<SEC-DOCUMENT>0001178913-21-001827.txt : 20210521
<SEC-HEADER>0001178913-21-001827.hdr.sgml : 20210521
<ACCEPTANCE-DATETIME>20210521165919
ACCESSION NUMBER:		0001178913-21-001827
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210521
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210521
DATE AS OF CHANGE:		20210521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ReWalk Robotics Ltd.
		CENTRAL INDEX KEY:			0001607962
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36612
		FILM NUMBER:		21949901

	BUSINESS ADDRESS:	
		STREET 1:		3 HATNUFA ST.
		STREET 2:		FLOOR 6
		CITY:			YOKNEAM ILIT
		STATE:			L3
		ZIP:			2069203
		BUSINESS PHONE:		97249590123

	MAIL ADDRESS:	
		STREET 1:		3 HATNUFA ST.
		STREET 2:		FLOOR 6
		CITY:			YOKNEAM ILIT
		STATE:			L3
		ZIP:			2069203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Argo Medical Technologies Ltd.
		DATE OF NAME CHANGE:	20140513
</SEC-HEADER>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">FORM 8-K</div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
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      <div style="line-height: 1.25;">Date of Report (Date of earliest event reported): <u>May 19, 2021</u></div>
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      <div style="text-align: center; line-height: 1.25;">(Exact name of registrant as specified in its charter)</div>
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              <div style="text-align: center; line-height: 1.25;">Israel</div>
            </td>
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              <div style="text-align: center; line-height: 1.25;">Not applicable</div>
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              <div style="text-align: center; line-height: 1.25;">(Commission File Number)</div>
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              <div style="text-align: center; line-height: 1.25;">(IRS Employer Identification No.)</div>
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              <div style="text-align: center; line-height: 1.25;">&#160;</div>
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              <div style="text-align: center; line-height: 1.25;">&#160;</div>
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              <div style="text-align: center; line-height: 1.25;">&#160;</div>
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              <div style="text-align: center; line-height: 1.25;">3 Hatnufa St., Floor 6, Yokneam Ilit, Israel</div>
            </td>
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              <div style="text-align: center; line-height: 1.25;">(Address of principal executive offices)</div>
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      <div style="line-height: 1.25;">Registrant&#8217;s telephone number, including area code: <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+972.4.959.0123&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>
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      <div style="text-align: center; line-height: 1.25;">(Former name or former address, if changed since last report)</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Securities registered pursuant to Section 12(b) of the Act:</div>
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              <div style="text-align: center; line-height: 1.25;">&#160;</div>
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            <td style="width: 32.01%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">Ordinary Shares, par value NIS 0.25</div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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              <div style="text-align: center; line-height: 1.25;">RWLK</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25;">&#160;</div>
            </td>
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      </div>
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-style: italic;">see </font>General Instruction A.2. below):</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
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            <td style="width: 92.31%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify; line-height: 1.25;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
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              <div style="line-height: 1.25;">&#160;</div>
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              <div style="line-height: 1.25;">&#9723;</div>
            </td>
            <td style="width: 92.31%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify; line-height: 1.25;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
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              <div style="line-height: 1.25;">&#9723;</div>
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            <td style="width: 92.31%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify; line-height: 1.25;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
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            <td style="width: 3.85%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="line-height: 1.25;">&#9723;</div>
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            <td style="width: 92.31%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify; line-height: 1.25;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>
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      <div style="line-height: 1.25;"><br>
        Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      <div style="line-height: 1.25;">&#160;&#160;</div>
      <div style="line-height: 1.25;">Emerging growth company &#9723;&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
        Section 13(a) of the Exchange Act. &#9723;</div>
      <div style="text-align: center; line-height: 1.25;">&#160; <br>
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      <div style="line-height: 1.25; font-weight: bold;">Item&#160;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic;">(e) Compensatory Arrangements of Certain Officers.</div>
      <div style="line-height: 1.25;">&#160;&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Following the approval of the compensation committee (the &#8220;Compensation Committee&#8221;) and board of directors (the &#8220;Board&#8221;) of ReWalk Robotics Ltd. (the &#8220;Company&#8221;), at the Company&#8217;s annual general
        meeting of shareholders held on May 19, 2021 (the &#8220;Meeting&#8221;), the Company&#8217;s shareholders approved: (i) an amendment to the Company&#8217;s Compensation Policy for directors and officers (the &#8220;Compensation Policy&#8221;); (ii) the grant of 150,000 restricted
        share units (&#8220;RSUs&#8221;) to Mr. Larry Jasinski, the Company&#8217;s Chief Executive Officer; (iii) changes to Mr. Jasinski&#8217;s base annual compensation; and (iv) the grant of RSUs to our directors.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>Amendment to Compensation Policy</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">As more fully described in the Company&#8217;s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on April 12, 2021 (the &#8220;Proxy Statement&#8221;), the
        amendment to the Compensation Policy removes the maximum permissible amount of annual premium payments for directors and officers insurance, so long as our Compensation Committee (and if required by law, the Board) affirms that the premiums being
        paid are consistent with market terms and not material to the Company&#8217;s profitability, assets or liabilities.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Compensation Policy, as amended, which is attached hereto as Exhibit 10.1 and
        incorporated herein by reference.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><u>Grant of RSUs to Mr. Larry Jasinski and Changes to Mr. Jasinski&#8217;s Base Annual Compensation</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">As more fully described in the Proxy Statement, the 150,000 RSUs granted to Mr. Jasinski after the Meeting will vest in four equal annual installments. Additionally, Mr. Jasinski&#8217;s base annual
        compensation will be increased to $403,142, effective as of April 1, 2021.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-right: 3.6pt; line-height: 1.25; font-weight: bold;">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">As more fully described in the Proxy Statement, the Company&#8217;s shareholders approved amendments to the Company&#8217;s Articles of Association to increase the Company&#8217;s authorized share capital&#160;by NIS
        15,000,000 from NIS 15,000,000 to NIS 30,000,000 so that we will increase the number of authorized shares by 60,000,000 shares from 60,000,000 shares to 120,000,000 shares. The Company&#8217;s shareholders also approved amendments to the Company&#8217;s
        Articles of Association to provide that (i) unless we consent in writing to the selection of an alternative forum, the federal courts of the United States shall be the exclusive forum for the resolution of any claim arising under the Securities Act
        of 1933, as amended and (ii) the Tel-Aviv District Court is the exclusive forum for&#160;(a)&#160;a derivative action or derivative proceeding that is filed in the name of the Company, (b)&#160;any action grounded in a breach of fiduciary duty of a director,
        officeholder or other employee of the Company towards the Company or towards the shareholders of the Company, or (c)&#160;any action the cause of which results from any provision of the Israel Companies Law, 5759-1999 or the Israel Securities Law,
        5728-1968.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Fourth Amended and Restated Articles of Association, which is attached hereto as
        Exhibit 3.1 and incorporated herein by reference.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Item 5.07 Submission of Matters to a Vote of Security Holders.</div>
      <div style="text-align: justify; text-indent: 27.5pt; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">An aggregate of 22,303,817 ordinary shares, or 48.37% of the Company&#8217;s 46,108,999 total outstanding voting shares as of April 12, 2021, the record date for the Meeting, were present or voted at the
        Meeting, constituting a quorum. The following proposals were voted upon at the Meeting, with the results of such voting as set forth below; all proposals received the requisite level of approval by shareholders. In addition, shareholders approved,
        on an advisory basis, the compensation of the Company&#8217;s named executive officers as disclosed in the Proxy Statement (Proposal No. 7).</div>
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      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25;">The proposals are described in greater detail in the Proxy Statement.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 1:</font><font style="font-family: 'Times New Roman',Times,serif;"> To reelect each of Mr. Jeff Dykan and Mr. Yasushi Ichiki, each
          as a Class I director of the Board, to serve until the 2024 annual meeting of shareholders and until his successor has been duly elected and qualified, or until his office is vacated in accordance with the Company&#8217;s Articles of Association or the
          Israel Companies Law, 5759-1999.</font></div>
      <div style="line-height: 1.25; font-style: italic; font-weight: bold;">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z2a6041f43fdd46a98eaf1ce4e997baad">

          <tr>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25; font-weight: bold;"><u>Nominee</u></div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25; font-weight: bold;"><u>Broker Non-Votes</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="margin-left: 5.5pt; line-height: 1.25;">Jeff Dykan</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">5,783,528</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">439,346</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">299,283</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="margin-left: 5.5pt; line-height: 1.25;">Yasushi Ichiki</div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">6,018,345</div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">420,974</div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">82,838</div>
            </td>
            <td style="width: 20%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; margin-left: 5.5pt; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 2:</font><font style="font-family: 'Times New Roman',Times,serif;"> To approve an amendment to the Company&#8217;s Compensation Policy
          for directors and officers.</font></div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z17d342ba3fcf4d1899cb4facffb29270">

          <tr>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
            <td style="width: 25.14%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Broker Non-Votes</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">5,316,558</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">1,075,490</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">130,109</div>
            </td>
            <td style="width: 25.14%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 3:</font><font style="font-family: 'Times New Roman',Times,serif;"> To approve a one-time grant of 150,000 RSUs to Larry Jasinski,
          the Company&#8217;s CEO, and to approve changes to the terms of the base annual compensation of Mr. Jasinski.</font></div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z191078503d204c808a0cd6d3bc0cdbf8">

          <tr>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
            <td style="width: 25.14%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Broker Non-Votes</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">4,845,641</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">1,288,544</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">387,972</div>
            </td>
            <td style="width: 25.14%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 4:</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;To approve an amendment to the Company&#8217;s Articles of
          Association to effect an increase in the Company&#8217;s authorized share capital.</font></div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z77eb8e93fcce4274adc7025e4bbefeb8">

          <tr>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
            <td style="width: 25.14%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Broker Non-Votes</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">5,039,053</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">1,372,598</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">110,506</div>
            </td>
            <td style="width: 25.14%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 5:</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;To approve an amendment to the Company&#8217;s Articles of
          Association to add forum selection provisions.</font></div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze3d5a083bcf84dd882f9e7d5e539d40b">

          <tr>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
            <td style="width: 25.14%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Broker Non-Votes</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">5,638,079</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">521,562</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">362,516</div>
            </td>
            <td style="width: 25.14%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 6:</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;To approve a grant of restricted share units to the Company&#8217;s
          directors.</font></div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze4b807c535c744d7a4f4d4ed5d29a6f8">

          <tr>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
            <td style="width: 25.14%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Broker Non-Votes</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">5,237,007</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">1,170,586</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">114,564</div>
            </td>
            <td style="width: 25.14%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 7:</font><font style="font-family: 'Times New Roman',Times,serif;"> To approve, on an advisory basis, the compensation of the
          Company&#8217;s named executive officers, as disclosed in the Proxy Statement, pursuant to Item 402 of Regulation S-K of the Securities and Exchange Commission, including the compensation tables and accompanying narrative disclosures.</font></div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z454b41ede7b64eceaf7a45c3da05162c">

          <tr>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
            <td style="width: 25.14%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Broker Non-Votes</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">4,993,104</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">1,192,699</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">336,354</div>
            </td>
            <td style="width: 25.14%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">15,781,660</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Proposal No. 8:</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;To approve the reappointment of Kost Forer Gabbay &amp;
          Kasierer, a member of Ernst &amp; Young Global, as the Company&#8217;s independent registered public accounting firm for the year ending December 31, 2021 and until the next annual meeting of shareholders, and to authorize the Board, upon
          recommendation of the audit committee, to fix the remuneration of said independent registered public accounting firm.</font></div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8160c68a0058422995cf8505586a71d0">

          <tr>
            <td style="width: 33%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>For</u></div>
            </td>
            <td style="width: 33%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Against</u></div>
            </td>
            <td style="width: 33%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Abstain</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">21,890,692</div>
            </td>
            <td style="width: 33%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">230,634</div>
            </td>
            <td style="width: 33%; vertical-align: top; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: center; line-height: 1.25;">182,491</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Item 9.01 Financial Statements and Exhibits.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic;">(d) Exhibits.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
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            <td style="width: 36pt; vertical-align: top; align: right;"><a href="exhibit_3-1.htm">3.1</a></td>
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              <div><a href="exhibit_3-1.htm">Fourth Amended and Restated Articles of Association of the Company.*</a></div>
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            <td style="width: 36pt; vertical-align: top; align: right;"><a href="exhibit_10-1.htm">10.1</a></td>
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              <div><a href="exhibit_10-1.htm">ReWalk Robotics Ltd. Compensation Policy for Executive Officers and Non-Executive Directors, as amended.*&#8224;</a></div>
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              <div style="line-height: 1.25;">Filed herewith.</div>
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              <div style="line-height: 1.25;">Management contract or compensatory plan, contract or arrangement.</div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SIGNATURES</div>
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      <div style="line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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              <div style="line-height: 1.25;">&#160;</div>
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              <div style="line-height: 1.25; font-weight: bold;">ReWalk Robotics Ltd.</div>
            </td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
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              <div style="line-height: 1.25;">&#160;</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
              <div style="line-height: 1.25;">&#160;</div>
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            <td style="width: 4%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
              <div style="line-height: 1.25;">By:&#160;</div>
            </td>
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              <div style="line-height: 1.25;">/s/ Ori Gon&#160;&#160;</div>
            </td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="line-height: 1.25;">&#160;</div>
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            <td style="width: 4%; vertical-align: middle;">
              <div style="line-height: 1.25;">Name:&#160;&#160;</div>
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              <div style="line-height: 1.25;">Ori Gon</div>
              <div style="line-height: 1.25;">Chief Financial Officer</div>
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      <div style="text-indent: 27.5pt; line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;">Dated: May 21, 2021</div>
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<DOCUMENT>
<TYPE>EX-3.1
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<FILENAME>exhibit_3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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    <div style="text-align: right;"><u><font style="font-weight: bold;">Exhibit 3.1</font></u><br>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>THE ISRAELI COMPANIES LAW</u></div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><u>A COMPANY LIMITED BY SHARES</u></div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">FOURTH AMENDED AND RESTATED</div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">ARTICLES OF ASSOCIATION</div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">OF</div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">ReWalk Robotics Ltd.</div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">GENERAL PROVISIONS</div>
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                <div style="text-align: left; line-height: 1.25;">1.</div>
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                <div style="text-align: left; line-height: 1.25;"><u>Definitions</u></div>
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            <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
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              <div>In these Articles the following terms shall bear the meaning ascribed to them below:</div>
            </td>
          </tr>

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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Alternate Director</font>&#8221; is defined in Article 41.</div>
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Annual General Meeting</font>&#8221; shall have the meaning assigned to such term in the Companies Law.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">The &#8220;<font style="font-weight: bold;">Articles</font>&#8221; shall mean these Articles of Association of the Company, as amended from time to time.</div>
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Audit Committee</font>&#8221; shall mean the Audit Committee of the Board of Directors.</div>
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Board of Directors</font>&#8221; shall mean Board of Directors of the Company.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">The &#8220;<font style="font-weight: bold;">Company</font>&#8221; shall mean ReWalk Robotics Ltd.</div>
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      <div style="text-align: justify; margin-right: 1.45pt; margin-left: 72pt; line-height: 1.25;">The "<font style="font-weight: bold;">Companies</font>&#160;<font style="font-weight: bold;">Law</font>" shall mean the Israeli Companies Law, 1999, as amended
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">A &#8220;<font style="font-weight: bold;">Director</font>&#8221; shall mean a member of the Board of Directors.</div>
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">External Director</font>&#8221; shall have the meaning assigned to such term in the Companies Law.</div>
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Extraordinary General Meeting</font>&#8221; shall mean any General Meeting other than the Annual General Meeting.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">General Counsel&#8221;</font> shall mean the General Counsel of the Company.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">General Manager(s)</font>&#8221; is defined in Article 46.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">General Meeting</font>&#8221; shall mean a general meeting of the shareholders of the Company, which may be an Annual General
        Meeting or an Extraordinary General Meeting.</div>
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">&#160;&#8220;<font style="font-weight: bold;">NIS</font>&#8221; shall mean New Israeli Shekel.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Office</font>&#8221; means the registered office of the Company.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Ordinary Majority</font>&#8221; shall mean a simple majority of the votes cast by shareholders at a General Meeting in person or by
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Ordinary</font>&#160;<font style="font-weight: bold;">Shares</font>&#8221; shall mean the ordinary shares of the Company, par value NIS
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">"<font style="font-weight: bold;">Person</font>&#8221; shall mean any individual or firm, corporation, partnership, association, trust or other entity.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Register of Shareholders</font>&#8221; shall mean a register of the shareholders of the Company.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">The &#8220;<font style="font-weight: bold;">Secretary</font>&#8221; shall mean the corporate secretary of the Company.</div>
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      <div style="text-align: justify; text-indent: 0pt; margin-left: 72pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Shareholders Resolution</font>&#8221; shall mean a resolution adopted by votes of shareholders of the Company at a General Meeting.</div>
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            <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
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              <div>The captions in these Articles are for convenience only and shall not be deemed a part hereof or affect the construction of any provision hereof.</div>
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              <div>Unless the subject or the context otherwise requires, words and expressions not defined herein shall have the respective meanings set forth in the Companies Law in force on the date when these Articles or any amendment thereto, as the
                case may be, first became effective; words and expressions importing the singular shall include the plural and vice versa; and words and expressions importing the masculine gender shall include the feminine gender.</div>
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                <div style="text-align: justify; line-height: 1.25;"><u>Object and Purpose of the Company</u></div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The object and purpose of the Company shall be to engage in any lawful activity.</div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In accordance with Section 11(a) of the Companies Law, the Company may donate reasonable amounts to any cause it deems worthy.&#160; The Board of Directors or an
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                <div style="text-align: justify; line-height: 1.25;"><u>Limitation of Liability</u></div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The liability of the shareholders is limited to the payment of the nominal value of the shares in the Company issued to them and which remains unpaid, and only to that amount.&#160;
        If the Company&#8217;s share capital shall include at any time shares without a nominal value, the shareholders&#8217; liability in respect of such shares shall be limited to the payment of up to NIS 0.25 for each such share issued to them and which remains
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SHARE CAPITAL</div>
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                <div style="text-align: justify; line-height: 1.25;"><u>Authorized Share Capital</u></div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The authorized share capital of the Company is Thirty Million New Israeli Shekels (NIS 30,000,000) divided into&#160;One Hundred Twenty Million (120,000,000) Ordinary Shares, par
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            <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
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              <div><u>Increase of Authorized Share Capital</u></div>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may, from time to time, by Shareholders Resolution, whether or not all the shares then authorized have been issued, and whether or not all the shares
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      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except to the extent otherwise provided in such resolution, such new shares shall be subject to all the provisions applicable to the shares prior to such resolution.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z23fbe1746bdc43e2a36b8f0fbce774c4">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Rights of the Ordinary Shares</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Ordinary Shares confer upon the holders thereof all rights accruing to a shareholder of the Company, as provided in these Articles, including, <font style="font-style: italic;">inter alia</font>, the right to receive notices of, and to attend meetings of shareholders; for each share held, the right to one vote at all meetings of shareholders; and to share equally, on a per share basis, in such dividend and
        other distributions to shareholders of the Company as may be declared by the Board of Directors in accordance with these Articles and the Companies Law, and upon liquidation or dissolution of the Company, in the distribution of assets of the
        Company legally available for distribution to shareholders in accordance with the terms of applicable law and these Articles. All Ordinary Shares rank <font style="font-style: italic;">pari passu</font> in all respects with each other.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb48325528bf47c1a462530e33cf0c71">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Special Rights; Modifications of Rights</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160; &#160; &#160;&#160; The Company may, from time to time, by Shareholders Resolution, provide for shares with such preferred or deferred rights or rights of redemption or other special
        rights and/or such restrictions, whether in regard to dividends, voting, repayment of share capital or otherwise, as may be stipulated in such resolution.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If at any time the share capital is divided into different classes of shares, the rights attached to any class, unless otherwise provided by these
        Articles and subject to applicable law, may be modified or abrogated by the Company, by Shareholders Resolution, subject to an approval by a resolution passed by the holders of a simple majority of the shares of such class voting at a separate
        General Meeting of the holders of the shares of such class.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The provisions of these Articles relating to General Meetings shall, <font style="font-style: italic;">mutatis mutandis</font>, apply to any separate General
        Meeting of the holders of the shares of a particular class.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless otherwise provided by these Articles, the enlargement of an existing class of shares, or the issuance of additional shares thereof, shall not be deemed, for
        purposes of this Article&#160;7(b), to modify or abrogate the rights attached to the previously issued shares of such class or of any other class.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 3 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22101f22f04d4bdfba6ead8d24f416e0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Consolidation, Subdivision, Cancellation and Reduction of Share Capital</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may, from time to time, by Shareholders Resolution (subject, however, to the provisions of Article&#160;7(b) hereof and to applicable law):</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; consolidate and divide all or any of its issued or unissued share capital into shares of larger nominal value than its existing shares;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; subdivide its shares (issued or unissued) or any of them, into shares of smaller nominal value than is fixed by these Articles (subject, however, to the provisions of
        the Companies Law), and the Shareholders Resolution whereby any share is subdivided may determine that, as among the holders of the shares resulting from such subdivision, one or more of the shares may, as compared with the 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 has power to attach to unissued or new shares;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; cancel any shares which, at the date of the adoption of such resolution, have not been taken or agreed to be taken by any Person, and diminish the amount of its
        share capital by the amount of the shares so cancelled; or</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reduce its share capital in any manner, and with and subject to any consent required by law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;With respect to any consolidation of issued shares into shares of larger nominal value, 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, including, <font style="font-style: italic;">inter alia</font>, resort to one or more of the following actions:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;determine, as to the holder of shares so consolidated, which issued shares shall be consolidated into each share of larger nominal value;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; issue, in contemplation of or subsequent to such consolidation or other action, such shares or fractional shares sufficient to preclude or remove fractional share
        holdings;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; redeem, in the case of redeemable preference shares, and subject to applicable law, such shares or fractional shares sufficient to preclude or remove fractional
        share holdings;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; subject to applicable law, 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 to pay the transferors the fair value of fractional shares so transferred, and the Board of Directors is hereby authorized to act as agent for the transferors and
        transferees with power of substitution for purposes of implementing the provisions of this sub-Article&#160;8(b)(iv); or</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;cause the aggregation of fractional shares and the sale thereof so as to most expediently preclude or remove any fractional shareholding and cause the proceeds
        thereof, less expenses, to be paid to the former holders of the fractional shares.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the foregoing, if a class of shares has no nominal value, then any of the foregoing actions may be taken with respect to such class without regard
        to nominal value.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 4 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SHARES</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4212303803744ad820a6107e79e8434">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Issuance of Share Certificates; Replacement of Lost Certificates</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Share certificates shall be issued under the seal or stamp of the Company and shall bear the signature of any two (2) Directors or any two (2) of the following: the
        General Manager, the Chief Financial Officer, the General Counsel, the Secretary, the Chairman of the Board of Directors, the Vice Chairman of the Board of Directors, or of any other Person or Persons authorized thereto by the Board of Directors.
        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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may issue un-certificated shares, provided, however, that each holder of shares shall be entitled to one numbered certificate for all the shares of any
        class registered in his name, and if reasonably requested by such holder, to several certificates, each for one or more of such shares.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If a share certificate is defaced, lost or destroyed, it may be replaced, upon payment of such fee, and upon the furnishing of such evidence of ownership and such
        affidavit and indemnity or security, as the Company&#8217;s Secretary may deem fit.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9065a6f19d744d99aaad6bb19f760508">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Issuance of Shares; Registered Holders of Shares</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The unissued shares from time to time shall be under the control of the Board of Directors, who shall have the power to issue shares or otherwise dispose of them to
        such Persons, on such terms and conditions (including <font style="font-style: italic;">inter alia </font>terms relating to calls as set forth in Article&#160;11(f) hereof), and either at par or at a premium, or, subject to the provisions of the
        Companies Law, at a discount, and at such times, as the Board of Directors may deem fit, and the power to give to any Person the option to acquire from the Company any shares, either at par or at a premium, or, subject to the provisions of the
        Companies Law, at a discount, during such time and for such consideration as the Board of Directors may deem fit.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as otherwise provided in these Articles, the Company shall be entitled to treat the registered holder of any share as the absolute owner thereof, and,
        accordingly, shall not, except as ordered by a court of competent jurisdiction, or as required by statute, be bound to recognize any trust or equitable or other claim to, or interest in such share on the part of any other Person.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to and in accordance with the provisions of the Companies Law and to all orders and regulations issued thereunder, the Board of Directors may elect to
        maintain one or more Registers of Shareholders outside of Israel in addition to its principal Register of Shareholders, and each such register shall be deemed a Register of Shareholders for purposes of these Articles, and, subject to all applicable
        requirements of law, the Board of Directors may from time to time adopt such rules and procedures as it may think fit in connection with the keeping of such branch registers.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 5 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28f4aea9f33548faab5b481853c2c5c4">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Calls on Shares</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may, from time to time, make such calls as the Board of Directors may determine upon holders of shares in respect of any sum unpaid for shares held by
        such holders which is not, by the terms of issuance thereof or otherwise, payable at a fixed time, and each such holder 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 time(s) 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 shares in respect of which such call was made.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notice of any call shall be given in writing to the holder(s) in question not less than fourteen (14) days prior to the time of payment, specifying the time and
        place of payment, and designating the Person to whom such payment shall be made, provided, however, that before the time for any such payment, the Company upon approval of the Board of Directors may, by notice in writing to such holder(s), revoke
        such call in whole or in part, extend such time, or alter such Person and/or place.&#160; In the event of a call payable in installments, only one notice thereof need be given.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If, by the terms of issuance of any share or otherwise, any amount is made payable at any fixed time, every such amount shall be payable at such time as if it were a
        call duly made by the Company and of which due notice had been given, and all the provisions herein contained with respect to such calls shall apply to each such amount.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof and all interest payable thereon.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any amount unpaid in respect of a call shall bear interest from the date on which it is payable until actual payment thereof, at such rate (not exceeding the then
        prevailing debitory rate charged by leading commercial banks in Israel), and at such time(s) as the Board of Directors may prescribe.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the issuance of shares, the Board of Directors may provide for differences among the holders of such shares as to the amount of calls and/or the times of
        payment thereof.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;With the approval of the Board of Directors, any holder of shares may pay to the Company any amount not yet payable in respect of his shares. 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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 6 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfdd7c0ad6fd340c38f7abf309c238cc7">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">12.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Forfeiture and Surrender</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If any holder fails to pay any amount payable in respect of a call, or interest thereon as provided for herein, on or before the day fixed for payment of the same,
        the Company, by resolution of the Board of Directors, may at any time thereafter, so long as the said amount or interest remains unpaid, forfeit all or any of the shares in respect of which said call had been made.&#160; Any expense incurred by the
        Company in attempting to collect any such amount or interest, including, <font style="font-style: italic;">inter alia</font>, attorneys' fees and costs of suit, shall be added to, and shall, for all purposes (including the accrual of interest
        thereon), constitute a part of the amount payable to the Company in respect of such call.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the adoption of a resolution of forfeiture, the Board of Directors shall cause notice thereof to be given to such holder, which notice shall state that, in the
        event of the failure to pay the entire amount so payable within a period stipulated in the notice (which period shall not be less than fourteen (14) days and which may be extended by the Company with the approval of the Board of Directors), such
        shares shall be <font style="font-style: italic;">ipso facto</font> forfeited, provided, however, that, prior to the expiration of such period, the Board of Directors may nullify such resolution of forfeiture, but no such nullification shall estop
        the Board of Directors from adopting a further resolution of forfeiture in respect of the non-payment of the same amount.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Whenever shares are forfeited as herein provided, all dividends theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited
        at the same time.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any shares forfeited or surrendered as provided herein shall become Dormant Shares and the property of the Company, 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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any holder whose shares have been forfeited or surrendered shall cease to be a holder 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&#160;11(e) above, and the Company, in its discretion, may enforce the payment of such moneys, or any part thereof, but shall not be under any obligation to do so.&#160; 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 by the holder in question (but not yet due) in respect of all shares owned by such holder, solely or jointly
        with another.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 estop the Board of Directors from re-exercising its powers of forfeiture pursuant to this Article&#160;12.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc261c26c10534942bf2ce24285a532f1">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">13.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Lien</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except to the extent the same may be waived or subordinated in writing, to the extent permitted by applicable law, the Company shall have a first and paramount lien
        upon all the shares (other than shares which are fully paid up) registered in the name of each holder (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 and liabilities, solely or jointly with another, to the Company in respect of such shares, whether the period for the payment, fulfillment or discharge thereof shall have actually arrived or not.&#160; Such lien shall extend to
        all dividends from time to time declared in respect of such share.&#160; Unless otherwise provided, the registration by the Company of a transfer of shares shall be deemed to be a waiver on the part of the Company of the lien (if any) existing on such
        shares immediately prior to such transfer.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 7 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors may cause the Company to sell any shares subject to such lien when any such debt or liability has matured, in such manner as the Board of
        Directors may deem fit, but no such sale shall be made unless such debt or liability or has not been satisfied within fourteen (14) days after written notice of the intention to sell shall have been served on such holder, his executors or
        administrators.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The net proceeds of any such sale, after payment of the costs thereof, shall be applied in or toward satisfaction of such debts or liabilities of such holder
        (whether or not the same have matured), or any specific part of the same (as the Company may determine), and the residue (if any) shall be paid to the holder, his executors, administrators or assigns.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacd75308bf1d4011b2475cd6015be82f">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">14.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Sale after Forfeiture or Surrender or in Enforcement of Lien</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">Upon any sale of shares after forfeiture or surrender or for enforcing a lien, the Board of Directors may appoint some Person to execute an instrument of transfer of the
        shares so sold and cause the purchaser's name to be entered in the Register of Shareholders in respect of such shares, and the purchaser shall not be bound to see to the propriety of the proceedings, or to the application of the purchase money, and
        after his name has been entered in the Register of Shareholders in respect of such shares, the validity of the sale shall not be impeached by any Person, and the remedy of any Person aggrieved by the sale shall be in damages only and against the
        Company exclusively.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c6718afa71f45589626945e24586942">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">15.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Redeemable Shares</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Company may, subject to applicable law, issue redeemable shares and redeem the same upon the conditions and terms determined by the Board of Directors.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TRANSFER OF SHARES</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb72ff61470c2464abcb9ab2d202ec2fb">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">16.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Effectiveness and Registration</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No transfer of shares shall be registered in the Register of Shareholders unless a proper instrument of transfer (in form and substance satisfactory to the
        Secretary) has been submitted to the Company or its agent, together with any share certificate(s) and such other evidence of title as the Secretary may reasonably require, and unless such transfer complies with applicable law and these Articles.&#160;
        Until the transferee has been registered in the Register of Shareholders in respect of the shares so transferred, the Company may continue to treat the transferor as the owner thereof.&#160; The Board of Directors may, from time to time, prescribe a fee
        for the registration of a transfer.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall be entitled to refuse to recognize a transfer deed until the certificate of the transferred share is attached to it together with any other
        evidence which the Board of Directors or the Secretary shall require as proof of the transferor&#8217;s right to transfer the share and payment of any transfer fee determined by the Board of Directors. Registered transfer deeds shall remain with the
        Company, but any transfer deed which the Company refused to register shall be returned to the transferor upon demand.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors may close the Register of Shareholders for a period of up to thirty (30) days in each year.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 8 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TRANSMISSION OF SHARES</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zbb49e5c10b824f41809dc5315c28234a" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">17.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Decedents' Shares</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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&#160;17(b) have been effectively invoked.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any Person becoming entitled to a share in consequence of the death of any individual, 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 or the Secretary may reasonably deem sufficient of the capacity in which he proposes to act under this Article), shall be registered as a holder in respect of such
        share, or may, subject to the regulations as to transfer herein contained, transfer such share.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z784d03155e5e40e9875a0071650a51e4" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">18.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Receivers and Liquidators</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may recognize the receiver or liquidator or similar official of any corporate shareholder in winding-up or dissolution, or the receiver or trustee or
        similar official in bankruptcy or in connection with the reorganization of any shareholder, as being entitled to the shares registered in the name of such shareholder.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The receiver or liquidator or similar official of a corporate shareholder in winding-up or dissolution, or the receiver or trustee or similar official in bankruptcy
        or in connection with the reorganization of any shareholder, upon producing such evidence as the Board of Directors or the Secretary may deem sufficient of the capacity in which he proposes to act under this Article, shall with the consent of the
        Secretary, be registered as a shareholder in respect of such shares, or may, subject to the provisions as to transfer herein contained, transfer such shares.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">RECORD DATE WITH RESPECT TO OWNERSHIP OF SHARES</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z10d652941ae24bee839a97398c3e846a" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">19.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Record Dates</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding any provision to the contrary in these Articles, for the determination of the holders entitled to receive notice of and to participate in and vote at
        a General Meeting or to express consent to or dissent from any corporate action in writing, the Board of Directors may fix, in advance, a record date which shall neither be earlier nor later than is permitted under applicable law.&#160; No Persons other
        than holders of record of Ordinary Shares as of such record date shall be entitled to notice of and to participate in and vote at such General Meeting, or to exercise such other right, as the case may be. A determination of holders of record with
        respect to a General Meeting shall apply to any adjournment of such meeting, provided that the Board of Directors may fix a new record date for an adjourned meeting.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 9 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the applicable law, the holders entitled to receive payment of any dividend or other distribution or issuance of any rights, shall be the shareholders on
        the date upon which it was resolved to distribute the dividend or at such later date as shall be determined by, or pursuant to a resolution of, the Board of Directors.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">GENERAL MEETINGS</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z68f7923de70b4c94989e6f9667598ebf" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; margin-left: 4.5pt; line-height: 1.25;">20.</div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;"><u>Annual General Meeting</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">An Annual General Meeting shall be held once in every calendar year at such time (within a period of not more than fifteen (15) months after the last preceding Annual General
        Meeting) and at such place either within or without the State of Israel as may be determined by the Board of Directors.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zbb714ddda2bc427fa7c175116b9f2468" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">21.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Extraordinary General Meetings</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Board of Directors may, whenever it deems fit, convene an Extraordinary General Meeting at such time and place, within or without the State of Israel, as may be determined by
        the Board of Directors, and shall be obliged to do so upon a demand in writing in accordance with Section 63(b) of the Companies Law, if the proposed resolution is suitable for determination by shareholders.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z068791f916954989a12348455ef0e5d4" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">22.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Notice of General Meetings</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company is required to give such prior notice of a General Meeting as required by applicable law, but in any event not less than fourteen (14) days. The Company
        is not required to deliver personal notice to every shareholder except to the extent required by applicable law. In any event, the accidental omission to give notice of a meeting to any shareholder or the non-receipt of notice by any of the
        shareholders shall not invalidate the proceedings at any meeting.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The notice of the meeting shall set forth the agenda of the meeting.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Shareholder or Shareholders of the Company holding at least one percent (1%) of the voting rights of the Company (the &#8220;Proposing Shareholder(s)&#8221;) may request,
        subject to the Companies Law, that the Board of Directors include a matter on the agenda of a General Meeting, provided that the matter is appropriate to be considered in a General Meeting (a &#8220;Proposal Request&#8221;).&#160; 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 under any applicable law and stock exchange rules and regulations
        and the Proposal Request must comply with the requirement of these Articles (including this Article 22) 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). 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.&#160; 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 Ordinary Shares held by the
        Proposing Shareholder(s), directly or indirectly (and, if any of such Ordinary 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 Ordinary Shares by the Proposing Shareholder(s) as of the date of the Proposal Request, and a representation that the Proposing Shareholder(s) intends to
        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; (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.&#160; 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. A &#8220;Derivative Transaction&#8221; 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: (i) 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, (ii)
        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, (iii) the effect or intent of which is to mitigate loss, manage risk or benefit of security
        value or price changes, or (iv) 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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 10 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">The information required pursuant to this Article 22(c) 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.</font></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary in these Articles, unless otherwise provided by applicable law, notice by the Company of a General Meeting which is
        published in one (1) daily newspaper in the State of Israel, if at all, shall be deemed to have been duly given on the date of such publication to any shareholder whose address as registered in the Register of Shareholders (or as designated in
        writing for the receipt of notices and other documents) is located in the State of Israel or whose shares of the Company are registered with a transfer agent, or listed for trade on a stock exchange, that is located in the State of Israel.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary in these Articles, unless otherwise provided by applicable law, notice by the Company of a General Meeting or any other
        matter which is published via one international wire service shall be deemed to have been duly given on the date of such publication to any shareholder whose address as registered in the Register of Shareholders (or as designated in writing for the
        receipt of notices and other documents) is located outside the State of Israel or whose shares of the Company are registered with a transfer agent, or listed for trade on a stock exchange that is located outside the State of Israel.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROCEEDINGS AT GENERAL MEETINGS</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z173962ea467f451c87692313cbe3d953" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">23.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Quorum</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Two or more holders of Ordinary Shares (not in default in payment of any sum referred to in Article&#160;12(a) hereof), present in person or by proxy&#160; and holding shares conferring in
        the aggregate at least thirty-three-and-one-third percent (33-1/3%) of the voting power of the Company shall constitute a quorum at General Meetings.&#160; No business shall be transacted at a General Meeting, or at any adjournment thereof, unless the
        requisite quorum is present when the meeting proceeds to business.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9bfe2c18e48240289c10cdd95a1db795" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">24.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Chairman of Meetings</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Chairman, if any, of the Board of Directors shall preside as Chairman at every General Meeting of the Company.&#160; If there is no such Chairman, or if at any meeting he is not
        present within fifteen (15) minutes after the time fixed for the meeting or is unwilling to act as Chairman or has notified the Company that he will not attend such meeting, the holders of Ordinary Shares present (or their proxies) shall choose
        someone else to be Chairman.&#160; The office of Chairman shall not, by itself, entitle the holder thereof to vote at any General Meeting (without derogating, however, from the rights of such Chairman to vote as a holder of Ordinary Shares or proxy of a
        shareholder if, in fact, he is also a shareholder or a proxy).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 11 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z322c6d0dc658454c993091a4a11ffbad" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">25.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Adoption of Resolutions at General Meetings</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to Article 35(a), unless otherwise indicated herein or required by applicable law any Shareholders Resolution shall be deemed adopted if approved by an
        Ordinary Majority, including without limitation, a Merger of the Company or an amendment to these Articles, to the extent permitted by applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Every question submitted to a General Meeting shall be decided by a show of hands, without derogating from voting by written ballot to the extent permitted, pursuant
        to applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A declaration by the Chairman of the meeting that a resolution has been carried unanimously, or carried by a particular majority, or defeated, and an entry to that
        effect in the minutes book of the Company, shall be conclusive evidence of the fact without need of proof of the number or proportion of the votes recorded in favor of or against such resolution.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za45792b413da4d7e9f282329390aba75" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">26.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Power to Adjourn</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Chairman of a General Meeting at which a quorum is present may, with the consent of the holders of a majority of the voting power represented in person or by proxy and voting
        on the question of adjournment (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting except business which might lawfully have been
        transacted at the meeting as originally called. In addition, the Chairman shall, if directed by the Board, adjourn a General Meeting (whether prior to or at the General Meeting) from time to time and from place to place, but no business shall be
        transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting as originally called.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z516d4fb38cdf4cd7851a02bc9cbf40c4" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">27.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Voting Power</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Subject to applicable law, and subject to any provision hereof conferring special rights as to voting, or restricting the right to vote, every holder of Ordinary Shares shall
        have one vote for each share registered in his name in the Register of Shareholders upon any resolution put to a vote of the holders of Ordinary Shares.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb73455eead0245188b399ad751f799f9" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">28.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Voting Rights</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The shareholders entitled to vote at a General Meeting shall be the shareholders listed in the Company&#8217;s Register(s) of Shareholders on the record date, as specified
        in Article 19.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A company or other entity which is not an individual being a holder of Ordinary Shares of the Company may be represented by an authorized individual at any
        meeting of the Company.&#160; Such authorized individual shall be entitled to exercise on behalf of such holder all the power, which the latter could have exercised if it were an individual shareholder.&#160; Upon the request of the Chairman of the meeting,
        written evidence of such authorization (in form acceptable to the Chairman in his sole discretion) shall be delivered to him.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any holder of Ordinary Shares entitled to vote at the General Meeting may vote thereat either personally or by proxy (who need not be a shareholder of the Company),
        or, if the shareholder is a company or other corporate body, by a representative authorized pursuant to Article&#160;28(b).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 12 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If two or more Persons are registered in the Register of Shareholders as joint holders of any Ordinary 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); and for this purpose seniority shall be determined by the order in which the names stand in the Register of Shareholders, all subject to applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No shareholders shall be entitled to vote at any General Meeting (or be counted as a part of the quorum thereat), unless all calls and other sums then payable by him
        in respect of his shares in the Company have been paid.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors may determine, in its discretion, the matters, if any, that may be voted upon by written ballot delivered to the Company (without attendance
        in person or by proxy) at a General Meeting, in addition to the matters on which shareholders are entitled to do so pursuant to applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of applicable law, the Secretary of the Company may, in his discretion, disqualify proxies, proxy cards, written ballots or any other similar instruments.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROXIES</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z33d01b76d3ca414b819d8b704bd3f01f" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">29.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Instrument of Appointment</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The instrument appointing a proxy shall be substantially in the form provided below or any other usual or customary form or such other form as may be approved by the
        Board of Directors from time to time.&#160; It shall be duly signed by the appointer or his duly authorized attorney or, if such appointer is a company or other corporate body, under its common seal or stamp or the hand of its duly authorized agent(s)
        or attorney(s).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-right: 1.35pt; margin-left: 72pt; line-height: 1.25;">&#8220;I, the undersigned, _________________________________, being a</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 189pt;">(name of shareholder )</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-right: 1.35pt; margin-left: 72pt; line-height: 1.25;">shareholder of <font style="font-weight: bold;">ReWalk Robotics Ltd.</font> hereby appoint</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-right: 1.35pt; margin-left: 72pt; line-height: 1.25;">________________________ of _____________________________</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdff45fb17a7f40d5b299cea0068fa324">

          <tr>
            <td style="width: 100pt;"><br>
            </td>
            <td style="width: 140pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(name of proxy)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>(address of proxy)</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-right: 1.35pt; margin-left: 72pt; line-height: 1.25;">as my proxy to attend and vote on my behalf at [any General Meeting of the Company] [the General Meeting of the Company to be held on the
        _____ day of _______ , 2____ ] and at any adjournment thereof.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-right: 1.35pt; margin-left: 72pt; line-height: 1.25;">Signed this ______ day of ___________, 2___ .</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-right: 1.35pt; margin-left: 72pt; line-height: 1.25;">__________________.&#8221;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-right: 1.35pt; margin-left: 72pt; line-height: 1.25;">(signature of shareholder)</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The instrument appointing a proxy (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 registered office, or at its principal place of business or at the offices of its registrar and/or transfer agent or at such place as the Board of Directors may specify) not less than forty-eight (48) hours before the time fixed for
        the meeting at which the Person named in the instrument proposes to vote, unless otherwise determined by the Chairman of the meeting.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The rights of a shareholder who is legally incapacitated to attend and/or vote at a General Meeting may be exercised by his guardian.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 13 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z58952b9a5bfb4e8ea22f09a624abcf7a" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">30.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Effect of Death of Appointer or Revocation of Appointment</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">A vote cast pursuant to an instrument appointing a proxy shall be valid notwithstanding the previous death of the appointing shareholder (or of his attorney-in-fact, if any, who
        signed such instrument) or the revocation of the appointment, provided that no written notice of such death or revocation shall have been received by the Company or by the Chairman of the meeting before such vote is cast and provided, further, that
        the appointing shareholder, if present in person at said meeting, may revoke the authority granted by the execution of a proxy by filing with the Company a duly executed instrument appointing another proxy, on or prior to the deadline for the
        delivery of proxies, or by voting in person at the General Meeting.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">BOARD OF DIRECTORS</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6b52a84d8f274d9cb6617b52461b4031" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">31.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Powers of Board of Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <u>In General</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">The oversight of the management of the business of the Company shall be vested in the Board of Directors, which may exercise all such powers and do all such acts and things as
        the Company is authorized to exercise and do, and are not hereby or by law required to be exercised or done by the Company in a General Meeting.&#160; The authority conferred on the Board of Directors by this Article&#160;31 shall be subject to the
        provisions of the Companies Law, of these Articles and any resolution consistent with the Companies Law and these Articles adopted from time to time by a General Meeting, provided, however, that no such 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 resolution had not been adopted.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <u>Borrowing Power</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">The Board of Directors may from time to time, in its discretion, cause the Company to borrow or secure the payment of any sum or sums of money for the purposes of the Company,
        and also may cause the Company to secure or provide for the repayment of such sum or sums in such manner, at such times and upon such terms and conditions in all respects as it deems fit, and, in particular, by the issuance of bonds, perpetual or
        redeemable debentures, debenture stock, or any mortgages, charges, or other securities on the undertaking or the whole or any part of the property of the Company, both present and future, including its uncalled or called but unpaid share capital
        for the time being.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <u>Reserves</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">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, and the Company may invest any sum so set aside in any manner and from time to time deal with and vary such investments, and dispose of all or any part thereof, and employ any such reserve or any part
        thereof in the business of the Company without being bound to keep the same separate from other assets of the Company, and may subdivide or redesignate any reserve or cancel the same or apply the funds therein for another purpose, all as the Board
        of Directors may from time to time deem fit.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 14 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2b9278687ca24018bd917360aa611370" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">32.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Exercise of Powers of Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A meeting of the Board of Directors at which a quorum is present (in person, by means of a conference call or any other device allowing each director participating
        in such meeting to hear all the other directors participating in such meeting) shall be competent to exercise all the authorities, powers and discretions vested in or exercisable by the Board of Directors.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A resolution proposed at any meeting of the Board of Directors shall be deemed adopted if approved by a simple majority of the Directors present and lawfully
        entitled to vote thereon (as conclusively determined by the Secretary or General Counsel, and in the absence of such determination, by the Chairman of the Audit Committee) and voting thereon.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A resolution may be adopted by the Board of Directors without convening a meeting if <u>all</u> Directors then in office and lawfully entitled to participate in the
        meeting and vote thereon (as conclusively determined by the Secretary or General Counsel, and in the absence of such determination, by the Chairman of the Audit Committee), have given their written consent (in any manner whatsoever) not to convene
        a meeting to discuss such matter.&#160; Such resolution shall be adopted if approved by a majority of the Directors lawfully entitled to vote thereon (as determined as aforesaid). The Chairman of the Board of Directors shall sign the instrument
        evidencing any resolutions so adopted, including the decision to adopt said resolutions without a meeting.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zfd6ca55b2d514cfc86b4e25b8400b38b" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">33.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Delegation of Powers</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 31.5pt; margin-left: 4.5pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors may, subject to the provisions of the Companies Law and these Articles, delegate any of its powers to committees, each
        consisting of two or more Persons (all of whose members must be Directors), and it may from time to time revoke such delegation or alter the composition of any such committee.&#160; Any Committee so formed (in these Articles referred to as a &#8220;<font style="font-weight: bold;">Committee</font>&#160;<font style="font-weight: bold;">of</font>&#160;<font style="font-weight: bold;">the</font>&#160;<font style="font-weight: bold;">Board</font>&#160;<font style="font-weight: bold;">of</font>&#160;<font style="font-weight: bold;">Directors</font>&#8221;), shall, in the exercise of the powers so delegated, conform to any regulations imposed on it by the Board of Directors.&#160; The meetings and proceedings of any such Committee of the Board of Directors shall, <font style="font-style: italic;">mutatis mutandis</font>, be governed by the provisions herein contained for regulating the meetings of the Board of Directors, so far as not superseded by the Companies Law or any regulations adopted by the Board of
        Directors under this Article. Notwithstanding the foregoing, the Chairman of a Committee of the Board of Directors shall not have a casting vote. Unless otherwise expressly provided by the Board of Directors in delegating powers to a Committee of
        the Board of Directors, such Committee shall not be empowered to further delegate such powers.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36.75pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Without derogating from the provisions of Article&#160;46, the Board of Directors may, subject to the provisions of the Companies Law, from time to time appoint a
        Secretary to the Company, as well as any officers of the Company, and may terminate the service of any such Person, and also may cause the Company to engage employees, agents and independent contractors and to terminate the service of any such
        Person, all as the Board of Directors may deem fit.&#160; Without derogating from the provisions of Article&#160;46, the Board of Directors may, subject to the provisions of the Companies Law, determine the powers and duties, as well as the compensation
        terms of all such Persons, and may require security in such cases and in such amounts as it deems fit.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 15 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zdfc37ee9dbc548b9baa9ad73ec6bf4c7" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">34.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Number of Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors shall include at least five (5) Directors and cannot be more than thirteen (13) Directors, including two External Directors.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The requirements of the Companies Law applicable to an External Director shall prevail over the provisions of these Articles to the extent that these Articles are
        inconsistent with the Companies Law, and shall apply to the extent that these Articles are silent.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd24b877214ab4f42af551dc3407489f2" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">35.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Election and Removal of Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other than External Directors, the directors will be elected in three staggered classes by the vote of a majority of the ordinary shares present and entitled to
        vote.&#160; The directors of only one class will be elected at each annual meeting for a three year term, so that the regular term of only one class of directors expires annually. The directors serving as of the date these Articles become effective will
        be classified as shall be determined by a resolution of the Board. At the Company's Annual General Meeting to be held in 2015, the term of the first class, consisting of three (3) directors will expire, and the directors elected at that meeting
        will be elected for a three-year term.&#160; At the Company's Annual General Meeting to be held in 2016, the term of the second class, consisting of three (3) directors, will expire and the directors elected at that meeting will be elected for a
        three-year term. At the Company's Annual General Meeting to be held in 2017, the term of the third class, consisting of three (3) directors, will expire and the director elected at that meeting will be elected for a three-year term. The External
        Directors will not be assigned a class.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">If the number of directors constituting the Board is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of directors in each
        class as nearly equal as possible, but in no case will a decrease in the number of directors constituting the Board shorten the term of any incumbent director.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">The provisions of this Article 35(a) may not be amended without a resolution of the general meeting of the Company approved by shareholders holding 65% or more of the voting
        power of the issued and outstanding share capital of the Company.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to subsection (a), each Director shall be elected by a Shareholders Resolution at the Annual General Meeting by the vote of the holders of a simple
        majority of the voting power represented at such meeting in person or by proxy and voting on such election. .</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the provisions of subsection (a), External Directors shall be elected in accordance with the Companies Law.&#160; An elected External Director shall
        commence his term from the date of, and shall serve for the period stated in, the resolution of the General Meeting at which he was elected, unless his office becomes vacant earlier in accordance with the provisions of the Companies Law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 16 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Director may serve for multiple terms, provided, however, that the terms of an External Director shall be limited in accordance with applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The General Meeting shall be entitled to remove any Director(s) from office by a Shareholder Resolution approved by Shareholders holding 65% or more of the voting
        power of the issued and outstanding share capital of the Company, subject to applicable law. The Board of Directors shall be entitled to remove from office any Director(s) appointed by the Board of Directors.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9b4fa7e9e5334943b3d5ffb497e9609d" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">36.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Qualification of Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">No Person shall be disqualified to serve as a Director by reason of his not holding shares in the Company.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3c5c8206dcc0470b83d6bef10abbc498" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">37.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Vacancies in the Board of Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of Article 35(a), any vacancy in the Board of Directors, however occurring, including a vacancy resulting from an enlargement of the
        Board of Directors by resolution of the Board of Directors or from the number of Directors serving being less than the maximum permitted number, may be filled by resolution of the Board of Directors. A Director elected to fill a vacancy shall be
        elected to hold office until the Annual General Meeting at which the term for the other directors of his class expires, unless his office becomes vacant earlier in accordance with the provisions of these Articles.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event of one or more 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 set forth in Article&#160;34(a) hereof, they may only act in an emergency (as determined in their absolute discretion), may appoint one or more Directors and call one or more General Meetings for any purpose.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1cbfbb8a147747b5b855be92cfcea286" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">38.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Vacation of Office</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The office of a Director shall be vacated, <font style="font-style: italic;">ipso facto</font>, upon his death, or if he be found mentally incapacitated, or upon
        the conviction of a crime enumerated in the Companies Law or as otherwise provided by applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The office of a Director shall be vacated by his written resignation.&#160; Such resignation shall become effective on the date fixed therein, or upon the delivery
        thereof to the Company, whichever is later.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze164b8cc260c48c0b36aac7d6390d64c" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">39.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><u>Remuneration of Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">No Director shall be paid any remuneration by the Company for his services as Director except as may be approved pursuant to the provisions of the Companies Law.&#160; Except as
        otherwise provided by applicable law, reimbursement of expenses incurred by a Director in carrying out his duties as such shall be made pursuant to the policy in this respect as determined by the Board of Directors and in effect from time to time.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 17 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8b147007a1d643f4b88f67aee511a504" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">40.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Conflict of Interests</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of the Companies Law, the Company may enter into any contract or otherwise transact any business with any Director in which contract or
        business such Director has a Personal Interest, directly or indirectly; and may enter into any contract of otherwise transact any business with any third party in which contract or business a Director has a Personal Interest, directly or
        indirectly.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25;">&#160;(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Transaction (other than an Extraordinary Transaction) between the Company and an Office Holder or Controlling Person of the Company, or in which an Office Holder or Controlling Person
        of the Company has a Personal Interest, may be approved by:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25;">(i) &#160; the Audit Committee &#8211; without any monetary limit; or</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 18pt; margin-left: 54pt; line-height: 1.25;">(ii)&#160; the Board of Directors &#8211; without any monetary limit; or</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 70.9pt; line-height: 1.25;">(iii) the Company's authorized officer(s) or director(s) in accordance with the Company&#8217;s signatory rights (provided that no such approval may be given by any signatory who has
        a Personal Interest in the transaction).&#160; Any such approval may relate to a specific Transaction or to a general category of Transactions.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z95fd3b77487647448f7cbf7e83ee880d" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">41.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Alternate Directors</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Director may, subject to the consent of a majority of the members of the Board of Directors excluding such Director, appoint an individual as an alternate for
        himself (&#8220;<font style="font-weight: bold;">Alternate</font>&#160;<font style="font-weight: bold;">Director</font>&#8221;), remove such Alternate Director and appoint another Alternate Director in place of any Alternate Director appointed by him whose office
        has been vacated for any reason whatsoever. 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 an indefinite period and for all purposes.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any notice given to the Company pursuant to Article&#160;41(a) shall become effective on the date fixed therein, or upon the delivery thereof to the Company, whichever is
        later.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;An Alternate Director shall have all the rights and obligations of the Director who appointed him, provided, however, that he may not in turn appoint an alternate
        for himself, and provided further that 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 at such meeting.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;An Alternate Director shall alone be responsible for his own acts and omissions, and he shall not be deemed the agent of the Director who appointed him.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The office of an Alternate Director shall be vacated under the circumstances, <font style="font-style: italic;">mutatis mutandis</font>, set forth in Article&#160;38,
        and such office shall <font style="font-style: italic;">ipso facto</font> be vacated if the Director who appointed such Alternate Director ceases to be a Director.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding Article 41(a), (i) no Person shall be appointed as the Alternate Director for more than one Director and (ii) except as otherwise specifically
        permitted by the Companies Law, (A) no External Director may appoint an Alternate Director and (B) no Director may serve as an Alternate Director.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 18 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROCEEDINGS OF THE BOARD OF DIRECTORS</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze227a1a1bc5b4117b5e999184b774b8b" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">42.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Meetings</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors may meet and adjourn its meetings according to the Company&#8217;s needs but at least once in every three (3) months, and otherwise regulate such
        meetings and proceedings as the Directors think fit.&#160; Notice of the meetings of the Board of Directors shall be sent to each Director at the last address that the Director provided to the Company, or via telephone, facsimile or e-mail message, to
        the last telephone number, fax number or e-mail address, as applicable, that the Director provided to the Company.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any two (2) Directors may, at any time, convene a meeting of the Board of Directors, but not less than seventy-two (72) hours' notice shall be given of any meeting
        so convened, provided that the Chairman of the Board of Directors or the Vice Chairman of the Board of Directors may convene a meeting of the Board of Directors upon not less than twenty-four (24) hours written notice, and further provided, that
        the Board of Directors may convene a meeting without such prior notice with the consent of all of the Directors who are lawfully entitled to participate in and vote at such meeting&#160; (as conclusively determined by the Secretary or General Counsel,
        and in the absence of such determination, by the Chairman of the Audit Committee).&#160; The notice of a meeting of the Board of Directors shall describe the agenda for such meeting in reasonable detail, as determined by those convening such meeting.
        The failure to give notice to a Director in the manner required hereby may be waived by such Director. In urgent situations, a meeting of the Board of Directors can be convened without any prior notice with the consent of a majority of the
        Directors, including a majority of those who are lawfully entitled to participate in and vote at such meeting (as conclusively determined by the Secretary or General Counsel, and in the absence of such determination, by the Chairman of the Audit
        Committee).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd2538e22517549b194af907207125765" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">43.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;"><u>Quorum</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Unless 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 other
        means of communication by which the Directors may hear each other simultaneously, of at least a majority of the Directors then in office who are lawfully entitled to participate in the meeting and vote thereon (as conclusively determined by the
        Secretary or General Counsel, and in the absence of such determination, by the Chairman of the Audit Committee). No business shall be transacted at a meeting of the Board of Directors unless the requisite quorum is present as aforesaid.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbaf20c81cbf347f6b12bcbe9b1c45d53">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">44.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Chairman of the Board of Directors</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors may from time to time elect one of its members to be the Chairman of the Board of Directors, remove such Chairman from office and appoint
        another in his place.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Chairman, if any, of the Board of Directors shall preside at every meeting of the Board of Directors, but if there is no such Chairman, or if at any meeting he
        is not present within fifteen (15) minutes after the time fixed for the meeting, or is unwilling to act as Chairman or has notified the Company that he will not attend such meeting, the Directors present shall choose one of their number to be the
        Chairman of such meeting. The office of Chairman shall not, by itself, entitle the holder thereof to vote at any meeting of the Board of Directors nor shall it entitle such holder to a second or casting vote (without derogating, however, from the
        rights of such Chairman to vote as a Director of the Company).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 19 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab6724819d094885821a631cbb9dab09">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">45.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Validity of Acts Despite Defects</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Subject to the provisions of the Companies Law, all acts done bona fide 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 process or in the appointment of the participants in such meetings or any of them or any Person(s) acting as aforesaid, or that
        they or any of them were disqualified, be as valid as if there were no such defect or disqualification.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">GENERAL MANAGER</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60f272bd656d4ab6983494b67a10610e">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">46.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>General Manager</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors may from time to time appoint one or more Persons, whether or not Directors, as general managers (the &#8220;<font style="font-weight: bold;">General
          Manager(s)</font>&#8221;) of the Company and may confer upon such Person(s), and from time to time modify or revoke, such title(s) (including Managing Director, President, Chief Executive Officer, Director General or any similar or dissimilar title)
        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.&#160; Such appointment(s) may be either for a fixed
        term or without any limitation of time, and the Board of Directors may from time to time (subject to the provisions of the Companies Law and of any contract between any such Person and the Company) fix his or their compensation terms, remove or
        dismiss him or them from office, or assume his or their authorities with respect to a specific matter or period of time.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General Manager shall have the authority, in his discretion, to appoint any Person to become an Office Holder (other than a Director) and fix his remuneration.&#160;
        The General Manager shall have the authority, in his discretion, to promote or demote, or to increase or decrease any remuneration of, any other Office Holder (other than a Director) who reports directly or indirectly to the General Manager,
        provided that such matter is not considered an Extraordinary Transaction.&#160; Nothing in this Article 46(b) shall derogate from the authority of the Board of Directors.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">MINUTES</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10a33c97ed98414dbeb05b91df1f92d2">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">47.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Minutes</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Minutes of each General Meeting and of each meeting of the Board of Directors and any Committees thereof shall be recorded and duly entered in books provided for
        that purpose.&#160; Such minutes shall, in all events, set forth the names of the persons present at the meeting and all resolutions adopted thereat.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any minutes as aforesaid, if purporting to be signed by the Chairman of the meeting, shall constitute <font style="font-style: italic;">prima facie </font>evidence
        of the matters recorded therein.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 20 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">DIVIDENDS</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;"></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z354d7f002a014217b56c6a6bc7287ac7">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">48.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Declaration and Payment of Dividends</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the Companies Law, the Board of Directors may from time to time declare, and cause the Company to pay, such dividend as may appear to the Board of
        Directors to be appropriate.&#160; Subject to 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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company&#8217;s obligation to pay dividends or any other amount in respect of shares may be set-off by the Company against any indebtedness, however arising,
        liquidated or non-liquidated, of the Person entitled to receive the dividend. The provisions contained in this Article shall not prejudice any other right or remedy vested with the Company pursuant to these Articles or otherwise.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57e1b74019f44b92aee298336157f917">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">49.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Amount Payable by Way of Dividends</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">Subject to the rights of the holders of shares with special rights as to dividends, any dividend paid by the Company shall be allocated among the shareholders entitled thereto
        in proportion to their respective holdings of the shares in respect of which such dividend is being paid.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">50.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Interest</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">No dividend shall carry interest as against the Company.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">51.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Form of Dividend</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Upon the declaration of the Board of Directors, a dividend may be paid, wholly or partly, by the distribution of cash or specific assets of the Company or by distribution of
        securities of the Company or of any other companies, or in any one or more of such ways.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeaaaa4f07d354e78b6e8499701699b58">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">52.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Retention of Dividends</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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&#160;17 or 18,
        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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z702297fd8d9f4b64957d458204bd09a7">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">53.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Unclaimed Dividends</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">All unclaimed dividends or other moneys payable in respect of a share may be invested or otherwise made use of by and for the benefit of the Company until claimed.&#160; The payment
        by the Company 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 (7) 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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 21 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; text-indent: 36pt; line-height: 1.25; font-weight: bold;">FINANCIAL STATEMENTS</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">54.&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Financial Statements</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Board of Directors shall cause accurate books of account to be kept in accordance with the provisions of applicable law.&#160; Such books of account shall be kept at the
        Registered Office of the Company, or at such other place or places as the Board of Directors may think fit, and they shall always be open to inspection by all Directors.&#160; 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 or by a Shareholders Resolution.&#160; The Company shall not be required to send copies of its financial statements to the
        shareholders.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">AUDITORS</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f0afb2cf0bc49f99d405c0c7d8aaa17">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">55.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Outside Auditor</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">The outside auditor of the Company shall be recommended by the Audit Committee and elected by Shareholder Resolution at each Annual General Meeting and shall serve until the
        next Annual General Meeting or its earlier removal or replacement by Shareholder Resolution. The Board of Directors shall have the authority to fix, in its discretion, the remuneration of the auditor for audit and any other services, or to delegate
        such authority to the Audit Committee.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf661c0fb53884c9088d6a85fe9d06c84">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">56.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Internal Auditor</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The internal auditor of the Company shall be subject to the administrative supervision of the Chairman of the Board of Directors and shall present all its proposed work plans to
        the Audit Committee, which shall have the authority to approve them subject to any modifications in its discretion.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">EXEMPTION, INSURANCE AND INDEMNITY</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">57.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exemption, Insurance and Indemnity</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31725dd5e5454bb8839abf2b758a71c6">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Insurance of Office Holders</u>:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaacd49a7a0a84382a0e3b1110259303e">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company may insure the liability of any Office Holder therein to the fullest extent permitted by law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 22 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44bce70ce28c444fa93d73eaf289e3fa">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Without derogating from the aforesaid the Company may enter into a contract to insure the liability of an Office Holder therein for an obligation imposed on him in consequence of an act
                done in his capacity as an Office Holder therein, in any of the following cases:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38fb696bde8946d1b0cf8c47d42cb1c5">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">A breach of the duty of care vis-&#224;-vis the Company or vis-&#224;-vis another Person;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7923ace61c3e4d2c9dcee21acf95e4ac">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">A breach of the duty of loyalty vis-&#224;-vis the Company, provided that the Office Holder acted in good faith and had reasonable basis to believe that the act would not harm the Company;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0df660c62374ac4a47edd30a2b54434">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">A monetary obligation imposed on him in favor of another Person;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zed13929078fd4f8eaedf7249c5c6b8f1">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Reasonable litigation expenses, including attorney fees, incurred by the Office Holder as a result of an administrative enforcement proceeding instituted against him. Without derogating
                from the generality of the foregoing, such expenses will include a payment imposed on the Office Holder in favor of an injured party as set forth in Section 52(54)(a)(1)(a) of the Israeli Securities Law, 1968, as amended (the "Securities
                Law") and expenses that the Office Holder incurred in connection with a proceeding under Chapters H'3, H'4 or I'1 of the Securities Law, including reasonable legal expenses, which term includes attorney fees; or</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
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          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Any other matter in respect of which it is permitted or will be permitted under applicable law to insure the liability of an Office Holder in the Company.</div>
            </td>
          </tr>

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      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54b101ea661a470f8c83f46108790408">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
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              <div><u>Indemnity of Office Holders</u>:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bfb43d6667b45edb98d3434cdf3975f">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Company may indemnify an Office Holder therein, retroactively or pursuant to an advance undertaking, to the fullest extent permitted by law. Without derogating from the aforesaid
                the Company may indemnify an Office Holder in the Company for liability or expense imposed on him in consequence of an action made by him in the capacity of his position as an Office Holder in the Company, as follows:</div>
            </td>
          </tr>

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      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac504341036b4b2eb66b6788cd2c525b">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Any financial liability he incurs or imposed on him in favor of another Person in accordance with a judgment, including a judgment given in a settlement or a judgment of an arbitrator,
                approved by a court.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2fdd747d7cd94101b91a00dd101c241f">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.</td>
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              <div style="font-family: 'Times New Roman',Times,serif;">Reasonable litigation expenses, including legal fees, incurred by the Office Holder or which he was ordered to pay by a court, within the framework of proceedings filed against him by
                or on behalf of the Company, or by a third party, or in a criminal proceeding in which he was acquitted, or in a criminal proceeding in which he was convicted of a criminal offense which does not require proof of criminal intent.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z418bb178948f4fb7a176f1d1c0fc6d74">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Reasonable litigation expenses, including legal fees he incurs due to an investigation or proceeding conducted against him by an authority authorized to conduct such an investigation or
                proceeding, and which was ended without filing an indictment against him and without being subject to a financial obligation as a substitute for a criminal proceeding, or that was ended without filing an indictment against him, but with the
                imposition of a financial obligation, as a substitute for a criminal proceeding relating to an offence which does not require proof of criminal intent, within the meaning of the relevant terms in the Companies Law, or in connection with an
                administrative enforcement proceeding or a financial sanction. Without derogating from the generality of the foregoing, such expenses will include a payment imposed on the Office Holder in favor of an injured party as set forth in Section
                52(54)(a)(1)(a) of the Securities Law, and expenses that the Office Holder incurred in connection with a proceeding under Chapters H'3, H'4 or I'1 of the Securities Law, including reasonable legal expenses, which term includes attorney
                fees.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 23 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9299195b42354906b9bb83e97a75936a">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;"><u>Advance Indemnity</u> The Company may indemnify an Office Holder therein, except as provided by applicable law.&#160; The Company may give an advance undertaking to indemnify an Office
                Holder therein in respect of the following matters:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19bec98978194ad08a44304bfa8fce95">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Matters as detailed in Article 57(b)(i)(1), provided, however, that the undertaking is restricted to events, which in the opinion of the Board of Directors, are foreseeable in light of
                the Company&#8217;s actual activity at the time of granting the obligation to indemnify and is limited to a sum or measurement determined by the Board of Directors as reasonable under the circumstances. The indemnification undertaking shall
                specify the events that, in the opinion of the Board of Directors are foreseeable in light of the Company&#8217;s actual activity at the time of grant of the indemnification and the sum or measurement, which the Board of Directors determined to
                be reasonable under the circumstances;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10ca64eefdec42afb8024ffd4bdb87ab">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Matters as detailed in Article 57(b)(i)(2) and 57(b)(i)(3); and</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48b72c4987424077a51add229b774a79">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif;">Any matter permitted by applicable law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d978e7ff1ff4d92a265af99e57348a3">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Exemption of Office Holders</u>.&#160; The Company may exempt an Office Holder therein in advance and retroactively for all or any of his liability for damage in consequence of a breach of the duty of care vis-&#224;-vis the Company, to the
                fullest extent permitted by law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4addd905cece403eb14fe4fbf3ecbb93">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Insurance, Exemption and Indemnity &#8211; General</u>.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeae07f3e34c54ebeb8c0479c29be75c8">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The provisions of this Article 57 with regard to insurance, exemption and indemnity are not and shall not limit the Company in any way with regard to its entering into an insurance contract and/or with regard to the grant of indemnity
                and/or exemption in connection with a person who is not an Office Holder of the Company, including employees, contractors or consultants of the Company, all subject to any applicable law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5275af4e311240429afd3fb66dd2f3aa">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Articles 57(a) through 57(d) shall apply mutatis mutandis in respect of the grant of insurance, exemption and/or indemnification for Persons serving on behalf of the Company as Office Holders in companies controlled by the Company, or in
                which the Company has an interest.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb36f887786314c24b3184330d838d83f">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>An undertaking to insure, exempt and indemnify an Office Holder in the Company as set forth above shall remain in full force and effect even following the termination of such Office Holder&#8217;s service with the Company.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e5ba59715d5435cb7c76cd626625185">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">iv.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Any amendment to the Companies Law, the Securities Law or any other applicable law adversely affecting the right of any Office Holder to be indemnified or insured pursuant to this Article 57 shall be prospective in effect, and shall not
                affect the Company&#8217;s obligation or ability to indemnify or insure an Office Holder for any act or omission occurring prior to such amendment, unless otherwise provided by the Companies Law, the Securities Law or such other applicable law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 24 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">NOTICES</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ddf970633a54390ae1d273b99f8d39b">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">58.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Notices</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any written notice or other document may be served by the Company upon any shareholder either personally, or by facsimile transmission, or by sending it by prepaid
        mail (airmail or overnight air courier, if being sent from any country to a destination outside such country) or electronic mail addressed to such shareholder at his address as set forth in the Register of Shareholders or such other address as he
        may have designated in writing for the receipt of notices and other documents.&#160; Any written notice or other document may be served by any shareholder upon the Company by tendering the same in person to the Secretary or the General Manager of the
        Company at the principal office of the Company, or by facsimile transmission, or by sending it by prepaid registered mail (airmail or overnight air courier if being sent from any country outside Israel) to the Company at its registered office.&#160; Any
        such notice or other document shall be deemed to have been served (i) in the case of mailing, three (3) days after it has been posted, or when actually received by the addressee if sooner than three (3) days, after it has been posted; (ii) in the
        case of overnight air courier, on the second business day following the day sent; (iii)&#160;in the case of personal delivery, on the date such notice was actually tendered in person to such shareholder (or to the Secretary or the General Manager); (iv)
        in the case of facsimile transmission, on the date on which the sender receives automatic electronic confirmation that such notice was successfully transmitted; or (v) in the case of electronic mail, on the date on which the sender receives
        telephonic or written confirmation that such notice was received.&#160;&#160; 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
        respect, to comply with the provisions of this Article 58(a).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any shareholder whose address is not specified 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.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">RIGHTS OF SIGNATURE</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebe3103a314744d38c1ed60dd6a69d15">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">59.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Rights of Signature</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors shall be entitled to authorize any Person or Persons (who need not be officers or Directors) to act and sign on behalf of the Company, and the acts and signature of such
        Person(s) on behalf of the Company with the Company&#8217;s stamp or printed name shall bind the Company insofar as such Person(s) acted and signed within the scope of his or their authority.</div>
      <div style="line-height: 1.25">&#160;</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">- 25 -</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">WINDING UP</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">60.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Winding Up</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary in these Articles, a Shareholders Resolution approved by 75% of the voting shares represented at such meeting in person
        or by proxy is required to approve the voluntary winding up of the Company.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Company be wound up, liquidated or dissolved, then, subject to applicable law and to the rights of the holders of shares with special rights upon winding up,
        if any, the assets of the Company legally available for distribution among the shareholders, after payment of all debts and other liabilities of the Company, shall be distributed to the shareholders in proportion to the nominal value of their
        respective holdings of the shares in respect of which such distribution is being made, provided, however, that if a class of shares has no nominal value, then the assets of the Company legally available for distribution among the holders of such
        class shall be distributed to them in proportion of their respective holdings of the shares in respect of which such distribution is made.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">JURISDICTION</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">61.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction</u></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless the consent of the Company in writing has been received to the election of an alternative forum, and with the exception of all matters concerning a claimant
        or class of claimants having the right to file an action in the courts in Israel, in relation to causes of action by virtue of the U.S. Securities Act of 1933 (as amended), the federal district courts of the United States of America shall be the
        exclusive forum for resolving any action the causes of which result from the U.S. Securities Act of 1933 (as amended).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless the consent of the Company in writing has been received to the election of an alternative forum, the Tel-Aviv District Court will constitute the exclusive
        forum for: (a) a derivative action or derivative proceeding that is filed in the name of the Company; (b) any action grounded in a breach of fiduciary duty of a director, officeholder or other employee of the Company towards the Company or towards
        the shareholders of the Company; or (c) any action the cause of which results from any provision of the Companies Law or the Securities Law. Any person or entity purchasing or otherwise acquiring, or holding, any interest in the shares of the
        Company will be deemed to be parties to whom notice has been given of the provisions of these clauses and as parties who have given their consent to the provisions of these clauses.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25;">***</div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
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<DOCUMENT>
<TYPE>EX-10.1
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<FILENAME>exhibit_10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <div style="text-align: right;"><u><font style="font-weight: bold;">Exhibit 10.1</font></u><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 11pt; font-weight: bold;">ReWalk Robotics Ltd.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 11pt; font-weight: bold;">Compensation Policy for Executive Officers and Non-Executive Directors</div>
      <div style="line-height: 1.25">&#160;</div>
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            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">1.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Preamble</u></font></div>
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            </tr>

        </table>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">This document states the terms of the ReWalk Robotics Ltd. (&#8220;<font style="font-weight: bold;">ReWalk</font>&#8221;) compensation policy for its Executive Officers and Directors (the &#8220;<font style="font-weight: bold;">Compensation Policy</font>&#8221;).</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">The Compensation Policy is designed to motivate our Executive Officers to drive ReWalk's business and financial long term goals and to reward significantly on sustainable performance over the long
        term. Accordingly, the structure of ReWalk's Compensation Policy ties the compensation for each Executive Officer, to ReWalk's financial and strategic long term goals and achievements.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">For purposes of this Compensation Policy, &#8220;Executive Officers&#8221; shall mean &#8220;Office Holders&#8221; as such term is defined in the Israeli Companies Law, 5759-1999 (as may be amended from time to time) (the &#8220;<font style="font-weight: bold;">Companies Law</font>&#8221;), excluding, unless otherwise expressly indicated, the non-executive members of ReWalk's board of directors (the &#8220;<font style="font-weight: bold;">Board</font>&#8221;).</div>
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      <div style="margin-left: 36pt; line-height: 1.25;">The effective date of this Compensation Policy is the date of its approval by ReWalks&#8217;s shareholders. This Compensation Policy will apply to any compensation determined after its effective date and
        will not, and is not intended to, apply to or deemed to amend employment and compensation terms of Executive Officers existing prior to such date.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">The adoption of this Compensation Policy will not grant any of ReWalks&#8217;s Executive Officers a right to receive any elements of compensation set forth in this Compensation Policy. The elements of
        compensation to which an Executive Officer will be entitled will be exclusively those that are determined specifically in relation to him or her in accordance with the requirements of the Companies Law, and the regulations promulgated thereunder.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
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              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">2.</div>
              </td>
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                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Compensation policy goals</u></font></div>
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        </table>
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      <div style="margin-left: 36pt; line-height: 1.25;">ReWalk&#8217;s goals in setting the Compensation Policy for the Executive Officers is to attract, motivate and retain highly experienced personnel who will provide leadership for ReWalk&#8217;s success and
        enhance stockholder value, and to promote for each Executive Officer an opportunity to advance in a growing organization. The primary goals of the Compensation Policy are, therefore:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">2.1&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Pay for performance</u></div>
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      <div style="margin-left: 70.9pt; line-height: 1.25;">To closely align the interests of the Executive Officers with those of ReWalk&#8217;s stockholders in order to enhance stockholder value;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">To offer a collaborative workplace environment where each Executive Officer has the opportunity to impact ReWalk&#8217;s long-term success;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">To provide increased rewards for superior individual and corporate performance, and substantially reduced or no rewards for average or inadequate performance.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">2.2&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <u>Risk management</u></div>
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      <div style="margin-left: 70.9pt; line-height: 1.25;">To ensure that while a significant portion of each Executive Officer&#8217;s total compensation is at risk and tied to the achievement of financial, corporate, functional performance and other goals
        established by the Board, overall risk taking is managed and maintained;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">To minimize any personal incentives for taking high-risks that might potentially imperil the underlying value of ReWalk.</div>
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              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">3.</div>
              </td>
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                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Compensation elements</u></font></div>
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      <div style="margin-left: 36pt; line-height: 1.25;">ReWalk aims to provide its Executive Officers with a structured compensation package, including competitive salaries and benefits, performance-motivating cash payout and equity incentive programs.
        ReWalk's Executive Officers' compensation package may be composed of the following elements:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Base salary;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Benefits and perquisites;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cash bonus;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">3.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Equity compensation; and</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">3.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Retirement and termination of service arrangements.</div>
      <div style="line-height: 1.25">&#160;</div>
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              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">4.</div>
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              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Base Salary</u></font></div>
              </td>
            </tr>

        </table>
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      <div style="line-height: 1.25">&#160;</div>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">4.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>A competitive base salary is essential to ReWalk's ability to attract and retain highly skilled professionals in the long term. The base salary will vary between Executive Officers, and will be individually determined according to their
                performance, educational background, prior business experiences, aptitude, qualifications, role, personal responsibilities and taking into account external salary benchmarking for the specific role using a peer-group of companies.
                Therefore, ReWalk seeks to establish such base salary which will allow it to compete for, and retain, senior executive talent worldwide.</div>
            </td>
          </tr>

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      <div style="margin-left: 70.9pt; line-height: 1.25;">To that end, the peer-group companies will be selected and approved by ReWalk's compensation committee, according to part or all of the following characteristics:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">Companies that are direct competitors of ReWalk;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">Companies with a similar revenue turnover as that of ReWalk;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">Companies with a similar market cap as that of the ReWalk;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">Companies that compete with ReWalk for executive talent;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">Geographical considerations.</div>
      <div style="line-height: 1.25">&#160;</div>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">4.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>In the event that the services of the Executive Officer are provided via a personal management company and not by the Executive Officer directly as an employee of ReWalk, the fees paid to such personal management company shall reflect,
                to the extent determined by ReWalk in the applicable service agreement, the base salary and the benefits and perquisites (plus applicable taxes such as Value Added Tax), in accordance with the guidelines of the Compensation Policy.</div>
            </td>
          </tr>

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      <div style="line-height: 1.25">&#160;</div>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">4.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>In addition, Executive Officers may be awarded a fixed one-time cash payment upon recruitment or promotion.</div>
            </td>
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      <div style="line-height: 1.25">&#160;</div>
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            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">5.</div>
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                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Benefits and perquisites</u></font></div>
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      <div style="text-indent: 0.55pt; margin-left: 35.45pt; line-height: 1.25;">Benefits and perquisites for ReWalk's Executive Officers will be comparable to customary competitive market entitlements. Certain benefits and perquisites are set forth in
        order to comply with legal requirements, while others serve as an additional component of the Executive Officer compensation package to attract and retain highly skilled professionals at ReWalk.</div>
      <div style="line-height: 1.25">&#160;</div>
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            <td style="width: 34.9pt; vertical-align: top; align: right;">5.1</td>
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              <div>Benefits and perquisites which are required or facilitated under local laws or customary in the relevant jurisdiction may include, inter alia, the following:</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.1</td>
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              <div>Vacation of up to 30 days per annum;</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.2</td>
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              <div>Sick days of up to 30 days per annum (or as required by law);</div>
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      <div style="line-height: 1.25">&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.3</td>
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              <div>Annual convalescence pay as required by law;</div>
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      <div style="line-height: 1.25">&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.4</td>
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              <div>Payments to pension funds or other types of pension schemes (e.g. managers' insurance programs, 401K plans in the US);</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.5</td>
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              <div>Disability Insurance;</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.6</td>
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              <div>Payments to an advanced study fund as afforded by law;</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.7</td>
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              <div>Housing (in relevant markets);</div>
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      <div style="line-height: 1.25">&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.8</td>
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              <div>Travel and/or car allowances and/or company car;</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.9</td>
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              <div>Health coverage plans and medical expenses.</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.1.10</td>
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              <div>Relocation costs for Executive Officers (and their families) relocated by ReWalk.</div>
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            <td style="width: 34.9pt; vertical-align: top; align: right;">5.2</td>
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              <div>Such benefits and perquisites may vary depending on geographic location and other circumstances.</div>
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            <td style="width: 34.9pt; vertical-align: top; align: right;">5.3</td>
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              <div>In certain countries, the above benefits will be increased (when applicable) to meet statutory minimum levels.</div>
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            <td style="width: 34.9pt; vertical-align: top; align: right;">5.4</td>
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              <div>Additional benefits intend to complement cash compensation and offer non-monetary rewards to the Executive Officers, and may include, inter alia, the following benefits:</div>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.4.1</td>
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              <div>Company cellular phone and related expenses;</div>
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            <td style="width: 70.9pt;"><br>
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            <td style="width: 35.45pt; vertical-align: top; align: right;">5.4.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>Communication equipment and related expenses;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">5.4.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>Company car and related expenses;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">5.4.4</td>
            <td style="width: auto; vertical-align: top;">
              <div>Education allowances;</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">5.4.5</td>
            <td style="width: auto; vertical-align: top;">
              <div>Subscriptions to relevant literature.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 1.1pt; margin-left: 70.9pt; line-height: 1.25;">Such additional benefits will not surpass in value 20% of the base salary of any Executive Officer.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">6.</div>
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                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Retirement and termination of service arrangements</u></font></div>
              </td>
            </tr>

        </table>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">Providing certain retirement and/or termination benefits, is designed to attract and motivate highly skilled professionals to join ReWalk and should also contribute in retaining its current Executive
        Officers.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="margin-left: 36pt; line-height: 1.25;">The retirement and termination of service arrangements, shall consider the circumstances of such retirement or termination, the term of service or employment of the Executive Officer, his/her
        compensation package during such period, ReWalk&#8217;s performance during such period and the Executive Officer's contribution to ReWalk achieving its goals and/or maximization of its profits.</div>
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      <div style="margin-left: 36pt; line-height: 1.25;">The retirement and/or termination benefits may include the following benefits:</div>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">6.1</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Advance notice</u> - advance notice upon termination of employment for a certain period of time, which in any case will not exceed a term of 12 months. During such period of time, the Executive Officer may be required to continue his
                employment with ReWalk.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">6.2</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Severance pay</u> - as required or facilitated under local laws in the relevant jurisdiction.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">6.3</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Transition period</u> - Executive Officers may receive up to 12 months of base salary and benefits (i.e., excluding cash bonuses and Equity-based Awards as defined herein), taking into account the period of service or employment of
                the Executive Officer, his/her service and employment conditions in the course of such period, ReWalk's performance during such period, the contribution of the Executive Officer to the achievement of ReWalk's targets and profits and the
                circumstances of the termination of employment.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">6.4</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Health insurance for US or other Executive Officers</u> - payment for up to 12 months of post-termination health insurance upon termination of employment.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
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                <div style="text-align: left; line-height: 1.25;">7.</div>
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                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Cash Bonuses</u></font></div>
              </td>
            </tr>

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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">The cash bonus component aims to ensure that ReWalk's Executive Officers are aligned in achieving ReWalk's long-term strategic, business and financial objectives. Cash bonuses are, therefore,
        determined based on both the financial and business results of ReWalk, as well as individual performance. Cash bonuses are rewarded with distinguishable terms to the following Executive Officer populations:</div>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">7.1</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>CEO</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.1.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>The cash bonus will be based on achievement of milestones and targets and the measurable results of the Company, as may be compared to our budget&#160; and work plan for the relevant year (the &#8220;<font style="font-weight: bold;">Financial
                  Objectives</font>&#8221;), and market development and product development objectives as determined by the Board on an annual basis (the &#8220;<font style="font-weight: bold;">Business Objectives</font>&#8221;). Such measurable criteria will initially be
                determined on or about the commencement of each fiscal year and may include (but are not limited to) the following factors:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;revenue;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;reimbursement;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;product development;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;cash management;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;efficiency metrics;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Internal and external customer satisfaction; and</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;execution of projects, etc.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.1.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>A portion of the cash bonus may be granted based on the evaluation of CEO's overall performance by the Compensation Committee and the Board.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.1.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>The annual cash bonus of the CEO shall not exceed in any given year 250% of the CEO's annual base salary.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">7.2</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Non-sales Executive Officers</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.2.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>The cash bonus will be based on:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 106.35pt;"><br>
            </td>
            <td style="width: 35.4pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>the measurable Financial Objectives and Business Objectives of ReWalk as compared to ReWalk's budget and work plan for the relevant year.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 106.35pt;"><br>
            </td>
            <td style="width: 35.4pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>the achievement and performance of the individual measurable key performance indicators (KPIs), as initially determined at the commencement of each fiscal year (or start of employment, as applicable).</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b3806b74d60480eb247e57b331c684f">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.2.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>A portion of the cash bonus may be granted at the discretion of the CEO of ReWalk, based on the evaluation of the Executive Officer's overall performance, and subject to the approval of the Compensation Committee and the Board.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04a2948275514cbba3079d6a7c21ff0b">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.2.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>The annual bonus for the non-sales Executive Officers will not exceed in any given year 200% of the Executive Officer's annual base salary.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">7.3</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Sales Executive Officer</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.3.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>The overall compensation of the sales Executive Officers is specifically designed to motivate their performance. Therefore, the variable element of their compensation (with an emphasis on commission bonuses they receive, as will be
                defined below) is relatively larger when compared to the variable element of other Executive Officers' compensation, whereas the fixed element of their compensation is smaller.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf74fa7cfa06d460eb657240f3734cb1e">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.3.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>Executive Officer&#8217;s targets will be set at the beginning of each year (the &#8220;<font style="font-weight: bold;">Sales Targets</font>&#8221;). Achieving up to 100% of Sales Targets may correspond to up to 100% of the annual base salary of the
                sales Executive Officer.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.3.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>Up to 25% of the annual base salary of the sales Executive Officer may be granted at the discretion of the CEO of ReWalk, based on the evaluation of the Executive Officer's overall performance and subject to the approval of the
                Compensation Committee and the Board.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11c757339d364039a326e18ea0bd8fbb">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.3.4</td>
            <td style="width: auto; vertical-align: top;">
              <div>The annual cash bonus for the sales Executive Officers will not exceed in any given year 200% of the Executive Officer's annual base salary.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">7.3.5</td>
            <td style="width: auto; vertical-align: top;">
              <div>In the event that all or part of the Sales Targets which were the basis for the payment of the cash bonus were not collected, the excess corresponding bonus may be deducted from a future payment of a cash bonus.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">7.4</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Adjustment of Targets and Goals</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">The Compensation Committee and the Board may approve certain adjustments to the Financial Objectives, Business Objectives, Sales Targets and KPIs that were set at the beginning of the year in the
        event of material changes in the business environment of ReWalk, such as a re-organization of ReWalk, mergers, acquisitions, asset and/or business transfers, and/or material changes to the global business environment in which ReWalk operates.</div>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">7.5</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Bonus for an extraordinary transaction or effort</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">In addition to the bonus payout formulas above, when an extraordinary transaction or effort is expected to take place (e.g. a public offering, a merger, an acquisition, a spin-off, a specific
        task), and subject to the approval of the Compensation Committee and the Board, a special bonus may be determined with respect to all or some of the Executive Officers, provided such special bonus does not exceed 25% of the Executive Officer's
        annual base salary.</div>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">7.6</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Payout in cash or equity based compensation</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">The Compensation Committee and the Board will have full discretion to convert a portion of an Executive Officer's annual cash&#160; bonus, in lieu of cash, into Equity-based awards and to specify their
        vesting (and other) terms.</div>
      <div style="line-height: 1.25">&#160;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">7.7</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Partial Bonus Payout</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">Subject to the conditions and limitations of this Section 7, an Executive Officer that is employed or provides services to ReWalk for only a portion of any year may be entitled to receive the
        pro-rata portion of any bonus described above, which will be calculated relatively to the period during which the Executive Officer was employed or provided services to ReWalk out of the entire calendar year.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z0f8dd1d814554682bc3d1a5637cb05f8" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">8.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Special Bonuses</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1d1d7719e1f4198b79f37e63db98c3f">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">8.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Board of Directors and the Compensation Committee are authorized, at their discretion and beyond the annual bonuses and any other reward described in this policy, to grant special bonuses reflecting special efforts or exceptional
                achievements of Office Holders. The special bonus shall not exceed three (3) monthly salaries for any Office Holder. Special bonuses will be paid in cash unless the Compensation Committee and the Board of Directors decide that there are
                special circumstances, as specified in their resolutions, for the payment of a special bonus by way of shares of the Company or by way of convertible securities or securities exercisable into shares of the Company, in which case the
                provisions of Section 7.6 shall apply, mutatis mutandis.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z01ea387e452646ffa45fd7c5a4a54a87">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">8.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>If special bonuses are granted in accordance with this Section 8, the Board of Directors and the Compensation Committee shall set the vesting terms of such Special Bonuses, and such vesting terms shall be not be required to accord with
                the vesting periods set forth for Equity-based Awards granted in accordance with Section 9.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z414dbced0da54ae6a9e779f2bbce0757" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">9.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Equity-based Awards</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">ReWalk's Equity-based Awards are aimed at enhancing the alignment between the Executive Officers' interests and the long term interests of ReWalk and its stakeholders, and to promote the retention of
        Executive Officers for longer terms.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">Considering the potential for appreciation in the value of ReWalk&#8217;s stock in public trading markets as ReWalk grows, such element of compensation is regarded as having long-term incentive value. In
        addition, since these equity-based awards are structured to vest over several years, their incentive value to recipients is aligned with longer-term strategic plans.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-left: 36pt; line-height: 1.25;">The Equity-based Awards may be in a form of one or more of various types of equity-based instruments, which may include stock options, restricted stock or restricted stock units in different weights
        (the &#8220;<font style="font-weight: bold;">Equity-based Awards</font>&#8221;). The weight of each of the equity-based instruments will be determined periodically by ReWalk's Compensation Committee and Board.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 36pt; line-height: 1.25;">ReWalk may consider arrangements which will enable optimal tax planning for the Executive Officers.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd603f3bdb64445ea68754ebf371f8b7">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">9.1</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Executive Officers' Equity-Based Awards</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za18b5713c0ac40328a53069b0169df8c">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">9.1.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>Equity-Based Awards may be granted upon recruitment of an Executive Officer or from time to time, and while taking into consideration, inter alia, the educational background, prior business experiences, aptitude, qualifications, role,
                and personal responsibilities of the Executive Officer.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3134c1f6dbb8470f8388e62e03ac1082">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">9.1.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Equity-Based Awards which may be granted to an Executive Officer, will not exceed in value (based on accepted valuation methods), on the date of grant, per vesting annum (calculated on a linear basis), the following amounts:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 36pt; margin-left: 70.35pt; line-height: 1.25;">CEO &#8211; 500% of the Executive Officer's annual base salary;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 106.35pt; line-height: 1.25;">Other Executive Officers &#8211; 400% of the Executive Officer's annual base salary.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 106.35pt; line-height: 1.25;">However, the aforementioned restriction will not include a cash bonus which was converted into Equity-based Awards as described above.</div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f88ae0fe55340f59b9b454fc124053f">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">9.1.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Compensation Committee and the Board also considered setting a cap on value for Equity-based Awards at the time of exercise and concluded that this would not be advisable for ReWalk.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z729555c762454602a8e4663d9066ae3c">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">9.1.4</td>
            <td style="width: auto; vertical-align: top;">
              <div>Such Equity-based Awards shall vest over a minimum period of 3 years.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8ad51def7874ac8a5c4881ffd03ea5c">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">9.1.5</td>
            <td style="width: auto; vertical-align: top;">
              <div>Equity-based Awards will expire within 10 years as of their grant date.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65f4d03d655446e68a13f43f3321bc95">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right;">9.1.6</td>
            <td style="width: auto; vertical-align: top;">
              <div>Equity-based Awards in the form of stock options will have an exercise price which is not lower than the fair market value of ReWalk's share on the date of grant.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2ed7909baf24df99643a083c49e509b">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">9.2</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Acceleration of Equity-based Awards</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">Subject to Section 10, upon the occurrence of certain events, such as a change of control or other corporate transaction (as defined in the applicable equity incentive plan), the vesting of up to
        100% of the unvested Equity-based Awards granted to an Executive Officer may be accelerated. Acceleration of Equity-based Awards may also apply upon certain events of termination of employment or services, all in accordance with the terms of the
        applicable equity incentive plan of ReWalk.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcebb178e2a944a9b99bde27ca606d6a3" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">10.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Change of Control</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1a8d2c21eee4ab9b2a770df9a09e403">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">10.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>Upon a change of control, if the CEO, the CFO, the General Manager of Israel, or the Vice President of Marketing are thereafter terminated within one year of such change of control, the terminated executives shall be entitled to the
                following severance: (i) the CEO shall be entitled to severance in the form of 18 months&#8217; salary, and the CEO&#8217;s bonus, and (ii) the CFO, General Manager of Israel and the Vice President of Marketing shall be entitled to severance in the
                form of 12 months&#8217; salary, and such executive&#8217;s bonus.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z98625bf2e74d432d9404a77b51582b2e" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">11.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Overall compensation - Ratio between fixed and variable compensation</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1069d74b9dde473587188ed191cf897b">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">11.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>We believe that the Compensation Policy must motivate our Executive Officers to drive ReWalk's business and financial results and is designed to reward significantly on sustainable performance over the long term. Accordingly, the
                structure of ReWalk's Compensation Policy is established to tie the compensation of each Executive Officer to ReWalk's financial and strategic achievements and to enhance the alignment between the Executive Officers' interests with the long
                term interests of ReWalk and its stakeholders.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89fbe0b45251451aa02d4eb26637556f">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">11.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>With the above considerations in mind, ReWalk will target a ratio between the fixed compensation (base salary) and the variable compensation (cash Bonus; Equity-based Awards) of up to 1:7.5 for CEO and 1:6 for other Executive Officers.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fb127511d5d40eda86cf58ab2614774">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">11.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>The ratio above express the targeted range in the event that all performance measures are achieved at target levels.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8100dd613ae84a1faebfe91a0603da14" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">12.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Internal Compensation Ratio</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb0c8b9bf1a54a62bcf2c5c06fa0b930">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">12.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>In the process of composing this Compensation Policy, the Compensation Committee and the Board have examined the ratio between overall compensation of the Executive Officers and the average and median salary of the other employees of
                ReWalk (including agency contractors, if any) (the &#8220;<font style="font-weight: bold;">Internal Ratio</font>&#8221;).</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb14f8a42328543bdb23cb4b7feea7d43">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">12.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>The possible ramifications of the Internal Ratio on the work environment in ReWalk were examined, and will be periodically reviewed by the Compensation Committee and the Board, in order to ensure that levels of executive compensation, as
                compared to the overall workforce will not have a negative impact on work relations in ReWalk.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcd66132e69fe4a11a4f07d70381bdef6" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">13.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Compensation of members of ReWalk's Board</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49a45fcae9f14cab826885c9704848a6">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">13.1</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Compensation of non-executive directors</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">The non-executive members of ReWalk's Board may (and, in the case of external directors, shall) be entitled to remuneration and refund of expenses according to the provisions of the Companies
        Regulations (Rules on Remuneration and Expenses of Outside Directors), 2000, as amended by the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel), 2000, as such regulations may be amended from time to
        time.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">In addition, the non-executive members of ReWalk's Board may be eligible to participate in ReWalk&#8217;s equity plans. Such Equity-based Awards will not exceed in value (based on accepted valuation
        methods), on the date of grant, $500,000, per vesting annum (calculated on a linear basis). Equity-based awards will vest over a period of not less than 1 year. The Compensation Committee will have full discretion to resolve that, in order to
        preserve the Company&#8217;s cash, remuneration of a non-executive member of ReWalk's Board shall be in the form of Equity-based Awards instead of cash. Equity-based Awards will be payable in the first instance in restricted stock units (RSUs), but may
        also be payable, at the full discretion of the Compensation Committee, in cash, based on a formula to be determined and with such payment provisions as shall result in the equivalent effect of vesting of RSUs, in order to preserve the equity
        available for incentives. The provisions of Section 9.2 above regarding acceleration of vesting will apply, mutatis mutandis, to Equity-based Awards granted to non-executive members of ReWalk's Board.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">14.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Exculpation, indemnification and insurance</u></font></div>
              </td>
            </tr>

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      </div>
      <div style="line-height: 1.25">&#160;</div>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">14.1</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Exculpation</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">ReWalk may exculpate the members of its Board and its Executive Officers from a breach of duty of care, to the extent permitted by applicable law.</div>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">14.2</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Indemnification</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">ReWalk may indemnify the members of its Board and its Executive Officers to the fullest extent permitted by applicable law, for any liability and expense that may be imposed on the Executive
        Officer, all subject to applicable law.</div>
      <div style="line-height: 1.25">&#160;</div>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">14.3</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Insurance</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="margin-left: 70.9pt; line-height: 1.25;">ReWalk will provide &#8220;Directors and Officers Insurance&#8221; the members of its Board and its Executive Officers. The maximum aggregate coverage for any such insurance policy will not exceed USD
        50,000,000. The annual premiums for such coverage shall be approved by the Compensation Committee (and, if required by law, by the Board) which shall determine that the amounts of the annual premiums for such insurance coverage reflect then-current
        market conditions and shall not materially affect the Company&#8217;s profitability, assets or liabilities.</div>
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      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z92efbf6a9c13459384a2bdec7edb3138" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

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              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">15.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Board's discretion to reduce compensation elements</u></font></div>
              </td>
            </tr>

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      </div>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">15.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Board may, at its sole discretion, approve compensation terms which are lower than the amounts described herein.</div>
            </td>
          </tr>

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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">15.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Board has the right to reduce any variable compensation to be granted to an Executive Officer due to special circumstances determined by the Board.</div>
            </td>
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      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z26136f0c29d84c689978b3c98cd7f480" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">16.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-weight: bold;"><u>Compensation recovery (Claw-back)</u></font></div>
              </td>
            </tr>

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      </div>
      <div style="line-height: 1.25">&#160;</div>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">16.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>In the event of an accounting restatement, ReWalk shall be entitled to recover from any Executive Officer bonus compensation paid, in the amount of the excess over what would have been paid under the accounting restatement, with a 36
                month (three-year) look-back from the date of the restatement.</div>
            </td>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">16.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>The compensation recovery may apply to former Executive Officers of ReWalk. ReWalk will only 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. The Compensation Committee will be responsible for approving the amounts to be recouped and for setting terms for such recoupment from time to time.</div>
            </td>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">16.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>Notwithstanding the aforesaid, the compensation recovery will not be triggered in the event of a financial restatement required because of changes in the applicable financial reporting standards.</div>
            </td>
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            </td>
            <td style="width: 34.9pt; vertical-align: top; align: right;">16.4</td>
            <td style="width: auto; vertical-align: top;">
              <div>Nothing in this Section 14 derogates from any other &#8220;Claw-back&#8221; or similar provisions regarding disgorging of profits imposed on Executive Officers by virtue of applicable securities laws.</div>
            </td>
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      </table>
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