<SEC-DOCUMENT>0001213900-24-065259.txt : 20240805
<SEC-HEADER>0001213900-24-065259.hdr.sgml : 20240805
<ACCEPTANCE-DATETIME>20240805172933
ACCESSION NUMBER:		0001213900-24-065259
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240805
FILED AS OF DATE:		20240805
DATE AS OF CHANGE:		20240805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Scinai Immunotherapeutics Ltd.
		CENTRAL INDEX KEY:			0001611747
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37353
		FILM NUMBER:		241176193

	BUSINESS ADDRESS:	
		STREET 1:		JERUSALEM BIOPARK, 2ND FLOOR
		STREET 2:		HADASSAH EIN KEREM CAMPUS
		CITY:			JERUSALEM
		STATE:			L3
		ZIP:			00000
		BUSINESS PHONE:		972-8-9302529

	MAIL ADDRESS:	
		STREET 1:		JERUSALEM BIOPARK, 2ND FLOOR
		STREET 2:		HADASSAH EIN KEREM CAMPUS
		CITY:			JERUSALEM
		STATE:			L3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BiondVax Pharmaceuticals Ltd.
		DATE OF NAME CHANGE:	20140624
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0210633-6k_scinai.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 6-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Report of Foreign Private Issuer Pursuant to Rule
13a-16 or 15d-16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Under the Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the Month of August 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission File Number: 001-37353</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Jerusalem BioPark, 2nd Floor</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive office)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form 40-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Form 20-F &#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form 40-F &#9744;</P>

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

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

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




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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached as Exhibit 99.1 is a <FONT STYLE="background-color: white">notice
(the &ldquo;<U>Notice to Shareholders</U>&rdquo;) to the Company&rsquo;s shareholders containing changes to the Proxy Statement for the
</FONT>Company&rsquo;s Extraordinary Meeting of Shareholders scheduled for Monday, August&nbsp;12, 2024, at 11:00&nbsp;a.m. Israel time
at the offices of Goldfarb Gross Seligman&nbsp;&amp; Co., One Azrieli Center, Round Tower, Tel Aviv, Israel, that was furnished by the
Company to the Securities and Exchange Commission on Form 6-K <FONT STYLE="background-color: white">on July 8, 2024</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">This Report
on Form 6-K is hereby incorporated by reference into the registrant&rsquo;s Registration Statements on Form S-8&nbsp;(File No. <A HREF="http://www.sec.gov/Archives/edgar/data/1611747/000121390023030288/ea176534-s8_biondvaxpharma.htm">333-271293</A>
and File No. <A HREF="http://www.sec.gov/Archives/edgar/data/1611747/000121390020015429/ea123060-s8_biondvaxpharma.htm">333-239344</A>) and&nbsp;Form F-3&nbsp;(File No. <A HREF="http://www.sec.gov/Archives/edgar/data/1611747/000121390023068963/ea183844-f3_biondvaxpharma.htm">333-274078</A> and File No. <A HREF="http://www.sec.gov/Archives/edgar/data/1611747/000121390024007939/ea192382-f3_scinaiimmun.htm">333-276767</A>), to be a part thereof from the date on which
this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished. </FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: -35.7pt; text-align: justify"><A HREF="ea021063301ex99-1_scinai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice to Shareholders</FONT></A></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scinai Immunotherapeutics Ltd.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August 5, 2024</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Amir Reichman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amir Reichman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">3</P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea021063301ex99-1_scinai.htm
<DESCRIPTION>NOTICE TO SHAREHOLDERS
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Jerusalem BioPark, 2<SUP>nd
</SUP>Floor</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTICE TO SHAREHOLDERS
RE. SUPPLEMENTAL CHANGES TO </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PROXY STATEMENT FOR EXTRAORDINARY
GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>To Be Held on August
12, 2024</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 8, 2024, Scinai Immunotherapeutics
Ltd. (the &ldquo;<U>Company</U>&rdquo;) the Company furnished on Form 6-K <FONT STYLE="color: Blue"><U>(&ldquo;Original Form 6-K&rdquo;)
</U></FONT>to the Securities and Exchange Commission containing a Notice and Proxy Statement in connection with the Company&rsquo;s Extraordinary
Meeting of Shareholders scheduled for Monday, August&nbsp;12, 2024, at 11:00&nbsp;a.m. Israel time at the offices of Goldfarb Gross Seligman&nbsp;&amp;
Co., One Azrieli Center, Round Tower, Tel Aviv, Israel (the &ldquo;<U>Meeting</U>&rdquo;). As set forth in the Proxy Statement, one of
the proposals to be considered and voted upon at the Meeting is the approval of amendments to the Company&rsquo;s articles of association
(the &ldquo;<U>Amended Articles</U>&rdquo;) to authorize the creation of preferred shares, no par value per share, of the Company (&ldquo;<U>Preferred
Shares</U>&rdquo;), and to approve the issuance of Preferred Shares in connection with a debt-to-equity conversion transaction with the
European Investment Bank (&ldquo;<U>EIB</U>&rdquo;, and such transaction the &ldquo;<U>EIB Transaction</U>&rdquo;), all subject to the
consummation of the EIB Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following further discussions
with EIB, the Company and EIB have agreed to make a few clarifications to the terms of the EIB Transaction as described below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. The section entitled &ldquo;<I>Limit
on Holdings of 4.99% of the Outstanding ADSs at any time</I>&rdquo; on page 6 of the Proxy Statement is hereby amended as follows (additions
are underscored, deletions are struck through):&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify">&ldquo;<I>Limit on Holdings <FONT STYLE="color: Blue"><U>and
Conversion</U></FONT> of 4.99% of the Outstanding <FONT STYLE="color: Red"><STRIKE>ADSs</STRIKE></FONT><FONT STYLE="color: Blue"><U>Ordinary
Shares</U></FONT> at any time</I>. The Preferred Shares would contain a provision preventing the holder from converting such number of
Preferred Shares into <FONT STYLE="color: Blue"><U>Ordinary Shares</U></FONT> <FONT STYLE="color: Red"><STRIKE>ADSs</STRIKE></FONT> to
the extent that if, as a result of such conversion, <FONT STYLE="color: Blue"><U>(i)</U></FONT> the holder <FONT STYLE="color: Blue"><U>and
its affiliates</U></FONT> would become the beneficial owner of more than 4.99% of the Company&rsquo;s outstanding shares as determined
under the rules promulgated in the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, as amended<FONT STYLE="color: Blue"><U>, and (ii)
the holder and its affiliates will receive, or would have been entitled to receive, upon such conversion, together with all other conversions
made by such holder and its affiliates within the twelve (12)-month period prior to such conversion, an aggregate number of Ordinary
Shares (including Ordinary Shares underlying ADSs) in excess of 4.99% of the then issued and outstanding at the time of such conversion.
In addition, a holder of Preferred Shares may not convert such shares for a period of twelve (12) months commencing on the original issuance
date of the Preferred Shares</U></FONT>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. The section entitled &ldquo;<I>Veto
Rights</I>&rdquo; on page 6 of the Proxy Statement is hereby amended as follows (additions are underscored, deletions are struck through):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><I>&ldquo;<FONT STYLE="color: Red"><STRIKE>Veto
Rights</STRIKE></FONT><FONT STYLE="color: Blue"><U>Redemption in Certain Events</U></FONT>.&nbsp;</I>The <FONT STYLE="color: Red"><STRIKE>holders
of a majority of the Preferred Shares would also have veto rights over the ability of the Company to</STRIKE></FONT> <FONT STYLE="color: Blue"><U>Company
shall not take any of the following actions without either first redeeming all then-outstanding Preferred Shares by making a redemption
payment in respect of each Preferred Share in an amount equal to the preferred redemption amount ($34,000 per Preferred Share) or obtaining
the written consent or affirmative vote of the holders of a majority of the Preferred Shares in order to proceed without making such
a redemption (it being understood that the foregoing shall not apply if any of the following occurs and is not in the control of the
Company)</U></FONT> (i)&nbsp;incur<FONT STYLE="color: Blue"><U>s</U></FONT><U> </U>Indebtedness (as defined in the Amended Articles),
subject to certain exceptions, (ii)&nbsp;<FONT STYLE="color: Red"><STRIKE>enter into an </STRIKE></FONT><FONT STYLE="color: Blue"><U>consummating
any</U></FONT> M&amp;A Event (as defined in the Amended Articles), (iii)&nbsp;<FONT STYLE="color: Red"><STRIKE>voluntarily delist the
trading </STRIKE></FONT><FONT STYLE="color: Blue"><U>taking any action or step in relation to the delisting</U></FONT> of the Company&rsquo;s
securities on Nasdaq <FONT STYLE="color: Red"><STRIKE>and</STRIKE></FONT><FONT STYLE="color: Blue"><U>or </U></FONT>(iv)&nbsp;authorize<FONT STYLE="color: Blue"><U>s
</U></FONT>the creation of any security having rights, preferences <FONT STYLE="color: Red"><STRIKE>and</STRIKE></FONT><FONT STYLE="color: Blue"><U>or
</U></FONT>privileges equal to or greater than those of the Preferred Shares, including the issuance of additional Preferred Shares.
The definitions of &ldquo;Indebtedness&rdquo; and &ldquo;M&amp;A Event&rdquo; in the Amended Articles would be identical to the definitions
of such terms in the Finance Contract.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.8pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">Attached as Appendix A are the updated
<FONT STYLE="color: Black">Articles 168 (Conversion of Preferred Shares) and Article 172 (Redemption in Certain Events) to the</FONT>
proposed Amended Articles to reflect the changes above and marked to show the changes from the <FONT STYLE="color: #000000">proposed
Amended Articles submitted with the Original Form 6-K </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify; text-indent: 0.5in">Except as set
forth above, the Proxy Statement and the Amended Articles remain unchanged.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPANIES LAW, 5759 &ndash; 1999</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amended and Restated Articles of Association</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCINAI IMMUNOTHERAPEUTICSLTD<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.</FONT></TD><TD STYLE="text-align: justify"><U>Conversion</U>.
                                            Each holder of Preferred Shares (the &quot;Preferred Shareholders&quot;) shall have the right
                                            to convert its Preferred Shares into Ordinary Shares as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">168.1.</TD><TD STYLE="text-align: justify"><U>Right to Convert</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Each Preferred Share shall be convertible, at the option
of the Preferred Shareholder, at any time after the issuance of such Preferred Share and without the payment of additional consideration
by the holder thereof, into [1,456,000]<SUP>1 </SUP>fully paid and nonassessable Ordinary Shares of the Company, as subject to adjustment
pursuant to Article 168.2 below.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 1in">&nbsp;</TD>
<TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">Before any Preferred Shareholder
                                            is entitled to convert any Preferred Share into Ordinary Shares, the Preferred Shareholder
                                            shall surrender the certificate or certificates thereof<FONT STYLE="letter-spacing: -0.15pt">,
                                            or an affidavit of loss of the certificate or certificates therefor in a form reasonably
                                            acceptable to the Company, duly executed</FONT> at the Office and shall give written notice
                                            by electronic mail or facsimile to the Company at an address to be provided by the Company
                                            of the election to convert the same (a &ldquo;Notice of Exercise&rdquo;). The Company shall,
                                            as soon as practicable thereafter, register with the transfer agent of the Company the number
                                            of Ordinary Shares to which such Preferred Shareholder shall be entitled as aforesaid. Such
                                            conversion shall be deemed to have been made immediately prior to the close of business on
                                            the date of the surrender <FONT STYLE="letter-spacing: -0.15pt">of the certificate or submission
                                            of the affidavit of loss of the certificate representing the</FONT> Preferred Shares to be
                                            converted, and the person or persons entitled to receive the Ordinary Shares issuable upon
                                            such conversion shall be treated for all purposes as the record holder of such Ordinary Shares
                                            as of such date.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">168.2</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify"><U>Recapitalization Event</U>.
                                            If at any time or from time to time there shall be a Recapitalization Event, and other than
                                            a Liquidation (as defined below), provision shall be made so that the Preferred Shareholders
                                            shall thereafter be entitled to receive upon conversion of the Preferred Shares the number
                                            of Ordinary Shares had the Preferred Shares been converted into Ordinary Shares immediately
                                            prior to such Recapitalization Event. For the purposes of this Article 168.2, &quot;Recapitalization
                                            Event&quot; means any event of share combination or subdivision, share split, reverse share
                                            split, share dividend, distribution of bonus shares or any other reclassification, reorganization
                                            or recapitalization of the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
                                            Shares.</FONT></TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD>
    <TD STYLE="width: 0.25in"><SUP>1</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            number represents 0.0195% of the (i) fully diluted share capital on the date of the proxy
                                            statement plus (ii) number of restricted share units proposed to be granted to Mr. Amir Reichman,
                                            the Company&rsquo;s Chief Executive Officer, as Mr. Reichman&rsquo;s long-term incentive
                                            grant award for 2023, as described in the proxy statement sent to shareholders of the Company.
                                            In the event of a further increase in the fully diluted share capital prior to the issuance
                                            of the Preferred Shares, this number shall represent 0.0195% of the fully diluted share capital
                                            on the date of the closing of the EIB Transaction.</FONT></TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">168.3</TD><TD STYLE="text-align: justify">Notwithstanding any
                                            of the foregoing, Preferred Shares shall not be convertible into Ordinary Shares, and the
                                            Company shall not effect any such conversion, to the extent (but only to the extent) that
                                            by giving effect to such conversion the Preferred Shareholder (together with its affiliates
                                            and any other persons acting as a group together with the Preferred Shareholder or any of
                                            such holder&rsquo;s affiliates (such persons, collectively, the &ldquo;Attribution Parties&rdquo;))
                                            <FONT STYLE="color: Blue"><U>(i)</U></FONT> would beneficially own in excess of 4.99% of
                                            the issued and outstanding Ordinary Shares (including Ordinary Shares underlying American
                                            Depositary Shares of the Company (&ldquo;ADSs&rdquo;)) (the &ldquo;Beneficial Ownership Limitation<FONT STYLE="color: Red"><STRIKE>&rdquo;).
                                            For purposes of the foregoing sentence</STRIKE></FONT><FONT STYLE="color: Blue"><U>&rdquo;)
                                            or (ii) the Attribution Parties will have received or would have been entitled to receive
                                            upon such conversion, together with all other conversion by such Attribution Parties within
                                            the twelve (12)-month&nbsp;period immediately prior to such conversion, an aggregate number of
                                            Ordinary Shares in excess of 4.99% of the number of Ordinary Shares (including Ordinary Shares
                                            underlying ADSs) then issued and outstanding at the time of such conversion (the &ldquo;Conversion
                                            Limitation&rdquo;). In addition, a holder of Preferred Shares may not convert any such shares
                                            for a period of twelve (12) months<FONT STYLE="color: Red"><STRIKE>&nbsp;</STRIKE></FONT>commencing on the original date of issuance of the Preferred
                                            Shares to such holder. For purposes of the Beneficial Ownership Limitation</U></FONT>, the
                                            number of Ordinary Shares beneficially owned by the Preferred Shareholder and its affiliates
                                            and Attribution Parties shall include the number of Ordinary Shares underlying ADSs, if any,
                                            held by the Preferred Shareholder and its Attribution Parties plus the number of Ordinary
                                            Shares issuable upon conversion of the Preferred Shares with respect to which the conversion
                                            is being made but shall exclude the number of Ordinary Shares which would be issuable upon
                                            (i) exercise of the remaining Preferred Shares beneficially owned by the Preferred Shareholder
                                            or any of its affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised
                                            or nonconverted portion of any other securities of the Company (including, without limitation,
                                            any other Ordinary Share equivalents<FONT STYLE="color: Red"><STRIKE>)<FONT STYLE="font-size: 10pt; line-height: 150%">.</FONT></STRIKE></FONT><FONT STYLE="color: Blue"><U>)
                                            </U></FONT>subject to a limitation on conversion or exercise analogous to the limitation
                                            contained herein that are beneficially owned by the Preferred Shareholder or any of its affiliates
                                            or Attribution Parties. Except as set forth in the preceding sentence, for the purposes of
                                            this Article 168.3, beneficial ownership shall be determined in accordance with Section 13(d)
                                            of the Exchange Act, and the Preferred Shareholder is solely responsible for any schedules
                                            required to be filed in accordance therewith. To the extent that the <FONT STYLE="color: Red"><STRIKE>limitation</STRIKE></FONT><FONT STYLE="color: Blue"><U>limitations
                                            </U></FONT>contained in this Article 168.3 applies, the determination of whether Preferred
                                            Shares are convertible (in relation to other securities owned by the Preferred Shareholder
                                            together with any affiliates and Attribution Parties) shall be in the sole discretion of
                                            the Preferred Shareholder, and the submission of a Notice of Exercise shall be deemed to
                                            be the holder&rsquo;s determination of whether the Preferred Shares are convertible (in relation
                                            to other securities owned by the holder together with any affiliates and Attribution Parties),
                                            in each case subject to the Beneficial Ownership Limitation<FONT STYLE="color: Red"><STRIKE>.
                                            </STRIKE></FONT><FONT STYLE="color: Blue"><U>or Conversion Limitation.</U></FONT> To ensure
                                            compliance with this restriction, each holder shall be deemed to represent to the Company
                                            each time it delivers a Notice of Exercise that such Notice of Exercise has not violated
                                            the restrictions set forth in this Article, and the Company shall have no obligation to verify
                                            or confirm the accuracy of such determination. In addition, a determination as to any group
                                            status as contemplated above shall be determined in accordance with Section 13(d) of the
                                            Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Article
                                            168.3, in determining the number of outstanding Ordinary Shares, the Preferred Shareholder
                                            may rely on the number of outstanding Ordinary Shares as reflected in (x) the Company&rsquo;s
                                            most recent Annual Report on Form 20-F, Report on Form 6-K or other public filing filed with
                                            the Commission, as the case may be, (y) a more recent public announcement by the Company
                                            or (z) any other written notice by the Company or the Depositary setting forth the number
                                            of Ordinary Shares outstanding.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">168.3</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">Notwithstanding any of
                                            the foregoing, Preferred Shares shall not be convertible into Ordinary Shares, and the Company
                                            shall not effect any such conversion, to the extent (but only to the extent) that by giving
                                            effect to such conversion the Preferred Shareholder (together with its affiliates and any
                                            other persons acting as a group together with the Preferred Shareholder or any of such holder&rsquo;s
                                            affiliates (such persons, collectively, the &ldquo;Attribution Parties&rdquo;)) (i) would
                                            beneficially own in excess of 4.99% of the issued and outstanding Ordinary Shares (including
                                            Ordinary Shares underlying American Depositary Shares of the Company (&ldquo;ADSs&rdquo;))
                                            (the &ldquo;Beneficial Ownership Limitation&rdquo;) or (ii) the Attribution Parties will
                                            have received or would have been entitled to receive upon such conversion, together with
                                            all other conversion by such Attribution Parties within the twelve (12)-month period immediately
                                            prior to such conversion, an aggregate number of Ordinary Shares in excess of 4.99% of the
                                            number of Ordinary Shares (including Ordinary Shares underlying ADSs) then issued and outstanding
                                            at the time of such conversion (the &ldquo;Conversion Limitation&rdquo;). In addition, a
                                            holder of Preferred Shares may not convert any such shares for a period of twelve (12) months
                                            commencing on the original date of issuance of the Preferred Shares to such holder. For purposes
                                            of the Beneficial Ownership Limitation, the number of Ordinary Shares beneficially owned
                                            by the Preferred Shareholder and its affiliates and Attribution Parties shall include the
                                            number of Ordinary Shares underlying ADSs, if any, held by the Preferred Shareholder and
                                            its Attribution Parties plus the number of Ordinary Shares issuable upon conversion of the
                                            Preferred Shares with respect to which the conversion is being made but shall exclude the
                                            number of Ordinary Shares which would be issuable upon (i) exercise of the remaining Preferred
                                            Shares beneficially owned by the Preferred Shareholder or any of its affiliates or Attribution
                                            Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any
                                            other securities of the Company (including, without limitation, any other Ordinary Share
                                            equivalents) subject to a limitation on conversion or exercise analogous to the limitation
                                            contained herein that are beneficially owned by the Preferred Shareholder or any of its affiliates
                                            or Attribution Parties. Except as set forth in the preceding sentence, for the purposes of
                                            this Article 168.3, beneficial ownership shall be determined in accordance with Section 13(d)
                                            of the Exchange Act, and the Preferred Shareholder is solely responsible for any schedules
                                            required to be filed in accordance therewith. To the extent that the limitations contained
                                            in this Article 168.3 applies, the determination of whether Preferred Shares are convertible
                                            (in relation to other securities owned by the Preferred Shareholder together with any affiliates
                                            and Attribution Parties) shall be in the sole discretion of the Preferred Shareholder, and
                                            the submission of a Notice of Exercise shall be deemed to be the holder&rsquo;s determination
                                            of whether the Preferred Shares are convertible (in relation to other securities owned by
                                            the holder together with any affiliates and Attribution Parties), in each case subject to
                                            the Beneficial Ownership Limitation or Conversion Limitation. To ensure compliance with this
                                            restriction, each holder shall be deemed to represent to the Company each time it delivers
                                            a Notice of Exercise that such Notice of Exercise has not violated the restrictions set forth
                                            in this Article, and the Company shall have no obligation to verify or confirm the accuracy
                                            of such determination. In addition, a determination as to any group status as contemplated
                                            above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
                                            and regulations promulgated thereunder. For purposes of this Article 168.3, in determining
                                            the number of outstanding Ordinary Shares, the Preferred Shareholder may rely on the number
                                            of outstanding Ordinary Shares as reflected in (x) the Company&rsquo;s most recent Annual
                                            Report on Form 20-F, Report on Form 6-K or other public filing filed with the Commission,
                                            as the case may be, (y) a more recent public announcement by the Company or (z) any other
                                            written notice by the Company or the Depositary setting forth the number of Ordinary Shares
                                            outstanding.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">168.4</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">No fractional Ordinary
                                            Shares shall be issued upon conversion of the Preferred Shares, and the number of Ordinary
                                            Shares to be issued shall be rounded to the nearest whole share.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">168.5</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify"><U>Reservation of Shares
                                            Issuable upon Conversion</U>. The Company shall at all times reserve and keep available out
                                            of its authorized but unissued Ordinary Shares, solely for the purpose of effecting the conversion
                                            of the Preferred Shares, such number of its Ordinary Shares as shall from time to time be
                                            sufficient to effect the conversion of all outstanding Preferred Shares, and if at any time
                                            the number of authorized but unissued Ordinary Shares shall not be sufficient to effect the
                                            conversion of all then outstanding Preferred Shares, then the Company will take such corporate
                                            action as may be necessary to increase its authorized but unissued Ordinary Shares to such
                                            number of shares as shall be sufficient for such purposes.</TD>
</TR></TABLE>

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

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

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

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

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

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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Red"><B><U><STRIKE>PROTECTIVE
PROVISIONS</STRIKE></U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Blue"><B><U>REDEMPTION IN
CERTAIN EVENTS</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">172.</TD><TD STYLE="text-align: justify">Notwithstanding anything
                                            to the contrary in these Articles, for so long as any holder of Preferred Shares holds Preferred
                                            Shares of the Company, <FONT STYLE="color: Blue"><U>&nbsp;</U></FONT>the <FONT STYLE="color: Red"><STRIKE>written consent or affirmative
                                            vote of the holders of a majority of the Preferred Shares will be required for</STRIKE></FONT><FONT STYLE="color: Blue"><U>Company
                                            shall not take</U></FONT> any of the following <FONT STYLE="color: Blue"><U>actions</U></FONT>
                                            (whether taken directly or indirectly, by merger, consolidation or otherwise, and whether
                                            by the Company or a subsidiary <FONT STYLE="color: Red"><STRIKE>and any such act or transaction
                                            entered into without such consent or vote shall be null and void ab initio, and of no force
                                            or effect):</STRIKE></FONT><FONT STYLE="color: Blue"><U>) without either first redeeming
                                            all then-outstanding Preferred Shares by making a Redemption Payment in respect of each Preferred
                                            Share in an amount equal to the Preferred Redemption Amount or, in order to proceed without
                                            making such a redemption, obtaining the written consent or affirmative vote of the holders
                                            of a majority of the Preferred Shares (it being understood that the foregoing shall not apply
                                            if any of the following occurs and is not in the control of the Company):</U></FONT></TD>
</TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">consummating any M&amp;A Event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">taking
                                            any action or step in relation to the delisting of the Company&rsquo;s securities from the
                                            Nasdaq Stock Market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">authorizing the creation of any security
                                            having rights, preferences or privileges equal to or greater than those of the Preferred
                                            Shares, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the incurrence of any Indebtedness, save
                                            for Indebtedness incurred:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">with the prior written consent of the holders of a majority
of the Preferred Shares;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">under any finance or capital
                                            leases of equipment if the aggregate liability in respect of the equipment leased does not
                                            at any time exceed EUR 10,000,000 (or its equivalent in another currency or currencies);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">under Permitted Hedging</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">under any letters of credit
                                            provided that such Indebtedness does not, singularly or in aggregate, exceed EUR 10,000,000
                                            (or its equivalent in another currency or currencies);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">in respect of any guarantees
                                            in respect of any liability or obligation of any person:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">with the prior written consent of the holders of a majority
of the Preferred Shares; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">guarantees issued in the ordinary course of trade by the Company
under or in connection with:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(A)</TD><TD STYLE="text-align: justify">under any negotiable instruments;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(B)</TD><TD STYLE="text-align: justify">in connection with any performance bond; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(C)</TD><TD STYLE="text-align: justify">in connection with any Indebtedness permitted under this
Article 172(iv); or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">not permitted by the preceding paragraphs and the outstanding
amount of which does not exceed EUR 10,000,000 (or its equivalent) in aggregate at any time.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="color: Blue"><U>Following
the payment in full of the Preferred Redemption Amount for any Preferred Shares, such shares shall immediately be deemed redeemed and
cancelled without any further action required on the part of the Preferred Shareholders or the Company. For the avoidance of doubt, no
dividends or distributions shall be made to holders of Ordinary Shares until an amount equal to the full Preferred Redemption Amount
has been distributed on account of each Preferred Share.</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"></P>

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