
of additional solicitation. If the accompanying proxy is properly executed and returned in time for voting, and a choice is specified,
the shares represented thereby shall be voted as indicated thereon. EXCEPT AS MENTIONED OTHERWISE IN THIS PROXY STATEMENT, IF NO SPECIFICATION
IS MADE, THE PROXY SHALL BE VOTED IN FAVOR OF EACH OF THE PROPOSALS DESCRIBED IN THIS PROXY STATEMENT.</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"><B>Proxies and all other applicable materials should be sent to: </B></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 0pt 0.5in">Equinity Trust Company, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">6201 15th Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Brooklyn, NY 11219</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; text-align: center; background-color: white"><B>ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to the informational requirements
of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), as applicable to foreign private issuers.
Accordingly, the Company files reports and other information with the SEC. All documents which the Company will file on the SEC&rsquo;s
EDGAR system will be available for retrieval on the SEC&rsquo;s website at http://www.sec.gov.</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">As a foreign private issuer, the Company is exempt
from the rules under the Exchange Act prescribing certain disclosure and procedural requirements for proxy solicitations. In addition,
the Company is not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as
promptly as United States companies whose securities are registered under the Exchange Act. The Notice of the Annual and Extraordinary
General Meeting of Shareholders and the proxy statement have been prepared in accordance with applicable disclosure requirements in the
State of Israel.</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">YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED
IN THIS PROXY STATEMENT OR THE INFORMATION FURNISHED TO YOU IN CONNECTION WITH THIS PROXY STATEMENT WHEN VOTING ON THE MATTERS SUBMITTED
TO SHAREHOLDER APPROVAL HEREUNDER. THE COMPANY HAS NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH INFORMATION THAT IS DIFFERENT FROM WHAT IS
CONTAINED IN THIS DOCUMENT. THIS PROXY STATEMENT IS DATED JULY 24, 2026. YOU SHOULD NOT ASSUME THAT THE INFORMATION CONTAINED IN THIS
DOCUMENT IS ACCURATE AS OF ANY DATE OTHER THAN JULY 24, 2026, AND THE MAILING OF THIS DOCUMENT TO SHAREHOLDERS SHOULD NOT CREATE ANY IMPLICATION
TO THE CONTRARY.</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="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">By Order of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>QTREX Quantum Ltd.</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 1pt solid">/s/ Tal Parnes</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chairman of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>July 24, 2026</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>ANNEX A</U></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"><FONT STYLE="color: red"><B><STRIKE>Inspira Technologies
Oxy B.H.N.</STRIKE></B></FONT><B><FONT STYLE="color: blue"><U>QTREX Quantum</U></FONT> Ltd.</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"><B>(&ldquo;the Company&rdquo;)</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"><B>Compensation Policy for Company&rsquo;s Executives</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"><U>Dated</U>: <FONT STYLE="color: red"><STRIKE>December
</STRIKE></FONT><FONT STYLE="color: blue"><U>August </U></FONT><FONT STYLE="color: red"><STRIKE>2021</STRIKE></FONT><FONT STYLE="color: blue"><U>2026</U></FONT></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: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>EXECUTIVE
OFFICERS COMPENSATION POLICY</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTRODUCTION</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Executive Officers Compensation Policy (the &ldquo;<B>Policy</B>&rdquo;) of <FONT STYLE="color: red"><STRIKE>Inspira
                                            Technologies OXY B.H.N.</STRIKE></FONT><FONT STYLE="color: blue"><U>QTREX Quantum</U></FONT>
                                            Ltd. (the &ldquo;<B>Company</B>&rdquo;) is adopted pursuant to the provisions of the Companies
                                            Law, <FONT STYLE="color: blue"><U>5759-</U></FONT>1999 (hereafter &ndash; &ldquo;<B>the Companies
                                            Law</B>&rdquo;). On November 2, 2021, the Company&rsquo;s Board of Directors <FONT STYLE="color: blue"><U>(the
                                            &ldquo;<B>Board of Directors</B>&rdquo;) </U></FONT>approved a compensation policy (hereafter
                                            <FONT STYLE="color: red"><STRIKE>&ndash; </STRIKE></FONT><FONT STYLE="color: blue"><U>- </U></FONT>&ldquo;<B>the
                                            Compensation Policy</B>&rdquo;) with respect to the terms of service and / or employment
                                            of Company&rsquo;s office holders<SUP>1</SUP> (hereafter <FONT STYLE="color: red"><STRIKE>-</STRIKE></FONT><FONT STYLE="color: blue"><U>-
                                            the </U></FONT>&ldquo;<FONT STYLE="color: red"><B><STRIKE>Executives</STRIKE></B></FONT><B><FONT STYLE="color: blue"><U>Executives</U></FONT></B>&rdquo;),
                                            after discussing and considering the recommendations of the Company&rsquo;s Compensation
                                            Committee regarding this matter. <FONT STYLE="color: blue"><U>On June 7, 2026, the Compensation
                                            Committee (the &ldquo;</U><B>Compensation Committee</B><U>&rdquo;) and the Board of Directors
                                            </U></FONT><FONT STYLE="color: red"><U><STRIKE>(hereafter - the &ldquo;</STRIKE></U><B>Committee</B><U><STRIKE>&rdquo;
                                            and the &ldquo;</STRIKE></U><B>Board</B><U><STRIKE>&rdquo;) respectively</STRIKE></U></FONT>
                                            <FONT STYLE="color: blue"><U>approved this renewal of the Policy.</U></FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of the <FONT STYLE="color: red"><STRIKE>Compensation </STRIKE></FONT>Policy shall be subject to the provisions of any cogent
law applicable to the Company and its Executives in any territory.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
                                            underlying principles and purposes of the </U><FONT STYLE="color: red"><U><STRIKE>Compensation</STRIKE></U>
                                            <U></U></FONT><U>Policy are as follows</U>: (a) promoting the Company&rsquo;s goals, its
                                            work plan and its policy for the long-term; (b) compensating and providing incentives to
                                            <FONT STYLE="color: blue"><U>the </U></FONT>Executives, while considering the risks that
                                            the Company&rsquo;s activities involve; (c) adjusting the compensation package to the size
                                            of the Company and the nature and scope of its activities; (d) creating incentives that are
                                            suitable to Company&rsquo;s Executives by compensating those entitled for compensation under
                                            the <FONT STYLE="color: red"><STRIKE>Compensation </STRIKE></FONT>Policy in accordance with
                                            their positions, areas of responsibility and contribution to the development of the Company&rsquo;s
                                            business, the promotion of its targets and the maximization of profits in the short and long-term,
                                            taking into account, among other things, the need to recruit and retain qualified, highly-skilled
                                            <FONT STYLE="color: red"><STRIKE>officers </STRIKE></FONT><FONT STYLE="color: blue"><U>Executives
                                            </U></FONT>in a global and competitive market; and (e) adjusting the compensation of Executives
                                            to the contribution of the <FONT STYLE="color: red"><STRIKE>Executive </STRIKE></FONT><FONT STYLE="color: blue"><U>Executives
                                            </U></FONT>to the achievement of the Company&rsquo;s goals <FONT STYLE="color: red"><STRIKE>and
                                            maximization of its profits</STRIKE></FONT>.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
<FONT STYLE="color: red"><STRIKE>Compensation </STRIKE></FONT>Policy is a multi-annual policy that will be effective for a period of
three years from the date of its approval. This <FONT STYLE="color: red"><STRIKE>policy </STRIKE></FONT><FONT STYLE="color: blue"><U>Policy
</U></FONT>shall be brought forward for re-approval by the Company&rsquo;s <FONT STYLE="color: blue"><U>Compensation Committee, the Company&rsquo;s
</U></FONT>Board of Directors and the general meeting of its shareholders <FONT STYLE="color: red"><STRIKE>(at the recommendation of
the Company&rsquo;s Compensation Committee)</STRIKE></FONT> after three years have elapsed since the date of approval thereof and so
forth, unless any changes need to be made to <FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="color: blue"><U>this </U></FONT><FONT STYLE="color: red"><STRIKE>compensation
p</STRIKE></FONT><FONT STYLE="color: blue"><U>P</U></FONT>olicy in accordance with the law and/or in accordance with the Company&rsquo;s
needs.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
derogating from the provisions set out in Section 1.4 above, the Company&rsquo;s Compensation Committee and Board of Directors shall
check, from time to time, whether the compensation that is granted under this <FONT STYLE="color: red"><STRIKE>policy</STRIKE></FONT><FONT STYLE="color: blue"><U>Policy</U></FONT>,
does, indeed, comply with the terms of this policy and the parameters set therein for each <FONT STYLE="color: blue"><U>of</U></FONT>
Company<FONT STYLE="color: blue"><U>&rsquo;s</U></FONT> <FONT STYLE="color: red"><STRIKE>Executive</STRIKE></FONT><FONT STYLE="color: blue"><U>Executives</U></FONT>.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
<FONT STYLE="color: red"><STRIKE>Compensation </STRIKE></FONT>Policy is based, among other things, on the Company&rsquo;s assessments
as to the competitive environment in which it operates and the challenge<FONT STYLE="color: blue"><U>s</U></FONT> it faces in recruiting
and retaining high-quality officers in such an environment; <FONT STYLE="color: red"><STRIKE>it </STRIKE></FONT><FONT STYLE="color: blue"><U>This
Policy </U></FONT>is also based on employment terms generally accepted in public companies operating in the Company&rsquo;s area of activity
and on existing employment agreements between the Company and its <FONT STYLE="color: red"><STRIKE>Executive</STRIKE></FONT><FONT STYLE="color: blue"><U>Executives</U></FONT>,
which &ndash; in order to remove any doubt <FONT STYLE="color: red"><STRIKE>&ndash; </STRIKE></FONT><FONT STYLE="color: blue"><U>- </U></FONT>this
<FONT STYLE="color: red"><STRIKE>policy </STRIKE></FONT><FONT STYLE="color: blue"><U>Policy </U></FONT>cannot change<FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="color: blue"><U>.
In addition, it is clarified that this Policy does not create a commitment between the Company and its Executives.</U></FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>1.7</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>For
the avoidance of doubt, any compensation of Executives (as defined below), who are controlling shareholders of the company (as the meaning
of &ldquo;control&rdquo; is defined in the Companies Law) may require additional approvals under applicable law.</U></FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
meaning of the term &ldquo;office holder&rdquo; is as defined in the Companies Law, i.e., Chief Executive Officer (<FONT STYLE="color: blue"><U>&ldquo;</U></FONT><B>CEO</B><FONT STYLE="color: blue"><U>&rdquo;</U></FONT>),
<FONT STYLE="color: red"><STRIKE>&nbsp;</STRIKE></FONT>deputy CEO, President, <FONT STYLE="color: blue"><U>Directors, </U></FONT>Executive
subordinate reporting directly to the CEO (the &ldquo;<B>Subordinate Executives</B>&rdquo;), any person filling any of these positions
in the Company even if he holds a different title, and any other manager directly subordinate to the CEO.</FONT></TD>
</TR></TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>PURPOSE</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of this Policy is to set rules and guidelines with respect to the Company&rsquo;s compensation strategy for Executives designed
to retain and attract highly qualified Executives by providing competitive compensation (within the Company&rsquo;s ability to fund compensation
based on its financial resources), while creating appropriate incentives considering,&nbsp;<I>inter alia</I>, risk management factors
arising from the business of the Company, the size of the Company (including without limitation, its sales volume and number of employees),
the nature of its business and its then current cash flow situation, in order to promote the Company&rsquo;s long-term goals, work plan,
policies and the interests of the shareholders of the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Policy is also designed to allow the Company to create a full compensation package for each of its Executives based on common principles,&nbsp;considering&nbsp;the
experience of each of the Executives, as well as the characteristics of their respective position and their performance.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to variable compensation components, the Policy is designed to allow the Company to consider each Executive&rsquo;s contribution
in achieving the Company&rsquo;s short-term and long-term strategic goals and in maximizing its profits from long-term perspective and
in accordance with the Executive&rsquo;s position.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
setting this Policy, the Company intends to increase the sense of solidarity of Executives with the Company and its activities, to increase
the Executives&rsquo; motivation to advance the long-term business of the Company and to make it more innovative, efficient and profitable;
and to achieve higher levels of performance by Executives, while rewarding Executives for their efforts, and enabling the Company to
retain and attract highly-skilled qualitative human capital within or to the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, it is hereby clarified that nothing herein shall change any previous agreement of the Company with any of the
Company&rsquo;s Executives that was approved by the Board of Directors and/or the Shareholders of the Company prior to&nbsp;this policy
becoming effective.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>OVERVIEW
OF EXECUTIVES&rsquo; AND EXECUTIVES&rsquo; COMPENSATION COMPONENTS</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In accordance with the Policy, the
compensation of the Company&rsquo;s Executives shall be based on all or some of the following components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Basic
salary component</B>&ndash; refers to the monthly salary of that employee, excluding any social benefits and related benefits, and in
respect to compensation paid as consultancy fee or equivalent (to an Executive who is not an employee) &ndash; the monthly gross consultation
fees, excluding VAT (if applicable);</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Social
and related benefits</B> - social benefits as prescribed by <FONT STYLE="color: blue"><U>any local</U></FONT> law (pension savings, contributions
towards severance pay, contributions towards training fund, vacation pay, sick leave, recreation pay, etc.) and related benefits, such
as company vehicle/vehicle maintenance, telephone expenses, <FONT STYLE="color: blue"><U>laptop,</U></FONT> meals at the workplace, gifts
on public holidays, etc.<FONT STYLE="color: blue"><U>;</U></FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Variable
cash compensation (bonus) &ndash; </B>short and medium-term compensation, which includes annual bonuses, which are based on results and
achievement of targets. The Company may also determine that a certain Executive will be paid discretionary annual<FONT STYLE="color: blue"><U>/
one-time/ special</U></FONT> bonuses, considering his/her contribution to the Company and the restrictions placed under this policy<FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="color: blue"><U>;</U></FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Variable equity-based compensation</B>&ndash; <FONT STYLE="color: red"><STRIKE>share</STRIKE></FONT><FONT STYLE="color: blue"><U>equity</U></FONT>-based payment or another long-term compensation (subject to the existence of valid long-term compensation plans and provided that the Company decides to award such compensation).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.25in; text-align: justify">(the components in sections c and d
above shall be called hereafter: &ldquo;<B>the variable components</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In accordance with the Policy, the
Executives that are <FONT STYLE="color: blue"><U>e</U></FONT><FONT STYLE="color: red"><STRIKE>i</STRIKE></FONT>ntitled for compensation
under the Policy shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Active
Chairman- </B>Active Chairman of the Board <FONT STYLE="color: blue"><U>of Directors</U></FONT>,&nbsp;shall receive&nbsp;compensation
in the form that may include a base service fees and/or a long-term equity-based incentive through the Company&rsquo;s incentive option
plan(s), as well as&nbsp;reimbursement of expenses incurred by them in the performance of their duties as&nbsp;shall be determined and
approved by the Company&rsquo;s Compensation Committee <FONT STYLE="color: red"><STRIKE>(the &ldquo;<B>Compensation Committee</B>&rdquo;)</STRIKE></FONT>,
the Board of Directors <FONT STYLE="color: red"><STRIKE>(the &ldquo;<B>Board</B>&rdquo;)</STRIKE></FONT> and by the General Meeting of
Shareholders (the &ldquo;<B>General Meeting</B>&rdquo;) to the extent required by law, and shall not exceed the maximum amounts set in
accordance the Companies Regulations (Rules on Compensation and Expenses of External Directors), 5760-2000 (the &ldquo;<B>Compensation
Regulations</B>&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors</B>-
Non-Employee Directors, including External Directors (if any) and Independent Directors <FONT STYLE="color: blue"><U>(under Nasdaq rules)</U></FONT>,&nbsp;shall
receive&nbsp;compensation in the form that may include a base service fee and/or a long-term equity-based incentive through the Company&rsquo;s
incentive option plan(s), as well as&nbsp;reimbursement of expenses incurred by them in the performance of their duties as&nbsp;shall
be determined and approved by the Company&rsquo;s Compensation Committee, the Board <FONT STYLE="color: blue"><U>of Directors </U></FONT>and
by the General Meeting to the extent required by law, and shall not exceed the maximum amounts set in accordance the Compensation Regulations.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
Executive Officer/ President- </B>The compensation of the Company&rsquo;s Chief Executive Officers or President (the &ldquo;<B>CEO/President</B>&rdquo;)
may include a base salary, reimbursement of expenses incurred by him or her in the performance of his or her duties, performance bonus,
compensation in equity and other social benefits usually granted to CEO/President in the high-tech industry, which shall be described
further in this Policy. Such compensation, including performance targets and the maximum variable components of the CEO/President, shall
be approved by the requisite corporate body in accordance with the Companies Law.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD>
    <TD STYLE="text-align: justify">Executives Subordinate reporting directly&nbsp;to the CEO/ President (the &ldquo;Subordinate Executive&rdquo;)- The compensation of the Company&rsquo;s Subordinate Executives may include a base salary, reimbursement of expenses incurred by them in the performance of their duties, performance bonus, compensation in equity and other social benefits usually granted to Executives in the high-tech industry, which shall be described further in this Policy. Such compensation, including performance targets and the maximum variable components payable to each Subordinate Executive, shall be presented and recommended by Company&rsquo;s management and approved by the requisite corporate body in accordance with the Companies Law. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>e)</U></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: justify"><FONT STYLE="text-decoration: underline Blue; color: Blue"><B>Foreign
    Office Holder</B>- Foreign CEO or a Subordinate Office Holder who his/her residency is outside of Israel.</FONT></TD></TR>
  </TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>GENERAL
CONSIDERATIONS</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.25in; text-align: justify">While setting the compensation <FONT STYLE="color: red"><STRIKE>of
</STRIKE></FONT><FONT STYLE="color: blue"><U>for </U></FONT>each of the Executives, the Compensation Committee and the Board <FONT STYLE="color: blue"><U>of
Directors</U></FONT> shall consider and refer to the following criteria, in accordance with the Companies Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Executive&rsquo;s education, skills, expertise, tenure (specifically in the Company and in the Executive&rsquo;s field of expertise in
general) professional experience and achievements;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Executive&rsquo;s position, responsibilities and his or her previous compensation arrangements; the extent of responsibility delegated
to the executive</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive&rsquo;s
expected contributions to the future growth and profitability of the Company; contribution to the Company&rsquo;s business, the achievement
of its strategic goals and implementation of its work plans, the maximization of its profits and the enhancement of its strength and
stability</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the employment terms include variable components &ndash; the possibility of reducing such variable components at the discretion of the
Board <FONT STYLE="color: blue"><U>of Directors </U></FONT>and the possibility of setting a limit to the realizable value of variable
components of equity which are non-cash disposed</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the employment terms include a severance arrangement &ndash; the Executive&rsquo;s term of employment, the employment terms during the
employment term, the Company&rsquo;s performance during such term, the Executive&rsquo;s contribution to achieve Company&rsquo;s goals
and/or for maximizing profits, and the circumstances of the Executive retirement</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The market conditions of the industry in which the Company operates at any relevant time, including the Executive&rsquo;s salary compared
to the salaries of other Executives working in similar positions (or in position of comparable level) in companies whose characteristics
are similar to those of the Company in terms of its activity as described in section 5 below; (b) the availability of suitable candidates
that can serve as Executive in the Company, the recruitment and retainment of the Executive and the need to offer an attractive compensation
package in a global competitive market; and (c) changes in the Company&rsquo;s area of activity and in the scope and complexity of its
activities</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>g)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>The
size of the Company and the nature of its activities.</U></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>h)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>As
to service and employment terms that include retirement grants &ndash; the term of service or employment of the Executive, the terms
of his service and employment over the course of this period, the Company&rsquo;s performances in the said period, the Executive&rsquo;s
contribution to the achievement of the Company&rsquo;s goals and the circumstances of the retirement.</U></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Without derogating from the foregoing
general criteria, the Compensation Committee and the Board <FONT STYLE="color: blue"><U>of Directors</U></FONT> may consider additional
benchmark information, as shall be required and available from time to time.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>5</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>5</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FIXED
COMPENSATION</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>5</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>5</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BASE
SALARY</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>5.1.1</U></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><U>The base salary of an Office
Holder shall be determined taking into accounts the parameters described in section 4 above.</U></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>5.1.2</U></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>The base salary shall be stated in absolute amounts and shall include any additional costs required under Applicable Law and in accordance with the Executive&rsquo;s position, such as a company vehicle, etc.</U></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>5.1.2.1</U></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Equity Compensation in Lieu
    of Cash Salary -</U></B><U>&nbsp;The Compensation Committee and the Board of Directors may decide to exchange the basic salary (or part
    thereof) with equity-based compensation (the &ldquo;<B>Exchange Basic Salary</B>&rdquo;), such as options to purchase Ordinary Shares of
    the Company, Restricted Shares (&ldquo;<B>RS</B>&rdquo;) or Restricted Share Units (&ldquo;<B>RSUs</B>&rdquo;), either in whole or in part,
    which may be granted under the Company&rsquo;s equity incentive plan, as amended from time to time, and in a minimum exercise price per share
    as allowed under any applicable law, and which may be vested on a monthly basis, in accordance with applicable law.</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><U>In such case, the value of the
    equity-based compensation granted in lieu of the Converted Basic Salary shall equal 1.3 times the amount of the basic salary converted
    for the relevant month.</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>5.1.2.2</U></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Exchange of Accrued and
    Unpaid Salary for Equity</U></B><U> -<B>&nbsp;</B>The Compensation Committee and the Board of Directors may decide to exchange accrued
    and unpaid cash salary owed to Executives, including controlling shareholders and/or relatives of a controlling shareholder (only
    in the circumstances described in this section), with RSUs, Options or any other equity-based compensation, in accordance with the
    Company&rsquo;s equity incentive plan (the &ldquo;<B>Exchanged Equity-Based Compensation</B>&rdquo;).</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: blue"><U>The Exchanged
    Equity-Based Compensation terms will be determined as follows: (</U></FONT><FONT STYLE="color: red">i</FONT><FONT STYLE="color: blue"><U>I)&nbsp;</U>Vesting
    Period<U>&nbsp;&ndash; will be no less than one (1) month; (ii)&nbsp;</U>Share Price<U>&nbsp;- will be calculated according to the
    average of the Company&rsquo;s market share price over the last 5-30 trading days (at the Board&rsquo;s discretion), with a discount of up to
    50%. All other relevant terms will be as specified in Section 6.6 of this Policy.</U></FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>5.1.3</U></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set forth
    below is the maximum annual Basic Salary cost for the Active Chairman, CEO/President and Subordinate Executives in respect of full-time
    position (as may change in proportion to the scope of position of the Executive):</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Position</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum <BR>
Annual <BR>
Basic <BR>
Salary <BR>
Component <BR>
Cost</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 88%">Active Chairman</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">USD</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 400,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">CEO/ President</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">USD</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">660,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Subordinate Executive</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">USD</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">550,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Maximum Annual Salary Cost stated in the table above, the Compensation Committee and the Board <FONT STYLE="color: blue"><U>of
Directors </U></FONT>shall be entitled at their own discretion to change the compensation of any of the <FONT STYLE="color: red"><STRIKE>Executives</STRIKE></FONT><FONT STYLE="color: blue"><U>Executives</U></FONT>
by up to&nbsp;30% of the previously approved compensation of said Executive (the &ldquo;<B>Non-Material Change</B>&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
derogating from the provisions of Section&nbsp;5.1.a&nbsp;above, as long as the Subordinate Executive&rsquo;s annual salary cost does
not exceed the Maximum Annual Salary, a Non-Material Change to the compensation terms of the Subordinate Executives can be approved solely
by the CEO/President and shall not require the Compensation Committee&rsquo;s approval.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
amount paid to an Executive as monthly consultation fees, which is up to 1.4 times higher than the maximum basic salary ser forth above
for his position, shall not be considered to be a deviation from the Policy.</FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A
LUMP SUM SIGN UP BONUS</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">All Executives, excluding Non-Employee
Directors, may be incentivized through lump sum <FONT STYLE="color: red"><STRIKE>sign </STRIKE></FONT><FONT STYLE="color: blue"><U>sign-</U></FONT>up
cash bonuses, designed to attract skilled and experienced executives in a competitive industry environment. The lump sum sign&nbsp;up
bonus shall not exceed NIS&nbsp;525,000 for Israeli based executives and $150,000 for non-Israel based executives and shall not be calculated
as part of the Executive&rsquo;s fixed compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADDITIONAL
BENEFITS</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">Executives, excluding Non-Employee
Directors, shall be entitled to any and all basic social benefits provided by the applicable Israeli Law, including, among others and
without limitation, advance notice period for termination of employment, annual leave, sickness leave, pension and/or managers insurance,
education fund, convalescence payments (<I>d&rsquo;mei avraha</I>) and severance payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">In addition to these benefits, the
Executives may be entitled at Company&rsquo;s account to other industry standards benefits and insurances, such as all or any of the following
benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some social, incidental benefits (such as: pension and long term savings, life insurance, severance pay, vacation and sick leave) and prior termination notice are mandatory according to different local legislation, where some are provided according to market conventions and enable the Company to compete in the relevant labor market (such as education funds and company car in Israel) and others are meant to complement the base salary and compensate the Executives for expenses caused in connection with their job requirements (such as: travel expenses or allowances). To comply with the foregoing, the Company adopts the following compensation terms:</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will provide all Executives with pension, <FONT STYLE="color: red"><STRIKE>long </STRIKE></FONT><FONT STYLE="color: blue"><U>long-</U></FONT>term
disability and life insurance according to local practices and legislation and shall make such payments, contributions and deductions
as required under applicable law and as customary for companies such as the Company. In Israel, the Company will provide all Executives
educational fund (<I>keren hishtalmut</I>) as well.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may subsidize Company cars for Executives (and gross up taxes in connection therewith).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may provide all Executives with mobile phones for their use and will bear all taxes related to the use of the phone according
to local legislation.</FONT></TD>
</TR></TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may cover any reasonable costs associated with an Executive&rsquo;s permanent move to a location decided by Company.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Executive will be entitled to annual vacation according to prevailing Company procedures and policies and applicable law, taking into consideration any relevant prior tenure and local legislation. the Company may grant him further paid vacation up to a maximum of 24 working days per year. The Company may allow the Executive to accumulate vacation days over his term of office in accordance with Company&rsquo;s procedures.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vi.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Executive will be entitled to sick leave according to Company procedures and any relevant local legislation.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vii.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Executive will be entitled to any additional benefits and perquisites according to Company procedures and any relevant local legislation.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">viii.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle<B>: </B>Executives shall be entitled to receive participation in vehicle expenses or a Company vehicle (including by way of leasing) in accordance with acceptable standards for Executives holding similar positions in companies operating in the Company&rsquo;s area of activity, or in companies, whose scope of activities is similar to that of the Company, including grossing up the taxable value of this benefit, fuel expenses, licensing, insurance and other related expenses.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">It is hereby clarified that as to a Non-Employee Executive,
the Company may pay the social benefits described above on top of his monthly fee in lieu of the said expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INSURANCE,
INDEMNIFICATION, AND EXEMPTION</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&rsquo;s
Executives shall be entitled to insurance coverage, including &ldquo;run-off&rdquo; type policies, to be provided by a liability insurance
policy of directors and Executives, which the Company will purchase from time to time, subject to the approvals required by law.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.2</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions of the law, as amended from time to time, and without detracting from the provisions of section 5.4.1 above, the Company&rsquo;s Executives shall be entitled to benefit from coverage provided by a liability insurance of directors and Executives, which the Company will purchase from time to time, subject to the approval of the Compensation Committee alone (and the approval of the Board of Directors, if required by law), provided that the insurance policy meets the following criteria and provided that the engagement with the insurer is entered into under market conditions and will not have a material effect on the Company&rsquo;s profitability, its assets or liabilities:</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
limit of insurer&rsquo;s liability under the insurance policy shall not exceed $50 million per claim and during the insurance period
covered by that policy, plus reasonable litigation expenses in excess of the abovementioned limit and the maximal coverage for a POSI
insurance policy (Public Offering of Securities Insurance) that will supplement the insurance coverage for events that were not taken
into account at the time of purchasing the insurance policy (such as an share offering, share offering in a foreign stock exchange, financing,
or publication of a prospectus, etc. &ndash; shall not exceed $100 million.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The insurance policy may include an entity cover that will cover the Company itself in case of lawsuits filed against it under the securities law (whether those lawsuits are filed only against the Company and whether they are filed against the Company and Executive thereof or an Executive in its related companies). Such cover will be subject to priorities for payment of any insurance benefits according to which the rights of the Directors and Officers to receive indemnity from the Insurer&rsquo;s take precedence over the right of the Company itself.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without derogating Section 5.4.2(b) above, the total annual premium that the Company will pay to an insurance company for Executives liability insurance as described above, shall be (i) in market conditions and <FONT STYLE="color: red"><STRIKE>in</STRIKE></FONT><FONT STYLE="color: blue"><U>at</U></FONT> a<FONT STYLE="color: blue"><U>n</U></FONT> immaterial cost; or (ii) shall not exceed a total of $5 million. The annual premium payable for a POSI policy shall not exceed $7 million.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of a material change in risk<FONT STYLE="color: blue"><U>, or a change of control,</U></FONT> or in case the policy is not renewed, the Company shall be entitled to purchase a Run Off coverage of up to 7 years (the &ldquo;<B>Run Off period</B>&rdquo;), for a premium for the Run Off period in the rate of up to 200% of the last paid annual premium.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The excess amounts set in the insurance policies shall not exceed the amounts normally applicable in the insurance market for policies of this type as of the date of purchasing and renewing the insurance on a periodic basis.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s Executives may be entitled to an indemnification arrangement in accordance with arrangements that are normally acceptable
and subject to the provisions of the law and the Company&rsquo;s articles of association. The overall amount of indemnification per event
to each Executive and to all Executives together, individually or in aggregate, shall not exceed the greater of 25% of the effective
shareholders&rsquo; equity of the Company and $10 million (the maximum indemnification amount). For that purpose, the &ldquo;<B>effective
shareholders&rsquo; equity of the Company&rdquo; </B>means the amount of the Company&rsquo;s shareholders&rsquo; equity in accordance
with the last consolidated audited or reviewed financial statements of the Company (as applicable) at the time of actual payment of the
indemnification. It is hereby clarified that the indemnification shall be paid in excess of any amount paid under the liability insurance
of directors and Executives, which the Company has purchased or will purchase from time to time.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.4</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Executives may be entitled to an exemption arrangement in accordance with arrangements that are normally acceptable and subject to the provisions of the law and the Company&rsquo;s articles of association.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPENSATION
IN CONNECTION WITH TERMINATION OF EMPLOYMENT</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Advance
notice period</U></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Executive may be entitled to advance notice period or payment in lieu of advance notice period. The advance notice period shall be determined
for each Executive, considering the parameters listed in section 4 above.</FONT></TD>
</TR></TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1.2</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a general rule, the advance notice period of an Executive shall <B>not exceed the following:</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; width: 85%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; width: 14%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum Advance<BR>
 Notice Period</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Active Chairman</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24 months</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO/ President</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24 months</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordinate Executive</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8 months</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">The Compensation Committee and Board
of Directors of the Company, and where required &ndash; the General Meeting of the Company&rsquo;s shareholders, may, at their discretion,
taking into account the position of the office holder, his area of responsibility and his other compensation components, approve an advance
notice period that is different than the one specified above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1.3</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over the course of the advance notice period, the Executive shall continue to do his job in the Company at the request of the Company, unless the Company decides that he will not do so, in which case the Executive may be entitled to continue and receive over the advance notice period all employment and service terms, which were agreed upon in his employment agreement.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1.4</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The service and employment terms of the Executive may include a provision whereby the Company may terminate the employment of the Executive without an advance notice period in cases which deny eligibility for severance pay according to the law, including the following cases: (a) conviction of an offence involving moral turpitude; (b) an Executive who will conduct himself in a disloyal and/or unreliable and/or dishonest manner in his relations with the Company and/or while carrying out actions on its behalf and/or will harm the Company&rsquo;s reputation; (c) in case the Executive will breach the confidentiality duty towards the Company and/or his duty to protect the Company rights which were developed due to or as part of his work at the Company; (d) Any other case in which the Company is legally entitled to refrain from payment of severance pay.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Adaptation
Period</U></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">Subject to the approval of Compensation
Committee and Board of Directors of the Company, and where required &ndash; the General Meeting of the Company&rsquo;s shareholders and
subject to the provisions of the law, as amended from time to time, the Executive may be entitled to an adaptation period that will <B>not
exceed 6 months after the end of the advance notice period</B>. Over the adaptation period, the Executive will receive his salary and
other related employment terms as described above. The Company may approve adaptation grants to Executives provided that he did not end
his service in Company under circumstances which deny eligibility for severance pay according to the law.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.3</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severance Pay</U></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Executives<FONT STYLE="color: red"><STRIKE>,</STRIKE></FONT>
who are Company&rsquo;s employees, will be entitled to severance pay in accordance with the provisions of the law.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>VARIABLE
COMPENSATION</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">Executives, may be incentivized through
cash bonuses, designed to reward the Executives for personal achievement, reflecting his or her contribution to <FONT STYLE="color: red"><STRIKE>achieve
</STRIKE></FONT><FONT STYLE="color: blue"><U>achieving </U></FONT>the Company&rsquo;s goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">All Executives, may be additionally
incentivized by a long-term equity-based incentive through the Company&rsquo;s incentive option plan(s), designed to create a proximate
interest of maximizing shareholder value, as reflected in the increase in the value of Company&rsquo;s shares, and provide the Executives
with a stake in the Company&rsquo;s success, thus linking the Executives&rsquo; long-term financial interests with the interests of the
Company&rsquo;s shareholders and shareholders&rsquo; value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">Such incentives will be made
through an annual program that defines performance targets based on the role and scope of each Executive.&nbsp;Actual payments are driven
by the business and individual performance and achievement vis-&agrave;-vis the performance targets set at the beginning of the year and
no later than the publication of the Annual financial statements of the Company, with upside potential tied to achieving&nbsp;budgeted&nbsp;performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">In determining the said annual performance
targets for Executives and the cash bonus and long-term equity-based incentives payable to each Executive as aforementioned, consideration
should be given to promote the Company&rsquo;s long-term goals and to ensure that at least with respect to the CEO/President a portion
of the variable components be determined based on measurable criteria.&nbsp;Additional portion of the variable components (and with respect
to Subordinate Executives, up to the entire portion of the variable components) may be based on non-measurable criteria&nbsp;considering&nbsp;the
Executives&rsquo; contribution to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">While determining the Executives
performance targets, the Company may take into consideration diverse parameters such as, without limitation, sales of products, execution
of commercial cooperation deals, new products, commencement of a revenue stream, realization of expense budget targets or cash flow, financial
results, efficiency metrics, shareholders value, execution of projects, attainment of milestones, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNUAL
PERFORMANCE BONUS</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.1</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of the annual performance bonus (the &ldquo;<B>Bonus</B>&rdquo;) to Executives, shall be tied to long-term corporate performance, rather than short-term stock market performance, with the goal of eliminating abuses resulting from a short-term focus.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.2</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such Bonus shall be made in accordance with each Executive&rsquo;s performance targets and based, among others, upon&nbsp;some or all&nbsp;the following factors:</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s achievement&nbsp;<FONT STYLE="color: blue"><U>of </U></FONT>some or all&nbsp;financial performance metrics, consisting
of annual revenue targets, earnings before interest, taxes, depreciation and amortization target and free cash flow target, each based
on the Company&rsquo;s annual budget (to be approved by the Board <FONT STYLE="color: blue"><U>of Directors</U></FONT>);</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Achievement of the Executive defined Management by Objectives (&ldquo;<B>MBOs</B>&rdquo;) which will be determined by the CEO/President with respect to the Subordinate Executive. Achievement of the CEO/President defined by Measurable Management by Objectives (&ldquo;MMBOs&rdquo;), as defined in advance&nbsp;by the Compensation Committee and the Board <FONT STYLE="color: blue"><U>of Directors </U></FONT>with respect to the CEO/President, for the following year, by the time the Board <FONT STYLE="color: blue"><U>of Directors </U></FONT>approves the annual financial statements of the past year; and</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discretionary and based upon achievement of the Executive performance goals, which shall be determined by the CEO/President with respect to the Subordinate Executive and by the Compensation Committee and the Board <FONT STYLE="color: blue"><U>of Directors </U></FONT>with respect to the CEO/President, taking into account tangible and intangible performance factors as it deems appropriate, including the Executive&rsquo;s relative contribution to the Company.</FONT></TD></TR>
  </TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.3</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In defining the Bonus, the Company shall consider the weight and percentage of each of the factors for the calculation of the Bonus as prescribed in the following table, regarding all Executives in the Company.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 67%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial<BR>
 Factors</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Defined <BR>
MBOs</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discretionary</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CEO, President</B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50-100%</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 0-50%</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 0-25%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Executives</B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0-100%</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 100%</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 50%</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.4</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discretionary Bonus-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-align: justify">Notwithstanding sections 6.2.1 through
6.2.3, the Board of Directors shall be entitled to determine<FONT STYLE="color: red"><STRIKE>,</STRIKE></FONT> that the entire Bonus <B>for
a Subordinate Executive</B> be discretionary, while taking into account the Subordinate Executives&rsquo; contributions to the Company,
subject to the variable compensation limitations specified in Section 6.2.6 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-align: justify">In addition, a non-material portion
of the annual bonus for the <B>Company&rsquo;s CEO, the President and/or an Active C</B> (for that purpose- the higher of (a) a total
of 3 (gross) monthly salaries; or (b) up to 25% of the variable components of the bonus) shall be a discretionary bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.5</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of the annual Bonus (if any) will be made within 30 days after the publication of the financial statements for the year for which the Bonus is paid, unless the Executive&rsquo;s employment is terminated prior to such date, in which case the Compensation Committee and the Board of Director may make appropriate adjustments, which may include payment at any time before the publication of the financial statements. Any such bonus may be paid in cash in a single lump sum or <FONT STYLE="color: red"><STRIKE>by </STRIKE></FONT><FONT STYLE="color: blue"><U>with </U></FONT>equity compensation, or a combination of both.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.6</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Executives<FONT STYLE="color: blue"><U>&rsquo;</U></FONT> Maximum Annual Bonus shall not exceed the following amounts:</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CEO/ President</B>- the aggregate amount equivalent to&nbsp;18&nbsp;gross base monthly salaries of the CEO/President.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Executives</B>- the aggregate amount equivalent to&nbsp;18&nbsp;gross base monthly salaries of the respective Executive.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.7</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Compensation Committee and the Board of Directors may decide to postpone the payment of the annual bonus or reduce the amount of the annual bonus to which the Executive is entitled, at their own discretion.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.8</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may pay an Executive, who has not completed a full year of employment, a proportionate share of the bonus according to the period of employment of the Executive.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNUAL
BONUS BASED ON MEASURABLE TARGETS</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">The amount of the annual bonus that
is based on measurable targets shall be calculated based on measurable criteria, that will be determined (if they are determined) for
each and every Executive at a time close to the date of the discussion held by the Board of Directors for review of the Company&rsquo;s
budget for the forthcoming year, in accordance with the role of the relevant Executive, by the competent organs of the Company (in accordance
with the provisions of the law and the positions of the Securities Authority, as amended from time to time), provided that the targets
applicable to Subordinate Executive, shall be determined by the Company&rsquo;s Compensation Committee and Board of Directors, at the
recommendation of the CEO and the President.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.1</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Suggested criteria for measurable targets</U></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-align: justify">Set forth below are several suggested
criteria for the annual bonus that <FONT STYLE="color: red"><STRIKE>is </STRIKE></FONT><FONT STYLE="color: blue"><U>are </U></FONT>based
on measurable targets. It should be clarified that this list is not a closed and binding list. The Compensation Committee and the Board
of Directors may consider adding or removing some of those criteria, considering the role of each Executive, his areas of responsibility
and the Company&rsquo;s activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Bonus
that is based on financial targets-</U> a bonus that is based on meeting principal and personal performance metrics that are quantified
and set out in the Company&rsquo;s work plan and attributed to the relevant Executive. These performance metrics may include, among other
things:</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales and marketing targets.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">revenue targets.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engagement in products distribution contracts.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engagement in collaboration contracts.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Achievement of product development milestones.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion of development of new technologies.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production and growth metrics relating to scope of activity.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recruitment and retainment of customers.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reducing costs.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Implementation, promotion, and completion of planned projects.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Achievement of targets/milestones relating to implementation of principal projects and processes of the Company.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promotion of strategic plans and targets, including targets which were set for the Executive, and which are relevant to the relevant Executive&rsquo;s area of activity.</FONT></TD></TR>
  </TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Achievement of financial targets: raising loans, bonds, public offering of shares, etc.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Performance metrics defined by <FONT STYLE="color: blue"><U>the </U></FONT>B<FONT STYLE="color: blue"><U>oard of </U></FONT><FONT STYLE="color: red"><STRIKE>O</STRIKE></FONT>D<FONT STYLE="color: blue"><U>irectors</U></FONT> or <FONT STYLE="color: blue"><U>the </U></FONT><FONT STYLE="color: red"><STRIKE>compensation </STRIKE></FONT><FONT STYLE="color: blue"><U>Compensation </U></FONT><FONT STYLE="color: red"><STRIKE>committee</STRIKE></FONT><FONT STYLE="color: blue"><U>Committee</U></FONT>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-align: justify">The Compensation Committee and Board
of Directors may determine to pay only part of the component of the annual bonus, which is based on measurable targets, if the Executive
meets only some of the targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; color: blue"><U>The Compensation Committee
and Board of Directors may pay part or all of the annual bonus in equity-based compensation, in accordance with the terms specified in
section 6.6 below.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; color: blue">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.2</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Annual Bonus for Directors Based on measurable targets</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-align: justify">Subject to the provisions of the law
and the positions of the Israeli Securities Authority (as amended from time to time), The Compensation Committee and Board of Directors
alone will be allowed to determine the measurable targets applicable to Active Chairman of the Board of Directors and/or CEO who also
serves as a director, <B>if one of the following is fulfilled</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the following conditions are met: (a) the resolution is in line with the Policy; (b) the grant in question is based only on measurable targets; (c) the amount of the potential grant is immaterial (up to three salaries); and (d) the targets were pre-determined by the Compensation Committee and Board of Directors.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the following conditions are met: (a) the resolution is in line with the Policy; (b) the Executive in question serves both as a director and in an operational role in the Company; (c) The Compensation Committee and Board of Directors approved the targets, other than the said directors, who receive from the Company a bonus based on measurable targets, did not take part in the approval of those targets (whether in their capacity as directors or in their capacity as other Executives in the Company).</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.3</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Annual Bonus for Executive who is a Controlling Shareholder or a relative</U></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-align: justify">The Compensation Committee and Board
of Directors alone will be allowed to determine the measurable targets applicable to an Executive, who is a controlling shareholder or
a relative thereof (as these terms are defined in the Companies Law), if <B>one of the following</B> is fulfilled:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the following conditions are met: (a) the resolution is in line with the compensation policy; (b) the grant in question is based only on measurable targets; (c) the amount of the potential grant is immaterial (up to three salaries); and (d) the targets were pre-determined by the Compensation Committee and Board of Directors.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Board of Directors has determined a clear target that is based on financial statements data<FONT STYLE="color: blue"><U>,</U></FONT> and which applies in the same manner to the controlling shareholder and his relative and to other Executives, who are not related to the controlling shareholder.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.4</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Neutralization of one- off events</U></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-align: justify">As part of the calculation of the eligibility
to annual bonus that is based measurable targets on the basis of financial statements data (if such targets are set) the Board of Directors
or the Compensation Committee will be authorized to neutralize the effect of &ldquo;one-off events&rdquo;, or alternatively to decide
that such events should not be neutralized in a certain year, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECIAL
BONUS</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">The Board of Directors, subject to
the recommendation of the Compensation Committee and the officer&rsquo;s direct supervisor, may decide to grant a special bonus (beyond
the Annual Performance Bonus, as described in Section 6.2 above), to an officer of the Company in respect of special efforts performed
by the officer and / or in respect of the significant contribution of the officer to the Company&rsquo;s operations, provided that the
special bonus, together with the discretionary factor of the Annual Performance Bonus, shall not exceed three (3) monthly base salaries
(the &ldquo;<B>Special Bonus</B>&rdquo;). The Special Bonus is separate from the annual bonus. An approval of a Special Bonus to the CEO/President,
that meets the aforesaid conditions, shall not be subject to the approval of the General Meeting, as long as the aggregate amount of the
Special Bonus does not exceed&nbsp;three (3) monthly salaries, provided that the CEO/President is not a director of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMMISSION</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">The CEO/President, may decide to grant
Israeli and/or non-Israeli Subordinate Executives that are providing services of sales, marketing and/or business development for the
Company, with commissions, as shall be determined in their employment agreement (the &ldquo;<B>Sales Executives</B>&rdquo; and &ldquo;<B>Commission</B>&rdquo;,
respectively). The purpose of granting Commissions to Sales Executives is to incentivize Sales Executives to increase the <FONT STYLE="color: red"><STRIKE>amount
</STRIKE></FONT><FONT STYLE="color: blue"><U>number </U></FONT>of sales of Company&rsquo;s products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">For each Sales Executive, the aggregate
<FONT STYLE="color: red"><STRIKE>amount</STRIKE></FONT><FONT STYLE="color: blue"><U>number</U></FONT> of Commissions paid by the Company
in each calendar year shall be up to 5% of the Company&rsquo;s income from sales, and in any case, the amount paid for each Sales Executive
shall not exceed $500,000. The Commissions will be paid on either a monthly or quarterly basis. The maximum <FONT STYLE="color: red"><STRIKE>amount</STRIKE></FONT><FONT STYLE="color: blue"><U>number</U></FONT>
of Commissions shall be considered from time to time&nbsp;<U>considering</U>&nbsp;the Company&rsquo;s operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">The Commission paid to a Sales Executive
shall be separate from the Bonus and/or Special Bonus given to them,&nbsp;or instead of Bonus and/or Special Bonus, as decided in each
case by the CEO/President.&nbsp;shall be limited by the ratio between the fixed compensation and variable compensation, as further specified
in section 8 herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VARI<FONT STYLE="color: blue"><U>A</U></FONT><FONT STYLE="color: red"><STRIKE>C</STRIKE></FONT>BLE
EQUITY- BASED COMPENSATION</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.1</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the Company incentive option plan, as may be in effect from time to time, in accordance with the provisions of the law, the Company may allocate to Executives and from time to time options and/or restricted shares units (&ldquo;<B>Share-Based Payment</B>&rdquo;) and/or another long-term compensation, including a compensation that is based on the performance of the Company&rsquo;s share (such as phantom options), as part of the compensation package.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.2</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Long-term compensation granted to an Executive in a given 12-month period shall not exceed at the date of the grant, the aggregate amount of&nbsp;five thousand&nbsp;percent (5,000%) (fifty times) of the cost of the Executive&rsquo;s annual salary, including benefits, as the vesting will be per the specific agreement with the executive</FONT></TD></TR>
  </TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.3</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Should the Company decide the award options and/or restricted share units</U></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.3.1</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will maintain <FONT STYLE="color: blue"><U>a </U></FONT>securities-based remuneration scheme in accordance with Section <FONT STYLE="color: red"><STRIKE>2012 to</STRIKE></FONT><FONT STYLE="color: blue"><U>102 of</U></FONT> the Income Tax Ordinance or other tax provisions that apply to the Company and/or its employees in accordance with the territory in which they operate.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.3.2</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise determined by the <FONT STYLE="color: blue"><U>C</U></FONT><FONT STYLE="color: red"><STRIKE>c</STRIKE></FONT>ompensation committee and the Board of Directors for reasons to be duly noted in writing, each of the options or restricted share unit that the Company will award will be exercisable into one ordinary Company share, regarding options- in consideration for a price that will not be less than the average share price on a stock exchange in which the Company&rsquo;s shares are listed on, as determined by the Board of Directors, over the last 30 trading days preceding the date on which the Board of Directors of the Company decided to award the options.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.3.3</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise determined by the <FONT STYLE="color: blue"><U>C</U></FONT><FONT STYLE="color: red"><STRIKE>c</STRIKE></FONT>ompensation <FONT STYLE="color: blue"><U>C</U></FONT><FONT STYLE="color: red"><STRIKE>c</STRIKE></FONT>ommittee and the Board of Directors for reasons to be duly noted in writing, the vesting period of the options or restricted share units to be awarded by the Company will be up to 5 years until vesting of all options or restricted share units that were allocated and at least 3 months in respect of the first batch of options or restricted share units.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.3.4</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the forgoing, the Compensation Committee and the Board of Directors, may approve an acceleration mechanism for any unvested options or RSUs granted to an Executive, <FONT STYLE="color: red"><STRIKE>in </STRIKE></FONT><FONT STYLE="color: blue"><U>under </U></FONT>the terms which will be set by the Compensation Committee and the Board of Directors for each grant, in the following events:</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of Change of Control, as defined by the Compensation Committee and Board of Directors.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of Termination by the Company of the Executive&rsquo;s employment and/or service agreement, other than Termination for Cause, as defined by the Compensation Committee and Board of Directors.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.3.5</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The options shall expire no later than 10 years after the date of allocation.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.4</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the discussion on the award of share-based payment to a Company Executive, the Compensation Committee and the Company&rsquo;s Board of Directors, and where required &ndash; the general meeting of the Company&rsquo;s shareholders, will assess whether the said award constitutes an appropriate incentive that will contribute to the maximization of the Company&rsquo;s value in the long-term.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.5</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based payment shall be awarded after the assessment of the economic value of the said award, the exercise prices, and the exercise periods.</FONT></TD></TR>
  </TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXTENDING
THE TERM OF EXISTING AGREEMENTS WITH COMPANY EXECUTIVES AND MAKING AMENDMENTS TO THOSE AGREEMENTS</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7.1</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to extending the term of the services or employment agreement with a Company Executive (whether this involves changes to the terms of employment or not), the Executive&rsquo;s existing compensation package will be assessed in relation to the parameters set out in section <FONT STYLE="color: red"><STRIKE>2.2</STRIKE></FONT><FONT STYLE="color: blue"><U>4</U></FONT> above and bearing in mind the payroll review, which was conducted by the Company as per section 2.3 above.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7.2</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of the law and the positions
    of the Israeli Securities Authority, as amended from time to time, immaterial changes (as defined below) made to the service terms of
    the Company&rsquo;s CEO/President will need to be approved by the Compensation Committee alone, if it approves that the changes are, indeed,
    immaterial and the change complies with the provisions of this compensation policy.</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; color: blue"><U>Subject to the provisions
of the Israeli law and the positions of the Israeli Securities Authority, as amended from time to time, immaterial changes (as defined
below) made of the employment terms of Subordinate Executives, may be approved solely by the CEO.</U></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-align: justify">In sections 6.7.1 and 6.7.2 above,
&ldquo;<B>immaterial changes to the service and employment terms</B>&rdquo; are changes, the aggregate value of which does not exceed
30% of the overall annual cost of compensation of the Executive <FONT STYLE="color: blue"><U>since the original terms of compensation
became effective</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPENSATION
OF DIRECTORS</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8.1</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&rsquo;s directors will be eligible to fix compensation which will not exceed the higher of: (i) 5<FONT STYLE="color: blue"><U>5</U></FONT><FONT STYLE="color: red"><STRIKE>0</STRIKE></FONT>,000 USD annual and participation fee; or (ii) the maximum amount in accordance with the table specified in the Second and Third Schedule of the compensation regulations under Companies Law.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8.2</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the provisions of section 6.8.1, directors, who serve in other positions in the Company in addition to their service as directors, shall be eligible to salary as paid in the Company for similar positions.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8.3</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The directors, who serve in the Company, may be eligible to reimbursement of reasonable expenses; they will also be eligible to insurance, indemnification and exemption arrangements as described in section 5.4 above, all in accordance with the provisions of the Company&rsquo;s articles of association and the provisions of this Policy.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>COMPANY
COMPENSATION RATIO</U></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Compensation Committee and the
Board <FONT STYLE="color: blue"><U>of Directors</U></FONT> have examined the ratio between the annual salary of Executives and the average
and median salary of the other employees of the Company. The Company has decided that the ratio between the compensation of the Executives
to the average and median salary of the rest of the employees in the Company will not be higher than&nbsp;30&nbsp;times. The Compensation
Committee and the Board <FONT STYLE="color: blue"><U>of Directors </U></FONT>consider the intercompany compensation ratio&nbsp;should&nbsp;be
reasonable, fair and appropriate, taking into account the senior position of the Executives and their scope of responsibilities and believe
it will not have a negative impact on work relations in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RATIO
BETWEEN FIXED COMPENSTION AND VARIABLE COMPENSATION</U></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Unless otherwise determined in a specific
Executive employment agreement (to be approved by the Board <FONT STYLE="color: blue"><U>of Directors</U></FONT>), the maximum value of
the variable compensation components shall be up to&nbsp;2,000% (Twenty times) of each Executive&rsquo;s total fixed compensation package
on an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The total variable compensation, for
each Executive, in one calendar year (including the lump sum <FONT STYLE="color: red"><STRIKE>sign </STRIKE></FONT><FONT STYLE="color: blue"><U>sign-</U></FONT>up
bonus in section 5.2, the annual performance bonus in section 6.2) and any other compensation that is deemed as variable compensation,
shall not exceed the above-mentioned limitation in this section 8. Moreover, the total discretionary compensation of the CEO/President
in one calendar year (including the lump sum sign up bonus in section 5.2, and the discretionary component of the annual performance bonus
in section 6.2) and any other compensation that is deemed to be discretionary compensation, shall not exceed the aggregate amount equivalent
to&nbsp;12&nbsp;gross base monthly salaries of the CEO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For that purpose, the &ldquo;variable
compensation components&rdquo; include the annual value of the share-based payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RECOUPMENT
POLICY</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company may seek reimbursement
of all, or a portion of any compensation paid to an Executive based on financial data included in Company&rsquo;s financial statements
in any fiscal year that are found to be inaccurate and are subsequently restated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In any such event, Company will seek
reimbursement from the Executives to the extent such Executives would not have been entitled to all or a portion of such compensation,
based on the financial data included in the restated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Compensation Committee will be
responsible for approving the amounts to be recouped and for setting terms for such recoupment from time to time <FONT STYLE="color: blue"><U>in
accordance with a recoupment (clawback) policy adopted from time to time by the Compensation Committee or the Board of Directors. Any
recoupment under this Section 9 may be in addition to (and not limited by) any other remedies or rights of recoupment available to the
Company pursuant to the terms of any similar policy or under any applicable law</U></FONT>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>THE
RATIO BETWEEN THE COMPENSATION OF EXECUTIVES AND COMPENSATION OF ALL OTHER COMPANY EMPLOYEES</U></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.25in; text-align: justify">In setting the Executives Compensation,
the Compensation Committee and Board of Directors shall consider the ratio between the Officer&rsquo;s employment terms and the salary
of other Company employees and contractors, and in particular the ratio between the average salary and the median salary of such employees
and the effect of differences between such on work relations in the Company (for purposes of this section &ldquo;contractors&rdquo; and
&ldquo;salary&rdquo; &ndash; as defined in the Companies Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXCHANGE
RATES</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetary
amounts in this Policy are quoted in $/NIS, yet subject to the applicable currency exchange rates.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>THE
POWERS OF THE COMPENSATION COMMITTEE AND THE COMPANY&rsquo;S BOARD OF DIRECTORS REGARSING THE COMPENSATION POLICY</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s Board of Directors is charged with the management of the compensation policy and all actions required for management
thereof, including the power to interpret the provisions of the compensation policy where doubts arise as to the manner of its implementation.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s Compensation Committee and Board of Directors will assess, from time to time, the compensation policy and the need to adjust it, inter alia, in accordance with the considerations and principles set out in this policy, while taking into account the changes in the Company&rsquo;s goals, market conditions, Company&rsquo;s profits and revenues in previous periods in in real time and any other relevant information.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to assess the Company&rsquo;s compensation policy, the Company&rsquo;s Compensation Committee and its Board of Directors will monitor the implementation of the compensation policy in the Company.</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>ANNEX B</U></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: 0pt 0; text-align: center"><B>AMENDED ARTICLES</B></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: center">THE COMPANIES LAW, 1999</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">A LIMITED LIABILITY COMPANY</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: center"><B>ARTICLES OF ASSOCIATION</B></P>

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

<P STYLE="font: 10pt/11.5pt Times New Roman,serif; margin: 0pt 0.05pt 0pt 0.1pt; text-align: center"><FONT STYLE="color: #FF0000"><B><STRIKE>INSPIRA
TECHNOLOGIES OXY B.H.N.</STRIKE></B></FONT><B> <FONT STYLE="color: #0000FF"><U>QTREX QUANTUM</U></FONT> <FONT STYLE="letter-spacing: -0.2pt">LTD.</FONT></B></P>

<P STYLE="font: 10pt/11.5pt Times New Roman,serif; margin: 0pt 0.05pt 0pt 0.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Preliminary</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Definitions;
Interpretation</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) In these Articles, the following
terms (whether or not capitalized) shall bear the meanings set forth opposite to them respectively, unless inconsistent with the subject
or context.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Articles&rdquo;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean these Articles of Association, as amended from time to time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board of Directors&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the Board of Directors of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Chairperson&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the Chairperson of the Board of Directors, or the Chairperson of the General Meeting, as the context provides;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Company&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">shall mean <FONT STYLE="color: #FF0000"><B><STRIKE>INSPIRA TECHNOLOGIES OXY B.H.N. </STRIKE></B></FONT><B><FONT STYLE="color: #0000FF"><U>QTREX QUANTUM</U></FONT> <FONT STYLE="letter-spacing: -0.2pt">LTD.</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Companies Law&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the Israeli Companies Law, 5759-1999 and the regulations promulgated thereunder. The Companies Law shall include reference to the Companies Ordinance (New Version), 5743-1983, of the State of Israel, to the extent in effect according to the provisions thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Director(s)&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the member(s) of the Board of Directors holding office at any given time, including alternate directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;External Director(s)&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean as defined in the Companies Law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;General Meeting&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean an Annual General Meeting or Special General Meeting of the Shareholders, as the case may be.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NIS&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean New Israeli Shekels.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Office&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the registered office of the Company at any given time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Office Holder&rdquo; or &ldquo;Officer&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean as defined in the Companies Law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RTP Law&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the Israeli Restrictive Trade Practices Law, 5758-1988.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities Law&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the Israeli Securities Law, 5728-1968.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Shareholder(s)&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean the shareholder(s) of the Company, at any given time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;in writing&rdquo; or &ldquo;writing&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall mean written, printed, photocopied, photographic, typed, sent via email, facsimile or produced by any visible substitute for writing, or partly one and partly another, and signed shall be construed accordingly.</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Unless otherwise defined in these
Articles or required by the context, terms used herein shall have the meaning provided therefor under the Companies Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) Unless the context shall otherwise
require: words in the singular shall also include the plural, and vice versa; any pronoun shall include the corresponding masculine, feminine
and neuter forms; the words &ldquo;include&rdquo;, &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by
the phrase &ldquo;without limitation&rdquo;; the words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and words
of similar import refer to these Articles in its entirety and not to any part hereof; all references herein to Articles, Sections or clauses
shall be deemed references to Articles, Sections or clauses of these Articles; any references to any agreement or other instrument or
law, statute or regulation are to it as amended, supplemented or restated, from time to time (and, in the case of any law, to any successor
provisions or re-enactment or modification thereof being in force at the time); any reference to &ldquo;law&rdquo; shall include any supranational,
national, federal, state, local, or foreign statute or law and all rules and regulations promulgated thereunder (including, any rules,
regulations or forms prescribed by any governmental authority or securities exchange commission or authority, if and to the extent applicable);
any reference to a &ldquo;day&rdquo; or a number of &ldquo;days&rdquo; (without any explicit reference otherwise, such as to business
days) shall be interpreted as a reference to a calendar day or number of calendar days; reference to month<B>&nbsp;</B>or<B>&nbsp;</B>year
means according to the Gregorian calendar; any reference to a &ldquo;company&rdquo;, &ldquo;corporate body&rdquo; or &ldquo;entity&rdquo;
shall include a, partnership, corporation, limited liability company, association, trust, unincorporated organization, or a government
or agency or political subdivision thereof, and reference to a &ldquo;person&rdquo; shall mean any of the foregoing or an individual.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) The captions in these Articles are
for convenience only and shall not be deemed a part hereof or affect the construction or interpretation of any provision hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Limited
Liability</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a limited liability company and therefore each shareholder&rsquo;s obligations to the Company shall be limited to the payment
of the nominal value of the shares held by such shareholder, subject to the provisions of the Companies Law.</FONT></TD>
</TR></TABLE>
<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"><FONT STYLE="font-variant: small-caps"><B>Public
Company; Company&rsquo;s Objectives</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Public
Company; Objectives</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a Public Company as such term is defined in and as long as it so qualifies under the Companies Law.</FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s objectives are to carry on any business, and do any act, which is not prohibited by law.</FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Donations</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company may donate a reasonable
amount of money (in cash or in kind, including the Company&rsquo;s securities) for any purpose that the Board of Directors finds appropriate.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>Share
Capital</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Authorized
Share Capital</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(a)
The share capital of the Company shall consist of <FONT STYLE="color: #FF0000"><STRIKE>100</STRIKE></FONT><FONT STYLE="color: #0000FF"><U>300</U></FONT>,000,000
Ordinary Shares, no par value <FONT STYLE="letter-spacing: -0.2pt">(the</FONT> <FONT STYLE="letter-spacing: -0.1pt">&ldquo;<B>Shares</B>&rdquo;).</FONT></FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The Shares shall rank&nbsp;<I>pari
passu</I>&nbsp;in all respects.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Increase
of Authorized Share Capital</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Company may, from time to time,
by a Shareholders&rsquo; resolution, whether or not all the shares then authorized have been issued, and whether or not all the shares
theretofore issued have been called up for payment, increase its authorized share capital by the creation of new shares. Any such increase
shall be in such amount and shall be divided into shares of such nominal amounts, and such shares shall confer such rights and preferences,
and shall be subject to such restrictions, as such resolution shall provide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Except to the extent otherwise provided
in such resolution, any new shares included in the authorized share capital increased as aforesaid shall be subject to all the provisions
of these Articles which are applicable to shares of such class included in the existing share capital without regard to class (and, if
such new shares are of the same class as a class of shares included in the existing share capital, to all of the provisions which are
applicable to shares of such class included in the existing share capital).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Special or Class Rights; Modification of Rights</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) If at any time the share capital
of the Company is divided into different classes of shares, the rights attached to any class, unless otherwise provided by the Companies
Law or these Articles, may be modified or cancelled by the Company by a resolution of the General Meeting of the holders of all shares
as one class, without any required separate resolution of any class of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The provisions of these Articles
relating to General Meetings shall,&nbsp;<I>mutatis mutandis</I>, apply to any separate General Meeting of the holders of the shares of
a particular class, it being clarified that the requisite quorum at any such separate General Meeting shall be two or more shareholders
present in person or by proxy and holding not less than 15 percent of the issued shares of such class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) Unless otherwise provided by these
Articles, an increase in the authorized share capital, the creation of a new class of shares, an increase in the authorized share capital
of a class of shares, or the issuance of additional shares thereof out of the authorized and unissued share capital, shall not be deemed,
for purposes of this Article 7, to modify or derogate or cancel the rights attached to previously issued shares of such class or of any
other class.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Consolidation, Division, Cancellation and Reduction of Share Capital</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Company may, from time to time,
by or pursuant to an authorization of a Shareholders&rsquo; resolution, and subject to applicable law:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i) consolidate all or any part of its
issued or unissued authorized share capital into shares of a per share nominal value which is larger, equal to or smaller than the per
share nominal value of its existing shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii) divide or sub-divide its shares (issued
or unissued) or any of them, into shares of smaller or the same nominal value (subject, however, to the provisions of the Companies Law),
and the resolution whereby any share is divided may determine that, as among the holders of the shares resulting from such subdivision,
one or more of the shares may, in contrast to others, have any such preferred or deferred rights or rights of redemption or other special
rights, or be subject to any such restrictions, as the Company may attach to unissued or new shares;</P>

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

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

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<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 0pt 1in; text-align: justify">(iii) cancel any shares which, at the
date of the adoption of such resolution, have not been taken or agreed to be taken by any person, and reduce the amount of its share capital
by the amount of the shares so canceled; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iv) reduce its share capital in any manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) With respect to any consolidation
of issued shares and with respect to any other action which may result in fractional shares, the Board of Directors may settle any difficulty
which may arise with regard thereto, as it deems fit, and, in connection with any such consolidation or other action which could result
in fractional shares, may, without limiting its aforesaid power:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i) determine, as to the holder of shares
so consolidated, which issued shares shall be consolidated into a share of a larger, equal or smaller nominal value per share;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii) issue, in contemplation of or subsequent
to such consolidation or other action, shares sufficient to preclude or remove fractional share holdings;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii) redeem such shares or fractional
shares sufficient to preclude or remove fractional share holdings;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iv) round up, round down or round to
the nearest whole number, any fractional shares resulting from the consolidation or from any other action which may result in fractional
shares; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(v) cause the transfer of fractional shares
by certain shareholders of the Company to other shareholders thereof so as to most expediently preclude or remove any fractional shareholdings,
and cause the transferees of such fractional shares to pay the transferors thereof the fair value thereof, and the Board of Directors
is hereby authorized to act in connection with such transfer, as agent for the transferors and transferees of any such fractional shares,
with full power of substitution, for the purposes of implementing the provisions of this sub-Article&nbsp;8(b)(v).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Issuance of Share Certificates, Replacement of Lost Certificates</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) To the extent that the Board of
Directors determines that all shares shall be certificated or, if the Board of Directors does not so determine, to the extent that any
shareholder requests a share certificate, share certificates shall be issued under the corporate seal of the Company or its written, typed
or stamped name and may bear the signature of one Director, the Company&rsquo;s CEO or of any other person or persons authorized therefor
by the Board of Directors. Signatures may be affixed in any mechanical or electronic form, as the Board of Directors may prescribe. For
the avoidance of doubt, any transfer agent designated by the Company may issue share certificates on behalf of the Company even if the
signatories on the share certificate no longer serve in the relevant capacities at the time of such issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Subject to the Article 9(a), each
Shareholder shall be entitled to one numbered certificate for all the shares of any class registered in his name. Each certificate may
also specify the amount paid up thereon. The Company (as determined by an officer of the Company to be designated by the Chief Executive
Officer) shall not refuse a request by a Shareholder to obtain several certificates in place of one certificate, unless such request is,
in the opinion of such officer, unreasonable. Where a Shareholder has sold or transferred some of such Shareholder&rsquo;s shares, such
Shareholder shall be entitled to receive a certificate in respect of such Shareholder&rsquo;s remaining shares, provided that the previous
certificate is delivered to the Company before the issuance of a new certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) A share certificate registered in
the names of two or more persons shall be delivered to the person first named in the Register of Shareholders in respect of such co-ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) A share certificate which has been
defaced, lost or destroyed, may be replaced, and the Company shall issue a new certificate to replace such defaced, lost or destroyed
certificate upon payment of such fee, and upon the furnishing of such evidence of ownership and such indemnity, as the Board of Directors
in its discretion deems fit.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Registered
Holder</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Except as otherwise provided in these
Articles or the Companies Law, the Company shall be entitled to treat the registered holder of each share as the absolute owner thereof,
and accordingly, shall not, except as ordered by a court of competent jurisdiction, or as required by the Companies Law, be obligated
to recognize any equitable or other claim to, or interest in, such share on the part of any other person.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Issuance
and Repurchase of Shares</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The unissued shares from time to
time shall be under the control of the Board of Directors (and to the full extent permitted by law any Committee thereof), which shall
have the power to issue or otherwise dispose of shares and of securities convertible or exercisable into or other rights to acquire from
the Company to such persons, on such terms and conditions (including inter alia terms relating to calls set forth in Article 13(f) hereof),
and either at par or at a premium, or subject to the provisions of the Companies Law, at a discount and/or with payment of commission,
and at such times, as the Board of Directors (or the Committee, as the case may be) deems fit, and the power to give to any person the
option to acquire from the Company any shares or securities convertible or exercisable into or other rights to acquire from the Company,
either at par or at a premium, or, subject as aforesaid, at a discount and/or with payment of commission, during such time and for such
consideration as the Board of Directors (or the Committee, as the case may be) deems fit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The Company may at any time and
from time to time, subject to the Companies Law, repurchase or finance the purchase of any shares or other securities issued by the Company,
in such manner and under such terms as the Board of Directors shall determine, whether from any one or more shareholders. Such purchase
shall not be deemed as payment of dividends and no shareholder will have the right to require the Company to purchase his shares or offer
to purchase shares from any other shareholders.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Payment
in Installment</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If pursuant to the terms of issuance
of any share, all or any portion of the price thereof shall be payable in installments, every such installment shall be paid to the Company
on the due date thereof by the then registered holder(s) of the share or the person(s) then entitled thereto.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Calls
on Shares</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Board of Directors may, from
time to time, as it, in its discretion, deems fit, make calls for payment upon shareholders in respect of any sum (including premium)
which has not been paid up in respect of shares held by such shareholders and which is not, pursuant to the terms of issuance of such
shares or otherwise, payable at a fixed time, and each shareholder shall pay the amount of every call so made upon him (and of each installment
thereof if the same is payable in installments), to the person(s) and at the time(s) and place(s) designated by the Board of Directors,
as any such times may be thereafter extended and/or such person(s) or place(s) changed. Unless otherwise stipulated in the resolution
of the Board of Directors (and in the notice hereafter referred to), each payment in response to a call shall be deemed to constitute
a pro rata payment on account of all the shares in respect of which such call was made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Notice of any call for payment by
a shareholder shall be given in writing to such shareholder not less than fourteen (14) days prior to the time of payment fixed in such
notice, and shall specify the time and place of payment, and the person to whom such payment is to be made. Prior to the time for any
such payment fixed in a notice of a call given to a shareholder, the Board of Directors may in its absolute discretion, by notice in writing
to such shareholder, revoke such call in whole or in part, extend the time fixed for payment thereof, or designate a different place of
payment or person to whom payment is to be made. In the event of a call payable in installments, only one notice thereof need be given.</P>

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

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

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<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 0pt 0.5in; text-align: justify">(c) If pursuant to the terms of issuance
of a share or otherwise, an amount is made payable at a fixed time (whether on account of such nominal value of such share or by way of
premium), such amount shall be payable at such time as if it were payable by virtue of a call made by the Board of Directors and for which
notice was given in accordance with paragraphs (a) and (b) of this Article 13, and the provision of these Articles with regard to calls
(and the non-payment thereof) shall be applicable to such amount or such installment (and the non-payment thereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) Joint holders of a share shall be
jointly and severally liable to pay all calls for payment in respect of such share and all interest payable thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e) Any amount called for payment which
is not paid when due shall bear interest from the date fixed for payment until actual payment thereof, at such rate (not exceeding the
then prevailing debitory rate charged by leading commercial banks in Israel), and payable at such time(s) as the Board of Directors may
prescribe.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(f) Upon the issuance of shares, the
Board of Directors may provide for differences among the holders of such shares as to the amounts and times for payment of calls for payment
in respect of such shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Prepayment</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">With the approval of the Board of Directors,
any shareholder may pay to the Company any amount not yet payable in respect of such shareholder&rsquo;s shares, and the Board of Directors
may approve the payment by the Company of interest on any such amount until the same would be payable if it had not been paid in advance,
at such rate and time(s) as may be approved by the Board of Directors. The Board of Directors may at any time cause the Company to repay
all or any part of the money so advanced, without premium or penalty. Nothing in this Article 14 shall derogate from the right of the
Board of Directors to make any call for payment before or after receipt by the Company of any such advance.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Forfeiture and Surrender</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) If any shareholder fails to pay
an amount payable by virtue of a call, installment or interest thereon as provided for in accordance herewith, on or before the day fixed
for payment of the same, the Board of Directors, may at any time after the day fixed for such payment, so long as such amount (or any
portion thereof) or interest thereon (or any portion thereof) remains unpaid, forfeit all or any of the shares in respect of which such
payment was called for. All expenses incurred by the Company in attempting to collect any such amount or interest thereon, including,
without limitation, attorneys&rsquo; fees and costs of legal proceedings, shall be added to, and shall, for all purposes (including the
accrual of interest thereon) constitute a part of, the amount payable to the Company in respect of such call.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Upon the adoption of a resolution
as to the forfeiture of a shareholder&rsquo;s share, the Board of Directors shall cause notice thereof to be given to such shareholder,
which notice shall state that, in the event of the failure to pay the entire amount so payable by a date specified in the notice (which
date shall be not less than fourteen (14) days after the date such notice is given and which may be extended by the Board of Directors),
such shares shall be ipso facto forfeited, provided, however, that, prior to such date, the Board of Directors may cancel such resolution
of forfeiture, but no such cancellation shall stop the Board of Directors from adopting a further resolution of forfeiture in respect
of the non-payment of the same amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) Without derogating from Articles
52 and 56 hereof, whenever shares are forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof and
not actually paid shall be deemed to have been forfeited at the same time.</P>

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

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

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<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 0pt 0.5in; text-align: justify">(d) The Company, by resolution of the
Board of Directors, may accept the voluntary surrender of any share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e) Any share forfeited or surrendered
as provided herein, shall become the property of the Company as a dormant share, and the same, subject to the provisions of these Articles,
may be sold, re-issued or otherwise disposed of as the Board of Directors deems fit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(f) Any person whose shares have been
forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding,
be liable to pay, and shall forthwith pay, to the Company, all calls, interest and expenses owing upon or in respect of such shares at
the time of forfeiture or surrender, together with interest thereon from the time of forfeiture or surrender until actual payment, at
the rate prescribed in Article 13(e) above, and the Board of Directors, in its discretion, may, but shall not be obligated to, enforce
or collect the payment of such amounts, or any part thereof, as it shall deem fit. In the event of such forfeiture or surrender, the Company,
by resolution of the Board of Directors, may accelerate the date(s) of payment of any or all amounts then owing to the Company by the
person in question (but not yet due) in respect of all shares owned by such shareholder, solely or jointly with another.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(g) The Board of Directors may at any
time, before any share so forfeited or surrendered shall have been sold, re-issued or otherwise disposed of, nullify the forfeiture or
surrender on such conditions as it deems fit, but no such nullification shall stop the Board of Directors from re-exercising its powers
of forfeiture pursuant to this Article 15.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Lien</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) Except to the extent the same may
be waived or subordinated in writing, the Company shall have a first and paramount lien upon all the shares registered in the name of
each shareholder (without regard to any equitable or other claim or interest in such shares on the part of any other person), and upon
the proceeds of the sale thereof, for his debts, liabilities and engagements to the Company arising from any amount payable by such shareholder
in respect of any unpaid or partly paid share, whether or not such debt, liability or engagement has matured. Such lien shall extend to
all dividends from time to time declared or paid in respect of such share. Unless otherwise provided, the registration by the Company
of a transfer of shares shall be deemed to be a waiver on the part of the Company of the lien (if any) existing on such shares immediately
prior to such transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The Board of Directors may cause
the Company to sell a share subject to such a lien when the debt, liability or engagement giving rise to such lien has matured, in such
manner as the Board of Directors deems fit, but no such sale shall be made unless such debt, liability or engagement has not been satisfied
within fourteen (14) days after written notice of the intention to sell shall have been served on such shareholder, his executors or administrators.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) The net proceeds of any such sale,
after payment of the costs and expenses thereof or ancillary thereto, shall be applied in or toward satisfaction of the debts, liabilities
or engagements of such shareholder in respect of such share (whether or not the same have matured), and the residue (if any) shall be
paid to the shareholder, his executors, administrators or assigns.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Sale
After Forfeiture of Surrender or in Enforcement of Lien</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Upon any sale of a share after forfeiture
or surrender or for enforcing a lien, the Board of Directors may appoint any person to execute an instrument of transfer of the share
so sold and cause the purchaser&rsquo;s name to be entered in the Register of Shareholders in respect of such share. The purchaser shall
be registered as the shareholder and shall not be bound to see to the regularity of the sale proceedings, or to the application of the
proceeds of such sale, and after his name has been entered in the Register of Shareholders in respect of such share, the validity of the
sale shall not be impeached by any person, and person, and the remedy of any person aggrieved by the sale shall be in damages only and
against the Company exclusively.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Redeemable
Shares</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company may, subject to applicable
law, issue redeemable shares or other securities and redeem the same upon terms and conditions to be set forth in a written agreement
between the Company and the holder of such shares or in their terms of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Transfer
of Shares</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Registration
of Transfer</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No transfer of shares shall be registered
unless a proper writing or instrument of transfer (in any customary form or any other form satisfactory to the Board of Directors) has
been submitted to the Company (or its transfer agent), together with any share certificate(s) and such other evidence of title as the
Board of Directors may reasonably require. Notwithstanding anything to the contrary herein, shares registered in the name of The Depository
Trust Company or its nominee shall be transferrable in accordance with the policies and procedures of The Depository Trust Company. Until
the transferee has been registered in the Register of Shareholders in respect of the shares so transferred, the Company may continue to
regard the transferor as the owner thereof. The Board of Directors, may, from time to time, prescribe a fee for the registration of a
transfer, and may approve other methods of recognizing the transfer of shares in order to facilitate the trading of the Company&rsquo;s
shares on the Nasdaq or on any other stock exchange on which the Company&rsquo;s shares are then listed for trading.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Suspension
of Registration</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board of Directors may, in its discretion
to the extent it deems necessary, close the Register of Shareholders of registration of transfers of shares for a period determined by
the Board of Directors, and no registrations of transfers of shares shall be made by the Company during any such period during which the
Register of Shareholders is so closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Transmission
of Shares</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Decedents&rsquo;
Shares</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) In case of a share registered in
the names of two or more holders, the Company may recognize the survivor(s) as the sole owner(s) thereof unless and until the provisions
of Article 21(b) have been effectively invoked.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Any person becoming entitled to
a share in consequence of the death of any person, upon producing evidence of the grant of probate or letters of administration or declaration
of succession (or such other evidence as the Board of Directors may reasonably deem sufficient (or to an officer of the Company to be
designated by the Chief Executive Officer)), shall be registered as a shareholder in respect of such share, or may, subject to the provisions
as to transfer contained herein, transfer such share.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Receivers
and Liquidators</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Company may recognize any receiver,
liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a corporate shareholder, and a trustee, manager,
receiver, liquidator or similar official appointed in bankruptcy or in connection with the reorganization of, or similar proceeding with
respect to a shareholder or its properties, as being entitled to the shares registered in the name of such shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Such receiver, liquidator or similar
official appointed to wind-up, dissolve or otherwise liquidate a corporate shareholder and such trustee, manager, receiver, liquidator
or similar official appointed in bankruptcy or in connection with the reorganization of, or similar proceedings with respect to a shareholder
or its properties, upon producing such evidence as the Board of Directors (or an officer of the Company to be designated by the Chief
Executive Officer) may deem sufficient as to his authority to act in such capacity or under this Article, shall with the consent of the
Board of Directors (which the Board of Directors may grant or refuse in its absolute discretion), be registered as a shareholder in respect
of such shares, or may, subject to the regulations as to transfer herein contained, transfer such shares.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>General
Meetings</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>General
Meetings</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) An annual General Meeting (&ldquo;<B>Annual
General Meeting</B>&rdquo;) shall be held at such time and at such place, either within or out of the State of Israel, as may be determined
by the Board of Directors, no later than fifteen (15) months after the last Annual General Meeting <FONT STYLE="color: #0000FF"><U>and
at least once every calendar <FONT STYLE="letter-spacing: -0.1pt">year</FONT></U></FONT><FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) All General Meetings other than
Annual General Meetings shall be called &ldquo;<B>Special General Meetings</B>&rdquo;.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Record Date for General Meeting</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding any provision of these
Articles to the contrary, and to allow the Company to determine the shareholders entitled to notice of or to vote at any General Meeting
or any adjournment <FONT STYLE="color: #0000FF"><U>or postponement</U></FONT> thereof, or entitled to receive payment of any dividend
or other distribution or grant of any rights, or entitled to exercise any rights in respect of or to take or be the subject of any other
action, the Board of Directors may fix a record date, which shall not be more than the maximum period and not less than the minimum period
permitted by law. A determination of shareholders of record entitled to notice of or to vote at a meeting shall apply to any adjournment
<FONT STYLE="color: #0000FF"><U>or postponement </U></FONT>of the meeting; provided, however, that the Board of Directors may fix a new
record date for the adjourned <FONT STYLE="color: #0000FF"><U>or postponed </U></FONT>meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 17.8pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Shareholder Proposal Request</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(a)
Any Shareholder or Shareholders of the Company holding at least one percent (1%) or a higher percent, as may be required by the Companies
Law from time to time, of the voting rights of the Company (the &ldquo;<B>Proposing Shareholder(s)</B>&rdquo;) may request, subject to
the Companies Law, that the Board of Directors include a matter on the agenda of a General Meeting to be held in the future, provided
that the Board <FONT STYLE="color: #0000FF"><U>of Directors </U></FONT>determines that the matter is appropriate to be considered in
a General Meeting (a &ldquo;<B>Proposal Request</B>&rdquo;). In order for the Board of Directors to consider a Proposal Request and whether
to include the matter stated therein in the agenda of a General Meeting, notice of the Proposal Request must be timely delivered in accordance
with applicable laws, and the Proposal Request must comply with the requirement of these Articles (including this Article 25) and any
applicable law and stock exchange rules and regulations. The Proposal Request must be in writing, signed by all of the Proposing Shareholder(s)
making such request, delivered, either in person or by certified mail, postage prepaid, and received by the Secretary (or, in the absence
thereof by the Chief Executive Officer of the Company). To be considered timely, a Proposal Request must be received within the time
periods prescribed by applicable law. The announcement of an adjournment or postponement of a General Meeting shall not commence a new
time period (or extend any time period) for the delivery of a Proposal Request as described above. In addition to any information required
to be included in accordance with applicable law, the Proposal Request must include the following: (i) the name, address, telephone number,
fax number and email address of the Proposing Shareholder (or each Proposing Shareholder, as the case may be) and, if an entity, the
name(s) of the person(s) that controls or manages such entity; (ii) the number of Shares held by the Proposing Shareholder(s), directly
or indirectly (and, if any of such Shares are held indirectly, an explanation of how they are held and by whom), which shall be in such
number no less than as is required to qualify as a Proposing Shareholder, accompanied by evidence satisfactory to the Company of the
record holding of such Shares by the Proposing Shareholder(s) as of the date of the Proposal Request, and a representation that the Proposing
Shareholder(s) intends <FONT STYLE="letter-spacing: -0.25pt">to </FONT>appear in person or by proxy at the meeting; (iii) the matter
requested to be included on the agenda of a General Meeting, all information related to such matter, the reason that such matter is proposed
to be brought before the General Meeting, the complete text of the resolution that the Proposing Shareholder proposes to be voted upon
at the General Meeting and, if the Proposing Shareholder wishes to have a position statement in support of the Proposal Request, a copy
of such position statement that complies with the requirement of any applicable law (if any), (iv) a description of all arrangements
or understandings between the Proposing Shareholders and any other Person(s) (naming such Person or Persons) in connection with the matter
that is requested to be included on the agenda and a declaration signed by all Proposing Shareholder(s) of whether any of them has a
personal interest in the matter and, if so, a description in reasonable detail of such personal interest; (v) a description of all Derivative
Transactions (as defined below) by each Proposing Shareholder(s) during the previous twelve (12) month period, including the date of
the transactions and the class, series and number of securities involved in, and the material economic terms of, such Derivative Transactions;
and (vi) a declaration that all of the information that is required under the Companies Law and any other applicable law and stock exchange
rules and regulations to be provided to the Company in connection with such matter, if any, has been provided to the Company. The Board
of Directors, may, in its discretion, to the extent it deems necessary, request that the Proposing Shareholder(s) provide additional
information necessary so as to include a matter in the agenda of a General Meeting, as the Board of Directors may reasonably require.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 17.75pt 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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<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 0pt 0.5in; text-align: justify">A &ldquo;<B>Derivative Transaction</B>&rdquo;
means any agreement, arrangement, interest or understanding entered into by, or on behalf or for the benefit of, any Proposing Shareholder
or any of its affiliates or associates, whether of record or beneficial: (1) the value of which is derived in whole or in part from the
value of any class or series of shares or other securities of the Company, (2) which otherwise provides any direct or indirect opportunity
to gain or share in any gain derived from a change in the value of securities of the Company, (3) the effect or intent of which is to
mitigate loss, manage risk or benefit of security value or price changes, or (4) which provides the right to vote or increase or decrease
the voting power of, such Proposing Shareholder, or any of its affiliates or associates, with respect to any shares or other securities
of the Company, which agreement, arrangement, interest or understanding may include, without limitation, any option, warrant, debt position,
note, bond, convertible security, swap, stock appreciation right, short position, profit interest, hedge, right to dividends, voting agreement,
performance-related fee or arrangement to borrow or lend shares (whether or not subject to payment, settlement, exercise or conversion
in any such class or series), and any proportionate interest of such Proposing Shareholder in the securities of the Company held by any
general or limited partnership, or any limited liability company, of which such Proposing Shareholder is, directly or indirectly, a general
partner or managing member.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The information required pursuant
to this Article shall be updated as of (i) the record date of the General Meeting, (ii) five business days before the General Meeting,
and (iii) as of the General Meeting, and any adjournment or postponement thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) The provisions of Articles 25(a)
and 25(b) shall apply,&nbsp;<I>mutatis mutandis</I>, on any matter to be included on the agenda of a Special General Meeting which is
convened pursuant to a request of a Shareholder duly delivered to the Company in accordance with the Companies Law.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in; color: #0000FF">(d)
<U>Notwithstanding anything to the contrary herein, this Article 25 may only be amended or replaced by a resolution adopted at a General
Meeting by a majority of 70% of the voting power represented at the General Meeting in person or by proxy and voting thereon, disregarding
abstentions from the count of the voting power present and voting.</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 17.75pt 0pt 0.75in; text-align: justify; text-indent: 0in; color: #0000FF">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Notice
of General Meetings; Omission to Give Notice</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Company is not required to give
notice of a General Meeting, subject to any mandatory provision of the Companies Law, and any other requirements applicable to the Company.
Notwithstanding anything herein to the contrary, to the extent permitted under the Companies Law, with the consent of all Shareholders
entitled to vote thereon, a resolution may be proposed and passed at such meeting although a lesser notice period than hereinabove prescribed
has been given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The accidental omission to give
notice of a General Meeting to any Shareholder, or the non-receipt of notice sent to such Shareholder, shall not invalidate the proceedings
at such meeting or any resolution adopted thereat.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) No Shareholder present, in person
or by proxy, at any time during a General Meeting shall be entitled to seek the cancellation or invalidation of any proceedings or resolutions
adopted at such General Meeting on account of any defect in the notice of such meeting relating to the time or the place thereof, or any
item acted upon at such meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) The Company may add additional places
for Shareholders to review the full text of the proposed resolutions to be adopted at a General Meeting, including an internet site.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>Proceedings
at General Meetings</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Quorum</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) No business shall be transacted
at a General Meeting, or at any adjournment thereof, unless the quorum required under these Articles for such General Meeting or such
adjourned meeting, as the case may be, is present when the meeting proceeds to business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) In the absence of contrary provisions
in these Articles, two or more shareholders (not in default in payment of any sum referred to in Article 13 hereof), present in person
or by proxy and holding shares conferring in the aggregate at least 25 percent of the voting power of the Company, shall constitute a
quorum of General Meetings. A proxy may be deemed to be two (2) or more Shareholders pursuant to the number of Shareholders represented
by the proxy holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(c)
If within half an hour from the time appointed for the meeting a quorum is not present, then the meeting shall be canceled if it was
convened upon requisition under Section 63 of the Companies Law, and in any other case, without any further notice the meeting shall
be adjourned either<FONT STYLE="color: #0000FF">: </FONT>(i) to the same day in the next week, at the same time and place<FONT STYLE="color: #0000FF">;</FONT><FONT STYLE="color: #FF0000">, </FONT>(ii)
to such day and at such time and place as indicated in the notice to such meeting<FONT STYLE="color: #0000FF">;</FONT><FONT STYLE="color: #FF0000">,</FONT>
or (iii) to such day and at such time and place as the Chairperson of the General Meeting shall determine (which may be earlier or
later than the date pursuant to clause (i) above). No business shall be transacted at any adjourned meeting except business which
might lawfully have been transacted at the meeting as originally called. At such adjourned meeting any shareholder (not in default
as aforesaid) present in person or by proxy, shall constitute a quorum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 17.85pt 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Chairperson
of General Meeting</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">The
Chairperson of the Board of Directors <FONT STYLE="color: #0000FF"><U>or his or her designee</U></FONT> shall preside as Chairperson of
every General </FONT>Meeting of the Company. If at any meeting the Chairperson <FONT STYLE="color: #0000FF"><U>of the General Meeting
</U></FONT>is not present within fifteen (15) minutes after the time fixed for holding the meeting or is unwilling to act as Chairperson,
any of the following may preside as Chairperson of the <FONT STYLE="color: #FF0000"><STRIKE>meeting </STRIKE></FONT><FONT STYLE="color: #0000FF"><U>General
Meeting </U></FONT>(and in the following order): Director, Chief Executive Officer, Chief Financial Officer, Secretary or any person designated
by any of the foregoing. If at any such meeting none of the foregoing persons is present or all are unwilling to act as Chairperson, the
Shareholders present (in person or by proxy) shall choose a Shareholder or its proxy present at the meeting to be Chairperson. The office
of Chairperson shall not, by itself, entitle the holder thereof to vote at any General Meeting nor shall it entitle such holder to a second
or casting vote (without derogating, however, from the rights of such Chairperson to vote as a shareholder or proxy of a shareholder if,
in fact, he is also a shareholder or such proxy).</P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Adoption of Resolutions at General Meetings</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) Except as required by the Companies
Law or these Articles, including, without limitation, Article<FONT STYLE="color: blue"><U>s 25, 38, </U></FONT>39<FONT STYLE="color: blue"><U>,
41 and 42 (e)</U></FONT><FONT STYLE="color: red"><STRIKE>below</STRIKE></FONT>, a resolution of the Shareholders shall be adopted if approved
by the holders of a simple majority of the voting power represented at the General Meeting in person or by proxy and voting thereon, as
one class, and disregarding abstentions from the count of the voting power present and voting. Without limiting the generality of the
foregoing, a resolution with respect to a matter or action for which the Companies Law prescribes a higher majority or pursuant to which
a provision requiring a higher majority would have been deemed to have been incorporated into these Articles, but resolutions with respect
to which the Companies Law allows the Company&rsquo;s Articles to provide otherwise, shall be adopted by a simple majority of the voting
power represented at the General Meeting in person or by proxy and voting thereon, as one class, and disregarding abstentions from the
count of the voting power present and voting.</P>

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

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

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<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 0pt 0.5in; text-align: justify">(b) Every question submitted to a General
Meeting shall be decided by a show of hands, but the Chairperson of the General Meeting may determine that a resolution shall be decided
by a written ballot. A written ballot may be implemented before the proposed resolution is voted upon or immediately after the declaration
by the Chairperson of the results of the vote by a show of hands. If a vote by written ballot is taken after such declaration, the results
of the vote by a show of hands shall be of no effect, and the proposed resolution shall be decided by such written ballot.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) A declaration by the Chairperson
of the General Meeting that a resolution has been carried unanimously, or carried by a particular majority, or rejected, and an entry
to that effect in the minute book of the Company, shall be prima facie evidence of the fact without proof of the number or proportion
of the votes recorded in favor of or against such resolution.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Power
to Adjourn</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">A General
Meeting, the consideration of any matter on its agenda or the resolution on any matter on its agenda, may be postponed or adjourned,
from time to time and from place to place: (i) by the Chairperson of a General Meeting at which a quorum is present (and he shall if
so directed by the meeting, with the consent of the holders of a majority of the voting power represented in person or by proxy and voting
on the question of adjournment), but no business shall be transacted at any such adjourned meeting except business which might lawfully
have been transacted at the meeting as originally called, or a matter on its agenda with respect to which no resolution was adopted at
the meeting originally called; or (ii) by the Board <FONT STYLE="color: #0000FF"><U>of Directors</U></FONT> (whether prior to or at the
General Meeting).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 17.75pt 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; color: #0000FF"><FONT STYLE="font-size: 10pt"><U>If
the Board of Directors decided to convene a General Meeting, the Board of Directors may cancel the General Meeting before the date and
time of the General Meeting or any adjournment thereon.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 17.8pt 0pt 0.75in; text-align: justify; color: #0000FF">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Voting
Power</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the provisions of Article
32(a) and to any provision hereof conferring special rights as to voting, or restricting the right to vote, every Shareholder shall have
one vote for each share held by him of record, on every resolution, without regard to whether the vote thereon is conducted by a show
of hands, by written ballot or by any other means.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Voting
Rights.</U></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) No shareholder shall be entitled
to vote at any General Meeting (or be counted as a part of the quorum thereat), unless all calls then payable by him in respect of his
shares in the Company have been paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) A company or other corporate body
being a Shareholder of the Company may duly authorize any person to be its representative at any meeting of the Company or to execute
or deliver a proxy on its behalf. Any person so authorized shall be entitled to exercise on behalf of such Shareholder all the power which
the Shareholder could have exercised if it were an individual. Upon the request of the Chairperson of the General Meeting, written evidence
of such authorization (in form acceptable to the Chairperson) shall be delivered to him.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) Any Shareholder entitled to vote
may vote either in person or by proxy (who need not be Shareholder of the Company), or, if the Shareholder is a company or other corporate
body, by representative authorized pursuant to Article (b) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) If two or more persons are registered
as joint holders of any share, the vote of the senior who tenders a vote, in person or by proxy, shall be accepted to the exclusion of
the vote(s) of the other joint holder(s). For the purpose of this Article 32(d), seniority shall be determined by the order of registration
of the joint holders in the Register of Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e) A Shareholder who wishes to vote
at a General Meeting shall prove his title to a share to the Company as required under the Companies Law and regulations promulgated thereunder.
Without prejudice to the aforesaid, the Board of Directors may prescribe regulations and procedures with regard to proof of title to the
Company&rsquo;s shares.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>Proxies</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Instrument of Appointment</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) An instrument appointing a proxy
shall be in writing and shall be substantially in the following form:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;I</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;of</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Name of Shareholder)</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Address of Shareholder)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">Being a shareholder of <FONT STYLE="color: #FF0000"><STRIKE>INSPIRA TECHNOLOGIES OXY B.H.N.</STRIKE></FONT> <FONT STYLE="color: #0000FF"><U>QTREX QUANTUM</U></FONT> LTD. hereby <FONT STYLE="letter-spacing: -0.1pt">appoints</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;of</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Name of Proxy)</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Address of Proxy)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as my proxy to vote for me and on my behalf at the General Meeting of the Company to be held on the ___ day of _______, _______ and at any adjournment(s) thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed this ____ day of ___________, ______.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature of Appointor)&rdquo;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">or in any such form as may be approved
by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Subject to the Companies Law, the
original instrument appointing a proxy or a copy thereof (and the power of attorney or other authority, if any, under which such instrument
has been signed) shall be delivered to the Company (at its Office, at its principal place of business, or at the offices of its registrar
or transfer agent, or at such place as notice of the meeting may specify) not less than forty eight (48) hours (or such shorter period
as the notice shall specify) before the time fixed for such meeting. Notwithstanding the above, the Chairperson shall have the right to
waive the time requirement provided above with respect to all instruments of proxies and to accept any and all instruments of proxy until
the beginning of a General Meeting. A document appointing a proxy shall be valid for every adjourned meeting of the General Meeting to
which the document relates.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Effect
of Death of Appointor of Transfer of Share and or Revocation of Appointment</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) A vote cast in accordance with an
instrument appointing a proxy shall be valid notwithstanding the prior death or bankruptcy of the appointing shareholder (or of his attorney-in-fact,
if any, who signed such instrument), or the transfer of the share in respect of which the vote is cast, unless written notice of such
matters shall have been received by the Company or by the Chairperson of such meeting prior to such vote being cast.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Subject to the Companies Law, an
instrument appointing a proxy shall be deemed revoked (i) upon receipt by the Company or the Chairperson, subsequent to receipt by the
Company of such instrument, of written notice signed by the person signing such instrument or by the Shareholder appointing such proxy
canceling the appointment thereunder (or the authority pursuant to which such instrument was signed) or of an instrument appointing a
different proxy (and such other documents, if any, required under Article 33(b) for such new appointment), provided such notice of cancellation
or instrument appointing a different proxy were so received at the place and within the time for delivery of the instrument revoked thereby
as referred to in Article 33(b) hereof, or (ii) if the appointing shareholder is present in person at the meeting for which such instrument
of proxy was delivered, upon receipt by the Chairperson of such meeting of written notice from such shareholder of the revocation of such
appointment, or if and when such shareholder votes at such meeting. A vote cast in accordance with an instrument appointing a proxy shall
be valid notwithstanding the revocation or purported cancellation of the appointment, or the presence in person or vote of the appointing
shareholder at a meeting for which it was rendered, unless such instrument of appointment was deemed revoked in accordance with the foregoing
provisions of this Article 34(b) at or prior to the time such vote was cast.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>Board
of Directors</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Powers
of Board of Directors</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Board of Directors may exercise
all such powers and do all such acts and things as the Board of Directors is authorized by law or as the Company is authorized to exercise
and do and are not hereby or by law required to be exercised or done by the General Meeting. The authority conferred on the Board of Directors
by this Article 35 shall be subject to the provisions of the Companies Law, these Articles and any regulation or resolution consistent
with these Articles adopted from time to time at a General Meeting, provided, however, that no such regulation or resolution shall invalidate
any prior act done by or pursuant to a decision of the Board of Directors which would have been valid if such regulation or resolution
had not been adopted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Without limiting the generality
of the foregoing, the Board of Directors may, from time to time, set aside any amount(s) out of the profits of the Company as a reserve
or reserves for any purpose(s) which the Board of Directors, in its absolute discretion, shall deem fit, including without limitation,
capitalization and distribution of bonus shares, and may invest any sum so set aside in any manner and from time to time deal with and
vary such investments and dispose of all or any part thereof, and employ any such reserve or any part thereof in the business of the Company
without being bound to keep the same separate from other assets of the Company, and may subdivide or re-designate any reserve or cancel
the same or apply the funds therein for another purpose, all as the Board of Directors may from time to time think fit.</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in; color: #0000FF"><FONT STYLE="font-size: 10pt">(c)
<U>The Board of Directors may, at any time in its sole discretion, adopt protective measures to prevent or delay a coercive takeover
of the Company, including without limitation the adoption of a &ldquo;Shareholder Rights <FONT STYLE="letter-spacing: -0.1pt">Plan&rdquo;.</FONT></U></FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 17.8pt 0pt 0.75in; text-align: justify; text-indent: 0in; color: #0000FF">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Exercise
of Powers of Board of Directors</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) A meeting of the Board of Directors
at which a quorum is present shall be competent to exercise all the authorities, powers and discretion vested in or exercisable by the
Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) A resolution proposed at any meeting
of the Board of Directors shall be deemed adopted if approved by a majority of the Directors present, entitled to vote and voting thereon
when such resolution is put to a vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) The Board of Directors may adopt
resolutions, without convening a meeting of the Board of Directors, in writing or in any other manner permitted by the Companies Law.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Delegation of Powers</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">
</FONT><FONT STYLE="font-size: 10pt">The Board of Directors may, subject to the provisions of the Companies Law, delegate any or all of
its powers to committees (in these Articles referred to as a &ldquo;<B>Committee of the Board of Directors</B>&rdquo;, or &ldquo;<B>Committee</B>&rdquo;),
each consisting of one or more persons (who may or may not be Directors), and it may from time to time revoke such delegation or alter
the composition of any such Committee. No regulation imposed by the Board of Directors on any Committee and no resolution of the Board
of Directors shall invalidate any prior act done pursuant to a resolution by the Committee which would have been valid if such regulation
or resolution of the Board <FONT STYLE="color: #0000FF"><U>of Directors </U></FONT>had not been adopted. The meeting and proceedings of
any such Committee of the Board of Directors shall, <I>mutatis mutandis</I>, be governed by the provisions herein contained for regulating
the meetings of the Board of Directors, so far as not superseded by any regulations adopted by the Board of Directors or by the Companies
Law. Unless otherwise expressly prohibited by the Board of Directors in delegating powers to a Committee of the Board of Directors, such
Committee shall be empowered to further delegate such powers.</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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<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 0pt 0.5in; text-align: justify">(b) Without derogating from the provisions
of Article 49, the Board of Directors may from time to time appoint a Secretary to the Company, as well as officers, agents, employees
and independent contractors, as the Board of Directors deems fit, and may terminate the service of any such person. The Board of Directors
may, subject to the provisions of the Companies Law, determine the powers and duties, as well as the salaries and compensation, of all
such persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) The Board of Directors may from
time to time, by power of attorney or otherwise, appoint any person, company, firm or body of persons to be the attorney or attorneys
of the Company at law or in fact for such purposes(s) and with such powers, authorities and discretions, and for such period and subject
to such conditions, as it deems fit, and any such power of attorney or other appointment may contain such provisions for the protection
and convenience of persons dealing with any such attorney as the Board of Directors deems fit, and may also authorize any such attorney
to delegate all or any of the powers, authorities and discretions vested in him.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Number
of Directors</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Board of Directors shall consist of such number of Directors, not less than three (3) nor more
than twelve (12), including the External Directors <FONT STYLE="color: #0000FF"><U>(in any)</U></FONT>, which will be elected if and as
required under the Companies Law, as may be fixed from time to time by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 17.9pt 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Notwithstanding anything to the
contrary herein, this Article 38 may only be amended or replaced by a resolution adopted at a General Meeting by a majority of 70% of
the voting power represented at the General Meeting in person or by proxy and voting thereon, disregarding abstentions from the count
of the voting power present and voting.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Election and Removal of Directors</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
  </TABLE>
<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 0pt 0.5in; text-align: justify; color: red"><STRIKE>(a) Other than External
Directors, if any (who shall be elected and serve in office in strict accordance with the provisions of the Companies Law), Directors
of the Company shall be elected solely at an Annual General Meeting and shall serve in their office until the next Annual General Meeting,
or until they cease to serve in their office in accordance with the provisions of the Articles or any law, whichever is earlier.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: red"><STRIKE>(b) Prior to every
Annual General Meeting of the Company, and subject to clauses (a) and (f) of this Article, the Board of Directors (or a Committee thereof)
shall select, by a resolution adopted by a majority of the Board of Directors (or such Committee), a number of Persons to be proposed
to the Shareholders for election as Directors at such Annual General Meeting (the &ldquo;<B>Nominees</B>&rdquo;).</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: red"><STRIKE>(c) Any Proposing
Shareholder requesting to include on the agenda of an Annual General Meeting a nomination of a Person to be proposed to the Shareholders
for election as Director (such person, an &ldquo;<B>Alternate Nominee</B>&rdquo;), may so request provided that it complies with this
Article 39(e) and Article 25&nbsp;and applicable law. Unless otherwise determined by the Board, a Proposal Request relating to Alternate
Nominee is deemed to be a matter that is appropriate to be considered only in an Annual General Meeting. In addition to any information
required to be included in accordance with applicable law, such a Proposal Request shall include information required pursuant to Article
25, and shall also set forth: (i) the name, address, telephone number, fax number and email address of the Alternate Nominee and all citizenships
and residencies of the Alternate Nominee; (ii) a description of all arrangements, relations or understandings between the Proposing Shareholder(s)
or any of its affiliates and each Alternate Nominee; (iii) a declaration signed by the Alternate Nominee that he consents to be named
in the Company&rsquo;s notices and proxy materials relating to the Annual General Meeting, if provided or published, and, if elected,
to serve on the Board of Directors and to be named in the Company&rsquo;s disclosures and filings, (iv) a declaration signed by each Alternate
Nominee as required under the Companies Law and any other applicable law and stock exchange rules and regulations for the appointment
of such an Alternate Nominee and an undertaking that all of the information that is required under law and stock exchange rules and regulations
to be provided to the Company in connection with such an appointment has been provided (including, information in respect of the Alternate
Nominee as would be provided in response to the applicable disclosure requirements under Form 20-F or any other applicable form prescribed
by the U.S. Securities and Exchange Commission); (v) a declaration made by the Alternate Nominee of whether he or she meets the criteria
for an independent director and/or External Director of the Company under the Companies Law and/or under any applicable law, regulation
or stock exchange rules, and if not, then an explanation of why not; and (vi) any other information required at the time of submission
of the Proposal Request by applicable law, regulations or stock exchange rules. In addition, the Proposing Shareholder shall promptly
provide any other information reasonably requested by the Company. The Board of Directors may refuse to acknowledge the nomination of
any person not made in compliance with the foregoing. The Company shall be entitled to publish any information provided by a Proposing
Shareholder pursuant to this Article 39(e) and Article 25, and the Proposing Shareholder shall be responsible for the accuracy and completeness
thereof.</STRIKE></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: red"><STRIKE>(d) The Nominees
or Alternate Nominees shall be elected by a resolution adopted at the Annual General Meeting at which they are subject to election.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: red"><STRIKE>(e) Notwithstanding
anything to the contrary herein, this Article 39 and Article 42(e) may only be amended, replaced or suspended by a resolution adopted
at a General Meeting by a majority of 70% of the voting power represented at the General Meeting in person or by proxy and voting thereon,
disregarding abstentions from the count of the voting power present and voting.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: red"><STRIKE>(f) Notwithstanding
anything to the contrary in these Articles, the election, qualification, removal or dismissal of External Directors shall be only in accordance
with the applicable provisions set forth in the Companies Law.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(a) The Directors, excluding
the External Directors if any (who shall be elected and serve in office in accordance with the provisions of the Companies Law, if so
required by the Companies Law), shall be classified, with respect to the term for which they each severally hold office, into three classes,
as nearly equal in number as practicable, hereby designated as Class I, Class II and Class III.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: blue"><U>(i) The term of office
of the initial Class I directors shall expire at the first Annual General Meeting to be held in 2027 and when their successors are elected
and qualified,</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: blue"><U>(ii) The term of office
of the initial Class II directors shall expire at the first Annual General Meeting following the Annual General Meeting referred to in
clause (i) above and when their successors are elected and qualified, and</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: blue"><U>(iii) The term of office
of the initial Class III directors shall expire at the first Annual General Meeting following the Annual General Meeting referred to in
clause (ii) above and when their successors are elected and qualified.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(b) Directors (other
than External Directors), may only be elected in Annual General Meetings. At each Annual General Meeting, commencing with the Annual General
Meeting to be held in 2027, each of the successors elected to replace the Directors of a Class whose term shall have expired at such Annual
General Meeting shall be elected to hold office until the third Annual General Meeting next succeeding his or her election and until his
or her respective successor shall have been elected and qualified. Notwithstanding anything to the contrary, each Director shall serve
until his or her successor is elected and qualified or until such earlier time as such Director&rsquo;s office is vacated.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(c) If the number of
Directors (excluding External Directors) that constitutes the Board of Directors is hereafter changed, the then-serving Directors shall
be redesignated to other Classes and/or any newly created directorships or decrease in directorships shall be apportioned by the Board
of Directors among the classes so as to make all classes as nearly equal in number as is practicable, provided that no decrease in the
number of Directors constituting the Board of Directors shall shorten the term of any incumbent Director.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(d) Prior to every Annual
General Meeting of the Company at which Directors are to be elected, and subject to clauses (a) and (g) of this Article, the Board of
Directors (or a Committee thereof) shall select, by a resolution adopted by a majority of the Board of Directors (or such Committee),
a number of Persons to be proposed to the Shareholders for election as Directors to the relevant class at such Annual General Meeting
(the &ldquo;Nominees&rdquo;).</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>The Board may consider,
among other things, the following methods: (i) election of competing slates of Nominees (determined in a manner approved by the Board
of Directors) by a majority of the voting power represented at the Annual General Meeting in person or by proxy and voting on such competing
slates, (ii) election of individual directors by a plurality of the voting power represented at the Annual General Meeting in person or
by proxy and voting on the election of directors (which shall mean that the Nominees receiving the largest number of &ldquo;for&rdquo;
votes will be elected in such Contested Election), (iii) election of each Nominee by a majority of the voting power represented at the
Annual General Meeting in person or by proxy and voting on the election of directors, provided that if the number of such Nominees exceeds
the number of directors to be elected, then as among such Nominees the election shall be by plurality of the voting power as described
above, and (iv) such other method of voting as the Board of Directors deems appropriate, including use of a &ldquo;universal proxy card&rdquo;
listing all Nominees and Alternate Nominees by the Company.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>For the purposes of
these Articles, election of directors at a Annual General Meeting shall be considered a &ldquo;Contested Election&rdquo; if the aggregate
number of Nominees and Alternate Nominees at such meeting exceeds the total number of Directors to be elected at such meeting, with the
determination thereof being made by the Secretary (or, in the absence thereof, by the CEO of the Company) as of the close of the applicable
notice of nomination period under these Articles or under applicable law, based on whether one or more notice(s) of nomination were timely
filed in accordance herewith; provided, however, that the determination that an election is a Contested Election shall not be determinative
as to the validity of any such notice of nomination; and provided further, that, if, prior to the time the Company mails its initial proxy
statement in connection with such election of directors, one or more notices of nomination of an Alternate Nominee are withdrawn such
that the number of candidates for election as director no longer exceeds the number of directors to be elected, the election shall not
be considered a Contested Election. At any Annual General Meeting at which Directors are to be elected, each shareholder shall be entitled
to cast a number of votes with respect to nominees for election to the Board of Directors up to the total number of Directors to be elected
at such meeting. Shareholders shall not be entitled to cumulative voting in the election of Directors, except to the extent specifically
set forth in this Article.</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(e) Any Proposing Shareholder
requesting to include on the agenda of an Annual General Meeting a nomination of a Person to be proposed to the Shareholders for election
as Director (such person, an &ldquo;Alternate Nominee&rdquo;), may so request provided that it complies with this Article 39(e) and Article
25 and applicable law.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: blue"><U>Unless otherwise determined
by the Board of Directors, a Proposal Request relating to Alternate Nominee is deemed to be a matter that is appropriate to be considered
only in an Annual General Meeting.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: blue"><U>In addition to any information
required to be included in accordance with applicable law, such a Proposal Request shall include information required pursuant to Article
25, and shall also set forth:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81.9pt; text-align: justify; text-indent: 1.1pt; color: blue"><U>(i)
the name, address, telephone number, fax number and email address of the Alternate Nominee and all citizenships and residencies of the
Alternate Nominee; (ii) a description of all arrangements, relations or understandings between the Proposing Shareholder(s) or any of
its affiliates and each Alternate Nominee; (iii) a declaration signed by the Alternate Nominee that he consents to be named in the Company&rsquo;s
notices and proxy materials relating to the Annual General Meeting, if provided or published, and, if elected, to serve on the Board of
Directors and to be named in the Company&rsquo;s disclosures and filings, (iv) a declaration signed by each Alternate Nominee as required
under the Companies Law and any other applicable law and stock exchange rules and regulations for the appointment of such an Alternate
Nominee and an undertaking that all of the information that is required under law and stock exchange rules and regulations to be provided
to the Company in connection with such an appointment has been provided (including, information in respect of the Alternate Nominee as
would be provided in response to the applicable disclosure requirements under Form 20-F or any other applicable form prescribed by the
U.S. Securities and Exchange Commission); (v) a declaration made by the Alternate Nominee of whether he or she meets the criteria for
an independent director and/or External Director of the Company under the Companies Law and/or under any applicable law, regulation or
stock exchange rules, and if not, then an explanation of why not; and (vi) any other information required at the time of submission of
the Proposal Request by applicable law, regulations or stock exchange rules. In addition, the Proposing Shareholder shall promptly provide
any other information reasonably requested by the Company.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81.9pt; text-align: justify; text-indent: 1.1pt; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: blue"><U>The Board of Directors
may refuse to acknowledge the nomination of any person not made in compliance with the foregoing. The Company shall be entitled to publish
any information provided by a Proposing Shareholder pursuant to this Article 39(e) and Article 25, and the Proposing Shareholder shall
be responsible for the accuracy and completeness thereof.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(f) The Nominees or
Alternate Nominees shall be elected by a resolution adopted at the Annual General Meeting at which they are subject to election.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(g) Notwithstanding
anything to the contrary in these Articles, the election, qualification, removal or dismissal of External Directors shall be only in accordance
with the applicable provisions set forth in the Companies Law.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(h) Directors whose
terms of office have expired or terminated may be re-elected. The aforesaid will not apply to external directors, whose reappointment
shall be in accordance with the provisions of the Companies Law and the regulations promulgated thereunder.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: blue"><U>(i) Notwithstanding
anything to the contrary herein, this Article 39 and Article 42(e) may only be amended, replaced or suspended by a resolution adopted
at a General Meeting by a majority of 70% of the voting power represented at the General Meeting in person or by proxy and voting thereon,
disregarding abstentions from the count of the voting power present and voting.</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Commencement
of Directorship</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Without derogating from Article 39,
the term of office of a Director shall commence as of the date of his appointment or election, or on a later date if so specified in his
appointment or election.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Continuing
Directors in the Event of Vacancies</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Board <FONT STYLE="color: #0000FF"><U>of Directors </U></FONT>may at any time and from time to time appoint any person as a Director
to fill a vacancy (whether such vacancy is due to a Director no longer serving or due to the number of Directors serving being less than
the maximum number stated in Article 38 hereof). In the event of one or more such vacancies in the Board of Directors, the continuing
Directors may continue to act in every matter, provided, however, that if they number less than the minimum number provided <FONT STYLE="color: #FF0000"><STRIKE>for
pursuant to</STRIKE></FONT><FONT STYLE="color: #0000FF"><U>in</U></FONT> Article 38 hereof, they may only act in an emergency or to fill
the office of director which has become vacant up to a number equal to the minimum number provided for pursuant to Article 38 hereof.
The office of a Director that was appointed by the Board of Directors to fill any vacancy shall only be for the remaining period of time
during which the Director whose service has ended was filled would have held office, or in case of a vacancy due to the number of Directors
serving being less than the maximum number stated in Article 38 hereof, the Board <FONT STYLE="color: #0000FF"><U>of Directors </U></FONT>shall
determine at the time of appointment the class pursuant to Article 39 to which the additional Director shall be assigned. <FONT STYLE="color: #0000FF"><U>Other
than as provided in this Article 41 directors may be elected only at Annual General Meetings.</U></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; color: #0000FF"><FONT STYLE="font-size: 10pt"><U>This
Article 41 may only be amended, replaced or suspended by a resolution adopted at a General Meeting by a majority of 70% of the voting
power represented at the General Meeting in person or by proxy and voting thereon, disregarding abstentions from the count of the voting
power present and voting.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; color: #0000FF"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Vacation
of Office</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The office of a Director shall be vacated
and he or she shall be dismissed or removed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&nbsp;<I>ipso facto</I>, upon his
or her death;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) if he or she is prevented by applicable
law from serving as a Director;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman">&nbsp;
</FONT>if the Board <FONT STYLE="color: #0000FF"><U>of Directors </U></FONT>determines that due to his or her mental or physical state
he or she is unable to serve as a director;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(d)
if his or her directorship expires pursuant to these Articles and/or applicable <FONT STYLE="letter-spacing: -0.2pt">law;</FONT></FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;
</FONT>by a resolution adopted at a<FONT STYLE="color: #0000FF"><U>n Annual </U></FONT>General Meeting by a majority of 70% of the voting
power represented at the <FONT STYLE="color: #0000FF"><U>Annual</U></FONT> General Meeting in person or by proxy and voting thereon,
disregarding abstentions from the count of the voting power present and voting. Such removal shall become effective on the date fixed
in such resolution;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(f)
by his or her written resignation, such resignation becoming effective on the date fixed therein, or upon the delivery thereof to the
Company, whichever is later; <FONT STYLE="color: #FF0000"><STRIKE>or</STRIKE></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman">&nbsp;
</FONT>with respect to an External Director, and notwithstanding anything to the contrary herein, only pursuant to applicable law<FONT STYLE="color: #0000FF"><U>;
or</U></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="color: blue"><U>(h) if
his or her office is vacated by virtue of the order or decision of a competent court (in a litigation to which the Company is a party).
Such removal shall become effective on the date fixed by the court order or decision.</U></FONT><FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 18.1pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 18.1pt 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Conflict
of Interests; Approval of Related Party Transactions</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the provisions of the Companies
Law and these Articles, no Director shall be disqualified by virtue of his office from holding any office or place of profit in the Company
or in any company in which the Company shall be a shareholder or otherwise interested, or from contracting with the Company as vendor,
purchaser or otherwise, nor shall any such contract, or any contract or arrangement entered into by or on behalf of the Company in which
any Director shall be in any way interested, be avoided, nor, other than as required under the Companies Law, shall any Director be liable
to account to the Company for any profit arising from any such office or place of profit or realized by any such contract or arrangement
by reason only of such Director&rsquo;s holding that office or of the fiduciary relations thereby established, but the nature of his interest,
as well as any material fact or document, must be disclosed by him at the meeting of the Board of Directors at which the contract or arrangement
is first considered, if his interest then exists, or, in any other case, at no later than the first meeting of the Board of Directors
after the acquisition of his interest.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">44.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Alternate
Directors</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman">&nbsp;
</FONT>Subject to the provisions of the Companies Law, a Director may, by written notice to the Company, appoint, remove or replace any
person as an alternate for himself; provided that the appointment of such person shall have effect only upon and subject to its being
approved by the Board <FONT STYLE="color: #0000FF"><U>of Directors </U></FONT>(in these Articles, an &ldquo;<B>Alternate Director</B>&rdquo;).
Unless the appointing Director, by the instrument appointing an Alternate Director or by written notice to the Company, limits such appointment
to a specified period of time or restricts it to a specified meeting or action of the Board of Directors, or otherwise restricts its
scope, the appointment shall be for all purposes, and for a period of time concurrent with the term of the appointing Director.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman">&nbsp;
</FONT>Any notice to the Company pursuant to Article 44(a) shall be given in person to, or by sending the same by mail to the attention
of the Chairperson of the Board of Directors at the principal office of the Company or to such other person or place as the Board of
Directors shall have determined for such purpose, and shall become effective on the date fixed therein, upon the receipt thereof by the
Company (at the place as aforesaid) or upon the approval of the appointment by the Board <FONT STYLE="color: #0000FF"><U>of Directors</U></FONT>,
whichever is later.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) An Alternate Director shall have
all the rights and obligations of the Director who appointed him, provided however, that (i) he may not in turn appoint an alternate for
himself (unless the instrument appointing him otherwise expressly provides), and (ii) an Alternate Director shall have no standing at
any meeting of the Board of Directors or any Committee thereof while the Director who appointed him is present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) Any individual, who qualifies to
be a member of the Board of Directors, may act as an Alternate Director. One person may not act as Alternate Director for several directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e) The office of an Alternate Director
shall be vacated under the circumstances,&nbsp;<I>mutatis mutandis</I>, set forth in Article 42, and such office shall ipso facto be vacated
if the office of the Director who appointed such Alternate Director is vacated, for any reason.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>Proceedings
of the Board of Directors</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Meetings</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Board of Directors may meet
and adjourn its meetings and otherwise regulate such meetings and proceedings as the Directors think fit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Any Director may at any time, and
the Secretary, upon the request of such Director, shall, convene a meeting of the Board of Directors, but not less than forty-eight (48)
hours&rsquo; notice shall be given of any meeting so convened, unless such notice is waived by all of the Directors as to a particular
meeting or unless the matters to be discussed at such meeting are of such urgency and importance, as determined by the Chairperson, that
notice ought reasonably to be waived under the circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) Notice of any such meeting shall
be given in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) Notwithstanding anything to the
contrary herein, failure to deliver notice to a director of any such meeting in the manner required hereby may be waived by such Director,
and a meeting shall be deemed to have been duly convened notwithstanding such defective notice if such failure or defect is waived prior
to action being taken at such meeting, by all Directors entitled to participate at such meeting to whom notice was not duly given as aforesaid.
Without derogating from the foregoing, no Director present at any time during a meeting of the Board of Directors shall be entitled to
seek the cancellation or invalidation of any proceedings or resolutions adopted at such meeting on account of any defect in the notice
of such meeting relating to the date, time or the place thereof or the convening of the meeting.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Quorum</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Until otherwise unanimously decided
by the Board of Directors, a quorum at a meeting of the Board of Directors shall be constituted by the presence in person or by any means
of communication of a majority of the Directors then in office who are lawfully entitled to participate and vote in the meeting. No business
shall be transacted at a meeting of the Board of Directors unless the requisite quorum is present (in person or by any means of communication)
when the meeting proceeds to business.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Chairperson
of the Board of Directors</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board of Directors shall, from time
to time, elect one of its members to be the Chairperson of the Board of Directors, remove such Chairperson from office and appoint in
his place. The Chairperson of the Board of Directors shall preside at every meeting of the Board of Directors, but if there is no such
Chairperson, or if at any meeting he is not present within fifteen (15) minutes of the time fixed for the meeting or if he is unwilling
to take the chair, the Directors present shall choose one of the Directors present at the meeting to be the Chairperson of such meeting.
The office of Chairperson of the Board of Directors shall not, by itself, entitle the holder to a second or casting vote.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Validity
of Acts Despite Defects</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All acts done or transacted at any meeting
of the Board of Directors, or of a Committee of the Board of Directors, or by any person(s) acting as Director(s), shall, notwithstanding
that it may afterwards be discovered that there was some defect in the appointment of the participants in such meeting or any of them
or any person(s) acting as aforesaid, or that they or any of them were disqualified, be as valid as if there were no such defect or disqualification.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>Chief
Executive Officer</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Chief
Executive Officer</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Board of Directors shall from
time to time appoint one or more persons, whether or not Directors, as Chief Executive Officer of the Company and may confer upon such
person(s), and from time to time modify or revoke, such titles and such duties and authorities of the Board of Directors as the Board
of Directors may deem fit, subject to such limitations and restrictions as the Board of Directors may from time to time prescribe. Such
appointment(s) may be either for a fixed term or without any limitation of time, and the Board of Directors may from time to time (subject
to any additional approvals required under, and the provisions of, the Companies Law and of any contract between any such person and the
Company) fix their salaries and compensation, remove or dismiss them from office and appoint another or others in his or their place or
places.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Unless otherwise determined by the
Board of Directors, the Chief Executive Officer shall have authority with respect to the management and operations of the Company in the
ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Minutes</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">50.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Minutes</U></B><U>.</U></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Any
minutes of the General Meeting or the Board of Directors or any committee thereof, if purporting to be signed by the Chairperson of the
General Meeting, the Board or a committee thereof, as the case may be, or by the Chairperson of the next succeeding General Meeting,
meeting of the Board <FONT STYLE="color: #0000FF"><U>of Directors</U></FONT> or meeting of a committee thereof, as the case may be, shall
constitute prima facie evidence of the matters recorded <FONT STYLE="letter-spacing: -0.1pt">therein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Dividends</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Declaration
of Dividends</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board of Directors may from time
declare, and cause the Company to pay, such dividend as may appear to the Board of Directors to be justified by the profits of the Company
and as permitted by the Companies Law. The Board of Directors shall determine the time for payment of such dividends and the record date
for determining the shareholders entitled thereto.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Amount
Payable by Way of Dividends</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) Subject to the provisions of these
Articles and subject to the rights or conditions attached at that time to any share in the capital of the Company granting preferential,
special or deferred rights or not granting any rights with respect to dividends, any dividend paid by the Company shall be allocated among
the shareholders (not in default in payment of any sum referred to in Article 13 hereof) entitled thereto in proportion to their respective
holdings of the shares in respect of which such dividends are being paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Whenever the rights attached to
any shares or the terms of issue of the shares do not provide otherwise, shares which are fully paid up or which are credited as fully
or partly paid within any period which in respect thereof dividends are paid shall entitle the holders thereof to a dividend in proportion
to the amount paid up or credited as paid up in respect of the nominal value of such shares and to the date of payment thereof (pro rata
temporis).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Interest</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No dividend shall carry interest as
against the Company.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Capitalization
of Profits, Reserves, etc</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board of Directors may determine
that the Company (i) may cause any moneys, investments, or other assets forming part of the undivided profits of the Company, standing
to the credit of a reserve fund, or to the credit of a reserve fund for the redemption of capital, or in the hands of the Company and
available for dividends, or representing premiums received on the issuance of shares and standing to the credit of the share premium account,
to be capitalized and distributed among such of the shareholders as would be entitled to receive the same if distributed by way of dividend
and in the same proportion, on the footing that they become entitled thereto as capital, or may cause any part of such capitalized fund
to be applied on behalf of such shareholders in paying up in full, either at par or at such premium as the resolution may provide, any
unissued shares or debentures or debenture stock of the Company which shall be distributed accordingly, in payment, in full or in part,
of the uncalled liability on any issued shares or debentures or debenture stock; and (ii) may cause such distribution or payment to be
accepted by such shareholders in full satisfaction of their interest in the said capitalized sum.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Implementation
of Powers</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purpose of giving full effect
to any resolution under Article 54, and without derogating from the provisions of Article 56 hereof, the Board of Directors may settle
any difficulty which may arise in regard to the distribution as it thinks expedient, and, in particular, may fix the value for distribution
of any specific assets and may determine that cash payments shall be made to any shareholders upon the footing of the value so fixed,
or that fractions of less value than a certain determined value may be disregarded in order to adjust the rights of all parties, and may
vest any such cash, shares, debentures, debenture stock or specific assets in trustees upon such trusts for the persons entitled to the
dividend or capitalized fund as may seem expedient to the Board of Directors. Where requisite, a proper contract shall be filed in accordance
with Section 291 of the Companies Law, and the Board of Directors may appoint any person to sign such contract on behalf of the persons
entitled to the dividend or capitalized fund.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Deductions
from Dividends</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board of Directors may deduct from
any dividend or other moneys payable to any Shareholder in respect of a share any and all sums of money then payable by such Shareholder
to the Company on account of calls or otherwise in respect of shares of the Company and/or on account of any other matter of transaction
whatsoever.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">57.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Retention
of Dividends</U></B><U>.</U></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Board of Directors may retain
any dividend or other moneys payable or property distributable in respect of a share on which the Company has a lien, and may apply the
same in or toward satisfaction of the debts, liabilities, or engagements in respect of which the lien exists.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The Board of Directors may retain
any dividend or other moneys payable or property distributable in respect of a share in respect of which any person is, under Articles
21 or 22, entitled to become a Shareholder, or which any person is, under said Articles, entitled to transfer, until such person shall
become a Shareholder in respect of such share or shall transfer the same.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Unclaimed
Dividends</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">All unclaimed dividends or other moneys
payable in respect of a share may be invested or otherwise made use of by the Board of Directors for the benefit of the Company until
claimed. The payment by the Directors of any unclaimed dividend or such other moneys into a separate account shall not constitute the
Company a trustee in respect thereof, and any dividend unclaimed after a period of seven years from the date of declaration of such dividend,
and any such other moneys unclaimed after a like period from the date the same were payable, shall be forfeited and shall revert to the
Company, provided, however, that the Board of Directors may, at its discretion, cause the Company to pay any such dividend or such other
moneys, or any part thereof, to a person who would have been entitled thereto had the same not reverted to the Company. The principal
(and only the principal) of any unclaimed dividend of such other moneys shall be, if claimed, paid to a person entitled thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Mechanics
of Payment</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Any
dividend or other moneys payable in cash in respect of a share may be paid by check or warrant sent through the post to, or left at,
the registered address of the person entitled thereto or by transfer to a bank account specified by such person (or, if two or more persons
are registered as joint holders of such share or are entitled jointly thereto in consequence of the death or bankruptcy of the holder
or otherwise, to the joint holder whose name is registered first in the Register of Shareholders or his bank account or the person who
the Company may then recognize as the owner thereof or entitled thereto under Article 21 or 22 hereof, as applicable, or such person&rsquo;s
bank account), or to such person and at such other address as the person entitled thereto may by writing direct, or in any other manner
the Board <FONT STYLE="color: #0000FF"><U>of Directors </U></FONT>deems appropriate. Every <FONT STYLE="letter-spacing: -0.2pt">such
</FONT>check or warrant or other method of payment shall be made payable to the order of the person to whom it is sent, or to such person
as the person entitled thereto as aforesaid may direct, and payment of the check or warrant by the banker upon whom it is drawn shall
be a good discharge to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Receipt
from a Joint Holder</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If two or more persons are registered
as joint holders of any share, or are entitled jointly thereto in consequence of the death or bankruptcy of the holder or otherwise, any
one of them may give effectual receipts for any dividend or other moneys payable or property distributable in respect of such share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Accounts</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Books
of Account</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s books of account
shall be kept at the Office of the Company, or at such other place or places as the Board of Directors may think fit, and they shall always
be open to inspection by all Directors. No shareholder, not being a Director, shall have any right to inspect any account or book or other
similar document of the Company, except as conferred by law or authorized by the Board of Directors. The Company shall make copies of
its annual financial statements available for inspection by the Shareholders at the principal offices of the Company. The Company shall
not be required to send copies of its annual financial statements to the Shareholders.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Auditors</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The appointment, authorities, rights
and duties of the auditor(s) of the Company, shall be regulated by applicable law, provided, however, that in exercising its authority
to fix the remuneration of the auditor(s), the shareholders in General Meeting may act (and in the absence of any action in connection
therewith shall be deemed to have so acted) to authorize the Board of Directors (with right of delegation to management) to fix such remuneration
subject to such criteria or standards, and if no such criteria or standards are so provided, such remuneration shall be fixed in an amount
commensurate with the volume and nature of the services rendered by such auditor(s).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Internal
auditor</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To the extent required by the Companies
Law the Board of Directors will appoint an internal auditor according to the audit committee&rsquo;s recommendation (&ldquo;<B>Internal
Auditor</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Internal Auditor shall submit, for
the approval of the Board of Directors or the audit committee, as determined by the Board of Directors, a proposal for an annual or periodic
work plan, and the Board of Directors or the audit committee shall approve such plan with such changes as it deem fit. Unless the Board
of Directors determines otherwise, the work plan shall be submitted to the Board of Directors and approved by it.</P>

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

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

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<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"><FONT STYLE="font-variant: small-caps"><B>Supplementary
Registers</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Supplementary
Registers</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to and in accordance with the
provisions of Sections 138 and 139 of the Companies Law, the Company may cause supplementary registers to be kept in any place outside
Israel as the Board of Directors may think fit, and, subject to all applicable requirements of law, the Board of Directors may from time
to time adopt such rules and procedures as it may think fit in connection with the keeping of such branch registers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exemption,
Indemnity and Insurance</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">64.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Insurance</U></B>.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the provisions of the Companies
Law with regard to such matters, the Company may enter into a contract for the insurance of the liability, in whole or in part, of any
of its Office Holders imposed on such Office Holder due to an act performed by or an omission of the Office Holder in the Office Holder&rsquo;s
capacity as an Office Holder of the Company arising from any matter permitted by law, including the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) a breach of duty of care to the
Company or to any other person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) a breach of duty of loyalty to the
Company, provided that the Office Holder acted in good faith and had reasonable grounds to assume that the act that resulted in such breach
would not prejudice the interests of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) a financial liability imposed on
such Office Holder in favor of any other person; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) any other event, occurrence, matter
or circumstance under any law with respect to which the Company may, or will be able to, insure an Office Holder, and to the extent such
law requires the inclusion of a provision permitting such insurance in these Articles, then such provision is deemed to be included and
incorporated herein by reference (including, without limitation, in accordance with Section 56h(b)(1) of the Securities Law, if and to
the extent applicable, and Section 50P of the RTP Law).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Indemnity</U></B>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) Subject to the provisions of the
Companies Law, the Company may retroactively indemnify an Office Holder of the Company with respect to the following liabilities and expenses,
provided that such liabilities or expenses were imposed on such Office Holder or incurred by such Office Holder due to an act performed
by or an omission of the Office Holder in such Office Holder&rsquo;s capacity as an Office Holder of the Company:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i) a financial liability imposed on an
Office Holder in favor of another person by any court judgment, including a judgment given as a result of a settlement or an arbitrator&rsquo;s
award which has been confirmed by a court in respect of an act performed by the Office Holder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii) reasonable litigation expenses, including
attorneys&rsquo; fees, expended by the Office Holder as a result of an investigation or proceeding instituted against him or her by an
authority authorized to conduct such investigation or proceeding, or in connection with a financial sanction, provided that (1) no indictment
(as defined in the Companies Law) was filed against such office holder as a result of such investigation or proceeding; and (2) no financial
liability in lieu of a criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation
or proceeding or if such financial liability was imposed, it was imposed with respect to an offence that does not require proof of criminal
intent;</P>

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

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

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<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 0pt 1in; text-align: justify">(iii) reasonable litigation costs, including
attorney&rsquo;s fees, expended by an Office Holder or which were imposed on an Office Holder by a court in proceedings filed against
the Office Holder by the Company or in its name or by any other person or in a criminal charge in respect of which the Office Holder was
acquitted or in a criminal charge in respect of which the Office Holder was convicted for an offence which did not require proof of criminal
intent; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iv) any other event, occurrence, matter
or circumstance under any law with respect to which the Company may, or will be able to, indemnify an Office Holder, and to the extent
such law requires the inclusion of a provision permitting such indemnity in these Articles, then such provision is deemed to be included
and incorporated herein by reference (including, without limitation, in accordance with Section 56h(b)(1) of the Securities Law, if and
to the extent applicable, and Section 50P(b)(1) of the RTP Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Subject to the provisions of the
Companies Law, the Company may undertake to indemnify an Office Holder, in advance, with respect to those liabilities and expenses described
in the following Articles:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i) Sub-Article 65(a)(ii) to 65(a)(iv);
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii) Sub-Article 65(a)(i), provided that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">(1) the undertaking to indemnify
is limited to such events which the Board of Directors shall deem to be likely to occur in light of the operations of the Company at the
time that the undertaking to indemnify is made and for such amounts or criterion which the Directors may, at the time of the giving of
such undertaking to indemnify, deem to be reasonable under the circumstances; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">(2) the undertaking to indemnify
shall set forth such events which the Directors shall deem to be likely to occur in light of the operations of the Company at the time
that the undertaking to indemnify is made, and the amounts and/or criterion which the Directors may, at the time of the giving of such
undertaking to indemnify, deem to be reasonable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">The maximum amount of indemnification
payable by the Company with respect to those liabilities and expenses described in Sub-Article 65(a)(i), for each Office Holder and for
all Office Holders together, individually or in aggregate, under all letters of indemnification issued or to be issued by the Company,
shall not exceed the greater of $5,000,000 and 25% of the Company&rsquo;s Determining Equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">For that purpose, the &ldquo;<B>Company&rsquo;s
Determining Equity</B>&rdquo; means its equity according to its most recent audited or reviewed financial statements, as the case may
be, as of the date of actual payment of indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Exemption</U></B>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the provisions of the Companies
Law and the Securities Law, the Company may exempt and release, in advance, any Office Holder from any liability to the Company for damages
arising out of a breach of the Office Holder&rsquo;s duty of care towards the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding the foregoing, the Company
may not exempt a Director in advance from his liability for damages with respect to violation of his duty of care to the Company with
respect to distributions. In addition, the Company may not exempt an Office Holder from his liability to the Company with regard to a
resolution and/or a transaction in which the controlling Shareholder and/or any Office Holder has a personal interest.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Companies Law and the provisions of any other law, the Company may exempt, insure and/or indemnify (whether
retroactively or by way of advance indemnity undertaking) a person who has held, holds or will hold office and/or who was employed, is
employed or will be employed on the Company&rsquo;s behalf or in another company in which the Company holds securities, directly or indirectly,
or in which the Company has any interest due to liability, payment or cost imposed upon him or expensed by him in consequence of an action
made by him in his capacity as an officer or an employee in such company, and Articles 64 through 66 shall apply, mutatis mutandis, in
that respect<FONT STYLE="font-variant: small-caps">.</FONT></FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of Articles 64 through 66 shall also apply to an alternate director.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>General</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) Any amendment to the Companies Law
adversely affecting the right of any Office Holder to be indemnified or insured pursuant to Articles 64 to 68 and any amendments to Articles
64 to 68 shall be prospective in effect, and shall not affect the Company&rsquo;s obligation or ability to indemnify or insure an Office
Holder for any act or omission occurring prior to such amendment, unless otherwise provided by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) The provisions of Articles 64 to
68 (i) shall apply to the maximum extent permitted by law (including, the Companies Law, the Securities Law and the RTP Law); and (ii)
are not intended, and shall not be interpreted so as to restrict the Company, in any manner, in respect of the procurement of insurance
and/or in respect of indemnification (whether in advance or retroactively) and/or exemption, in favor of any person who is not an Office
Holder, including, without limitation, any employee, agent, consultant or contractor of the Company who is not an Office Holder; and/or
any Office Holder to the extent that such insurance and/or indemnification is not specifically prohibited under law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Winding
Up</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Winding
Up</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">If the Company is wound up, then,
subject to applicable law and to the rights of the holders of shares with special rights upon winding up, the assets of the Company available
for distribution among the shareholders shall be distributed to them in proportion to the nominal value of their respective holdings of
the shares in respect of which such distribution is being made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: blue"><FONT STYLE="font-variant: small-caps"><B><U>Exclusive
Forum</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>71.</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; color: blue"><B><U>Exclusive
Forum.</U></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; color: blue"><U>Unless the Company
consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the
sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States Securities Act
of 1933, as amended. Any person or entity purchasing or otherwise acquiring any interest in any security of the Company shall be deemed
to have notice of and consented to this exclusive forum provision. This exclusive forum provision will not apply to suits brought to enforce
any liability or duty created by the United States Securities Exchange Act of 1934, as amended.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Notices</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>71</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>72</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Notices</U></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) Any written notice or other document
may be served by the Company upon any shareholder either personally, by facsimile, email or other electronic transmission, or by sending
it by prepaid mail (airmail if sent internationally) addressed to such shareholder at his address as described in the Register of Shareholders
or such other address as he may have designated in writing for the receipt of notices and other documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Any written notice or other document
may be served by any shareholder upon the Company by tendering the same in person to the Secretary or the Chief Executive Officer of the
Company at the principal office of the Company, by facsimile transmission, or by sending it by prepaid registered mail (airmail if posted
outside Israel) to the Company at its Office.</P>

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

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

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<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 0pt 0.5in; text-align: justify">(c) Any such notice or other document
shall be deemed to have been served:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i) in the case of mailing, forty-eight
(48) hours after it has been posted, or when actually received by the addressee if sooner than forty-eight hours after it has been posted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii) in the case of overnight air courier,
on the next business day following the day sent, with receipt confirmed by the courier, or when actually received by the addressee if
sooner than three business days after it has been sent;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii) in the case of personal delivery,
when actually tendered in person, to such addressee; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iv) in the case of facsimile, email or
other electronic transmission, on the first business day (during normal business hours in place of addressee) on which the sender receives
automatic electronic confirmation by the addressee&rsquo;s facsimile machine that such notice was received by the addressee or delivery
confirmation from the addressee&rsquo;s email or other communication server.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) If a notice is, in fact, received
by the addressee, it shall be deemed to have been duly served, when received, notwithstanding that it was defectively addressed or failed,
in some other respect, to comply with the provisions of this Article <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>71</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>72</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e) All notices to be given to the shareholders
shall, with respect to any share to which persons are jointly entitled, be given to whichever of such persons is named first in the Register
of Shareholders, and any notice so given shall be sufficient notice to the holders of such share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(f) Any shareholder whose address is
not described in the Register of Shareholders, and who shall not have designated in writing an address for the receipt of notices, shall
not be entitled to receive any notice from the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(g) Notwithstanding anything to the
contrary contained herein, notice by the Company of a General Meeting, containing the information required by applicable law and these
Articles to be set forth therein, which is published, within the time otherwise required for giving notice of such meeting, in the manner
required by applicable law.</P>

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

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

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

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<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-align: center"><B>QTREX QUANTUM LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD
OF DIRECTORS</B></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: justify">The undersigned hereby appoints, Yafit Tehila,
Chief Financial Officer of QTREX Quantum Ltd. (the &ldquo;<B>Company</B>&rdquo;) and Dagi Ben-Noon, Chief Executive Officer of the Company,
and each of them, agents and proxies of the undersigned, with full power of substitution to each of them, to represent and to vote on
behalf of the undersigned all the Ordinary Shares of the <B>Company</B> which the undersigned is entitled to vote at the Annual and Extraordinary
General Meeting of Shareholders (the &ldquo;<B>Meeting</B>&rdquo;) to be held on August 28, 2026 at 1:00 p.m. Israel time, and at any
adjournments or postponements thereof, upon the following matters, which are more fully described in the Notice of Annual and Extraordinary
General Meeting of Shareholders and proxy statement relating to the Meeting.</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">This Proxy, when properly executed, shall be voted
in the manner directed herein by the undersigned. If no direction is made with respect to any matter, this Proxy shall be voted FOR such
matter. Any and all proxies heretofore given by the undersigned are hereby revoked.</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: center"><B>(Continued and to be signed on the reverse side)</B></P>

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


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<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; text-align: center"><B>QTREX QUANTUM LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNUAL AND EXTRAORDINARY GENERAL MEETING OF
SHAREHOLDERS </B></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: center">Date of Meeting: August 28, 2026</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: center">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED
ENVELOPE. PLEASE<BR>
MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>1</B>.</TD><TD STYLE="text-align: justify">To re-appoint Ziv Haft, Certified Public Accountants (Israel),
a member of BDO, an independent registered public accounting firm, as the Company&rsquo;s independent auditor of the Company until the
next annual general meeting of the shareholders, and to authorize the Company&rsquo;s Board of Directors to determine the compensation
of Ziv Haft until the next annual general meeting.</TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">2.1</TD><TD STYLE="text-align: justify">To re-elect Mr. Dagi Ben-Noon as a member of the Board of
Directors until the next Annual General Meeting of Shareholders.</TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">2.2</TD><TD STYLE="text-align: justify">To re-elect Mr. Tal Parnes as a member of the Board of Directors
until the next Annual General Meeting of Shareholders.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">2.3</TD><TD STYLE="text-align: justify">To re-elect Mr. Lior Amit as a member of the Board of Directors
until the next Annual General Meeting of Shareholders.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">2.4</TD><TD STYLE="text-align: justify">To re-elect Ms. Sivan Matza as a member of the Board of Directors
until the next Annual General Meeting of Shareholders.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">2.5</TD><TD STYLE="text-align: justify">To elect Dr. Shlomit Chappel-Ram as a member of the Board
of Directors until the next Annual General Meeting of Shareholders.</TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>3</B>.</TD><TD STYLE="text-align: justify">To approve the adoption of the Proposed Compensation Policy,
as set forth in the Proxy Statement<B>.</B></TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>4</B>.</TD><TD STYLE="text-align: justify">To approve the Updated Cost of monthly fee to Mr. Ben-Noon,
the Company&rsquo;s Chief Executive Officer and a director.</TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>5</B>.</TD><TD STYLE="text-align: justify">To approve the Grant of RSUs to Mr. Ben-Noon, the Company&rsquo;s
Chief Executive Officer and a director.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>6</B>.</TD><TD STYLE="text-align: justify">To approve New Annual Fee to Mr. Parnes, the Company&rsquo;s
Chairman of the Board, as set forth in the Proxy Statement<B>.</B></TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>7</B>.</TD><TD STYLE="text-align: justify">To approve a Grant of RSUs to Mr. Parnes, the Chairman of
the Board, as set forth in the Proxy Statement.</TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>8</B>.</TD><TD STYLE="text-align: justify">To approve the New Annual Fee for the Non-Executive Directors,
as set forth in the Proxy Statement.</TD>
</TR></TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<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: 0.25in">
    <B>9.</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To approve a Grant of RSUs to Mr. Lior Amit and
    Mrs. Sivan Matza, non-executive directors of the Company, as set forth in the Proxy Statement<B>.</B></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"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>10</B>.</TD>
    <TD>To approve an increase in the Company&rsquo;s
    authorized share capital and to amend and restate the Current Articles to reflect the same, as set forth in the Proxy Statement.</TD></TR>
  </TABLE>
<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><B>11</B>.</TD><TD STYLE="text-align: justify">To approve the Amended Articles, to be in effect as of the
date of the Meeting, in the form attached as&nbsp;<U>Annex&nbsp;B</U> to the Proxy Statement<B>.</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>FOR</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1.5in"><B>AGAINST</B></TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="text-align: justify"><B>ABSTAIN</B></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; text-align: justify">In their discretion, the proxies are authorized
to vote upon such other matters as may properly come before the Meeting or any adjournment or postponement thereof.</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"><B>PLEASE NOTE: By signing
and submitting this proxy card, you declare that you are not a controlling shareholder of the Company (as defined in the Israeli Companies
Law&nbsp;5759-1999) (the &ldquo;Companies Law&rdquo;), and that you have no personal interest in the approval of any of the items that
are proposed for approval at the 2026 annual and extraordinary general meeting of shareholders, which require such declaration under the
Companies Law, except as notified to the Company via&nbsp;E-mail&nbsp;to Ms.&nbsp;Yafit Tehila,&nbsp;e-mail&nbsp;address: yafit@q-trex.com.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></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 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 26%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">NAME</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">SIGNATURE</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">DATE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">NAME</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">SIGNATURE</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">DATE</TD></TR>
  </TABLE>
<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">Please sign exactly as your name appears on this
Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, trustee or guardian, please give
full title as such. If the signed is a corporation, please sign full corporate name by duly authorized officer, giving full title as such.
If signer is a partnership, please sign in partnership name by authorized person.</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: center"></P>

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

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