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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
DC 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--DocumentRegistrationStatement_c20230101__20231231_zicxiPQizIa5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000017" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span>
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--DocumentAnnualReport_c20230101__20231231_zrxoQzT0UcJa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000018" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span>
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90B_edei--EntityRegistrantName_c20230101__20231231_zKJqjiIHCgia"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000025" name="dei:EntityRegistrantName">FORESIGHT
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Exact
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Translation
of registrant&#8217;s name into English: Not applicable</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>State
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Jurisdiction
of incorporation or organization)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20230101__20231231_zJcT3sA6wEdk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityAddressAddressLine1">7
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressCityOrTown_c20230101__20231231_zmSj2qVmt5Ne"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000028" name="dei:EntityAddressCityOrTown">Ness
Ziona</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--EntityAddressPostalZipCode_c20230101__20231231_zrhcx4Mq09E3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityAddressPostalZipCode">7403650</ix:nonNumeric></span>,
<span id="xdx_900_edei--EntityAddressCountry_c20230101__20231231_zPYhYiqI5GE7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000030" name="dei:EntityAddressCountry">Israel</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Address
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zSwjiYaCpxul"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000031" name="dei:ContactPersonnelName">Haim
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facsimile
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zTRw0TFHGiIb"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:EntityAddressPostalZipCode">7403650</ix:nonNumeric></span>
<span id="xdx_903_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOqQZQlHMkmb"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000037" name="dei:EntityAddressCountry">Israel</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Name,
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                            of each exchange on</i></span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--SecurityExchangeName_c20230101__20231231_zBgarLId3Grc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000040" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Capital Market</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="xdx_F0A_zsdHdW3eHswa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_z97ZJBX7VlV9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000041" xml:lang="en-US">Evidenced
    by American Depositary Receipts. Not for trading, but only in connection with the listing of the American Depositary Shares.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zZrb7iU321Xl"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000042" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">459,778,056</ix:nonFraction></span>
ordinary shares as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_901_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_z2DLCygKa3e3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_903_edei--EntityVoluntaryFilers_c20230101__20231231_zlUF6klye7i7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityCurrentReportingStatus_c20230101__20231231_zNxGqzStxKV9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--EntityInteractiveDataCurrent_c20230101__20231231_zwfPlNQDPIF2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000046" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--EntityFilerCategory_c20230101__20231231_z2lVbnrnY9w9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000047" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    Growth Company </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityEmergingGrowthCompany_c20230101__20231231_z9UHWhji4yDh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000048" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90C_edei--EntityExTransitionPeriod_c20230101__20231231_zu1k9X4p7Gch"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000049" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;The
term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; No <span id="xdx_900_edei--IcfrAuditorAttestationFlag_dbF_c20230101__20231231_zrOt97yN4SQ3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:IcfrAuditorAttestationFlag">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90A_edei--DocumentFinStmtErrorCorrectionFlag_dbF_c20230101__20231231_zmquykFShTml"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000051" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentAccountingStandard_c20230101__20231231_zmeBhBSyJx9l"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; No <span id="xdx_90A_edei--EntityShellCompany_dbF_c20230101__20231231_zCX4R3F2fDT2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000053" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART I</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap; width: 0.9in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. [Removed and reserved].</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Capitalization and Indebtedness</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Reasons for the Offer and Use of Proceeds</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Risk Factors</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION ON THE COMPANY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. History and Development of the Company</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Business Overview</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Organizational Structure</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Property, Plants and Equipment</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#SL_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Operating Results</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Liquidity and Capital Resources</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Research and Development, Patent and Licenses, etc.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Trend Information.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. Critical Accounting Estimates</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Directors and Senior Management</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Compensation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Board Practices</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Employees</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. Share Ownership</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. Action to Recover Erroneously Awarded Compensation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Major Shareholders</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Related Party Transactions</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Interests of Experts and Counsel</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Consolidated Statements and Other Financial Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Significant Changes</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Offer and Listing Details</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Plan of Distribution</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Markets</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Selling Shareholders</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. Dilution</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. Expenses of the Issue</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Page; Sequence: 2; Options: NewSection -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap; width: 0.9in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Share Capital</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Memorandum and Articles of Association</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Material Contracts</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Exchange Controls</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. Taxation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. Dividends and Paying Agents</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G. Statement by Experts</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_034"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. Documents on Display</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I. Subsidiary Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J. Annual Report to Security Holders.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Debt Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_040"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Warrants and rights</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_041"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Other Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_042"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. American Depositary Shares</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><a href="#Z1_043"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_044"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><a href="#Z1_045"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_046"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved].</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_047"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. B</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_048"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. C</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_049"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. D</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_050"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. E</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_051"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. F</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_052"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: -10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. G</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_053"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16. H</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_054"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_055"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.J</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_056"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSIDER TRADING POLICIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">91</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_057"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CYBERSECURITY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">91</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><a href="#Z1_058"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART III</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_059"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_060"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Z1_061"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 57px; width: 368px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>INTRODUCTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a technology company engaged in development of smart multi-spectral 3D vision software solutions and cellular-based applications.
Through our wholly owned subsidiaries, Foresight Automotive Ltd., or Foresight Automotive, Foresight Changzhou Automotive Ltd., or Foresight
Changzhou and Eye-Net Mobile Ltd., or Eye-Net Mobile, we develop both &#8220;in-line-of-sight&#8221; vision solutions and &#8220;beyond-line-of-sight&#8221;
accident-prevention solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
3D vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to diverse
markets such as automotive, defense, autonomous vehicles, agriculture and heavy industrial equipment. Eye-Net Mobile&#8217;s cellular-based
solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban
mobility environment by incorporating cutting-edge artificial intelligence (AI) technology and advanced analytics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in the State of Israel in September 1977 under the name Golan Melechet Machshevet (1997) Ltd. In April 1987, we became
a public company in Israel, and our shares were listed for trade on the Tel Aviv Stock Exchange Ltd., or TASE. On May 16, 2010, we changed
our name to Asia Development (A.D.B.M.) Ltd., and on January 12, 2016, we changed our name to Foresight Autonomous Holdings Ltd. Our
Ordinary Shares are currently traded on the TASE, and American Depositary Shares, or ADSs, each representing thirty of our Ordinary Shares,
currently trade on the Nasdaq Capital Market, both under the symbol &#8220;FRSX&#8221;. The Bank of New York Mellon acts as depositary
of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
information included or incorporated by reference in this annual report on Form 20-F may be deemed to be &#8220;forward-looking statements&#8221;.
Forward-looking statements are often characterized by the use of forward-looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;believe,&#8221; &#8220;predict,&#8221;
&#8220;should,&#8221; &#8220;intend,&#8221; &#8220;project&#8221; or other similar words, but are not the only way these statements are
identified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements
that contain projections of results of operations or of financial condition, expected capital needs and expenses, statements relating
to the research, development, completion and use of our products, and all statements (other than statements of historical facts) that
address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements
on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current
conditions, expected future developments and other factors they believe to be appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important
factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking
statements include, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to correctly identify and enter new markets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    overall global economic environment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact of competition and new technologies;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    market, political, and economic conditions in the countries in which we operate including those related to recent unrest and actual
    or potential armed conflict in Israel and other parts of the Middle East, such as the Israel-Hamas war; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">projected
    capital expenditures and liquidity;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to raise additional capital to support our operation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in our strategy; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
    factors referred to in &#8220;Item 3. Key Information &#8211; D. Risk Factors,&#8221; &#8220;Item 4. Information on the Company,&#8221;
    and &#8220;Item 5. Operating and Financial Review and Prospects,&#8221; as well as in this annual report on Form 20-F generally.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Readers
are urged to carefully review and consider the various disclosures made throughout this annual report on Form 20-F which are designed
to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not put undue reliance on any forward-looking statements. Any forward-looking statements in this annual report on Form 20-F are
made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the section of this annual report on Form 20-F entitled &#8220;Item 4. Information on the Company&#8221; contains information
obtained from independent industry sources and other sources that we have not independently verified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, all references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;Foresight&#8221; refer
to Foresight Autonomous Holdings Ltd. and its wholly owned subsidiaries, Foresight Automotive Ltd., an Israeli corporation, Eye-Net Mobile
Ltd., an Israeli corporation, and Foresight Automotive&#8217;s wholly owned subsidiary, Foresight Changzhou Automotive Ltd., a Chinese
corporation. References to &#8220;U.S. dollars&#8221; and &#8220;$&#8221; are to currency of the United States of America, and references
to &#8220;NIS&#8221; are to New Israeli Shekels. References to &#8220;Ordinary Shares&#8221; are to our Ordinary Shares, no par value.
We report our financial statements in accordance with generally accepted accounting principles in the United States, or U.S. GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context otherwise indicates or requires, &#8220;Foresight Autonomous Holdings,&#8221; &#8220;Foresight<sup>&#174;</sup>,&#8221; the
Foresight Autonomous Holdings logo and all product names and trade names used by us in this annual report on Form 20-F, including QuadSight<sup>&#174;
</sup>and Eye-Net&#8482; are our proprietary trademarks and service marks. These trademarks and service marks are important to our business.
Although we have omitted the &#8220;&#174;&#8221; and &#8220;&#8482;&#8221; trademark designations for such marks in this annual report
on Form 20-F, all rights to such trademarks and service marks are nevertheless reserved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
risk factors described below are a summary of the principal risk factors associated with an investment in us. These are not the only
risks we face. You should carefully consider these risk factors, together with the risk factors set forth in Item 3D. of this Report
and the other reports and documents filed by us with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
    Related to Our Financial Condition and Capital Requirements</i></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are a development-stage company and have a limited operating history, have incurred losses since the date of our inception and anticipate
    that we will continue to incur significant losses until we are able to commercialize our products.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defects
    in products could give rise to product returns or product liability, warranty or other claims that could result in material expenses,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
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    personnel.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    depend entirely on the success of our current products in development, and we may not be able to successfully introduce these products
    and commercialize them.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
    property rights of third parties could adversely affect our ability to commercialize our products, and we might be required to litigate
    or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses could be
    costly or not available on commercially reasonable terms.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent
    policy and rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and the
    enforcement or defense of any issued patents.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are unable to comply with Nasdaq listing requirements, our ADSs could be delisted from Nasdaq, and as a result, we and our shareholders
    could incur material adverse consequences, including negative impact on our liquidity, our shareholders&#8217; ability to sell shares
    and our ability to raise capital. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    principal shareholders, officers and directors beneficially own over 11.55% of our outstanding Ordinary Shares. They will therefore
    be able to exert significant control over matters submitted to our shareholders for approval.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
    of ADSs must act through the depositary to exercise their rights as our shareholders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Jumpstart Our Business Startups Act allows us to postpone the date by which we must comply with some of the laws and regulations
    intended to protect investors and reduce the amount of information we provide in our reports filed with the Securities and Exchange
    Commission, which could undermine investor confidence in our company and adversely affect the market price of the ADSs or our Ordinary
    Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
    of Israeli law and our articles of association may delay, prevent or otherwise impede a merger with, or acquisition of, our company,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    headquarters, research and development and other significant operations are located in Israel, and, therefore, our results may be
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<br/></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_001"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_002"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_003"></span>ITEM
2. <span style="text-transform: uppercase">OFFER STATISTICS AND EXPECTED TIMETABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_004"></span>ITEM
3. KEY INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_005"></span>A.
Selected Financial Data.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Removed
and reserved]</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_006"></span>B.
Capitalization and Indebtedness.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_007"></span>C.
Reasons for the Offer and Use of Proceeds.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_008"></span>D.
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should carefully consider the risks described below, together with all of the other information in this annual report on Form 20-F. If
any of these risks actually occurs, our business and financial condition could suffer and the price of the ADSs could decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Financial Condition and Capital Requirements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a development-stage company and have a limited operating history on which to assess the prospects for our business, have incurred
significant losses since the date of our inception, and anticipate that we will continue to incur significant losses until we are able
to successfully commercialize our products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
significant shareholder, Magna B.S.P. Ltd., or Magna, was incorporated in Israel in 2001. Starting in 2011, Magna began to develop technology
devoted to vehicle safety. Magna operated its vehicle safety segment of operations as a separate division for accounting purposes. On
October 11, 2015, we entered into a merger agreement, or the Merger, with Magna and Foresight Automotive, whereby we acquired 100% of
the share capital of Foresight Automotive from Magna. Since the date of the Merger, we have been operating as a development-stage company
and have a limited operating history on which to assess the prospects for our business, have incurred significant losses, and anticipate
that we will continue to incur significant losses for the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the date of the Merger, and as of December 31, 2023, we have incurred net losses of approximately $119,890,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have devoted substantially all of our financial resources to develop our products. We have financed our operations primarily through
the issuance of equity securities. The amount of our future net losses will depend, in part, on completing the development of our products,
the rate of our future expenditures and our ability to obtain funding through the issuance of our securities, strategic collaborations
or grants. We expect to continue to incur significant losses until we are able to successfully commercialize our products. We anticipate
that our expenses will increase substantially if and as we:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue
    the development of our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish
    a sales, marketing, distribution and technical support infrastructure to commercialize our products;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    to identify, assess, acquire, license, and/or develop other products and subsequent generations of our current products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    to maintain, protect, and expand our intellectual property portfolio;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    to attract and retain skilled personnel; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">create
    additional infrastructure to support our operations as a public company and our product development and planned future commercialization
    efforts.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have not generated any significant revenue from the sale of our current products and may never be profitable.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not yet commercialized any of our products and have not generated any significant revenue since the date of the Merger. Our ability
to generate revenue and achieve profitability depends on our ability to successfully complete the development of, and to commercialize,
our products. Our ability to generate future revenue from product sales depends heavily on our success in many areas, including but not
limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">completing
    development of our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    and maintaining supply and manufacturing relationships with third parties that can provide adequate (in amount and quality) products
    to support market demand for our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">launching
    and commercializing products, either directly or with a collaborator or distributor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">addressing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">negotiating
    favorable terms in any collaboration, licensing or other arrangements into which we may enter;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintaining,
    protecting and expanding our portfolio of intellectual property rights, including patents, trade secrets and know-how; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attracting,
    hiring and retaining qualified personnel.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
expect that we will need to raise substantial additional capital before we can expect to become profitable from sales of our products.
This additional capital may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may
force us to delay, limit or terminate our product development efforts or other operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that we will require substantial additional capital to commercialize our products. In addition, our operating plans may change
as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned. Our future
capital requirements will depend on many factors, including but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    scope, rate of progress, results and cost of product development, and other related activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of establishing commercial supplies of our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost and timing of establishing sales, marketing, and distribution capabilities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    terms and timing of any collaborative, licensing, and other arrangements that we may establish.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to
develop and commercialize our products. In addition, we cannot guarantee that future financing will be available in sufficient amounts
or on terms acceptable to us, if at all. Moreover, the terms of any financing may adversely affect the holdings or the rights of our
shareholders and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause
the market price of the ADSs and Ordinary Shares to decline. The incurrence of indebtedness could result in increased fixed payment obligations,
and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations
on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact
our ability to conduct our business. We could also be required to seek funds through arrangements with collaborative partners or otherwise
at an earlier stage than otherwise would be desirable, and we may be required to relinquish rights to some of our technologies or products
or otherwise agree to terms unfavorable to us, any of which may have a material adverse effect on our business, operating results and
prospects. Even if we believe that we have sufficient funds for our current or future operating plans, we may seek additional capital
if market conditions are favorable or if we have specific strategic considerations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our
research or development programs or the commercialization of our products or be unable to expand our operations or otherwise capitalize
on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business and Industry</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defects
in products could give rise to product returns or product liability, warranty or other claims that could result in material expenses,
diversion of management time and attention, and damage to our reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we are successful in introducing our products to the market, our products may contain undetected defects or errors that, despite testing,
are not discovered until after a product has been used. This could result in delayed market acceptance of those products, claims from
distributors, end-users or others, increased end-user service and support costs and warranty claims, damage to our reputation and business,
or significant costs to correct the defect or error. We may from time to time become subject to warranty or product liability claims
that could lead to significant expenses as we need to compensate affected end-users for costs incurred related to product quality issues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
claim brought against us, regardless of its merit, could result in material expense, diversion of management time and attention, and
damage to our reputation, and could cause us to fail to retain or attract customers. Currently, we do not maintain product liability
insurance, which will be necessary prior to the commercialization of our products. It is likely that any product liability insurance
that we will have in the future will be subject to significant deductibles and there is no guarantee that such insurance will be available
or adequate to protect against all such claims, or we may elect to self-insure with respect to certain matters. Costs or payments made
in connection with warranty and product liability claims and product recalls or other claims could materially affect our financial condition
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the automotive industry in general is subject to litigation claims due to the nature of personal injuries that result from traffic accidents.
The emerging technologies of advanced driver assistance systems, or ADAS, and autonomous driving have not yet been litigated or legislated
to a point whereby their legal implications are well documented. As a potential provider of such products, we may become liable for losses
that exceed the current industry and regulatory norms. In addition, if any of our products are, or are alleged to be, defective, we may
be required to participate in a recall of such products if the defect or the alleged defect relates to motor vehicle safety. Depending
on the terms under which we supply our products, an auto manufacturer or other ADAS developers to whom we sell our software may hold
us responsible for some or all of the entire repair or replacement costs of these products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
future success depends in part on our ability to retain our executive officers and to attract, retain and motivate other qualified personnel.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are highly dependent on the services of Mr. Haim Siboni. The loss of his services without proper replacement may adversely impact the
achievement of our objectives. Mr. Siboni may leave our employment at any time subject to contractual notice periods, as applicable.
Also, our performance is largely dependent on the talents and efforts of highly skilled individuals, particularly our software engineers
and computer vision professionals. Recruiting and retaining qualified employees, consultants, and advisors for our business, including
scientific and technical personnel, will also be critical to our success. There is currently a shortage of skilled personnel in our industry,
which is likely to continue. As a result, competition for skilled personnel is intense and the turnover rate can be high. We may not
be able to attract and retain personnel on acceptable terms given the competition in the industry in which we operate. Moreover, certain
of our competitors or other technology businesses may seek to hire our employees. The inability to recruit and retain qualified personnel,
or the loss of the services of our executive officers, without proper replacement, may impede the progress of our development and commercialization
objectives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Under
applicable employment laws, we may not be able to enforce covenants not to compete and therefore may be unable to prevent our competitors
from benefiting from the expertise of some of our former employees.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally enter into non-competition agreements with our employees. These agreements prohibit our employees from competing directly with
us or working for our competitors or clients for a limited period after they cease working for us. We may be unable to enforce these
agreements under the laws of the jurisdictions in which our employees work and it may be difficult for us to restrict our competitors
from benefiting from the expertise that our former employees or consultants developed while working for us. For example, Israeli courts
have required employers seeking to enforce non-compete undertakings of a former employee to demonstrate that the competitive activities
of the former employee will harm one of a limited number of material interests of the employer that have been recognized by the courts,
such as the secrecy of a company&#8217;s confidential commercial information or the protection of its intellectual property. If we cannot
demonstrate that such interests will be harmed, we may be unable to prevent our competitors from benefiting from the expertise of our
former employees or consultants and our ability to remain competitive may be diminished.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend entirely on the success of our current products in development, and we may not be able to successfully introduce these products
and commercialize them.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have invested almost all of our efforts and financial resources in the research and development of our products in development. As a
result, our business is entirely dependent on our ability to complete the development of, and to successfully commercialize, our product
candidates. The process of development and commercialization is long, complex, costly and uncertain of outcome.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to introduce products acceptable to customers and we may not be able to improve the technology used in our current solutions
in response to new regulations, automotive market standards and end-user needs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
markets in which we operate are subject to rapid and substantial innovation, regulation and technological change, mainly driven by technological
advances and end-user requirements and preferences, as well as the emergence of new standards and practices. Even if we are able to complete
the development of our products in development, our ability to compete in the ADAS, semi-autonomous and autonomous vehicle markets will
depend, in large part, on our future success in enhancing our existing products and developing new solutions that will address the varied
needs of prospective end-users, and respond to technological advances and industry standards and practices on a cost-effective and timely
basis to otherwise gain market acceptance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we successfully introduce our existing products in development, it is likely that new solutions and technologies that we develop will
eventually supplant our existing solutions or that our competitors will create solutions that will replace our solutions. As a result,
any of our products may be rendered obsolete or uneconomical by our or others&#8217; technological advances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to successfully manage our planned growth and expansion.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to continue to make investments in our products in development. We expect that our annual operating expenses will continue to
increase as we invest in business development, marketing, research and development, manufacturing and production infrastructure, and
develop customer service and support resources for future customers. Failure to expand operational and financial systems timely or efficiently
may result in operating inefficiencies, which could increase costs and expenses to a greater extent than we anticipate and may also prevent
us from successfully executing our business plan. We may not be able to offset the costs of operation expansion by leveraging the economies
of scale from our growth in negotiations with our suppliers and contract manufacturers. Additionally, if we increase our operating expenses
in anticipation of the growth of our business and this growth falls short of our expectations, our financial results will be negatively
impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our business grows, we will have to manage additional product design projects, materials procurement processes, and sales efforts and
marketing for an increasing number of products, as well as expand the number and scope of our relationships with suppliers, distributors
and end customers. If we fail to manage these additional responsibilities and relationships successfully, we may incur significant costs,
which may negatively impact our operating results. Additionally, in our efforts to be first to market with new products with innovative
functionality and features, we may devote significant research and development resources to products and product features for which a
market does not develop quickly, or at all. If we are not able to predict market trends accurately, we may not benefit from such research
and development activities, and our results of operations may suffer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our future development and commercialization plans and strategies develop, we expect to need additional managerial, operational, sales,
marketing, financial and legal personnel. Our management may need to divert a disproportionate amount of its attention away from our
day-to-day activities and devote a substantial amount of time to managing these growth activities. We may not be able to effectively
manage the expansion of our operations, which may result in weaknesses in our infrastructure, operational mistakes, loss of business
opportunities, failure to deliver and timely deliver our products to customers, loss of employees and reduced productivity among remaining
employees. Our expected growth could require significant capital expenditures and may divert financial resources from other projects,
such as the development of additional new products. If our management is unable to effectively manage our growth, our expenses may increase
more than expected, our ability to generate and/or grow revenue could be reduced, and we may not be able to implement our business strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operating results and financial condition may fluctuate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we are successful in introducing our products to the market, the operating results and financial condition of our company may fluctuate
from quarter to quarter and year to year and are likely to continue to vary due to several factors, many of which will not be within
our control. If our operating results do not meet the guidance that we provide to the marketplace or the expectations of securities analysts
or investors, the market price of the ADS will likely decline. Fluctuations in our operating results and financial condition may be due
to several factors, including those listed below and those identified throughout this &#8220;Risk Factors&#8221; section:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    degree of market acceptance of our products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    mix of products and services that we sell during any period;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">long
    sale cycles;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the amount that we spend to develop, acquire or license new products, technologies or businesses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the amounts that we spend to promote our products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the cost of satisfying our warranty obligations and servicing our installed base of solutions;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    between our expenditures to develop and market new or enhanced solutions and consumables and the generation of sales from those products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">development
    of new competitive products and services by others;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty
    in predicting sales patterns and reorder rates that may result from a multi-tier distribution strategy associated with new product
    categories;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation
    or threats of litigation, including intellectual property claims by third parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in accounting rules and tax laws;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in regulations and standards;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    geographic distribution of our sales;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    responses to price competition;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic and industry conditions that affect end-user demand and end-user levels of product design and manufacturing;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in interest rates that affect returns on our cash balances and short-term investments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in dollar-shekel exchange rates that affect the value of our net assets, future revenues and expenditures from and/or relating to
    our activities carried out in those currencies; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    level of research and development activities by our company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to all of the foregoing factors, and the other risks discussed herein, you should not rely on quarter-to-quarter comparisons of our operating
results as an indicator of our future performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
markets in which we participate are competitive. Even if we are successful in completing the development of our products in development,
our failure to compete successfully could cause any future revenues and the demand for our products not to materialize or to decline
over time.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
aim to sell our products to automotive manufacturers, heavy, agricultural, defense and security equipment manufacturers that incorporate
ADAS, semi-autonomous and autonomous technologies in their automobiles and/or equipment and other companies that market or develop component
parts of these systems. Many of our competitors have extensive track records and relationships within the these industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our current and potential competitors have longer operating histories and more extensive name recognition than we have and may also
have greater financial, marketing, manufacturing, distribution and other resources than we have. Current and future competitors may be
able to respond more quickly to new or emerging technologies and changes in customer demands and to devote greater resources to the development,
promotion and sale of their products than we can. Our current and potential competitors may develop and market new technologies that
render our existing or future products obsolete, unmarketable or less competitive (whether from a price perspective or otherwise). We
cannot assure you that we will be able to maintain a competitive position or to compete successfully against current and future sources
of competition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our relationships with suppliers for our products and services were to terminate or our manufacturing arrangements were to be disrupted,
our business could be interrupted.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products depend on certain third-party technology and we purchase component parts that are used in our products from third-party suppliers,
some of whom may compete with us. While there are several potential suppliers of most of these component parts that we use, we currently
choose to use only one or a limited number of suppliers for several of these components. Our reliance on a single or limited number of
vendors involves several risks, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    shortages of some key components;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
    performance shortfalls, if traceable to particular product components, since the supplier of the faulty component cannot readily
    be replaced;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinuation
    of a product on which we rely;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    insolvency of these vendors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    control over delivery schedules, manufacturing capabilities, quality and costs.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we require any new supplier to become &#8220;qualified&#8221; pursuant to our internal procedures. The qualification process
involves evaluations of varying durations, which may cause production delays if we were required to qualify a new supplier unexpectedly.
We generally assemble our solutions and parts based on our internal forecasts and the availability of assemblies, components and finished
goods that are supplied to us by third parties, which are subject to various lead times. If certain suppliers were to decide to discontinue
production of an assembly, component that we use, the unanticipated change in the availability of supplies, or unanticipated supply limitations,
could cause delays in, or loss of, sales, increased production or related costs and consequently reduced margins, and damage to our reputation.
If we were unable to find a suitable supplier for a particular component, we could be required to modify our existing products or the
end-parts that we offer to accommodate substitute components or compounds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Discontinuation
of operations at our manufacturing sites could prevent us from timely filling customer orders and could lead to unforeseen costs for
us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to assemble and test the solutions that we sell at subcontractors&#8217; facilities in various locations that are specifically dedicated
to separate categories of systems and consumables. Because of our reliance on all of these production facilities, a disruption at any
of those facilities could materially damage our ability to supply our products to the marketplace in a timely manner. Depending on the
cause of the disruption, we could also incur significant costs to remedy the disruption and resume product shipments. Such disruptions
may be caused by, among other factors, pandemics, earthquakes, fire, flood and other natural disasters. Accordingly, any such disruption
could result in a material adverse effect on our revenue, results of operations and earnings, and could also potentially damage our reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
planned international operations will expose us to additional market and operational risks, and failure to manage these risks may adversely
affect our business and operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to derive a substantial percentage of our sales from international markets. Accordingly, we will face significant operational
risks from doing business internationally, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in foreign currency exchange rates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially
    longer sales and payment cycles;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially
    greater difficulties in collecting accounts receivable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially
    adverse tax consequences;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    protection of intellectual property rights in certain countries, particularly in Asia and South America;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    in staffing and managing foreign operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">laws
    and business practices favoring local competition;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs
    and difficulties of customizing products for foreign countries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
    with a wide variety of complex foreign laws, treaties and regulations; </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">export
    license constraints or restrictions due to the unique technology of our products, some of which are dual use (defense and industry);
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tariffs,
    trade barriers and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign
    markets; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">being
    subject to the laws, regulations and the court systems of many jurisdictions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
failure to manage the market and operational risks associated with our international operations effectively could limit the future growth
of our business and adversely affect our operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant
disruptions of our information technology systems or breaches of our data security could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant invasion, interruption, destruction or breakdown of our information technology systems and/or infrastructure by persons with
authorized or unauthorized access could negatively impact our business and operations. We could also experience business interruption,
information theft and/or reputational damage from cyber-attacks, which may compromise our systems and lead to data leakage either internally
or at our third-party providers. Our systems have been, and are expected to continue to be, the target of malware and other cyber-attacks.
Although we have invested in measures to reduce these risks, we cannot assure you that these measures will be successful in preventing
compromise and/or disruption of our information technology systems and related data. See, &#8220;<i>Item 16K &#8211; Cybersecurity</i>&#8221;
for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
products will be subject to automotive regulations due to the global quality requirements, which could prevent us from marketing our
products to vehicle manufacturers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
automotive regulations are dynamic and changing and effected by the final customer quality requirements as well. Even if we are successful
in completing the development of our products, our failure to comply with the different types of regulations and requirements could delay
the transfer to production schedule and eventually time to market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to market our products to vehicle manufacturers we will be required to accomplish different type of regulations requirements such
as ISO 26262 Functional Safety Regulations (ASIL) and Auto Spice or other common quality management methodologies. In order to meet the
quality requirements, we will have to cooperate with vehicle manufacturers, to receive their customers&#8217; quality requirements that
meet the requisite regulation of such customers and implement tools, processes and methodologies. Such processes and tools will require
resources and funds and will consume significant time effort until fully fulfilled. We are already investing time and efforts in order
to study the global quality and regulations requirements, but we cannot assure, at this time, that we will be able to meet the regulations
requirements on time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
products are cost sensitive and subject to customers&#8217; aggressive target costs. Our products are sub solutions of modules as part
of full semi-autonomous or autonomous systems with low-cost product expectations and we may therefore be forced to lower or costs or
have lower margins.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
automotive industry is one that continuously strives for cost reduction goals and optimizing the vehicle cost to meet the end customers&#8217;
expectations. For example, the target cost of ADAS, semi-autonomous and autonomous systems are being continuously reduced and while our
products are cost sensitive to various costs factors, we may fail to meet these reduced market targets costs. We are working to build
a robust supply chain network to support our cost reduction efforts and optimize our hardware and software costs, but may not be successful
in doing so. If we are unable to reduce our costs in line with industry target cost, our results of operations may be adversely impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business and operations would suffer in the event of computer system failures, cyber-attacks or a deficiency in our cybersecurity.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the implementation of security measures intended to secure our data against impermissible access and to preserve the integrity and confidentiality
of our data, our internal computer systems, and those of third parties on which we rely, we are vulnerable to damage from computer viruses,
malware, natural disasters, terrorism, war, telecommunication and electrical failures, cyber-attacks or cyber-intrusions over the Internet,
attachments to emails, persons inside our organization, or persons with access to systems inside our organization. The risk of a security
breach or disruption, particularly through cyber-attacks or cyber intrusion, including by computer hackers, foreign governments, and
cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around
the world have increased. If such an event were to occur and cause interruptions in our operations, it could result in a material disruption
of our business. To the extent that any disruption or security breach was to result in a loss of or damage to our data or applications,
or inappropriate disclosure of confidential or proprietary information, we could incur material legal claims, damage to our reputation,
regulatory investigations and redresses, and penalties and liabilities. See, &#8220;<i>Item 16K &#8211; Cybersecurity</i>&#8221; for
additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may conduct a substantial amount of business in China. The legal system in China has inherent uncertainties that could have a material
adverse effect on our business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been conducting proof of concept, or POC, projects in China and have established a subsidiary in China for these purposes. As a
result, we may engage in a substantial amount of business in China in the future. The Chinese legal system is based on written statutes
and their legal interpretation by the Standing Committee of the National People&#8217;s Congress. Prior court decisions may be cited
for reference but have limited precedential value. Since 1979, the Chinese government has been developing a comprehensive system of commercial
laws dealing with economic matters such as foreign investment, corporate organization and governance, commerce, taxation and trade. However,
because these laws and regulations are relatively new, there is a general lack of internal guidelines or authoritative interpretive guidance
and because of the limited number of published cases and their non-binding nature, interpretation and enforcement of these laws and regulations
involve uncertainties. Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion
of resources and management attention. Since Chinese administrative and court authorities have significant discretion in interpreting
and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings
and the level of legal protection we enjoy than in more developed legal systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Intellectual Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to obtain and maintain effective intellectual property rights for our products, we may not be able to compete effectively
in our markets.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
we have relied on trade secret protection and confidentiality agreements to protect the intellectual property related to our technologies
and products. Since December 2015, we have also sought patent protection for certain of our products. Our success depends in large part
on our ability to obtain and maintain patent and other intellectual property protection in the United States and in other countries with
respect to our proprietary technology and new products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have sought to protect our proprietary position by filing patent applications in Israel, the United States and in other countries, with
respect to our novel technologies and products, which are important to our business. Patent prosecution is expensive and time consuming,
and we may not be able to file and prosecute all necessary or desirable patent applications at a reasonable cost or in a timely manner.
It is also possible that we will fail to identify patentable aspects of our research and development output before it is too late to
obtain patent protection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foresight
Automotive has a portfolio of four granted U.S. non-provisional applications, two granted patents with the Israeli Patent Office, two
granted patent and four full applications in China, six applications in Europe, four applications in Japan, and one Patent Cooperation
Treaty (&#8220;PCT&#8221;) application. Eye-Net Mobile has a portfolio of one granted U.S. patent, four PCT applications, one full application
with the Israeli Patent Office and one application in Europe. We cannot offer any assurances about which, if any, patent applications
will issue, the breadth of any such patent or whether any issued patents will be found invalid and unenforceable or will be threatened
by third parties. Any successful opposition to these patents or any other patents owned by or licensed to us after patent issuance could
deprive us of rights to prevent others from exploiting our technology and may affect the successful commercialization of our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
there is no assurance that all potentially relevant prior art relating to our patent applications has been found, which can invalidate
a patent or prevent a patent from issuing from a pending patent application. Even if patents do successfully issue, and even if such
patents cover our products, third parties may challenge their validity, enforceability, or scope, which may result in such patents being
narrowed, found unenforceable or invalidated. Furthermore, even if they are unchallenged, our patent applications and any future patents
may not adequately protect our intellectual property, provide exclusivity for our new products, or prevent others from designing around
our claims. Any of these outcomes could impair our ability to prevent competition from third parties, which may have an adverse impact
on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we cannot obtain and maintain effective patent rights for our products, we may not be able to compete effectively, and our business and
results of operations would be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to maintain effective proprietary rights for our products, we may not be able to compete effectively in our markets.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the protection afforded by any patents that may be granted, historically, we have relied on trade secret protection and confidentiality
agreements to protect proprietary know-how that is not patentable or that we elect not to patent, processes that are not easily known,
knowable or easily ascertainable, and for which patent infringement is difficult to monitor and enforce and any other elements of our
product candidate discovery and development processes that involve proprietary know-how, information or technology that is not covered
by patents. However, trade secrets can be difficult to protect. We seek to protect our proprietary technology and processes, in part,
by entering into confidentiality agreements with our employees, consultants, scientific advisors, and contractors. We also seek to preserve
the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining physical security of our premises
and physical and electronic security of our information technology systems. Agreements or security measures may be breached, and we may
not have adequate remedies for any breach. In addition, our trade secrets and intellectual property may otherwise become known or be
independently discovered by competitors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot provide any assurances that our trade secrets and other confidential proprietary information will not be disclosed in violation
of our confidentiality agreements or that competitors will not otherwise gain access to our trade secrets or independently develop substantially
equivalent information and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of our trade secrets and intellectual
property could impair our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken
to maintain our trade secrets and intellectual property are deemed inadequate, we may have insufficient recourse against third parties
for misappropriating any trade secret.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intellectual
property rights of third parties could adversely affect our ability to commercialize our products, and we might be required to litigate
or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses could be costly
or not available on commercially reasonable terms.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is inherently difficult to conclusively assess our freedom to operate without infringing on third party rights. Our competitive position
may be adversely affected if existing patents or patents resulting from patent applications issued to third parties or other third-party
intellectual property rights are held to cover our products or elements thereof, or our manufacturing or uses relevant to our development
plans. In such cases, we may not be in a position to develop or commercialize products or our product candidates unless we successfully
pursue litigation to nullify or invalidate the third-party intellectual property right concerned or enter into a license agreement with
the intellectual property right holder, if available on commercially reasonable terms. There may also be pending patent applications
that if they result in issued patents, could be alleged to be infringed by our new products. If such an infringement claim should be
brought and be successful, we may be required to pay substantial damages, be forced to abandon our new products or seek a license from
any patent holders. No assurances can be given that a license will be available on commercially reasonable terms, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is also possible that we have failed to identify relevant third-party patents or applications. For example, certain U.S. patent applications
that will not be filed outside the United States remain confidential until patents issue. Patent applications in the United States and
in most of the other countries are published approximately 18 months after the earliest filing for which priority is claimed, with such
earliest filing date being commonly referred to as the priority date. Therefore, patent applications covering our new products or platform
technology could have been filed by others without our knowledge. Additionally, pending patent applications which have been published
can, subject to certain limitations, be later amended in a manner that could cover our platform technologies, our new products or the
use of our new products. Third party intellectual property right holders may also actively bring infringement claims against us. We cannot
guarantee that we will be able to successfully settle or otherwise resolve such infringement claims. If we are unable to successfully
settle future claims on terms acceptable to us, we may be required to engage in or continue costly, unpredictable and time-consuming
litigation and may be prevented from or experience substantial delays in pursuing the development of and/or marketing our new products.
If we fail in any such dispute, in addition to being forced to pay damages, we may be temporarily or permanently prohibited from commercializing
our new products that are held to be infringing. We might, if possible, also be forced to redesign our new products so that we no longer
infringe the third party&#8217;s intellectual property rights. Any of these events, even if we were ultimately to prevail, could require
us to divert substantial financial and management resources that we would otherwise be able to devote to our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Patent
policy and rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement
or defense of any issued patents.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in either the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value of any
patents that may issue from our patent applications or narrow the scope of our patent protection. The laws of foreign countries may not
protect our rights to the same extent as the laws of the United States. Publications of discoveries in the scientific literature often
lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically not published until
18 months after filing, or in some cases not at all. We therefore cannot be certain that we were the first to file the invention claimed
in our owned and licensed patent or pending applications, or that we or our licensor were the first to file for patent protection of
such inventions. Assuming all other requirements for patentability are met, in the United States prior to 2013, the first to make the
claimed invention without undue delay in filing, is entitled to the patent, while outside the United States, the first to file a patent
application is entitled to the patent. After 2013, the Leahy-Smith America the United States has moved to a first to file system. Changes
to the way patent applications will be prosecuted could increase the uncertainties and costs surrounding the prosecution of our patent
applications and the enforcement or defense of any issued patents, all of which could have a material adverse effect on our business
and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming, and unsuccessful.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitors
may infringe our intellectual property. If we were to initiate legal proceedings against a third party to enforce a patent covering one
of our new products, the defendant could counterclaim that the patent covering our product candidate is invalid and/or unenforceable.
In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace. Grounds
for a validity challenge could be an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness,
or non-enablement. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent
withheld relevant information from the United States Patent and Trademark Office, or USPTO, or made a misleading statement, during prosecution.
The validity of U.S. patents may also be challenged in post-grant proceedings before the USPTO. The outcome following legal assertions
of invalidity and unenforceability is unpredictable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivation
proceedings initiated by third parties or brought by us may be necessary to determine the priority of inventions and/or their scope with
respect to our patent or patent applications or those of our licensors. An unfavorable outcome could require us to cease using the related
technology or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does
not offer us a license on commercially reasonable terms. Our defense of litigation or interference proceedings may fail and, even if
successful, may result in substantial costs and distract our management and other employees. In addition, the uncertainties associated
with litigation could have a material adverse effect on our ability to raise the funds necessary to continue our research programs, license
necessary technology from third parties, or enter into development partnerships that would help us bring our new products to market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements
of the results of hearings, motions, or other interim proceedings or developments. If securities analysts or investors perceive these
results to be negative, it could have a material adverse effect on the price of the ADSs or Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to claims challenging the inventorship of our intellectual property.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to claims that former employees, collaborators or other third parties have an interest in, or right to compensation, with
respect to our current patent and patent applications, future patents or other intellectual property as an inventor or co-inventor. For
example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved in developing
our products. Litigation may be necessary to defend against these and other claims challenging inventorship or claiming the right to
compensation. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property
rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse
effect on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs and
be a distraction to management and other employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to protect our intellectual property rights throughout the world.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing,
prosecuting, and defending patents on products, as well as monitoring their infringement in all countries throughout the world would
be prohibitively expensive, and our intellectual property rights in some countries can be less extensive than those in the United States.
In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and state laws
in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitors
may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and may also export
otherwise infringing products to territories where we have patent protection, but enforcement is not as strong as that in the United
States. These products may compete with our products. Future patents or other intellectual property rights may not be effective or sufficient
to prevent them from competing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The
legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets,
and other intellectual property protection, which could make it difficult for us to stop the marketing of competing products in violation
of our proprietary rights generally. Proceedings to enforce our patent rights in foreign jurisdictions, whether or not successful, could
result in substantial costs and divert our efforts and attention from other aspects of our business, could put our future patents at
risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties
to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any,
may not be commercially meaningful. Accordingly, our efforts to monitor and enforce our intellectual property rights around the world
may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the Ownership of the ADSs or Our Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
principal shareholders, officers and directors beneficially own over 11.55% of our outstanding Ordinary Shares. They will therefore be
able to exert significant control over matters submitted to our shareholders for approval.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 21, 2024, our principal shareholders, officers and directors beneficially own approximately 11.55% of our Ordinary Shares. This
significant concentration of share ownership may adversely affect the trading price for our Ordinary Shares because investors often perceive
disadvantages in owning shares in companies with controlling shareholders. As a result, these shareholders, if they acted together, could
significantly influence or even unilaterally approve matters requiring approval by our shareholders, including the election of directors
and the approval of mergers or other business combination transactions. The interests of these shareholders may not always coincide with
our interests or the interests of other shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of ADSs must act through the depositary to exercise their rights as our shareholders</i></b><i>.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of the ADSs do not have the same rights of our shareholders and may only exercise the voting rights with respect to the underlying Ordinary
Shares in accordance with the provisions of the deposit agreement for the ADSs. Under Israeli law, the minimum notice period required
to convene a shareholders meeting is generally no less than 35 calendar days, but in some instances, 21 or 14 calendar days. When a shareholder
meeting is convened, holders of the ADSs may not receive sufficient notice of a shareholders&#8217; meeting to permit them to withdraw
their Ordinary Shares to allow them to cast their vote with respect to any specific matter. In addition, the depositary and its agents
may not be able to send voting instructions to holders of the ADSs or carry out their voting instructions in a timely manner. We will
make all reasonable efforts to cause the depositary to extend voting rights to holders of the ADSs in a timely manner, but we cannot
assure holders that they will receive the voting materials in time to ensure that they can instruct the depositary to vote their ADSs.
Furthermore, the depositary and its agents will not be responsible for any failure to carry out any instructions to vote, for the manner
in which any vote is cast or for the effect of any such vote. As a result, holders of the ADSs may not be able to exercise their right
to vote and they may lack recourse if their ADSs are not voted as they requested. In addition, in the capacity as a holder of ADSs, they
will not be able to call a shareholders&#8217; meeting unless they first withdraw their Ordinary Shares from the ADS program and convert
them into the underlying Ordinary Shares held in the Israeli market in order to allow them to submit to us a request to call a meeting
with respect to any specific matter, in accordance with the applicable provisions of the Israeli Companies Law 5759-1999, or the Companies
Law, and our amended and restated articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Jumpstart Our Business Startups Act, or the JOBS Act, allows us to postpone the date by which we must comply with some of the laws and
regulations intended to protect investors and to reduce the amount of information we provide in our reports filed with the Securities
and Exchange Commission, or the SEC, which could undermine investor confidence in our company and adversely affect the market price of
the ADSs or our Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain an &#8220;emerging growth company&#8221; as defined in the JOBS Act, we intend to take advantage of certain exemptions
from various requirements that are applicable to public companies that are not &#8220;emerging growth companies&#8221; including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    provisions of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report
    on the effectiveness of our internal control over financial reporting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    107 of the JOBS Act, which provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition period
    provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised
    accounting standards. This means that an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards
    until those standards would otherwise apply to private companies. We have elected to delay such adoption of new or revised accounting
    standards. As a result of this adoption, our financial statements may not be comparable to companies that comply with the public
    company effective date; and</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement
    to the auditor&#8217;s report on the financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to take advantage of these exemptions until we are no longer an &#8220;emerging growth company.&#8221; We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date of our first
sale of equity securities pursuant to an effective registration statement under the Securities Act, (b) in which we have total annual
gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value
of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the date on which we have
issued more than $1.0 billion in non-convertible debt during the prior three-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict if investors will find the ADSs or our Ordinary Shares less attractive because we may rely on these exemptions. If some
investors find the ADSs or our Ordinary Shares less attractive as a result, there may be a less active trading market for the ADSs or
our Ordinary Shares, and our market prices may be more volatile and may decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a &#8220;foreign private issuer&#8221; we are permitted to and follow certain home country corporate governance practices instead of
otherwise applicable SEC and Nasdaq requirements, which may result in less protection than is accorded to investors under rules applicable
to domestic U.S. issuers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
status as a foreign private issuer also exempts us from compliance with certain SEC laws and regulations and certain regulations of the
Nasdaq Stock Market, including the proxy rules, the short-swing profits recapture rules, and certain governance requirements such as
independent director oversight of the nomination of directors and executive compensation. In addition, we are not required, under the
Securities Exchange Act of 1934, as amended, or the Exchange Act, to file current reports and financial statements with the SEC as frequently
or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act and we are generally exempt from filing
quarterly reports with the SEC. Also, although Israeli law requires us to disclose the annual compensation of our five most highly compensated
senior officers on an individual basis, this disclosure is not as extensive as that required of a U.S. domestic issuer. For example,
the disclosure required under Israeli law would be limited to compensation paid in the immediately preceding year without any requirement
to disclose option exercises and vested stock options, pension benefits or potential payments upon termination or a change of control.
Furthermore, as a foreign private issuer, we are also not subject to the requirements of Regulation FD (Fair Disclosure) promulgated
under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
exemptions and leniencies will reduce the frequency and scope of information and protections to which you are entitled as an investor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be a &#8220;passive foreign investment company&#8221;, or PFIC, for U.S. federal income tax purposes in the current taxable year
or may become one in any subsequent taxable year. There generally would be negative tax consequences for U.S. taxpayers that are holders
of the ADSs or our Ordinary Shares if we are or were to become a PFIC.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the projected composition of our income and valuation of our assets, we do not expect to be a PFIC for 2023, and we do not expect
to become a PFIC in the future, although there can be no assurance in this regard. The determination of whether we are a PFIC is made
on an annual basis and will depend on the composition of our income and assets from time to time. We will be treated as a PFIC for U.S.
federal income tax purposes in any taxable year in which either (1) at least 75% of our gross income is &#8220;passive income&#8221;
or (2) on average at least 50% of our assets by value produce passive income or are held for the production of passive income. Passive
income for this purpose generally includes, among other things, certain dividends, interest, royalties, rents and gains from commodities
and securities transactions and from the sale or exchange of property that gives rise to passive income. Passive income also includes
amounts derived by reason of the temporary investment of funds, including those raised in a public offering. In determining whether a
non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly,
at least a 25% interest (by value) is taken into account. The tests for determining PFIC status are applied annually and it is difficult
to make accurate projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend
in part on the market value of the ADSs or our Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will
not become a PFIC in the future. If we are a PFIC in any taxable year during which a U.S. taxpayer holds the ADSs or our Ordinary Shares,
such U.S. taxpayer would be subject to certain adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make
an election to treat us as a &#8220;qualified electing fund&#8221;, or QEF, or make a &#8220;mark-to-market&#8221; election, then &#8220;excess
distributions&#8221; to the U.S. taxpayer, and any gain realized on the sale or other disposition of the ADSs or our Ordinary Shares
by the U.S. taxpayer: (1) would be allocated ratably over the U.S. taxpayer&#8217;s holding period for the ADSs or Ordinary Shares; (2)
the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC
would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest
rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would
be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, if the U.S. Internal Revenue
Service, or the IRS, determines that we are a PFIC for a year with respect to which we have determined that we were not a PFIC, it may
be too late for a U.S. taxpayer to make a timely QEF or mark-to-market election. U.S. taxpayers that have held the ADSs or our Ordinary
Shares during a period when we were a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC in subsequent years,
subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election. A U.S. taxpayer can make a QEF election by
completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions thereto. We do not intend to notify
U.S. taxpayers that hold the ADSs or our Ordinary Shares if we believe we will be treated as a PFIC for any taxable year in order to
enable U.S. taxpayers to consider whether to make a QEF election. In addition, we do not intend to furnish such U.S. taxpayers annually
with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year in which we or
any of our subsidiaries are a PFIC. U.S. taxpayers that hold the ADSs or our Ordinary Shares are strongly urged to consult their tax
advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences to them of making
a QEF or mark-to-market election with respect to the ADSs or our Ordinary Shares in the event that we are a PFIC. See &#8220;Taxation&#8212;U.S.
Federal Income Tax Considerations&#8212;Passive Foreign Investment Companies&#8221; for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>ADSs
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
results to the plaintiff(s) in any such action.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
deposit agreement governing the ADSs representing our Ordinary Shares provides that holders and beneficial owners of ADSs irrevocably
waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or the ADSs, including
claims under federal securities laws, against us or the depositary to the fullest extent permitted by applicable law. If this jury trial
waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with
a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated
by a federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New
York, which govern the deposit agreement, by a court of the State of New York or a federal court, which have non-exclusive jurisdiction
over matters arising under the deposit agreement, applying such law. In determining whether to enforce a jury trial waiver provision,
New York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently
prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect to the deposit
agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or
counterclaim sounding in fraud or one which is based upon a creditor&#8217;s negligence in failing to liquidate collateral upon a guarantor&#8217;s
demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the
case of the deposit agreement or the ADSs. No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver
by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any provision of the federal securities laws.
If you or any other holder or beneficial owner of ADSs brings a claim against us or the depositary in connection with matters arising
under the deposit agreement or the ADSs, you or such other holder or beneficial owner may not be entitled to a jury trial with respect
to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. If a lawsuit is brought
against us and / or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court,
which would be conducted according to different civil procedures and may result in different results than a trial by jury would have
had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature
of the claims, the judge or justice hearing such claims, and the venue of the hearing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Israeli Law and Our Incorporation, Location and Operations in Israel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to fluctuations in currency exchange rates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
major portion of our business is conducted, and a material portion of our operating expenses is incurred, outside the United States,
mainly in NIS. Therefore, we are exposed to currency exchange fluctuations in other currencies, particularly in NIS and the risks related
thereto. Our primary expenses paid in NIS are employee salaries, fees for consultants and subcontractors and lease payments on our Israeli
facilities. As a result, we are affected by foreign currency exchange fluctuations through both translation risk and transaction risk.
Thus, we are exposed to the risks that: (a) the NIS may appreciate relative to the dollar; (b) the NIS devalue relative to the dollar;
(c) the inflation rate in Israel may exceed the rate of devaluation of the NIS; or (d) the timing of such devaluation may lag behind
inflation in Israel. In any such event, the dollar cost of our operations in Israel would increase and our dollar-denominated results
of operations would be adversely affected. Our operations also could be adversely affected if we are unable to effectively hedge against
currency fluctuations in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
of Israeli law and our amended and restated articles of association may delay, prevent or otherwise impede a merger with, or an acquisition
of, our company, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
corporate law regulates mergers, requires tender offers for acquisitions of shares above specified thresholds, requires special approvals
for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant to such types
of transactions. For example, a merger may not be consummated unless at least 50 days have passed from the date on which a merger proposal
is filed by each merging company with the Israel Registrar of Companies and at least 30 days have passed from the date on which the shareholders
of both merging companies have approved the merger. In addition, a majority of each class of securities of the target company must approve
a merger. Moreover, a tender offer for all of a company&#8217;s issued and outstanding shares can only be completed if the acquirer receives
positive responses from the holders of at least 95% of the issued share capital. Completion of the tender offer also requires approval
of a majority of the offerees that do not have a personal interest in the tender offer, unless, following consummation of the tender
offer, the acquirer would hold at least 98% of the company&#8217;s outstanding shares. Furthermore, the shareholders, including those
who indicated their acceptance of the tender offer, may, at any time within six months following the completion of the tender offer,
claim that the consideration for the acquisition of the shares does not reflect their fair market value, and petition an Israeli court
to alter the consideration for the acquisition accordingly, unless the acquirer stipulated in its tender offer that a shareholder that
accepts the offer may not seek such appraisal rights, and the acquirer or the company published all required information with respect
to the tender offer prior to the tender offer&#8217;s response date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
tax considerations also may make potential transactions unappealing to us or to our shareholders whose country of residence does not
have a tax treaty with Israel exempting such shareholders from Israeli tax. See &#8220;Taxation&#8212;Israeli Tax Considerations and
Government Programs&#8221; for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult to enforce a judgment of a United States court against us and our officers and directors in Israel or the United States,
to assert United States securities laws claims in Israel or to serve process on our officers and directors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in Israel. All of our executive officers and directors reside outside of the United States, and all of our assets and
most of the assets of these persons are located outside of the United States. Therefore, a judgment obtained against us, or any of these
persons, including a judgment based on the civil liability provisions of the U.S. federal securities laws, may not be collectible in
the United States and may not necessarily be enforced by an Israeli court. It also may be difficult to affect service of process on these
persons in the United States or to assert U.S. securities law claims in original actions instituted in Israel. Additionally, it may be
difficult for an investor, or any other person or entity, to initiate an action with respect to United States securities laws in Israel.
Israeli courts may refuse to hear a claim based on an alleged violation of United States securities laws reasoning that Israel is not
the most appropriate forum in which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine
that Israeli law and not United States law is applicable to the claim. If United States law is found to be applicable, the content of
applicable United States law must be proven as a fact by expert witnesses, which can be a time consuming and costly process. Certain
matters of procedure will also be governed by Israeli law. There is little binding case law in Israel that addresses the matters described
above. As a result of the difficulty associated with enforcing a judgment against us in Israel, you may not be able to collect any damages
awarded by either a United States or foreign court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
headquarters, research and development and other significant operations are located in Israel, and, therefore, our results may be adversely
affected by political, economic and military instability in Israel, including the recent attack by Hamas and other terrorist organizations
from the Gaza Strip and Israel&#8217;s war against them.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
executive offices and research and development facilities are located in Israel. In addition, all of our key employees, officers and
directors are residents of Israel. Accordingly, political, economic and military conditions in Israel may directly affect our business.
Since the establishment of the State of Israel in 1948, a number of armed conflicts have taken place between Israel and its neighboring
Arab countries, the Hamas (an Islamist militia and political group that controls the Gaza strip) and the Hezbollah (an Islamist militia
and political group based in Lebanon). Any hostilities involving Israel or the interruption or curtailment of trade between Israel and
its trading partners could negatively affect business conditions in Israel in general and our business in particular, and adversely affect
our product development, operations and results of operations. Ongoing and revived hostilities or other Israeli political or economic
factors, such as, an interruption of operations at the Tel Aviv airport, could prevent or delay shipments of our components or products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial insurance does not cover losses that may occur as a result of an event associated with the security situation in the Middle
East, including the Israel-Hamas war. Although the Israeli government has in the past covered the reinstatement value of certain damages
that were caused by terrorist attacks or acts of war, we cannot assure you that this government coverage will be maintained or, if maintained,
will be sufficient to compensate us fully for damages incurred. Any losses or damages incurred by us could have a material adverse effect
on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
State of Israel and Israeli companies have been the subject of boycotts, divestment and sanctions in the past from state and non-state
actors. Similarly, Israeli corporations are limited in conducting business with entities from several countries. These actions could
expand in number and scope and may have an adverse impact on our operating results, financial condition or the expansion of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 7, 2023, Hamas terrorists infiltrated Israel&#8217;s border with the Gaza Strip and conducted a series of attacks on civilian
and military targets. Hamas has also launched extensive rocket attacks on Israeli population and industrial centers located along Israel&#8217;s
border with the Gaza Strip and in other areas within the State of Israel. These attacks have resulted in extensive deaths, injuries and
kidnapping. Following the attack, Israel&#8217;s security cabinet declared war against Hamas and a military campaign against these terrorist
organizations commenced in parallel to their continued rocket and terror attacks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
intensity and duration of Israel&#8217;s current war against Hamas is difficult to predict, as are such war&#8217;s economic implications
on the Company&#8217;s business and operations and on Israel&#8217;s economy in general. These events may be intertwined with wider macroeconomic
indications of a deterioration of Israel&#8217;s economic standing, which may have a material adverse effect on the Company and its ability
to effectively conduct some of its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Israeli security cabinet&#8217;s declaration of war against Hamas and possible hostilities with other organizations,
several hundred thousand Israeli military reservists were drafted to perform immediate military service. Certain of our employees and
consultants (and their spouses or partners) in Israel have been called, and additional employees (or their spouses or partners) may be
called, for service in the current or future wars or other armed conflicts with Hamas, and such persons may be absent for an extended
period of time. As a result, our operations in Israel may be disrupted by such absences, which disruption may materially and adversely
affect our business, prospects, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the attack by Hamas on Israel&#8217;s southern border, Hezbollah in Lebanon has also launched missile, rocket and shooting attacks against
Israeli military sites, troops, and Israeli towns in northern Israel. In response to these attacks, the Israeli army has carried out
a number of targeted strikes on sites belonging to Hezbollah in southern Lebanon. It is possible that other terrorist organizations,
including Palestinian military organizations in the West Bank, as well as other hostile countries, such as Iran, will join the hostilities.
Such hostilities may include terror and missile attacks. Any hostilities involving Israel or the interruption or curtailment of trade
between Israel and its trading partners could adversely affect our operations and results of operations. Our commercial insurance does
not cover losses that may occur as a result of events associated with war and terrorism.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
political uprisings and conflicts in various countries in the Middle East are affecting the political stability of those countries. This
instability has raised concerns regarding security in the region and the potential for armed conflict. In Syria, a country bordering
Israel, a civil war is taking place. In addition, there are concerns that Iran, which has previously threatened to attack Israel, may
step up its efforts to achieve nuclear capability. Iran is also believed to have a strong influence among extremist groups in the region,
such as Hamas in Gaza and Hezbollah in Lebanon. Israel has responded with attacks on Iranian military operations in Syria. The tension
between Israel and Iran and/or these groups may escalate in the future and turn violent, which could affect the Israeli economy in general
and us in particular. Any potential future conflict could also include missile strikes against parts of Israel, including our offices
and facilities and the facilities of our Israeli suppliers and subcontractors. Such instability may lead to deterioration in the political
and trade relationships that exist between the State of Israel and certain other countries. Any armed conflicts, terrorist activities
or political instability in the region could adversely affect business conditions, could harm our results of operations and could make
it more difficult for us to raise capital. Parties with whom we do business may be disinclined to travel to Israel during periods of
heightened unrest or tension, forcing us to make alternative arrangements when necessary in order to meet our business partners face
to face.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Israeli government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war,
we cannot assure you that this government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses
or damages incurred by us could have a material adverse effect on our business. Any armed conflicts or political instability in the region
would likely negatively affect business conditions and could harm our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, prior to the Hamas attack in October 2023, the Israeli government pursued extensive changes to Israel&#8217;s judicial system,
which sparked extensive political debate and unrest. In response to such initiatives, many individuals, organizations and institutions,
both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact the business environment in Israel
including due to reluctance of foreign investors to invest or transact business in Israel, as well as to increased currency fluctuations,
downgrades in credit rating, increased interest rates, increased volatility in security markets, and other changes in macroeconomic conditions.
The risk of such negative developments has increased in light of the recent Hamas attacks and the war against Hamas declared by Israel,
regardless of the proposed changes to the judicial system and the related debate. To the extent that any of these negative developments
do occur, they may have an adverse effect on our business, our results of operations and our ability to raise additional funds, if deemed
necessary by our management and board of directors (the &#8220;Board).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Your
rights and responsibilities as a shareholder will be governed by Israeli law, which differs in some material respects from the rights
and responsibilities of shareholders of U.S. companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights and responsibilities of the holders of our Ordinary Shares (and therefore indirectly, the ADSs) are governed by our amended and
restated articles of association and by Israeli law. These rights and responsibilities differ in some material respects from the rights
and responsibilities of shareholders in typical U.S.-based corporations. In particular, a shareholder of an Israeli company has certain
duties to act in good faith and fairness toward the company and other shareholders and to refrain from abusing its power in the company,
including, among other things, in voting at the general meeting of shareholders on certain matters, such as an amendment to the company&#8217;s
articles of association, an increase of the company&#8217;s authorized share capital, a merger of the company, and approval of related
party transactions that require shareholder approval. See &#8220;Item 6. C. Board Practices&#8212;Duties of Shareholders&#8221; for additional
information. In addition, a shareholder who is aware that it possesses the power to determine the outcome of a shareholder vote or to
appoint or prevent the appointment of a director or executive officer in the company has a duty of fairness toward the company with regard
to such vote or appointment. There is limited case law available to assist us in understanding the nature of this duty or the implications
of these provisions. These provisions may be interpreted to impose additional obligations on holders of our Ordinary Shares that are
not typically imposed on shareholders of U.S. corporations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
significant shareholder received Israeli government grants for certain of its research and development activities. In course of the Merger
with Magna and Foresight Automotive, we assumed, jointly with Magna, certain of its obligations related to such grants. The terms of
those grants may require us to pay royalties and to satisfy specified conditions in order to manufacture products and transfer technologies
outside of Israel. We may be required to pay penalties in addition to repayment of the grants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magna&#8217;s
research and development efforts related to the technology assigned to Foresight Automotive have been financed in part through royalty-bearing
grants in an aggregate amount of approximately $620,000 received from the Israel Innovation Authority, or the IIA, as of December 31,
2023. In course of the Merger with Magna and Foresight Automotive, we were required by the IIA to assume, jointly with Magna, its obligations
related to such grants. We are required to pay annual royalties to the Israeli government at a rate of between 3% and 5% on revenues
from the use of technology that has been developed under IIA up to the total amount of grants received and bearing interest i) the annual
interest rate that applied at the time of the approval of the applicable IIA file which applies to all of the funding received under
that IIA approval for grants received before June 30, 2017 and ii) the annual interest rate based on the 12-month Secured Overnight Financing
Rate, or SOFR, or at an alternative rate published by the Bank of Israel plus 0.71513%. Grants approved after January 1, 2024, shall
bear the higher interest rate of (i) 12 months SOFR, plus 1%, or (ii) a fixed annual interest rate of 4%. Regardless of any royalty payment,
we are further required to comply with the requirements of the Israeli Encouragement of Research, Development and Industrial Initiative
Technology Law, 5744-1984, as amended, and related regulations, or the Research Law, with respect to those past grants. When a company
develops know-how, technology or products using IIA grants, the terms of these grants and the Research Law restrict the transfer of such
know-how, and the transfer of manufacturing or manufacturing rights of such products, technologies or know-how outside of Israel, without
the prior approval of the IIA. Therefore, the discretionary approval of an IIA committee would be required for any transfer to third
parties inside or outside of Israel of know-how or manufacturing or manufacturing rights related to those aspects of such technologies.
We may not receive those approvals. Furthermore, the IIA may impose certain conditions on any arrangement under which it permits us to
transfer technology or development out of Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer of IIA-supported technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the
value of the transferred technology or know-how, our research and development expenses, the amount of IIA support, the time of completion
of the IIA-supported research project and other factors. These restrictions and requirements for payment may impair our ability to sell
or otherwise transfer our technology assets outside of Israel or to outsource or transfer development or manufacturing activities with
respect to any product or technology outside of Israel. Furthermore, the consideration available to our shareholders in a transaction
involving the transfer outside of Israel of technology or know-how developed with IIA funding (such as a merger or similar transaction)
may be reduced by any amounts that we are required to pay to the IIA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations may be disrupted as a result of the obligation of management or key personnel to perform military service.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
employees and consultants in Israel, including members of our senior management, may be obligated to perform one month, and in some cases
longer periods, of military reserve duty until they reach the age of 40 (or older, for citizens who hold certain positions in the Israeli
armed forces reserves) and, in the event of a military conflict, such as the latest Israel-Hamas war, may be called to active duty. In
response to increases in terrorist activity, there have been periods of significant call-ups of military reservists. In light of the
Israel-Hamas war, it is likely that there will be similar large-scale military reserve duty call-ups in the future. Our operations could
be disrupted by the absence of a significant number of our officers, directors, employees and consultants. Such disruption could materially
adversely affect our business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Risk Factors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Raising
additional capital would cause dilution to our existing shareholders and may affect the rights of existing shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations and strategic
and licensing arrangements. To the extent that we raise additional capital through the issuance of equity or convertible debt securities,
your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect your rights
as a holder of the ADSs and Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
of a substantial number of the ADSs or our Ordinary Shares in the public market by our existing shareholders could cause our share price
to fall.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of a substantial number of the ADSs or our Ordinary Shares in the public market, or the perception that these sales might occur, could
depress the market price of the ADSs or our Ordinary Shares and could impair our ability to raise capital through the sale of additional
equity securities. We are unable to predict the effect that sales may have on the prevailing market price of the ADSs or our Ordinary
Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our shares, our ADSs or Ordinary Shares
price and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for the ADSs or our Ordinary Shares will be influenced by the research and reports that industry or securities analysts
may publish about us, our business, our market or our competitors. We do not have any control over these analysts and we cannot provide
any assurance that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their
recommendation regarding our ADSs or Ordinary Shares, or provide more favorable relative recommendations about our competitors, our ADSs
or Ordinary Shares price would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly
publish reports on us, we could lose visibility in the financial markets, which in turn could cause our ADSs or Ordinary Shares price
or trading volume to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
4. <span style="text-transform: uppercase"><span id="SL_009"></span>INFORMATION ON THE COMPANY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_010"></span>A.
History and Development of the Company.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in the State of Israel in September 1977 under the name Golan Melechet Machshevet (1997) Ltd. In April 1987, we became
a public company in Israel, and our shares were listed for trade on the TASE. On May 16, 2010, we changed our name to Asia Development
(A.D.B.M.) Ltd., and on January 12, 2016, we changed our name to Foresight Autonomous Holdings Ltd. Our Ordinary Shares are currently
traded on the TASE, and ADSs representing our Ordinary Shares currently trade on the Nasdaq Capital Market, both under the symbol &#8220;FRSX.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
significant shareholder, Magna, was incorporated in Israel in 2001. Starting in 2011, Magna began to develop technology devoted to vehicle
safety. Magna operated its vehicle safety segment of operations as a separate division for accounting purposes. On October 11, 2015,
and pursuant to the Merger, we acquired 100% of the share capital of Foresight Automotive from Magna. On January 5, 2016, we entered
into an asset transfer agreement with Magna whereby Magna transferred to us its vehicle safety segment of operations. The asset transfer
agreement became effective retroactively on October 11, 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Merger, and from July 2015, until October 2015, we did not have any business activity, excluding administrative management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2019, we spun out our cellular-based V2X accident prevention solution to our wholly owned subsidiary, Eye-Net Mobile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 7 Golda Meir St., Ness Ziona 7403650, Israel. Our telephone number in Israel is +972-077-9709030.
Our website address is www.foresightauto.com. The information contained on our website or available through our website is not incorporated
by reference into and should not be considered a part of this annual report on Form 20-F, and the reference to our website in this annual
report on Form 20-F is an inactive textual reference only. Sullivan &amp; Worcester LLP is our agent in the United States, and its address
is 1633 Broadway, New York, NY 10019.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an emerging growth company, as defined in Section 2(a) of the Securities Act, as implemented under the JOBS Act. As such, we are
eligible to, and intend to, take advantage of certain exemptions from various reporting requirements applicable to other public companies
that are not emerging growth companies including but not limited to not being required to comply with the auditor attestation requirements
of the SEC rules under Section 404 of the Sarbanes-Oxley Act. We could remain an emerging growth company until the earlier of (1) the
last day of the fiscal year (a) following the fifth anniversary of the date of our first sale of common equity securities pursuant to
an effective registration statement under the Securities Act, (b) in which we have total annual gross revenue of at least $1.235 billion,
or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates
exceeds $700 million as of the prior June 30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt
during the prior three-year period.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a foreign private issuer as defined by the rules under the Securities Act and the Exchange Act. Our status as a foreign private issuer
also exempts us from compliance with certain laws and regulations of the SEC and certain regulations of the Nasdaq Stock Market, including
the proxy rules, the short-swing profits recapture rules, and certain governance requirements such as independent director oversight
of the nomination of directors and executive compensation. In addition, we are not required to file annual, quarterly and current reports
and financial statements with the SEC as frequently or as promptly as U.S. domestic companies registered under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, 2022 and 2021, our capital expenditures amounted to $124,000, $313,000 and $235,000, respectively. Our current capital expenditures
are primarily for computers, software, research and development equipment and office improvements, and we expect to finance these expenditures
primarily from cash on hand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_011"></span>B.
Business Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a technology company engaged in development of smart multi-spectral 3D vision software solutions and cellular-based applications.
Through our wholly owned subsidiaries, Foresight Automotive, Foresight Changzhou and Eye-Net Mobile, we develop both &#8220;in-line-of-sight&#8221;
vision solutions and &#8220;beyond-line-of-sight&#8221; accident-prevention solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
3D vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to diverse
markets such as automotive, defense, autonomous vehicles. agriculture and heavy industrial equipment. Eye-Net Mobile&#8217;s cellular-based
solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban
mobility environment by incorporating cutting-edge artificial intelligence (AI) technology and advanced analytics.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3D
Vision-Based Solutions &#8211; Foresight Automotive</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
3D vision solutions are based on stereoscopic vision technology. Stereo technology is an image processing concept which uses two synchronized
cameras to mimic human depth perception in order to obtain a 3D view. Our unique solutions include modules of automatic calibration and
dense 3D point cloud that can be applied to diverse markets such as automotive, defense, autonomous vehicles, agriculture and heavy industrial
equipment. Our QuadSight<sup>&#174;</sup> four-camera based vision solution creates and analyzes a 3D image, which foresees possible collisions
with road users and other obstacles inherent to roadway (both urban and highway) and off-road environments. This solution provides highly
accurate real-time detection with a low rate of false alerts and enables a 24/7 operation in harsh weather and lighting conditions for
a complete 3D image of the driving environment in front of the vehicle.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
powerful proprietary stereoscopic and four-camera technology is based in part on intellectual property that we acquired from Magna in
2016. Magna&#8217;s field-proven security technology has been deployed for almost two decades in critical facilities worldwide, including
borders, nuclear plants and airports.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Autonomous
vehicles require further development and safety is a primary concern for the market. Therefore, vehicle manufacturers are actively pursuing
technologies to enhance the safety systems of their vehicles. In 2021, we identified an opportunity to offer a solution that will enhance
existing ADAS systems, and we developed the Mono2Stereo&#8482; software-based solution, which can provide a readily available solution
to vehicles equipped with Level 2 and Level 2-plus autonomy systems without the need for additional hardware or changes in the design
and architecture of the vehicle.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mono2Stereo
is a 3D stereo-vision system that improves the performance of existing cameras by utilizing the overlapping views of existing cameras
with different fields of view. Mono2Stereo generates 3D perception, as opposed to 2D, resulting in better distance accuracy, detection
of any obstacle, and more robust active safety features.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Autonomous
Driving Overview</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, there has been increasing awareness surrounding &#8220;autonomous,&#8221; &#8220;automated&#8221; and &#8220;self-driving&#8221;
vehicles. Self-driving vehicles operate without direct driver input while controlling steering, acceleration and braking, and are designed
to relieve the driver from having to constantly monitor the roadway while operating in self-driving mode. Self-driving vehicles range
from single applications where the driver is required to continuously monitor traffic, to semi-autonomous or fully autonomous driving
where the driver increasingly relinquishes control.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are five different levels of automated driving:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1: Assisted &#8211; The driver stays in full control of the vehicle, and the automated driving system assists only with adaptive
    cruise control and lane keeping assistance.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2: Partial Automation &#8211; Uses partially automated longitudinal and lateral guidance in the driving lane. Mostly seen with parking
    assist features, which allow the vehicle to park itself under certain conditions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3: Conditional Automation &#8211; Partly automated longitudinal and lateral guidance in an urban environment. The driver&#8217;s
    full awareness of his or her surroundings is still required. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    4: High Automation &#8211; Highly automated longitudinal and lateral guidance with lane changing capabilities. Reliable environment
    recognition, including in complex environmental situations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    5: Auto-pilot &#8211; Door-to-door commuting used primarily in an urban environment, with no driver supervision.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle
automation started off in the form of ADAS; however, recent technology advancements have paved the way for partially automated systems.
Acceleration in development strategies that drive the acceleration of vehicle autonomy has taken place over the last couple of years
in the form of technological advancements, mergers and acquisitions, partnerships and collaborations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market
Opportunity</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
MarketsandMarkets market report published in February 2023 foresees a significant growth to the ADAS market over the next eight years.
The market is projected to increase from an estimated $30.9 billion in 2022 to $65.1 billion by 2030, registering a compound annual growth
rate, or CAGR of 9.7%. This growth is attributable to increasing demand for road safety and strong government support, which has prompted
leading vehicle manufacturers to invest in the development of ADAS systems.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evolution of camera-based systems in the automotive industry started with the use of monocular camera systems, which are expected to
be replaced by stereo and tri-focal camera systems for Level 3, 4 and 4/5 vehicles.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
report released in October 2023 by the Research Nester Private Limited predicts a CAGR of 10%, projecting the automotive camera market
to increase from $14 billion in 2023 to $46 billion by the end of 2036.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stereo
cameras are an integral part of ADAS, providing features such as lane departure warning, automatic emergency braking, and adaptive cruise
control. The market for automotive cameras is expected to be driven by several factors including growing concerns about passenger safety,
advances in camera-based ADAS, and the increasing adoption of ADAS features by vehicle manufacturers. This rising demand is projected
to create significant revenue opportunities for key players in the global market over the coming years, particularly as ADAS technology
continues to evolve.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
fully autonomous driving is not expected in the near future, we believe that there will be a gradual evolution and ongoing introductions
of semi-autonomous driving capabilities in order to reach more advanced autonomy levels. The key contributions to the growth of autonomous
driving will include increased safety, the development of fail-safe systems, consumer demand, and economic and social benefits.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the development and adoption of autonomous vehicles continues to grow, the demand for stereo cameras is projected to increase. This is
because stereo cameras are a vital component of the sensor suite used in autonomous vehicles, as they provide the necessary depth perception
and object recognition capabilities required for safe driving. With the growing trend of autonomous vehicles, the market for stereo cameras
is expected to expand in response.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Importance of Camera Technology for Semi and Fully Autonomous Vehicles</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
vast majority of partial autonomous vehicles employ multiple sensors and imaging devices, including radar, laser detectors, or LiDAR,
and cameras. Radar-based sensors compare microwaves of emitted and reflected signals and are generally unaffected by weather. Unlike
cameras, radar is not as sensitive to non-metal objects and cannot detect lane markings and traffic signs. LiDAR is a sensor that measures
distance by illuminating a target with lasers and analyzing the reflected light. A camera, similar to the human eye, gathers a richer
amount of data than either a radar or a LiDAR sensor. For that reason, most ADAS rely more heavily on cameras than on other sensors.
Relying only on reflected light may reduce performance under certain lighting or weather conditions. For example, LiDAR pulse can be
scattered in the fog, whereas infrared cameras are not affected by fog. Also, a 2019 publication by researchers in the Cornell Computer
Science Department argues that the accuracy of a stereo camera is superior and can be a viable and low-cost alternative to LiDAR.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Camera-based
systems are the most intuitive to understand as they are similar to human vision. As the current driving environment is designed for
human vision without any consideration for automation, it is believed that camera-based systems will always have an important role in
semi or fully autonomous driving.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2020, a report by Frost &amp; Sullivan titled &#8220;Next-generation Perception Sensors for Autonomous Driving in North America
and Europe, Forecast to 2030&#8221; considers Foresight Automotive as one of the key disruptor camera sensor providers that tackles the
main challenges vision sensor start-ups are addressing, namely, to enable superior sensor performance in challenging weather and lighting
conditions. In addition, the report stresses the importance of the use of thermal camera technology for enhanced detection capabilities
in harsh weather and lighting conditions for applications such as Autonomous Emergency Braking, Forward Collusion Warning, and Adaptive
Cruise Control.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2021, VSI Labs, a leading technology research company that examines the building blocks for autonomous vehicle technologies, reviewed
several vision-based companies, including Foresight Automotive, and highlighted Foresight&#8217;s unique automatic calibration module
which allows stereo camera separation. VSI Labs&#8217; review states that &#8220;Stereo vision is not new, but the methods for automatic
calibration are&#8230; Stereo cameras (non-active) are able to provide better 3D vision which improves the distance estimation versus
mono cameras.&#8221; The review further maintains that &#8220;By using both visible-light and thermal cameras, Foresight&#8217;s stereo
system capabilities allow obstacle detection in different harsh weather and lighting conditions, where LiDAR performance is compromised.&#8221;
The article concludes Foresight&#8217;s technology review by stating that &#8220;Foresight&#8217;s software creates dense 3D point clouds.
Foresight&#8217;s software product appears to be one of the best current options.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
September 2021 Forbes article emphasized the importance of stereo thermal cameras for the detection of any objects in harsh weather conditions.
The use of our automatic calibration solution allows stereoscopic camera-based safety systems to generate an accurate depth map of the
environment, detect any object and understand what is present on the road.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to a report by Precedence Research published in October 2023, the global market for automotive active safety systems was estimated at
$98.27 billion in 2022, and is projected to reach $227.35 billion by 2032, growing at a CAGR of 8.80%. This expansion is fueled by the
rise of autonomous and connected vehicles, where features like ADAS and telematics play a crucial role. These technologies offer both
convenience and improved safety, providing automakers with a competitive edge. As the automotive industry progresses towards fully autonomous
driving, the importance of active safety systems continues to grow, ensuring the safety of vehicles and passengers on the road.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automobile
manufacturers today have already commercialized vehicles with Level 1 and Level 2 autonomy features, and some have even commenced commercializing
Level 3 ADAS systems in specific regions, since the regulatory frameworks for Level 3 ADAS differ significantly across regions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Challenges
of Autonomous Driving</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that in order to achieve Level 4 and Level 5 autonomous capabilities, among others, the following developments are required:
(i) a robust all-weather, day and night 3D environment sensor; (ii) combined software and algorithms that can handle multiple sensor
inputs together producing the best possible decision when encountering complex road situations; and (iii) the capability to accurately
position a vehicle, specifically in an urban environment, where GPS localization is not sufficiently accurate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Autonomous
driving is based on three main pillars: sensory, processing, and execution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sensory
    </b>&#8211; Achieved by using different sensory technologies, including cameras, ultrasonic sensors, radars, and LiDAR&#8217;s. For
    partial autonomous solutions, vehicle manufacturers are using cameras, radars, and ultrasonic sensors. However, higher levels of
    automation vehicle manufacturers will require accurate and robust sensors designed for harsh weather conditions thus enabling autonomous
    driving.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Processing
    </b>&#8211; Processing of the information received from the sensors is then performed by the processors and microcontrollers using
    artificial intelligence, advanced analytics and machine to machine communication. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Execution
    </b>&#8211; Handled by the electronic control unit attached to the actuators, brakes, steering system, gear box, and suspensions.
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
3D vision-based solution meets both sensing and processing requirements of the autonomous solution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the race towards achieving full autonomy, the automotive industry is facing many technological challenges. However, when assessing such
challenges within the sensory context, there are two predominant challenges:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    ability to detect any type of obstacle</b> &#8211; as autonomous vehicles will need to drive in any possible scenario and face any
    type of obstacle (including vehicles, pedestrians or unusual obstacles such as animals, trees, rocks, etc.), the ability to detect
    any obstacle is paramount.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    ability to detect obstacles under harsh weather and lighting conditions</b> &#8211; most testing of autonomous vehicles today is
    performed under ideal weather conditions (e.g., during the daytime with sunny weather conditions). An autonomous vehicle will have
    to endure any type of weather, including glare, fog, heavy snow or any other extreme weather and lighting conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional
Markets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
solutions offer a significant competitive advantage in the industrial equipment, agriculture and defense sectors, which are known for
shorter sale cycles and fast results. Foresight has achieved several important milestones that should support its short-term revenue
generation plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Defense
Market</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADAS
and autonomous technology offer many advantages on the battlefield. Defense vehicles must be able to adapt to complex conflict zones
and operate in the harshest environmental conditions, including off-road driving and zero-visibility sandstorms. Currently, the most
commonly used sensors for military vehicles are active LiDAR sensors, which constantly broadcast their location and can be easily detected
by the enemy. Our non-active QuadSight technology creates a high-resolution point cloud that provides a unique 3D perception of the environment,
leaving no energy signature discernible to an adversary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to an October 2022 forecast by MarketsandMarkets, the market for armored vehicles is expected to reach $34.1 billion by 2027, with the
combat vehicle sector accounting for $20.2 billion of this total.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2022, Elbit Systems Ltd. (&#8220;Elbit&#8221;), showcased an unmanned robotic combat vehicle, equipped with our QuadSight vision
solution, at Eurosatory, the world&#8217;s leading land and airland defense and security exhibition. Our stereo camera solution empowers
autonomous features such as obstacle detection, terrain analysis and navigation plans in the most challenging conditions, including off-road
driving and zero-visibility sandstorms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, Foresight&#8217;s QuadSight&#174; stereovision solution was recognized as a significant technological breakthrough by Israel&#8217;s
Ministry of Defense. The QuadSight&#174; solution outperformed competing sensors, including LiDAR, during extensive testing, following
which the Ministry of Defense concluded that Foresight&#8217;s passive stereo technology exceeded all requirements and declared it to
be a significant technological breakthrough for defense applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, Foresight signed a mutual exclusive agreement with Elbit for the commercialization of its image processing software solution,
securing potential revenues of up to $4 million over five years, starting in the second half of 2023. Elbit started to commercialize
Foresight&#8217;s software solution, exclusively and globally, in the form of a software license. Foresight&#8217;s solution is offered
to Elbit&#8217;s end customers as a component ADAS for driving safety, as well as a solution for semi and fully-autonomous platforms
used in unmanned combat and security ground vehicles in the defense, paramilitary and homeland security markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Heavy
Machinery and Agriculture Markets</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advanced
technologies, such as ours, provide a myriad of benefits for agriculture and construction machinery. These vehicles can complete standard
tasks while operators can handle other high value-added jobs, allowing companies to use their workforce more effectively. In construction,
for example, this is critical because of a significant shortage of heavy equipment operators.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
thermal stereoscopic capabilities have been developed to significantly reduce risks and add value for agriculture and heavy machinery.
For example, accuracy and efficacy in detecting obstacles can help reduce fatigue and stress on human heavy machinery operators, resulting
in improved safety. In addition, the use of thermal stereo addresses detection challenges that are caused by dust and fertilizer particles,
harsh weather, sun glare and complete darkness, and brings added value to precision agriculture and automated machines. Our stereo vision
solution provides 3D raw data for obstacle detection, creating 3D terrain maps for precision agriculture, enabling autonomous navigation
and automated grain loading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our DynamiCal, automatic calibration solution, optimizes existing stereo systems used in agriculture vehicles by overcoming
miscalibration challenges caused by changes in temperature and equipment vibrations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
February 2022 report by Allied Market Research states that the global heavy construction equipment market size was valued at $176.2 billion
in 2020, and is projected to reach $273.5 billion by 2030, registering a CAGR of 4.4% from 2021 to 2030. According to Preco, a leading
vendor for collision mitigation technology optimized for heavy-duty equipment, 18% of the users of heavy industrial equipment vehicles
already have a system for collision mitigation and 48% of the users would consider installing such a system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to a market report by MarketsandMarkets published in March 2022, the precision farming market is expected to grow from $8.5 billion in
2022 to $15.6 billion by 2030, at a CAGR of 7.9%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2022, we signed a memorandum of understanding with SUNWAY-AI Technology (Changzhou) Co., Ltd., or SUNWAY, a global Chinese manufacturer
of autonomous and unmanned intelligent vehicle products, for a joint development of an obstacle detection system to be used by unmanned
vehicles based on our stereoscopic technology, using both visible light and thermal cameras. SUNWAY intends to incorporate our stereo
vision technology into its unmanned agricultural vehicles and heavy machinery.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2023, we signed a collaboration agreement with KONEC, a Republic of Korea Tier One supplier. A joint development project, aiming
to introduce autonomous capabilities to tractors, is in the planning stages. Upon signing a final agreement, the project is expected
to begin in 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, we announced the signing of a proof-of-concept (POC) project with one of the world&#8217;s largest industrial equipment
manufacturers to add autonomous capabilities to the manufacturer&#8217;s mining and construction trucks. As the project nears completion,
the Company believes that it will proceed to the next stage of the agreement within 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
3D vision solutions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mono2Stereo
&#8211; Creating 3D stereo perception from existing mono cameras</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="A car with a red light&#10;&#10;Description automatically generated" style="height: 290px; width: 504px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Generating
3D stereo perception from 2 separate mono cameras with different fields of view</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
ADAS use mono camera-based solutions. Vehicle manufacturers desire to advance existing systems&#8217; performance while keeping the existing
hardware in order to avoid integration complexities and design changes that can affect production timelines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Mono2Stereo solution enhances existing vision sensor systems by using proprietary software-based algorithms to create a 3D perception
stereo vision solution. This solution is designed to amplify the performance of existing ADAS sensors resulting in better distance accuracy
and more robust active safety features.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022 and 2023, we participated in several paid POC projects with leading Tier One suppliers in the automotive industry to assess our
ability to improve distance measurement and object detection capabilities of various ADAS systems, using existing cameras. These projects
include evaluations by Hitachi Astemo, Ltd. (&#8220;Hitachi&#8221;), a global Japanese Tier One supplier and ZF North America, Inc. (&#8220;ZF
North America&#8221;), a leading global Tier One technology company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, over the past year, Foresight has formed meaningful connections and partnerships with leading vehicle manufacturers and Tier
One suppliers which are potential purchasers of the Mono2Stereo, including the POC agreement we signed in August 2023 with a leading
global Japanese vehicle manufacturer to improve safety measures and the partnership we announced in September 2023 with one of the world&#8217;s
largest Chinese electric vehicles manufacturers to enhance the original equipment manufacturer&#8217;s (OEM) automotive vision solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
benefits of the Mono2Stereo solution include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    has an additional safety layer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enhances
    overall probability of detection and can also serve as a redundancy layer for mono detection</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    uses existing hardware to create 3D stereo perception by:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Using
    the overlapping area of existing mono cameras dedicated for independent applications</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supporting
    cameras with different fields of view, or FOV, and resolution</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supporting
    any camera location and positioning</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software-based
    solution </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Improves
    existing systems, functionality level up to level 2+ </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software
    library and API for quick and simple integration </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Can
    be customized per customer requirements </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Can
    be used for a variety of applications such as parking assist, traffic jam assist, etc. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preventative
    and proactive actions not just warning applications </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flexible
    cost model based on software license</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="A car parked in a parking lot&#10;&#10;Description automatically generated" style="height: 267px; width: 576px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Generating
3D stereo perception from 2 separate mono cameras with different fields of view</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ScaleCam&#8482;
- Separated Stereo Cameras Solution</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_004.jpg" alt="A close-up of a car&#10;&#10;Description automatically generated" style="height: 280px; width: 504px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stereoscopic
vision systems must maintain continuous calibration at all times in order to ensure distance accuracy. Mounting stereo cameras on a fixed
beam compensates for decalibrations caused by vibrations but may limit camera placement positions and result in installation-related
technical complications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ScaleCam solution enables the separation of stereo cameras, allowing flexible placement of cameras on the vehicle, increasing the distance
between the cameras, and, as a result, extending obstacle detection range with greater accuracy up to several hundred meters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separated
cameras require ongoing calibration to optimize distance accuracy. Combined with our DynamiCal auto calibration solution, we are able
to compensate for deviations caused by external factors, such as vibrations and temperature changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2022, we signed a POC project with a leading U.S. manufacturer of electric vehicles to evaluate its ability to create 3D stereo
perception with software only, using the manufacturer&#8217;s existing pair of mono cameras mounted on a large baseline (distance between
the cameras). We believe that our cost-effective advanced stereo vision technology may be beneficial to electric vehicle manufacturers
as they develop more advanced autonomous capabilities, resulting in better distance accuracy and improved active safety features, contributing
to a greener and safer future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="A car with text on the front&#10;&#10;Description automatically generated" style="height: 289px; width: 504px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options
for Stereo Cameras Placement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
QuadSight&#174; Automotive Vision Solution</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt="A rear view of a car&#10;&#10;Description automatically generated" style="height: 134px; width: 249px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify">The
    QuadSight solution, a four-camera multi-spectral vision solution, consists of software based on a chip and hardware (camera and processors)
    that we can customize to a customer&#8217;s needs. The solution offers unprecedented accuracy through exceptional distance and location
    measurements due to its 3D stereo perception capabilities and dynamic stereo auto calibration. The solution uses a four-camera technology
    that combines two sets of stereoscopic infrared and visible-light cameras, enabling highly accurate and reliable obstacle detection.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
solution is designed to achieve near 100% obstacle detection with the lowest rates of false alerts, under harsh weather and lighting
conditions, including complete darkness, rain, haze, fog and glare.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
contrast to other active technologies, QuadSight is a non-active sensor that emits no energy during operation. As a result, the QuadSight
solution does not interfere with other systems and is hazard-free.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our QuadSight multispectral vision solution is the key component that will solve the two main challenges of detecting any
obstacle and allowing autonomous vehicles to safely endure extreme weather and lighting conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2022, we signed a commercial agreement with SUNWAY for the development and supply of obstacle detection systems and cloud gateway
for driverless vehicles, as well as for ADAS systems for airport ground support vehicles, using both visible light and thermal cameras.
Our QuadSight stereoscopic technology, including both proprietary software and cameras, will be licensed to SUNWAY and will serve as
the underlying technology for SUNWAY&#8217;s ADAS systems, intended for integration into several types of vehicles working closely with
aircrafts. Foresight&#8217;s passive, non-emitting sensors are a perfect fit for airport vehicles that employ autonomous systems in sensor-filled
environments and can benefit from non-interfering solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>DynamiCal&#8482;
- Automatic Calibration Solution</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_007.jpg" alt="A close-up of a map&#10;&#10;Description automatically generated" style="height: 242px; width: 576px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stereoscopic
vision systems require continuous camera calibration in order to create an accurate stereoscopic 3D perception. External factors, such
as small vibrations or temperature changes, trigger miscalibration. A miscalibrated system may lead to inaccurate 3D perception of the
environment and affect the decision-making mechanism of any automated system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed DynamiCal &#8211; a proprietary automatic calibration software solution designed to ensure that stereo cameras remain
calibrated at all times regardless of their configuration or position on a vehicle, in order to create accurate and continuous 3D depth
perception.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to applications of the automatic calibration solution for the automotive world, we are looking into different markets that can
benefit from our proprietary innovation such as unmanned ground systems, agriculture, heavy machinery, aviation, unmanned aerial vehicles
and drones, medical robotics, manufacturing, and mobile phones.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_008.jpg" alt="A rainbow colored sky&#10;&#10;Description automatically generated" style="height: 266px; width: 400px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_009.jpg" alt="A car driving on a road&#10;&#10;Description automatically generated" style="height: 264px; width: 400px"/></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Calibrated
    depth map using Foresight&#8217;s DynamiCal <br/>
    automatic calibration solution</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Real
    scene captured by visible-light cameras</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Percept3D&#8482;
&#8211; 3D point cloud solution</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Point
cloud provides 3D raw data that can be used for obstacle detection, terrain analysis and autonomous vehicle sensor fusion. The use of
stereoscopic technology is designed to offer a non-emitting and cost-effective solution for generating a high-resolution point cloud.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Percept3D point cloud solution provides rich and accurate per pixel information that enables precise object detection. The use of passive
sensors, such as visible-light and thermal cameras, leaves no energy signature, making the Percept3D an ideal for use in the defense
industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_010.jpg" alt="A collage of clouds in the water&#10;&#10;Description automatically generated" style="height: 155px; width: 576px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi
and fully autonomous vehicle markets are considered relatively new markets with increasing competition and a great potential for sensor
module and system providers. For our vision solutions, we believe that our main competitors are dedicated, large companies focusing on
technologies that enable detection and 3D perception such as radar and LiDAR technologies. As the world of stereo vision is moving towards
enhancing existing stereo systems, there are a few companies that offer extended stereo capabilities, similar to our automatic calibration
solution. However, our Mono2Stereo solution, which allows the creation of 3D stereo perception from two mono cameras, is a unique IP-protected
solution, and, to the best of our knowledge, does not have any direct competition. Additionally, as the automotive industry comes to
understand the value that thermal cameras have to offer to autonomous vehicles, the number of thermal cameras manufacturers and providers
are expected to increase. To the best of our knowledge, we are the only company that uses thermal imaging in a stereoscopic configuration,
allowing us to generate an accurate depth map and offer a unique dense 3D point cloud based on thermal cameras.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our competitors, either on their own or through their strategic partners, enjoy better brand recognition and have substantially greater
financial, technical, manufacturing, marketing and human resources than we do. These competitors also have significantly greater experience
in the research and development of automotive sensors and a better infrastructure and are already commercializing those products around
the world.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
typical sales cycle of our 3D vision solutions, consists primarily of the following steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    engagement &#8211; the initial introduction of our technology to potential customers consists of technological roadshows, demonstrations
    and prototype evaluation. During the technological roadshows, we perform real-time demonstrations of our technology in different
    scenarios, offering the chance to experience our technology in real time and gain a better understanding of its outstanding capabilities.
    The scenarios simulate obstacle detection in challenging weather and lighting conditions. Other forms of demonstrations may include
    performing tests and calculations on data received from potential prospects in order to prove our solutions capabilities. To date,
    we have performed technological roadshows in the United States, Japan, across Europe, South Korea, India and in China, and dozens
    of demonstrations in Israel and around the world. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">POC
    project &#8211; following technological demonstrations and initial evaluation, the customer may decide to engage in a paid POC project
    to further evaluate the technology. Such projects consist of testing our stereoscopic technology in predefined simulated and real-life
    scenarios, and last between 3 to 6 months, depending on the industry. Revenue from POC projects is approximately $100,000.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-development
    project &#8211; once a POC project has been successfully completed, we may enter into a co-development project with the customer,
    in which our technology is customized to meet the specific requirements of the specific customer. Revenue from a co-development project
    can reach hundreds of thousands of dollars, depending on the size and scope of the project.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design
    win stage &#8211; entering into an agreement for commercial production with volume ranging in the tens of thousands all the way to
    hundreds of thousands of units/software licenses per year over a period of 8-10 years.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
stereoscopic 3D vision solutions are modular and can be customized to meet customer needs:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software
    license for generating accurate object detection based on visible-light cameras and the long-wave infrared camera configuration.
    Our software modules, such as the automatic calibration and dense 3D point cloud software, are also offered as a software license.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SoC:
    consists of an automotive graded board and image processing software.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    complete solution: consists of image processing software, SoC, and cameras.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have signed two commercial agreements: (1) a commercial agreement with SUNWAY for up to $51 million for the development and
supply of obstacle detection systems for driverless vehicles, as well as for ADAS systems for airport ground support vehicles; and (2)
a commercial agreement with Elbit, a leading defense company in Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have successfully completed several POC projects with notable customers, including a leading European OEM, a global Japanese Tier One
supplier - Hitachi, a leading global Tier One technology company, ZF North America, as well as a leading American manufacturer of electric
vehicles. Furthermore, we are presently engaged in multiple POC projects with leading OEMs and Tier One suppliers in Japan, Europe and
China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we have successfully completed a development project for a customized 3D perception solution to meet the requirements of the Israeli
Defense Forces, or IDF. The customized solution was showcased in June 2022 by Elbit on an unmanned ground robotic combat vehicle at Eurosatory,
the world&#8217;s leading land and airland defense and security exhibition in Paris.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main focus for 2024 is to (1) increase the number of customers engaged in POC projects in order to allow them to test and evaluate the
performance of our technology, (2) engage with customers in co-development projects, allowing us to tailor our solutions to each customer&#8217;s
individual needs, (3) initiate sales of our products to SUNWAY-AI&#8217;s customers for airport ground vehicles, and (4) initiate software
license sales to Elbit&#8217;s end customers in the defense markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2021, we announced the sale of a QuadSight prototype to the U.S. division of Hitachi, a leading Japanese Tier One supplier and
manufacturer of stereo vision systems for the automotive industry. Hitachi was interested in assessing our thermal stereo capabilities
for possible enhancement of its current visible light stereo capabilities. The successful evaluation of our technology led to the signing
of two POC projects with Hitachi, one in January 2022 and another one in June 2022. The POC projects consisted of technological evaluation
and testing of predefined simulated and real-life scenarios. We paired our QuadSight&#174; and Mono2Stereo&#8482; technologies with Hitachi&#8217;s
existing camera systems in an effort to improve distance measurement and object detection. Both POC projects were completed successfully,
and, during the fourth quarter of 2022, Hitachi demonstrated our solution to their customers, primarily automotive OEMs, and received
positive feedback. Currently, negotiations are ongoing for potential future steps, which may involve a joint development project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, we deepened our Chinese footprint with the establishment of Foresight Changzhou in Jiangsu Province, China. The Chinese
subsidiary was established in cooperation with the China-Israel Changzhou Innovation Park (CIP), a bi-national governmental initiative
that provides a unique platform for Israeli industrial companies seeking to enter the Chinese market. With the support of CIP&#8217;s
facilities and its dedicated staff, Foresight Changzhou will receive a package of incentives and grants from the Jiangsu Province&#8217;s
government to aid in overcoming barriers and achieving success in China. The subsidiary has hired local engineers and high-quality staff,
who are based in CIP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
in January 2022, we announced the signing of a multiphase business cooperation agreement with SUNWAY-AI. The first phase consisted of
a POC project in which SUNWAY will test the QuadSight vision prototype solution and evaluate our technology and its further potential
integration into SUNWAY&#8217;s products and services. The POC project was completed successfully and in May 2022 we announced the signing
of a memorandum of understanding with SUNWAY. The memorandum of understanding established a joint development program for an obstacle
detection system for unmanned vehicles based on our stereoscopic technology, using both visible light and thermal cameras. Consequently,
in November 2022, we signed a joint development and supply agreement with SUNWAY to strengthen our relationship. Over the contractual
period of four years, the deal may yield up to $51 million in revenue based on demand from SUNWAY. The agreement establishes a joint
program for the development and supply of obstacle detection systems and cloud gateway for driverless vehicles, as well as for ADAS for
airport ground support vehicles, using both visible light and thermal cameras. Starting in the second half of 2023, SUNWAY will commercialize
the ADAS systems to its customers and to third parties in Mainland China, as well as to Hong Kong, Taiwan and Macao. SUNWAY will assume
responsibility for all regulatory clearances in connection with commercialization, as well as all installation, deployment, maintenance
and support activities. Additionally, and subject to predefined commercial terms, SUNWAY was granted exclusive commercialization rights
in China regarding the ADAS systems for ground support vehicles used in airports. Our QuadSight stereoscopic technology, including both
proprietary software and cameras, will be licensed to SUNWAY and will serve as the underlying technology for SUNWAY&#8217;s ADAS systems,
intended for integration into several types of vehicles working closely with aircraft, including fueling vehicles, garbage trucks, boarding
vehicles, etc. The QuadSight system allows all obstacle detection in challenging weather and lighting conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2022, we announced that we will customize products and solutions for a leading Israeli defense integrator, Elbit. We developed
a customized 3D perception solution to meet the requirements of Elbit&#8217;s end-customer, the IDF. Total revenue from the project amounted
to approximately $220,000 during 2022. The customization project followed extensive testing of QuadSight prototype solutions by Elbit,
over a period of two years, as well as numerous successful demonstrations performed by Elbit to the IDF. Following the successful process,
Elbit plans to replace the use of LiDAR in its solutions with our vision technology. In June 2022, Elbit showcased our customized 3D
solution on an unmanned ground robotic combat vehicle at Eurosatory, the world&#8217;s leading land and airland defense and security
exhibition in Paris. Consequently, in July 2023, Foresight signed an exclusive agreement with Elbit for the commercialization of its
image processing software solution, securing potential revenues of up to $4 million over five years, starting in the second half of 2023.
Elbit has started to commercialize Foresight&#8217;s software solution, exclusively and globally, in the form of a software license.
Foresight&#8217;s solution is offered to Elbit&#8217;s end customers as a component ADAS for driving safety, as well as a solution for
semi and fully-autonomous platforms used in unmanned combat and security ground vehicles in the defense, paramilitary and homeland security
markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2022, we announced the signing of an agreement for a POC project with ZF North America, a subsidiary of ZF Friedrichshafen AG, one
of the top three leading Tier One technology companies supplying systems for passenger cars, commercial vehicles and industrial technology,
enabling the next generation of mobility. The POC project followed our winning of the ZF Pitch Event that took place at the 2022 Consumer
Electronics Show exhibition in January 2022. The POC project was completed successfully and discussions are underway with ZF North America
regarding potential next steps, which could involve collaborating on a joint development initiative.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2022, we signed a paid joint POC project with a leading American manufacturer of electric vehicles. The project consists of
technological evaluation and testing of predefined scenarios. We intend to demonstrate our ability to create 3D stereo perception with
software only, using the manufacturer&#8217;s existing pair of mono cameras mounted on a large baseline (distance between the cameras).
Our proprietary ScaleCam separated stereo camera solution allows manufacturers to place cameras on a large baseline. This solution increases
distance accuracy at long ranges, allows detection of any type of obstacle, and improves the safety and robustness of the manufacturer&#8217;s
driver assistance system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, our QuadSight stereovision solution was recognized as a significant technological breakthrough by Israel&#8217;s Ministry
of Defense. After extensive testing by the Administration for Research and Development of Weapons and Technological Infrastructure of
Israel&#8217;s Ministry of Defense in search for an alternative sensor to replace active LiDAR sensors, the QuadSight non-active stereo
technology exceeded all requirements and was declared a significant technological breakthrough for defense applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
in February 2023, we announced that our wholly owned subsidiary, Foresight Changzhou Automotive Ltd. won the Outstanding Enterprise in
International Cooperation award from China Israel Changzhou Innovation Park (CICP), Jiangsu Province. Foresight Changzhou was one of
five companies to win this award, out of nearly 200 companies in the CICP. Foresight registered in the CICP at the end of 2021 and signed
a commercial contract of up to $51 million with SUNWAY in November 2022, enhancing its support in the open innovation and high-quality
development of the CICP and Changzhou City.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, we signed a paid joint POC project with a leading global Japanese automaker. The project consists of evaluating our unique
automatic calibration capabilities to ensure that the location and orientation of mono cameras on a vehicle are known at all times. The
parties will work together to develop a breakthrough solution capable of detecting when a single camera&#8217;s position has changed
as well as providing real-time correction of the camera&#8217;s position while the vehicle is in motion, through the use of our proprietary
software. To the best of our knowledge, no existing solution is able to resolve these miscalibration issues. If successful, the POC project
may provide a solution that eliminates the need for external calibration in a garage for all vehicles using mono cameras.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2023, we signed a memorandum of understanding for cooperation with KONEC Co. Ltd., a leading Tier One automotive supplier, to collaborate
on developing ADAS and autonomous driving solutions, expanding KONEC Co. Ltd&#8217;s product offering to global customers, including
Hyundai, Tesla and Magna.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, we signed a paid POC project with the Chinese subsidiary of one of the world&#8217;s leading manufacturers of industrial
equipment, heavy machinery, construction and mining equipment. The purpose of this POC is to assess the accuracy of our unique automatic
calibration capabilities in enhancing 3D depth perception.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
in August 2023, we signed an agreement for two POC projects with a leading global vehicle manufacturer so that we can assess the accuracy
of our automatic calibration capabilities in enhancing 3D perception and have our Mono2Stereo&#8482; perception enhancement solution
assessed in how it is used in existing mono camera with different fields of view. In February 2024, we announced the successful completion
of the two POC projects. Following the successful completion of these projects, the parties involved are exploring co-development initiatives
for further evaluation of the solution&#8217;s capabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, we signed a multi-phase cooperation agreement with a leading Chinese electrical vehicle original equipment manufacturer.
The first phase of the agreement consists of a POC project to evaluate our 3D perception capabilities including high resolution point
cloud, object detection and disparity mapping, for possible enhancement of the OEM&#8217;s current automotive vision solution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2023, we received a notice of allowance from the U.S. Patent and Trademark Office for our patent application &#8220;System and
Method for Stereoscopic Image analysis&#8221;. The patented technology creates 3D depth perception from any given pair of cameras. The
cameras may have different optical properties and fields of view, allowing for flexible cameras positioning on the vehicle or leveraging
different existing cameras that normally could not be used for depth perception. This technology improves obstacle detection and enhances
understanding of road conditions for advanced driver-assistance system (ADAS) or autonomous driving. The patented technology includes
a method for automatic calibration of such cameras and a computationally efficient method for calculating dense depth maps. This technology
transforms a pair of cameras and a processor into a high frequency and accurate depth sensor. This patent serves as the underlying technology
of Mono2Stereo&#8482; and Mono2Stereo&#8482; 360&#176; perception enhancement solutions. Our Mono2Stereo and Mono2Stereo&#8482; 360&#176;
solutions enhance existing vision sensor systems by using proprietary software-based algorithms to create a 3D and 360&#176; 3D perception,
respectively. These solutions are designed to amplify the performance of existing ADAS sensors resulting in better distance accuracy
and more robust active safety features.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Towards
the end of 2023, we made a strategic decision to refocus on strengthening client-facing initiatives in the fields of defense and industrial
vehicles and reallocate resources accordingly. Throughout 2023, we achieved major milestones in our journey towards commercialization,
strengthening our position as a key player in the evolving market of 3D perception solutions for semi and fully-autonomous vehicles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foresight&#8217;s
success lies, in key part, in the modularity of our software vision solutions. This business model enables us to customize 3D perception
solutions and tailor them to our customers&#8217; specific needs. Whether integrating our software seamlessly with existing sensors or
providing a comprehensive vision solution by combining our proprietary software with customer-requested hardware, we are at the forefront
of driving innovation in the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vehicle-to
Everything (V2X) Solutions &#8211; Eye-Net Mobile</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle-to-Everything,
or V2X, communication, is a wireless technology that allows vehicles, infrastructure, grid, home, and network to communicate with each
other. This cutting-edge technology has the potential to revolutionize the automotive industry in the coming years. By enabling more
effective traffic management, V2X technology can enhance vehicle performance and alleviate traffic congestion. Additionally, V2X technology
could also contribute to improved gas consumption, as well as increased accuracy and precision in location tracking.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">V2X
technology can be segmented based on the communication medium: vehicle-to-vehicle, or V2V, vehicle-to-infrastructure, or V2I, vehicle-to-pedestrian,
or V2P, vehicle-to-grid, or V2G, vehicle-to-cloud, or V2C, and vehicle-to-device, or V2D. The rapid technological advancements that have
recently transpired have paved the way for semi-autonomous and autonomous vehicles, which have a wide range of applications in V2X communication
technology domain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">V2X
technology optimizes traffic flow, increases traffic safety, saves time, reduces emissions, maximizes the benefits of transportation
for both commercial users and the public, and increases the convenience factor of the driver and passengers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Opportunity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market
Segments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
    Apps: Utilizing the already existing install-base of numerous location-based applications (navigation, fitness, etc.), can serve
    as a global added value for all users and enhance road safety.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Micro-mobility:
    Shared urban mobility creates numerous safety concerns for riders and pedestrians.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motorcycles:
    Motorcyclists, as vulnerable road users, are at risk for dangerous broadside or T-bone accidents. A solution that provides critical
    alerts to side-impact collisions can save lives.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automotive:
    ADAS improve driver&#8217;s safety by analyzing predefined field of view. Cars with beyond line-of-sight warning capability enhance
    all-around protection for all road users.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
    Cities: The ability to interconnect between smart cities is key to improving road safety for all road users in the urban ecosystem,
    in planning for suitable &#8220;Vision-Zero&#8221; future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the World Health Organization Global Status Report on Road Safety, released in December 2023, approximately 1.19 million people die
each year as a result of road traffic crashes. More than half of all road traffic deaths are among vulnerable road users, including pedestrians,
cyclists and motorcyclists.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">V2X
communication provides features such as intersection collision warning, obstacle detection, rollover warning, road departure warning,
forward collision warning and rear impact warning. The increasing demand for real-time traffic and incident alerts that help to increase
public safety of both drivers and vulnerable road users is driving the growth of the automotive V2X market in automated driver assistance
systems and in location-based applications and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
growing smartphone adoption rates and worldwide infrastructure developments support market growth as 85% of the world&#8217;s population
owns a smartphone and enjoys a wide deployment of cellular networks and cloud servers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
governments make substantial investments in public transportation, a need arises to provide mobility solutions intended for the last
mile - the last leg of a journey from a transportation hub to a final destination - giving rise to the increased use of micro-mobility
vehicles such as electric bikes (&#8220;e-bikes&#8221;) and electric scooters (&#8220;e-scooters&#8221;). Enhancing the safety of vulnerable
road users, such as e-bike and e-scooter riders, is of great concern. A March 2023 MarketsandMarkets research report forecasts that the
electric bike market is projected to grow from $49.1 billion in 2023 to $62.3 billion by 2028 at a CAGR of 4.9%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to a July 2023 forecast by Precedence Research, the global automotive V2X market size reached $2.4 billion in 2022 and is expected to
reach $66.26 billion by 2032, growing at a CAGR of 39.4% during the forecast period from 2023 to 2032.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
automotive sector has experienced remarkable momentum and is projected to undergo substantial growth in the foreseeable future. The integration
of diverse safety features and communication technologies in vehicles has notably improved the convenience aspect of automobiles. Moreover,
substantial demand from consumers for these advanced features serves as a driving force behind the market&#8217;s expansion. In addition,
factors such as increased adoption of connected cars and a rise in urbanization &amp; industrialization are expected to drive the market
growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Micro-mobility
market</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Micro-mobility
refers to a rapidly growing market segment that encompasses various modes of transportation, including electric scooters, bicycles, and
hoverboards, among others. These vehicles offer a convenient and eco-friendly solution to short-distance travel in urban areas and have
quickly gained popularity in recent years. According to Acumen Research and Consulting, the Global Micro-mobility Market Size gathered
$49.3 Billion in 2021 and is set to garner a market size of $186.2 Billion by 2030 growing at a CAGR of 16.2% from 2022 to 2030.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ADAS
market</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global ADAS market will witness a robust CAGR of 13.83%, valued at $23.44 billion in 2021, expected to appreciate and reach $75.23 billion
by 2030, confirms Strategic Market Research. ADAS are technologies and electronic systems in a vehicle to assist the driver. ADAS utilizes
the sensors that are present inside the vehicle, such as a camera and a radar, to have a vigil on the outside world. ADAS provides pivotal
information like the level of congestion present on the roads, updates on traffic, blockage, and closure of roads ahead so that the driver
gets alerted beforehand. This system also measures the driver&#8217;s distraction and level of fatigue of the driver, thereby suggesting
the precautions that need to be taken.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Available
technology and challenges for V2X communication</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
V2X technological landscape is divided into two main sections:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hardware-based
    solutions, which use either Dedicated Short-Range Communications, or DSRC, or cellular-based communication, or CV2X; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software-based
    cellular V2X solutions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hardware-based
solutions require costly and complex designated hardware. As the technology is not fully regulated, there are standardization concerns.
Hardware-based solutions are intended primarily to be installed in vehicles, providing only partial coverage, leaving vulnerable users
(pedestrians, cyclists, etc.) unprotected. The use of DSRC technology increases the number of emitting units on the road (in addition
to vehicle sensors and mobile phones), as it requires a separate communication band which emits additional energy. In addition, the market
penetration cycle time is long due to regulatory concerns and a global crisis of chip shortage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software-based
cellular V2X solutions rely on existing infrastructure and do not require special certification. Using intuitive applications for smart
devices (such as smartphones, infotainment systems, head up displays, dash cams and ADAS), software-based solutions have a short market
penetration cycle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above-mentioned industry forecast also claims that cellular V2X technology is designed to be compatible with upcoming 5G network technologies
which will be used as the ultimate platforms to enable cooperative intelligent transport systems services and technology. Cellular V2X
can be applied in use cases such as location-based applications (for example, navigation, shared transportation, and fitness applications),
micro-mobility services to e-bikes and e-scooter riders, autonomous driving, platooning, vehicle safety and traffic efficiency which
require efficient communication technology and is expected to offer profitable growth opportunities for automotive V2X market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Eye-Net Products</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
Mobile offers two software-based products:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<span style="text-decoration: underline">Eye-Net Protect (Market penetration &#8211; Under commercial integration)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, we completed the SDK configuration of the Eye-Net Protect solution. The Eye-Net Protect is a comprehensive solution that
includes an intuitive mobile interface designed to provide real-time pre-collision alerts to all road users, including the most vulnerable
ones (pedestrians, cyclists, and micro-mobility riders)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
SDK configuration indicates commercial engagement readiness and will allow Eye-Net Mobile to integrate its solution with leading location-based
applications, such as navigation, ridesharing, parking, and fitness applications. This configuration will enable rapid market penetration,
providing a life-saving accident prevention solution that is readily available for deployment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
Protect family of products (Eye-Net Protect, Eye-Net Protect Plus, Eye-Net Protect Pro) provides real-time pre-collision alerts to all
road users by using smartphones with SDK configuration installed, relying on existing cellular networks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Features:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Side
    aspect collisions alerts</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awareness
    notifications (&#8220;car brakes ahead,&#8221; &#8220;cyclists ahead&#8221;)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Community
    Stats</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offers
    automatic emergency call (premium feature).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activity
    report (premium feature)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family
    / Group safety &amp; assistance (premium features)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unique
Characteristics:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
    Road Users</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Protects
most road users (vulnerable &amp; drivers)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Side
    Impact Alerts</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identifies
threats outside the field of view.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Harsh
    weather</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Works
under all weather and lighting conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accurate</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceptionally
accurate design with near zero false alerts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GDPR
    Compliant</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anonymous
service. Requires no registration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Small
    Footprint</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SDK
package compatible with iOS and Android.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hands
    Free</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Runs
as a seamless automatic background process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Camera
    Free</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relies
on existing cellular infrastructures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compatible
    with any cellular infrastructure (3G and up)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real-time
alerts utilizing adaptive network latency compensation of each users&#8217; cellular devices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
Protect is an intuitive and easy-to-use cellular-based V2X solution that provides real-time pre-collision alerts to drivers and vulnerable
road users, including pedestrians, cyclists, scooter drivers, etc., by using smartphones and relying on existing cellular networks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
solution calculates user location and collision probability multiple times per second and utilizes a sophisticated probability analysis
for spatial cross-correlation of bearing, velocity, and acceleration to determine an imminent collision, with near zero false alarm rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net&#8217;s
unique V2X collision prediction and prevention software-based platform incorporates AI-powered algorithms that enhance accuracy, predict
collisions, reduce latency, and optimize device resource consumption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
to provide a complementary layer of protection beyond traditional ADAS, Eye-Net Protect extends protection to road users who are not
in direct line of sight, and not covered by other alerting systems and sensors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Eye-Net Protect solution aims to solve three main limitations of conventional ADAS systems:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conventional
    ADAS systems analyze threats and monitor potential hazards that are within the sensor&#8217;s field of view. To the best of our knowledge,
    Eye-Net is the first available software-based solution today that aims to foresee collisions much before any sensor, when the threat
    is still beyond line of sight.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conventional
    ADAS systems alert the driver and provide autonomous indications to the vehicle. Eye-Net alerts the driver and other vulnerable road
    users (pedestrians, cyclists, scooter drivers) that have no available real-time safety aids about oncoming vehicles and allows them
    to take an active part in preventing accidents.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
    conventional ADAS sensor performance is compromised by harsh weather conditions (snow, fog, rain, etc.), Eye-Net uses robust cellular
    infrastructure that is not affected by any weather or lighting conditions, thus allowing uninterrupted operation and continuous road-user
    protection.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Eye-Zone&#8482;
    (Market penetration &#8211; Under POCs with an automotive OEM)</span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Zone
is a V2X collision detection and accident prevention solution that sends alerts and indications to the driver. Eye-Zone uses a unique
virtual sensor RUDAR&#8482; (Road Users Detection and Ranging) designed to provides a point cloud of the real time location, movement
characteristics and probability of collision with each of the road users around the vehicle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Zone
is designed to provide unique features and capabilities enhancing automotive safety, without any hardware changes, allowing vehicles
to communicate with all road users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
revolutionary OS-agnostic software add-on that can be seamlessly integrated into automotive systems (such as ADAS, navigation, infotainment).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
utilizes existing cellular networks, without requiring any hardware installation other than using smartphones and other smart devices
within vehicles. It incorporates cutting-edge algorithms, protocols, and system architecture to enhance accuracy, predict collisions,
reduce latency, and optimize device resource consumption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Features
(Current and Future):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Side
    aspect collisions alerts</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awareness
    notifications (&#8220;car brakes ahead&#8221;, &#8220;cyclists ahead&#8221;)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Community
    Stats</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multi-User
    tracker: Analyzes &amp; classifies all users in the vicinity of the vehicle</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offers
    automatic emergency call</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activity
    report</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collision
    &#8220;black-box&#8221; &#8211; automatic report generation in case of a collision</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Where
    is my car?&#8221;: Real-time visibility about the vehicle location</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unique
Characteristics:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multi-User
    Tracker</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Analyzes
&amp; classifies all users in the vicinity of the vehicle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Side
    Impact Alerts</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identifies
threats outside the field of view.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Harsh
    weather</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Works
under all weather and lighting conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accurate</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceptionally
accurate design with near zero false alerts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GDPR
    Compliant</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anonymous
service. Requires no registration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Small
    Footprint</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seamless
automatic background process which capable of running on a single ARM.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Camera
    Free</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relies
on existing cellular infrastructures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seamless
    Connection</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seamlessly
connecting to external location sources</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real-time
    Protocol</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are many companies competing in the V2X communication market, including vehicle manufacturers, automotive Tier One suppliers the majority
of which are pushing for CV2X (hardware-based) protocols. Over the past year, we see that small startups that have attempted to develop
similar V2X cellular-based solutions have ceased activities mainly due to technological and financial barriers. On the other hand, we
can see a growing number of vehicle manufacturers, Tier One automotive suppliers, smartphone manufacturers and cellular service providers
that have taken the first steps to develop a similar solution to Eye-Net. As far as we know to date, none of our competitors has reached
product completion and deployment readiness stage for a V2X product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
and Marketing</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
Mobile focuses on increasing public awareness of its products and technology by conducting controlled public trials and participating
in conferences worldwide. The Eye-Net Protect solution was first launched in February 2019 at the Mobile World Congress in Barcelona,
the world&#8217;s largest mobile conference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the course of 2021, Eye-Net Mobile modified its penetration strategy to concentrate on Israel, Japan, Europe and the United States and
to address the following markets that may benefit from its unique accident prevention solution suite:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3rd-party
applications - Location-based application providers, such as developers of navigation, shared transportation, and fitness applications,
may offer the Eye-Net solution to existing user install base as a global added value on top of their existing platforms, enhancing road
safety to all users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Micro-mobility
- The shared urban mobility landscape creates numerous safety concerns for riders and pedestrians. Micro mobility riders, unlike cars,
lack any kind of safety warning system to avoid accidents. Eye-Net&#8217;s collision prediction and prevention solution answers a real
need for a simple, hands-free, camera-free situational awareness and road safety solution that can be incorporated on any micro mobility
vehicle, shared or owned. Relying on communication between smartphones through a dedicated app, the all-around solution is accessible
to anyone and with any vehicle, for real-time pre-collision alerts anywhere, at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automotive
- Sophisticated ADAS systems improve driver safety&#8211; but none of them can see what&#8217;s coming from around the corner. Eye-Net&#8217;s
solution brings a new paradigm in road safety, with an anytime, anywhere collision detection system that extends the field of view beyond
line-of-sight, accurately identifying potential collisions and sending an alert in real time, to complement commonly used ADAS solutions.
Cars equipped with in-vehicle infotainment systems, head-up display units (HUD) advanced dashcams, can be integrated with beyond line-of-sight
warning capability enhance all-around protection for drivers, passengers, and pedestrians.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mobile
Network Operators and cellular providers</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interconnection of vehicles, micro mobility devices, infrastructure and vulnerable road users represents a unique opportunity for mobile
network operators to enhance road safety. Eye-Net&#8217;s anytime, anywhere, and all-around collision detection system utilizes interconnected
cellular-based V2X communication to provide comprehensive protection for vulnerable road users and pedestrians. The solution uses existing
cellular infrastructures and is compatible with 3G, 4G and 5G networks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
network operators can enhance the service offered to subscribers without the need for a dedicated device &#8211; built-in as part of
a cellular offering to incorporate as part of the infrastructure for safe cities to residents, in cooperation with road authorities,
and for all transportation markets &#8211; micro mobility, motorcycle, and automotive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, Eye-Net Mobile achieved the following significant milestones:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2022, Eye-Net Mobile was one of five winners selected by the Paris2Connect consortium to participate in an urban mobility experiment
to take place in Paris&#8217; Urban Innovation District. The Paris2Connect consortium includes Nokia (HEL: NOKIA), ATC France (a subsidiary
of American Tower Corporation), Aximum, RATP Group, and Signify N.V. (AMS: LIGHT).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2022, Eye-Net Mobile signed a five-year commercial cooperation agreement with Pango Pay &amp; Go Ltd., or Pango. Pango is the
developer of the leading mobility-as-a-service parking, vehicle, road services and payment application in Israel. Pursuant to the agreement,
the parties will cooperate to integrate Eye-Net&#8482; Protect products into Pango&#8217;s app as an SDK. The integration will enable
Pango app users who completed the onboarding process, to use the service operated by Eye-Net Mobile through the app, which is intended
to provide a layer of protection to Pango&#8217;s users, potentially preventing accidents by alerting drivers and road users about oncoming
collisions. In addition, Pango will be entitled to 50% of third-party revenues received by Eye-Net Mobile for services provided in Israel.
Moreover, Pango will be granted options to purchase 2,500 ordinary shares, 0.01 par value per share of Eye-Net Mobile, constituting,
if exercised in full, 2.22% of Eye-Net Mobile&#8217;s issued and outstanding share capital on a fully diluted basis at an exercise price
which reflects a $40 million company valuation. Upon the successful integration of Eye-Net Protect into Pango&#8217;s app, Pango will
release an updated version of its app, which will include the integrated SDK configuration of the Eye-Net Protect, to its millions of
users in Israel. The new integrated solution will include the free-of-charge Eye-Net Protect feature and a potential shared revenue stream
derived from offering the premium Eye-Net Protect Plus feature for a monthly subscription fee. In August 2023, Eye-Net Mobile and Pango
agreed to postpone the integration process of the Eye-Net Protect products into Pango&#8217;s application to the second quarter of 2024
due to internal changes in Pango. As of the date of this annual report on Form 20-F, it is uncertain as to whether the integration will
be completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2022, Eye-Net Mobile successfully completed a technological roadshow of the Eye-Net Protect solution in Japan. Eye-Net Mobile
demonstrated the technology for 20 automotive-related companies, including five leading Japanese OEMs, Tier One and Tier Two suppliers,
as well as 11 dashboard cameras (dashcam) companies. Eye-Net Mobile&#8217;s successful demonstrations generated significant interest
among several world-leading OEMs and manufacturers of complementary equipment to the automotive industry (including infotainment systems
and dashcams) who expressed interest in pursuing further technological evaluation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, Eye-Net Mobile continued to achieve significant milestones:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, Eye-Net Mobile was engaged in a paid POC project to integrate Eye-Zone&#8482; automotive system with a leading Japanese
vehicle manufacturer&#8217;s existing ADAS systems. The parties engaged in a paid POC project to evaluate the added value and capabilities
of Eye-Zone as a software V2X communication layer, allowing for unprecedented, seamless communication between vehicles and all road users
(including vulnerable road users). The POC was conducted in collaboration with a leading Japanese technology and communication company
that provided the communication infrastructure and advanced communication modules. In March 2024, Eye-Net has received an additional
order for a paid development project from the vehicle manufacturer, following the successful completion of the first two phases of the
POC project. The next phase will evaluate the potential of Eye-Zone&#8482; as key infrastructure for safety message transmission, aiming
to facilitate seamless communication between vehicles and all road users, particularly vulnerable road users. Upon successful evaluation,
the parties will explore potential commercial opportunities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, Eye-Net Mobile signed a multi-phase agreement with SoftBank Corp. (&#8220;SoftBank&#8221;), a Japan-based telecommunications
and IT operator, under which the parties engaged in a POC project to validate the integration of Eye-Net Mobile&#8217;s server-side technology
with SoftBank&#8217;s multi-access edge computing infrastructure. The validation project was part of the multi-phase agreement which
was a prerequisite for the potential deployment of Eye-Net Mobile&#8217;s solutions in the Japanese market. In November 2023, Eye-Net
Mobile successfully completed the first phase of the POC project. In March 2024, Eye-Net and SoftBank successfully completed Eye-Net&#8217;s
technology validation, following which SoftBank will collaborate with its business partners to initiate commercial validation efforts
of Eye-Net&#8217;s solutions for improved collision prevention in the Japanese market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2023, Eye-Net Mobile was selected by the European Software R&#233;publique consortium to take part in an incubation program
for a project that will deliver an accessible vehicle-to-everything road safety solution for all road users. Software R&#233;publique
is a European innovation ecosystem for intelligent, secure, and sustainable mobility, founded by Dassault Syst&#232;mes SE, Eviden,
Orange S.A., Renault Group, STMicroelectronics N.V and Thales Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
in Railway Safety</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have leveraged our unique expertise in advanced image processing algorithms and Computer vision technology into the rail industry. As
of December 31, 2023 we held a 10.2% stake in Rail Vision Ltd., or Rail Vision (Nasdaq: RVSN), a development stage company that is seeking
to revolutionize railway safety and the data-related market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2022, Rail Vision completed an initial public offering of its ordinary shares and warrants on the Nasdaq Capital Market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2023, Rail Vision signed a contract with Israel Railways to purchase ten Rail Vision Main Line Systems and related services for
a total amount of approximately $1.4 million. The delivery is expected to start during the first quarter of 2024. Rail Vision believes
that the first order for such system by a commercial operator will have an impact on the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, a leading U.S.-based rail and leasing services company purchased a Rail Vision Switch Yard System for $140,000 with support,
to evaluate its performance during a six-month trial. The US-based customer offers a suite of rail-centric services including in-plant
rail switching and material handling services. Consequently, and after a successful evaluation, in January 2024, Rail Vision announced
that it had signed a supply contract with the leading U.S.-based rail and leasing services company valued at up to $5 million for the
purchase of Rail Vision&#8217;s AI-based Switch Yard Systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2023, Rail Vision received a $500,000 order for a single Main Line system and relates services from a leading Latin American
mining company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2024, Rail Vision announced that it had received formal certifications for critical European Union railway standards for its
Main Line system: EN 50155, EN 50126, EN 50657, and EN 45545.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2024, the Company sold its entire investment stake in Rail Vision for approximately $1,840,000 in gross proceeds, at an average
share price of $6.07. After accounting for selling fees, the net proceeds from the sale totaled approximately $1,832,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek patent and trademark protection as well as other effective intellectual property rights for our products and technologies in the
United States and internationally. Our policy is to pursue, maintain and defend intellectual property rights developed internally and
to protect the technology, inventions and improvements that are commercially important to the development of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foresight
Automotive has a portfolio of four granted U.S. non-provisional applications, two granted patents with the Israeli Patent Office (&#8220;IPO&#8221;),
two granted patents and four full applications in China, six applications in Europe, four applications in Japan, and one PCT application.
Eye-Net Mobile has a portfolio of one granted U.S. patent, four PCT applications, one full application with the IPO and one application
in Europe. A provisional patent application is a preliminary application that establishes a priority date for the patenting process for
the invention concerned and provides certain provisional patent rights. We cannot be certain that patents will be granted with respect
to any of our pending patent applications or with respect to any patent applications filed by us in the future, nor can we be sure that
any of our existing patents or any patents granted to us in the future will be commercially useful in protecting our technology. Despite
our efforts to protect our intellectual property, any of our intellectual property and proprietary rights could be challenged, invalidated,
circumvented, infringed or misappropriated, or such intellectual property and proprietary rights may not be sufficient to permit us to
take advantage of current market trends or otherwise to provide competitive advantages. For more information, please see &#8220;Risks
Related to our Intellectual Property.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2016, we entered into an asset transfer agreement with Magna whereby Magna transferred to us certain intellectual property
rights and assets in the field of vehicle safety. The asset transfer agreement became effective retroactively on October 11, 2015. In
addition, and since the date of our Merger, Magna has provided us with certain services, primarily with respect to the design and development
of algorithms and ADAS designated computer vision software.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to patent protection, we have also filed trademark applications for the purpose of preserving rights to the identity of our
products. Foresight Automotive has two trademarks that have been granted in Israel and two additional applications that were filed via
the Madrid Protocol, one of them has been granted in Europe, UK, Japan and the U.S. and the second has been granted in Europe and the
UK. Eye-Net Mobile has One trademark that has been granted in Israel, one additional application was filed via the Madrid Protocol and
has been granted in Europe and the UK. While we pay great attention to its trademark rights and to the avoidance of disputes relating
to its products, there is no assurance that third parties may not allege that a use of our trademarks constitutes infringement of third-party
trademark rights or other rights. However, when registration of our trademarks is perfected, we expect that the danger of any such adverse
occurrence will be minimized or avoided entirely.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, we incurred approximately $11,587,000, $11,534,000 and $10,170,000, respectively, of
research and development expenses, net.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
Foresight Automotive, we have a development services agreement with Magna, pursuant to which Magna provides Foresight Automotive with
software development services in consideration of monthly payments at agreed upon rates for each of Magna&#8217;s employees, not to exceed
the aggregate monthly consideration of NIS 70,000, plus VAT. We expect that the services provided by Magna will decrease as we hire additional
employees and expand our in-house capabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Grants
from the Israel Innovation Authority</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development efforts are financed in part through royalty-bearing grants from the IIA. As of December 31, 2023, we have received
the aggregate amount of approximately $620,000 from the IIA for the development of our technology. With respect to such grants, we are
committed to pay certain royalties up to the total grant amount. Regardless of any royalty payment, we are further required to comply
with the requirements of the Research Law, with respect to those past grants. When a company develops know-how, technology or products
using IIA grants, the terms of these grants and the Research Law restrict the transfer of such know-how, and the transfer of manufacturing
or manufacturing rights of such products, technologies or know-how outside of Israel, without the prior approval of the IIA. We do not
believe that these requirements will materially restrict us in any way.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_012"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational
    Structure. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magna
B.S.P. Ltd., a private company incorporated in Israel, holds approximately 7.57% of our issued and outstanding share capital as of the
date of this annual report on Form 20-F. We currently have two wholly-owned subsidiaries: Foresight Automotive and Eye-Net Mobile. In
addition, Foresight Automotive has one wholly-owned subsidiary, Foresight Changzhou, incorporated in Jiangsu Province, China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2022, we announced the establishment of Foresight Changzhou Automotive Ltd., a wholly owned subsidiary, in Jiangsu Province,
China. The Chinese subsidiary was established in cooperation with the China-Israel Changzhou Innovation Park, or CIP, a bi-national governmental
initiative that provides a unique platform for Israeli industrial companies seeking to enter the Chinese market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2022, Eye-Net Mobile became a wholly owned subsidiary of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_013"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
    Plant and Equipment.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
offices and research and development facilities are located at the Science Industrial Park in Ness Ziona, Israel, where we currently
occupy approximately 15,000 square feet. We lease our facilities, and our leases end on March 31, 2027 and December 15, 2024. Both of
our leases have an extension option for additional 3-year periods. Our monthly rent payment is approximately NIS 142,000 (approximately
$39,000).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_014"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
5. <span style="text-transform: uppercase"><span id="SL_015"></span>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF<br/>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_016"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
    Results.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report on Form 20-F. The discussion below contains forward-looking
statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may
differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those
identified in &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; and under &#8220;Risk Factors&#8221; elsewhere in this
annual report on Form 20-F. Our discussion and analysis for the year ended December 31, 2022 can be found in our Annual Report on Form
20-F for the fiscal year ended December 31, 2022, filed with the SEC on March 30, 2023.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a technology company engaged in the design, development and commercialization of sensor solutions for the automotive industry. Through
our wholly owned subsidiaries, Foresight Automotive, Eye-Net Mobile and Foresight Changzhou, we develop both &#8220;in-line-of-sight&#8221;
vision solutions and &#8220;beyond-line-of-site&#8221; cellular-based applications. Our 3D vision solutions include modules of automatic
calibration and dense 3D point cloud that can be applied to diverse markets such as automotive, defense, autonomous vehicles, agriculture
and heavy industrial equipment. Eye-Net Mobile&#8217;s cellular-based solution suite provides real-time pre-collision alerts to enhance
road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology
and advanced analytics. Our solutions are designed to increase safety by enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. Each of our solutions is designed, developed and commercialized by one of our subsidiaries.
Foresight Automotive and Eye-Net Mobile, all of which are located in our corporate headquarters, benefit from our collective engineering,
operating, regulatory and marketing infrastructure to support their respective activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current operating expenses consist of three components &#8212; research and development expenses, marketing and sales expenses and general
and administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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research and development expenses, net consist primarily of salaries and related personnel expenses, subcontracted work and consulting
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of the year ended December 31, 2023 to the year ended December 31, 2022.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Results
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenues</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b>Our
Revenues for the year ended December 31, 2023, amounted to $497,000, representing a decrease of $53,000, or 9.6%, compared to approximately
$550,0000 for the year ended December 31, 2022. The revenues for the twelve months ended December 31, 2023, were generated primarily
from the commercialization agreement of the Company with Elbit in the amount of $250,000 and from the successful execution of several
projects including a POC project with two leading Japanese vehicle manufacturers in the amount of $106,000, an Eye-Net POC project with
SoftBank in the amount of $34,000 and an Eye-Net POC project with a leading Japanese vehicle manufacturer in the amount of $28,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and development expenses, net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development expenses for the year ended December 31, 2023 amounted to $11,587,000, representing an increase of $53,000,
or 0.5%, compared to approximately $11,534,000 for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
and marketing</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
marketing and sales expenses for the year ended December 31, 2023 amounted to approximately $1,939,000, representing a decrease of approximately
$291,000, or 13%, compared to approximately $2,230,000 for the year ended December 31, 2022. The decrease is mainly attributable to a
decrease in payroll and related expenses and a decrease in consultants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and administrative</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses amounted to approximately $3,119,000 for the year ended December 31, 2023, representing a decrease
of approximately $870,000, or 22%, compared to approximately $3,989,000 for the year ended December 31, 2022. The decrease is mainly
attributable to a decrease in payroll and related expenses and in professional services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
loss</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, our operating loss for the year ended December 31, 2023 was approximately $16,291,000, as compared to an operating
loss of approximately $17,455,000 for the year ended December 31, 2022, a decrease of approximately $1,164,000, or 7%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
expenses and income, net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
expenses, net, mainly consist of revaluation of securities, bank interest income, exchange rate differences and other transactional costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognized financial expenses, net, of approximately $2,119,000 for the year ended December 31, 2023, compared to financial expenses,
net of $4,221,000 for the year ended December 31, 2022. Finance expenses, net for the year ended December 31, 2023, consist primarily
of loss from the revaluation of the Company&#8217;s investment in Rail Vision Ltd. to its fair value in the amount of $2,333,000 and
from exchange rate differences and lease liabilities in the amount of $466,000, offset by interest income in the amount of $667,000.
Finance expenses, net, for the year ended December 31, 2022, consisted of loss from the revaluation of the Company&#8217;s investment
in Rail Vision Ltd. to its fair value in the amount of $2,208,000, and exchange rate differences and lease liabilities in the amount
of $2,202,000, offset by interest income in the amount of $189,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
loss</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, our loss for the year ended December 31, 2023 was approximately $18,410,000, as compared to approximately
$21,676,000 for the year ended December 31, 2022, a decrease of approximately $3,266,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
prepare our financial statements in accordance with U.S. GAAP. At the time of the preparation of the financial statements, our management
is required to use estimates, evaluations, and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, income, and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting
estimates are credited during the period in which the change to the estimate is made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_001"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity and Capital
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception through December 31, 2023, we have funded our operations principally with approximately $118,700,000, in the aggregate,
from funding from Magna, the issuance of Ordinary Shares or ADSs and exercise of warrants and options. As of December 31, 2023, we had
approximately $15.7 million in cash and cash equivalents and restricted cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents our cash flows for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,181</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">112</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(839</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net decrease in cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,541</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(8,913</td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities of approximately $14,926,000 during the year ended December 31, 2023 was primarily used for payment
of payroll and related expenses, payments for professional services, subcontracted work and travel, patent, directors&#8217; fees, rent
and other miscellaneous expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities of approximately $17,057,000 during the year ended December 31, 2022 was primarily used for payment
of payroll and related expenses, payments for professional services, subcontracted work and travel, patent, directors&#8217; fees, rent
and other miscellaneous expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by investing activities of approximately $7,092,000 during the year ended December 31, 2023 was due to changes in short-term
deposits of approximately $7,216,000 and for purchases of fixed assets of approximately $124,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by investing activities of approximately $8,983,000 during the year ended December 31, 2022 was due to changes in short-term
deposits of approximately $10,297,000, offset by our investment in Rail Vision equity securities of approximately $715,000 and investment
in a simple agreement for future equity (SAFE) with Rail Vision of approximately $286,000, and from purchases of fixed assets of approximately
$313,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities of approximately $4,181,000 during the year ended December 31, 2023 was the result of the proceeds
from a registered direct offering of 4,500,000 ADSs at $1.00 per ADS, with net proceeds of $4,046,000 after deducting placement fees,
and from sales of 59,950 ADSs through the 2021 Sales Agreement with an average price of $2.775 per ADS, raising net proceeds of approximately
$137,000 after deducting closing costs and fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was no financial activity during the twelve-month period ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, we entered into a subsequent sales agreement with AGP, or the January 2021 Sales Agreement, pursuant to which we may
offer and sell, from time to time, our ADSs. In that regard, we registered up to $60,000,000 of our ADSs on a Registration Statement
on Form F-3 (File No. 333-252334) for the sale under the January 2021 Sales Agreement. Through December 7, 2023, the date we terminated
the 2021 Sales Agreement, we have sold an aggregate of 1,438,294 ADSs for aggregate gross proceeds of approximately $14.1 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 7, 2023, we entered into definitive securities purchase agreements with U.S. institutional investors and Israeli investors to
purchase an aggregate of 4,500,000 of our ADSs representing 135,000,000 ordinary shares, at a purchase price of $1.00 per ADS in a registered
direct offering, or the Registered Direct Offering. The total gross proceeds from the Registered Direct Offering were approximately $4.5
million. The closing of the sale of the ADSs occurred on December 11, 2023. There were two Company related insider participants in the
Registered Direct Offering: our Chief Executive Officer, Haim Siboni, who controls Magna, through the participation of Magna and Sivan
Siboni-Scherf, our Vice President of Human Resources. The aggregate amount invested by the insider participants in the Registered Direct
Offering was $525,000. We also entered into a letter agreement with A.G.P./Alliance Global Partners, as placement agent, dated December
7, 2023, pursuant to which they agreed to serve as the placement agent in connection with the Registered Direct Offering. We agreed to
pay the placement agent a cash placement fee equal to 7.0% of the gross proceeds received for the ADSs in the Registered Direct Offering
provided, however that for certain investors, the placement agent credited us four percent (4.0%) of the aggregate purchase price paid
by such purchasers. We also agreed to reimburse the placement agent for certain fees and disbursements incurred by them in connection
with the Registered Direct Offering in an amount of up to $50,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Current
Outlook</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have financed our operations to date primarily through proceeds from sales of our Ordinary Shares and ADSs and warrants. We have incurred
losses and generated negative cash flows from operations since January 2011. Since January 2011, we have not generated significant revenue
from the sale of products, however, we expect to see an increase in our revenue from the sale of our products in the coming years, though
there is no guarantee we will be successful in doing so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our cash and cash equivalents including restricted cash and short-term bank deposits were approximately $15,734,000.
As of the date of this annual report on Form 20-F, after selling the entire investment stake in Rail Vision for approximately $1,840,000
we expect that our existing cash, cash equivalents and short-term bank deposits will be sufficient to fund our current operations through
the end of the second quarter of 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
we can generate significant recurring revenues and achieve profitability, we may need to seek additional sources of funds through the
sale of additional equity securities, debt or other securities. Any required additional capital, whether forecasted or not, may not be
available on reasonable terms, or at all. If we are unable to obtain additional financing or are unsuccessful in commercializing our
products and securing sufficient funding, we may be required to reduce activities, curtail or even cease operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our operating plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional
funds sooner than planned. Our future capital requirements will depend on many factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the progress and costs
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs of manufacturing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs of filing, prosecuting,
    enforcing and defending patent claims and other intellectual property rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the potential costs of
    contracting with third parties to provide marketing and distribution services for us or for building such capacities internally;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
we can generate significant recurring revenues, we expect to satisfy our future cash needs through debt or equity financing. We cannot
be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available, we may be required
to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect to our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_002"></span><b>5.C </b></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of our research and development programs and the amounts that we have incurred over the last two years pursuant to those
programs, please see &#8220;Item 5. Operating and Financial Review and Prospects&#8212; A. Operating Results&#8212; Operating Expenses&#8212;
Research and Development Expenses, net&#8221; and &#8220;Item 5. Operating and Financial Review and Prospects&#8212; A. Operating Results&#8212;
Comparison of the year ended December 31, 2023, to the year ended December 31, 2022&#8212; Research and Development Expenses, Net.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_003"></span>5.D </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_004"></span><b>5.E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical Accounting
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
describe our significant accounting policies more fully in Note 2 to our financial statements for the year ended December 31, 2023. We
believe that the accounting policies below are critical in order to fully understand and evaluate our financial condition and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
prepare our financial statements in accordance with U.S. GAAP. At the time of the preparation of the financial statements, our management
is required to use estimates, evaluations, and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, income, and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting
estimates are credited during the period in which the change to the estimate is made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
of estimates in the preparation of financial statements:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes. Our management believes that the estimates, judgment and assumptions
used are reasonable based upon information available at the time they are made. These estimates, judgment and assumptions can affect
reported amounts and disclosures made. Actual results could differ from those estimates.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share-based
compensation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
apply ASC 718-10, &#8220;Share-Based Payment,&#8221; or ASC 718-10, which requires the measurement and recognition of compensation expenses
for all share-based payment awards made to employees, consultants and directors including employee share options under our share plan
based on estimated fair values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
718-10 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model.
The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods
in our statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate the fair value of share options granted using the Black-Scholes-Merton options pricing model. The option-pricing model requires
a number of assumptions, of which the most significant are Ordinary Shares price, expected volatility and the expected option term (the
time from the grant date until the options are exercised or expire). Expected volatility was calculated based upon actual historical
Ordinary Shares price movements over the period, equal to the expected option term. We have historically not paid dividends and have
no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from Israeli governmental debentures with
an equivalent term. The expected option term is calculated for options granted to employees and directors using the &#8220;simplified&#8221;
method. Grants to non-employees are based on the contractual term. Changes in the determination of each of the inputs can affect the
fair value of the options granted and our results of operations. During 2023, our Board approved the grant of options to purchase 2,675,000
of our Ordinary Shares, subject to the terms and condition of each specific grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_005"></span>ITEM
6. <span style="text-transform: uppercase">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_006"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors and Senior
    Management.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding our executive officers, key employees and directors as of the date of this annual report
on Form 20-F:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 63%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haim
    Siboni</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer, Chairman of the Board</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eli
    Yoresh</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Levy
    Zruya</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Technology Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oren
    Bar-On</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President of Global Operations and Foresight Changzhou Chief Executive Officer </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sivan
    Siboni Scherf</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President of Human Resources</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dror
    Elbaz</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
    Mobile&#8217;s Chief Executive Officer </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Lempert</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President of Research and Development</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Izac
    Assia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President of Product</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ehud
    Aharoni (1) (2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
    Avidan (1) (2) (3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zeev
    Levenberg (1) (2) (3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vered
    Raz-Avayo (2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moshe
    Scherf</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of our Audit, Compensation
    and Financial Statements Examination Committee.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent director under
    Nasdaq Stock Market rules. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">External director under
    Israeli law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Haim
Siboni, Chief Executive Officer, Director</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Haim Siboni</i> has served as our Chief Executive Officer and on the Board since January 2016. Mr. Siboni has also served as the chief
executive officer and as a director of Magna, our significant shareholder, since January 2001. Mr. Siboni also serves as Chairman of
the Board since July 2021. Mr. Siboni has many years of professional experience, as well as a broad skillset, in fields such as engineering,
marketing and business management of electronics, video, TV, multimedia, computerized systems, line and wireless telecommunication, design
and development of systems and devices &#8211; including electro-optic radar systems.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eli
Yoresh, Chief Financial Officer</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Eli Yoresh</i> has served as our Chief Financial Officer since March 2010, and was on our Board from October 2010 until August 2019.
Mr. Yoresh is a seasoned executive with over 20 years of executive and financial management experience, mainly with companies from the
financial, technology and industrial sectors. Since September 2017 Mr. Yoresh has been serving as a director and since January 2024 as
the chairman of the board of Rail Vision Ltd (Nasdaq: RVSN), since September 2018, has been serving as a director and since February
2020 as the chairman of the board at Medigus Ltd. (Nasdaq: MDGS), since November 2020 as a director and since September 2022 as the chairman
of the board of Gix Internet Ltd (TASE: GIX), since August 2021 as a director of Elbit Imaging Ltd (TASE: EMITF), and since September
2021 as a director in Jeff Brands Ltd (Nasdaq: JFBR). Mr. Yoresh also served as a director at Nano Dimension Ltd. (Nasdaq: NNDM). Mr.
Yoresh served as the chief executive officer of Tomcar Global Holdings Ltd., a global manufacturer of off-road vehicles, from 2005 to
2008. Mr. Yoresh holds a B.A. in Business Administration from the College of Management and an M.A. in Law from Bar-Ilan University.
Mr. Yoresh is a Certified Public Accountant in Israel.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Levy
Zruya, Chief Technology Officer</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Levy Zruya</i> has served as our Chief Technology Officer since January 2019. Mr. Zruya is a co-founder of Magna, our significant shareholder.
Mr. Zruya also continues to serve as Magna&#8217;s Chief Technology Officer, a position he has held since 2001. Mr. Zruya has extensive
experience in the electro-optics, electronics, software and communication fields. He was involved in several projects mainly with the
Israel Defense Force and Israel Aerospace Industries, among them, night vision systems, infra-red sensor simulations, targets detecting
and tracking. Mr. Zruya holds a B.Sc. in Engineering from the Technion - Israel Institute of Technology.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Oren
Bar-On, Vice President of Global Operations and Foresight Changzhou Chief Executive Officer</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Oren Bar-On</i> has served as our Vice President of Global Operations since October 2017 and as the Chief Executive Officer of Foresight
Changzhou since January 1, 2023. Mr. Bar-on is a seasoned executive with over 20 years of executive and managerial experience, mainly
in the fields of global operations, supply chain, quality and regulations, product engineering, business excellence and information Technology.
Mr. Bar-on served as Director of Global Supply chain for Lumenis Medical Systems Ltd., one of the world&#8217;s leading medical laser
equipment manufacturers, from January 2016 to October 2017. Mr. Bar-on also served as Director of Global Operations for Philips Healthcare,
one of the world&#8217;s leading developers and manufacturers of diagnostic and imaging systems in the medical field, from April 2011
to January 2016. Mr. Bar-on holds a B.Sc. in Industrial Engineering from the Israeli Institute of Technology and an M.B.A. with Honors,
from Haifa University.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sivan
Siboni Scherf, Vice President of Human Resources</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mrs.
Sivan Siboni Scherf</i> has served as our Vice President of Human Resources since January 2019. Prior to that, Mrs. Scherf served as
our head of human resources since 2015. Mrs. Scherf has as served legal counsel of Magna since 2015. Mrs. Scherf is a certified attorney,
and a member of the Israel Bar Association since 2014. Mrs. Scherf holds a bachelor&#8217;s degree in Law and Business Management.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dror
Elbaz, Eye-Net Mobile&#8217;s Chief Executive Officer</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Dror Elbaz </i>has served as Eye-Net Mobile&#8217;s Chief Executive Officer since February 1, 2023, prior to that as Eye-Net Mobile&#8217;s
Chief Operating Officer and Deputy Chief Executive Officer since August 2018 and prior to that as Vice President of Research and Development
of Foresight Automotive from December 2016 to July 2018. Mr. Elbaz has more than 15 years of research and development experience with
multidisciplinary and highly engineered electro-optical systems, image acquisition, image processing and 3D reconstruction. From 2012
to 2015, Mr. Elbaz served as an R&amp;D Projects Manager and as an Application Product Team Leader at Orbotech Ltd. (Nasdaq: ORBK). From
February 2015 to October 2016, Mr. Elbaz served as a Technical Projects Manager and then as Vice President of Engineering at Replay Video
Technologies Ltd. Mr. Elbaz holds a B.Sc. in Computer Engineering from Bar Ilan University, Israel, and an M.B.A. in Technological Companies
Management from the College of Management.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>David
Lempert, Vice President of Research and Development</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
David Lempert </i>has served as our Vice President of Research and Development since June 2020, and prior to that as Director of Research
and Development since August 2019, and prior to that as project manager of Foresight Automotive since April 2017. Mr. Lempert has over
12 years of research and development global project management. From 2014 to 2017, Mr. Lempert served as the chief executive officer
and co-founder of Led-Swim Ltd. a start-up company developing technology for swimming workout monitoring. From 2012 to 2014 Mr. Lempert
served as project manager in IronSource Ltd. an advertising technology company focuses on developing technologies for app monetization.
Mr. Lempert holds a B.Sc in Computer Science and an M.B.A specializing in risk management from the MLA collage in Israel.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Izac
Assia, Vice President of Product</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Izac Assia</i> has served as our Vice President of Product Management since September 2022, and prior to that as Director of Product
Management since January 2019.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Assia has held a variety of executive and technical roles at global multidisciplinary companies, including product management and marketing,
customer service and research and development. From January 2012 to June 2018, Mr. Assia served as a Director of System Product Management,
team leader and product manager at SolarEdge Technologies LTD (Nasdaq: SEDG). Mr. Assia holds a B.Sc. in Electrical Engineering from
Ben-Gurion University, Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ehud
Aharoni, Director</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Ehud Aharoni</i> has served on the Board as an independent director since January 2016. Mr. Aharoni has also served on our Audit and
Compensation Committee since January 2016. Mr. Aharoni serves as the CEO and Academic Director of Lahav Executive Education, Coller School
of Management, Tel-Aviv University, and a former lecturer at the school&#8217;s MBA and EMBA courses in Strategy, Innovation Strategy
and Global Strategy. In 2004 he established the Eli Hurvitz Institute of Strategic Management at the School and served as its Executive
director between 2004-2018. Prior his role at Lahav, Mr. Aharoni served as an independent strategic consultant to leading Israeli firms
and organizations. Mr. Aharoni holds a bachelor&#8217;s degree in statistics and operations research, an M.B.A. with specialization in
Finance and a Continuing Studies, and an M.B.A. specializing in International Management, all from the Tel Aviv University.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daniel
Avidan, Director</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Daniel Avidan</i> has served on the Board as an external director since July 2017. From 2019 Mr. Avidan is serving as chief financial
officer in MRR Thirteen Ltd. Mr. Avidan served as the chief executive officer of Sapir Corp Ltd. from 2014 to 2019. From 2012 to 2014,
Mr. Avidan served in several positions in the Meuhedet Health Fund. From 2010 to 2012, Mr. Avidan served as the chief executive officer
of Adumim A.D. Holdings Ltd. Between the years 1989 to 2010, Mr. Avidan held senior finance positions in four public companies in Israel
and abroad. Mr. Avidan holds a B.A. in Economics from the Hebrew University of Jerusalem.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Zeev
Levenberg, Director</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Zeev Levenberg</i> has served on the Board as an external director since July 2011. Mr. Levenberg served as the co-founder, director
and chief executive officer of My Connecting Group Ltd from 2015 to 2020. Mr. Levenberg served as a director at Panaxia Labs Israel Ltd.
from 2009 to 2019, as an external director in Alon Blue Square from 2016 till November 2019, and as an external director from February
2023. Mr. Levenberg is the owner and CEO of Harel Tamar Ltd. Mr. Levenberg Also served as Director on Kardan Israel Ltd. from 2016 till
2018, when the company delisted from the Tel Aviv Stock Exchange. Between 2012 and 2017 Mr. Levenberg served as a director at MySize
Inc., a dual listed company that traded at the Nasdaq and TASE. Mr. Levenberg holds an M.B.A. in Financial Management from Bar-Ilan University
Business School, M.A. in Law studies from Bar-Ilan University and a B.Sc. in Life Science from the Hebrew University.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vered
Raz-Avayo, Director</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mrs.
Vered Raz-Avayo</i> has served on the Board as an independent director since July 2017. Ms. Raz-Avayo has over 20 years of managerial
and consulting experience in finance encompassing a wide range of industries in Israel and overseas, including real estate investment,
diamonds, jewelry and aviation. During the years 1999 to 2010, Mrs. Raz-Avayo served as chief financial officer at one of the companies
under the Leviev group. In addition, during the last 14 years Ms. Raz-Avayo has been an external director of several publicly traded
companies. Currently, Ms. Raz-Avayo is an external director at Apollo Power Ltd., a director at Nayax Ltd. (TASE:NYAX) and a director
in Shikun &amp; Binui Energy Ltd. Ms. Raz-Avayo is a certified public accountant in Israel, and holds a B.A. in Business Administration
&#8211; Accounting and Finance, from the College of Management, and an M.F.A. in Film, TV and Screenwriting, from the Faculty of Arts
of the Tel Aviv University.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moshe
Scherf, Director</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Moshe Scherf</i> has served on the Board since July 2021. Mr. Scherf has been providing legal services to Magna since 2016. Mr. Scherf
has had a private law practice specializing in commercial litigation, dispute resolution and family law since 2013. Mr. Scherf lectures
in the fields of civil law in various law faculties in Israel and was also a teaching assistant in several law courses. Mr. Scherf holds
a LLB from Ono Academic College and an LLM from Bar Ilan University and is a member of the Israeli Bar Association.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Family
Relationships</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Siboni Scherf is the daughter of Mr. Haim Siboni and is married to Mr. Moshe Scherf. Mr. Levy Zruya was previously married to Mr. Haim
Siboni&#8217;s sister. Otherwise, there are no family relationships between any members of our executive management and our directors.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_007"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents in the aggregate all compensation we paid to all of our directors and senior management from January 1, 2023,
through December 31, 2023. The table does not include any amounts we paid to reimburse any of such persons for costs incurred in providing
us with services during this period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
amounts reported in the tables below reflect our cost. Amounts paid in NIS are translated into U.S. dollars at the rate of NIS 3.689
= U.S. $1.00, based on the average representative rate of exchange between the NIS and the U.S. dollar as reported by the Bank of Israel
during such period of time.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Companies Law, we are required to disclose the compensation granted to our five most highly compensated officers.
The table below reflects the compensation granted during or with respect to the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Oren Bar-On</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2022, we granted options to five of our senior officers to purchase an aggregate of 4,200,000 Ordinary Shares at an exercise
price of NIS 1 (approximately $0.31 per share at the grant date). The options vest in equal quarterly installments over 12 quarters,
commencing on January 1, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 20, 2022, our shareholders approved grants of options, with an exercise price of NIS1 (approximately $0.28 per share at the grant
date) to (i) three members of the Board for each to purchase up to 400,000 Ordinary Shares, (ii) our Vice President of Human Resources
to purchase up to 600,000 Ordinary Shares and (iii) our Chief Executive Officer to purchase up to 4,000,000 Ordinary Shares. The options
vest in equal quarterly installments over 12 quarters until fully vested. We recorded, in our 2022 statement of comprehensive loss, an
expense of $6, with respect to such grants, which is included in general and administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 31, 2023, the Board approved a reduction to the exercise price of previously granted options for all outstanding options previously
issued, under the Company&#8217;s 2016 Equity Incentive Plan, to an exercise price of NIS 0.5 (approximately $0.13 per share at the approval
date).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2023, the Company&#8217;s shareholders approved grants of options to two members of the Board to each purchase 400,000 of the
Company&#8217;s Ordinary Shares at an exercise price of NIS 0.5 (approximately $0.13 per share at the grant date). The options vest over
twelve quarters until fully vested.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employment
Agreements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into written employment or services agreements with each of our executive officers. All of these agreements contain customary
provisions regarding noncompetition, confidentiality of information and most of them contain also customary provisions regarding assignment
of inventions. However, the enforceability of the noncompetition provisions may be limited under applicable law. In addition, we have
entered into agreements with each executive officer and director pursuant to which we have agreed to indemnify each of them up to a certain
amount and to the extent that these liabilities are not covered by directors and officers insurance, subject to certain exclusions and
to exculpate them in certain circumstances. Members of our senior management may be eligible for bonuses in accordance with our compensation
policy and as set forth by the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of the terms of our options and option plans, see &#8220;Item 6. E. Share Ownership&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors&#8217;
Service Contracts</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than with respect to our directors that are also executive officers, we do not have written agreements with any director providing for
benefits upon the termination of his or her engagement with our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_008"></span><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board Practices. </b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Introduction</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board presently consists of six members. Under the Companies Law, an Israeli public company is required to appoint at least two external
directors to serve on its board of directors, with certain exceptions. Presently two of the six members of our Board are external directors.
We believe that Ehud Aharoni, Daniel Avidan, Zeev Levenberg and Vered Raz-Avayo are &#8220;independent&#8221; for purposes of the Nasdaq
Stock Market rules. Our amended and restated articles of association provide that the number of Board members (including external directors)
shall be set by the general meeting of the shareholders, provided that it will consist of not less than three and not more than ten members.
Pursuant to the Companies Law, the management of our business is vested in our Board. Our Board may exercise all powers and may take
all actions that are not specifically granted to our shareholders or to management. Our executive officers are responsible for our day-to-day
management and have individual responsibilities established by our Board. Our Chief Executive Officer is appointed by, and serves at
the discretion of, our Board, subject to the services agreement that we have entered into with him. All other executive officers are
appointed by our Chief Executive Officer. Their terms of employment are subject to the approval of the Board compensation committee and
of the Board and are subject to the terms of any applicable employment or services agreements that we may enter into with them and to
our compensation policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
director, except external directors, will hold office until the next annual general meeting of our shareholders following his or her
appointment, or until he or she resigns or unless he or she is removed by a majority vote of our shareholders at a general meeting of
our shareholders or upon the occurrence of certain events, in accordance with the Companies Law and our amended and restated articles
of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under certain circumstances, our amended and restated articles of association allow our Board to appoint directors to fill
vacancies on our Board or in addition to the acting directors (subject to the limitation on the number of directors), until the next
annual general meeting or special general meeting in which directors may be appointed or terminated. External directors may be elected
for up to two additional three-year terms after their initial three-year term under the circumstances described below, with certain exceptions
as described in &#8220;External Directors&#8221; below. External directors may be removed from office only under the limited circumstances
set forth in the Companies Law. See &#8220;Item 6. C. Board Practices&#8212;External Directors&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, any shareholder holding at least one percent of our outstanding voting power may nominate a director. However, any
such shareholder may make such a nomination only if a written notice of such shareholder&#8217;s intent to make such nomination has been
given to our Board. Any such notice must include certain information, including the consent of the proposed director nominee to serve
as our director if elected, and a declaration that the nominee signed declaring that he or she possess the requisite skills and has the
availability to carry out his or her duties. Additionally, the nominee must provide details of such skills, and demonstrate an absence
of any limitation under the Companies Law that may prevent his or her election, and affirm that all of the required election-information
is provided to us, pursuant to the Companies Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, our Board must determine the minimum number of directors who are required to have accounting and financial expertise.
In determining the number of directors required to have such expertise, our Board must consider, among other things, the type and size
of the company and the scope and complexity of its operations. Our Board has determined that the minimum number of directors of our company
who are required to have accounting and financial expertise is two. Messrs. Ehud Aharoni, Dan Avidan, Zeev Levenberg and Ms. Vered Raz
Avayo qualify and declared their respective accounting and financial expertise to that effect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board must elect one director to serve as the chairman of the Board to preside at the meetings of the Board and may also remove that
director as chairman, unless otherwise provided in the articles of association with respect to the appointment of the chairman. Pursuant
to the Companies Law, neither the chief executive officer nor any of his or her relatives is permitted to serve as the chairman of the
Board, and a company may not vest the chairman or any of his or her relatives with the chief executive officer&#8217;s authorities. In
addition, a person who reports, directly or indirectly, to the chief executive officer may not serve as the chairman of the Board; the
chairman may not be vested with authorities of a person who reports, directly or indirectly, to the chief executive officer; and the
chairman may not serve in any other position in the company or a controlled company, but he or she may serve as a director or chairman
of a controlled company. However, the Companies Law permits a company&#8217;s shareholders to determine, for a period not exceeding three
years from each such determination, that the chairman or his or her relative may serve as chief executive officer or be vested with the
chief executive officer&#8217;s authorities, and that the chief executive officer or his or her relative may serve as chairman or be
vested with the chairman&#8217;s authorities. Such determination of a company&#8217;s shareholders requires either: (1) the approval
of at least a majority of the shares of those shareholders present and voting on the matter (other than controlling shareholders and
those having a personal interest in the determination) (shares held by abstaining shareholders shall not be considered); or (2) that
the total number of shares opposing such determination does not exceed 2% of the total voting power in the company. Mr. Haim Siboni has
been serving in the combined role of Chairman of the Board and Chief Executive Officer of the Company from July 8, 2021, according to
the approval of the shareholders of the Company from the same date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees of the board, and it may,
from time to time, revoke such delegation or alter the composition of any such committees, subject to certain limitations. Unless otherwise
expressly provided by the Board, the committees shall not be empowered to further delegate such powers. The composition and duties of
our audit committee, financial statements examination committee and compensation committee are described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board oversees how management monitors compliance with our risk management policies and procedures and reviews the adequacy of the risk
management framework in relation to the risks faced by us. The Board is assisted in its oversight role by an internal auditor. The internal
auditor undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to our
audit committee and our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>External
Directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, an Israeli company whose shares have been offered to the public or whose shares are listed for trading on a stock
exchange in or outside of Israel is required to appoint at least two external directors to serve on its board of directors, with certain
exceptions. External directors must meet stringent standards of independence. As of the date hereof, our external directors are Messrs.
Zeev Levenberg and Daniel Avidan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to regulations promulgated under the Companies law, at least one of the external directors is required to have &#8220;financial and accounting
expertise,&#8221; unless another member of the audit committee, who is an independent director under the Nasdaq Stock Market rules, has
&#8220;financial and accounting expertise,&#8221; and the other external director or directors are required to have &#8220;professional
expertise.&#8221; An external director may not be appointed unless: (1) such director has &#8220;accounting and financial expertise;&#8221;
or (2) he or she has &#8220;professional expertise,&#8221; and on the date of appointment for another term there is another external
director who has &#8220;accounting and financial expertise&#8221; and the number of &#8220;accounting and financial experts&#8221; on
the board of directors is at least equal to the minimum number determined appropriate by the board of directors. We have determined that
both our external directors, Messrs. Zeev Levenberg and Daniel Avidan have accounting and financial expertise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director with accounting and financial expertise is a director who, due to his or her education, experience and skills, possesses a high
degree of proficiency in, and an understanding of, business - accounting matters and financial statements, such that he or she is able
to understand the financial statements of the company in depth and initiate a discussion about the manner in which financial data is
presented. A director is deemed to have &#8220;professional expertise&#8221; if he or she holds an academic degree in certain fields
or has at least five years of experience in certain senior positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">External
directors are elected by a special majority vote at a shareholders&#8217; meeting. The term &#8220;Special Majority&#8221; is defined
in the Companies Law as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least a majority of
    the shares held by shareholders who are not controlling shareholders and do not have personal interest in the appointment (excluding
    a personal interest that did not result from the shareholder&#8217;s relationship with the controlling shareholder) have voted in
    favor of the proposal (shares held by abstaining shareholders shall not be considered); or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the total number of shares
    voted against the election of the external director, does not exceed 2% of the aggregate voting rights of the company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law provides for an initial three-year term for an external director. Thereafter, an external director may be reelected by
shareholders to serve in that capacity for up to two additional three-year terms, provided that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">his or her service for
    each such additional term is recommended by one or more shareholders holding at least one percent of the company&#8217;s voting rights
    and is approved at a shareholders meeting by a disinterested majority, where the total number of shares held by non-controlling,
    disinterested shareholders voting for such reelection exceeds two percent of the aggregate voting rights in the company and such
    external director is not an interested shareholder or a competitor or relative of such shareholder, at the time of appointment, and
    is not affiliated with or related to an interested shareholder or competitor, at the time of appointment or the two years prior to
    the date of appointment. An &#8220;Interested shareholder or a competitor&#8221; is a shareholder who recommended the appointment
    for each such additional term or a substantial shareholder, if at the time of appointment, it, its controlling shareholder or a company
    controlled by any of them, has business relations with the company or any of them are competitors of the company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">his or her service for
    each such additional term is recommended by the board of directors and is approved at a shareholder meeting by the same disinterested
    majority required for the initial election of an external director (as described above); or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the external director offered
    his or her service for each such additional term and was approved in accordance with the provisions of section (1) above.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of office for external directors for Israeli companies traded on certain foreign stock exchanges, including the Nasdaq Stock Market,
may be extended indefinitely in increments of additional three-year terms, in each case provided that the audit committee and the board
of directors of the company confirm that, in light of the external director&#8217;s expertise and special contribution to the work of
the board of directors and its committees, the reelection for such additional period(s) is beneficial to the company, and provided that
the external director is reelected subject to the same shareholder vote requirements as if elected for the first time (as described above).
Prior to the approval of the reelection of the external director at a general shareholders meeting, the company&#8217;s shareholders
must be informed of the term previously served by him or her and of the reasons why the board of directors and audit committee recommended
the extension of his or her term. On July 27, 2023, following the approval of our audit committee and the Board of Directors, our shareholders
approved, among others, appointing Messrs. Dan Avidan and Zeev Levenberg for an additional (third and fifth, respectively) three-year
terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">External
directors may be removed only by a special general meeting of shareholders called by the board of directors after the board has determined
that circumstances allow such dismissal, at the same Special Majority of shareholders required for their election or by a court, and
in both cases only if the external directors cease to meet the statutory qualifications for their appointment or if they violate their
duty of loyalty to our company. In the event of a vacancy created by an external director which causes the company to have fewer than
two external directors, the board of directors is required under the Companies Law to call a shareholder meeting as soon as possible
to appoint such number of new external directors in order that the company thereafter has two external directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
committee of the board of directors that exercises the powers of the board of directors must include at least one external director,
except that the audit committee and the compensation committee must include all external directors then serving on the board of directors
and an external director must serve as the chair thereof. Under the Companies Law, external directors of a company are prohibited from
receiving, directly or indirectly, any compensation from the company other than for their services as external directors pursuant to
the Companies Law and the regulations promulgated thereunder. Compensation of an external director is determined prior to his or her
appointment and may not be changed during his or her term subject to certain exceptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law provides that a person is not qualified to be appointed as an external director if (i) the person is a relative of a controlling
shareholder of the company, or (ii) if that person or his or her relative, partner, employer, another person to whom he or she was directly
or indirectly subordinate, or any entity under the person&#8217;s control, has or had, during the two years preceding the date of appointment
as an external director: (a) any affiliation or other disqualifying relationship with the company, with any person or entity controlling
the company or a relative of such person, or with any entity controlled by or under common control with the company; or (b) in the case
of a company with no shareholder holding 25% or more of its voting rights, had at the date of appointment as an external director, any
affiliation or other disqualifying relationship with a person then serving as chairman of the board or chief executive officer, with
a holder of 5% or more of the issued share capital or voting power in the company or with the most senior financial officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;relative&#8221; is defined in the Companies Law as a spouse, sibling, parent, grandparent or descendant; spouse&#8217;s sibling,
parent or descendant; and the spouse of each of the foregoing persons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, the term &#8220;affiliation&#8221; and the similar types of disqualifying relationships, as used above, include (subject
to certain exceptions):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an employment relationship;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a business or professional
    relationship even if not maintained on a regular basis (excluding insignificant relationships);</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">control; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">service as an office holder,
    excluding service as a director in a private company prior to the initial public offering of its shares if such director was appointed
    as a director of the private company in order to serve as an external director following the initial public offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;office holder&#8221; is defined in the Companies Law as a general manager, chief business manager, deputy general manager,
vice general manager, any other person assuming the responsibilities of any of these positions regardless of that person&#8217;s title,
a director and any other manager directly subordinate to the general manager.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, no person may serve as an external director if that person&#8217;s position or professional or other activities create, or
may create, a conflict of interest with that person&#8217;s responsibilities as a director or otherwise interfere with that person&#8217;s
ability to serve as an external director or if the person is an employee of the Israel Securities Authority, or the ISA, or of an Israeli
stock exchange. A person may furthermore not continue to serve as an external director if he or she received direct or indirect compensation
from the company including amounts paid pursuant to indemnification or exculpation contracts or commitments and insurance coverage, other
than for his or her service as an external director as permitted by the Companies Law and the regulations promulgated thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the termination of an external director&#8217;s service on a board of directors, such former external director and his or her spouse
and children may not be provided a direct or indirect benefit by the company, its controlling shareholder or any entity under its controlling
shareholder&#8217;s control. This includes engagement as an office holder of the company or a company controlled by its controlling shareholder
or employment by, or provision of services to, any such company for consideration, either directly or indirectly, including through a
corporation controlled by the former external director. This restriction extends for a period of two years with regard to the former
external director and his or her spouse or child and for one year with respect to other relatives of the former external director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at the time at which an external director is appointed all members of the board of directors who are not controlling shareholders or
relatives of controlling shareholders of the company are of the same gender, the external director to be appointed must be of the other
gender. A director of a company may not be appointed as an external director of another company if at the same time a director of such
other company is acting as an external director of the first company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under regulations promulgated pursuant to the Companies Law, a company with no controlling shareholder whose shares are listed
for trading on specified exchanges outside of Israel, including the Nasdaq Capital Market, may adopt exemptions from various corporate
governance requirements of the Companies Law so long as such company satisfies the requirements of applicable foreign country laws and
regulations, including applicable stock exchange rules, that apply to companies organized in that country and relating to the appointment
of independent directors and the composition of audit and compensation committees. Such exemptions include an exemption from the requirement
to appoint external directors and the requirement that an external director be a member of certain committees, as well as the exemption
from limitations on directors&#8217; compensation. We may use these exemptions in the future if we do not have a controlling shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Alternate
Directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated articles of association provide, as allowed by the Companies Law, that any director may, subject to the conditions
set thereto, appoint a person as an alternate to act in his place, to remove the alternate and appoint another in his place and to appoint
an alternate in place of an alternate whose office is vacated for any reason whatsoever. Under the Companies Law, a person who is not
qualified to be appointed as a director, a person who is already serving as a director or a person who is already serving as an alternate
director for another director, may not be appointed as an alternate director. Nevertheless, a director who is already serving as a director
may be appointed as an alternate director for a member of a committee of the board of directors so long as he or she is not already serving
as a member of such committee, and if the alternate director is to replace an external director, he or she is required to be an external
director and to have either &#8220;financial and accounting expertise&#8221; or &#8220;professional expertise,&#8221; depending on the
qualifications of the external director he or she is replacing. A person who does not have the requisite &#8220;financial and accounting
experience&#8221; or the &#8220;professional expertise,&#8221; depending on the qualifications of the external director he or she is
replacing, may not be appointed as an alternate director for an external director. A person who is not qualified to be appointed as an
independent director, pursuant to the Companies Law, may not be appointed as an alternate director of an independent director qualified
as such under the Companies Law. Unless the appointing director limits the time or scope of the appointment, the appointment is effective
for all purposes until the appointing director ceases to be a director or terminates the appointment according to our amended and restated
articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board has originally established three standing committees, the audit committee, the compensation committee and the financial statements
examination committee. To date, our audit committee also serves as a compensation and financial statements examination committee, in
accordance with the provisions of the Companies Law and the regulations promulgated thereunder allowing same in certain exceptions, as
set forth herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, we are required to appoint an audit committee. The audit committee must be comprised of at least three directors,
including all of the external directors (one of whom must serve as chair of the committee). The audit committee may not include the chairman
of the board; a controlling shareholder of the company or a relative of a controlling shareholder; a director employed by or providing
services on a regular basis to the company, to a controlling shareholder or to an entity controlled by a controlling shareholder; or
a director who derives most of his or her income from a controlling shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under the Companies Law, a majority of the members of the audit committee of a publicly traded company must be unaffiliated
directors. In general, an &#8220;unaffiliated director&#8221; under the Companies Law is defined as either (i) an external director,
or (ii) an individual who has not served as a director of the company for a period exceeding nine consecutive years and who meets the
qualifications for being appointed as an external director, except that he or she need not meet the requirement being an Israeli resident
(which does not apply to companies such as ours whose securities have been offered outside of Israel or are listed outside of Israel)
and for accounting and financial expertise or professional qualifications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee, acting pursuant to a written charter, is comprised of Messrs. Zeev Levenberg, Daniel Avidan and Ehud Aharoni.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, our audit committee is responsible for:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining whether there
    are deficiencies in the business management practices of our company, and making recommendations to the board of directors to improve
    such practices;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining whether to
    approve certain related party transactions (including transactions in which an office holder has a personal interest and whether
    such transaction is extraordinary or material under Companies Law) and establishing the approval process for certain transactions
    with a controlling shareholder or in which a controlling shareholder has a personal interest (see &#8220;Item 6 C.&#8212;Board Practices&#8212;Approval
    of Related Party Transactions under Israeli Law&#8221;);</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">examining our internal
    controls and internal auditor&#8217;s performance, including whether the internal auditor has sufficient resources and tools to dispose
    of its responsibilities;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">examining the scope of
    our auditor&#8217;s work and compensation and submitting a recommendation with respect thereto to our Board or shareholders, depending
    on which of them is considering the appointment of our auditor;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing procedures
    for the handling of employees&#8217; complaints as to the management of our business and the protection to be provided to such employees;
    and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">where the board of directors
    approves the working plan of the internal auditor, examining such working plan before its submission to the board of directors and
    proposing amendments thereto; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining the approval
    process for transactions that are &#8220;non-negligible&#8221; (i.e., transactions with a controlling shareholder that are classified
    by the audit committee as non-negligible, even though they are not deemed extraordinary transactions), as well as determining which
    types of transactions would require the approval of the audit committee, optionally based on criteria which may be determined annually
    in advance by the audit committee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee may not conduct any discussions or approve any actions requiring its approval (see &#8220;Item 6.C. Board Practices&#8212;Approval
of Related Party Transactions under Israeli Law&#8221;), unless at the time of the approval a majority of the committee&#8217;s members
are present, which majority consists of unaffiliated directors including at least one external director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
Stock Market Requirements for Audit Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Nasdaq Stock Market rules, we are required to maintain an audit committee consisting of at least three members, all of whom are independent
and are financially literate and one of whom has accounting or related financial management expertise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, the members of our audit committee include Mr. Levenberg and Mr. Avidan who are external directors, and Mr. Aharoni who
is an independent director, each of whom is &#8220;independent,&#8221; as such term is defined in under Nasdaq Stock Market rules. Mr.
Levenberg serves as the chairman of our audit committee. All members of our audit committee meet the requirements for financial literacy
under the Nasdaq Stock Market rules. Our Board has determined that that each member of our audit committee is an audit committee financial
expert as defined by the SEC rules and has the requisite financial experience as defined by the Nasdaq Stock Market rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Statements Examination Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, the board of directors of a public company in Israel must appoint a financial statements examination committee, which
consists of members with accounting and financial expertise or the ability to read and understand financial statements. Our financial
statements examination committee is comprised of Messrs. Zeev Levenberg, Daniel Avidan and Ehud Aharoni. The function of a financial
statements examination committee is to discuss and provide recommendations to its board of directors (including the report of any deficiency
found) with respect to the following issues: (1) estimations and assessments made in connection with the preparation of financial statements;
(2) internal controls related to the financial statements; (3) completeness and propriety of the disclosure in the financial statements;
(4) the accounting policies adopted and the accounting treatments implemented in material matters of the company; and (5) value evaluations,
including the assumptions and assessments on which evaluations are based and the supporting data in the financial statements. Our independent
registered public accounting firm and our internal auditor are invited to attend all meetings of our financial statements examination
committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, an audit committee that meets the requirements set forth for financial statements examination committee in certain
regulation promulgated under the Companies Law, may serve also as a financial statements examination committee. In May 2020, our Board
determined that our audit committee shall serve also as a financial statements examination committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, the board of directors of any public company must establish a compensation committee. The compensation committee must
be comprised of at least three directors, including all of the external directors, who must constitute a majority of the members of the
compensation committee. However, subject to certain exceptions, Israeli companies whose securities are traded on stock exchanges such
as the Nasdaq Stock Market, and who do not have a shareholder holding 25% or more of the company&#8217;s share capital, do not have to
meet this majority requirement; provided, however, that the compensation committee meets other Companies Law composition requirements,
as well as the requirements of the jurisdiction where the company&#8217;s securities are traded. Each compensation committee member that
is not an external director must be a director whose compensation does not exceed an amount that may be paid to an external director.
The compensation committee is subject to the same Companies Law restrictions as the audit committee as to (a) who may not be a member
of the committee and (b) who may not be present during committee deliberations as described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee is acting pursuant to a written charter, and consists of Messrs. Zeev Levenberg, Daniel Avidan and Ehud Aharoni,
each of whom is &#8220;independent,&#8221; as such term is defined under the Nasdaq Stock Market rules. Our compensation committee complies
with the provisions of the Companies Law, the regulations promulgated thereunder, and our articles of association, on all aspects referring
to its independence, authorities and practice. Our compensation committee follows home country practice as opposed to complying with
the compensation committee membership and charter requirements prescribed under the Nasdaq Stock Market rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee reviews and recommends to our Board: (1) the annual base compensation of our executive officers and directors;
(2) annual incentive bonus, including the specific goals and amount; (3) equity compensation; (4) employment agreements, severance arrangements,
and change in control agreements/provisions; (5) retirement grants and/or retirement bonuses; and (6) any other benefits, compensation,
compensation policies or arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
duties of the compensation committee include the recommendation to the company&#8217;s board of directors of a policy regarding the terms
of engagement of office holders, to which we refer as a compensation policy. Such policy must be adopted by the company&#8217;s board
of directors, after considering the recommendations of the compensation committee. The compensation policy is then brought for approval
by our shareholders, which requires a Special Majority. Under the Companies Law, the board of directors may adopt the compensation policy
if it is not approved by the shareholders, provided that after the shareholders oppose the approval of such policy, and that the compensation
committee and the board of directors re-examine the proposed compensation policy and determine, based on detailed reasoning, that adopting
the compensation policy would be beneficial to the company. Furthermore, according to the Companies Law, the compensation policy must
generally be periodically reviewed by the compensation committee and the board of directors and needs to be re-approved once every three
years by the board of directors, following recommendation by the compensation committee, and by a Special Majority of the Company&#8217;s
shareholders. Our former compensation policy was approved by our shareholders in December 2015 June 2017, and January 2019 and then amended
with regard to certain specific issues in July 2020 and July 2021. On December 19, 2021, in course of the aforesaid periodical review,
our compensation committee and Board of Directors, in their respective meetings, approved, and recommended to the shareholders to approve,
an amended and restated compensation policy. On January 31, 2022, our shareholders determined not to approve the amended and restated
compensation policy. Following the opposition of our shareholders, our Board and our compensation committee, in their respective meetings
on March 31, 2022 and March 29, 2022, re-examined the amended and restated compensation policy and determined to adopt it and that adopting
the amended and restated compensation policy would be beneficial to the Company, taking under consideration the shareholders&#8217; opposition
and, inter alia, based on the following reasons: (i) given their deep familiarity with the Company&#8217;s business, the manner in which
it is managed and the applicable market conditions, the compensation committee and the Board of Directors have better perspective than
the Company&#8217;s shareholders to determine whether the compensation the Company&#8217;s officers are eligible to, is fair and reasonable;
(ii) the amended and restated compensation policy advances the Company&#8217;s objectives, business plan and long-term strategy, and
creates appropriate incentives for the Company&#8217;s officers, in the light of the Company&#8217;s risk management, size and the nature
of its business; (iii) all public Israeli companies are required to adopt a written compensation policy for their executives; therefore
an absence of an effective compensation policy violates the applicable law and disposes the Company to certain penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation policy must serve as the basis for decisions concerning the financial terms of employment or engagement of executive officers
and directors, including exculpation, insurance, indemnification or any monetary payment or obligation of payment in respect of employment
or engagement. The compensation policy must relate to certain factors, including advancement of the company&#8217;s objectives, the company&#8217;s
business and its long-term strategy, and creation of appropriate incentives for executives. It must also consider, among other things,
the company&#8217;s risk management, size and the nature of its operations. The compensation policy must furthermore consider the following
additional factors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the education, skills,
    expertise and accomplishments of the relevant director or executive;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the director&#8217;s or
    executive&#8217;s roles and responsibilities and prior compensation agreements with him or her;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the relationship between
    the terms of service of an office holder and the cost of compensation of the other employees of the company;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact of disparities
    in salary upon work relationships in the company;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possibility of reducing
    variable compensation at the discretion of the board of directors; and the possibility of setting a limit on the exercise value of
    non-cash variable compensation; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as to severance compensation,
    the period of service of the director or executive, the terms of his or her compensation during such service period, the company&#8217;s
    performance during that period of service, the person&#8217;s contribution towards the company&#8217;s achievement of its goals and
    the maximization of its profits, and the circumstances under which the person is leaving the company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation policy must also include the following principles:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the link between variable
    compensation and long-term performance and measurable criteria;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the relationship between
    variable and fixed compensation, and the ceiling for the value of variable compensation;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the conditions under which
    a director or executive would be required to repay compensation paid to him or her if it was later shown that the data upon which
    such compensation was based was inaccurate and was required to be restated in the company&#8217;s financial statements;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the minimum holding or
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maximum limits for severance
    compensation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation policy must also consider appropriate incentives from a long-term perspective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation committee is responsible for: (1) recommending the compensation policy to a company&#8217;s board of directors for its approval
(and subsequent approval by the shareholders); and (2) duties related to the compensation policy and to the compensation of a company&#8217;s
office holders, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending whether a
    compensation policy should continue in effect, if the then-current policy has a term of greater than three years (approval of either
    a new compensation policy or the continuation of an existing compensation policy must in any case occur every three years);</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending to the board
    of directors periodic updates to the compensation policy;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assessing implementation
    of the compensation policy;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining whether the
    terms of compensation of certain office holders of the company need not be brought to approval of the shareholders; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining whether to
    approve the terms of compensation of office holders that require the committee&#8217;s approval.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation policy is designed to promote our long-term goals, work plan and policy, retain, motivate and incentivize our directors
and executive officers, while considering the risks that our activities involve, our size, the nature and scope of our activities and
the contribution of an officer to the achievement of our goals and maximization of profits, and align the interests of our directors
and executive officers with our long-term performance. To that end, a portion of an executive officer compensation package is targeted
to reflect our short and long-term goals, as well as the executive officer&#8217;s individual performance. On the other hand, our compensation
policy includes measures designed to reduce the executive officer&#8217;s incentives to take excessive risks that may harm us in the
long-term, such as limits on the value of cash bonuses and equity-based compensation, limitations on the ratio between the variable and
the total compensation of an executive officer and minimum vesting periods for equity-based compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation policy also addresses our executive officers&#8217; individual characteristics (such as his or her respective position,
education, scope of responsibilities and contribution to the attainment of our goals) as the basis for compensation variation among our
executive officers, and considers the internal ratios between compensation of our executive officers and directors and other employees.
Pursuant to our compensation policy, the compensation that may be granted to an executive officer may include: base salary, annual bonuses,
equity-based compensation, benefits and retirement and termination of service arrangements. All cash bonuses are limited to a maximum
amount linked to the executive officer&#8217;s base salary. In addition, our compensation policy provides for maximum permitted ratios
between the total variable (cash bonuses and equity-based compensation) and non-variable (base salary) compensation components, in accordance
with an officer&#8217;s respective position with the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
annual cash bonus may be awarded to executive officers upon the attainment of pre-set periodic objectives and individual targets. The
annual cash bonus that may be granted to executive officers other than our chairman or Chief Executive Officer may be based entirely
on a discretionary evaluation. Our Chief Executive Officer is entitled to determine performance objectives to such executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
performance measurable objectives of our chairman and Chief Executive Officer will be determined annually by our compensation committee
and Board. A less significant portion of the chairman&#8217;s and/or the Chief Executive Officer&#8217;s annual cash bonus may be based
on a discretionary evaluation of the chairman&#8217;s or the Chief Executive Officer&#8217;s respective overall performance by the compensation
committee and the Board based on qualitative criteria.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity-based compensation under our compensation policy for our executive officers (including members of our Board) is designed in a
manner consistent with the underlying objectives in determining the base salary and the annual cash bonus, with its main objectives being
to enhance the alignment between the executive officers&#8217; interests with our long-term interests and those of our shareholders and
to strengthen the retention and the motivation of executive officers in the long term. Our compensation policy provides for executive
officer compensation in the form of share options or other equity-based awards, such as restricted shares and phantom, options, in accordance
with our share incentive plan then in place. Share options granted to executive officers shall be subject to vesting periods in order
to promote long-term retention of the awarded executive officers. The equity-based compensation shall be granted from time to time and
be individually determined and awarded according to the performance, educational background, prior business experience, qualifications,
role and the personal responsibilities of the executive officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our compensation policy, including our recently adopted Clawback policy, contains compensation recovery provisions which allow
us under certain conditions to recover bonuses paid in excess on basis of results which were discovered as incorrect or restated in the
our financial statements, enable our Chief Executive Officer to approve an immaterial change in the terms of employment of an executive
officer (provided that the changes of the terms of employment are in accordance our compensation policy), and allow us to exculpate,
indemnify and insure our executive officers and directors subject to certain limitations set forth thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation policy also provides for compensation to the members of our Board either: (i) in accordance with the amounts provided in
the Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director) of 2000, as amended by the Companies
Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel) of 2000, as such regulations may be amended from
time to time; or (ii) for those members who are also executive officers of the Company - in accordance with the amounts determined in
our compensation policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, an audit committee that meets the requirements set forth for compensation committee in the Companies Law may serve
also as a compensation committee. In February 2017, our Board has determined that our audit committee shall serve also as a compensation
committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
Stock Market Requirements for Compensation Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Nasdaq rules, we are required to maintain a compensation committee consisting of at least two members, all of whom are independent. In
addition, in affirmatively determining the independence of any director who will serve on the compensation committee of a board of directors,
the board of directors must consider all factors specifically relevant to determining whether a director has a relationship to the company
which is material to that director&#8217;s ability to be independent from management in connection with the duties of a compensation
committee member.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, the members of our compensation committee include Messrs. Aharoni, Avidan and Levenberg, each of whom is &#8220;independent,&#8221;
as such term is defined under Nasdaq rules. Mr. Avidan serves as the chairman of our compensation committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Internal
Auditor</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, the board of directors of an Israeli public company must also appoint an internal auditor nominated by the audit committee.
Our internal auditor is Mr. Ido Cnaan. The role of the internal auditor is to examine, among other things, whether a company&#8217;s
actions comply with the law and proper business procedure. The audit committee is required to oversee the activities, and to assess the
performance of the internal auditor as well as to review the internal auditor&#8217;s work plan. An internal auditor may not be an interested
party or office holder, or a relative of any interested party or office holder and may not be a member of the company&#8217;s independent
accounting firm or its representative. The Companies Law defines an interested party as a holder of 5% or more of the outstanding shares
or voting rights of a company, any person or entity that has the right to nominate or appoint at least one director or the general manager
of the company or any person who serves as a director or as the general manager of a company. Our internal auditor is not our employee,
but the managing partner of a firm which specializes in internal auditing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Remuneration
of Directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, remuneration of directors is subject to the approval of the compensation committee, thereafter by the board of directors
and thereafter, unless exempted under the regulations promulgated under the Companies Law, by the general meeting of the shareholders.
In case the remuneration of the directors is in accordance with regulations applicable to remuneration of the external directors then
such remuneration shall be exempt from the approval of the general meeting. Where the director is also a controlling shareholder, the
requirements for approval of transactions with controlling shareholders apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Approval
of Related Party Transactions under Israeli Law</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, we may approve an action by an office holder from which the office holder would otherwise have to refrain, as described
above, if:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the office holder acts in good faith and the act or its approval does not cause harm to the company; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the office holder disclosed the nature of his or her interest in the transaction (including any significant fact or document) to the
company at a reasonable time before the company&#8217;s approval of such matter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disclosure
of Personal Interests of an Office Holder</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law requires that an office holder disclose to the company, promptly, and, in any event, not later than the board meeting at
which the transaction is first discussed, any direct or indirect personal interest that he or she may have and all related material information
known to him or her relating to any existing or proposed transaction by the company. If the transaction is an extraordinary transaction,
the office holder must also disclose any personal interest held by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the office holder&#8217;s relatives; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
any corporation in which the office holder or his or her relatives holds 5% or more of the shares or voting rights, serves as a director
or general manager or has the right to appoint at least one director or the general manager.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, an extraordinary transaction is a transaction:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
not in the ordinary course of business;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
not on market terms; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
that is likely to have a material effect on the company&#8217;s profitability, assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law does not specify to whom within us nor the manner in which required disclosures are to be made. We require our office holders
to make such disclosures to our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, once an office holder complies with the above disclosure requirement, the board of directors may approve a transaction
between the company and an office holder, or a third party in which an office holder has a personal interest, unless the articles of
association provide otherwise and provided that the transaction is in the company&#8217;s interest. If the transaction is an extraordinary
transaction in which an office holder has a personal interest, first the audit committee and then the board of directors, in that order,
must approve the transaction. Under specific circumstances, shareholder approval may also be required. A director who has a personal
interest in an extraordinary transaction, which is considered at a meeting of the board of directors or the audit committee, may not
be present at this meeting or vote on this matter, unless a majority of the board of directors or the audit committee, as the case may
be, has a personal interest. If a majority of the board of directors has a personal interest, then shareholder approval is generally
also required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, all arrangements as to compensation and indemnification or insurance of office holders require approval of the compensation
committee and board of directors, and compensation of office holders who are directors must be also approved, subject to certain exceptions,
by the shareholders, in that order.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disclosure
of Personal Interests of a Controlling Shareholder</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, the disclosure requirements that apply to an office holder also apply to a controlling shareholder of a public company.
Extraordinary transactions with a controlling shareholder or in which a controlling shareholder has a personal interest, including a
private placement in which a controlling shareholder has a personal interest, as well as transactions for the provision of services whether
directly or indirectly by a controlling shareholder or his or her relative, or a company such controlling shareholder controls, and transactions
concerning the terms of engagement of a controlling shareholder or a controlling shareholder&#8217;s relative, whether as an office holder
or an employee, require the approval of the audit committee or the compensation committee, as the case may be, the board of directors
and a majority of the shares voted by the shareholders of the company participating and voting on the matter in a shareholders&#8217;
meeting, in that order. In addition, the shareholder approval must fulfill one of the following requirements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
at least a majority of the shares held by shareholders who have no personal interest in the transaction and are voting at the meeting
must be voted in favor of approving the transaction, excluding abstentions; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the shares voted by shareholders who have no personal interest in the transaction who vote against the transaction represent no more
than 2% of the voting rights in the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any extraordinary transaction with a controlling shareholder or in which a controlling shareholder has a personal interest
with a term of more than three years requires the abovementioned approval every three years; however, such transactions not involving
the receipt of services or compensation can be approved for a longer term, provided that the audit committee determines that such longer
term is reasonable under the circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law requires that every shareholder that participates, in person, by proxy or by voting instrument, in a vote regarding a transaction
with a controlling shareholder, must indicate in advance or in the ballot whether or not that shareholder has a personal interest in
the vote in question. Failure to so indicate will result in the invalidation of that shareholder&#8217;s vote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;controlling shareholder&#8221; is defined in the Companies Law as a shareholder with the ability to direct the activities
of the company, other than by virtue of being an office holder. A shareholder is presumed to be a controlling shareholder if the shareholder
holds 50% or more of the voting rights in a company or has the right to appoint the majority of the directors of the company or its general
manager. In the context of a transaction involving a related party, a controlling shareholder also includes a shareholder who holds 25%
or more of the voting rights in the company if no other shareholder holds more than 50% of the voting rights in the company. For this
purpose, the holdings of all shareholders who have a personal interest in the same transaction will be aggregated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Insurance</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, a company may obtain insurance for any of its office holders against the following liabilities incurred due to acts
he or she performed as an office holder, if and to the extent provided for in the company&#8217;s articles of association:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a breach of his or her
    duty of care to the company or to another person, to the extent such a breach arises out of the negligent conduct of the office holder;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a breach of his or her
    duty of loyalty to the company, provided that the office holder acted in good faith and had reasonable cause to assume that his or
    her act would not prejudice the company&#8217;s interests; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a financial liability imposed
    upon him or her in favor of another person concerning an act performed by such office holder in his or her capacity as an officer
    holder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have directors&#8217; and officers&#8217; liability insurance, providing total coverage of $15,000,000 for the benefit of all
of our directors and officers, in respect of which we paid a twelve-month premium of $131,700, which expires on June 28, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indemnification</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law provides that a company may indemnify an office holder against the following liabilities and expenses incurred for acts
performed by him or her as an office holder, either pursuant to an undertaking made in advance of an event or following an event, provided
its articles of association include a provision authorizing such indemnification:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a financial liability imposed
    on him or her in favor of another person by any judgment concerning an act performed in his or her capacity as an office holder,
    including a settlement or arbitrator&#8217;s award approved by a court. However, if an undertaking to indemnify an office holder
    with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of
    the board of directors, can be foreseen based on the company&#8217;s activities when the undertaking to indemnify is given, and to
    an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking
    shall detail the abovementioned foreseen events and amount or criteria;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable litigation expenses,
    including attorneys&#8217; fees, expended by the office holder (a) as a result of an investigation or proceeding instituted against
    him or her by an authority authorized to conduct such investigation or proceeding, provided that (1) no indictment (as defined in
    the Companies Law) was filed against such office holder as a result of such investigation or proceeding; and (2) no financial liability
    as a substitute for the criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation
    or proceeding, or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof
    of criminal intent; and (b) in connection with a monetary sanction;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable litigation expenses,
    including attorneys&#8217; fees, expended by the office holder or imposed on him or her by a court: (1) in proceedings that the company
    institutes, or that another person institutes on the company&#8217;s behalf, against him or her; (2) in criminal proceedings of which
    he or she was acquitted; or (3) as a result of a conviction for a crime that does not require proof of criminal intent; and </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses incurred by an
    office holder in connection with an Administrative Procedure under the Israeli Securities Law, 5728-1968, or Securities Law, including
    reasonable litigation expenses and reasonable attorneys&#8217; fees. An &#8220;Administrative Procedure&#8221; is defined as a procedure
    pursuant to chapters H3 (Monetary Sanction by the Israeli Securities Authority), H4 (Administrative Enforcement Procedures of the
    Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures or Interruption of procedures subject to conditions)
    to the Securities Law. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated articles of association allow us to indemnify our office holders up to a certain amount. The Companies Law also
permits a company to undertake in advance to indemnify an office holder, provided that if such indemnification relates to financial liability
imposed on him or her, as described above, then the undertaking should be limited and shall detail the following foreseen events and
amount or criterion:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to events that in the opinion
    of the board of directors can be foreseen based on the Company&#8217;s activities at the time that the undertaking to indemnify is
    made; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in amount or criterion
    determined by the board of directors, at the time of the giving of such undertaking to indemnify, to be reasonable under the circumstances.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into indemnification agreements with all of our directors and with all members of our senior management. Each such indemnification
agreement provides the office holder with indemnification permitted under applicable law and up to a certain amount, and to the extent
that these liabilities are not covered by directors and officer&#8217;s insurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exculpation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, an Israeli company may not exculpate an office holder from liability for a breach of his or her duty of loyalty, but
may exculpate in advance an office holder from his or her liability to the company, in whole or in part, for damages caused to the company
as a result of a breach of his or her duty of care (other than in relation to distributions), but only if a provision authorizing such
exculpation is included in its articles of association. Our amended and restated articles of association provide that we may exculpate,
in whole or in part, any office holder from liability to us for damages caused to the Company as a result of a breach of his or her duty
of care, but prohibit an exculpation from liability arising from a Company&#8217;s transaction and/or decision in which our controlling
shareholder or officer has a personal interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into exculpation agreements with all of our directors and with all members of our senior management. Under such exculpation
agreements, we exculpate and release our office holders from any and all liability to us related to any breach by them of their duty
of care to us to the fullest extent permitted by law, subject to the aforesaid limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Limitations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law provides that we may not exculpate or indemnify an office holder nor enter into an insurance contract that would provide
coverage for any liability incurred as a result of any of the following: (1) a breach by the office holder of his or her duty of loyalty
unless (in the case of indemnity or insurance only, but not exculpation) the office holder acted in good faith and had a reasonable basis
to believe that the act would not prejudice us; (2) a breach by the office holder of his or her duty of care if the breach was carried
out intentionally or recklessly (as opposed to merely negligently); (3) any act or omission committed with the intent to derive an illegal
personal benefit; or (4) any fine, monetary sanction, penalty or forfeit levied against the office holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, exculpation, indemnification and insurance of office holders in a public company must be approved by the compensation
committee and the board of directors and, with respect to certain office holders or under certain circumstances, also by the shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated articles of association permit us to exculpate (subject to the aforesaid limitation), indemnify and insure our office
holders to the fullest extent permitted or to be permitted by the Companies Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing descriptions summarize the material aspects and practices of our Board. For additional details, we also refer you to the full
text of the Companies Law, as well as of our amended and restated articles of association, which are attached as an exhibit to this annual
report on Form 20-F, and are incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no service contracts between us or our subsidiaries, on the one hand, and our directors in their capacity as directors, on the other
hand, providing for benefits upon termination of service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fiduciary
Duties of Office Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law imposes a duty of care and a duty of loyalty on all office holders of a company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
duty of care requires an office holder to act with the level of care with which a reasonable office holder in the same position would
have acted under the same circumstances. The duty of care of an office holder includes a duty to use reasonable means to obtain:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
information on the advisability of a given action brought for his approval or performed by him by virtue of his position; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
all other important information pertaining to these actions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
duty of loyalty of an office holder requires an office holder to act in good faith and for the benefit of the company, and includes a
duty to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
refrain from any conflict of interest between the performance of his duties in the company and his performance of his other duties or
personal affairs;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
refrain from any action that is competitive with the company&#8217;s business;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
refrain from exploiting any business opportunity of the company to receive a personal gain for himself or others; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
disclose to the company any information or documents relating to the company&#8217;s affairs which the office holder has received due
to his position as an office holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties
of Shareholders</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, a shareholder has a duty to refrain from abusing its power in the company and to act in good faith and in an acceptable
manner in exercising its rights and performing its obligations toward the company and other shareholders, including, among other things,
voting at general meetings of shareholders (and at shareholder class meetings) on the following matters:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
amendment of the articles of association;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
increase in the company&#8217;s authorized share capital;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
merger; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the approval of related party transactions and acts of office holders that require shareholder approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder also has a general duty to refrain from oppressing other shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remedies generally available upon a breach of contract will also apply to a breach of the above-mentioned duties, and in the event of
oppression of other shareholders, additional remedies are available to the injured shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any controlling shareholder, any shareholder that knows that its vote can determine the outcome of a shareholder vote and any
shareholder that, under a company&#8217;s articles of association, has the power to appoint or prevent the appointment of an office holder,
or has another power with respect to a company, is under a duty to act with fairness towards the company. The Companies Law does not
describe the substance of this duty except to state that the remedies generally available upon a breach of contract will also apply in
the event of a breach of the duty to act with fairness, taking the shareholder&#8217;s position in the company into account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_009"></span><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2021, we had 68 full-time employees and 5 part-time employees, out of which 54 employees worked in our R&amp;D department,
9 employees in management and administration, 5 employees in sales and marketing, and 5 employees in operations. On December 31, 2022,
we had 81 full-time employees and 6 part-time employees, out of which 64 employees worked in our R&amp;D department, 10 employees in
management and administration, 8 employees in sales and marketing, and 5 employees in operations. On December 31, 2023, we had 74 full-time
employees and 7 part-time employees, out of which 63 employees worked in our R&amp;D department, 8 employees in management and administration,
6 employees in sales and marketing, and 4 employees in operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 21, 2024, we had five full-time senior management employees, including our Chief Executive Officer, Vice President of Global
Operations and Foresight Changzhou CEO, Vice President of Research and Development, Vice President of Product and Chief Executive Officer
of Eye-Net Mobile, and an additional two part-time senior managers &#8211; our Chief Financial Officer and Vice President of Human Resources.
All of our employees are located in Israel, except for two employees in China and one in Japan. None of our employees are represented
by labor unions or covered by collective bargaining agreements. We believe that we maintain good relations with all of our employees.
However, in Israel, we are subject to certain Israeli labor laws, regulations and national labor court precedent rulings, as well as
certain provisions of collective bargaining agreements applicable to us by virtue of extension orders issued in accordance with relevant
labor laws by the Israeli Ministry of Economy and Industry and which apply such agreement provisions to our employees even though they
are not part of a union that has signed a collective bargaining agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our employment and consulting agreements include employees&#8217; and consultants&#8217; undertakings with respect to non-competition,
assignment to us of intellectual property rights developed in the course of employment, and confidentiality. The enforceability of such
provisions is limited by Israeli law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_010"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Ownership. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 7.A. Major Shareholders&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z1_011"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Action to Recover Erroneously Awarded Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2016
Equity Incentive Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain one equity incentive plan &#8211; our 2016 Equity Incentive Plan, or the 2016 Plan. As of March 21, 2024, the number of Ordinary
Shares reserved for the exercise of options granted under the 2016 Plan was 54,594,269. In addition, as of March 21, 2024, 37,984,464
options to purchase Ordinary Shares were issued and outstanding, out of which 35,619,884 options to purchase Ordinary Shares were vested
as of that date, with an exercise price of NIS 0.5 (approximately $0.14) per share, options to purchase 850,000 Ordinary Shares were
vested as of that date, with an exercise price of NIS 1.06 (approximately $0.29) per share, options to purchase 714,580 Ordinary Shares
were vested as of that date, with an exercise price of NIS 1.95 (approximately $0.54) per share, options to purchase 400,000 Ordinary
Shares were vested as of that date, with an average exercise price of NIS 2.904 (approximately $0.81) per share, options to purchase
200,000 Ordinary Shares were vested as of that date, with an average exercise price of NIS 2.29 (approximately $0.64) per share, options
to purchase 100,000 Ordinary Shares were vested as of that date, with an exercise price of NIS 4.75 (approximately $1.32) per share,
options to purchase 100,000 Ordinary Shares were vested as of that date, with an exercise price of NIS 1.33 (approximately $0.37) per
share. Exercise prices in NIS are translated into U.S. dollars at the rate of NIS 3.604 = U.S. $1.00, based on the closing rate of exchange
between the NIS and the U.S. dollar as reported by the Bank of Israel on March 21, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
2016 Plan was adopted by our Board in November 2015 and expires in November 2025. Our employees, directors, officers, and services providers,
including those who are our controlling shareholders, if any, as well as those of our affiliated companies, are eligible to participate
in this plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
2016 Plan is administered by our Board, regarding the granting of options and the terms of option grants, including exercise price, method
of payment, vesting schedule, acceleration of vesting and the other matters necessary in the administration of this plan. Eligible Israeli
employees, officers and directors, would qualify for provisions of Section 102(b)(2) of the Israeli Income Tax Ordinance, 1961, or the
Tax Ordinance. Pursuant to such Section 102(b)(2), qualifying options and shares issued upon exercise of such options are held in trust
and registered in the name of a trustee selected by the board of directors. The trustee may not release these options or shares to the
holders thereof for two years from the date of the registration of the options in the name of the trustee. Under Section 102, any tax
payable by an employee from the grant or exercise of the options is deferred until the transfer of the options or Ordinary Shares by
the trustee to the employee or upon the sale of the options or Ordinary Shares, and gains may qualify to be taxed as capital gains at
a rate equal to 25%, subject to compliance with specified conditions. Our Israeli non-employee service providers and controlling shareholders
may only be granted options under Section 3(9) of the Tax Ordinance, which does not provide for similar tax benefits. The 2016 Plan also
permits granting options to Israeli grantees who do not qualify under Section 102(b)(2).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a default, our 2016 Plan provides that upon termination of employment for any reason, other than in the event of death or disability,
all unvested options will expire and all vested options will generally be exercisable for 6 months following such termination, or such
other period as determined by the plan administrator, subject to the terms of the 2016 Plan and the governing option agreement. Notwithstanding
the foregoing, in the event the employment is terminated for cause (including, inter alia, a breach of confidentiality or non-compete
obligations to us, and commission of an act involving moral turpitude or an act that causes harm to us) all options granted to such employee,
whether vested or unvested, will not be exercisable and will terminate on the date of the termination of his employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
termination of employment due to death or disability, all the options vested at the time of termination will generally be exercisable
for 12 months, or such other period as determined by the plan administrator, subject to the terms of the 2016 Plan and the governing
option agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_012"></span>ITEM
7. <span style="text-transform: uppercase">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_013"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major Shareholders.
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding beneficial ownership of our Ordinary Shares as of March 21, 2024 by:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each person, or group of
    affiliated persons, known to us to be the beneficial owner of more than 5% of our voting securities.</span></td></tr>
  </table>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each of our directors and
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all of our directors and
    executive officers as a group.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as indicated in footnotes to this table, we believe that the shareholder named in this table has sole voting and investment power with
respect to all shares shown to be beneficially owned by it, based on information provided to us by such shareholder. The shareholder
listed below does not have any different voting rights from any of our other shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ehud Aharoni (4)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Daniel Avidan (5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">399,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Dror Elbaz (6)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">212,892</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">250,105</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Vered Raz-Avayo (9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">650,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,591,667</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Levi Zruya (11)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">450,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sivan Siboni Scherf (12)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,850,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">David Lempert (13)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,225,267</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.27</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Izac Assia (14)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">558,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.12</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Moshe Scherf (15)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.04</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">All directors and executive officers as a group (13 persons)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial ownership is
    determined in accordance with the rules of the SEC. Under these rules, a person is deemed to be a beneficial owner of a security
    if that person, even if not the record owner, has or shares the underlying benefits of ownership. These benefits include the power
    to direct the voting or the disposition of the securities or to receive the economic benefit of ownership of the securities. A person
    also is considered to be the &#8220;beneficial owner&#8221; of securities that the person has the right to acquire within 60 days
    by option or other agreement. Beneficial owners include persons who hold their securities through one or more trustees, brokers,
    agents, legal representatives or other intermediaries, or through companies in which they have a &#8220;controlling interest,&#8221;
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 29px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The percentages shown are
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 34,820,789
    Ordinary Shares held by Magna &#8211; B.S.P. Ltd.; (ii) options to purchase 7,446,333 Ordinary Shares that are exercisable within
    60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately $0.14) per share. Mr. Siboni is the chief executive
    officer and a director of Magna. Mr. Siboni&#8217;s options have expiration dates ranging from May 2026 to October 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) options to
    purchase 800,000 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14). Mr. Aharoni&#8217;s options have expiration dates ranging from February 2026 to October 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) options to
    purchase 399,000 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Avidan&#8217;s options have expiration dates ranging from Aug 2027 to July 2030.</span></td></tr>
  </table>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    212,892 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately $0.14)
    per share. Mr. Elbaz&#8217;s options have expiration dates until May 2024.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    250,105 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an average exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Levenberg&#8217;s options have expiration dates ranging from July 2027 to July 2030.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) options to
    purchase 3,083,333 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an average exercise price of NIS 0.5
    (approximately $0.14) per share. Mr. Yoresh&#8217;s options have expiration dates ranging from June 2027 to August 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    650,000 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately $0.14)
    per share. Ms. Raz-Avayo&#8217;s options have expiration dates ranging from August 2026 to October 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    1,591,667 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Baron&#8217;s options have expiration dates ranging from November 2024 to August 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    450,000 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately $0.14)
    per share. Mr. Zruya&#8217;s options have expiration dates ranging from August 2026 to July 2027.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 750,000 Ordinary
    Shares held by Sivan and Moshe Scherf; (ii) options to purchase 1,100,000 Ordinary Shares that are exercisable within 60 days as
    of March 21, 2024, at an exercise price of NIS 0.5 (approximately $0.14) per share. Ms. Siboni Scherf&#8217;s options have expiration
    dates ranging from May 2026 to October 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    1,225,267 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Lempert&#8217;s options have expiration dates ranging from November 2024 to August 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    558,333 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Assia options have expiration dates ranging from March 2026 to August 2029.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase
    200,000 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Scherf options have expiration date until October 2029.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Percentage Ownership by Major Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the course of 2023 there was an increase in the percentage ownership of our major shareholder Magna from 7.36% to 7.57%, which was partly
due to Magna&#8217;s acquisition of shares in a registered direct offering on December 7, 2023, offset by sale of 0.85% of the Company&#8217;s
shares by Magna during that period to some of Magna&#8217;s shareholders due to internal restructuring in Magna.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the course of 2022, there were no increases in the percentage ownership of our major shareholders. On the other hand, there was a decrease
in the percentage ownership of entities affiliated with Magna from 10.72% to 7.36%, which was due to a corporate restructuring of Magna
in which certain shareholders of Magna exchanged their shares of Magna for our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the course of 2021, there were no increases in the percentage ownership of our major shareholders. On the other hand, there was a decrease
in the percentage ownership of entities affiliated with Magna from 11.47% to 10.72%, which was due to the dilution of their ownership
as a result of equity offerings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Record
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon a review of the information provided to us by our registrar in Israel, as of March 21, 2024, there were a total of 12 holders of
record of our Ordinary Shares, of which all record holders had registered addresses in Israel. Based upon a review of the information
provided to us by The Bank of New York Mellon, the depositary of the ADSs, as of March 22, 2024, there were 94 holders
of record of the ADSs on record with the Depository Trust Company. These numbers are not representative of the number of beneficial holders
of our shares nor is it representative of where such beneficial holders reside, since many of these shares were held of record by brokers
or other nominees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not controlled by another corporation, by any foreign government or by any natural or legal persons except as set forth herein, and
there are no arrangements known to us which would result in a change in control of us at a subsequent date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_014"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Transactions.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6.B. Compensation&#8221; for compensation to our directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Options</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception we have granted options to purchase our Ordinary Shares to our officers and our directors. Such option agreements may contain
acceleration provisions upon certain merger, acquisition, or change of control transactions. We describe our option plan under &#8220;Item
6.E. Share Ownership&#8212;2016 Equity Incentive Plan.&#8221; If the relationship between us and an executive officer or a director is
terminated, except for cause (as defined in the various option plan agreements), options that are vested will generally remain exercisable
for six months after such termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Services
Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Merger, on January 5, 2016, Magna entered into a services agreement with Foresight Automotive, which provided that, for a period
of 12 months following the Merger, Magna shall provide Foresight Automotive with certain services, primarily with respect to the design
and development of algorithms and ADAS designated computer vision software in consideration of monthly payments at agreed upon rates
for each of Magna&#8217;s workers, not to exceed the aggregate monthly consideration of NIS 200,000 plus VAT. Furthermore, Foresight
Automotive may extend the agreement by two additional 12-month periods, which right has been exercised by Foresight Automotive on two
occasions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 30, 2022, the Company&#8217;s shareholders approved the extension of the services agreement with Magna for twelve (12) additional
months with an option to extend the agreement for two (2) additional twelve (12) month periods, which right has been exercised by Foresight
Automotive for the first and second additional twelve (12) month periods. According to the updated agreement approved by our shareholders,
the monthly payment to Magna for the research and development services will not exceed NIS 235,000 (approximately $72,000 at the time
of the extension) plus VAT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 18, 2023, as a result of cost-saving measures implemented by the Company, it was mutually agreed with Magna that, starting October
1, 2023, development services would not exceed NIS 70,000 (approximately $19,000) plus VAT per month. Additionally, for the period of
October to December 2023, payment would be deferred, contingent upon the Company raising USD 5 million gross. If the fundraising does
not occur by the Board meeting convened to review the financial statements for the twelve months ending December 31, 2023, the payment
for the development services provided from October to December 2023 will be waived. As of March 27, 2024, a total amount of $42,000 waived
and recorded in equity as a contribution from Magna.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our Chief Executive Officer, Mr. Haim Siboni, and our Chief Technology Officer, Mr. Levi Zruya, serve as Magna&#8217;s Chief
Executive Officer and Chief Technology Officer, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were two insider participants of in the Registered Direct Offering: our Chief Executive Officer, through the participation of Magna,
and also Sivan Siboni-Scherf. The aggregate amount invested by the insider participants in the Registered Direct Offering was $525,000.</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_015"></span><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests of Experts
    and Counsel.</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z1_016"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
8. <span style="text-transform: uppercase">FINANCIAL INFORMATION.</span></b></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_017"></span><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated Statements
    and Other Financial Information.</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 18. Financial Statements.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently subject to any material legal proceedings.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid any cash dividends on our Ordinary Shares and do not anticipate paying any cash dividends in the foreseeable
future. Payment of cash dividends, if any, in the future will be at the discretion of our Board and will depend on then-existing conditions,
including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors
our Board may deem relevant.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law imposes further restrictions on our ability to declare and pay dividends.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of dividends may be subject to Israeli withholding taxes. See &#8220;Item 10. E. Taxation&#8221; for additional information.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_018"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Changes.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant change, other than as otherwise described in this annual report on Form 20-F, has occurred in our operations since the date
of our consolidated financial statements included in this annual report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_019"></span>ITEM
9. <span style="text-transform: uppercase">THE OFFER AND LISTING</span></b></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_020"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer and Listing Details.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares have been trading on the TASE since 1987. From July 2015 until October 2015, we did not have any business activity, excluding
administrative management. On October 11, 2015, we entered into the Merger with Magna and Foresight Automotive. The ADSs have been trading
under the symbol &#8220;FRSX&#8221; on the Nasdaq Capital Market since June 15, 2017.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_021"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan of Distribution.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_022"></span><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares have been trading on the TASE since 1987. The ADSs are listed on the Nasdaq Capital Market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_023"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling Shareholders.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_024"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution.</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_025"></span>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses of the Issue.</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_026"></span>ITEM
10. <span style="text-transform: uppercase">ADDITIONAL INFORMATION</span></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_027"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Capital.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_028"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum and Articles
    of Association.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of our amended and restated articles of association is attached as Exhibit 1.1 to this annual report on Form 20-F. The information
called for by this Item is set forth in Exhibit 2(d) to this annual report on Form 20-F and is incorporated by reference into this annual
report on Form 20-F.</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_029"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Contracts.
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of each material contract, other than material contracts entered into in the ordinary course of business, to which
we are or have been a party, for the two years immediately preceding the date of this annual report on Form 20-F:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service Agreement dated
    January 5, 2016, by and between Foresight Autonomous Holdings Ltd. and Magna B.S.P. Ltd. (unofficial English translation from Hebrew
    original), filed as exhibit 4.3 to form 20-F (File No. 001-38094) filed on March 27, 2018, as amended on January 28, 2019, and on
    March 8, 2022. See Item 6.B &#8220;<i>Related Party Transactions</i>&#8221; for more information about this document.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended Compensation Policy,
    dated March 31, 2022. See Item 6.C &#8220;<i>Board Practices &#8211; Compensation Committee</i>&#8221; for more information about
    this document.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participation Agreement
    by and between Foresight Automotive Ltd. and the Administrative Office of China Israel Changzhou Innovation Park, dated January 13,
    2022. See Item 4.B &#8220;<i>Business Overview</i>&#8221; for more information about this document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Development and Supply
    Agreement by and between Foresight Automotive Ltd. and SUNWAY-AI Technology (Changzhou) Co., Ltd., dated November 15, 2022. See Item
    4.B &#8220;<i>Business Overview</i>&#8221; for more information about this document.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_030"></span><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange Controls.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently no Israeli currency control restrictions on payments of dividends or other distributions with respect to our Ordinary Shares
or the proceeds from the sale of the shares, except for the obligation of Israeli residents to file reports with the Bank of Israel regarding
certain transactions. However, legislation remains in effect pursuant to which currency controls can be imposed by administrative action
at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ownership or voting of our Ordinary Shares by non-residents of Israel, except with respect to citizens of countries that are in a state
of war with Israel, is not restricted in any way by our memorandum of association or amended and restated articles of association or
by the laws of the State of Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_031"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Israeli
Tax Considerations and Government Programs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a description of the material Israeli income tax consequences of the ownership of our Ordinary Shares. The following also
contains a description of material relevant provisions of the current Israeli income tax structure applicable to companies in Israel,
with reference to its effect on us. To the extent that the discussion is based on new tax legislation which has not been subject to judicial
or administrative interpretation, there can be no assurance that the tax authorities will accept the views expressed in the discussion
in question. The discussion is not intended, and should not be taken, as legal or professional tax advice and is not exhaustive of all
possible tax considerations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition
of our Ordinary Shares and ADSs. Shareholders should consult their own tax advisors concerning the tax consequences of their particular
situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
Corporate Tax Structure in Israel</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
companies are generally subject to corporate tax. As of January 2016, the corporate tax rate was 25%. As of January 1, 2017, the corporate
tax rate was reduced to 24% and as of January 1, 2018, the corporate tax rate is 23%. However, the effective tax rate payable by a company
that derives income from a Preferred Enterprise (as discussed below) may be considerably less. Capital gains derived by an Israeli company
are generally subject to the prevailing corporate tax rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
gains derived by an Israeli resident company are subject to tax at the prevailing corporate tax rate. Under Israeli tax legislation,
a corporation will be considered as an &#8220;Israeli resident company&#8221; if it meets one of the following: (i) it was incorporated
in Israel; or (ii) the control and management of its business are exercised in Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Law
for the Encouragement of Industry (Taxes), 5729-1969</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, provides several tax
benefits for &#8220;Industrial Companies.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Industry Encouragement Law defines an &#8220;Industrial Company&#8221; as an Israeli resident-company, of which 90% or more of its income
in any tax year, other than income from defense loans, is derived from an &#8220;Industrial Enterprise&#8221; owned by it. An &#8220;Industrial
Enterprise&#8221; is defined as an enterprise whose principal activity in a given tax year is industrial production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following corporate tax benefits, among others, are available to Industrial Companies:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amortization of the cost
    of purchased a patent, rights to use a patent, and know-how, which are used for the development or advancement of the company, over
    an eight-year period, commencing on the year in which such rights were first exercised;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">under limited conditions,
    an election to file consolidated tax returns with related Israeli Industrial Companies; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses related to a public
    offering are deductible in equal amounts over three years.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility
for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Benefits and Grants for Research and Development</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Research Law, research and development programs which meet specified criteria and are approved by the IIA are eligible for grants
of up to 50% of the project&#8217;s expenditure, as determined by the research committee, in exchange for the payment of royalties from
the revenues generated from the sale of products and related services developed, in whole or in part pursuant to, or as a result of,
a research and development program funded by the IIA at a rate of 3-5% on the revenues generated from the sale of our products developed
under an IIA program up to the total amount of the grants received from IIA plus the relevant interest rate, if any. Under IIA regulations,
grants received before June 30, 2017, bear the annual interest rate that applied at the time of the approval of the applicable IIA file
which will apply to all of the funding received under such IIA approval. Grants received from the IIA after June 30, 2017, bear an annual
interest rate based on the 12-month Secured Overnight Financing Rate, or SOFR, or at an alternative rate published by the Bank of Israel
plus 0.71513%. Grants approved after January 1, 2024, shall bear the higher interest rate of (i) 12 months SOFR, plus 1%, or (ii) a fixed
annual interest rate of 4%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer or license of IIA-supported technology or know-how outside of Israel and the transfer of manufacturing of IIA-supported products,
technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the value of the transferred
or licensed technology or know-how, our research and development expenses, the amount of IIA support, the time of completion of the IIA-supported
research project and other factors. These restrictions and requirements for payment may impair our ability to sell, license or otherwise
transfer our technology assets outside of Israel or to outsource or transfer development or manufacturing activities with respect to
any product or technology outside of Israel. Furthermore, the consideration available to our shareholders in a transaction involving
the transfer outside of Israel of technology or know-how developed with IIA funding (such as a merger or similar transaction) may be
reduced by any amounts that we are required to pay to the IIA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Manufacturing Volume Outside of Israel</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Royalties to the IIA as a Percentage of Grant</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">Up to 50%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">120</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Between 50% and 90%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">150</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">90% and more</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">300</td><td style="text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the manufacturing is performed outside of Israel by us, the rate of royalties payable by us on revenues from the sale of products manufactured
outside of Israel will increase by 1% over the regular rates. If the manufacturing is performed outside of Israel by a third party, the
rate of royalties payable by us on those revenues will be equal to the ratio obtained by dividing the amount of the grants received from
the IIA and our total investment in the project that was funded by these grants. The transfer of no more than 10% of the manufacturing
capacity in the aggregate outside of Israel is exempt under the Research Law from obtaining the prior approval of the IIA. A company
requesting funds from the IIA also has the option of declaring in its IIA grant application an intention to perform part of its manufacturing
outside Israel, thus avoiding the need to obtain additional approval. On January 6, 2011, the Research Law was amended to clarify that
the potential increased royalties specified in the table above will apply even in those cases where the IIA approval for transfer of
manufacturing outside of Israel is not required, namely when the volume of the transferred manufacturing capacity is less than 10% of
total capacity or when the company received an advance approval to manufacture abroad in the framework of its IIA grant application.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
know-how developed within the framework of the IIA plan may not be transferred to third parties outside Israel without the prior approval
of a governmental committee charted under the Research Law. The approval, however, is not required for the export of any products developed
using grants received from the IIA. The IIA approval to transfer know-how created, in whole or in part, in connection with an IIA-funded
project to third party outside Israel where the transferring company remains an operating Israeli entity is subject to payment of a redemption
fee to the IIA calculated according to a formula provided under the Research Law that is based, in general, on the ratio between the
aggregate IIA grants to the company&#8217;s aggregate investments in the project that was funded by these IIA grants, multiplied by the
transaction consideration. The transfer of such know-how to a party outside Israel where the transferring company ceases to exist as
an Israeli entity is subject to a redemption fee formula that is based, in general, on the ratio between the aggregate IIA grants to
the total financial investments in the company, multiplied by the transaction consideration. According to the January 2011 amendment,
the redemption fee in case of transfer of know-how to a party outside Israel will be based on the ratio between the aggregate IIA grants
received by the company and the company&#8217;s aggregate research and development expenses, multiplied by the transaction consideration.
According to regulations promulgated following the 2011 amendment, the maximum amount payable to the IIA in case of transfer of know
how outside Israel shall not exceed 6 times the value of the grants received plus interest, and in the event that the receiver of the
grants ceases to be an Israeli corporation such payment shall not exceed six times the value of the grants received plus interest, with
a possibility to reduce such payment to up to three times the value of the grants received plus interest if the research and development
activity remains in Israel for a period of three years after payment to the IIA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
of know-how within Israel is subject to an undertaking of the recipient Israeli entity to comply with the provisions of the Research
Law and related regulations, including the restrictions on the transfer of know-how and the obligation to pay royalties, as further described
in the Research Law and related regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
restrictions may impair our ability to outsource manufacturing, engage in change of control transactions or otherwise transfer our know-how
outside Israel and may require us to obtain the approval of the IIA for certain actions and transactions and pay additional royalties
to the IIA. In particular, any change of control and any change of ownership of our Ordinary Shares that would make a non-Israeli citizen
or resident an &#8220;interested party,&#8221; as defined in the Research Law, requires a prior written notice to the IIA in addition
to any payment that may be required of us for transfer of manufacturing or know-how outside Israel. If we fail to comply with the Research
Law, we may be subject to criminal charges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Benefits for Research and Development</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
tax law allows, under certain conditions, a tax deduction for expenditures, including capital expenditures, for the year in which they
are incurred. Expenditures are deemed related to scientific research and development projects, if:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The expenditures are approved
    by the relevant Israeli government ministry, determined by the field of research;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The research and development
    must be for the promotion of the company; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The research and development
    is carried out by or on behalf of the company seeking such tax deduction.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific
research and development projects. No deduction under these research and development deduction rules is allowed if such deduction is
related to an expense invested in an asset depreciable under the general depreciation rules of the Tax Ordinance. Expenditures not so
approved are deductible in equal amounts over three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may apply to the IIA for approval to allow a tax deduction for all research and development expenses during the year
incurred. There can be no assurance that such application will be accepted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Law
for the Encouragement of Capital Investments, 5719-1959</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the Investment Law, provides certain incentives
for capital investments in production facilities (or other eligible assets).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Benefits</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Law grants tax benefits for income generated by a &#8220;Preferred Company&#8221; through its &#8220;Preferred Enterprise&#8221;
(as such terms are defined in the Investment Law) The definition of a Preferred Company includes a company incorporated in Israel that
is not fully owned by a governmental entity, and that has, among other things, Preferred Enterprise status and is controlled and managed
from Israel. A Preferred Company is entitled to a reduced corporate tax rate of 16% with respect to its income derived by its Preferred
Enterprise, unless the Preferred Enterprise is located in a specified development zone, in which case the rate will be 7.5%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid out of income attributed to a Preferred Enterprise are generally subject to withholding tax at source at the rate of 20% or such
lower rate as may be provided in an applicable tax treaty. However, if such dividends are paid to an Israeli company, no tax is required
to be withheld.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of our Shareholders</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
Gains Taxes Applicable to Non-Israeli Resident Shareholders. A non-Israeli resident who derives capital gains from the sale of shares
in an Israeli resident company will be exempt from Israeli tax so long as the shares were not held through a permanent establishment
that the non-resident maintains in Israel. However, non-Israeli corporations will not be entitled to the foregoing exemption if Israeli
residents: (i) have a controlling interest of 25% or more in such non-Israeli corporation or (ii) are the beneficiaries of, or are entitled
to, 25% or more of the revenues or profits of such non-Israeli corporation, whether directly or indirectly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
a sale of securities by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable tax
treaty. For example, under Convention Between the Government of the United States of America and the Government of the State of Israel
with respect to Taxes on Income, as amended, or the United States-Israel Tax Treaty, the sale, exchange or other disposition of shares
by a shareholder who is a United States resident (for purposes of the treaty) holding the shares as a capital asset and is entitled to
claim the benefits afforded to such a resident by the U.S.-Israel Tax Treaty, or a Treaty U.S. Resident, is generally exempt from Israeli
capital gains tax unless: (i) the capital gain arising from such sale, exchange or disposition is attributed to real estate located in
Israel; (ii) the capital gain arising from such sale, exchange or disposition is attributed to royalties; (iii) the capital gain arising
from the such sale, exchange or disposition is attributed to a permanent establishment in Israel, under certain terms; (iv) such Treaty
U.S. Resident holds, directly or indirectly, shares representing 10% or more of the voting capital during any part of the 12-month period
preceding the disposition, subject to certain conditions; or (v) such Treaty U.S. Resident is an individual and was present in Israel
for 183 days or more during the relevant taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some instances where our shareholders may be liable for Israeli tax on the sale of their Ordinary Shares, the payment of the consideration
may be subject to the withholding of Israeli tax at source. Shareholders may be required to demonstrate that they are exempt from tax
on their capital gains in order to avoid withholding at source at the time of sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of Non-Israeli Shareholders on Receipt of Dividends. Non-Israeli residents are generally subject to Israeli income tax on the receipt
of dividends paid on our Ordinary Shares at the rate of 25%, which tax will be withheld at source, unless relief is provided in a treaty
between Israel and the shareholder&#8217;s country of residence. With respect to a person who is a &#8220;substantial shareholder&#8221;
at the time of receiving the dividend or on any time during the preceding twelve months, the applicable tax rate is 30%. A &#8220;substantial
shareholder&#8221; is generally a person who alone or together with such person&#8217;s relative or another person who collaborates with
such person on a permanent basis, holds, directly or indirectly, at least 10% of any of the &#8220;means of control&#8221; of the corporation.
&#8220;Means of control&#8221; generally include the right to vote, receive profits, nominate a director or an executive officer, receive
assets upon liquidation, or order someone who holds any of the aforesaid rights how to act, regardless of the source of such right. However,
a distribution of dividends to non-Israeli residents is subject to withholding tax at source at a rate of 20% if the dividend is distributed
from income attributed to a Preferred Enterprise, unless a reduced tax rate is provided under an applicable tax treaty. For example,
under the United States-Israel Tax Treaty, the maximum rate of tax withheld at source in Israel on dividends paid to a holder of our
Ordinary Shares who is a Treaty U.S. Resident is 25%. However, generally, the maximum rate of withholding tax on dividends, not generated
by a Preferred Enterprise, that are paid to a United States corporation holding 10% or more of the outstanding voting capital throughout
the tax year in which the dividend is distributed as well as during the previous tax year, is 12.5%, provided that not more than 25%
of the gross income for such preceding year consists of certain types of dividends and interest. Notwithstanding the foregoing, dividends
distributed from income attributed to a Preferred Enterprise are not entitled to such reduction under the tax treaty but are subject
to a withholding tax rate of 15% for a shareholder that is a U.S. corporation, provided that the condition related to our gross income
for the previous year (as set forth in the previous sentence) is met. If the dividend is attributable partly to income derived from a
Preferred Enterprise, and partly to other sources of income, the withholding rate will be a blended rate reflecting the relative portions
of the two types of income. We cannot assure you that we will designate the profits that we may distribute in a way that will reduce
shareholders&#8217; tax liability.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Tax Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
Federal Income Tax Considerations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
FOLLOWING SUMMARY IS INCLUDED HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR
TAX ADVICE. EACH U.S. HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES
OF THE PURCHASE, OWNERSHIP AND SALE OF ORDINARY SHARES AND AMERICAN DEPOSITARY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL,
FOREIGN OR OTHER TAX LAWS AND POSSIBLE CHANGES IN THE TAX LAWS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the limitations described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences
to a &#8220;U.S. Holder&#8221; arising from the purchase, ownership and sale of the Ordinary Shares and ADSs. For this purpose, a &#8220;U.S.
Holder&#8221; is a holder of Ordinary Shares or ADSs that is: (1) an individual citizen or resident of the United States, including an
alien individual who is a lawful permanent resident of the United States or meets the substantial presence residency test under U.S.
federal income tax laws; (2) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) or a partnership
(other than a partnership that is not treated as a U.S. person under any applicable U.S. Treasury regulations) created or organized under
the laws of the United States or the District of Columbia or any political subdivision thereof; (3) an estate, the income of which is
includable in gross income for U.S. federal income tax purposes regardless of source; (4) a trust if a court within the United States
is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have authority to control all
substantial decisions of the trust; or (5) a trust that has a valid election in effect to be treated as a U.S. person to the extent provided
in U.S. Treasury regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is for general information purposes only and does not purport to be a comprehensive description of all of the U.S. federal income
tax considerations that may be relevant to a decision to purchase our Ordinary Shares or ADSs. This summary generally considers only
U.S. Holders that will own our Ordinary Shares or ADSs as capital assets. Except to the limited extent discussed below, this summary
does not consider the U.S. federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules applicable
to determine a taxpayer&#8217;s status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue Code of 1986,
as amended, or the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative and judicial
interpretations thereof, and the U.S./Israel Income Tax Treaty, all as in effect as of the date hereof and all of which are subject to
change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek a ruling from the IRS
with regard to the U.S. federal income tax treatment of an investment in our Ordinary Shares or ADSs by U.S. Holders and, therefore,
can provide no assurances that the IRS will agree with the conclusions set forth below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based
on such holder&#8217;s particular circumstances and in particular does not discuss any estate, gift, generation-skipping, transfer, state,
local, excise or foreign tax considerations. In addition, this discussion does not address the U.S. federal income tax treatment of a
U.S. Holder who is: (1) a bank, life insurance company, regulated investment company, or other financial institution or &#8220;financial
services entity;&#8221; (2) a broker or dealer in securities or foreign currency; (3) a person who acquired our Ordinary Shares or ADSs
in connection with employment or other performance of services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax;
(5) a U.S. Holder that holds our Ordinary Shares or ADSs as a hedge or as part of a hedging, straddle, conversion or constructive sale
transaction or other risk-reduction transaction for U.S. federal income tax purposes; (6) a tax-exempt entity; (7) real estate investment
trusts or grantor trusts; (8) a U.S. Holder that expatriates out of the United States or a former long-term resident of the United States;
or (9) a person having a functional currency other than the U.S. dollar. This discussion does not address the U.S. federal income tax
treatment of a U.S. Holder that owns, directly or constructively, at any time, Ordinary Shares or ADSs representing 10% or more of our
voting power. Additionally, the U.S. federal income tax treatment of partnerships (or other pass-through entities) or persons who hold
Ordinary Shares or ADSs through a partnership or other pass-through entity are not addressed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
prospective investor is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing,
holding or disposing of our Ordinary Shares or ADSs, including the effects of applicable state, local, foreign or other tax laws and
possible changes in the tax laws.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Dividends Paid on Ordinary Shares or ADSs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to pay dividends in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under
the heading &#8220;Passive Foreign Investment Companies&#8221; below and the discussion of &#8220;qualified dividend income&#8221; below,
a U.S. Holder, other than certain U.S. Holder&#8217;s that are U.S. corporations, will be required to include in gross income as ordinary
income the amount of any distribution paid on Ordinary Shares or ADSs (including the amount of any Israeli tax withheld on the date of
the distribution), to the extent that such distribution does not exceed our current and accumulated earnings and profits, as determined
for U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings and profits will be treated first as a
non-taxable return of capital, reducing the U.S. Holder&#8217;s tax basis for the Ordinary Shares to the extent thereof, and then capital
gain. We do not expect to maintain calculations of our earnings and profits under U.S. federal income tax principles and, therefore,
U.S. Holders should expect that the entire amount of any distribution generally will be reported as dividend income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, preferential tax rates for &#8220;qualified dividend income&#8221; and long-term capital gains are applicable for U.S. Holders
that are individuals, estates or trusts. For this purpose, &#8220;qualified dividend income&#8221; means, inter alia, dividends received
from a &#8220;qualified foreign corporation.&#8221; A &#8220;qualified foreign corporation&#8221; is a corporation that is entitled to
the benefits of a comprehensive tax treaty with the United States which includes an exchange of information program. The IRS has stated
that the Israel/U.S. Tax Treaty satisfies this requirement and we believe we are eligible for the benefits of that treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our dividends will be qualified dividend income if our Ordinary Shares or ADSs are readily tradable on the Nasdaq Capital Market
or another established securities market in the United States. Dividends will not qualify for the preferential rate if we are treated,
in the year the dividend is paid or in the prior year, as a PFIC, as described below under &#8220;Passive Foreign Investment Companies.&#8221;
A U.S. Holder will not be entitled to the preferential rate: (1) if the U.S. Holder has not held our Ordinary Shares or ADSs for at least
61 days of the 121 day period beginning on the date which is 60 days before the ex-dividend date, or (2) to the extent the U.S. Holder
is under an obligation to make related payments on substantially similar property. Any days during which the U.S. Holder has diminished
its risk of loss on our Ordinary Shares or ADSs are not counted towards meeting the 61-day holding period. Finally, U.S. Holders who
elect to treat the dividend income as &#8220;investment income&#8221; pursuant to Code section 163(d)(4) will not be eligible for the
preferential rate of taxation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of a distribution with respect to our Ordinary Shares or ADSs will be measured by the amount of the fair market value of any property
distributed, and for U.S. federal income tax purposes, the amount of any Israeli taxes withheld therefrom. Cash distributions paid by
us in NIS will be included in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange in effect on the
date the dividend is includible in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such NIS for U.S. federal
income tax purposes equal to such U.S. dollar value. If the U.S. Holder subsequently converts the NIS into U.S. dollars or otherwise
disposes of it, any subsequent gain or loss in respect of such NIS arising from exchange rate fluctuations will be U.S. source ordinary
exchange gain or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of the Disposition of Ordinary Shares or ADSs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as provided under the PFIC rules described below under &#8220;Passive Foreign Investment Companies,&#8221; upon the sale, exchange or
other disposition of our Ordinary Shares or ADSs, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference
between such U.S. Holder&#8217;s tax basis for the Ordinary Shares or ADSs in U.S. dollars and the amount realized on the disposition
in U.S. dollar (or its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the
amount realized is denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of Ordinary
Shares or ADSs will be long-term capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the
disposition. Individuals who recognize long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital
losses is subject to various limitations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Companies</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
U.S. federal income tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for
U.S. federal income tax purposes for any taxable year that either:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75% or more of our gross
    income (including our pro rata share of gross income for any company, in which we are considered to own 25% or more of the shares
    by value), in a taxable year is passive; or</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At least 50% of our assets,
    averaged over the year and generally determined based upon fair market value (including our pro rata share of the assets of any company
    in which we are considered to own 25% or more of the shares by value) are held for the production of, or produce, passive income.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
this purpose, passive income generally consists of dividends, interest, rents, royalties, annuities and income from certain commodities
transactions and from notional principal contracts. Cash is treated as generating passive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we will not be a PFIC for the current taxable year, and we do not expect to become a PFIC in the future, although there
can be no assurance in this regard. The tests for determining PFIC status are applied annually, and it is difficult to make accurate
projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on
the market value of our Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will not become a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we currently are or become a PFIC, each U.S. Holder who has not elected to mark the shares to market (as discussed below), would, upon
receipt of certain distributions by us and upon disposition of our Ordinary Shares or ADSs at a gain: (1) have such distribution or gain
allocated ratably over the U.S. Holder&#8217;s holding period for the Ordinary Shares or ADSs, as the case may be; (2) the amount allocated
to the current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as
ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in
effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with
respect to the resulting tax attributable to each such other taxable year. In addition, when shares of a PFIC are acquired by reason
of death from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up to fair market value as of
the date of the decedent&#8217;s death, but instead would be equal to the decedent&#8217;s basis if lower, unless all gain were recognized
by the decedent. Indirect investments in a PFIC may also be subject to these special U.S. federal income tax rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PFIC rules described above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has
held the Ordinary Shares or ADSs while we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S.
Holder who has made such a QEF election is required for each taxable year that we are a PFIC to include in income such U.S. Holder&#8217;s
pro rata share of our ordinary earnings as ordinary income and such U.S. Holder&#8217;s pro rata share of our net capital gains as long-term
capital gain, regardless of whether we make any distributions of such earnings or gain. In general, a QEF election is effective only
if we make available certain required information. The QEF election is made on a shareholder-by-shareholder basis and generally may be
revoked only with the consent of the IRS. We do not intend to notify U.S. Holders if we believe we will be treated as a PFIC for any
tax year. In addition, we do not intend to furnish U.S. Holders annually with information needed in order to complete IRS Form 8621 and
to make and maintain a valid QEF election for any year in which we or any of our subsidiaries are a PFIC. Therefore, the QEF election
will not be available with respect to our Ordinary Shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the PFIC rules described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder
of our Ordinary Shares or ADSs which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to
mark the Ordinary Shares or ADSs to market annually, recognizing as ordinary income or loss each year an amount equal to the difference
as of the close of the taxable year between the fair market value of the Ordinary Shares or ADSs and the U.S. Holder&#8217;s adjusted
tax basis in the Ordinary Shares or ADSs. Losses are allowed only to the extent of net mark-to-market gain previously included income
by the U.S. Holder under the election for prior taxable years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders who hold our Ordinary Shares or ADSs during a period when we are a PFIC will be subject to the foregoing rules, even if we cease
to be a PFIC. U.S. Holders are strongly urged to consult their tax advisors about the PFIC rules.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
on Net Investment Income</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders who are individuals, estates or trusts will generally be required to pay a 3.8% Medicare tax on their net investment income (including
dividends on and gains from the sale or other disposition of our Ordinary Shares or ADSs), or in the case of estates and trusts on their
net investment income that is not distributed. In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder&#8217;s
total adjusted income exceeds applicable thresholds.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Consequences for Non-U.S. Holders of Ordinary Shares or ADSs</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as provided below, an individual, corporation, estate or trust that is not a U.S. Holder referred to below as a non-U.S. Holder, generally
will not be subject to U.S. federal income or withholding tax on the payment of dividends on, and the proceeds from the disposition of,
our Ordinary Shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. Holder may be subject to U.S. federal income tax on a dividend paid on our Ordinary Shares or ADSs or gain from the disposition
of our Ordinary Shares or ADSs if: (1) such item is effectively connected with the conduct by the non-U.S. Holder of a trade or business
in the United States and, if required by an applicable income tax treaty is attributable to a permanent establishment or fixed place
of business in the United States; or (2) in the case of a disposition of our Ordinary Shares or ADSs, the individual non-U.S. Holder
is present in the United States for 183 days or more in the taxable year of the disposition and other specified conditions are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, non-U.S. Holders will not be subject to backup withholding with respect to the payment of dividends on our Ordinary Shares or
ADSs if payment is made through a paying agent, or office of a foreign broker outside the United States. However, if payment is made
in the United States or by a U.S. related person, non-U.S. Holders may be subject to backup withholding, unless the non-U.S. Holder provides
an applicable IRS Form W-8 (or a substantially similar form) certifying its foreign status, or otherwise establishes an exemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of any backup withholding from a payment to a non-U.S. Holder will be allowed as a credit against such holder&#8217;s U.S. federal
income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Withholding</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder may be subject to backup withholding at a rate of 24% with respect to cash dividends and proceeds from a disposition of Ordinary
Shares or ADSs. In general, backup withholding will apply only if a U.S. Holder fails to comply with specified identification procedures.
Backup withholding will not apply with respect to payments made to designated exempt recipients, such as corporations and tax-exempt
organizations. Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability
of a U.S. Holder, provided that the required information is timely furnished to the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to recently enacted legislation, a U.S. Holder with interests in &#8220;specified foreign financial assets&#8221; (including, among other
assets, our Ordinary Shares or ADSs, unless such Ordinary Shares or ADSs are held on such U.S. Holder&#8217;s behalf through a financial
institution) may be required to file an information report with the IRS if the aggregate value of all such assets exceeds $50,000 on
the last day of the taxable year or $75,000 at any time during the taxable year (or such higher dollar amount as may be prescribed by
applicable IRS guidance); and may be required to file a Report of Foreign Bank and Financial Accounts, or FBAR, if the aggregate value
of the foreign financial accounts exceeds $10,000 at any time during the calendar year. You should consult your own tax advisor as to
the possible obligation to file such information report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_032"></span>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends and Paying
    Agents.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_033"></span>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement by Experts.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_034"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents on Display.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the information reporting requirements of the Exchange Act, applicable to foreign private issuers and under those requirements
file reports with the SEC. The SEC maintains an Internet website that contains reports and other information regarding issuers that file
electronically with the SEC. Our filings with the SEC are also available to the public through the SEC&#8217;s website at www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports
and financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the
Exchange Act. However, we file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by
the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and
may submit to the SEC, on a Form 6-K, unaudited quarterly financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, since our Ordinary Shares are traded on the TASE, we have filed Hebrew language periodic and immediate reports with, and furnish
information to, the TASE and the ISA, as required under Chapter Six of the Securities Law. Copies of our filings with the ISA, can be
retrieved electronically through the MAGNA distribution site of the ISA (www.magna.isa.gov.il) and the TASE&#8217;s MAYA website (https://maya.tase.co.il).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain a corporate website www.foresightauto.com. Information contained on, or that can be accessed through, our website and the other
websites referenced above do not constitute a part of this annual report on Form 20-F. We have included these website addresses in this
annual report on Form 20-F solely as inactive textual references.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_035"></span>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary Information.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_036"></span>J.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Report to Security
    Stockholders.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z1_037"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
11. <span style="text-transform: uppercase">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of our operations, we are exposed to certain market risks, primarily changes in foreign currency exchange rates and
interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and Qualitative Disclosure About Market Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our current investment policy is to invest available cash in bank
deposits with banks that have a credit rating of at least A-minus. Accordingly, a substantial majority of our cash and cash equivalents
is held in deposits that bear interest. Given the current low rates of interest we receive, we will not be adversely affected if such
rates are reduced. Our market risk exposure is primarily a result of NIS/U.S. dollar exchange rates, which is discussed in detail in
the following paragraph.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Exchange Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations and cash flow are subject to fluctuations due to changes in NIS/U.S. dollar currency exchange rates. The vast majority
of our liquid assets is held in NIS, and a certain portion of our expenses is denominated in U.S. dollars. Changes of 5% and 10% in the
U.S. dollar/NIS exchange rate would increase/decrease our operating expenses for 2023 by 1.6% and 3.2%, respectively. However, these
historical figures may not be indicative of future exposure, as we expect that the percentage of our NIS denominated expenses will materially
decrease in the near future, therefore reducing our exposure to exchange rate fluctuations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not hedge our foreign currency exchange risk. In the future, we may enter into formal currency hedging transactions to decrease the
risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures, however, may
not adequately protect us from the material adverse effects of such fluctuations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_038"></span><b>ITEM
12. <span style="text-transform: uppercase">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_039"></span><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt Securities.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="Z1_040"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants and rights.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_041"></span><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Securities.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_042"></span><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American Depositary
    Shares. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees
and Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the fees and expenses that a holder of the ADSs may have to pay, either directly or indirectly:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Persons
    depositing or withdrawing shares or ADS holders must pay: </i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>For:</i></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs).</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property.</span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation of ADSs for
    the purpose of withdrawal, including if the deposit agreement terminates.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
    (or less) per ADS.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any cash distribution to
    ADS holders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A fee equivalent to the
    fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of securities
    distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
    (or less) per ADS per calendar year.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    or transfer fees.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer and registration
    of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares.</span></td></tr>
  </table>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
    of the depositary.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cable
    and facsimile transmissions (when expressly provided in the deposit agreement).</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Converting
    foreign currency to U.S. dollars.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes and other governmental
    charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty
    or withholding taxes.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As necessary.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any charges incurred by
    the depositary or its agents for servicing the deposited securities.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As necessary.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the
method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary&#8217;s obligations
under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_043"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_044"></span><b>ITEM
13. <span style="text-transform: uppercase">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_045"></span>ITEM
14. <span style="text-transform: uppercase">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_046"></span><b>ITEM
15. <span style="text-transform: uppercase">CONTROLS AND PROCEDURES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
Disclosure Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our
disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31,
2023, or the Evaluation Date. Based on such evaluation, those officers have concluded that, as of the Evaluation Date, our disclosure
controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to
be included in periodic filings under the Exchange Act and that such information is accumulated and communicated to management, including
our principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)
Management&#8217;s Annual Report on Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive
Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting
based principally on the framework and criteria established in Internal Control - Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission as of the end of the period covered by this report. Based on that evaluation,
our management has concluded that our internal control over financial reporting was effective as of December 31, 2023, at providing reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)
Attestation Report of the Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include an attestation report of our independent registered public accounting firm regarding internal control
over financial reporting due to an exemption for emerging growth companies provided in the JOBS Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)
Changes in Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, there were no changes in our internal control over financial reporting that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_047"></span><b>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board has determined that each member of our audit committee is an audit committee financial expert, as defined under the rules under
the Exchange Act, and is independent in accordance with applicable Exchange Act rules and Nasdaq rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_048"></span><b>ITEM
16B. CODE OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a written code of ethics that applies to our officers and employees, including our principal executive officer, principal
financial officer, principal controller and persons performing similar functions as well as our directors. Our Ethical Code is posted
on our website at www.foresightauto.com. Information contained on, or that can be accessed through, our website does not constitute a
part of this annual report on Form 20-F and is not incorporated by reference herein. If we make any amendment to the Code of Business
Conduct and Ethics or grant any waivers, including any implicit waiver, from a provision of the code, we will disclose the nature of
such amendment or waiver on our website to the extent required by the rules and regulations of the SEC including the instructions to
Item 16B of Form 20-F. We have not granted any waivers under our Code of Business Conduct and Ethics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_049"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brightman
Almagor Zohar &amp; Co., a firm in the Deloitte Global Network, has served as our principal independent registered public accounting
firm for each of the two years ended December 31, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information regarding fees paid by us to Brightman Almagor Zohar &amp; Co. and/or other member firms of Deloitte
Touche Tohmatsu Limited for all services, including audit services, for the years ended December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees <sup>(1)</sup></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">66,225</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">68,201</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-Related Fees <sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Fees <sup>(3)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,735</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">81,225</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">118,936</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(1)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Includes professional
    services rendered in connection with the audit of our annual financial statements, review of our interim financial statements and
    tax returns.</i> All of the services provided were approved by audit committee and by our Board.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(2)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes a consent and
    a comfort letter. All of the services provided were approved by the audit committee and by our Board. </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(3)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Include representation
    before the Israeli tax authority with regard to the transfer of Eye-Net shares to the company, as well as representation before the
    Israeli VAT authority in connection with an audit. All of the services were approved by the audit committee and by our Board.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Pre-Approval
of Auditors&#8217; Compensation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee has a pre-approval policy for the engagement of our independent registered public accounting firm to perform certain
audit and non-audit services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence
of our auditors, the audit committee pre-approves annually a catalog of specific audit and non-audit services in the categories of audit
services, audit-related services and tax services that may be performed by our independent registered public accounting firm. If a type
of service, that is to be provided by our auditors, has not received such general pre-approval, it will require specific pre-approval
by our audit committee. The policy prohibits retention of the independent registered public accounting firm to perform the prohibited
non-audit functions defined in applicable SEC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_050"></span><b>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_051"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z1_052"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_053"></span>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Nasdaq Stock Market rules, we may elect to follow certain corporate governance practices permitted under the Companies Law in lieu of
compliance with corresponding corporate governance requirements otherwise imposed by the Nasdaq Stock Market rules for U.S. domestic
issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Israeli law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market rules, we have
elected to follow the provisions of the Companies Law, rather than the Nasdaq Stock Market rules, with respect to the following requirements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distribution of periodic
    reports to shareholders; proxy solicitation.</i> As opposed to the Nasdaq Stock Market rules, which require listed issuers to make
    such reports available to shareholders in one of a number of specific manners, Israeli law does not require us to distribute periodic
    reports directly to shareholders, and the generally accepted business practice in Israel is not to distribute such reports to shareholders
    but to make such reports available through a public website. In addition to making such reports available on a public website, we
    currently make our audited financial statements available to our shareholders at our offices and will only mail such reports to shareholders
    upon request. As a foreign private issuer, we are generally exempt from the SEC&#8217;s proxy solicitation rules.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Quorum</i>. While the
    Nasdaq Stock Market rules require that the quorum for purposes of any meeting of the holders of a listed company&#8217;s common voting
    stock, as specified in the company&#8217;s bylaws, be no less than 1/3 of the company&#8217;s outstanding common voting stock, under
    Israeli law, a company is entitled to determine in its articles of association the number of shareholders and percentage of holdings
    required for a quorum at a shareholders meeting. Our amended and restated articles of association provide that a quorum of two or
    more shareholders holding at least 1/3 of the voting rights in person or by proxy is required for commencement of business at a general
    meeting. However, the quorum set forth in our amended and restated articles of association with respect to an adjourned meeting consists
    of any number of shareholders present in person or by proxy.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nomination of our directors.
    </i>With the exception of directors elected by our Board, our directors are elected by an annual meeting of our shareholders to hold
    office until the next annual meeting following one year from his or her election (or for three-year term, with respect to external
    directors, with certain exceptions as described in &#8220;Item 6. C. Board Practices - External Directors&#8221; above), or until
    the director resigns from his office or the nomination is terminated in accordance with the provisions of our articles of association.
    The nominations for directors, which are presented to our shareholders by our Board, are generally made by the Board itself, in accordance
    with the provisions of our amended and restated articles of association and the Companies Law. Nominations need not be made by a
    nominating committee of our Board consisting solely of independent directors, as required under the Nasdaq Stock Market rules.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation of officers.
    </i>Israeli law and our amended and restated articles of association do not require that the independent members of our Board (or
    a compensation committee composed solely of independent members of our Board) determine an executive officer&#8217;s compensation,
    as is generally required under the Nasdaq Stock Market rules with respect to the chief executive officer and all other executive
    officers. Instead, compensation of executive officers is determined and approved by our compensation committee and our Board, and
    in certain circumstances by our shareholders, either in consistency with our office holder compensation policy or, in special circumstances
    in deviation therefrom, taking into account certain considerations stated in the Companies Law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
approval is generally required for officer compensation in the event (i) approval by our Board and our compensation committee is not
consistent with our office holder compensation policy, or (ii) compensation required to be approved is that of our chief executive officer
or an executive officer who is also the controlling shareholder of our company (including an affiliate thereof). Such shareholder approval
shall require a majority vote of the shares present and voting at a shareholders meeting, provided either (i) such majority includes
a majority of the shares held by non-controlling shareholders who do not otherwise have a personal interest in the compensation arrangement
that are voted at the meeting, excluding for such purpose any abstentions disinterested majority, or (ii) the total shares held by non-controlling
and disinterested shareholders voted against the arrangement does not exceed 2% of the voting rights in our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
approval of the compensation of an executive officer who is also a director requires a simple majority vote of the shares present and
voting at a shareholders meeting, if consistent with our office holder compensation policy. Our compensation committee and board of directors
may, in special circumstances, approve the compensation of an executive officer (other than a director, a chief executive officer or
a controlling shareholder) or approve the compensation policy despite shareholders&#8217; objection, based on specified arguments and
taking shareholders&#8217; objection into account. Our compensation committee may further exempt an engagement with a nominee for the
position of chief executive officer, who meets the non-affiliation requirements set forth for an external director, from requiring shareholder
approval, if such engagement is consistent with our office holder compensation policy and our compensation committee determines based
on specified arguments that presentation of such engagement to shareholder approval is likely to prevent such engagement. To the extent
that any such transaction with a controlling shareholder is for a period exceeding three years, approval is required once every three
years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director or executive officer may not be present when the board of directors of a company discusses or votes upon a transaction in which
he or she has a personal interest, except in case of ordinary transactions, unless the chairman of the board of directors determines
that he or she should be present to present the transaction that is subject to approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Independent directors.
    </i>Israeli law does not require that a majority of the directors serving on our Board be &#8220;independent,&#8221; as defined under
    Nasdaq Listing Rule 5605(a)(2), and rather requires we have at least two external directors who meet the requirements of the Companies
    Law, as described above under &#8220;Item 6. C. Board Practices &#8211; External Directors.&#8221; Notwithstanding Israeli law, we
    believe that a majority of our directors are currently &#8220;independent&#8221; under the Nasdaq Stock Market rules. We are required,
    however, to ensure that all members of our audit committee are &#8220;independent&#8221; under the applicable Nasdaq and SEC criteria
    for independence (as we cannot exempt ourselves from compliance with that SEC independence requirement, despite our status as a foreign
    private issuer), and we must also ensure that a majority of the members of our audit committee are &#8220;unaffiliated directors&#8221;
    as defined in the Companies Law. Furthermore, Israeli law does not require, nor do our independent directors conduct, regularly scheduled
    meetings at which only they are present, which the Nasdaq Stock Market rules otherwise require.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholder approval.
    </i>We will seek shareholder approval for all corporate actions requiring such approval under the requirements of the Companies Law,
    rather than seeking approval for corporation actions in accordance with Nasdaq Listing Rule 5635. In particular, under this Nasdaq
    Stock Market rule, shareholder approval is generally required for: (i) an acquisition of shares/assets of another company that involves
    the issuance of 20% or more of the acquirer&#8217;s shares or voting rights or if a director, officer or 5% shareholder has greater
    than a 5% interest in the target company or the consideration to be received; (ii) the issuance of shares leading to a change of
    control; (iii) adoption/amendment of equity compensation arrangements (although under the provisions of the Companies Law there is
    no requirement for shareholder approval for the adoption/amendment of the equity compensation plan); and (iv) issuances of 20% or
    more of the shares or voting rights (including securities convertible into, or exercisable for, equity) of a listed company via a
    private placement (and/or via sales by directors/officers/5% shareholders) if such equity is issued (or sold) below a specified minimum
    price. By contrast, under the Companies Law, shareholder approval is required for, among other things: (i) transactions with directors
    concerning the terms of their service or indemnification, exemption and insurance for their service (or for any other position that
    they may hold at a company), for which approvals of the compensation committee, board of directors and shareholders are all required,
    subject to applicable relief, (ii) extraordinary transactions with controlling shareholders of publicly held companies, which require
    the special approval, and (iii) terms of employment or other engagement of the controlling shareholder of us or such controlling
    shareholder&#8217;s relative, which require special approval. In addition, under the Companies Law, a merger requires approval of
    the shareholders of each of the merging companies.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Approval of Related
    Party Transactions</i>. All related party transactions are approved in accordance with the requirements and procedures for approval
    of interested party acts and transaction as set forth in the Companies Law, which requires the approval of the audit committee, or
    the compensation committee, as the case may be, the board of directors and shareholders, as may be applicable, for specified transactions,
    rather than approval by the audit committee or other independent body of our Board as required under the Nasdaq Stock Market rules.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Annual Shareholders
    Meeting.</i> As opposed to the Nasdaq Stock Market Rule 5620(a), which mandates that a listed company hold its annual shareholders
    meeting within one year of the company&#8217;s fiscal year-end, we are required, under the Companies Law, to hold an annual shareholder
    meeting each calendar year and within 15 months of the last annual shareholders meeting.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_054"></span>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z1_055"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_056"></span>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z1_057"></span><b>ITEM
16K. CYBERSECURITY.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees.
The Board is actively involved in oversight of our risk management program, and cybersecurity represents an important component of our
overall approach to risk management. Our cybersecurity policies, standards, processes and practices are fully integrated into our risk
management program and are based on recognized frameworks established by the National Institute of Standards and Technology, the International
Organization for Standardization and other applicable industry standards. The Board has invested resources to ensure and implement best
practices information technology tools and methodologies such: firewall security, cyber security tools, DRP, BCP, MSSP and SOC services.
In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the
confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity
threats and effectively responding to cybersecurity incidents when they occur. We have appointed a skilled Chief Information Security
Officer (&#8220;CISO&#8221;), to monitor and manage the cyber security methodologies and tools and periodically conduct system penetration
tests to identify weaknesses in its security envelope.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is ISO/IEC 27001 certified - ISO/IEC 27001 is the world&#8217;s best-known standard for information security management systems
(ISMS). The ISO/IEC 27001 standard provides the Company guidance for establishing, implementing, maintaining, and continually improving
an information security management system. Conformity with ISO/IEC 27001 means that the Company puts in place a system to manage risks
related to the security of data owned or handled by the Company, and that this system respects all the best practices and principles
enshrined in this International Standard.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Management and Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the critical elements of our overall risk management approach, our cybersecurity program is focused on the following key areas:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governance:
    As discussed in more detail under the heading &#8220;Governance,&#8221; The Board&#8217;s oversight of cybersecurity risk management
    is supported by the Audit Committee of the Board (the &#8220;Audit Committee&#8221;), which annually, and when relevant, periodically
    interacts with the Company&#8217;s ERM</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;function,
    the Company&#8217;s Vice President of Global Operations and CISO, other members of management and relevant management committees
    and councils, including management&#8217;s Cybersecurity Council.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has appointed a certified CISO function, dedicated to review and set the relevant cyber security policies</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaborative
    Approach: The Company has implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity
    threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity
    incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely
    manner. This includes advanced methodologies and tools such as firewall security, cyber security tools, DRP, BCP, MSSP and SOC services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical
    Safeguards: The Company deploys technical safeguards that are designed to protect the Company&#8217;s information systems from cybersecurity
    threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are
    evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.</span></td></tr>
  </table>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penetration
    Tests: The Company conducts annual extensive penetration tests, by authorized 3rd parties which are certified and highly skilled
    to perform such penetration tests in order to identify potential security weaknesses. The results of such testing protocols are presented
    to the Cybersecurity Council and operative actions are approved in order to ensure and applications for cyber security best practices.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
    and Standards: The Company is ISO/IEC 27001 certified and promotes a holistic approach to information security such as vetting people,
    policies, and technology. An information security management system implemented according to this standard is a tool for risk management,
    cyber-resilience, and operational excellence.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incident
    Response and Recovery Planning: The Company has established and maintains comprehensive incident response and recovery plans that
    fully address the Company&#8217;s response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-Party
    Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented
    by third parties, including vendors, service providers and other external users of the Company&#8217;s systems, as well as the systems
    of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Education
    and Awareness: The Company provides regular, mandatory training for personnel regarding cybersecurity threats as a means to equip
    the Company&#8217;s personnel with effective tools to address cybersecurity threats, and to communicate the Company&#8217;s evolving
    information security policies, standards, processes and practices.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has implemented an extensive Disaster Recovery Plan (&#8220;DRP&#8221;) in order to ensure a business continuity plan, in
    situations which its main information technology systems are shutdown or out of operation due to cyber security attack.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
    awareness: The Company is implementing a security awareness program. The CISO and security professionals educate employees and stakeholders
    on the importance of cybersecurity and data privacy. The ultimate objective is to enhance security awareness among employees and
    reduce the risks associated with cyberthreats. In crafting security awareness training program, the Company emphasizes to employees
    the criticality of protecting the organization and provide an overview of the corresponding corporate policies and procedures that
    covers a secured work environment and whom to contact if they discover a potential threat.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company holds a cybersecurity insurance policy which covers, amongst other, the financial and professional support in cybersecurity
    incidents, income lost coverage and extensive support in an incident of ransom.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity
threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling,
vulnerability testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We regularly
engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits
and independent reviews of our information security control environment and operating effectiveness. The results of such assessments,
audits and reviews are periodically reported to the Audit Committee and the Board, and we adjust our cybersecurity policies, standards,
processes and practices as necessary based on the information provided by these assessments, audits and reviews.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board, in coordination with the Audit Committee, oversees our risk management process, including the management of risks arising from
cybersecurity threats. The Board and the audit Committee each receive annual, and when relevant, periodic presentations and reports on
cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments,
third-party and independent reviews, the threat environment, technological trends and information security considerations arising with
respect to our peers and third parties. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity
incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
On an annual basis, the Board and the Audit Committee discuss our approach to cybersecurity risk management with the members of the Cybersecurity
Council, which includes the Vice President of Global Operations and the CISO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CISO, in coordination with the Company&#8217;s Chief Executive Officer (&#8220;CEO&#8221;), Chief Financial Officer (&#8220;CFO&#8221;)
and Vice President of Global Operations, works collaboratively across the Company to implement a program designed to protect the Company&#8217;s
information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company&#8217;s
incident response and recovery plans. To facilitate the success of the Company&#8217;s cybersecurity risk management program, multidisciplinary
teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing
communications with these teams, the CISO monitors the prevention, detection, mitigation and remediation of cybersecurity threats and
incidents in real time, and report such threats and incidents to the Vice President of Global Operations and other Management members
when appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Yogev Klien is a skilled CISO manager with more than 15 years of experience in information technology, data security and cyber security
and has wide experience in applications, tools and methodologies implementation in in various companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cybersecurity
threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to affect
the Company, including its business strategy, results of operations or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="Z1_058"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_059"></span>ITEM
17. <span style="text-transform: uppercase">FINANCIAL STATEMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements and related information pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z1_060"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
18. <span style="text-transform: uppercase">FINANCIAL STATEMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements and the related notes required by this Item are included in this annual report on Form 20-F beginning
on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z1_061"></span>ITEM
19. <span style="text-transform: uppercase">EXHIBITS.</span></b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1691221/000121390019016163/f6k0819ex99-1i_foresight.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Association of Foresight Autonomous Holdings Ltd. (unofficial English translation from Hebrew original), filed as part of Exhibit 99.1.to Form 6-K filed on August 16, 2019, and incorporated herein by reference.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1691221/000121390017004924/f20fr12b2017ex2i_foresight.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Deposit Agreement among Foresight Autonomous Holdings Ltd., The Bank of New York Mellon as Depositary, and owners and holders from time to time of ADSs issued thereunder, including the Form of American Depositary Shares, filed as Exhibit 2.1 to form 20-F (File No. 001-38094) filed on March 27, 2018, and incorporated herein by reference.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934 (filed herewith).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Financial Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934 (filed herewith).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, furnished herewith.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, furnished herewith.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex15-1.htm">Consent of Brightman Almagor Zohar &amp; Co., independent registered public accounting firm (filed herewith).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex97-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clawback Policy</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following financial
    information from the Registrant&#8217;s Annual Report on Form 20-F for the year ended December 31, 2023, formatted in iXBRL (Inline
    eXtensible Business Reporting Language): (i) Consolidated Balance sheets; (ii) Consolidated Statements of Comprehensive Loss; (iii)
    Statement of Changes in Shareholders&#8217; Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to the consolidated
    financial statements, tagged as blocks of text and in detail.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive
    Data File (embedded within the Inline XBRL document).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on Form 20-F filed on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORESIGHT AUTONOMOUS HOLDINGS LTD.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 27, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>By:</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><i>/s/ <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haim
    Siboni</span></i></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haim Siboni</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Foresight
Autonomous Holdings Ltd.</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statements</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">As
of December 31, 2023</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Foresight
Autonomous Holdings Ltd.</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">As
of December 31, 2023</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID No. <span id="xdx_903_edei--AuditorFirmId_c20230101__20231231_z8JVLyPfAlbc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorFirmId">1197</ix:nonNumeric></span>)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Financial
    Statements:</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002">Consolidated Balance Sheets</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Comprehensive Loss</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Changes in Shareholders&#8217; Equity</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6
    - F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8
    - F-24</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<img src="fin_001.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>To
the shareholders and the Board of Directors of</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORESIGHT
AUTONOMOUS HOLDINGS LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Foresight Autonomous Holdings Ltd. and its subsidiaries (the &#8220;Company&#8221;)
as of December 31, 2023 and 2022 and the related consolidated statements of comprehensive loss,  shareholders&#8217; equity
and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as
the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">/s/
<span id="xdx_90F_edei--AuditorName_c20230101__20231231_zi7n9ao6r7lf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:AuditorName">Brightman Almagor Zohar &amp; Co</ix:nonNumeric></span>.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brightman
Almagor Zohar &amp; Co.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified
Public Accountants</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Firm in the Deloitte Global Network</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--AuditorLocation_c20230101__20231231_zEaprlTKypmj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000056" name="dei:AuditorLocation">Tel
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
27, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>Foresight
Autonomous Holdings Ltd. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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  <tr id="xdx_409_eus-gaap--EquitySecuritiesFVNINoncurrent_i02I_maCzFwR_z8kw3yEWHFla" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maCzFwR_zRppJji26aQi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--AssetsNoncurrent_i02TI_mtCzFwR_maCzXYf_zGmsYTkXhxHc" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--Assets_i01TI_mtCzXYf_zsBllhOCc3M9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zVGwrXrHBmI2" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LiabilitiesCurrentAbstract_i01B_zOE84a70uAha" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; text-align: justify">Current liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsPayableTradeCurrent_i02I_maCzW3q_zN2zFo7N4W64" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Trade payables</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maCzW3q_ztZKcw1pp4W7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Operating lease liability</td><td>&#160;</td>
    <td style="text-align: center">9</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--OtherLiabilitiesCurrent_i02I_maCzW3q_zmdQHVX2bDVa" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--LiabilitiesCurrent_i02TI_mtCzW3q_maCzqPp_zVWCrLfvaXh3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_maCzqPp_zZaEjuH8swg6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Operating lease liability non-current</td><td>&#160;</td>
    <td style="text-align: center">9</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000121" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,163</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000122" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,476</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--Liabilities_i01TI_mtCzqPp_maCzkbW_zYsH5suurRY4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">TOTAL LIABILITIES</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31" id="Fact000124" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,315</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31" id="Fact000125" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,110</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--StockholdersEquityAbstract_i01B_z8ffpzijWwyd" style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-weight: bold; text-align: justify">Shareholders&#8217; equity</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--CommonStockValue_i02I_maCzvfA_z1YLj7OiUGKa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ordinary shares, <span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_do_c20231231_zbgpeCZARWI8" title="Common stock, par value"><span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_do_c20221231_zWNBoeJuqwX9" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact000133" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31" id="Fact000135" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></ix:nonFraction></span></span> par value; Authorized <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231_zWq5VuHhvufh" title="Common stock, shares authorized"><span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231_zXpIE81wKTfe" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact000137" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31" id="Fact000139" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000,000</ix:nonFraction></ix:nonFraction></span></span> shares; Issued and outstanding: <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231_zdrhMaBsKYG5" title="Common stock, shares issued"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231_znR88La0YIvb" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact000141" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000143" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">459,778,056</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231_zRiqL62oZinc" title="Common stock, shares issued"><span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231_zuo05G73x301" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31" id="Fact000145" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" id="Fact000147" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">322,979,556</ix:nonFraction></ix:nonFraction></span></span> shares as of December 31, 2023, and December 31, 2022, respectively</td><td>&#160;</td>
    <td style="text-align: center">10B</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0130">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0131">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--AdditionalPaidInCapital_i02I_maCzvfA_z9iLxxw33Owk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Additional paid in capital</td><td>&#160;</td>
    <td style="text-align: center">10</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">129,810</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maCzvfA_zsUMbUcaU5h2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Accumulated deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000152" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">119,890</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31" id="Fact000153" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">101,480</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--StockholdersEquity_i02TI_mtCzvfA_maCzNVz_zbwNPLTuxH31" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Total Foresight Autonomous Holdings Ltd. shareholders&#8217; equity</td><td>&#160;</td>
    <td style="text-align: center">10</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--MinorityInterest_i02I_maCzNVz_z5eIKTzD1PSc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">603</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_mtCzNVz_maCzkbW_zjxFGcwSjVOf" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Total equity</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>Foresight
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_ecustom--StockIssuedDuringPeriodValueExerciseOfWarrants_pn3n3_zvoXtmvFhhta" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--NetIncomeLoss_pn3n3_zalvRVuHTcJf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_433_c20220101__20221231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_pn3n3_zWZwnVqeG1C6" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">CHANGES DURING 2022:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_pn3n3_zfamvzt4UNW3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_pn3n3_zCd657jIpxHf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_pn3n3_zhX6N92D7mQ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Share-based payment</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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                                                                                             Autonomous Holdings Ltd. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Supplemental
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>Foresight
Autonomous Holdings Ltd. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000513" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_801_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z29My1CRU6zk" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
1 - <span id="xdx_82C_zm5aHO0yaet8">GENERAL</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foresight
Autonomous Holdings Ltd. (the &#8220;Company&#8221;) was originally incorporated in Israel in September 1977 under the name &#8220;Golan
Malechet Machshevet Ltd.&#8221; as a private company, and in April 1987 became a public company. In 2010, the Company changed its name
to &#8220;Asia Development (A.D.B.M.) Ltd.&#8221; The Company&#8217;s ordinary shares, no par value, (the &#8220;Ordinary Shares&#8221;)
are traded on the Tel Aviv Stock Exchange (&#8220;TASE&#8221;). In addition, since June 15, 2017, the Company has American Depository
Shares (the &#8220;ADSs&#8221;) registered with the U.S. Securities and Exchange Commission. <span id="xdx_90F_ecustom--AmericanDepositorySharesDescription_c20230101__20231231_z9XJzLaffB23" title="American depository shares, description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000515" name="FRSX:AmericanDepositorySharesDescription">The ADSs are listed on The Nasdaq Capital
Market, and the ratio of the Company&#8217;s Ordinary Shares to ADSs is 30:1</ix:nonNumeric></span> (see note 2K). On January 5, 2016, the Company acquired
(the &#8220;Acquisition Transaction&#8221;) <span id="xdx_90C_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20160105__us-gaap--BusinessAcquisitionAxis__custom--ForesightLtdMember_zV9IyROTEZF7" title="Percentage of acquisition"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2016-01-05_custom_ForesightLtdMember" id="Fact000517" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the outstanding shares of Foresight Automotive Ltd. (&#8220;Foresight Ltd.&#8221;),
a company incorporated in Israel, pursuant to a capital share exchange agreement dated as of October 11, 2015, among the Company, Magna
B.S.P. Ltd. (&#8220;Magna&#8221;), and Foresight Ltd. In exchange for the outstanding shares of Foresight Ltd., the Company issued to
Magna a total of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20160101__20160105__srt--ConsolidatedEntitiesAxis__custom--MagnaMember_zOntzELP7s1i" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2016-01-012016-01-05_custom_MagnaMember" id="Fact000519" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,884,116</ix:nonFraction></span> of the Company&#8217;s Ordinary Shares representing approximately <span id="xdx_90A_ecustom--OrdinarySharesIssuedPercentage_pid_dp_uPure_c20160101__20160105_zdzs4MHORPgg" title="Ordinary shares issued, percentage"><ix:nonFraction name="FRSX:OrdinarySharesIssuedPercentage" contextRef="From2016-01-012016-01-05" id="Fact000521" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">64.50</ix:nonFraction></span>% of the Ordinary Shares then issued
and outstanding after giving effect to the Acquisition Transaction. As a result of the Acquisition Transaction, Foresight Ltd. became
a wholly owned subsidiary of the Company as of January 5, 2016, and, subsequently to the Acquisition Transaction, the Company changed
its name to &#8220;Foresight Autonomous Holdings Ltd.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foresight
Ltd. was established in July 2015 by Magna to transfer all of Magna&#8217;s three-dimensional (3D) computer vision research and development
technology and business in the area of Advanced Driver Assistance Systems (&#8220;ADAS&#8221;) to a separate entity. As part of the reorganization,
Magna transferred to Foresight Ltd. all the intellectual assets comprised mostly of know-how, software and algorithms developed by Magna.
As of December 31, 2023, Magna holds %<span id="xdx_90D_ecustom--OrdinarySharesIssuedPercentage_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--MagnaMember_zUe7PCCiBbxj" title="Ordinary shares issued, percentage"><ix:nonFraction name="FRSX:OrdinarySharesIssuedPercentage" contextRef="From2023-01-012023-12-31_custom_MagnaMember" id="Fact000523" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.53</ix:nonFraction></span> of the Company&#8217;s shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
Mobile Ltd (&#8220;Eye-Net&#8221;) was established in May 2018 by Foresight Ltd. in order to develop cellular based, beyond-line-of-sight,
accident prevention solutions. On September 15, 2022, Foresight Ltd. transferred the shares of Eye-Net to the Company, free of charge
and in accordance with the provisions of Section 104 C of the Israeli Income Tax Ordinance [New Version] 5721-1961, so that after the
transfer of the shares, the Company directly holds all of the shares of Eye-Net.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2022, the Company announced the establishment of Foresight Changzhou Automotive Ltd., (&#8220;Foresight Changzhou&#8221;),
a wholly owned subsidiary of Foresight Ltd., in Jiangsu Province, China. Foresight Changzhou was established in cooperation with the
China-Israel Changzhou Innovation Park (CIP), a bi-national governmental initiative that provides a unique platform for Israeli industrial
companies seeking to enter the Chinese market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries Foresight Ltd., Eye-Net and Foresight Changzhou are collectively referred to as the &#8220;Company&#8221;
or the &#8220;Group.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through its
wholly owned subsidiaries, Foresight Ltd. and Eye-Net, the Company develops both &#8220;in-line-of-sight&#8221; vision systems and &#8220;beyond-line-of-sight&#8221;
accident-prevention solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s vision solutions include modules of automatic calibration and dense 3D point cloud that can be applied to diverse markets
such as automotive, defense, autonomous vehicles, and heavy industrial equipment. Eye-Net&#8217;s cellular-based solution suite provides
real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment
by incorporating cutting-edge artificial intelligence (&#8220;AI&#8221;) technology and advanced analytics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize
its technology before competitors develop similar technology. In addition, the Group is subject to risks from, among other things, competition
associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements
and limited operating history.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, the Company has not generated significant revenues from its activities and has incurred substantial operating losses. Management
expects the Company to continue to generate significant operational losses and to continue to fund operations primarily through the utilization
of its current financial resources, sales of its products, and through additional raises of capital. Management plans to alleviate
the concerns, most of which have already been implemented, included the sale of its investment in Rail Vision (see note 18B) and a reduction
in the monthly cash burn rate. Such plans have been incorporated into the Company's budget for the year 2024, and therefore the Company
anticipates its existing cash will be sufficient to fund its expected operating cash requirements for at least twelve months following
the date of this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000525" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_808_eus-gaap--SignificantAccountingPoliciesTextBlock_z32Gue4GtvM5" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
2 - <span id="xdx_82E_zXbux17OvWH1">SIGNIFICANT ACCOUNTING POLICIES</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000527" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z1UEiJT5Sukk" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86A_zHIe9PSTBjfl">Basis of Presentation:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements have been prepared in conformity with accounting principles generally accepted in United Sates of America (&#8220;U.S.
GAAP&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000529" name="us-gaap:UseOfEstimates"><p id="xdx_841_eus-gaap--UseOfEstimates_zWYYFc6NJHQ6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86A_zxewZ0PzJCqg">Use of estimates in the preparation of financial statements:</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes. The Company&#8217;s management believes that the estimates, judgment,
and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions
can affect reported amounts and disclosures made. Actual results could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000531" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z7tzxxrCXXY9" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_865_z9azci5WPPh4">Financial statement in U.S. dollars:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currency of the Company is the U.S. dollar (&#8220;dollar&#8221; or &#8220;USD&#8221;) since the dollar is the currency of
the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies
have been re-measured to dollars in accordance with the provisions of Accounting Standards Codification (&#8220;ASC&#8221;) 830-10, &#8220;Foreign
Currency Translation.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in
the statement of comprehensive loss as financial income or expenses, as appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 129pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000533" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_844_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zfBsyzSQn5r7" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_z3I3zG1kGfOg">Cash and cash equivalents and restricted cash:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as
of the date acquired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
cash consists of deposits pledged to a bank that provided guarantee in connection with an operating lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000535" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_848_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zaV6B56o1QCj" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_zZdDX3lAog2c">Property and equipment:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the
estimated useful lives of the assets, at the following annual rates:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000537" name="FRSX:ScheduleOfEstimatedUsefulLivesTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfEstimatedUsefulLivesTableTextBlock_zYApn4erAb62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zmTAvpqWbs6c" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIVES</span></span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computers
    and software</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    furniture and equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentSalvageValuePercentage_iI_pid_dp_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zLG7c2cRxxk1" title="Property and equipment estimated useful lives of assets, annual rates"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage" contextRef="AsOf2023-12-31_us-gaap_FurnitureAndFixturesMember" id="Fact000543" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zJOnR25eaTn3" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl0544">Over
    the shorter of the related lease period or the useful life of the asset</span></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zEiPubdVTdZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000546" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84F_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zH8rsBdXdhg" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_864_z4N4wBIQy4li">Fair value of financial instruments:</span></span></p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of cash and cash equivalents, short term deposits, trade receivables, other current receivables, marketable equity securities,
trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820, &#8220;Fair Value Measurements and Disclosures, (&#8220;ASC 820&#8221;), defines fair value as the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact. The Company also considers assumptions that market participants
would use when pricing the asset or liability, such as, inherent risk, transfer restrictions and risk of nonperformance. Hierarchical
levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities.
These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar
assets of liabilities in markets that are not active;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or
liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s investment in equity securities is classified within Level 1 of the fair value hierarchy because its quoted price in
active market and no other assets are carried at fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000548" name="us-gaap:MarketableSecuritiesPolicy"><p id="xdx_84F_eus-gaap--MarketableSecuritiesPolicy_zt2QHoRM8aB7" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_865_zr7C1NPLLIcg">Marketable equity securities:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 321, marketable equity securities are recorded at fair value. The fair value is based on quoted price in active market
for the same asset. Unrealized gains and losses before the securities are sold are reported in the statement of comprehensive loss as
financial income or expenses, as appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000550" name="FRSX:NonMarketableSecuritiesPolicyTextBlock"><p id="xdx_841_ecustom--NonMarketableSecuritiesPolicyTextBlock_zQvO4uMMRR3h" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_zpKmgsvW7pfl">Non-marketable equity securities:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 321, &#8220;investments &#8212; Equity Securities&#8221;, (&#8220;ASC 321&#8221;), equity investments without readily
determinable fair value can be carried at cost minus impairment, if the measurement alternative was elected. When an observable price
change in orderly transactions for the identical or a similar investment of the same issuer has occurred, the Company elects to carry
those equity investments at fair value as of the date that the observable price change occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000552" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_843_eus-gaap--LesseeLeasesPolicyTextBlock_ztyTIbbRmjI8" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_861_zztUBMM9SAzd">Leases:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
leases are included in operating lease right-of-use (&#8220;ROU&#8221;) assets and operating lease liabilities in the Company&#8217;s
consolidated balance sheet. ROU assets represent the Company&#8217;s right to use an underlying asset for the lease term and lease liabilities
represent the Company&#8217;s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were
recognized based on the present value of the remaining lease payments over the lease term. When the Company&#8217;s lease did not provide
an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The implicit
rate within the operating leases is generally not reasonably determinable, therefore, the Company uses the Incremental Borrowing Rate
(&#8220;IBR&#8221;) based on the information available at commencement date in determining the present value of lease payments. The Company&#8217;s
IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments
where the leased asset is located. The operating lease ROU asset excludes lease incentives. The lease terms may include options to
extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments
is recognized on a straight-line basis over the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such
as real estate assets , the Company accounts for the lease and non-lease components as a single lease component.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for
facilities and equipment. Instead, the Company recognizes the lease payments in the consolidated statement of operations on a straight-line
basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000554" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_841_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zZXj6vOAj4sl" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_865_zuiq9FFNEnpg">Share-based compensation:</span></span></p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies ASC 718-10, &#8220;Share-Based Payment,&#8221; (&#8220;ASC 718-10&#8221;), which requires the measurement and recognition
of compensation expenses for all share-based payment awards made to employees and directors including share options granted under the
Company&#8217;s incentive share option plan based on estimated fair values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
718-10 requires companies to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of
the share-based payment award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the
Company&#8217;s statements of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s and the Company&#8217;s subsidiary, Eye-Net, granted options are recorded as an Additional Paid in Capital and as Non-Controlling
Interest, respectively, in the Consolidated Statements of Changes in Shareholders&#8217; Equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for share-based compensation expense based on estimated grant date fair value, using the Black-Scholes option-pricing
model. The fair value is recognized as an expense in the consolidated financial statements over the requisite service periods. For performance-based
grants, the Company recognizes compensation costs for grants that are expected to vest based on whether performance criteria are expected
to be met. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require
the input of subjective assumptions, including the expected term and the expected price volatility of the underlying share. The Company
estimates the expected term assumption using the &#8220;simplified&#8221; method. In determining the Company&#8217;s expected share price
volatility assumption, the Company reviews the historical and implied volatility of the Company&#8217;s Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on
the yield from governmental zero-coupon bonds with an equivalent term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 12; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000556" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_zt0uPMlyVDGj" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86E_zIZYwox38RP9">Basic and diluted net loss per share:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding during the year.
Diluted loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding plus the
number of additional Ordinary Shares that would have been outstanding if all potentially dilutive Ordinary Shares had been issued, using
the treasury stock method, in accordance with ASC 260-10, &#8220;Earnings per Share.&#8221; Potentially dilutive Ordinary Shares were
excluded from the diluted loss per share calculation because they were anti-dilutive. The outstanding awards granted to employees
(see note 10) were not included in the computation of diluted EPS because their affect would be anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000558" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zMiIbdIbCeE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table present summarized basic and diluted per Ordinary Share and per ADS:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zuQFN99Ct3E5" style="display: none">SCHEDULE OF BASIC AND DILUTED PER ORDINARY SHARE AND PER ADS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20230101__20231231_zWC3U3xrhTMi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220101__20221231_z3MPUkhvQcpk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 52%; text-align: justify; padding-bottom: 1.5pt">Net loss</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000560" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">18,410</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Basic and diluted loss per Ordinary Share (in USD)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_pid_uUSDPShares_c20230101__20231231_zVtrzkZHfude" title="Basic loss per Ordinary Share (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA"><span id="xdx_902_eus-gaap--EarningsPerShareDiluted_pid_uUSDPShares_c20230101__20231231_zjAfp65hZDy8" title="Diluted loss per Ordinary Share (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000564" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-01to2023-12-31" id="Fact000566" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.06</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_uUSDPShares_c20220101__20221231_zzejvh6zykFa" title="Basic loss per Ordinary Share (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_uUSDPShares_c20220101__20221231_zIsdcoCS8ZT4" title="Diluted loss per Ordinary Share (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-12-31" id="Fact000568" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31" id="Fact000570" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.07</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_uUSDPShares_c20210101__20211231_zDmjXOnbEvJ5" title="Basic loss per Ordinary Share (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA"><span id="xdx_902_eus-gaap--EarningsPerShareDiluted_pid_uUSDPShares_c20210101__20211231_zmm4DImlcdq7" title="Diluted loss per Ordinary Share (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" id="Fact000572" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-12-31" id="Fact000574" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.05</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Basic and diluted loss per ADS (in USD) (*)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90F_ecustom--EarningsPerShareBasicAmericanDepositoryShares_pid_uUSDPShares_c20230101__20231231_fKCop_zZjP5NJNqJwl" title="Basic loss per ADS (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA"><span id="xdx_90F_ecustom--EarningsPerShareDilutedAmericanDepositoryShares_pid_uUSDPShares_c20230101__20231231_fKCop_ziOBdOvvve9a" title="Diluted loss per ADS (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA">(<ix:nonFraction name="FRSX:EarningsPerShareBasicAmericanDepositoryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000576" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="FRSX:EarningsPerShareDilutedAmericanDepositoryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000578" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">1.8</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_907_ecustom--EarningsPerShareBasicAmericanDepositoryShares_pid_uUSDPShares_c20220101__20221231_fKCop_zduEuOvj8Ybj" title="Basic loss per ADS (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA"><span id="xdx_902_ecustom--EarningsPerShareDilutedAmericanDepositoryShares_pid_uUSDPShares_c20220101__20221231_fKCop_zVaZCpTjOSbg" title="Diluted loss per ADS (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA">(<ix:nonFraction name="FRSX:EarningsPerShareBasicAmericanDepositoryShares" contextRef="From2022-01-012022-12-31" id="Fact000580" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="FRSX:EarningsPerShareDilutedAmericanDepositoryShares" contextRef="From2022-01-012022-12-31" id="Fact000582" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">2.1</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_909_ecustom--EarningsPerShareBasicAmericanDepositoryShares_pid_uUSDPShares_c20210101__20211231_fKCop_zY4U9hIekmaa" title="Basic loss per ADS (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA"><span id="xdx_904_ecustom--EarningsPerShareDilutedAmericanDepositoryShares_pid_uUSDPShares_c20210101__20211231_fKCop_zrdPuIaLWkDc" title="Diluted loss per ADS (in USD)" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIFBFUiBPUkRJTkFSWSBTSEFSRSBBTkQgUEVSIEFEUyAoRGV0YWlscykA">(<ix:nonFraction name="FRSX:EarningsPerShareBasicAmericanDepositoryShares" contextRef="From2021-01-012021-12-31" id="Fact000584" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="FRSX:EarningsPerShareDilutedAmericanDepositoryShares" contextRef="From2021-01-012021-12-31" id="Fact000586" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">1.5</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F09_zrRrnp6AlqB1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><span id="xdx_F1A_zK1Waiyjs21g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000611" xml:lang="en-US">On April 21, 2023,
the Company changed the ratio of its ADSs to its Ordinary Shares no par value per share, from the former ADS Ratio of one (1) ADSs to
five (5) Ordinary Shares, to a new ADS Ratio one (1) ADS to thirty (30) Ordinary Shares. For all the periods presented, basic and diluted
loss per ADS have been retrospectively adjusted.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AF_zSGI0JNrSqCa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 81pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000613" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84A_eus-gaap--RevenueRecognitionPolicyTextBlock_zePcNmN5R6dh" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_zWdeEk14NB15">Revenue recognition:</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies ASC 606 &#8220;Revenue from contracts with customers&#8221; (&#8220;ASC 606&#8221;). Under ASC 606, revenue is measured
as the amount of consideration the Company expects to be entitled to, in exchange for transferring products or providing services to
its customers and is recognized when or as performance obligations under the terms of contracts with the Company&#8217;s customers are
satisfied. ASC 606 prescribes a five-step model for recognizing revenue from contracts with customers: (i) identify contract(s) with
the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate
the transaction price to the separate performance obligations in the contract; and (v) recognize revenue when (or as) each performance
obligation is satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services
promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined
not to be distinct are combined with other promised goods and services. The Company then allocates the transaction price (the amount
of consideration the Company expects to be entitled to from a customer in exchange for the promised goods or services) to each performance
obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000615" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_847_eus-gaap--ResearchAndDevelopmentExpensePolicy_z1mjCkV1tVrg" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_zFJmvTz5bEGc">Research and development expenses, net:</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to ASC 985-20, &#8220;Software - Costs of Software to be Sold, Leased, or Marketed&#8221;, development costs related to software products
are expensed as incurred until the &#8220;technological feasibility&#8221; of the product has been established. Because of the relatively
short time period between &#8220;technological feasibility&#8221; and product release, and the insignificant amount of costs incurred
during such period, no software development costs have been capitalized.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses are charged to the statement of comprehensive loss as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-royalty-bearing
grants for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the
basis of the costs incurred and applied as a deduction from research and development expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 13; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000617" name="FRSX:RecentAccountingStandardsPolicyTextBlock"><p id="xdx_842_ecustom--RecentAccountingStandardsPolicyTextBlock_zuvcB0Aj79al" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>N. </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zUZVE83MHUb3">Recent Accounting Standards</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) &#8211; &#8220;Improvements to Income Tax Disclosures&#8221;. The
ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information
for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income
tax expense and taxes paid. The amendments in this ASU are required to be adopted starting January 1, 2025. Early adoption is permitted,
and the amendments should be applied on a prospective basis. The Company is currently evaluating the effect of adopting the ASU on its
disclosures.</span></p>

</ix:nonNumeric><p id="xdx_855_z8pQP9jsydub" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000619" name="us-gaap:EquityMethodInvestmentsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--EquityMethodInvestmentsDisclosureTextBlock_zUrFmWOOI5Va" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
3 &#8211; <span id="xdx_82F_zZ4R3lc3Hls7">INVESTMENT IN EQUITY SECURITIES</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2016, the Company invested in shares and warrants of Rail Vision Ltd. (&#8220;Rail Vision&#8221;). From 2016 to 2020, the Company held
significant influence over Rail Vision but lacked majority equity interest or control. This was accounted for using the equity method
and reflected as an investment in an affiliate on the balance sheet. On December 30, 2020, the Company lost significant influence over
Rail Vision, and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
December 31, 2020, the remaining equity interest was presented as an investment in equity securities without readily determined fair
value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, the Company invested $<span id="xdx_903_eus-gaap--Investments_iI_pn3n3_c20220131__us-gaap--TypeOfArrangementAxis__custom--SimpleAgreementForFutureEquityMember__us-gaap--RelatedPartyTransactionAxis__custom--RailVisionMember_z7vGgXzEOfa1" title="Investments"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2022-01-31_custom_SimpleAgreementForFutureEquityMember_custom_RailVisionMember" id="Fact000621" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">286</ix:nonFraction></span> through a Simple Agreement for Future Equity (&#8220;SAFE&#8221;) agreement with Rail Vision.
According to the SAFE, in the event of an Initial Public Offering (&#8220;IPO&#8221;) before the maturity date, the SAFE will be automatically
converted into Rail Vision&#8217;s ordinary shares equal to the purchase amount divided by the IPO price per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 4, 2022, Rail Vision completed its IPO and became listed on the Nasdaq Capital Market. As part of the IPO, the Company invested
an additional $<span id="xdx_90F_eus-gaap--PaymentsForRepurchaseOfInitialPublicOffering_pn3n3_c20220404__20220404__us-gaap--TypeOfArrangementAxis__custom--SimpleAgreementForFutureEquityMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zUSgfImoMYI8" title="Additional shares invested"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfInitialPublicOffering" contextRef="From2022-04-042022-04-04_custom_SimpleAgreementForFutureEquityMember_us-gaap_IPOMember" id="Fact000623" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">715</ix:nonFraction></span> in Rail Vision&#8217;s ordinary shares and the SAFE converted to Rail Vision&#8217;s ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
April 4, 2022, the Company measures the investment in Rail Vision at fair value through profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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the share capital on a fully diluted basis of Rail Vision.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the first quarter of 2024, the Company sold all of its shares in Rail Vision, for an aggregate amount of approximately $<span id="xdx_902_eus-gaap--SellingExpense_pn3n3_c20240101__20240331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8zY7rJqNi5" title="Selling fees"><ix:nonFraction name="us-gaap:SellingExpense" contextRef="From2024-01-012024-03-31_us-gaap_SubsequentEventMember" id="Fact000633" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,848</ix:nonFraction></span>, net of
selling fees. Due to the sale of all its shares in Rail Vision, the Company recognized a finance income of approximately $<span id="xdx_906_ecustom--FinanceIncome_pn3n3_c20240101__20240331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zY0AWLdGFvv9" title="Finance income"><ix:nonFraction name="FRSX:FinanceIncome" contextRef="From2024-01-012024-03-31_us-gaap_SubsequentEventMember" id="Fact000635" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,407</ix:nonFraction></span> in the
first quarter of 2024. See also Note 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000637" name="us-gaap:EquityMethodInvestmentsTextBlock"><p id="xdx_893_eus-gaap--EquityMethodInvestmentsTextBlock_ziLybaYoG094" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reconciliation of the opening and closing fair value balance of the investment in equity securities instruments is provided below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zZoLyu0TNC5h" style="display: none">SCHEDULE OF RECONCILIATION OF OPENING AND CLOSING BALANCE OF INVESTMENT
IN EQUITY SECURITIES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 1in">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_49E_20230101__20231231_zZy0V7Fjo7Ad" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold; text-align: justify">Opening Balance December 31, 2021</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--EquitySecuritiesFvNi_iS_pn3n3_c20220101__20221231_zNjx2PbEnpO2" title="Opening Balance December 31, 2021" style="width: 20%; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNi" contextRef="AsOf2021-12-31" id="Fact000639" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,011</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; text-align: justify">Changes during 2022:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Revaluation to fair value through profit or loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--RevaluationToFairValueThroughProfitOrLoss_pn3n3_c20220101__20221231_zQBLX6h5QPyh" title="Revaluation to fair value through profit or loss" style="text-align: right">(<ix:nonFraction name="FRSX:RevaluationToFairValueThroughProfitOrLoss" contextRef="From2022-01-012022-12-31" id="Fact000641" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,208</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Investment in equity securities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--IncreaseDecreaseInEquitySecuritiesFvNi_pn3n3_c20220101__20221231_zVWGydy2IJ8l" title="Investment in equity securities" style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInEquitySecuritiesFvNi" contextRef="From2022-01-012022-12-31" id="Fact000643" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">715</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Conversion of SAFE to equity securities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_ecustom--ConversionOfSimpleAgreementForFutureEquityToInvestmentInEquitySecurities_pn3n3_c20220101__20221231_zGVn2wPKAAxj" title="Conversion of SAFE to equity securities" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="FRSX:ConversionOfSimpleAgreementForFutureEquityToInvestmentInEquitySecurities" contextRef="From2022-01-012022-12-31" id="Fact000645" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">286</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Opening Balance December 31, 2022</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98E_eus-gaap--EquitySecuritiesFvNi_iS_pn3n3_c20230101__20231231_zi2YdosyeTw6" title="Opening Balance December 31, 2022" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNi" contextRef="AsOf2022-12-31" id="Fact000647" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,804</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: justify">Changes during 2023:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Revaluation to fair value through profit or loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_ecustom--RevaluationToFairValueThroughProfitOrLoss_pn3n3_c20230101__20231231_zqCfdj7uFCud" title="Revaluation to fair value through profit or loss" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="FRSX:RevaluationToFairValueThroughProfitOrLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000649" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,333</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Closing Balance December 31, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--EquitySecuritiesFvNi_iE_pn3n3_c20230101__20231231_zH8uI8h1ZWFe" title="Closing Balance December 31, 2023" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNi" contextRef="AsOf2023-12-31" id="Fact000651" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">471</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_8AA_z6LetRMlnJ48" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 14; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000653" name="us-gaap:OtherCurrentAssetsTextBlock"><p id="xdx_800_eus-gaap--OtherCurrentAssetsTextBlock_zUofdZefVIv6" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
4 - <span id="xdx_827_zcozYAfY84j3">OTHER CURRENT RECEIVABLES</span></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000655" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zZRkxZTrQ7K7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_ztkbp076KBck" style="display: none">SCHEDULE OF OTHER CURRENT RECEIVABLES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 1in">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eus-gaap--GrantsReceivableCurrent_iI_pn3n3_maORNCzX8G_zJX3dK3vJ4Nk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--OtherReceivablesNetCurrent_iTI_pn3n3_mtORNCzX8G_zEOPn2zRtMPl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F01_ziSf4zy82Rwd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><span id="xdx_F17_z4wIXxFofCYj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000671" xml:lang="en-US">In 2023, the Company
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</tr></table>

</ix:nonNumeric><p id="xdx_8A5_zFII7AiR5Md" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzQJq_zTaD5VP74Fdi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt">Fixed
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</ix:nonNumeric><p id="xdx_8AB_zaRrkj8YGpke" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expenses for the years ended December 31, 2023, and December 31, 2022, were $<span id="xdx_90C_eus-gaap--Depreciation_pn3n3_c20230101__20231231_zY3u0wUpkuA7" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact000703" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">263</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--Depreciation_pn3n3_c20220101__20221231_zep4ImpQqtvk" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact000705" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">218</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000707" name="us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--PensionAndOtherPostretirementBenefitsDisclosureTextBlock_z0BQpSNj2Mua" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
6 - <span id="xdx_826_z3IHgfXpqhk4">EMPLOYEE RIGHTS UPON RETIREMENT</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other
circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span id="xdx_902_eus-gaap--GeneralDiscussionOfPensionAndOtherPostretirementBenefits_c20230101__20231231_zqItm9fSUMm3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000708" name="us-gaap:GeneralDiscussionOfPensionAndOtherPostretirementBenefits">Pursuant
to section 14 of the Israeli Severance Pay Law, 5723-1963, the Company&#8217;s employees covered under this section are entitled to monthly
deposits, at a rate of 8.33% of their monthly salary, made in their name with pension companies.</ix:nonNumeric></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
in accordance with section 14 of the Israeli Severance Pay Law, 5723-1963 relieve the Company from any future severance payments in respect
of those employees. The amount of cost recognized for defined contribution  pension plans and for other defined
contribution postretirement benefit plans recorded for the years 2023, 2022 and 2021 are $<span id="xdx_90D_eus-gaap--DefinedContributionPlanCostRecognized_c20230101__20231231_zQlFO88e9Ubg" title="Defined contribution postretirement benefit plans"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2023-01-01to2023-12-31" id="Fact000710" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,098</ix:nonFraction></span>, $<span id="xdx_90F_eus-gaap--DefinedContributionPlanCostRecognized_c20220101__20221231_zWuat87PzOH3" title="Defined contribution postretirement benefit plans"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2022-01-012022-12-31" id="Fact000712" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,065</ix:nonFraction></span>, and $<span id="xdx_900_eus-gaap--DefinedContributionPlanCostRecognized_c20210101__20211231_zbKLfXv7rINk" title="Defined contribution postretirement benefit plans"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2021-01-012021-12-31" id="Fact000714" format="ixt:numdotdecimal" decimals="0" unitRef="USD">876</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 15; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000716" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_808_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zJ5NlyJ9bpw3" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
7 - <span id="xdx_82A_z5I61fVipKL2">OTHER CURRENT PAYABLES</span></span></p>

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</ix:nonNumeric><p id="xdx_8A8_zjcW4B4SRXr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000729" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80C_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z8qnzejdDgv7" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
8 - <span id="xdx_82E_zTT3s0btKxfk">COMMITMENTS AND CONTINGENCIES LIABILITIES</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">A.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Agreement
                                            with Magna</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">On
January 30, 2022, the Company&#8217;s shareholders approved an extension of the research and development services agreement with Magna
for software development in the area of ADAS. Subject to the conditions prescribed in the agreement, Magna will continue to provide Foresight
Ltd. with research and development services for a 12-month period with an option to extend the agreement for two additional 12-month
periods. According to the agreement, the monthly payment to Magna for the research and development services will not exceed NIS <span id="xdx_908_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_uils_c20220101__20220130__us-gaap--RelatedPartyTransactionAxis__custom--MagnaMember_zRGNb8wwHJ29" title="Research and development expenses, net"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-01-30_custom_MagnaMember" id="Fact000731" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="ils">235,000</ix:nonFraction></span>
(approximately $<span id="xdx_907_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_uUSD_c20220101__20220130__us-gaap--RelatedPartyTransactionAxis__custom--MagnaMember_zgzBx5GDh7lg" title="Research and development expenses, net"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-01-30_custom_MagnaMember" id="Fact000733" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63</ix:nonFraction></span>) plus VAT.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">On
December 18, 2023, as a result of cost-saving measures implemented by the Company, it was agreed with Magna that development services
provided by Magna would not exceed NIS <span id="xdx_904_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_uils_c20231201__20231218__us-gaap--RelatedPartyTransactionAxis__custom--MagnaMember_zTFJJAzVKYJ7" title="Research and development expenses, net"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2023-12-012023-12-18_custom_MagnaMember" id="Fact000735" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="ils">70,000</ix:nonFraction></span> (approximately $<span id="xdx_906_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_uUSD_c20231201__20231218__us-gaap--RelatedPartyTransactionAxis__custom--MagnaMember_zsio3JGiwnT1" title="Research and development expenses, net"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2023-12-012023-12-18_custom_MagnaMember" id="Fact000737" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19</ix:nonFraction></span>) plus VAT, per month. Additionally, The Company and Magna agreed to
postpone the payment for the services rendered from October to December 2023. The payment is postponed until the board meeting to approve
the 2023 financial statements, subject to the Company raises at least USD <span id="xdx_90A_eus-gaap--DecommissioningFundInvestments_iI_pn3n3_uUSD_c20231218_zidlj14EVBY8" title="Fund gross"><ix:nonFraction name="us-gaap:DecommissioningFundInvestments" contextRef="AsOf2023-12-18" id="Fact000739" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction></span> (gross) in that period. If the Company is unable to raise
that amount by date of board meeting to approve the 2023 financial statements, the payment will be waived. As of March 27, 2024, total
amount of $<span id="xdx_908_ecustom--WaivedAmount_iI_pn3n3_c20240327__us-gaap--RelatedPartyTransactionAxis__custom--MagnaMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zjYF54j9CjJg" title="Waived amount"><ix:nonFraction name="FRSX:WaivedAmount" contextRef="AsOf2024-03-27_custom_MagnaMember_us-gaap_SubsequentEventMember" id="Fact000741" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42</ix:nonFraction></span> waived and recorded in equity as a contribution from Magna.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Israeli
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--RoyaltyDescription_c20230101__20231231_zev7nTlFyNQ3" title="Royalty, description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000743" name="FRSX:RoyaltyDescription">Magna
obtained grants from the Israeli Innovation Authority (the &#8220;IIA&#8221;) for participation in research and development programs
for the years 2011 through 2013, and, in return, further to an acquisition transaction between the Company and Magna, the Company is
obligated to pay royalties amounting to 3% to 5% of its future sales up to the amount of the grant.</ix:nonNumeric> </span>The grant is linked to the exchange
rate of the dollar and bears interest of LIBOR per annum.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">As
of the years ended December 31, 2023, and 2022, total contingent obligations to IIA amounted to $<span id="xdx_908_eus-gaap--GrantsReceivable_iI_pn3n3_c20231231_zzpqbACTBfxe" title="Grants receivable"><ix:nonFraction name="us-gaap:GrantsReceivable" contextRef="AsOf2023-12-31" id="Fact000745" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">620</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--GrantsReceivable_iI_pn3n3_c20221231_zrmhFERsycu8" title="Grants receivable"><ix:nonFraction name="us-gaap:GrantsReceivable" contextRef="AsOf2022-12-31" id="Fact000747" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">603</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">The
repayment of the grants is contingent upon the successful outcome of the Company&#8217;s research and development programs and the generation
of sales. The Company has no obligation to repay these grants if sales are not generated. The financial risk is assumed completely by
the Government of Israel. The grants are received from the government on a project-by-project basis. If a project fails, the Company
has no obligation to repay any grant received for the specific unsuccessful or aborted project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 16; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


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

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000749" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_80C_eus-gaap--LesseeOperatingLeasesTextBlock_z8CqyDtlHGIb" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
9 - <span id="xdx_820_zS64aTF2grWk">LEASES</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--LesseeOperatingLeaseDescription_c20230101__20231231_zte6hdr2CrU6" title="Operating leases term, description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000751" name="us-gaap:LesseeOperatingLeaseDescription">The
Company and its subsidiaries, Foresight Ltd. and Eye Net, currently have 3-year leases for their offices with <span id="xdx_90C_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20230101__20231231_zRzSgRt9OZSf" title="Operating leases, option to extend"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000753" name="us-gaap:LesseeOperatingLeaseOptionToExtend">options to extend the leases
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000755" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_899_eus-gaap--LeaseCostTableTextBlock_z173rKWn7G2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
cash flow information related to operating leases was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_ztyQUXCBOqi1" style="display: none">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_494_20230101__20231231_zGMGCOaksvZ3" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_494_20220101__20221231_zV8uxmL7udnh" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_498_20210101__20211231_zvY18Xro9buc" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p>

</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2023</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2022</b></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2021</b></td>
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeasePayments_zBHYtmdpmvMi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 54%; text-align: left">Cash payments for operating leases</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%">$</td>
    <td style="text-align: right; width: 12%"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-012022-12-31" id="Fact000758" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">550</ix:nonFraction></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">$</td>
    <td style="text-align: right; width: 12%"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-012021-12-31" id="Fact000759" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">460</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--OperatingLeaseCost_zLRZk9nbc9R9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease operating expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2023-01-01to2023-12-31" id="Fact000761" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">562</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>$</td>
    <td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2022-01-012022-12-31" id="Fact000762" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">588</ix:nonFraction></td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2021-01-012021-12-31" id="Fact000763" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">480</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_ecustom--NewOperatingLeaseAssetsObtainedInExchangeForOperatingLeaseLiabilities_i_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">New operating lease assets obtained in exchange for operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="FRSX:NewOperatingLeaseAssetsObtainedInExchangeForOperatingLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000765" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">154</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>$</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0766">&#8212;</span></td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right"><ix:nonFraction name="FRSX:NewOperatingLeaseAssetsObtainedInExchangeForOperatingLeaseLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000767" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,824</ix:nonFraction></td>
    <td>&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zWyTIbXqkEx1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">As
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discount rate of <span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_zMcVnc3HXUz3" title="Weighted average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact000771" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.2</ix:nonFraction></span>%. Future lease payments under operating leases as of December 31, 2022, were as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000773" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89E_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zXQ4gAkcDgHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zUEAEMhe4sa" style="display: none">SCHEDULE OF FUTURE LEASE PAYMENTS UNDER OPERATING LEASES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 1in">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_492_20231231_ziUQlfU6gyge" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating Leases</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzl5k_z7KgMm5Xrfng" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzl5k_zDZzgTzzeqY5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact000777" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">520</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzl5k_z1X6bWVDR9F3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact000779" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">482</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzl5k_zO0Yrtsc0Grd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">2027</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2023-12-31" id="Fact000781" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">211</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzl5k_zYe5UIBrh98" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total future lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact000783" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,749</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_z8Ab2Lcm2452" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact000785" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">118</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zUEXtr3xgslf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total lease liability balance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact000787" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,631</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zFByDBku3CY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000789" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80F_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zZGjDK9gv92c" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
10 - <span id="xdx_823_zVEpPqdgy4Qj">SHAREHOLDERS&#8217; EQUITY</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
                                            rights of Ordinary Shares are as follows:</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ordinary Shares confer upon the shareholders the right to receive notice to participate and vote in general meetings of shareholders
of the Company, the right to receive dividends, if declared, and the right to participate in a distribution of the surplus of assets
upon liquidation of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance
                                            of shares, warrants, and options.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registered
                                            Direct Offering</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 11, 2023, the Company raised $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn3n3_c20231210__20231211__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember_z4oePH7lwmMb" title="Gross proceeds from direct offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2023-12-102023-12-11_custom_AmericanDepositorySharesMember" id="Fact000791" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,500</ix:nonFraction></span> in gross proceeds through a registered direct offering of its ADSs. The Company issued a
total of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20231210__20231211__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember_zUZLEnquSOK5" title="Issuance of ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-12-102023-12-11_custom_AmericanDepositorySharesMember" id="Fact000793" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,500,000</ix:nonFraction></span> ADSs (<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pp0d_c20231210__20231211__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zv9fTrOcPQRb" title="Issuance of ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-12-102023-12-11_us-gaap_CommonStockMember" id="Fact000795" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">135,000,000</ix:nonFraction></span> Ordinary Shares) at $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_pid_uUSDPShares_c20231211__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember_zKkQk8Z66uF4" title="Share price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2023-12-11_custom_AmericanDepositorySharesMember" id="Fact000797" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per ADS. After deducting closing costs and fees, the Company received
net proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn3n3_c20231210__20231211__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember_zI1utTZBqU93" title="Net proceeds after deducting closing costs and fees"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2023-12-102023-12-11_custom_AmericanDepositorySharesMember" id="Fact000799" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,046</ix:nonFraction></span>, net of issuance costs.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Public
                                            Offering and Registered Direct Offering.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, the Company entered into a sales agreement, pursuant to which the Company can sell from time to time, ADSs in the aggregate
amount of up to $<span id="xdx_90B_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_pn3n3_c20210121__20210122__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_z59zQQGQL9E" title="Sale of transaction for shares"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedPerTransaction" contextRef="From2021-01-212021-01-22_custom_AmericanDepositorySharesMember_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000801" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60,000</ix:nonFraction></span> (the &#8220;January 2021 Sales Agreement&#8221;). Sales under the January 2021 Sales Agreement were made by any
method permitted by law that is deemed to be an &#8220;at the market&#8221; offering as defined in Rule 415 promulgated under the Securities
Act. Under the January 2021 Sales Agreement, in 2021 the Company sold, through the sales agent, an aggregate of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210121__20210122__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_zsJInV54q7h5" title="Issuance of ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-212021-01-22_custom_AmericanDepositorySharesMember_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000803" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,378,344</ix:nonFraction></span> ADSs (<span id="xdx_90B_eus-gaap--SaleOfStockDescriptionOfTransaction_pid_c20210121__20210122__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_zvIEspaFsPm9" title="Description of ratio"><ix:nonNumeric contextRef="From2021-01-212021-01-22_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000805" name="us-gaap:SaleOfStockDescriptionOfTransaction"><span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210121__20210122__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_zx9kbEv6YODk" title="Issuance of ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-212021-01-22_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000807" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,891,720</ix:nonFraction></span>
Ordinary Shares, under the former ADSs ratio of 1:5 which translates to <span id="xdx_90B_ecustom--StockIssuedDuringPeriodSharesTranslatesIssues_pid_c20210121__20210122__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember_zK1qGi2oG0Bd" title="Issuance of ordinary shares"><ix:nonFraction name="FRSX:StockIssuedDuringPeriodSharesTranslatesIssues" contextRef="From2021-01-212021-01-22_custom_AmericanDepositorySharesMember" id="Fact000809" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">229,724</ix:nonFraction></span> ADSs under the new ratio of 1:30</ix:nonNumeric></span>)) at an average price
of $<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_pid_uUSDPShares_c20210122__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_zyEDh9csx6E7" title="Share price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-01-22_custom_AmericanDepositorySharesMember_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000811" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.137</ix:nonFraction></span> per ADS, raising gross proceeds of approximately $<span id="xdx_909_ecustom--GrossProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20210121__20210122__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_zx3ZkzzVqr3k" title="Gross proceeds from sales of stock"><ix:nonFraction name="FRSX:GrossProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-212021-01-22_custom_AmericanDepositorySharesMember_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000813" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,972</ix:nonFraction></span>. After deducting closing costs and fees, the Company received net
proceeds of approximately $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20210121__20210122__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_z21n38oT3RNc" title="Net proceeds from sales issuance costs"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-212021-01-22_custom_AmericanDepositorySharesMember_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000815" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,508</ix:nonFraction></span>, net of issuance costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the January 2021 Sales Agreement, during 2023, the Company sold, through the sales agent, an aggregate of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230101__20231231__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember_zrc8saQUWvtg" title="Sale of transaction for shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-012023-12-31_custom_AmericanDepositorySharesMember_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember" id="Fact000817" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">59,950</ix:nonFraction></span> ADSs (<span id="xdx_900_eus-gaap--SaleOfStockDescriptionOfTransaction_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zjzZWRFXUMJ9" title="Description of ratio"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember_us-gaap_CommonStockMember" id="Fact000819" name="us-gaap:SaleOfStockDescriptionOfTransaction"><span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyOneSalesAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmiOp7dnEjHe" title="Issuance of ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-012023-12-31_custom_JanuaryTwoThousandTwentyOneSalesAgreementMember_us-gaap_CommonStockMember" id="Fact000821" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,798,500</ix:nonFraction></span> Ordinary
Shares, under the new ADSs ratio of 1:30</ix:nonNumeric></span>) at an average price of $<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_pid_uUSDPShares_c20231231__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryYwoThousandTwentyOneSalesAgreementMember_zS3hTonqouS5" title="Share price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2023-12-31_custom_AmericanDepositorySharesMember_custom_JanuaryYwoThousandTwentyOneSalesAgreementMember" id="Fact000823" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.775</ix:nonFraction></span> per ADS, raising gross proceeds of approximately $<span id="xdx_90B_ecustom--GrossProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--JanuaryYwoThousandTwentyOneSalesAgreementMember__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember_z8SNqzxRFPzc" title="Gross proceeds from sales of stock"><ix:nonFraction name="FRSX:GrossProceedsFromIssuanceOrSaleOfEquity" contextRef="From2023-01-012023-12-31_custom_JanuaryYwoThousandTwentyOneSalesAgreementMember_custom_AmericanDepositorySharesMember" id="Fact000825" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">166</ix:nonFraction></span>. After
deducting closing costs and fees, the Company received net proceeds of approximately $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__custom--AmericanDepositorySharesMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryYwoThousandTwentyOneSalesAgreementMember_zvJanYheCxrf" title="Net proceeds from sales issuance costs"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2023-01-012023-12-31_custom_JanuaryYwoThousandTwentyOneSalesAgreementMember_custom_AmericanDepositorySharesMember" id="Fact000827" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">137</ix:nonFraction></span>, net of issuance costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
                                            and warrants to service providers:</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
                                            granted to service providers:</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company granted <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--SharesGrantedToServiceProvidersMember_zh2s986vtxUd" title="Shares issued to service provider"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_custom_SharesGrantedToServiceProvidersMember" id="Fact000829" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">220,000</ix:nonFraction></span> Ordinary Shares to several service providers. The Company recorded in its 2021 statement of comprehensive
loss an expense of $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--SharesGrantedToServiceProvidersMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zaPyBTIUM7cg" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_SharesGrantedToServiceProvidersMember_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact000831" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction></span> in respect of such grant included in general and administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2022, the Company granted <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--SharesGrantedToServiceProvidersMember_zZGZlduhJC4b" title="Shares issued to service provider"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-01-012022-12-31_custom_SharesGrantedToServiceProvidersMember" id="Fact000833" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">320,000</ix:nonFraction></span> Ordinary Shares to several service providers. The Company recorded in its 2022 statement of comprehensive
loss an expense of $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--SharesGrantedToServiceProvidersMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zacjQNGQh5G6" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_SharesGrantedToServiceProvidersMember_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact000835" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68</ix:nonFraction></span> in respect of such grant included in general and administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, the Company did not issue shares to service providers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
                                            and options granted to service providers:</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value for the warrants granted to service providers was estimated on the measurement date using a Black-Scholes option pricing model,
with the following weighted-average assumptions: weighted average volatility of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zTgOQH81GXL4" title="Expected volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2023-01-012023-12-31_srt_MinimumMember_us-gaap_WarrantMember" id="Fact000837" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">92.87</ix:nonFraction></span>% - <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zOcZlztagEz6" title="Expected volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2023-01-012023-12-31_srt_MaximumMember_us-gaap_WarrantMember" id="Fact000839" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">93.41</ix:nonFraction></span>%, risk free interest rates of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zwTawtqNe1Ck" title="Risk-free interest"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2023-01-012023-12-31_us-gaap_WarrantMember" id="Fact000841" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.687</ix:nonFraction></span>%,
dividend yields of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zPb6VRjPDq1a" title="Dividend yields"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2023-01-012023-12-31_us-gaap_WarrantMember" id="Fact000843" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% and a weighted average life of the options of <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKqN4Uj4mdif" title="Expected life of up to (years)"><ix:nonNumeric contextRef="From2023-01-012023-12-31_srt_MinimumMember_us-gaap_WarrantMember" format="ixt-sec:duryear" id="Fact000845" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">4.25</ix:nonNumeric></span>-<span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z6bpPlYWM6q8" title="Expected life of up to (years)"><ix:nonNumeric contextRef="From2023-01-012023-12-31_srt_MaximumMember_us-gaap_WarrantMember" format="ixt-sec:duryear" id="Fact000847" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">4.37</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 16, 2020, the Company granted to Magna&#8217;s employees options to purchase a total of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200715__20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsMember_zUO1gwqwLEde" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-07-152020-07-16_custom_MagnasEmployeesOptionsMember" id="Fact000849" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">950,000</ix:nonFraction></span> Ordinary Shares at an exercise price
of NIS <span id="xdx_905_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsOneMember_zD9gHT8mvaqi" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-07-16_custom_MagnasEmployeesOptionsOneMember" id="Fact000851" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">0.787</ix:nonFraction></span> (approximately $<span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsOneMember_zlnDPYObvvwa" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-07-16_custom_MagnasEmployeesOptionsOneMember" id="Fact000853" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.23</ix:nonFraction></span> per share at the grant date) for one third of the options, an exercise price of NIS <span id="xdx_90E_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsTwoMember_zrJBzwOfC50h" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-07-16_custom_MagnasEmployeesOptionsTwoMember" id="Fact000855" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1.06</ix:nonFraction></span> (approximately
$<span id="xdx_907_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsTwoMember_zPatZshWeND6" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-07-16_custom_MagnasEmployeesOptionsTwoMember" id="Fact000857" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.31</ix:nonFraction></span> per share at the grant date) for the second third of the options and an exercise price of NIS <span id="xdx_904_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsThreeMember_zo3BCZaSnSkb" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-07-16_custom_MagnasEmployeesOptionsThreeMember" id="Fact000859" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1.33</ix:nonFraction></span> (approximately $<span id="xdx_906_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsThreeMember_zHFNsM30RO86" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-07-16_custom_MagnasEmployeesOptionsThreeMember" id="Fact000861" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.38</ix:nonFraction></span> per share
at the grant date) for the last third of the options. <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20200715__20200716__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsMember_zfYE7q4PUVSc" title="Option vesting period, description"><ix:nonNumeric contextRef="From2020-07-152020-07-16_custom_MagnasEmployeesOptionsMember" id="Fact000863" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The options vest over 12 quarters until fully vested on December 31, 2022.</ix:nonNumeric></span> The
Company recorded in its 2022 and 2021 statement of comprehensive loss an expense of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zcOAo6oS4tw1" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_MagnasEmployeesOptionsMember_us-gaap_ResearchAndDevelopmentExpenseMember" id="Fact000865" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48</ix:nonFraction></span> and $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zNk5iAbiNRO6" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_MagnasEmployeesOptionsMember_us-gaap_ResearchAndDevelopmentExpenseMember" id="Fact000867" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51</ix:nonFraction></span> respectively, in respect of such grant,
included in research and development expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 18, 2021, the Company approved an extension to the expiration dates of all the options already granted to Magna&#8217;s employees,
from <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210117__20210118__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsMember_zbIbnISJQ9ce" title="Option vesting period, description"><ix:nonNumeric contextRef="From2021-01-172021-01-18_custom_MagnasEmployeesOptionsMember" id="Fact000869" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">three years after each vesting date to seven years starting from the grant date.</ix:nonNumeric></span> As a result, the Company recorded an expense of
$<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsMember_zTOsY8N2AvYj" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_MagnasEmployeesOptionsMember" id="Fact000871" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--AwardTypeAxis__custom--MagnasEmployeesOptionsMember_zbHbDhUz7lOi" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_MagnasEmployeesOptionsMember" id="Fact000873" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17</ix:nonFraction></span>, respectively, in its 2022 and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 12, 2020, the Company granted options to a service provider to purchase a total of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20201111__20201112__us-gaap--AwardTypeAxis__custom--GrantedOptionMember_znmrrgW1Kkxe" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-11-112020-11-12_custom_GrantedOptionMember" id="Fact000875" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> Ordinary Shares at an exercise price
of NIS <span id="xdx_903_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20201112__us-gaap--AwardTypeAxis__custom--GrantedOptionMember_z6l0DAmsOA56" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-11-12_custom_GrantedOptionMember" id="Fact000877" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1.33</ix:nonFraction></span> (approximately $<span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20201112__us-gaap--AwardTypeAxis__custom--GrantedOptionMember_zEkA7K3T1DRg" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-11-12_custom_GrantedOptionMember" id="Fact000879" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.39</ix:nonFraction></span> per share at the grant date). The options vest equally over eight quarters until fully vested on October
1, 2022. The Company recorded expenses of $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--AwardTypeAxis__custom--GrantedOptionMember_zr2vzEYKX7Vf" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_GrantedOptionMember" id="Fact000881" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--AwardTypeAxis__custom--GrantedOptionMember_zS3gzsVUJ0Cj" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_GrantedOptionMember" id="Fact000883" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></span>, respectively, in its 2022 and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 18, 2021, the Company granted options to service providers to purchase a total of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210117__20210118__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_z18OFeKTVUV8" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-172021-01-18_us-gaap_StockOptionMember" id="Fact000885" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> Ordinary Shares at an exercise price
of NIS <span id="xdx_900_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20210118__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_z67Fa828PJsl" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-01-18_us-gaap_StockOptionMember" id="Fact000887" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">2.9</ix:nonFraction></span> (approximately $<span id="xdx_90A_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20210118__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zPb14j1womr9" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-01-18_us-gaap_StockOptionMember" id="Fact000889" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.93</ix:nonFraction></span> per share at the grant date). <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210117__20210118__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zS7RHiw8xSz2" title="Option vesting period, description"><ix:nonNumeric contextRef="From2021-01-172021-01-18_us-gaap_StockOptionMember" id="Fact000891" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">300,000 of the options vest equally over twelve quarters until fully vested
on January 1, 2024, and for 100,000 options one third of the options vest on January 1, 2022, and the balance vest equally over eight
quarters until fully vested on January 1, 2024.</ix:nonNumeric></span> The Company recorded an expense of $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_z6awbhVL3yZ1" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_us-gaap_StockOptionMember" id="Fact000893" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">91</ix:nonFraction></span>, $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_z3ykGW2bTlS8" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_us-gaap_StockOptionMember" id="Fact000895" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">91</ix:nonFraction></span>, and $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zWDVf0b7QF94" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_us-gaap_StockOptionMember" id="Fact000897" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">91</ix:nonFraction></span>, respectively, in its 2023, 2022
and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 25, 2021, the Company granted options to a service provider to purchase a total of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210324__20210325__us-gaap--AwardTypeAxis__custom--StockOptionOneMember_zW2ziIP7N05j" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-03-242021-03-25_custom_StockOptionOneMember" id="Fact000899" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> Ordinary Shares at an exercise price
of NIS <span id="xdx_90E_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20210325__us-gaap--AwardTypeAxis__custom--StockOptionOneMember_zZE9WEtG2gH3" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-03-25_custom_StockOptionOneMember" id="Fact000901" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">4.75</ix:nonFraction></span> (approximately $<span id="xdx_901_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20210325__us-gaap--AwardTypeAxis__custom--StockOptionOneMember_z27PpALZ4K09" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-03-25_custom_StockOptionOneMember" id="Fact000903" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.53</ix:nonFraction></span> per share at the grant date). <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210324__20210325__us-gaap--AwardTypeAxis__custom--StockOptionOneMember_zsw60y2UjPT3" title="Option vesting period, description"><ix:nonNumeric contextRef="From2021-03-242021-03-25_custom_StockOptionOneMember" id="Fact000905" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The options vest equally over twelve quarters until fully vested on January
1, 2024.</ix:nonNumeric></span> The Company an expense of $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__custom--StockOptionOneMember_zVF4918T2Ad6" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_StockOptionOneMember" id="Fact000907" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22</ix:nonFraction></span>, $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--AwardTypeAxis__custom--StockOptionOneMember_za25VLNxyaSb" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_StockOptionOneMember" id="Fact000909" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22</ix:nonFraction></span>, and $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--AwardTypeAxis__custom--StockOptionOneMember_zEAYN8K5FLsg" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_StockOptionOneMember" id="Fact000911" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22</ix:nonFraction></span>, respectively, recorded in its 2023, 2022 and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 30, 2021, the Company granted options to service providers to purchase a total of <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20211229__20211230__us-gaap--AwardTypeAxis__custom--StockOptionTwoMember_zXUMjMA9Tppi" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-12-292021-12-30_custom_StockOptionTwoMember" id="Fact000913" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> Ordinary Shares at an exercise price
of NIS <span id="xdx_903_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20211230__us-gaap--AwardTypeAxis__custom--StockOptionTwoMember_z3ky9GJ6sUla" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-30_custom_StockOptionTwoMember" id="Fact000915" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">2.29</ix:nonFraction></span> (approximately $<span id="xdx_903_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20211230__us-gaap--AwardTypeAxis__custom--StockOptionTwoMember_zNeJWnYT8vFf" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-30_custom_StockOptionTwoMember" id="Fact000917" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.74</ix:nonFraction></span> per share at the grant date). <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20211229__20211230__us-gaap--AwardTypeAxis__custom--StockOptionTwoMember_zKGE78ILPOI2" title="Option vesting period, description"><ix:nonNumeric contextRef="From2021-12-292021-12-30_custom_StockOptionTwoMember" id="Fact000919" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">200,000 of the options vest equally over twelve quarters until fully vested
on January 1, 2025. For 100,000 options one third of the options vest on January 1, 2023, and the balance vest equally over eight quarters
until fully vested on January 1, 2025. For the remaining 100,000 options, upon meeting predefined business targets, 50% vest on December
31, 2022, and 50% on December 2023</ix:nonNumeric></span>, the Company recorded an expense of $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__custom--StockOptionTwoMember_zyO1cdfOfxjj" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_StockOptionTwoMember" id="Fact000921" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--AwardTypeAxis__custom--StockOptionTwoMember_z3JRLykgivp5" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_StockOptionTwoMember" id="Fact000923" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26</ix:nonFraction></span>, respectively, in its 2023, 2022 statement of comprehensive
loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2023, the Company&#8217;s shareholders approved a reduction to the exercise price of previously granted options to Magna&#8217;s
employees to an exercise price of NIS <span id="xdx_90A_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20230727__us-gaap--AwardTypeAxis__custom--StockOptionThreeMember_z7AmOXXTkRod" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-07-27_custom_StockOptionThreeMember" id="Fact000925" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">0.5</ix:nonFraction></span> (approximately $<span id="xdx_904_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20230727__us-gaap--AwardTypeAxis__custom--StockOptionThreeMember_zjccFn1odZBb" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-07-27_custom_StockOptionThreeMember" id="Fact000927" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.13</ix:nonFraction></span> per share at the approval date). The reduction was accounted for as a
modification and as a result, the Company recorded an expense of $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__custom--StockOptionThreeMember_zeb5LXw4wRw4" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_StockOptionThreeMember" id="Fact000929" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16</ix:nonFraction> </span>in its 2023 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 18; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


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

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
                                            and options to employees</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Incentive
                                            Plan</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2015, the Board of Directors of the Company authorized a share option plan (&#8220;2016 Equity Incentive Plan&#8221;). The 2016
Equity Incentive Plan provides for the grant of share options to service providers, employees, and office holders of the Company. Awards
may be granted under the 2016 Equity Incentive Plan until November 2025, when the 2016 Equity Incentive Plan expires.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
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of the Company&#8217;s capital on a fully diluted basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            fair value of options granted was estimated using the Black-Scholes option pricing model,
                                            and based on the following assumptions:</span></td></tr></table>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000933" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zUiKtsv6wNbj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zPdTddf8pQF2" style="display: none">SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED USING THE BLACK-SCHOLES OPTION PRICING MODEL</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 1.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 56%">Exercise price</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: center; width: 1%">&#160;</td><td style="text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20221231__srt--RangeAxis__srt--MinimumMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_zSMLD2yMKhJi" title="Exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-12-31_srt_MinimumMember_us-gaap_EmployeeStockMember" id="Fact000939" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.28</ix:nonFraction></span>-$<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20221231__srt--RangeAxis__srt--MaximumMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_zMsrqhC1Vfjj" title="Exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-12-31_srt_MaximumMember_us-gaap_EmployeeStockMember" id="Fact000941" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.65</ix:nonFraction></span></span></td><td style="text-align: left; width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Risk-free interest</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20220101__20221231__srt--RangeAxis__srt--MinimumMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_z0Vy98CKSGUi" title="Risk-free interest"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-01-012022-12-31_srt_MinimumMember_us-gaap_EmployeeStockMember" id="Fact000955" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>%-<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20220101__20221231__srt--RangeAxis__srt--MaximumMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_zFwMjFFAV2b6" title="Risk-free interest"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-01-012022-12-31_srt_MaximumMember_us-gaap_EmployeeStockMember" id="Fact000957" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.5</ix:nonFraction></span>%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected life of up to (years)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_8AD_znxicRohfHQi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000967" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zTa7DtSiG8kb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the option activity for the years ended December 31, 2023, and 2022 for options granted to employees, officers,
and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zLA5KEGHSCxb" style="display: none">SCHEDULE OF OPTION ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="33" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of options</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of options</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_zVN1uO79uvBb" title="Weighted average remaining contractual term (in years), outstanding at beginning of period"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockMember" format="ixt-sec:duryear" id="Fact000979" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">4.84</ix:nonNumeric></span></td><td style="width: 2%; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20230101__20231231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_zlmI4J1o8xTi" title="Number of options, outstanding at beginning of period" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-01-012023-12-31_us-gaap_EmployeeStockMember" id="Fact000987" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,675,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20210101__20211231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_z8ouEe4MUs9b" title="Number of options, outstanding at beginning of period" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31_us-gaap_EmployeeStockMember" id="Fact001017" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">22,860,713</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20221231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_zyE1nIen9UWj" title="Number of options, outstanding at beginning of period" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2022-12-31_us-gaap_EmployeeStockMember" id="Fact001025" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">19,427,796</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20210101__20211231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockMember_zcO444jRfSIg" title="Number of options, outstanding at beginning of period" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2021-12-31_us-gaap_EmployeeStockMember" id="Fact001027" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,749,296</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)
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</ix:nonNumeric><p id="xdx_8A9_z7rrqTG1Uqdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 74.85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options
                                            granted during 2021 and 2022.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 18, 2021, the Company approved an extension to the expiration dates of all the options already granted under the Company&#8217;s
2016 Equity Incentive Plan, from three years after each vesting date to seven years starting from the grant date. As a result, the Company
recorded an additional expense of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zrWvvgVYtcKh" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_EquityIncentivePlanMember" id="Fact001035" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction></span>, $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zVeLOiAHsQ92" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_EquityIncentivePlanMember" id="Fact001037" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">116</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zsyZCsylCVBh" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_EquityIncentivePlanMember" id="Fact001039" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">810</ix:nonFraction></span>, respectively, in its 2023, 2022 and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">During
2021, the Company granted options to purchase <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember_zu0TcgvG4ko4" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_custom_EmployeeOneMember" id="Fact001041" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,480,000</ix:nonFraction></span> Ordinary Shares to its employees at an exercise price ranging between NIS <span id="xdx_90E_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20211231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember__srt--RangeAxis__srt--MinimumMember_zEMUjktdcYui" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_EmployeeOneMember_srt_MinimumMember" id="Fact001043" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1.33</ix:nonFraction></span>
to NIS <span id="xdx_903_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20211231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember__srt--RangeAxis__srt--MaximumMember_z5ny5FeoTQ31" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_EmployeeOneMember_srt_MaximumMember" id="Fact001045" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">2.29</ix:nonFraction></span> (an average of approximately $<span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20211231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember_zlyDElL8AYG6" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_EmployeeOneMember" id="Fact001047" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.74</ix:nonFraction></span> per share at the grant date). <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember_zPkJtWUCvwj3" title="Option vesting period, description"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EmployeeOneMember" id="Fact001049" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The options vest equally over twelve quarters.</ix:nonNumeric></span> In addition,
the Company granted options to purchase <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_znlBg0gfHphi" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_custom_EmployeeTwoMember" id="Fact001051" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></span> Ordinary Shares to its employees at an exercise price ranging between NIS <span id="xdx_902_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20211231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember__srt--RangeAxis__srt--MinimumMember_z7oQT52WUEPj" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_EmployeeTwoMember_srt_MinimumMember" id="Fact001053" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">2.29</ix:nonFraction></span> to NIS
<span id="xdx_906_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20211231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember__srt--RangeAxis__srt--MaximumMember_zrmChPIDLfdc" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_EmployeeTwoMember_srt_MaximumMember" id="Fact001055" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">5.93</ix:nonFraction></span> (an average of approximately $<span id="xdx_905_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20211231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zCwPHtVLRw8" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_EmployeeTwoMember" id="Fact001057" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.91</ix:nonFraction></span> per share at the grant date). <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zsJcjlCUugEh" title="Option vesting period, description"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EmployeeTwoMember" id="Fact001059" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">One third of the options vest after one year and the balance of
the remaining options vest equally over eight quarters until fully vested.</ix:nonNumeric></span> As a result, the Company recorded an expense of $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeesMember_zJjKk4VX2Ag2" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_EmployeesMember" id="Fact001061" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">320</ix:nonFraction></span>, $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeesMember_zEjmDpxg3le8" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_EmployeesMember" id="Fact001063" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">387</ix:nonFraction></span>,
and $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesMember_z9mHhJCjPav2" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_EmployeesMember" id="Fact001065" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">313</ix:nonFraction></span>, respectively, in its 2023, 2022 and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 23, 2022, the Company&#8217;s Board of Directors approved a reduction to the exercise price of previously granted options for 27
employees, under the Company&#8217;s 2016 Equity Incentive Plan, with an exercise price of NIS <span id="xdx_90B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20220523__srt--TitleOfIndividualAxis__custom--TwentySevenEmployeesMember__us-gaap--PlanNameAxis__custom--TwoThousandSixteenEquityIncentivePlanMember__srt--RangeAxis__srt--MinimumMember_zzXbCeYFspWe" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-05-23_custom_TwentySevenEmployeesMember_custom_TwoThousandSixteenEquityIncentivePlanMember_srt_MinimumMember" id="Fact001067" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">2.29</ix:nonFraction></span> to an exercise price of NIS <span id="xdx_90B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20220523__srt--TitleOfIndividualAxis__custom--TwentySevenEmployeesMember__us-gaap--PlanNameAxis__custom--TwoThousandSixteenEquityIncentivePlanMember__srt--RangeAxis__srt--MaximumMember_zQo8a0Z84wek" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-05-23_custom_TwentySevenEmployeesMember_custom_TwoThousandSixteenEquityIncentivePlanMember_srt_MaximumMember" id="Fact001069" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1</ix:nonFraction></span>. As
a result, the Company recorded an expense of $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenEquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--TwentySevenEmployeesMember_zNCbkJpMLyMd" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_TwoThousandSixteenEquityIncentivePlanMember_custom_TwentySevenEmployeesMember" id="Fact001071" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span> and $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenEquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--TwentySevenEmployeesMember_zlYJeZtP7RJ1" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_TwoThousandSixteenEquityIncentivePlanMember_custom_TwentySevenEmployeesMember" id="Fact001073" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></span>, respectively, in its 2023 and 2022 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2022, the Company granted options to five of its senior officers to purchase an aggregate of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220817__20220818__srt--TitleOfIndividualAxis__custom--FiveSeniorOfficersMember_z1e9fFv5s08b" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-08-172022-08-18_custom_FiveSeniorOfficersMember" id="Fact001075" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,200,000</ix:nonFraction></span> Ordinary Shares, at
an exercise price of NIS <span id="xdx_90C_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20220818__srt--TitleOfIndividualAxis__custom--FiveSeniorOfficersMember_zoehJ1nK8bd3" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-08-18_custom_FiveSeniorOfficersMember" id="Fact001077" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1</ix:nonFraction></span> (approximately $<span id="xdx_900_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20220818__srt--TitleOfIndividualAxis__custom--FiveSeniorOfficersMember_ztNflL0LsrT6" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-08-18_custom_FiveSeniorOfficersMember" id="Fact001079" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.31</ix:nonFraction></span> per share at the grant date). <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20220817__20220818__srt--TitleOfIndividualAxis__custom--FiveSeniorOfficersMember_zmkilt00zAp4" title="Option vesting period, description"><ix:nonNumeric contextRef="From2022-08-172022-08-18_custom_FiveSeniorOfficersMember" id="Fact001081" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The options vest over 12 quarters until fully vested, starting
from January 1, 2023.</ix:nonNumeric></span> As a result, the Company recorded an expense of $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__srt--TitleOfIndividualAxis__custom--FiveSeniorOfficersMember_zOPj0dZHckj4" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_FiveSeniorOfficersMember" id="Fact001083" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">140</ix:nonFraction></span> in its 2023 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 94.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">On
October 20, 2022, the Company&#8217;s shareholders approved grants of options to three members of the Company&#8217;s Board of Directors,
to the Company&#8217;s Vice President of Human Resources and to the Company&#8217;s Chief Executive Officer to purchase <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20221019__20221020__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsThreeMember_zZz2SUeuCyzl" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-10-192022-10-20_custom_BoardOfDirectorsThreeMember" id="Fact001085" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> each,
<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20221019__20221020__srt--TitleOfIndividualAxis__srt--VicePresidentMember_zzpksVpQUGgd" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-10-192022-10-20_srt_VicePresidentMember" id="Fact001087" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">600,000</ix:nonFraction></span> and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20221019__20221020__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zkFrLHFXei4l" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-10-192022-10-20_srt_ChiefExecutiveOfficerMember" id="Fact001089" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,000,000</ix:nonFraction></span>, respectively, of the Company&#8217;s Ordinary Shares at an exercise price of NIS <span id="xdx_901_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uILSPShare_c20221020__srt--TitleOfIndividualAxis__custom--ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember_zFKvsnvq3JKg" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-10-20_custom_ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember" id="Fact001091" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1</ix:nonFraction></span> (approximately $<span id="xdx_902_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20221020__srt--TitleOfIndividualAxis__custom--ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember_z5NxElgE6KVd" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-10-20_custom_ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember" id="Fact001093" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.28</ix:nonFraction></span> per share
at the grant date), which exercise price was thereafter reduced to NIS <span id="xdx_907_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uILSPShare_c20221020__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsThreeMember_zCDc1aPx5346" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-10-20_custom_BoardOfDirectorsThreeMember" id="Fact001095" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">0.5</ix:nonFraction></span> (approximately $<span id="xdx_905_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20221020__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsThreeMember_zxH46FdZIb03" title="Exercise price thereafter"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-10-20_custom_BoardOfDirectorsThreeMember" id="Fact001097" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.13</ix:nonFraction></span> per share at the grant date). <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20221019__20221020__srt--TitleOfIndividualAxis__custom--ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember_zJOXAqO7JIrb" title="Option vesting period, description"><ix:nonNumeric contextRef="From2022-10-192022-10-20_custom_ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember" id="Fact001099" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The options
vest over 12 quarters until fully vested.</ix:nonNumeric></span> The Company recorded an expense of $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsThreeMember_zDhYN9DR3W07" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_BoardOfDirectorsThreeMember" id="Fact001101" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">108</ix:nonFraction></span> and $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsThreeMember_zQtFtQoMgLH9" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_BoardOfDirectorsThreeMember" id="Fact001103" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></span>, respectively, in its 2023 and 2022 statement
of comprehensive loss, included in general and administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 94.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">During
2022, the Company granted options to purchase <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember_zgHXccF4VIo6" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31_custom_EmployeeOneMember" id="Fact001105" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,225,000</ix:nonFraction></span> Ordinary Shares to its employees at an exercise price of NIS <span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uILSPShare_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember_zU3feQlZArK8" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EmployeeOneMember" id="Fact001107" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">2.29</ix:nonFraction></span> (approximately
$<span id="xdx_90B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember_zpmVv2h6GhC6" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EmployeeOneMember" id="Fact001109" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.72</ix:nonFraction></span> per share at the grant date), which exercise price was <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20220101__20221231__srt--TitleOfIndividualAxis__custom--ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember_zBjeTUO4Enn7" title="Option vesting period, description"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_ThreeBoardOfDirectorsChiefExecutiveOfficerAndVicePresidentMember" id="Fact001111" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">thereafter reduced to NIS 1, and again reduced to NIS 0.5, with some of
the options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over
eight quarters.</ix:nonNumeric></span> In addition, the Company granted options to purchase <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_z3tVoOYtguD3" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31_custom_EmployeeTwoMember" id="Fact001113" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">75,000</ix:nonFraction></span> Ordinary Shares to its employees at an exercise price of
NIS <span id="xdx_902_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uILSPShare_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zq9esUQTAjzi" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EmployeeTwoMember" id="Fact001115" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1.95</ix:nonFraction></span> (approximately $<span id="xdx_909_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zHIH7rJvKjBa" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EmployeeTwoMember" id="Fact001117" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.61</ix:nonFraction></span> per share at the grant date), which <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zoqQkndw8pGj" title="Option vesting period, description"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_EmployeeTwoMember" id="Fact001119" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">exercise price was thereafter reduced to NIS 0.5, all the options vest
on the grant date</ix:nonNumeric></span>. Furthermore, the Company granted options to purchase <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeThreeMember_zqoN5ndqWLCh" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31_custom_EmployeeThreeMember" id="Fact001121" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,775,000</ix:nonFraction></span> Ordinary Shares to its employees at an exercise price
of NIS <span id="xdx_90A_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uILSPShare_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeThreeMember_zr6R4IkQnv2e" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EmployeeThreeMember" id="Fact001123" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1</ix:nonFraction></span> (approximately $<span id="xdx_907_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeThreeMember_zqMSFEXkDgh7" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EmployeeThreeMember" id="Fact001125" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.28</ix:nonFraction></span> per share at the grant date), which <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeThreeMember_zY1H3YbpB5Te" title="Option vesting period, description"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_EmployeeThreeMember" id="Fact001127" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">exercise price was thereafter reduced to NIS 0.5, with some of the
options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over
eight quarters</ix:nonNumeric></span>. As a result, the Company recorded an expense of $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zWRYeYxEqi9l" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_EmployeeTwoMember" id="Fact001129" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_z8IEXCSoCiQb" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_EmployeeTwoMember" id="Fact001131" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64</ix:nonFraction></span>, respectively, in its 2023 and 2022 statement of comprehensive
loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options
                                            granted during 2023.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">On
March 29, 2023, the Company granted options to purchase <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20230301__20230329__srt--TitleOfIndividualAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zzTOiIbkTACk" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-03-012023-03-29_custom_OptionsGrantedTwoThousandTwentyThreeMember" id="Fact001133" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">375,000</ix:nonFraction></span> Ordinary Shares to its employees at an exercise price of NIS <span id="xdx_904_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uILSPShare_c20230329__srt--TitleOfIndividualAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zM7IaR4vW8gc" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-03-29_custom_OptionsGrantedTwoThousandTwentyThreeMember" id="Fact001135" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">1</ix:nonFraction></span> (approximately
$<span id="xdx_90D_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20230329__srt--TitleOfIndividualAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zXnMRagVUDZk" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-03-29_custom_OptionsGrantedTwoThousandTwentyThreeMember" id="Fact001137" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.28</ix:nonFraction></span> per share at the grant date), with some of the options vesting equally over twelve quarters, and some of the options having a one-year
cliff and the remainder vesting equally over eight quarters. The Company recorded an expense of $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__srt--TitleOfIndividualAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zrLFEoldoILi" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_OptionsGrantedTwoThousandTwentyThreeMember" id="Fact001139" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></span> with respect to such grants, in its
2023 statement of comprehensive loss included in research and development expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 20; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 31, 2023, the Company&#8217;s Board of Directors approved a reduction to the exercise price of previously granted options for all
outstanding options previously issued, under the Company&#8217;s 2016 Equity Incentive Plan, to an exercise price of NIS <span id="xdx_90B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20230531__us-gaap--PlanNameAxis__custom--TwoThousandSixteenEquityIncentivePlanMember_zz1PSE1FPFB4" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-05-31_custom_TwoThousandSixteenEquityIncentivePlanMember" id="Fact001141" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">0.5</ix:nonFraction></span> (approximately
$<span id="xdx_90A_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20230531__us-gaap--PlanNameAxis__custom--TwoThousandSixteenEquityIncentivePlanMember_zgrS2AcXt0oc" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-05-31_custom_TwoThousandSixteenEquityIncentivePlanMember" id="Fact001143" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.13</ix:nonFraction></span> per share at the approval date). As a result, the Company recorded an expense of $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenEquityIncentivePlanMember_zGKi9ZN5goSe" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_TwoThousandSixteenEquityIncentivePlanMember" id="Fact001145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">211</ix:nonFraction></span> in its 2023 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">On
July 27, 2023, the Company&#8217;s shareholders approved grants of options to two members of the Company&#8217;s Board of Directors to
each purchase <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20230701__20230727__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zcRgFSXyM0x6" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-07-012023-07-27_custom_OptionsGrantedTwoThousandTwentyThreeMember" id="Fact001147" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> of the Company&#8217;s Ordinary Shares at an exercise price of NIS <span id="xdx_90C_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20230727__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zb1fXS45djYl" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-07-27_custom_OptionsGrantedTwoThousandTwentyThreeMember" id="Fact001149" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">0.5</ix:nonFraction></span> (approximately $<span id="xdx_907_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20230727__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zrVFbZWCPvQ1" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-07-27_custom_OptionsGrantedTwoThousandTwentyThreeMember" id="Fact001151" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.13</ix:nonFraction></span> per share at the grant
date). The options vest over 12 quarters until fully vested. The Company recorded an expense of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zYWtkm1x9iDf" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_OptionsGrantedTwoThousandTwentyThreeMember29871593" id="Fact001153" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</ix:nonFraction></span>, with respect to such grants, in its
2023 statement of comprehensive loss, included in general and administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 94.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">During
2023, the Company granted options to purchase <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20230101__20231231__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember__srt--TitleOfIndividualAxis__custom--EmployeesOneMember_zaDTZMQbXAZ4" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-01-012023-12-31_custom_OptionsGrantedTwoThousandTwentyThreeMember_custom_EmployeesOneMember" id="Fact001155" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span> Ordinary Shares to its employees at an exercise price of NIS <span id="xdx_900_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uILSPShare_c20231231__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember__srt--TitleOfIndividualAxis__custom--EmployeesOneMember_zf1QL9Hsjase" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-12-31_custom_OptionsGrantedTwoThousandTwentyThreeMember_custom_EmployeesOneMember" id="Fact001157" format="ixt:numdotdecimal" decimals="INF" unitRef="ILSPShare">0.5</ix:nonFraction></span> (approximately
$<span id="xdx_902_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20231231__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember__srt--TitleOfIndividualAxis__custom--EmployeesOneMember_zh0lTs3gtXb5" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-12-31_custom_OptionsGrantedTwoThousandTwentyThreeMember_custom_EmployeesOneMember" id="Fact001159" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.13</ix:nonFraction></span> per share at the grant date), with <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeesOneMember__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember_zCZdFx7rLRn4" title="Option vesting period, description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OptionsGrantedTwoThousandTwentyThreeMember_custom_EmployeesOneMember" id="Fact001161" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">1,225,000 of the options vesting equally over twelve quarters, and 275,000 of the options having
a one-year cliff and the remainder vesting equally over eight quarters.</ix:nonNumeric></span> As a result, the Company recorded an expense of $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--PlanNameAxis__custom--OptionsGrantedTwoThousandTwentyThreeMember__srt--TitleOfIndividualAxis__custom--EmployeesOneMember_z3NPOK2gttVl" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_OptionsGrantedTwoThousandTwentyThreeMember_custom_EmployeesOneMember" id="Fact001163" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></span> in its 2023
statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options
                                            granted to Eye-Net&#8217;s employees.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eye-Net
grants its employee&#8217;s options to purchase its own shares. Utilizing parameters for calculating Black-Scholes similar to those of
Foresight, with the only difference being in the share price and exercise price.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 19, 2020, the Company&#8217;s subsidiary, Eye-Net, granted options to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200818__20200819__srt--TitleOfIndividualAxis__custom--EmployeesMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_z6e9I32CG556" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-08-182020-08-19_custom_EmployeesMember_custom_EyeNetMobileLtdMember" id="Fact001165" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,700</ix:nonFraction></span> ordinary shares of Eye-Net to its employees
at an exercise price of $<span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20200819__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zCXVQHzLJtSb" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2020-08-19_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001167" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">100</ix:nonFraction></span> per share. The options vest over 12 quarters until fully vested on June 30, 2023. The Company recorded an
expense of $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zKve5qnjo8o9" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001169" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">57</ix:nonFraction></span>, $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zn5PgB4vi1T2" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001171" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">115</ix:nonFraction></span>, and $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_z2uWiMdP5S04" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001173" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">135</ix:nonFraction></span>, in respect of such grant, in its 2023, 2022 and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company&#8217;s subsidiary, Eye-Net, granted options to purchase <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zyVBSLsB8q43" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001175" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,850</ix:nonFraction></span> ordinary shares of Eye-Net to its employees at an exercise
price of $<span id="xdx_901_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20211231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zVJkWQ7Xckvj" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001177" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">100</ix:nonFraction></span> per share. <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zdnHAy1PqNE3" title="Option vesting period, description"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001179" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">4,500 options vests over 36 months, one third of the options vest after one year and the balance of the remaining
options vest over eight quarters until fully vested. 350 options vests over 11 quarters until fully vested.</ix:nonNumeric></span> The Company recorded an expense
of $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_z7uIRSfN0i4e" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeTwoMember" id="Fact001181" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51</ix:nonFraction></span>, $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zwK2nGSqzTuf" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeTwoMember" id="Fact001183" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">96</ix:nonFraction></span> and <span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zwrCYiWF7yil" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeTwoMember" id="Fact001185" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19</ix:nonFraction></span>, in respect of such grant in its 2023, 2022 and 2021 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2022, the Company&#8217;s subsidiary, Eye-Net, granted options to purchase <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeesMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zQsd3Z9rot4b" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001187" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,350</ix:nonFraction></span> ordinary shares of Eye-Net to its employees. <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeesMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zKjTr5RsHoq2" title="Option vesting period, description"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001189" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The options
vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until
fully vested .</ix:nonNumeric></span><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeOneMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zBPESFhPgh29" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31_custom_EmployeeOneMember_custom_EyeNetMobileLtdMember" id="Fact001191" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">450</ix:nonFraction></span> options were granted at an exercise price of $<span id="xdx_90F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20221231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeOneMember_z3yELJfwQHu5" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeOneMember" id="Fact001193" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">100</ix:nonFraction></span> and <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zDXdRL6KyIF4" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeTwoMember" id="Fact001195" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900</ix:nonFraction></span> options were granted at an exercise price of $<span id="xdx_90F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20221231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeTwoMember_zitVFYSZZuY3" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeTwoMember" id="Fact001197" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">200</ix:nonFraction></span> per share.
The Company recorded an expense of $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeThreeMember_zRphU4ObwYql" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeThreeMember" id="Fact001199" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeThreeMember_zlqCM8tWbJA2" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeThreeMember" id="Fact001201" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></span>, in respect of such grant in its 2023 and 2022 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, the Company&#8217;s subsidiary, Eye-Net, granted options to purchase <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeesMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zFAFSzLi4jej" title="Number of options purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-01-012023-12-31_custom_EyeNetMobileLtdMember_custom_EmployeesMember" id="Fact001203" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">150</ix:nonFraction></span> ordinary shares of Eye-Net to its employees. <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeesOneMember__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember_zYVffTjfDssi" title="Option vesting period, description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmployeesOneMember_custom_EyeNetMobileLtdMember" id="Fact001205" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The options
vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until
fully vested.</ix:nonNumeric></span> The options were granted at an exercise price of $<span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_uUSDPShares_c20231231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeThreeMember_zTbm36b3zPN5" title="Option exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2023-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeThreeMember" id="Fact001207" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">200</ix:nonFraction></span> per share. The Company recorded an expense of $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__dei--LegalEntityAxis__custom--EyeNetMobileLtdMember__srt--TitleOfIndividualAxis__custom--EmployeeFourMember_zn42R8lwCB51" title="Share based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_EyeNetMobileLtdMember_custom_EmployeeFourMember" id="Fact001209" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></span> in respect of such
a grant in its 2023 statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 92.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 21; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A1_zy6q0jlJ0pye" style="margin-top: 0; margin-bottom: 0">&#160;</p>
<!-- Field: Split-Segment; Name: 001 -->
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif; background-color: white">The
Company has identified one reportable and operating segment. The results of operations provided to and analyzed by the CODM are at the
consolidated level and accordingly, key resources and assessments of performance are performed at the consolidated level. We continue
to evaluate our internal reporting structure and the potential impact of any changes on our segment reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 48.2pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

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following table sets forth reporting revenue information by geographic region:</span></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</ix:nonNumeric><p id="xdx_8AF_zRIzwUZqz8Gi" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 48.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
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<tr style="vertical-align: bottom">
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span id="xdx_F01_zK3pGYne5Cf9" style="font: normal 10pt Times New Roman, Times, Serif">(*)</span></td><td style="text-align: justify"><span id="xdx_F1E_zmg7zqcK78f1" style="font: normal 10pt Times New Roman, Times, Serif"><ix:footnote id="Footnote001291" xml:lang="en-US">Lower
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</tr></table>

</ix:nonNumeric><p id="xdx_8A2_zFU2tc0HhIac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 48.2pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 22; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001293" name="us-gaap:ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock"><p id="xdx_803_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_zO041vSjCyLi" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
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</ix:nonNumeric><p id="xdx_8A4_zK2CMOrl2Tzd" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001357" name="FRSX:GeneralAndAdministrativeDisclosureTextBlock"><p id="xdx_803_ecustom--GeneralAndAdministrativeDisclosureTextBlock_zWSoQibuKAzc" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
14 - <span id="xdx_827_z3DPPoAe44qc">GENERAL AND ADMINISTRATIVE</span></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001359" name="FRSX:ScheduleOfGeneralAndAdministrativeTableTextBlock"><p id="xdx_89A_ecustom--ScheduleOfGeneralAndAdministrativeTableTextBlock_zl1k5oy8Keha" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zij8n27H3Mea" style="display: none">SCHEDULE OF GENERAL AND ADMINISTRATIVE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify">Share-based payments to service providers</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--ProfessionalFees_maGAAEzZYt_zBiPCLo6iuCl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Professional services</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--DirectorsFeesAndInsurance_maGAAEzZYt_zMCyDOUFY2di" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Directors&#8217; fees and insurance</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="FRSX:DirectorsFeesAndInsurance" contextRef="From2022-01-012022-12-31" id="Fact001374" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">405</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="FRSX:DirectorsFeesAndInsurance" contextRef="From2021-01-012021-12-31" id="Fact001375" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">494</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--TravelAndEntertainmentExpense_maGAAEzZYt_zYKio1txzFSk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Travel expenses</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1379">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--RentAndOfficeMaintenance_maGAAEzZYt_zn82xYUeyoDc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Rent and office maintenance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="FRSX:RentAndOfficeMaintenance" contextRef="From2023-01-01to2023-12-31" id="Fact001381" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">196</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--OtherGeneralAndAdministrativeExpense_maGAAEzZYt_zFIb1vNgUK55" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherGeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001385" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherGeneralAndAdministrativeExpense" contextRef="From2022-01-012022-12-31" id="Fact001386" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">90</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_iT_pn3n3_mtGAAEzZYt_zXbWaJYOrDS" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,119</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A2_zpXvuE6vJftd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001393" name="FRSX:DisclosureOfFinancialExpenseIncomeNetTextBlock"><p id="xdx_80D_ecustom--DisclosureOfFinancialExpenseIncomeNetTextBlock_zeAWOGsXIjaf" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
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</ix:nonNumeric><p id="xdx_8A4_z1S17OzrtVx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001417" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80F_eus-gaap--IncomeTaxDisclosureTextBlock_zTPgDE0807Gk" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company is subject to income taxes under Israeli tax laws:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 103.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 103.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                            which may be carried forward and offset against taxable income in the future for an indefinite
                                            period.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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                                            therefore, it is more likely than not that sufficient taxable income will not be available
                                            for the tax losses to be utilized in the future. Therefore, a full valuation allowance was
                                            recorded.</span></td></tr></table>

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</ix:nonNumeric><p id="xdx_8A8_z1DEsRxTivVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foresight
                                            Autonomous Holdings Ltd. has final tax assessments until and including 2019. Foresight Ltd.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A0_zqbFt2FA5AUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001467" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zUJnEMvkMg5d" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
17 - <span id="xdx_828_zlX6DHp4lMQg">TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties
considered to be related to the Company if the parties directly or indirectly, through one or more intermediaries, control, are controlled
by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members
of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if
one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting
parties might be prevented from fully pursuing its own separate interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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payments. These services are preapproved by the board of directors and the general assembly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foresight
Autonomous Holdings Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the consolidated financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars
in thousands, except per share data)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            with Magna:</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85pt; text-align: justify; text-indent: -28.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="display: none; vertical-align: bottom">
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    <td colspan="2" id="xdx_49C_20231231_zM3OsH0jD896" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20221231_zNIxLgeuSHt9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD in thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact001483" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt">Total
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" contextRef="AsOf2023-12-31" id="Fact001486" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" contextRef="AsOf2022-12-31" id="Fact001487" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_z6Kps1b91nRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 67.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001489" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_805_eus-gaap--SubsequentEventsTextBlock_zq1zncrmYQDl" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
18 - <span id="xdx_822_z4Q1Cm3DxM0h">SUBSEQUENT EVENTS</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">A.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">On
                                            January 26, 2024, the Company filed a shelf registration statement on Form F-3 with the U.S.
                                            Securities and Exchange Commission, enabling the Company to periodically offer up to $<span id="xdx_907_eus-gaap--DeferredOfferingCosts_iI_pn3n3_c20240126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zKX0eAd7UTGh" title="Deferred offering costs"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2024-01-26_us-gaap_SubsequentEventMember" id="Fact001491" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,000</ix:nonFraction></span>
                                            worth of ADSs through one or more offerings.</span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 66pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">During
                                            February 2024, the Company sold its entire investment in Rail Vision, for aggregate gross
                                            proceeds of approximately $<span id="xdx_902_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_pn3n3_c20240202__20240229__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zT1ImvpRAkWh" title="Investment aggregate gross proceeds"><ix:nonFraction name="us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments" contextRef="From2024-02-022024-02-29_us-gaap_SubsequentEventMember" id="Fact001493" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,855</ix:nonFraction></span>, at an average share price of $<span id="xdx_90F_eus-gaap--SharePrice_iI_pid_c20240229__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8ZlZ1qbgmZ6" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-02-29_us-gaap_SubsequentEventMember" id="Fact001495" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.07</ix:nonFraction></span>. The net proceeds from the sale of Rail Vision shares totaled approximately
                                            $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20240202__20240228__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zOltvmZHMiv2" title="Proceeds from sale of shares"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2024-02-022024-02-28_us-gaap_SubsequentEventMember" id="Fact001497" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,848</ix:nonFraction></span>. Consequently, the Company recognized a finance income of approximately $<span id="xdx_902_ecustom--FinanceIncome_pn3n3_c20240201__20240229__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvnw4E9iInyg" title="Finance income"><ix:nonFraction name="FRSX:FinanceIncome" contextRef="From2024-02-012024-02-29_us-gaap_SubsequentEventMember" id="Fact001499" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,407</ix:nonFraction></span> in
                                            the first quarter of 2024.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            January 10, 2024, the Company renewed its main office lease for an additional three years,
                                            commencing from April 1, 2024, to March 31, 2027, with the option to further extend the lease
                                            for another three years, until March 31, 2030.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 66pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">D.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Wave
                                            of other accounts payable with Magna for development services &#8211; see note 8A.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 66pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">E.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
                                            company submitted after the balance sheet date a compensation claim to the Israeli Tax Authority
                                            (&#8220;ITA&#8221;) in the amount of approximately $<span id="xdx_902_eus-gaap--IncomeTaxReceivable_iI_pn3n3_c20240126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--IncomeTaxAuthorityAxis__custom--IsraeliTaxAuthorityMember_zV4mKrrYuyg3" title="Income tax compensation claim"><ix:nonFraction name="us-gaap:IncomeTaxReceivable" contextRef="AsOf2024-01-26_us-gaap_SubsequentEventMember_custom_IsraeliTaxAuthorityMember" id="Fact001501" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">331</ix:nonFraction></span>. As of the date of release of the
                                            report, the company received an advance of 60 percent of the grant from the ITA - a total
                                            of approximately $<span id="xdx_905_eus-gaap--ProceedsFromIncomeTaxRefunds_pn3n3_c20240126__20240126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--IncomeTaxAuthorityAxis__custom--IsraeliTaxAuthorityMember_z03VbW0HOjl9" title="Income tax amount received"><ix:nonFraction name="us-gaap:ProceedsFromIncomeTaxRefunds" contextRef="From2024-01-262024-01-26_us-gaap_SubsequentEventMember_custom_IsraeliTaxAuthorityMember" id="Fact001503" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">199</ix:nonFraction></span>. The company recognized this amount as other income during the first
                                            quarter of 2024.</span></td></tr></table>

</ix:nonNumeric><p id="xdx_810_zRwvyDnueyGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 67.5pt; text-align: justify; text-indent: -19.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File No.:
001-38094
FORESIGHT
AUTONOMOUS HOLDINGS LTD.
(Exact
name of registrant as specified in its charter)
Translation
of registrant's name into English: Not applicable
State
of
Israel
(Jurisdiction
of incorporation or organization)
7
Golda Meir
Ness
Ziona
7403650
,
Israel
(Address
of principal executive offices)
Haim
Siboni
Chief
Executive Officer
Telephone
number: +
972
-
077-9709030
Facsimile
number: +972-077-9709031
7
Golda Meir
Ness
Ziona
7403650
Israel
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
                                            of each exchange on
which
    registered
American
    Depositary Shares each representing 30 Ordinary Shares, no par value
(1)
FRSX
Nasdaq
Capital Market
(1)
Evidenced
    by American Depositary Receipts. Not for trading, but only in connection with the listing of the American Depositary Shares.
Securities
registered or to be registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report:
459,778,056
ordinary shares as of December 31, 2023.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Exchange Act of 1934.
Yes
☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer," "accelerated filer," and emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Emerging
    Growth Company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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.
☐
†The
term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
Yes
☐ No
☒
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.
U.S. GAAP
☒
International
Financial Reporting Standards as issued by the International Accounting Standards Board ☐
Other
☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company.
Yes
☐ No
☒
TABLE
OF CONTENTS
PART I
1
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3.
KEY INFORMATION
1
A. [Removed and reserved].
1
B. Capitalization and Indebtedness
1
C. Reasons for the Offer and Use of Proceeds
1
D. Risk Factors
1
ITEM
    4.
INFORMATION ON THE COMPANY
20
A. History and Development of the Company
20
B. Business Overview
21
C. Organizational Structure
43
D. Property, Plants and Equipment
44
ITEM
    4.A
UNRESOLVED STAFF COMMENTS
44
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
44
A. Operating Results
44
B. Liquidity and Capital Resources
47
C. Research and Development, Patent and Licenses, etc.
49
D. Trend Information.
49
E. Critical Accounting Estimates
49
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
50
A. Directors and Senior Management
50
B. Compensation
53
C. Board Practices
55
D. Employees
69
E. Share Ownership
69
F. Action to Recover Erroneously Awarded Compensation
70
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
70
A. Major Shareholders
70
B. Related Party Transactions
73
C. Interests of Experts and Counsel
74
ITEM
    8.
FINANCIAL INFORMATION
74
A. Consolidated Statements and Other Financial Information
74
B. Significant Changes
74
ITEM
    9.
THE OFFER AND LISTING
74
A. Offer and Listing Details
74
B. Plan of Distribution
74
C. Markets
74
D. Selling Shareholders
74
E. Dilution
75
F. Expenses of the Issue
75
i
ITEM
    10.
ADDITIONAL INFORMATION
75
A. Share Capital
75
B. Memorandum and Articles of Association
75
C. Material Contracts
75
D. Exchange Controls
75
E. Taxation
76
F. Dividends and Paying Agents
83
G. Statement by Experts
84
H. Documents on Display
84
I. Subsidiary Information
84
J. Annual Report to Security Holders.
84
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
84
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
85
A. Debt Securities
85
B. Warrants and rights
85
C. Other Securities
85
D. American Depositary Shares
85
PART II
86
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
86
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
86
ITEM
    15.
CONTROLS AND PROCEDURES
86
ITEM
    16.
[Reserved].
ITEM
    16. A
AUDIT COMMITTEE FINANCIAL EXPERT
87
ITEM
    16. B
CODE OF ETHICS
87
ITEM
    16. C
PRINCIPAL ACCOUNTANT FEES AND SERVICES
87
ITEM
    16. D
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
88
ITEM
    16. E
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
88
ITEM
    16. F
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
88
ITEM
    16. G
CORPORATE GOVERNANCE
88
ITEM
    16. H
MINE SAFETY DISCLOSURE
91
ITEM
    16.I
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
91
ITEM
    16.J
INSIDER TRADING POLICIES
91
ITEM
    16.K
CYBERSECURITY
91
PART III
93
ITEM
    17.
FINANCIAL STATEMENTS
93
ITEM
    18.
FINANCIAL STATEMENTS
93
ITEM
    19.
EXHIBITS
93
ii
INTRODUCTION
We
are a technology company engaged in development of smart multi-spectral 3D vision software solutions and cellular-based applications.
Through our wholly owned subsidiaries, Foresight Automotive Ltd., or Foresight Automotive, Foresight Changzhou Automotive Ltd., or Foresight
Changzhou and Eye-Net Mobile Ltd., or Eye-Net Mobile, we develop both "in-line-of-sight" vision solutions and "beyond-line-of-sight"
accident-prevention solutions.
Our
3D vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to diverse
markets such as automotive, defense, autonomous vehicles, agriculture and heavy industrial equipment. Eye-Net Mobile's cellular-based
solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban
mobility environment by incorporating cutting-edge artificial intelligence (AI) technology and advanced analytics.
We
were incorporated in the State of Israel in September 1977 under the name Golan Melechet Machshevet (1997) Ltd. In April 1987, we became
a public company in Israel, and our shares were listed for trade on the Tel Aviv Stock Exchange Ltd., or TASE. On May 16, 2010, we changed
our name to Asia Development (A.D.B.M.) Ltd., and on January 12, 2016, we changed our name to Foresight Autonomous Holdings Ltd. Our
Ordinary Shares are currently traded on the TASE, and American Depositary Shares, or ADSs, each representing thirty of our Ordinary Shares,
currently trade on the Nasdaq Capital Market, both under the symbol "FRSX". The Bank of New York Mellon acts as depositary
of the ADSs.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
information included or incorporated by reference in this annual report on Form 20-F may be deemed to be "forward-looking statements".
Forward-looking statements are often characterized by the use of forward-looking terminology such as "may," "will,"
"expect," "anticipate," "estimate," "continue," "believe," "predict,"
"should," "intend," "project" or other similar words, but are not the only way these statements are
identified.
These
forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements
that contain projections of results of operations or of financial condition, expected capital needs and expenses, statements relating
to the research, development, completion and use of our products, and all statements (other than statements of historical facts) that
address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future.
Forward-looking
statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements
on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current
conditions, expected future developments and other factors they believe to be appropriate.
Important
factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking
statements include, among other things:
●
the
    ability to correctly identify and enter new markets;
●
the
    overall global economic environment;
●
the
    impact of competition and new technologies;
iii
●
general
    market, political, and economic conditions in the countries in which we operate including those related to recent unrest and actual
    or potential armed conflict in Israel and other parts of the Middle East, such as the Israel-Hamas war;
●
projected
    capital expenditures and liquidity;
●
our
    ability to raise additional capital to support our operation;
●
changes
    in our strategy; and
●
those
    factors referred to in "Item 3. Key Information – D. Risk Factors," "Item 4. Information on the Company,"
    and "Item 5. Operating and Financial Review and Prospects," as well as in this annual report on Form 20-F generally.
Readers
are urged to carefully review and consider the various disclosures made throughout this annual report on Form 20-F which are designed
to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.
You
should not put undue reliance on any forward-looking statements. Any forward-looking statements in this annual report on Form 20-F are
made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by law.
In
addition, the section of this annual report on Form 20-F entitled "Item 4. Information on the Company" contains information
obtained from independent industry sources and other sources that we have not independently verified.
Unless
otherwise indicated, all references to the "Company," "we," "our" and "Foresight" refer
to Foresight Autonomous Holdings Ltd. and its wholly owned subsidiaries, Foresight Automotive Ltd., an Israeli corporation, Eye-Net Mobile
Ltd., an Israeli corporation, and Foresight Automotive's wholly owned subsidiary, Foresight Changzhou Automotive Ltd., a Chinese
corporation. References to "U.S. dollars" and "$" are to currency of the United States of America, and references
to "NIS" are to New Israeli Shekels. References to "Ordinary Shares" are to our Ordinary Shares, no par value.
We report our financial statements in accordance with generally accepted accounting principles in the United States, or U.S. GAAP.
Unless
the context otherwise indicates or requires, "Foresight Autonomous Holdings," "Foresight
®
," the
Foresight Autonomous Holdings logo and all product names and trade names used by us in this annual report on Form 20-F, including QuadSight
®
and Eye-Net™ are our proprietary trademarks and service marks. These trademarks and service marks are important to our business.
Although we have omitted the "®" and "™" trademark designations for such marks in this annual report
on Form 20-F, all rights to such trademarks and service marks are nevertheless reserved.
Summary
Risk Factors
The
risk factors described below are a summary of the principal risk factors associated with an investment in us. These are not the only
risks we face. You should carefully consider these risk factors, together with the risk factors set forth in Item 3D. of this Report
and the other reports and documents filed by us with the SEC.
Risks
    Related to Our Financial Condition and Capital Requirements
●
We
    are a development-stage company and have a limited operating history, have incurred losses since the date of our inception and anticipate
    that we will continue to incur significant losses until we are able to commercialize our products.
iv
●
We
    have not generated any significant revenue from the sale of our current products and may never be profitable.
Risks
    Related to Our Business and Industry
●
Defects
    in products could give rise to product returns or product liability, warranty or other claims that could result in material expenses,
    diversion of management time and attention and damage to our reputation.
●
Our
    future success depends in part on our ability to retain our executive officers and to attract, retain and motivate other qualified
    personnel.
●
Under
    applicable employment laws, we may not be able to enforce covenants not to compete and therefore may be unable to prevent our competitors
    from benefiting from the expertise of some of our former employees.
●
We
    depend entirely on the success of our current products in development, and we may not be able to successfully introduce these products
    and commercialize them.
Risks
    Related to Our Intellectual Property
●
If
    we are unable to obtain and maintain effective intellectual property rights and proprietary rights for our products, we may not be
    able to effectively compete in our markets.
●
Intellectual
    property rights of third parties could adversely affect our ability to commercialize our products, and we might be required to litigate
    or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses could be
    costly or not available on commercially reasonable terms.
●
Patent
    policy and rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and the
    enforcement or defense of any issued patents.
Risks
    Related to the Ownership of the ADSs or our Ordinary Shares
●
If
    we are unable to comply with Nasdaq listing requirements, our ADSs could be delisted from Nasdaq, and as a result, we and our shareholders
    could incur material adverse consequences, including negative impact on our liquidity, our shareholders' ability to sell shares
    and our ability to raise capital.
●
Our
    principal shareholders, officers and directors beneficially own over 11.55% of our outstanding Ordinary Shares. They will therefore
    be able to exert significant control over matters submitted to our shareholders for approval.
●
Holders
    of ADSs must act through the depositary to exercise their rights as our shareholders.
●
The
    Jumpstart Our Business Startups Act allows us to postpone the date by which we must comply with some of the laws and regulations
    intended to protect investors and reduce the amount of information we provide in our reports filed with the Securities and Exchange
    Commission, which could undermine investor confidence in our company and adversely affect the market price of the ADSs or our Ordinary
    Shares.
Risks
    Related Israeli Law and Our Incorporation, Location and Operations in Israel
●
We
    are exposed to fluctuations in currency exchange rates.
●
Provisions
    of Israeli law and our articles of association may delay, prevent or otherwise impede a merger with, or acquisition of, our company,
    which could prevent a change of control, even when the terms of such transaction are favorable to us and our shareholders.
●
Our
    headquarters, research and development and other significant operations are located in Israel, and, therefore, our results may be
    adversely affected by political, economic and military instability in Israel, most notably related to Israel's war with Hamas.
v
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
A.
Selected Financial Data.
[Removed
and reserved]
B.
Capitalization and Indebtedness.
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds.
Not
applicable.
D.
Risk Factors
You
should carefully consider the risks described below, together with all of the other information in this annual report on Form 20-F. If
any of these risks actually occurs, our business and financial condition could suffer and the price of the ADSs could decline.
Risks
Related to Our Financial Condition and Capital Requirements
We
are a development-stage company and have a limited operating history on which to assess the prospects for our business, have incurred
significant losses since the date of our inception, and anticipate that we will continue to incur significant losses until we are able
to successfully commercialize our products.
Our
significant shareholder, Magna B.S.P. Ltd., or Magna, was incorporated in Israel in 2001. Starting in 2011, Magna began to develop technology
devoted to vehicle safety. Magna operated its vehicle safety segment of operations as a separate division for accounting purposes. On
October 11, 2015, we entered into a merger agreement, or the Merger, with Magna and Foresight Automotive, whereby we acquired 100% of
the share capital of Foresight Automotive from Magna. Since the date of the Merger, we have been operating as a development-stage company
and have a limited operating history on which to assess the prospects for our business, have incurred significant losses, and anticipate
that we will continue to incur significant losses for the foreseeable future.
Since
the date of the Merger, and as of December 31, 2023, we have incurred net losses of approximately $119,890,000.
1
We
have devoted substantially all of our financial resources to develop our products. We have financed our operations primarily through
the issuance of equity securities. The amount of our future net losses will depend, in part, on completing the development of our products,
the rate of our future expenditures and our ability to obtain funding through the issuance of our securities, strategic collaborations
or grants. We expect to continue to incur significant losses until we are able to successfully commercialize our products. We anticipate
that our expenses will increase substantially if and as we:
●
continue
    the development of our products;
●
establish
    a sales, marketing, distribution and technical support infrastructure to commercialize our products;
●
seek
    to identify, assess, acquire, license, and/or develop other products and subsequent generations of our current products;
●
seek
    to maintain, protect, and expand our intellectual property portfolio;
●
seek
    to attract and retain skilled personnel; and
●
create
    additional infrastructure to support our operations as a public company and our product development and planned future commercialization
    efforts.
We
have not generated any significant revenue from the sale of our current products and may never be profitable.
We
have not yet commercialized any of our products and have not generated any significant revenue since the date of the Merger. Our ability
to generate revenue and achieve profitability depends on our ability to successfully complete the development of, and to commercialize,
our products. Our ability to generate future revenue from product sales depends heavily on our success in many areas, including but not
limited to:
●
completing
    development of our products;
●
establishing
    and maintaining supply and manufacturing relationships with third parties that can provide adequate (in amount and quality) products
    to support market demand for our products;
●
launching
    and commercializing products, either directly or with a collaborator or distributor;
●
addressing
    any competing technological and market developments;
●
identifying,
    assessing, acquiring and/or developing new products;
●
negotiating
    favorable terms in any collaboration, licensing or other arrangements into which we may enter;
●
maintaining,
    protecting and expanding our portfolio of intellectual property rights, including patents, trade secrets and know-how; and
●
attracting,
    hiring and retaining qualified personnel.
2
We
expect that we will need to raise substantial additional capital before we can expect to become profitable from sales of our products.
This additional capital may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may
force us to delay, limit or terminate our product development efforts or other operations.
We
expect that we will require substantial additional capital to commercialize our products. In addition, our operating plans may change
as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned. Our future
capital requirements will depend on many factors, including but not limited to:
●
the
    scope, rate of progress, results and cost of product development, and other related activities;
●
the
    cost of establishing commercial supplies of our products;
●
the
    cost and timing of establishing sales, marketing, and distribution capabilities; and
●
the
    terms and timing of any collaborative, licensing, and other arrangements that we may establish.
Any
additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to
develop and commercialize our products. In addition, we cannot guarantee that future financing will be available in sufficient amounts
or on terms acceptable to us, if at all. Moreover, the terms of any financing may adversely affect the holdings or the rights of our
shareholders and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause
the market price of the ADSs and Ordinary Shares to decline. The incurrence of indebtedness could result in increased fixed payment obligations,
and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations
on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact
our ability to conduct our business. We could also be required to seek funds through arrangements with collaborative partners or otherwise
at an earlier stage than otherwise would be desirable, and we may be required to relinquish rights to some of our technologies or products
or otherwise agree to terms unfavorable to us, any of which may have a material adverse effect on our business, operating results and
prospects. Even if we believe that we have sufficient funds for our current or future operating plans, we may seek additional capital
if market conditions are favorable or if we have specific strategic considerations.
If
we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our
research or development programs or the commercialization of our products or be unable to expand our operations or otherwise capitalize
on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations.
Risks
Related to Our Business and Industry
Defects
in products could give rise to product returns or product liability, warranty or other claims that could result in material expenses,
diversion of management time and attention, and damage to our reputation.
Even
if we are successful in introducing our products to the market, our products may contain undetected defects or errors that, despite testing,
are not discovered until after a product has been used. This could result in delayed market acceptance of those products, claims from
distributors, end-users or others, increased end-user service and support costs and warranty claims, damage to our reputation and business,
or significant costs to correct the defect or error. We may from time to time become subject to warranty or product liability claims
that could lead to significant expenses as we need to compensate affected end-users for costs incurred related to product quality issues.
Any
claim brought against us, regardless of its merit, could result in material expense, diversion of management time and attention, and
damage to our reputation, and could cause us to fail to retain or attract customers. Currently, we do not maintain product liability
insurance, which will be necessary prior to the commercialization of our products. It is likely that any product liability insurance
that we will have in the future will be subject to significant deductibles and there is no guarantee that such insurance will be available
or adequate to protect against all such claims, or we may elect to self-insure with respect to certain matters. Costs or payments made
in connection with warranty and product liability claims and product recalls or other claims could materially affect our financial condition
and results of operations.
3
Furthermore,
the automotive industry in general is subject to litigation claims due to the nature of personal injuries that result from traffic accidents.
The emerging technologies of advanced driver assistance systems, or ADAS, and autonomous driving have not yet been litigated or legislated
to a point whereby their legal implications are well documented. As a potential provider of such products, we may become liable for losses
that exceed the current industry and regulatory norms. In addition, if any of our products are, or are alleged to be, defective, we may
be required to participate in a recall of such products if the defect or the alleged defect relates to motor vehicle safety. Depending
on the terms under which we supply our products, an auto manufacturer or other ADAS developers to whom we sell our software may hold
us responsible for some or all of the entire repair or replacement costs of these products.
Our
future success depends in part on our ability to retain our executive officers and to attract, retain and motivate other qualified personnel.
We
are highly dependent on the services of Mr. Haim Siboni. The loss of his services without proper replacement may adversely impact the
achievement of our objectives. Mr. Siboni may leave our employment at any time subject to contractual notice periods, as applicable.
Also, our performance is largely dependent on the talents and efforts of highly skilled individuals, particularly our software engineers
and computer vision professionals. Recruiting and retaining qualified employees, consultants, and advisors for our business, including
scientific and technical personnel, will also be critical to our success. There is currently a shortage of skilled personnel in our industry,
which is likely to continue. As a result, competition for skilled personnel is intense and the turnover rate can be high. We may not
be able to attract and retain personnel on acceptable terms given the competition in the industry in which we operate. Moreover, certain
of our competitors or other technology businesses may seek to hire our employees. The inability to recruit and retain qualified personnel,
or the loss of the services of our executive officers, without proper replacement, may impede the progress of our development and commercialization
objectives.
Under
applicable employment laws, we may not be able to enforce covenants not to compete and therefore may be unable to prevent our competitors
from benefiting from the expertise of some of our former employees.
We
generally enter into non-competition agreements with our employees. These agreements prohibit our employees from competing directly with
us or working for our competitors or clients for a limited period after they cease working for us. We may be unable to enforce these
agreements under the laws of the jurisdictions in which our employees work and it may be difficult for us to restrict our competitors
from benefiting from the expertise that our former employees or consultants developed while working for us. For example, Israeli courts
have required employers seeking to enforce non-compete undertakings of a former employee to demonstrate that the competitive activities
of the former employee will harm one of a limited number of material interests of the employer that have been recognized by the courts,
such as the secrecy of a company's confidential commercial information or the protection of its intellectual property. If we cannot
demonstrate that such interests will be harmed, we may be unable to prevent our competitors from benefiting from the expertise of our
former employees or consultants and our ability to remain competitive may be diminished.
We
depend entirely on the success of our current products in development, and we may not be able to successfully introduce these products
and commercialize them.
We
have invested almost all of our efforts and financial resources in the research and development of our products in development. As a
result, our business is entirely dependent on our ability to complete the development of, and to successfully commercialize, our product
candidates. The process of development and commercialization is long, complex, costly and uncertain of outcome.
We
may not be able to introduce products acceptable to customers and we may not be able to improve the technology used in our current solutions
in response to new regulations, automotive market standards and end-user needs.
The
markets in which we operate are subject to rapid and substantial innovation, regulation and technological change, mainly driven by technological
advances and end-user requirements and preferences, as well as the emergence of new standards and practices. Even if we are able to complete
the development of our products in development, our ability to compete in the ADAS, semi-autonomous and autonomous vehicle markets will
depend, in large part, on our future success in enhancing our existing products and developing new solutions that will address the varied
needs of prospective end-users, and respond to technological advances and industry standards and practices on a cost-effective and timely
basis to otherwise gain market acceptance.
4
Even
if we successfully introduce our existing products in development, it is likely that new solutions and technologies that we develop will
eventually supplant our existing solutions or that our competitors will create solutions that will replace our solutions. As a result,
any of our products may be rendered obsolete or uneconomical by our or others' technological advances.
We
may not be able to successfully manage our planned growth and expansion.
We
expect to continue to make investments in our products in development. We expect that our annual operating expenses will continue to
increase as we invest in business development, marketing, research and development, manufacturing and production infrastructure, and
develop customer service and support resources for future customers. Failure to expand operational and financial systems timely or efficiently
may result in operating inefficiencies, which could increase costs and expenses to a greater extent than we anticipate and may also prevent
us from successfully executing our business plan. We may not be able to offset the costs of operation expansion by leveraging the economies
of scale from our growth in negotiations with our suppliers and contract manufacturers. Additionally, if we increase our operating expenses
in anticipation of the growth of our business and this growth falls short of our expectations, our financial results will be negatively
impacted.
If
our business grows, we will have to manage additional product design projects, materials procurement processes, and sales efforts and
marketing for an increasing number of products, as well as expand the number and scope of our relationships with suppliers, distributors
and end customers. If we fail to manage these additional responsibilities and relationships successfully, we may incur significant costs,
which may negatively impact our operating results. Additionally, in our efforts to be first to market with new products with innovative
functionality and features, we may devote significant research and development resources to products and product features for which a
market does not develop quickly, or at all. If we are not able to predict market trends accurately, we may not benefit from such research
and development activities, and our results of operations may suffer.
As
our future development and commercialization plans and strategies develop, we expect to need additional managerial, operational, sales,
marketing, financial and legal personnel. Our management may need to divert a disproportionate amount of its attention away from our
day-to-day activities and devote a substantial amount of time to managing these growth activities. We may not be able to effectively
manage the expansion of our operations, which may result in weaknesses in our infrastructure, operational mistakes, loss of business
opportunities, failure to deliver and timely deliver our products to customers, loss of employees and reduced productivity among remaining
employees. Our expected growth could require significant capital expenditures and may divert financial resources from other projects,
such as the development of additional new products. If our management is unable to effectively manage our growth, our expenses may increase
more than expected, our ability to generate and/or grow revenue could be reduced, and we may not be able to implement our business strategy.
Our
operating results and financial condition may fluctuate.
Even
if we are successful in introducing our products to the market, the operating results and financial condition of our company may fluctuate
from quarter to quarter and year to year and are likely to continue to vary due to several factors, many of which will not be within
our control. If our operating results do not meet the guidance that we provide to the marketplace or the expectations of securities analysts
or investors, the market price of the ADS will likely decline. Fluctuations in our operating results and financial condition may be due
to several factors, including those listed below and those identified throughout this "Risk Factors" section:
●
the
    degree of market acceptance of our products and services;
●
the
    mix of products and services that we sell during any period;
●
long
    sale cycles;
5
●
changes
    in the amount that we spend to develop, acquire or license new products, technologies or businesses;
●
changes
    in the amounts that we spend to promote our products and services;
●
changes
    in the cost of satisfying our warranty obligations and servicing our installed base of solutions;
●
delays
    between our expenditures to develop and market new or enhanced solutions and consumables and the generation of sales from those products;
●
development
    of new competitive products and services by others;
●
difficulty
    in predicting sales patterns and reorder rates that may result from a multi-tier distribution strategy associated with new product
    categories;
●
litigation
    or threats of litigation, including intellectual property claims by third parties;
●
changes
    in accounting rules and tax laws;
●
changes
    in regulations and standards;
●
the
    geographic distribution of our sales;
●
our
    responses to price competition;
●
general
    economic and industry conditions that affect end-user demand and end-user levels of product design and manufacturing;
●
changes
    in interest rates that affect returns on our cash balances and short-term investments;
●
changes
    in dollar-shekel exchange rates that affect the value of our net assets, future revenues and expenditures from and/or relating to
    our activities carried out in those currencies; and
●
the
    level of research and development activities by our company.
Due
to all of the foregoing factors, and the other risks discussed herein, you should not rely on quarter-to-quarter comparisons of our operating
results as an indicator of our future performance.
The
markets in which we participate are competitive. Even if we are successful in completing the development of our products in development,
our failure to compete successfully could cause any future revenues and the demand for our products not to materialize or to decline
over time.
We
aim to sell our products to automotive manufacturers, heavy, agricultural, defense and security equipment manufacturers that incorporate
ADAS, semi-autonomous and autonomous technologies in their automobiles and/or equipment and other companies that market or develop component
parts of these systems. Many of our competitors have extensive track records and relationships within the these industries.
Many
of our current and potential competitors have longer operating histories and more extensive name recognition than we have and may also
have greater financial, marketing, manufacturing, distribution and other resources than we have. Current and future competitors may be
able to respond more quickly to new or emerging technologies and changes in customer demands and to devote greater resources to the development,
promotion and sale of their products than we can. Our current and potential competitors may develop and market new technologies that
render our existing or future products obsolete, unmarketable or less competitive (whether from a price perspective or otherwise). We
cannot assure you that we will be able to maintain a competitive position or to compete successfully against current and future sources
of competition.
6
If
our relationships with suppliers for our products and services were to terminate or our manufacturing arrangements were to be disrupted,
our business could be interrupted.
Our
products depend on certain third-party technology and we purchase component parts that are used in our products from third-party suppliers,
some of whom may compete with us. While there are several potential suppliers of most of these component parts that we use, we currently
choose to use only one or a limited number of suppliers for several of these components. Our reliance on a single or limited number of
vendors involves several risks, including:
●
potential
    shortages of some key components;
●
product
    performance shortfalls, if traceable to particular product components, since the supplier of the faulty component cannot readily
    be replaced;
●
discontinuation
    of a product on which we rely;
●
potential
    insolvency of these vendors; and
●
reduced
    control over delivery schedules, manufacturing capabilities, quality and costs.
In
addition, we require any new supplier to become "qualified" pursuant to our internal procedures. The qualification process
involves evaluations of varying durations, which may cause production delays if we were required to qualify a new supplier unexpectedly.
We generally assemble our solutions and parts based on our internal forecasts and the availability of assemblies, components and finished
goods that are supplied to us by third parties, which are subject to various lead times. If certain suppliers were to decide to discontinue
production of an assembly, component that we use, the unanticipated change in the availability of supplies, or unanticipated supply limitations,
could cause delays in, or loss of, sales, increased production or related costs and consequently reduced margins, and damage to our reputation.
If we were unable to find a suitable supplier for a particular component, we could be required to modify our existing products or the
end-parts that we offer to accommodate substitute components or compounds.
Discontinuation
of operations at our manufacturing sites could prevent us from timely filling customer orders and could lead to unforeseen costs for
us.
We
plan to assemble and test the solutions that we sell at subcontractors' facilities in various locations that are specifically dedicated
to separate categories of systems and consumables. Because of our reliance on all of these production facilities, a disruption at any
of those facilities could materially damage our ability to supply our products to the marketplace in a timely manner. Depending on the
cause of the disruption, we could also incur significant costs to remedy the disruption and resume product shipments. Such disruptions
may be caused by, among other factors, pandemics, earthquakes, fire, flood and other natural disasters. Accordingly, any such disruption
could result in a material adverse effect on our revenue, results of operations and earnings, and could also potentially damage our reputation.
Our
planned international operations will expose us to additional market and operational risks, and failure to manage these risks may adversely
affect our business and operating results.
We
expect to derive a substantial percentage of our sales from international markets. Accordingly, we will face significant operational
risks from doing business internationally, including:
●
fluctuations
    in foreign currency exchange rates;
●
potentially
    longer sales and payment cycles;
●
potentially
    greater difficulties in collecting accounts receivable;
●
potentially
    adverse tax consequences;
7
●
reduced
    protection of intellectual property rights in certain countries, particularly in Asia and South America;
●
difficulties
    in staffing and managing foreign operations;
●
laws
    and business practices favoring local competition;
●
costs
    and difficulties of customizing products for foreign countries;
●
compliance
    with a wide variety of complex foreign laws, treaties and regulations;
●
export
    license constraints or restrictions due to the unique technology of our products, some of which are dual use (defense and industry);
●
tariffs,
    trade barriers and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign
    markets; and
●
being
    subject to the laws, regulations and the court systems of many jurisdictions.
Our
failure to manage the market and operational risks associated with our international operations effectively could limit the future growth
of our business and adversely affect our operating results.
Significant
disruptions of our information technology systems or breaches of our data security could adversely affect our business.
A
significant invasion, interruption, destruction or breakdown of our information technology systems and/or infrastructure by persons with
authorized or unauthorized access could negatively impact our business and operations. We could also experience business interruption,
information theft and/or reputational damage from cyber-attacks, which may compromise our systems and lead to data leakage either internally
or at our third-party providers. Our systems have been, and are expected to continue to be, the target of malware and other cyber-attacks.
Although we have invested in measures to reduce these risks, we cannot assure you that these measures will be successful in preventing
compromise and/or disruption of our information technology systems and related data. See, "
Item 16K – Cybersecurity
"
for additional information.
Our
products will be subject to automotive regulations due to the global quality requirements, which could prevent us from marketing our
products to vehicle manufacturers.
The
automotive regulations are dynamic and changing and effected by the final customer quality requirements as well. Even if we are successful
in completing the development of our products, our failure to comply with the different types of regulations and requirements could delay
the transfer to production schedule and eventually time to market.
In
order to market our products to vehicle manufacturers we will be required to accomplish different type of regulations requirements such
as ISO 26262 Functional Safety Regulations (ASIL) and Auto Spice or other common quality management methodologies. In order to meet the
quality requirements, we will have to cooperate with vehicle manufacturers, to receive their customers' quality requirements that
meet the requisite regulation of such customers and implement tools, processes and methodologies. Such processes and tools will require
resources and funds and will consume significant time effort until fully fulfilled. We are already investing time and efforts in order
to study the global quality and regulations requirements, but we cannot assure, at this time, that we will be able to meet the regulations
requirements on time.
8
Our
products are cost sensitive and subject to customers' aggressive target costs. Our products are sub solutions of modules as part
of full semi-autonomous or autonomous systems with low-cost product expectations and we may therefore be forced to lower or costs or
have lower margins.
The
automotive industry is one that continuously strives for cost reduction goals and optimizing the vehicle cost to meet the end customers'
expectations. For example, the target cost of ADAS, semi-autonomous and autonomous systems are being continuously reduced and while our
products are cost sensitive to various costs factors, we may fail to meet these reduced market targets costs. We are working to build
a robust supply chain network to support our cost reduction efforts and optimize our hardware and software costs, but may not be successful
in doing so. If we are unable to reduce our costs in line with industry target cost, our results of operations may be adversely impacted.
Our
business and operations would suffer in the event of computer system failures, cyber-attacks or a deficiency in our cybersecurity.
Despite
the implementation of security measures intended to secure our data against impermissible access and to preserve the integrity and confidentiality
of our data, our internal computer systems, and those of third parties on which we rely, we are vulnerable to damage from computer viruses,
malware, natural disasters, terrorism, war, telecommunication and electrical failures, cyber-attacks or cyber-intrusions over the Internet,
attachments to emails, persons inside our organization, or persons with access to systems inside our organization. The risk of a security
breach or disruption, particularly through cyber-attacks or cyber intrusion, including by computer hackers, foreign governments, and
cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around
the world have increased. If such an event were to occur and cause interruptions in our operations, it could result in a material disruption
of our business. To the extent that any disruption or security breach was to result in a loss of or damage to our data or applications,
or inappropriate disclosure of confidential or proprietary information, we could incur material legal claims, damage to our reputation,
regulatory investigations and redresses, and penalties and liabilities. See, "
Item 16K – Cybersecurity
" for
additional information.
We
may conduct a substantial amount of business in China. The legal system in China has inherent uncertainties that could have a material
adverse effect on our business, financial condition and results of operations.
We
have been conducting proof of concept, or POC, projects in China and have established a subsidiary in China for these purposes. As a
result, we may engage in a substantial amount of business in China in the future. The Chinese legal system is based on written statutes
and their legal interpretation by the Standing Committee of the National People's Congress. Prior court decisions may be cited
for reference but have limited precedential value. Since 1979, the Chinese government has been developing a comprehensive system of commercial
laws dealing with economic matters such as foreign investment, corporate organization and governance, commerce, taxation and trade. However,
because these laws and regulations are relatively new, there is a general lack of internal guidelines or authoritative interpretive guidance
and because of the limited number of published cases and their non-binding nature, interpretation and enforcement of these laws and regulations
involve uncertainties. Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion
of resources and management attention. Since Chinese administrative and court authorities have significant discretion in interpreting
and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings
and the level of legal protection we enjoy than in more developed legal systems.
Risks
Related to Our Intellectual Property
If
we are unable to obtain and maintain effective intellectual property rights for our products, we may not be able to compete effectively
in our markets.
Historically,
we have relied on trade secret protection and confidentiality agreements to protect the intellectual property related to our technologies
and products. Since December 2015, we have also sought patent protection for certain of our products. Our success depends in large part
on our ability to obtain and maintain patent and other intellectual property protection in the United States and in other countries with
respect to our proprietary technology and new products.
We
have sought to protect our proprietary position by filing patent applications in Israel, the United States and in other countries, with
respect to our novel technologies and products, which are important to our business. Patent prosecution is expensive and time consuming,
and we may not be able to file and prosecute all necessary or desirable patent applications at a reasonable cost or in a timely manner.
It is also possible that we will fail to identify patentable aspects of our research and development output before it is too late to
obtain patent protection.
9
Foresight
Automotive has a portfolio of four granted U.S. non-provisional applications, two granted patents with the Israeli Patent Office, two
granted patent and four full applications in China, six applications in Europe, four applications in Japan, and one Patent Cooperation
Treaty ("PCT") application. Eye-Net Mobile has a portfolio of one granted U.S. patent, four PCT applications, one full application
with the Israeli Patent Office and one application in Europe. We cannot offer any assurances about which, if any, patent applications
will issue, the breadth of any such patent or whether any issued patents will be found invalid and unenforceable or will be threatened
by third parties. Any successful opposition to these patents or any other patents owned by or licensed to us after patent issuance could
deprive us of rights to prevent others from exploiting our technology and may affect the successful commercialization of our products.
Further,
there is no assurance that all potentially relevant prior art relating to our patent applications has been found, which can invalidate
a patent or prevent a patent from issuing from a pending patent application. Even if patents do successfully issue, and even if such
patents cover our products, third parties may challenge their validity, enforceability, or scope, which may result in such patents being
narrowed, found unenforceable or invalidated. Furthermore, even if they are unchallenged, our patent applications and any future patents
may not adequately protect our intellectual property, provide exclusivity for our new products, or prevent others from designing around
our claims. Any of these outcomes could impair our ability to prevent competition from third parties, which may have an adverse impact
on our business.
If
we cannot obtain and maintain effective patent rights for our products, we may not be able to compete effectively, and our business and
results of operations would be harmed.
If
we are unable to maintain effective proprietary rights for our products, we may not be able to compete effectively in our markets.
In
addition to the protection afforded by any patents that may be granted, historically, we have relied on trade secret protection and confidentiality
agreements to protect proprietary know-how that is not patentable or that we elect not to patent, processes that are not easily known,
knowable or easily ascertainable, and for which patent infringement is difficult to monitor and enforce and any other elements of our
product candidate discovery and development processes that involve proprietary know-how, information or technology that is not covered
by patents. However, trade secrets can be difficult to protect. We seek to protect our proprietary technology and processes, in part,
by entering into confidentiality agreements with our employees, consultants, scientific advisors, and contractors. We also seek to preserve
the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining physical security of our premises
and physical and electronic security of our information technology systems. Agreements or security measures may be breached, and we may
not have adequate remedies for any breach. In addition, our trade secrets and intellectual property may otherwise become known or be
independently discovered by competitors.
We
cannot provide any assurances that our trade secrets and other confidential proprietary information will not be disclosed in violation
of our confidentiality agreements or that competitors will not otherwise gain access to our trade secrets or independently develop substantially
equivalent information and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of our trade secrets and intellectual
property could impair our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken
to maintain our trade secrets and intellectual property are deemed inadequate, we may have insufficient recourse against third parties
for misappropriating any trade secret.
Intellectual
property rights of third parties could adversely affect our ability to commercialize our products, and we might be required to litigate
or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses could be costly
or not available on commercially reasonable terms.
It
is inherently difficult to conclusively assess our freedom to operate without infringing on third party rights. Our competitive position
may be adversely affected if existing patents or patents resulting from patent applications issued to third parties or other third-party
intellectual property rights are held to cover our products or elements thereof, or our manufacturing or uses relevant to our development
plans. In such cases, we may not be in a position to develop or commercialize products or our product candidates unless we successfully
pursue litigation to nullify or invalidate the third-party intellectual property right concerned or enter into a license agreement with
the intellectual property right holder, if available on commercially reasonable terms. There may also be pending patent applications
that if they result in issued patents, could be alleged to be infringed by our new products. If such an infringement claim should be
brought and be successful, we may be required to pay substantial damages, be forced to abandon our new products or seek a license from
any patent holders. No assurances can be given that a license will be available on commercially reasonable terms, if at all.
10
It
is also possible that we have failed to identify relevant third-party patents or applications. For example, certain U.S. patent applications
that will not be filed outside the United States remain confidential until patents issue. Patent applications in the United States and
in most of the other countries are published approximately 18 months after the earliest filing for which priority is claimed, with such
earliest filing date being commonly referred to as the priority date. Therefore, patent applications covering our new products or platform
technology could have been filed by others without our knowledge. Additionally, pending patent applications which have been published
can, subject to certain limitations, be later amended in a manner that could cover our platform technologies, our new products or the
use of our new products. Third party intellectual property right holders may also actively bring infringement claims against us. We cannot
guarantee that we will be able to successfully settle or otherwise resolve such infringement claims. If we are unable to successfully
settle future claims on terms acceptable to us, we may be required to engage in or continue costly, unpredictable and time-consuming
litigation and may be prevented from or experience substantial delays in pursuing the development of and/or marketing our new products.
If we fail in any such dispute, in addition to being forced to pay damages, we may be temporarily or permanently prohibited from commercializing
our new products that are held to be infringing. We might, if possible, also be forced to redesign our new products so that we no longer
infringe the third party's intellectual property rights. Any of these events, even if we were ultimately to prevail, could require
us to divert substantial financial and management resources that we would otherwise be able to devote to our business.
Patent
policy and rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement
or defense of any issued patents.
Changes
in either the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value of any
patents that may issue from our patent applications or narrow the scope of our patent protection. The laws of foreign countries may not
protect our rights to the same extent as the laws of the United States. Publications of discoveries in the scientific literature often
lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically not published until
18 months after filing, or in some cases not at all. We therefore cannot be certain that we were the first to file the invention claimed
in our owned and licensed patent or pending applications, or that we or our licensor were the first to file for patent protection of
such inventions. Assuming all other requirements for patentability are met, in the United States prior to 2013, the first to make the
claimed invention without undue delay in filing, is entitled to the patent, while outside the United States, the first to file a patent
application is entitled to the patent. After 2013, the Leahy-Smith America the United States has moved to a first to file system. Changes
to the way patent applications will be prosecuted could increase the uncertainties and costs surrounding the prosecution of our patent
applications and the enforcement or defense of any issued patents, all of which could have a material adverse effect on our business
and financial condition.
We
may be involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming, and unsuccessful.
Competitors
may infringe our intellectual property. If we were to initiate legal proceedings against a third party to enforce a patent covering one
of our new products, the defendant could counterclaim that the patent covering our product candidate is invalid and/or unenforceable.
In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace. Grounds
for a validity challenge could be an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness,
or non-enablement. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent
withheld relevant information from the United States Patent and Trademark Office, or USPTO, or made a misleading statement, during prosecution.
The validity of U.S. patents may also be challenged in post-grant proceedings before the USPTO. The outcome following legal assertions
of invalidity and unenforceability is unpredictable.
11
Derivation
proceedings initiated by third parties or brought by us may be necessary to determine the priority of inventions and/or their scope with
respect to our patent or patent applications or those of our licensors. An unfavorable outcome could require us to cease using the related
technology or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does
not offer us a license on commercially reasonable terms. Our defense of litigation or interference proceedings may fail and, even if
successful, may result in substantial costs and distract our management and other employees. In addition, the uncertainties associated
with litigation could have a material adverse effect on our ability to raise the funds necessary to continue our research programs, license
necessary technology from third parties, or enter into development partnerships that would help us bring our new products to market.
Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements
of the results of hearings, motions, or other interim proceedings or developments. If securities analysts or investors perceive these
results to be negative, it could have a material adverse effect on the price of the ADSs or Ordinary Shares.
We
may be subject to claims challenging the inventorship of our intellectual property.
We
may be subject to claims that former employees, collaborators or other third parties have an interest in, or right to compensation, with
respect to our current patent and patent applications, future patents or other intellectual property as an inventor or co-inventor. For
example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved in developing
our products. Litigation may be necessary to defend against these and other claims challenging inventorship or claiming the right to
compensation. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property
rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse
effect on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs and
be a distraction to management and other employees.
We
may not be able to protect our intellectual property rights throughout the world.
Filing,
prosecuting, and defending patents on products, as well as monitoring their infringement in all countries throughout the world would
be prohibitively expensive, and our intellectual property rights in some countries can be less extensive than those in the United States.
In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and state laws
in the United States.
Competitors
may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and may also export
otherwise infringing products to territories where we have patent protection, but enforcement is not as strong as that in the United
States. These products may compete with our products. Future patents or other intellectual property rights may not be effective or sufficient
to prevent them from competing.
Many
companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The
legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets,
and other intellectual property protection, which could make it difficult for us to stop the marketing of competing products in violation
of our proprietary rights generally. Proceedings to enforce our patent rights in foreign jurisdictions, whether or not successful, could
result in substantial costs and divert our efforts and attention from other aspects of our business, could put our future patents at
risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties
to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any,
may not be commercially meaningful. Accordingly, our efforts to monitor and enforce our intellectual property rights around the world
may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.
12
Risks
Related to the Ownership of the ADSs or Our Ordinary Shares
Our
principal shareholders, officers and directors beneficially own over 11.55% of our outstanding Ordinary Shares. They will therefore be
able to exert significant control over matters submitted to our shareholders for approval.
As
of March 21, 2024, our principal shareholders, officers and directors beneficially own approximately 11.55% of our Ordinary Shares. This
significant concentration of share ownership may adversely affect the trading price for our Ordinary Shares because investors often perceive
disadvantages in owning shares in companies with controlling shareholders. As a result, these shareholders, if they acted together, could
significantly influence or even unilaterally approve matters requiring approval by our shareholders, including the election of directors
and the approval of mergers or other business combination transactions. The interests of these shareholders may not always coincide with
our interests or the interests of other shareholders.
Holders
of ADSs must act through the depositary to exercise their rights as our shareholders
.
Holders
of the ADSs do not have the same rights of our shareholders and may only exercise the voting rights with respect to the underlying Ordinary
Shares in accordance with the provisions of the deposit agreement for the ADSs. Under Israeli law, the minimum notice period required
to convene a shareholders meeting is generally no less than 35 calendar days, but in some instances, 21 or 14 calendar days. When a shareholder
meeting is convened, holders of the ADSs may not receive sufficient notice of a shareholders' meeting to permit them to withdraw
their Ordinary Shares to allow them to cast their vote with respect to any specific matter. In addition, the depositary and its agents
may not be able to send voting instructions to holders of the ADSs or carry out their voting instructions in a timely manner. We will
make all reasonable efforts to cause the depositary to extend voting rights to holders of the ADSs in a timely manner, but we cannot
assure holders that they will receive the voting materials in time to ensure that they can instruct the depositary to vote their ADSs.
Furthermore, the depositary and its agents will not be responsible for any failure to carry out any instructions to vote, for the manner
in which any vote is cast or for the effect of any such vote. As a result, holders of the ADSs may not be able to exercise their right
to vote and they may lack recourse if their ADSs are not voted as they requested. In addition, in the capacity as a holder of ADSs, they
will not be able to call a shareholders' meeting unless they first withdraw their Ordinary Shares from the ADS program and convert
them into the underlying Ordinary Shares held in the Israeli market in order to allow them to submit to us a request to call a meeting
with respect to any specific matter, in accordance with the applicable provisions of the Israeli Companies Law 5759-1999, or the Companies
Law, and our amended and restated articles of association.
The
Jumpstart Our Business Startups Act, or the JOBS Act, allows us to postpone the date by which we must comply with some of the laws and
regulations intended to protect investors and to reduce the amount of information we provide in our reports filed with the Securities
and Exchange Commission, or the SEC, which could undermine investor confidence in our company and adversely affect the market price of
the ADSs or our Ordinary Shares.
For
so long as we remain an "emerging growth company" as defined in the JOBS Act, we intend to take advantage of certain exemptions
from various requirements that are applicable to public companies that are not "emerging growth companies" including:
●
the
    provisions of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report
    on the effectiveness of our internal control over financial reporting;
●
Section
    107 of the JOBS Act, which provides that an "emerging growth company" can take advantage of the extended transition period
    provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised
    accounting standards. This means that an "emerging growth company" can delay the adoption of certain accounting standards
    until those standards would otherwise apply to private companies. We have elected to delay such adoption of new or revised accounting
    standards. As a result of this adoption, our financial statements may not be comparable to companies that comply with the public
    company effective date; and
13
●
any
    rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement
    to the auditor's report on the financial statements.
We
intend to take advantage of these exemptions until we are no longer an "emerging growth company." We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date of our first
sale of equity securities pursuant to an effective registration statement under the Securities Act, (b) in which we have total annual
gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value
of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the date on which we have
issued more than $1.0 billion in non-convertible debt during the prior three-year period.
We
cannot predict if investors will find the ADSs or our Ordinary Shares less attractive because we may rely on these exemptions. If some
investors find the ADSs or our Ordinary Shares less attractive as a result, there may be a less active trading market for the ADSs or
our Ordinary Shares, and our market prices may be more volatile and may decline.
As
a "foreign private issuer" we are permitted to and follow certain home country corporate governance practices instead of
otherwise applicable SEC and Nasdaq requirements, which may result in less protection than is accorded to investors under rules applicable
to domestic U.S. issuers.
Our
status as a foreign private issuer also exempts us from compliance with certain SEC laws and regulations and certain regulations of the
Nasdaq Stock Market, including the proxy rules, the short-swing profits recapture rules, and certain governance requirements such as
independent director oversight of the nomination of directors and executive compensation. In addition, we are not required, under the
Securities Exchange Act of 1934, as amended, or the Exchange Act, to file current reports and financial statements with the SEC as frequently
or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act and we are generally exempt from filing
quarterly reports with the SEC. Also, although Israeli law requires us to disclose the annual compensation of our five most highly compensated
senior officers on an individual basis, this disclosure is not as extensive as that required of a U.S. domestic issuer. For example,
the disclosure required under Israeli law would be limited to compensation paid in the immediately preceding year without any requirement
to disclose option exercises and vested stock options, pension benefits or potential payments upon termination or a change of control.
Furthermore, as a foreign private issuer, we are also not subject to the requirements of Regulation FD (Fair Disclosure) promulgated
under the Exchange Act.
These
exemptions and leniencies will reduce the frequency and scope of information and protections to which you are entitled as an investor.
14
We
may be a "passive foreign investment company", or PFIC, for U.S. federal income tax purposes in the current taxable year
or may become one in any subsequent taxable year. There generally would be negative tax consequences for U.S. taxpayers that are holders
of the ADSs or our Ordinary Shares if we are or were to become a PFIC.
Based
on the projected composition of our income and valuation of our assets, we do not expect to be a PFIC for 2023, and we do not expect
to become a PFIC in the future, although there can be no assurance in this regard. The determination of whether we are a PFIC is made
on an annual basis and will depend on the composition of our income and assets from time to time. We will be treated as a PFIC for U.S.
federal income tax purposes in any taxable year in which either (1) at least 75% of our gross income is "passive income"
or (2) on average at least 50% of our assets by value produce passive income or are held for the production of passive income. Passive
income for this purpose generally includes, among other things, certain dividends, interest, royalties, rents and gains from commodities
and securities transactions and from the sale or exchange of property that gives rise to passive income. Passive income also includes
amounts derived by reason of the temporary investment of funds, including those raised in a public offering. In determining whether a
non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly,
at least a 25% interest (by value) is taken into account. The tests for determining PFIC status are applied annually and it is difficult
to make accurate projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend
in part on the market value of the ADSs or our Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will
not become a PFIC in the future. If we are a PFIC in any taxable year during which a U.S. taxpayer holds the ADSs or our Ordinary Shares,
such U.S. taxpayer would be subject to certain adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make
an election to treat us as a "qualified electing fund", or QEF, or make a "mark-to-market" election, then "excess
distributions" to the U.S. taxpayer, and any gain realized on the sale or other disposition of the ADSs or our Ordinary Shares
by the U.S. taxpayer: (1) would be allocated ratably over the U.S. taxpayer's holding period for the ADSs or Ordinary Shares; (2)
the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC
would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest
rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would
be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, if the U.S. Internal Revenue
Service, or the IRS, determines that we are a PFIC for a year with respect to which we have determined that we were not a PFIC, it may
be too late for a U.S. taxpayer to make a timely QEF or mark-to-market election. U.S. taxpayers that have held the ADSs or our Ordinary
Shares during a period when we were a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC in subsequent years,
subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election. A U.S. taxpayer can make a QEF election by
completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions thereto. We do not intend to notify
U.S. taxpayers that hold the ADSs or our Ordinary Shares if we believe we will be treated as a PFIC for any taxable year in order to
enable U.S. taxpayers to consider whether to make a QEF election. In addition, we do not intend to furnish such U.S. taxpayers annually
with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year in which we or
any of our subsidiaries are a PFIC. U.S. taxpayers that hold the ADSs or our Ordinary Shares are strongly urged to consult their tax
advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences to them of making
a QEF or mark-to-market election with respect to the ADSs or our Ordinary Shares in the event that we are a PFIC. See "Taxation—U.S.
Federal Income Tax Considerations—Passive Foreign Investment Companies" for additional information.
ADSs
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
results to the plaintiff(s) in any such action.
The
deposit agreement governing the ADSs representing our Ordinary Shares provides that holders and beneficial owners of ADSs irrevocably
waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or the ADSs, including
claims under federal securities laws, against us or the depositary to the fullest extent permitted by applicable law. If this jury trial
waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with
a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated
by a federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New
York, which govern the deposit agreement, by a court of the State of New York or a federal court, which have non-exclusive jurisdiction
over matters arising under the deposit agreement, applying such law. In determining whether to enforce a jury trial waiver provision,
New York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently
prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect to the deposit
agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or
counterclaim sounding in fraud or one which is based upon a creditor's negligence in failing to liquidate collateral upon a guarantor's
demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the
case of the deposit agreement or the ADSs. No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver
by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any provision of the federal securities laws.
If you or any other holder or beneficial owner of ADSs brings a claim against us or the depositary in connection with matters arising
under the deposit agreement or the ADSs, you or such other holder or beneficial owner may not be entitled to a jury trial with respect
to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. If a lawsuit is brought
against us and / or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court,
which would be conducted according to different civil procedures and may result in different results than a trial by jury would have
had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature
of the claims, the judge or justice hearing such claims, and the venue of the hearing.
15
Risks
Related to Israeli Law and Our Incorporation, Location and Operations in Israel
We
are exposed to fluctuations in currency exchange rates.
A
major portion of our business is conducted, and a material portion of our operating expenses is incurred, outside the United States,
mainly in NIS. Therefore, we are exposed to currency exchange fluctuations in other currencies, particularly in NIS and the risks related
thereto. Our primary expenses paid in NIS are employee salaries, fees for consultants and subcontractors and lease payments on our Israeli
facilities. As a result, we are affected by foreign currency exchange fluctuations through both translation risk and transaction risk.
Thus, we are exposed to the risks that: (a) the NIS may appreciate relative to the dollar; (b) the NIS devalue relative to the dollar;
(c) the inflation rate in Israel may exceed the rate of devaluation of the NIS; or (d) the timing of such devaluation may lag behind
inflation in Israel. In any such event, the dollar cost of our operations in Israel would increase and our dollar-denominated results
of operations would be adversely affected. Our operations also could be adversely affected if we are unable to effectively hedge against
currency fluctuations in the future.
Provisions
of Israeli law and our amended and restated articles of association may delay, prevent or otherwise impede a merger with, or an acquisition
of, our company, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.
Israeli
corporate law regulates mergers, requires tender offers for acquisitions of shares above specified thresholds, requires special approvals
for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant to such types
of transactions. For example, a merger may not be consummated unless at least 50 days have passed from the date on which a merger proposal
is filed by each merging company with the Israel Registrar of Companies and at least 30 days have passed from the date on which the shareholders
of both merging companies have approved the merger. In addition, a majority of each class of securities of the target company must approve
a merger. Moreover, a tender offer for all of a company's issued and outstanding shares can only be completed if the acquirer receives
positive responses from the holders of at least 95% of the issued share capital. Completion of the tender offer also requires approval
of a majority of the offerees that do not have a personal interest in the tender offer, unless, following consummation of the tender
offer, the acquirer would hold at least 98% of the company's outstanding shares. Furthermore, the shareholders, including those
who indicated their acceptance of the tender offer, may, at any time within six months following the completion of the tender offer,
claim that the consideration for the acquisition of the shares does not reflect their fair market value, and petition an Israeli court
to alter the consideration for the acquisition accordingly, unless the acquirer stipulated in its tender offer that a shareholder that
accepts the offer may not seek such appraisal rights, and the acquirer or the company published all required information with respect
to the tender offer prior to the tender offer's response date.
Israeli
tax considerations also may make potential transactions unappealing to us or to our shareholders whose country of residence does not
have a tax treaty with Israel exempting such shareholders from Israeli tax. See "Taxation—Israeli Tax Considerations and
Government Programs" for additional information.
It
may be difficult to enforce a judgment of a United States court against us and our officers and directors in Israel or the United States,
to assert United States securities laws claims in Israel or to serve process on our officers and directors.
We
were incorporated in Israel. All of our executive officers and directors reside outside of the United States, and all of our assets and
most of the assets of these persons are located outside of the United States. Therefore, a judgment obtained against us, or any of these
persons, including a judgment based on the civil liability provisions of the U.S. federal securities laws, may not be collectible in
the United States and may not necessarily be enforced by an Israeli court. It also may be difficult to affect service of process on these
persons in the United States or to assert U.S. securities law claims in original actions instituted in Israel. Additionally, it may be
difficult for an investor, or any other person or entity, to initiate an action with respect to United States securities laws in Israel.
Israeli courts may refuse to hear a claim based on an alleged violation of United States securities laws reasoning that Israel is not
the most appropriate forum in which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine
that Israeli law and not United States law is applicable to the claim. If United States law is found to be applicable, the content of
applicable United States law must be proven as a fact by expert witnesses, which can be a time consuming and costly process. Certain
matters of procedure will also be governed by Israeli law. There is little binding case law in Israel that addresses the matters described
above. As a result of the difficulty associated with enforcing a judgment against us in Israel, you may not be able to collect any damages
awarded by either a United States or foreign court.
16
Our
headquarters, research and development and other significant operations are located in Israel, and, therefore, our results may be adversely
affected by political, economic and military instability in Israel, including the recent attack by Hamas and other terrorist organizations
from the Gaza Strip and Israel's war against them.
Our
executive offices and research and development facilities are located in Israel. In addition, all of our key employees, officers and
directors are residents of Israel. Accordingly, political, economic and military conditions in Israel may directly affect our business.
Since the establishment of the State of Israel in 1948, a number of armed conflicts have taken place between Israel and its neighboring
Arab countries, the Hamas (an Islamist militia and political group that controls the Gaza strip) and the Hezbollah (an Islamist militia
and political group based in Lebanon). Any hostilities involving Israel or the interruption or curtailment of trade between Israel and
its trading partners could negatively affect business conditions in Israel in general and our business in particular, and adversely affect
our product development, operations and results of operations. Ongoing and revived hostilities or other Israeli political or economic
factors, such as, an interruption of operations at the Tel Aviv airport, could prevent or delay shipments of our components or products.
Our
commercial insurance does not cover losses that may occur as a result of an event associated with the security situation in the Middle
East, including the Israel-Hamas war. Although the Israeli government has in the past covered the reinstatement value of certain damages
that were caused by terrorist attacks or acts of war, we cannot assure you that this government coverage will be maintained or, if maintained,
will be sufficient to compensate us fully for damages incurred. Any losses or damages incurred by us could have a material adverse effect
on our business.
The
State of Israel and Israeli companies have been the subject of boycotts, divestment and sanctions in the past from state and non-state
actors. Similarly, Israeli corporations are limited in conducting business with entities from several countries. These actions could
expand in number and scope and may have an adverse impact on our operating results, financial condition or the expansion of our business.
On
October 7, 2023, Hamas terrorists infiltrated Israel's border with the Gaza Strip and conducted a series of attacks on civilian
and military targets. Hamas has also launched extensive rocket attacks on Israeli population and industrial centers located along Israel's
border with the Gaza Strip and in other areas within the State of Israel. These attacks have resulted in extensive deaths, injuries and
kidnapping. Following the attack, Israel's security cabinet declared war against Hamas and a military campaign against these terrorist
organizations commenced in parallel to their continued rocket and terror attacks.
The
intensity and duration of Israel's current war against Hamas is difficult to predict, as are such war's economic implications
on the Company's business and operations and on Israel's economy in general. These events may be intertwined with wider macroeconomic
indications of a deterioration of Israel's economic standing, which may have a material adverse effect on the Company and its ability
to effectively conduct some of its operations.
In
connection with the Israeli security cabinet's declaration of war against Hamas and possible hostilities with other organizations,
several hundred thousand Israeli military reservists were drafted to perform immediate military service. Certain of our employees and
consultants (and their spouses or partners) in Israel have been called, and additional employees (or their spouses or partners) may be
called, for service in the current or future wars or other armed conflicts with Hamas, and such persons may be absent for an extended
period of time. As a result, our operations in Israel may be disrupted by such absences, which disruption may materially and adversely
affect our business, prospects, financial condition and results of operations.
Following
the attack by Hamas on Israel's southern border, Hezbollah in Lebanon has also launched missile, rocket and shooting attacks against
Israeli military sites, troops, and Israeli towns in northern Israel. In response to these attacks, the Israeli army has carried out
a number of targeted strikes on sites belonging to Hezbollah in southern Lebanon. It is possible that other terrorist organizations,
including Palestinian military organizations in the West Bank, as well as other hostile countries, such as Iran, will join the hostilities.
Such hostilities may include terror and missile attacks. Any hostilities involving Israel or the interruption or curtailment of trade
between Israel and its trading partners could adversely affect our operations and results of operations. Our commercial insurance does
not cover losses that may occur as a result of events associated with war and terrorism.
17
Moreover,
political uprisings and conflicts in various countries in the Middle East are affecting the political stability of those countries. This
instability has raised concerns regarding security in the region and the potential for armed conflict. In Syria, a country bordering
Israel, a civil war is taking place. In addition, there are concerns that Iran, which has previously threatened to attack Israel, may
step up its efforts to achieve nuclear capability. Iran is also believed to have a strong influence among extremist groups in the region,
such as Hamas in Gaza and Hezbollah in Lebanon. Israel has responded with attacks on Iranian military operations in Syria. The tension
between Israel and Iran and/or these groups may escalate in the future and turn violent, which could affect the Israeli economy in general
and us in particular. Any potential future conflict could also include missile strikes against parts of Israel, including our offices
and facilities and the facilities of our Israeli suppliers and subcontractors. Such instability may lead to deterioration in the political
and trade relationships that exist between the State of Israel and certain other countries. Any armed conflicts, terrorist activities
or political instability in the region could adversely affect business conditions, could harm our results of operations and could make
it more difficult for us to raise capital. Parties with whom we do business may be disinclined to travel to Israel during periods of
heightened unrest or tension, forcing us to make alternative arrangements when necessary in order to meet our business partners face
to face.
Although
the Israeli government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war,
we cannot assure you that this government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses
or damages incurred by us could have a material adverse effect on our business. Any armed conflicts or political instability in the region
would likely negatively affect business conditions and could harm our results of operations.
In
addition, prior to the Hamas attack in October 2023, the Israeli government pursued extensive changes to Israel's judicial system,
which sparked extensive political debate and unrest. In response to such initiatives, many individuals, organizations and institutions,
both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact the business environment in Israel
including due to reluctance of foreign investors to invest or transact business in Israel, as well as to increased currency fluctuations,
downgrades in credit rating, increased interest rates, increased volatility in security markets, and other changes in macroeconomic conditions.
The risk of such negative developments has increased in light of the recent Hamas attacks and the war against Hamas declared by Israel,
regardless of the proposed changes to the judicial system and the related debate. To the extent that any of these negative developments
do occur, they may have an adverse effect on our business, our results of operations and our ability to raise additional funds, if deemed
necessary by our management and board of directors (the "Board).
Your
rights and responsibilities as a shareholder will be governed by Israeli law, which differs in some material respects from the rights
and responsibilities of shareholders of U.S. companies.
The
rights and responsibilities of the holders of our Ordinary Shares (and therefore indirectly, the ADSs) are governed by our amended and
restated articles of association and by Israeli law. These rights and responsibilities differ in some material respects from the rights
and responsibilities of shareholders in typical U.S.-based corporations. In particular, a shareholder of an Israeli company has certain
duties to act in good faith and fairness toward the company and other shareholders and to refrain from abusing its power in the company,
including, among other things, in voting at the general meeting of shareholders on certain matters, such as an amendment to the company's
articles of association, an increase of the company's authorized share capital, a merger of the company, and approval of related
party transactions that require shareholder approval. See "Item 6. C. Board Practices—Duties of Shareholders" for additional
information. In addition, a shareholder who is aware that it possesses the power to determine the outcome of a shareholder vote or to
appoint or prevent the appointment of a director or executive officer in the company has a duty of fairness toward the company with regard
to such vote or appointment. There is limited case law available to assist us in understanding the nature of this duty or the implications
of these provisions. These provisions may be interpreted to impose additional obligations on holders of our Ordinary Shares that are
not typically imposed on shareholders of U.S. corporations.
18
Our
significant shareholder received Israeli government grants for certain of its research and development activities. In course of the Merger
with Magna and Foresight Automotive, we assumed, jointly with Magna, certain of its obligations related to such grants. The terms of
those grants may require us to pay royalties and to satisfy specified conditions in order to manufacture products and transfer technologies
outside of Israel. We may be required to pay penalties in addition to repayment of the grants.
Magna's
research and development efforts related to the technology assigned to Foresight Automotive have been financed in part through royalty-bearing
grants in an aggregate amount of approximately $620,000 received from the Israel Innovation Authority, or the IIA, as of December 31,
2023. In course of the Merger with Magna and Foresight Automotive, we were required by the IIA to assume, jointly with Magna, its obligations
related to such grants. We are required to pay annual royalties to the Israeli government at a rate of between 3% and 5% on revenues
from the use of technology that has been developed under IIA up to the total amount of grants received and bearing interest i) the annual
interest rate that applied at the time of the approval of the applicable IIA file which applies to all of the funding received under
that IIA approval for grants received before June 30, 2017 and ii) the annual interest rate based on the 12-month Secured Overnight Financing
Rate, or SOFR, or at an alternative rate published by the Bank of Israel plus 0.71513%. Grants approved after January 1, 2024, shall
bear the higher interest rate of (i) 12 months SOFR, plus 1%, or (ii) a fixed annual interest rate of 4%. Regardless of any royalty payment,
we are further required to comply with the requirements of the Israeli Encouragement of Research, Development and Industrial Initiative
Technology Law, 5744-1984, as amended, and related regulations, or the Research Law, with respect to those past grants. When a company
develops know-how, technology or products using IIA grants, the terms of these grants and the Research Law restrict the transfer of such
know-how, and the transfer of manufacturing or manufacturing rights of such products, technologies or know-how outside of Israel, without
the prior approval of the IIA. Therefore, the discretionary approval of an IIA committee would be required for any transfer to third
parties inside or outside of Israel of know-how or manufacturing or manufacturing rights related to those aspects of such technologies.
We may not receive those approvals. Furthermore, the IIA may impose certain conditions on any arrangement under which it permits us to
transfer technology or development out of Israel.
The
transfer of IIA-supported technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the
value of the transferred technology or know-how, our research and development expenses, the amount of IIA support, the time of completion
of the IIA-supported research project and other factors. These restrictions and requirements for payment may impair our ability to sell
or otherwise transfer our technology assets outside of Israel or to outsource or transfer development or manufacturing activities with
respect to any product or technology outside of Israel. Furthermore, the consideration available to our shareholders in a transaction
involving the transfer outside of Israel of technology or know-how developed with IIA funding (such as a merger or similar transaction)
may be reduced by any amounts that we are required to pay to the IIA.
Our
operations may be disrupted as a result of the obligation of management or key personnel to perform military service.
Our
employees and consultants in Israel, including members of our senior management, may be obligated to perform one month, and in some cases
longer periods, of military reserve duty until they reach the age of 40 (or older, for citizens who hold certain positions in the Israeli
armed forces reserves) and, in the event of a military conflict, such as the latest Israel-Hamas war, may be called to active duty. In
response to increases in terrorist activity, there have been periods of significant call-ups of military reservists. In light of the
Israel-Hamas war, it is likely that there will be similar large-scale military reserve duty call-ups in the future. Our operations could
be disrupted by the absence of a significant number of our officers, directors, employees and consultants. Such disruption could materially
adversely affect our business and operations.
General
Risk Factors
Raising
additional capital would cause dilution to our existing shareholders and may affect the rights of existing shareholders.
We
may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations and strategic
and licensing arrangements. To the extent that we raise additional capital through the issuance of equity or convertible debt securities,
your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect your rights
as a holder of the ADSs and Ordinary Shares.
19
Sales
of a substantial number of the ADSs or our Ordinary Shares in the public market by our existing shareholders could cause our share price
to fall.
Sales
of a substantial number of the ADSs or our Ordinary Shares in the public market, or the perception that these sales might occur, could
depress the market price of the ADSs or our Ordinary Shares and could impair our ability to raise capital through the sale of additional
equity securities. We are unable to predict the effect that sales may have on the prevailing market price of the ADSs or our Ordinary
Shares.
If
securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our shares, our ADSs or Ordinary Shares
price and trading volume could decline.
The
trading market for the ADSs or our Ordinary Shares will be influenced by the research and reports that industry or securities analysts
may publish about us, our business, our market or our competitors. We do not have any control over these analysts and we cannot provide
any assurance that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their
recommendation regarding our ADSs or Ordinary Shares, or provide more favorable relative recommendations about our competitors, our ADSs
or Ordinary Shares price would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly
publish reports on us, we could lose visibility in the financial markets, which in turn could cause our ADSs or Ordinary Shares price
or trading volume to decline.
ITEM
4.
INFORMATION ON THE COMPANY
A.
History and Development of the Company.
We
were incorporated in the State of Israel in September 1977 under the name Golan Melechet Machshevet (1997) Ltd. In April 1987, we became
a public company in Israel, and our shares were listed for trade on the TASE. On May 16, 2010, we changed our name to Asia Development
(A.D.B.M.) Ltd., and on January 12, 2016, we changed our name to Foresight Autonomous Holdings Ltd. Our Ordinary Shares are currently
traded on the TASE, and ADSs representing our Ordinary Shares currently trade on the Nasdaq Capital Market, both under the symbol "FRSX."
Our
significant shareholder, Magna, was incorporated in Israel in 2001. Starting in 2011, Magna began to develop technology devoted to vehicle
safety. Magna operated its vehicle safety segment of operations as a separate division for accounting purposes. On October 11, 2015,
and pursuant to the Merger, we acquired 100% of the share capital of Foresight Automotive from Magna. On January 5, 2016, we entered
into an asset transfer agreement with Magna whereby Magna transferred to us its vehicle safety segment of operations. The asset transfer
agreement became effective retroactively on October 11, 2015.
Prior
to the Merger, and from July 2015, until October 2015, we did not have any business activity, excluding administrative management.
In
January 2019, we spun out our cellular-based V2X accident prevention solution to our wholly owned subsidiary, Eye-Net Mobile.
Our
principal executive offices are located at 7 Golda Meir St., Ness Ziona 7403650, Israel. Our telephone number in Israel is +972-077-9709030.
Our website address is www.foresightauto.com. The information contained on our website or available through our website is not incorporated
by reference into and should not be considered a part of this annual report on Form 20-F, and the reference to our website in this annual
report on Form 20-F is an inactive textual reference only. Sullivan & Worcester LLP is our agent in the United States, and its address
is 1633 Broadway, New York, NY 10019.
20
We
are an emerging growth company, as defined in Section 2(a) of the Securities Act, as implemented under the JOBS Act. As such, we are
eligible to, and intend to, take advantage of certain exemptions from various reporting requirements applicable to other public companies
that are not emerging growth companies including but not limited to not being required to comply with the auditor attestation requirements
of the SEC rules under Section 404 of the Sarbanes-Oxley Act. We could remain an emerging growth company until the earlier of (1) the
last day of the fiscal year (a) following the fifth anniversary of the date of our first sale of common equity securities pursuant to
an effective registration statement under the Securities Act, (b) in which we have total annual gross revenue of at least $1.235 billion,
or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates
exceeds $700 million as of the prior June 30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt
during the prior three-year period.
We
are a foreign private issuer as defined by the rules under the Securities Act and the Exchange Act. Our status as a foreign private issuer
also exempts us from compliance with certain laws and regulations of the SEC and certain regulations of the Nasdaq Stock Market, including
the proxy rules, the short-swing profits recapture rules, and certain governance requirements such as independent director oversight
of the nomination of directors and executive compensation. In addition, we are not required to file annual, quarterly and current reports
and financial statements with the SEC as frequently or as promptly as U.S. domestic companies registered under the Exchange Act.
In
2023, 2022 and 2021, our capital expenditures amounted to $124,000, $313,000 and $235,000, respectively. Our current capital expenditures
are primarily for computers, software, research and development equipment and office improvements, and we expect to finance these expenditures
primarily from cash on hand.
B.
Business Overview
We
are a technology company engaged in development of smart multi-spectral 3D vision software solutions and cellular-based applications.
Through our wholly owned subsidiaries, Foresight Automotive, Foresight Changzhou and Eye-Net Mobile, we develop both "in-line-of-sight"
vision solutions and "beyond-line-of-sight" accident-prevention solutions.
Our
3D vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to diverse
markets such as automotive, defense, autonomous vehicles. agriculture and heavy industrial equipment. Eye-Net Mobile's cellular-based
solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban
mobility environment by incorporating cutting-edge artificial intelligence (AI) technology and advanced analytics.
3D
Vision-Based Solutions – Foresight Automotive
Our
3D vision solutions are based on stereoscopic vision technology. Stereo technology is an image processing concept which uses two synchronized
cameras to mimic human depth perception in order to obtain a 3D view. Our unique solutions include modules of automatic calibration and
dense 3D point cloud that can be applied to diverse markets such as automotive, defense, autonomous vehicles, agriculture and heavy industrial
equipment. Our QuadSight
®
four-camera based vision solution creates and analyzes a 3D image, which foresees possible collisions
with road users and other obstacles inherent to roadway (both urban and highway) and off-road environments. This solution provides highly
accurate real-time detection with a low rate of false alerts and enables a 24/7 operation in harsh weather and lighting conditions for
a complete 3D image of the driving environment in front of the vehicle.
Our
powerful proprietary stereoscopic and four-camera technology is based in part on intellectual property that we acquired from Magna in
2016. Magna's field-proven security technology has been deployed for almost two decades in critical facilities worldwide, including
borders, nuclear plants and airports.
Autonomous
vehicles require further development and safety is a primary concern for the market. Therefore, vehicle manufacturers are actively pursuing
technologies to enhance the safety systems of their vehicles. In 2021, we identified an opportunity to offer a solution that will enhance
existing ADAS systems, and we developed the Mono2Stereo™ software-based solution, which can provide a readily available solution
to vehicles equipped with Level 2 and Level 2-plus autonomy systems without the need for additional hardware or changes in the design
and architecture of the vehicle.
21
Mono2Stereo
is a 3D stereo-vision system that improves the performance of existing cameras by utilizing the overlapping views of existing cameras
with different fields of view. Mono2Stereo generates 3D perception, as opposed to 2D, resulting in better distance accuracy, detection
of any obstacle, and more robust active safety features.
Autonomous
Driving Overview
In
recent years, there has been increasing awareness surrounding "autonomous," "automated" and "self-driving"
vehicles. Self-driving vehicles operate without direct driver input while controlling steering, acceleration and braking, and are designed
to relieve the driver from having to constantly monitor the roadway while operating in self-driving mode. Self-driving vehicles range
from single applications where the driver is required to continuously monitor traffic, to semi-autonomous or fully autonomous driving
where the driver increasingly relinquishes control.
There
are five different levels of automated driving:
●
Level
    1: Assisted – The driver stays in full control of the vehicle, and the automated driving system assists only with adaptive
    cruise control and lane keeping assistance.
●
Level
    2: Partial Automation – Uses partially automated longitudinal and lateral guidance in the driving lane. Mostly seen with parking
    assist features, which allow the vehicle to park itself under certain conditions.
●
Level
    3: Conditional Automation – Partly automated longitudinal and lateral guidance in an urban environment. The driver's
    full awareness of his or her surroundings is still required.
●
Level
    4: High Automation – Highly automated longitudinal and lateral guidance with lane changing capabilities. Reliable environment
    recognition, including in complex environmental situations.
●
Level
    5: Auto-pilot – Door-to-door commuting used primarily in an urban environment, with no driver supervision.
Vehicle
automation started off in the form of ADAS; however, recent technology advancements have paved the way for partially automated systems.
Acceleration in development strategies that drive the acceleration of vehicle autonomy has taken place over the last couple of years
in the form of technological advancements, mergers and acquisitions, partnerships and collaborations.
Market
Opportunity
A
MarketsandMarkets market report published in February 2023 foresees a significant growth to the ADAS market over the next eight years.
The market is projected to increase from an estimated $30.9 billion in 2022 to $65.1 billion by 2030, registering a compound annual growth
rate, or CAGR of 9.7%. This growth is attributable to increasing demand for road safety and strong government support, which has prompted
leading vehicle manufacturers to invest in the development of ADAS systems.
The
evolution of camera-based systems in the automotive industry started with the use of monocular camera systems, which are expected to
be replaced by stereo and tri-focal camera systems for Level 3, 4 and 4/5 vehicles.
A
report released in October 2023 by the Research Nester Private Limited predicts a CAGR of 10%, projecting the automotive camera market
to increase from $14 billion in 2023 to $46 billion by the end of 2036.
Stereo
cameras are an integral part of ADAS, providing features such as lane departure warning, automatic emergency braking, and adaptive cruise
control. The market for automotive cameras is expected to be driven by several factors including growing concerns about passenger safety,
advances in camera-based ADAS, and the increasing adoption of ADAS features by vehicle manufacturers. This rising demand is projected
to create significant revenue opportunities for key players in the global market over the coming years, particularly as ADAS technology
continues to evolve.
22
While
fully autonomous driving is not expected in the near future, we believe that there will be a gradual evolution and ongoing introductions
of semi-autonomous driving capabilities in order to reach more advanced autonomy levels. The key contributions to the growth of autonomous
driving will include increased safety, the development of fail-safe systems, consumer demand, and economic and social benefits.
As
the development and adoption of autonomous vehicles continues to grow, the demand for stereo cameras is projected to increase. This is
because stereo cameras are a vital component of the sensor suite used in autonomous vehicles, as they provide the necessary depth perception
and object recognition capabilities required for safe driving. With the growing trend of autonomous vehicles, the market for stereo cameras
is expected to expand in response.
The
Importance of Camera Technology for Semi and Fully Autonomous Vehicles
The
vast majority of partial autonomous vehicles employ multiple sensors and imaging devices, including radar, laser detectors, or LiDAR,
and cameras. Radar-based sensors compare microwaves of emitted and reflected signals and are generally unaffected by weather. Unlike
cameras, radar is not as sensitive to non-metal objects and cannot detect lane markings and traffic signs. LiDAR is a sensor that measures
distance by illuminating a target with lasers and analyzing the reflected light. A camera, similar to the human eye, gathers a richer
amount of data than either a radar or a LiDAR sensor. For that reason, most ADAS rely more heavily on cameras than on other sensors.
Relying only on reflected light may reduce performance under certain lighting or weather conditions. For example, LiDAR pulse can be
scattered in the fog, whereas infrared cameras are not affected by fog. Also, a 2019 publication by researchers in the Cornell Computer
Science Department argues that the accuracy of a stereo camera is superior and can be a viable and low-cost alternative to LiDAR.
Camera-based
systems are the most intuitive to understand as they are similar to human vision. As the current driving environment is designed for
human vision without any consideration for automation, it is believed that camera-based systems will always have an important role in
semi or fully autonomous driving.
In
July 2020, a report by Frost & Sullivan titled "Next-generation Perception Sensors for Autonomous Driving in North America
and Europe, Forecast to 2030" considers Foresight Automotive as one of the key disruptor camera sensor providers that tackles the
main challenges vision sensor start-ups are addressing, namely, to enable superior sensor performance in challenging weather and lighting
conditions. In addition, the report stresses the importance of the use of thermal camera technology for enhanced detection capabilities
in harsh weather and lighting conditions for applications such as Autonomous Emergency Braking, Forward Collusion Warning, and Adaptive
Cruise Control.
In
March 2021, VSI Labs, a leading technology research company that examines the building blocks for autonomous vehicle technologies, reviewed
several vision-based companies, including Foresight Automotive, and highlighted Foresight's unique automatic calibration module
which allows stereo camera separation. VSI Labs' review states that "Stereo vision is not new, but the methods for automatic
calibration are… Stereo cameras (non-active) are able to provide better 3D vision which improves the distance estimation versus
mono cameras." The review further maintains that "By using both visible-light and thermal cameras, Foresight's stereo
system capabilities allow obstacle detection in different harsh weather and lighting conditions, where LiDAR performance is compromised."
The article concludes Foresight's technology review by stating that "Foresight's software creates dense 3D point clouds.
Foresight's software product appears to be one of the best current options."
A
September 2021 Forbes article emphasized the importance of stereo thermal cameras for the detection of any objects in harsh weather conditions.
The use of our automatic calibration solution allows stereoscopic camera-based safety systems to generate an accurate depth map of the
environment, detect any object and understand what is present on the road.
According
to a report by Precedence Research published in October 2023, the global market for automotive active safety systems was estimated at
$98.27 billion in 2022, and is projected to reach $227.35 billion by 2032, growing at a CAGR of 8.80%. This expansion is fueled by the
rise of autonomous and connected vehicles, where features like ADAS and telematics play a crucial role. These technologies offer both
convenience and improved safety, providing automakers with a competitive edge. As the automotive industry progresses towards fully autonomous
driving, the importance of active safety systems continues to grow, ensuring the safety of vehicles and passengers on the road.
23
Automobile
manufacturers today have already commercialized vehicles with Level 1 and Level 2 autonomy features, and some have even commenced commercializing
Level 3 ADAS systems in specific regions, since the regulatory frameworks for Level 3 ADAS differ significantly across regions.
Challenges
of Autonomous Driving
We
believe that in order to achieve Level 4 and Level 5 autonomous capabilities, among others, the following developments are required:
(i) a robust all-weather, day and night 3D environment sensor; (ii) combined software and algorithms that can handle multiple sensor
inputs together producing the best possible decision when encountering complex road situations; and (iii) the capability to accurately
position a vehicle, specifically in an urban environment, where GPS localization is not sufficiently accurate.
Autonomous
driving is based on three main pillars: sensory, processing, and execution.
●
Sensory
– Achieved by using different sensory technologies, including cameras, ultrasonic sensors, radars, and LiDAR's. For
    partial autonomous solutions, vehicle manufacturers are using cameras, radars, and ultrasonic sensors. However, higher levels of
    automation vehicle manufacturers will require accurate and robust sensors designed for harsh weather conditions thus enabling autonomous
    driving.
●
Processing
– Processing of the information received from the sensors is then performed by the processors and microcontrollers using
    artificial intelligence, advanced analytics and machine to machine communication.
●
Execution
– Handled by the electronic control unit attached to the actuators, brakes, steering system, gear box, and suspensions.
Our
3D vision-based solution meets both sensing and processing requirements of the autonomous solution.
In
the race towards achieving full autonomy, the automotive industry is facing many technological challenges. However, when assessing such
challenges within the sensory context, there are two predominant challenges:
●
The
    ability to detect any type of obstacle
– as autonomous vehicles will need to drive in any possible scenario and face any
    type of obstacle (including vehicles, pedestrians or unusual obstacles such as animals, trees, rocks, etc.), the ability to detect
    any obstacle is paramount.
●
The
    ability to detect obstacles under harsh weather and lighting conditions
– most testing of autonomous vehicles today is
    performed under ideal weather conditions (e.g., during the daytime with sunny weather conditions). An autonomous vehicle will have
    to endure any type of weather, including glare, fog, heavy snow or any other extreme weather and lighting conditions.
Additional
Markets
Our
solutions offer a significant competitive advantage in the industrial equipment, agriculture and defense sectors, which are known for
shorter sale cycles and fast results. Foresight has achieved several important milestones that should support its short-term revenue
generation plans.
Defense
Market
ADAS
and autonomous technology offer many advantages on the battlefield. Defense vehicles must be able to adapt to complex conflict zones
and operate in the harshest environmental conditions, including off-road driving and zero-visibility sandstorms. Currently, the most
commonly used sensors for military vehicles are active LiDAR sensors, which constantly broadcast their location and can be easily detected
by the enemy. Our non-active QuadSight technology creates a high-resolution point cloud that provides a unique 3D perception of the environment,
leaving no energy signature discernible to an adversary.
24
According
to an October 2022 forecast by MarketsandMarkets, the market for armored vehicles is expected to reach $34.1 billion by 2027, with the
combat vehicle sector accounting for $20.2 billion of this total.
In
June 2022, Elbit Systems Ltd. ("Elbit"), showcased an unmanned robotic combat vehicle, equipped with our QuadSight vision
solution, at Eurosatory, the world's leading land and airland defense and security exhibition. Our stereo camera solution empowers
autonomous features such as obstacle detection, terrain analysis and navigation plans in the most challenging conditions, including off-road
driving and zero-visibility sandstorms.
In
February 2023, Foresight's QuadSight® stereovision solution was recognized as a significant technological breakthrough by Israel's
Ministry of Defense. The QuadSight® solution outperformed competing sensors, including LiDAR, during extensive testing, following
which the Ministry of Defense concluded that Foresight's passive stereo technology exceeded all requirements and declared it to
be a significant technological breakthrough for defense applications.
In
July 2023, Foresight signed a mutual exclusive agreement with Elbit for the commercialization of its image processing software solution,
securing potential revenues of up to $4 million over five years, starting in the second half of 2023. Elbit started to commercialize
Foresight's software solution, exclusively and globally, in the form of a software license. Foresight's solution is offered
to Elbit's end customers as a component ADAS for driving safety, as well as a solution for semi and fully-autonomous platforms
used in unmanned combat and security ground vehicles in the defense, paramilitary and homeland security markets.
Heavy
Machinery and Agriculture Markets
Advanced
technologies, such as ours, provide a myriad of benefits for agriculture and construction machinery. These vehicles can complete standard
tasks while operators can handle other high value-added jobs, allowing companies to use their workforce more effectively. In construction,
for example, this is critical because of a significant shortage of heavy equipment operators.
Our
thermal stereoscopic capabilities have been developed to significantly reduce risks and add value for agriculture and heavy machinery.
For example, accuracy and efficacy in detecting obstacles can help reduce fatigue and stress on human heavy machinery operators, resulting
in improved safety. In addition, the use of thermal stereo addresses detection challenges that are caused by dust and fertilizer particles,
harsh weather, sun glare and complete darkness, and brings added value to precision agriculture and automated machines. Our stereo vision
solution provides 3D raw data for obstacle detection, creating 3D terrain maps for precision agriculture, enabling autonomous navigation
and automated grain loading.
In
addition, our DynamiCal, automatic calibration solution, optimizes existing stereo systems used in agriculture vehicles by overcoming
miscalibration challenges caused by changes in temperature and equipment vibrations.
A
February 2022 report by Allied Market Research states that the global heavy construction equipment market size was valued at $176.2 billion
in 2020, and is projected to reach $273.5 billion by 2030, registering a CAGR of 4.4% from 2021 to 2030. According to Preco, a leading
vendor for collision mitigation technology optimized for heavy-duty equipment, 18% of the users of heavy industrial equipment vehicles
already have a system for collision mitigation and 48% of the users would consider installing such a system.
According
to a market report by MarketsandMarkets published in March 2022, the precision farming market is expected to grow from $8.5 billion in
2022 to $15.6 billion by 2030, at a CAGR of 7.9%.
In
May 2022, we signed a memorandum of understanding with SUNWAY-AI Technology (Changzhou) Co., Ltd., or SUNWAY, a global Chinese manufacturer
of autonomous and unmanned intelligent vehicle products, for a joint development of an obstacle detection system to be used by unmanned
vehicles based on our stereoscopic technology, using both visible light and thermal cameras. SUNWAY intends to incorporate our stereo
vision technology into its unmanned agricultural vehicles and heavy machinery.
In
June 2023, we signed a collaboration agreement with KONEC, a Republic of Korea Tier One supplier. A joint development project, aiming
to introduce autonomous capabilities to tractors, is in the planning stages. Upon signing a final agreement, the project is expected
to begin in 2024.
25
In
August 2023, we announced the signing of a proof-of-concept (POC) project with one of the world's largest industrial equipment
manufacturers to add autonomous capabilities to the manufacturer's mining and construction trucks. As the project nears completion,
the Company believes that it will proceed to the next stage of the agreement within 2024.
Our
3D vision solutions
Mono2Stereo
– Creating 3D stereo perception from existing mono cameras
Generating
3D stereo perception from 2 separate mono cameras with different fields of view
Current
ADAS use mono camera-based solutions. Vehicle manufacturers desire to advance existing systems' performance while keeping the existing
hardware in order to avoid integration complexities and design changes that can affect production timelines.
Our
Mono2Stereo solution enhances existing vision sensor systems by using proprietary software-based algorithms to create a 3D perception
stereo vision solution. This solution is designed to amplify the performance of existing ADAS sensors resulting in better distance accuracy
and more robust active safety features.
In
2022 and 2023, we participated in several paid POC projects with leading Tier One suppliers in the automotive industry to assess our
ability to improve distance measurement and object detection capabilities of various ADAS systems, using existing cameras. These projects
include evaluations by Hitachi Astemo, Ltd. ("Hitachi"), a global Japanese Tier One supplier and ZF North America, Inc. ("ZF
North America"), a leading global Tier One technology company.
In
addition, over the past year, Foresight has formed meaningful connections and partnerships with leading vehicle manufacturers and Tier
One suppliers which are potential purchasers of the Mono2Stereo, including the POC agreement we signed in August 2023 with a leading
global Japanese vehicle manufacturer to improve safety measures and the partnership we announced in September 2023 with one of the world's
largest Chinese electric vehicles manufacturers to enhance the original equipment manufacturer's (OEM) automotive vision solutions.
Key
benefits of the Mono2Stereo solution include:
●
It
    has an additional safety layer
✓
Enhances
    overall probability of detection and can also serve as a redundancy layer for mono detection
26
●
It
    uses existing hardware to create 3D stereo perception by:
✓
Using
    the overlapping area of existing mono cameras dedicated for independent applications
✓
Supporting
    cameras with different fields of view, or FOV, and resolution
✓
Supporting
    any camera location and positioning
●
Software-based
    solution
✓
Improves
    existing systems, functionality level up to level 2+
✓
Software
    library and API for quick and simple integration
✓
Can
    be customized per customer requirements
●
Can
    be used for a variety of applications such as parking assist, traffic jam assist, etc.
✓
Preventative
    and proactive actions not just warning applications
●
Flexible
    cost model based on software license
Generating
3D stereo perception from 2 separate mono cameras with different fields of view
27
ScaleCam™
- Separated Stereo Cameras Solution
Stereoscopic
vision systems must maintain continuous calibration at all times in order to ensure distance accuracy. Mounting stereo cameras on a fixed
beam compensates for decalibrations caused by vibrations but may limit camera placement positions and result in installation-related
technical complications.
Our
ScaleCam solution enables the separation of stereo cameras, allowing flexible placement of cameras on the vehicle, increasing the distance
between the cameras, and, as a result, extending obstacle detection range with greater accuracy up to several hundred meters.
Separated
cameras require ongoing calibration to optimize distance accuracy. Combined with our DynamiCal auto calibration solution, we are able
to compensate for deviations caused by external factors, such as vibrations and temperature changes.
In
September 2022, we signed a POC project with a leading U.S. manufacturer of electric vehicles to evaluate its ability to create 3D stereo
perception with software only, using the manufacturer's existing pair of mono cameras mounted on a large baseline (distance between
the cameras). We believe that our cost-effective advanced stereo vision technology may be beneficial to electric vehicle manufacturers
as they develop more advanced autonomous capabilities, resulting in better distance accuracy and improved active safety features, contributing
to a greener and safer future.
28
Options
for Stereo Cameras Placement
The
QuadSight® Automotive Vision Solution
The
    QuadSight solution, a four-camera multi-spectral vision solution, consists of software based on a chip and hardware (camera and processors)
    that we can customize to a customer's needs. The solution offers unprecedented accuracy through exceptional distance and location
    measurements due to its 3D stereo perception capabilities and dynamic stereo auto calibration. The solution uses a four-camera technology
    that combines two sets of stereoscopic infrared and visible-light cameras, enabling highly accurate and reliable obstacle detection.
The
solution is designed to achieve near 100% obstacle detection with the lowest rates of false alerts, under harsh weather and lighting
conditions, including complete darkness, rain, haze, fog and glare.
In
contrast to other active technologies, QuadSight is a non-active sensor that emits no energy during operation. As a result, the QuadSight
solution does not interfere with other systems and is hazard-free.
We
believe that our QuadSight multispectral vision solution is the key component that will solve the two main challenges of detecting any
obstacle and allowing autonomous vehicles to safely endure extreme weather and lighting conditions.
In
November 2022, we signed a commercial agreement with SUNWAY for the development and supply of obstacle detection systems and cloud gateway
for driverless vehicles, as well as for ADAS systems for airport ground support vehicles, using both visible light and thermal cameras.
Our QuadSight stereoscopic technology, including both proprietary software and cameras, will be licensed to SUNWAY and will serve as
the underlying technology for SUNWAY's ADAS systems, intended for integration into several types of vehicles working closely with
aircrafts. Foresight's passive, non-emitting sensors are a perfect fit for airport vehicles that employ autonomous systems in sensor-filled
environments and can benefit from non-interfering solutions.
29
DynamiCal™
- Automatic Calibration Solution
Stereoscopic
vision systems require continuous camera calibration in order to create an accurate stereoscopic 3D perception. External factors, such
as small vibrations or temperature changes, trigger miscalibration. A miscalibrated system may lead to inaccurate 3D perception of the
environment and affect the decision-making mechanism of any automated system.
We
have developed DynamiCal – a proprietary automatic calibration software solution designed to ensure that stereo cameras remain
calibrated at all times regardless of their configuration or position on a vehicle, in order to create accurate and continuous 3D depth
perception.
In
addition to applications of the automatic calibration solution for the automotive world, we are looking into different markets that can
benefit from our proprietary innovation such as unmanned ground systems, agriculture, heavy machinery, aviation, unmanned aerial vehicles
and drones, medical robotics, manufacturing, and mobile phones.
Calibrated
    depth map using Foresight's DynamiCal
automatic calibration solution
Real
    scene captured by visible-light cameras
30
Percept3D™
– 3D point cloud solution
Point
cloud provides 3D raw data that can be used for obstacle detection, terrain analysis and autonomous vehicle sensor fusion. The use of
stereoscopic technology is designed to offer a non-emitting and cost-effective solution for generating a high-resolution point cloud.
Our
Percept3D point cloud solution provides rich and accurate per pixel information that enables precise object detection. The use of passive
sensors, such as visible-light and thermal cameras, leaves no energy signature, making the Percept3D an ideal for use in the defense
industry.
Competition
Semi
and fully autonomous vehicle markets are considered relatively new markets with increasing competition and a great potential for sensor
module and system providers. For our vision solutions, we believe that our main competitors are dedicated, large companies focusing on
technologies that enable detection and 3D perception such as radar and LiDAR technologies. As the world of stereo vision is moving towards
enhancing existing stereo systems, there are a few companies that offer extended stereo capabilities, similar to our automatic calibration
solution. However, our Mono2Stereo solution, which allows the creation of 3D stereo perception from two mono cameras, is a unique IP-protected
solution, and, to the best of our knowledge, does not have any direct competition. Additionally, as the automotive industry comes to
understand the value that thermal cameras have to offer to autonomous vehicles, the number of thermal cameras manufacturers and providers
are expected to increase. To the best of our knowledge, we are the only company that uses thermal imaging in a stereoscopic configuration,
allowing us to generate an accurate depth map and offer a unique dense 3D point cloud based on thermal cameras.
Many
of our competitors, either on their own or through their strategic partners, enjoy better brand recognition and have substantially greater
financial, technical, manufacturing, marketing and human resources than we do. These competitors also have significantly greater experience
in the research and development of automotive sensors and a better infrastructure and are already commercializing those products around
the world.
Sales
and Marketing
A
typical sales cycle of our 3D vision solutions, consists primarily of the following steps:
●
Initial
    engagement – the initial introduction of our technology to potential customers consists of technological roadshows, demonstrations
    and prototype evaluation. During the technological roadshows, we perform real-time demonstrations of our technology in different
    scenarios, offering the chance to experience our technology in real time and gain a better understanding of its outstanding capabilities.
    The scenarios simulate obstacle detection in challenging weather and lighting conditions. Other forms of demonstrations may include
    performing tests and calculations on data received from potential prospects in order to prove our solutions capabilities. To date,
    we have performed technological roadshows in the United States, Japan, across Europe, South Korea, India and in China, and dozens
    of demonstrations in Israel and around the world.
●
POC
    project – following technological demonstrations and initial evaluation, the customer may decide to engage in a paid POC project
    to further evaluate the technology. Such projects consist of testing our stereoscopic technology in predefined simulated and real-life
    scenarios, and last between 3 to 6 months, depending on the industry. Revenue from POC projects is approximately $100,000.
31
●
Co-development
    project – once a POC project has been successfully completed, we may enter into a co-development project with the customer,
    in which our technology is customized to meet the specific requirements of the specific customer. Revenue from a co-development project
    can reach hundreds of thousands of dollars, depending on the size and scope of the project.
●
Design
    win stage – entering into an agreement for commercial production with volume ranging in the tens of thousands all the way to
    hundreds of thousands of units/software licenses per year over a period of 8-10 years.
Our
stereoscopic 3D vision solutions are modular and can be customized to meet customer needs:
1.
Software
    license for generating accurate object detection based on visible-light cameras and the long-wave infrared camera configuration.
    Our software modules, such as the automatic calibration and dense 3D point cloud software, are also offered as a software license.
2.
SoC:
    consists of an automotive graded board and image processing software.
3.
A
    complete solution: consists of image processing software, SoC, and cameras.
To
date, we have signed two commercial agreements: (1) a commercial agreement with SUNWAY for up to $51 million for the development and
supply of obstacle detection systems for driverless vehicles, as well as for ADAS systems for airport ground support vehicles; and (2)
a commercial agreement with Elbit, a leading defense company in Israel.
.
We
have successfully completed several POC projects with notable customers, including a leading European OEM, a global Japanese Tier One
supplier - Hitachi, a leading global Tier One technology company, ZF North America, as well as a leading American manufacturer of electric
vehicles. Furthermore, we are presently engaged in multiple POC projects with leading OEMs and Tier One suppliers in Japan, Europe and
China.
Additionally,
we have successfully completed a development project for a customized 3D perception solution to meet the requirements of the Israeli
Defense Forces, or IDF. The customized solution was showcased in June 2022 by Elbit on an unmanned ground robotic combat vehicle at Eurosatory,
the world's leading land and airland defense and security exhibition in Paris.
Our
main focus for 2024 is to (1) increase the number of customers engaged in POC projects in order to allow them to test and evaluate the
performance of our technology, (2) engage with customers in co-development projects, allowing us to tailor our solutions to each customer's
individual needs, (3) initiate sales of our products to SUNWAY-AI's customers for airport ground vehicles, and (4) initiate software
license sales to Elbit's end customers in the defense markets.
In
March 2021, we announced the sale of a QuadSight prototype to the U.S. division of Hitachi, a leading Japanese Tier One supplier and
manufacturer of stereo vision systems for the automotive industry. Hitachi was interested in assessing our thermal stereo capabilities
for possible enhancement of its current visible light stereo capabilities. The successful evaluation of our technology led to the signing
of two POC projects with Hitachi, one in January 2022 and another one in June 2022. The POC projects consisted of technological evaluation
and testing of predefined simulated and real-life scenarios. We paired our QuadSight® and Mono2Stereo™ technologies with Hitachi's
existing camera systems in an effort to improve distance measurement and object detection. Both POC projects were completed successfully,
and, during the fourth quarter of 2022, Hitachi demonstrated our solution to their customers, primarily automotive OEMs, and received
positive feedback. Currently, negotiations are ongoing for potential future steps, which may involve a joint development project.
32
In
January 2022, we deepened our Chinese footprint with the establishment of Foresight Changzhou in Jiangsu Province, China. The Chinese
subsidiary was established in cooperation with the China-Israel Changzhou Innovation Park (CIP), a bi-national governmental initiative
that provides a unique platform for Israeli industrial companies seeking to enter the Chinese market. With the support of CIP's
facilities and its dedicated staff, Foresight Changzhou will receive a package of incentives and grants from the Jiangsu Province's
government to aid in overcoming barriers and achieving success in China. The subsidiary has hired local engineers and high-quality staff,
who are based in CIP.
Additionally,
in January 2022, we announced the signing of a multiphase business cooperation agreement with SUNWAY-AI. The first phase consisted of
a POC project in which SUNWAY will test the QuadSight vision prototype solution and evaluate our technology and its further potential
integration into SUNWAY's products and services. The POC project was completed successfully and in May 2022 we announced the signing
of a memorandum of understanding with SUNWAY. The memorandum of understanding established a joint development program for an obstacle
detection system for unmanned vehicles based on our stereoscopic technology, using both visible light and thermal cameras. Consequently,
in November 2022, we signed a joint development and supply agreement with SUNWAY to strengthen our relationship. Over the contractual
period of four years, the deal may yield up to $51 million in revenue based on demand from SUNWAY. The agreement establishes a joint
program for the development and supply of obstacle detection systems and cloud gateway for driverless vehicles, as well as for ADAS for
airport ground support vehicles, using both visible light and thermal cameras. Starting in the second half of 2023, SUNWAY will commercialize
the ADAS systems to its customers and to third parties in Mainland China, as well as to Hong Kong, Taiwan and Macao. SUNWAY will assume
responsibility for all regulatory clearances in connection with commercialization, as well as all installation, deployment, maintenance
and support activities. Additionally, and subject to predefined commercial terms, SUNWAY was granted exclusive commercialization rights
in China regarding the ADAS systems for ground support vehicles used in airports. Our QuadSight stereoscopic technology, including both
proprietary software and cameras, will be licensed to SUNWAY and will serve as the underlying technology for SUNWAY's ADAS systems,
intended for integration into several types of vehicles working closely with aircraft, including fueling vehicles, garbage trucks, boarding
vehicles, etc. The QuadSight system allows all obstacle detection in challenging weather and lighting conditions.
In
February 2022, we announced that we will customize products and solutions for a leading Israeli defense integrator, Elbit. We developed
a customized 3D perception solution to meet the requirements of Elbit's end-customer, the IDF. Total revenue from the project amounted
to approximately $220,000 during 2022. The customization project followed extensive testing of QuadSight prototype solutions by Elbit,
over a period of two years, as well as numerous successful demonstrations performed by Elbit to the IDF. Following the successful process,
Elbit plans to replace the use of LiDAR in its solutions with our vision technology. In June 2022, Elbit showcased our customized 3D
solution on an unmanned ground robotic combat vehicle at Eurosatory, the world's leading land and airland defense and security
exhibition in Paris. Consequently, in July 2023, Foresight signed an exclusive agreement with Elbit for the commercialization of its
image processing software solution, securing potential revenues of up to $4 million over five years, starting in the second half of 2023.
Elbit has started to commercialize Foresight's software solution, exclusively and globally, in the form of a software license.
Foresight's solution is offered to Elbit's end customers as a component ADAS for driving safety, as well as a solution for
semi and fully-autonomous platforms used in unmanned combat and security ground vehicles in the defense, paramilitary and homeland security
markets.
In
June 2022, we announced the signing of an agreement for a POC project with ZF North America, a subsidiary of ZF Friedrichshafen AG, one
of the top three leading Tier One technology companies supplying systems for passenger cars, commercial vehicles and industrial technology,
enabling the next generation of mobility. The POC project followed our winning of the ZF Pitch Event that took place at the 2022 Consumer
Electronics Show exhibition in January 2022. The POC project was completed successfully and discussions are underway with ZF North America
regarding potential next steps, which could involve collaborating on a joint development initiative.
In
September 2022, we signed a paid joint POC project with a leading American manufacturer of electric vehicles. The project consists of
technological evaluation and testing of predefined scenarios. We intend to demonstrate our ability to create 3D stereo perception with
software only, using the manufacturer's existing pair of mono cameras mounted on a large baseline (distance between the cameras).
Our proprietary ScaleCam separated stereo camera solution allows manufacturers to place cameras on a large baseline. This solution increases
distance accuracy at long ranges, allows detection of any type of obstacle, and improves the safety and robustness of the manufacturer's
driver assistance system.
33
In
February 2023, our QuadSight stereovision solution was recognized as a significant technological breakthrough by Israel's Ministry
of Defense. After extensive testing by the Administration for Research and Development of Weapons and Technological Infrastructure of
Israel's Ministry of Defense in search for an alternative sensor to replace active LiDAR sensors, the QuadSight non-active stereo
technology exceeded all requirements and was declared a significant technological breakthrough for defense applications.
Additionally,
in February 2023, we announced that our wholly owned subsidiary, Foresight Changzhou Automotive Ltd. won the Outstanding Enterprise in
International Cooperation award from China Israel Changzhou Innovation Park (CICP), Jiangsu Province. Foresight Changzhou was one of
five companies to win this award, out of nearly 200 companies in the CICP. Foresight registered in the CICP at the end of 2021 and signed
a commercial contract of up to $51 million with SUNWAY in November 2022, enhancing its support in the open innovation and high-quality
development of the CICP and Changzhou City.
In
March 2023, we signed a paid joint POC project with a leading global Japanese automaker. The project consists of evaluating our unique
automatic calibration capabilities to ensure that the location and orientation of mono cameras on a vehicle are known at all times. The
parties will work together to develop a breakthrough solution capable of detecting when a single camera's position has changed
as well as providing real-time correction of the camera's position while the vehicle is in motion, through the use of our proprietary
software. To the best of our knowledge, no existing solution is able to resolve these miscalibration issues. If successful, the POC project
may provide a solution that eliminates the need for external calibration in a garage for all vehicles using mono cameras.
In
June 2023, we signed a memorandum of understanding for cooperation with KONEC Co. Ltd., a leading Tier One automotive supplier, to collaborate
on developing ADAS and autonomous driving solutions, expanding KONEC Co. Ltd's product offering to global customers, including
Hyundai, Tesla and Magna.
In
August 2023, we signed a paid POC project with the Chinese subsidiary of one of the world's leading manufacturers of industrial
equipment, heavy machinery, construction and mining equipment. The purpose of this POC is to assess the accuracy of our unique automatic
calibration capabilities in enhancing 3D depth perception.
Also,
in August 2023, we signed an agreement for two POC projects with a leading global vehicle manufacturer so that we can assess the accuracy
of our automatic calibration capabilities in enhancing 3D perception and have our Mono2Stereo™ perception enhancement solution
assessed in how it is used in existing mono camera with different fields of view. In February 2024, we announced the successful completion
of the two POC projects. Following the successful completion of these projects, the parties involved are exploring co-development initiatives
for further evaluation of the solution's capabilities.
In
September 2023, we signed a multi-phase cooperation agreement with a leading Chinese electrical vehicle original equipment manufacturer.
The first phase of the agreement consists of a POC project to evaluate our 3D perception capabilities including high resolution point
cloud, object detection and disparity mapping, for possible enhancement of the OEM's current automotive vision solution.
In
October 2023, we received a notice of allowance from the U.S. Patent and Trademark Office for our patent application "System and
Method for Stereoscopic Image analysis". The patented technology creates 3D depth perception from any given pair of cameras. The
cameras may have different optical properties and fields of view, allowing for flexible cameras positioning on the vehicle or leveraging
different existing cameras that normally could not be used for depth perception. This technology improves obstacle detection and enhances
understanding of road conditions for advanced driver-assistance system (ADAS) or autonomous driving. The patented technology includes
a method for automatic calibration of such cameras and a computationally efficient method for calculating dense depth maps. This technology
transforms a pair of cameras and a processor into a high frequency and accurate depth sensor. This patent serves as the underlying technology
of Mono2Stereo™ and Mono2Stereo™ 360° perception enhancement solutions. Our Mono2Stereo and Mono2Stereo™ 360°
solutions enhance existing vision sensor systems by using proprietary software-based algorithms to create a 3D and 360° 3D perception,
respectively. These solutions are designed to amplify the performance of existing ADAS sensors resulting in better distance accuracy
and more robust active safety features.
34
Towards
the end of 2023, we made a strategic decision to refocus on strengthening client-facing initiatives in the fields of defense and industrial
vehicles and reallocate resources accordingly. Throughout 2023, we achieved major milestones in our journey towards commercialization,
strengthening our position as a key player in the evolving market of 3D perception solutions for semi and fully-autonomous vehicles.
Foresight's
success lies, in key part, in the modularity of our software vision solutions. This business model enables us to customize 3D perception
solutions and tailor them to our customers' specific needs. Whether integrating our software seamlessly with existing sensors or
providing a comprehensive vision solution by combining our proprietary software with customer-requested hardware, we are at the forefront
of driving innovation in the industry.
Vehicle-to
Everything (V2X) Solutions – Eye-Net Mobile
Vehicle-to-Everything,
or V2X, communication, is a wireless technology that allows vehicles, infrastructure, grid, home, and network to communicate with each
other. This cutting-edge technology has the potential to revolutionize the automotive industry in the coming years. By enabling more
effective traffic management, V2X technology can enhance vehicle performance and alleviate traffic congestion. Additionally, V2X technology
could also contribute to improved gas consumption, as well as increased accuracy and precision in location tracking.
V2X
technology can be segmented based on the communication medium: vehicle-to-vehicle, or V2V, vehicle-to-infrastructure, or V2I, vehicle-to-pedestrian,
or V2P, vehicle-to-grid, or V2G, vehicle-to-cloud, or V2C, and vehicle-to-device, or V2D. The rapid technological advancements that have
recently transpired have paved the way for semi-autonomous and autonomous vehicles, which have a wide range of applications in V2X communication
technology domain.
V2X
technology optimizes traffic flow, increases traffic safety, saves time, reduces emissions, maximizes the benefits of transportation
for both commercial users and the public, and increases the convenience factor of the driver and passengers.
Market
Opportunity
Market
Segments
●
Mobile
    Apps: Utilizing the already existing install-base of numerous location-based applications (navigation, fitness, etc.), can serve
    as a global added value for all users and enhance road safety.
●
Micro-mobility:
    Shared urban mobility creates numerous safety concerns for riders and pedestrians.
●
Motorcycles:
    Motorcyclists, as vulnerable road users, are at risk for dangerous broadside or T-bone accidents. A solution that provides critical
    alerts to side-impact collisions can save lives.
●
Automotive:
    ADAS improve driver's safety by analyzing predefined field of view. Cars with beyond line-of-sight warning capability enhance
    all-around protection for all road users.
●
Smart
    Cities: The ability to interconnect between smart cities is key to improving road safety for all road users in the urban ecosystem,
    in planning for suitable "Vision-Zero" future.
According
to the World Health Organization Global Status Report on Road Safety, released in December 2023, approximately 1.19 million people die
each year as a result of road traffic crashes. More than half of all road traffic deaths are among vulnerable road users, including pedestrians,
cyclists and motorcyclists.
V2X
communication provides features such as intersection collision warning, obstacle detection, rollover warning, road departure warning,
forward collision warning and rear impact warning. The increasing demand for real-time traffic and incident alerts that help to increase
public safety of both drivers and vulnerable road users is driving the growth of the automotive V2X market in automated driver assistance
systems and in location-based applications and services.
35
Furthermore,
growing smartphone adoption rates and worldwide infrastructure developments support market growth as 85% of the world's population
owns a smartphone and enjoys a wide deployment of cellular networks and cloud servers.
As
governments make substantial investments in public transportation, a need arises to provide mobility solutions intended for the last
mile - the last leg of a journey from a transportation hub to a final destination - giving rise to the increased use of micro-mobility
vehicles such as electric bikes ("e-bikes") and electric scooters ("e-scooters"). Enhancing the safety of vulnerable
road users, such as e-bike and e-scooter riders, is of great concern. A March 2023 MarketsandMarkets research report forecasts that the
electric bike market is projected to grow from $49.1 billion in 2023 to $62.3 billion by 2028 at a CAGR of 4.9%.
According
to a July 2023 forecast by Precedence Research, the global automotive V2X market size reached $2.4 billion in 2022 and is expected to
reach $66.26 billion by 2032, growing at a CAGR of 39.4% during the forecast period from 2023 to 2032.
The
automotive sector has experienced remarkable momentum and is projected to undergo substantial growth in the foreseeable future. The integration
of diverse safety features and communication technologies in vehicles has notably improved the convenience aspect of automobiles. Moreover,
substantial demand from consumers for these advanced features serves as a driving force behind the market's expansion. In addition,
factors such as increased adoption of connected cars and a rise in urbanization & industrialization are expected to drive the market
growth.
Micro-mobility
market
Micro-mobility
refers to a rapidly growing market segment that encompasses various modes of transportation, including electric scooters, bicycles, and
hoverboards, among others. These vehicles offer a convenient and eco-friendly solution to short-distance travel in urban areas and have
quickly gained popularity in recent years. According to Acumen Research and Consulting, the Global Micro-mobility Market Size gathered
$49.3 Billion in 2021 and is set to garner a market size of $186.2 Billion by 2030 growing at a CAGR of 16.2% from 2022 to 2030.
ADAS
market
The
global ADAS market will witness a robust CAGR of 13.83%, valued at $23.44 billion in 2021, expected to appreciate and reach $75.23 billion
by 2030, confirms Strategic Market Research. ADAS are technologies and electronic systems in a vehicle to assist the driver. ADAS utilizes
the sensors that are present inside the vehicle, such as a camera and a radar, to have a vigil on the outside world. ADAS provides pivotal
information like the level of congestion present on the roads, updates on traffic, blockage, and closure of roads ahead so that the driver
gets alerted beforehand. This system also measures the driver's distraction and level of fatigue of the driver, thereby suggesting
the precautions that need to be taken.
Available
technology and challenges for V2X communication
The
V2X technological landscape is divided into two main sections:
●
Hardware-based
    solutions, which use either Dedicated Short-Range Communications, or DSRC, or cellular-based communication, or CV2X; and
●
Software-based
    cellular V2X solutions.
Hardware-based
solutions require costly and complex designated hardware. As the technology is not fully regulated, there are standardization concerns.
Hardware-based solutions are intended primarily to be installed in vehicles, providing only partial coverage, leaving vulnerable users
(pedestrians, cyclists, etc.) unprotected. The use of DSRC technology increases the number of emitting units on the road (in addition
to vehicle sensors and mobile phones), as it requires a separate communication band which emits additional energy. In addition, the market
penetration cycle time is long due to regulatory concerns and a global crisis of chip shortage.
36
Software-based
cellular V2X solutions rely on existing infrastructure and do not require special certification. Using intuitive applications for smart
devices (such as smartphones, infotainment systems, head up displays, dash cams and ADAS), software-based solutions have a short market
penetration cycle.
The
above-mentioned industry forecast also claims that cellular V2X technology is designed to be compatible with upcoming 5G network technologies
which will be used as the ultimate platforms to enable cooperative intelligent transport systems services and technology. Cellular V2X
can be applied in use cases such as location-based applications (for example, navigation, shared transportation, and fitness applications),
micro-mobility services to e-bikes and e-scooter riders, autonomous driving, platooning, vehicle safety and traffic efficiency which
require efficient communication technology and is expected to offer profitable growth opportunities for automotive V2X market.
The
Eye-Net Products
Eye-Net
Mobile offers two software-based products:
1.
Eye-Net Protect (Market penetration – Under commercial integration)
In
December 2019, we completed the SDK configuration of the Eye-Net Protect solution. The Eye-Net Protect is a comprehensive solution that
includes an intuitive mobile interface designed to provide real-time pre-collision alerts to all road users, including the most vulnerable
ones (pedestrians, cyclists, and micro-mobility riders)
An
SDK configuration indicates commercial engagement readiness and will allow Eye-Net Mobile to integrate its solution with leading location-based
applications, such as navigation, ridesharing, parking, and fitness applications. This configuration will enable rapid market penetration,
providing a life-saving accident prevention solution that is readily available for deployment.
Eye-Net
Protect family of products (Eye-Net Protect, Eye-Net Protect Plus, Eye-Net Protect Pro) provides real-time pre-collision alerts to all
road users by using smartphones with SDK configuration installed, relying on existing cellular networks.
Features:
●
Side
    aspect collisions alerts
●
Awareness
    notifications ("car brakes ahead," "cyclists ahead")
●
Community
    Stats
●
Offers
    automatic emergency call (premium feature).
●
Activity
    report (premium feature)
●
Family
    / Group safety & assistance (premium features)
Unique
Characteristics:
●
Most
    Road Users
Protects
most road users (vulnerable & drivers)
●
Side
    Impact Alerts
Identifies
threats outside the field of view.
●
Harsh
    weather
37
Works
under all weather and lighting conditions.
●
Accurate
Exceptionally
accurate design with near zero false alerts.
●
GDPR
    Compliant
Anonymous
service. Requires no registration.
●
Small
    Footprint
SDK
package compatible with iOS and Android.
●
Hands
    Free
Runs
as a seamless automatic background process.
●
Camera
    Free
Relies
on existing cellular infrastructures.
●
Compatible
    with any cellular infrastructure (3G and up)
Real-time
alerts utilizing adaptive network latency compensation of each users' cellular devices.
Eye-Net
Protect is an intuitive and easy-to-use cellular-based V2X solution that provides real-time pre-collision alerts to drivers and vulnerable
road users, including pedestrians, cyclists, scooter drivers, etc., by using smartphones and relying on existing cellular networks.
The
solution calculates user location and collision probability multiple times per second and utilizes a sophisticated probability analysis
for spatial cross-correlation of bearing, velocity, and acceleration to determine an imminent collision, with near zero false alarm rate.
Eye-Net's
unique V2X collision prediction and prevention software-based platform incorporates AI-powered algorithms that enhance accuracy, predict
collisions, reduce latency, and optimize device resource consumption.
Designed
to provide a complementary layer of protection beyond traditional ADAS, Eye-Net Protect extends protection to road users who are not
in direct line of sight, and not covered by other alerting systems and sensors.
The
Eye-Net Protect solution aims to solve three main limitations of conventional ADAS systems:
●
Conventional
    ADAS systems analyze threats and monitor potential hazards that are within the sensor's field of view. To the best of our knowledge,
    Eye-Net is the first available software-based solution today that aims to foresee collisions much before any sensor, when the threat
    is still beyond line of sight.
●
Conventional
    ADAS systems alert the driver and provide autonomous indications to the vehicle. Eye-Net alerts the driver and other vulnerable road
    users (pedestrians, cyclists, scooter drivers) that have no available real-time safety aids about oncoming vehicles and allows them
    to take an active part in preventing accidents.
●
While
    conventional ADAS sensor performance is compromised by harsh weather conditions (snow, fog, rain, etc.), Eye-Net uses robust cellular
    infrastructure that is not affected by any weather or lighting conditions, thus allowing uninterrupted operation and continuous road-user
    protection.
38
2.
Eye-Zone™
    (Market penetration – Under POCs with an automotive OEM)
Eye-Zone
is a V2X collision detection and accident prevention solution that sends alerts and indications to the driver. Eye-Zone uses a unique
virtual sensor RUDAR™ (Road Users Detection and Ranging) designed to provides a point cloud of the real time location, movement
characteristics and probability of collision with each of the road users around the vehicle.
Eye-Zone
is designed to provide unique features and capabilities enhancing automotive safety, without any hardware changes, allowing vehicles
to communicate with all road users.
A
revolutionary OS-agnostic software add-on that can be seamlessly integrated into automotive systems (such as ADAS, navigation, infotainment).
Eye-Net
utilizes existing cellular networks, without requiring any hardware installation other than using smartphones and other smart devices
within vehicles. It incorporates cutting-edge algorithms, protocols, and system architecture to enhance accuracy, predict collisions,
reduce latency, and optimize device resource consumption.
Features
(Current and Future):
●
Side
    aspect collisions alerts
●
Awareness
    notifications ("car brakes ahead", "cyclists ahead")
●
Community
    Stats
●
Multi-User
    tracker: Analyzes & classifies all users in the vicinity of the vehicle
●
Offers
    automatic emergency call
●
Activity
    report
●
Collision
    "black-box" – automatic report generation in case of a collision
●
"Where
    is my car?": Real-time visibility about the vehicle location
Unique
Characteristics:
●
Multi-User
    Tracker
Analyzes
& classifies all users in the vicinity of the vehicle.
●
Side
    Impact Alerts
Identifies
threats outside the field of view.
●
Harsh
    weather
Works
under all weather and lighting conditions.
●
Accurate
Exceptionally
accurate design with near zero false alerts.
●
GDPR
    Compliant
39
Anonymous
service. Requires no registration.
●
Small
    Footprint
Seamless
automatic background process which capable of running on a single ARM.
●
Camera
    Free
Relies
on existing cellular infrastructures.
●
Seamless
    Connection
Seamlessly
connecting to external location sources
●
Real-time
    Protocol
Competition
There
are many companies competing in the V2X communication market, including vehicle manufacturers, automotive Tier One suppliers the majority
of which are pushing for CV2X (hardware-based) protocols. Over the past year, we see that small startups that have attempted to develop
similar V2X cellular-based solutions have ceased activities mainly due to technological and financial barriers. On the other hand, we
can see a growing number of vehicle manufacturers, Tier One automotive suppliers, smartphone manufacturers and cellular service providers
that have taken the first steps to develop a similar solution to Eye-Net. As far as we know to date, none of our competitors has reached
product completion and deployment readiness stage for a V2X product.
Sales
and Marketing
Eye-Net
Mobile focuses on increasing public awareness of its products and technology by conducting controlled public trials and participating
in conferences worldwide. The Eye-Net Protect solution was first launched in February 2019 at the Mobile World Congress in Barcelona,
the world's largest mobile conference.
Over
the course of 2021, Eye-Net Mobile modified its penetration strategy to concentrate on Israel, Japan, Europe and the United States and
to address the following markets that may benefit from its unique accident prevention solution suite:
3rd-party
applications - Location-based application providers, such as developers of navigation, shared transportation, and fitness applications,
may offer the Eye-Net solution to existing user install base as a global added value on top of their existing platforms, enhancing road
safety to all users.
Micro-mobility
- The shared urban mobility landscape creates numerous safety concerns for riders and pedestrians. Micro mobility riders, unlike cars,
lack any kind of safety warning system to avoid accidents. Eye-Net's collision prediction and prevention solution answers a real
need for a simple, hands-free, camera-free situational awareness and road safety solution that can be incorporated on any micro mobility
vehicle, shared or owned. Relying on communication between smartphones through a dedicated app, the all-around solution is accessible
to anyone and with any vehicle, for real-time pre-collision alerts anywhere, at any time.
Automotive
- Sophisticated ADAS systems improve driver safety– but none of them can see what's coming from around the corner. Eye-Net's
solution brings a new paradigm in road safety, with an anytime, anywhere collision detection system that extends the field of view beyond
line-of-sight, accurately identifying potential collisions and sending an alert in real time, to complement commonly used ADAS solutions.
Cars equipped with in-vehicle infotainment systems, head-up display units (HUD) advanced dashcams, can be integrated with beyond line-of-sight
warning capability enhance all-around protection for drivers, passengers, and pedestrians.
40
Mobile
Network Operators and cellular providers
The
interconnection of vehicles, micro mobility devices, infrastructure and vulnerable road users represents a unique opportunity for mobile
network operators to enhance road safety. Eye-Net's anytime, anywhere, and all-around collision detection system utilizes interconnected
cellular-based V2X communication to provide comprehensive protection for vulnerable road users and pedestrians. The solution uses existing
cellular infrastructures and is compatible with 3G, 4G and 5G networks.
Mobile
network operators can enhance the service offered to subscribers without the need for a dedicated device – built-in as part of
a cellular offering to incorporate as part of the infrastructure for safe cities to residents, in cooperation with road authorities,
and for all transportation markets – micro mobility, motorcycle, and automotive.
In
2022, Eye-Net Mobile achieved the following significant milestones:
In
February 2022, Eye-Net Mobile was one of five winners selected by the Paris2Connect consortium to participate in an urban mobility experiment
to take place in Paris' Urban Innovation District. The Paris2Connect consortium includes Nokia (HEL: NOKIA), ATC France (a subsidiary
of American Tower Corporation), Aximum, RATP Group, and Signify N.V. (AMS: LIGHT).
In
September 2022, Eye-Net Mobile signed a five-year commercial cooperation agreement with Pango Pay & Go Ltd., or Pango. Pango is the
developer of the leading mobility-as-a-service parking, vehicle, road services and payment application in Israel. Pursuant to the agreement,
the parties will cooperate to integrate Eye-Net™ Protect products into Pango's app as an SDK. The integration will enable
Pango app users who completed the onboarding process, to use the service operated by Eye-Net Mobile through the app, which is intended
to provide a layer of protection to Pango's users, potentially preventing accidents by alerting drivers and road users about oncoming
collisions. In addition, Pango will be entitled to 50% of third-party revenues received by Eye-Net Mobile for services provided in Israel.
Moreover, Pango will be granted options to purchase 2,500 ordinary shares, 0.01 par value per share of Eye-Net Mobile, constituting,
if exercised in full, 2.22% of Eye-Net Mobile's issued and outstanding share capital on a fully diluted basis at an exercise price
which reflects a $40 million company valuation. Upon the successful integration of Eye-Net Protect into Pango's app, Pango will
release an updated version of its app, which will include the integrated SDK configuration of the Eye-Net Protect, to its millions of
users in Israel. The new integrated solution will include the free-of-charge Eye-Net Protect feature and a potential shared revenue stream
derived from offering the premium Eye-Net Protect Plus feature for a monthly subscription fee. In August 2023, Eye-Net Mobile and Pango
agreed to postpone the integration process of the Eye-Net Protect products into Pango's application to the second quarter of 2024
due to internal changes in Pango. As of the date of this annual report on Form 20-F, it is uncertain as to whether the integration will
be completed.
In
November 2022, Eye-Net Mobile successfully completed a technological roadshow of the Eye-Net Protect solution in Japan. Eye-Net Mobile
demonstrated the technology for 20 automotive-related companies, including five leading Japanese OEMs, Tier One and Tier Two suppliers,
as well as 11 dashboard cameras (dashcam) companies. Eye-Net Mobile's successful demonstrations generated significant interest
among several world-leading OEMs and manufacturers of complementary equipment to the automotive industry (including infotainment systems
and dashcams) who expressed interest in pursuing further technological evaluation.
In
2023, Eye-Net Mobile continued to achieve significant milestones:
In
February 2023, Eye-Net Mobile was engaged in a paid POC project to integrate Eye-Zone™ automotive system with a leading Japanese
vehicle manufacturer's existing ADAS systems. The parties engaged in a paid POC project to evaluate the added value and capabilities
of Eye-Zone as a software V2X communication layer, allowing for unprecedented, seamless communication between vehicles and all road users
(including vulnerable road users). The POC was conducted in collaboration with a leading Japanese technology and communication company
that provided the communication infrastructure and advanced communication modules. In March 2024, Eye-Net has received an additional
order for a paid development project from the vehicle manufacturer, following the successful completion of the first two phases of the
POC project. The next phase will evaluate the potential of Eye-Zone™ as key infrastructure for safety message transmission, aiming
to facilitate seamless communication between vehicles and all road users, particularly vulnerable road users. Upon successful evaluation,
the parties will explore potential commercial opportunities.
41
In
August 2023, Eye-Net Mobile signed a multi-phase agreement with SoftBank Corp. ("SoftBank"), a Japan-based telecommunications
and IT operator, under which the parties engaged in a POC project to validate the integration of Eye-Net Mobile's server-side technology
with SoftBank's multi-access edge computing infrastructure. The validation project was part of the multi-phase agreement which
was a prerequisite for the potential deployment of Eye-Net Mobile's solutions in the Japanese market. In November 2023, Eye-Net
Mobile successfully completed the first phase of the POC project. In March 2024, Eye-Net and SoftBank successfully completed Eye-Net's
technology validation, following which SoftBank will collaborate with its business partners to initiate commercial validation efforts
of Eye-Net's solutions for improved collision prevention in the Japanese market.
In
November 2023, Eye-Net Mobile was selected by the European Software République consortium to take part in an incubation program
for a project that will deliver an accessible vehicle-to-everything road safety solution for all road users. Software République
is a European innovation ecosystem for intelligent, secure, and sustainable mobility, founded by Dassault Systèmes SE, Eviden,
Orange S.A., Renault Group, STMicroelectronics N.V and Thales Group.
Investment
in Railway Safety
We
have leveraged our unique expertise in advanced image processing algorithms and Computer vision technology into the rail industry. As
of December 31, 2023 we held a 10.2% stake in Rail Vision Ltd., or Rail Vision (Nasdaq: RVSN), a development stage company that is seeking
to revolutionize railway safety and the data-related market.
In
April 2022, Rail Vision completed an initial public offering of its ordinary shares and warrants on the Nasdaq Capital Market.
In
January 2023, Rail Vision signed a contract with Israel Railways to purchase ten Rail Vision Main Line Systems and related services for
a total amount of approximately $1.4 million. The delivery is expected to start during the first quarter of 2024. Rail Vision believes
that the first order for such system by a commercial operator will have an impact on the market.
In
February 2023, a leading U.S.-based rail and leasing services company purchased a Rail Vision Switch Yard System for $140,000 with support,
to evaluate its performance during a six-month trial. The US-based customer offers a suite of rail-centric services including in-plant
rail switching and material handling services. Consequently, and after a successful evaluation, in January 2024, Rail Vision announced
that it had signed a supply contract with the leading U.S.-based rail and leasing services company valued at up to $5 million for the
purchase of Rail Vision's AI-based Switch Yard Systems.
In
October 2023, Rail Vision received a $500,000 order for a single Main Line system and relates services from a leading Latin American
mining company.
In
January 2024, Rail Vision announced that it had received formal certifications for critical European Union railway standards for its
Main Line system: EN 50155, EN 50126, EN 50657, and EN 45545.
In
February 2024, the Company sold its entire investment stake in Rail Vision for approximately $1,840,000 in gross proceeds, at an average
share price of $6.07. After accounting for selling fees, the net proceeds from the sale totaled approximately $1,832,000.
Intellectual
Property
We
seek patent and trademark protection as well as other effective intellectual property rights for our products and technologies in the
United States and internationally. Our policy is to pursue, maintain and defend intellectual property rights developed internally and
to protect the technology, inventions and improvements that are commercially important to the development of our business.
42
Foresight
Automotive has a portfolio of four granted U.S. non-provisional applications, two granted patents with the Israeli Patent Office ("IPO"),
two granted patents and four full applications in China, six applications in Europe, four applications in Japan, and one PCT application.
Eye-Net Mobile has a portfolio of one granted U.S. patent, four PCT applications, one full application with the IPO and one application
in Europe. A provisional patent application is a preliminary application that establishes a priority date for the patenting process for
the invention concerned and provides certain provisional patent rights. We cannot be certain that patents will be granted with respect
to any of our pending patent applications or with respect to any patent applications filed by us in the future, nor can we be sure that
any of our existing patents or any patents granted to us in the future will be commercially useful in protecting our technology. Despite
our efforts to protect our intellectual property, any of our intellectual property and proprietary rights could be challenged, invalidated,
circumvented, infringed or misappropriated, or such intellectual property and proprietary rights may not be sufficient to permit us to
take advantage of current market trends or otherwise to provide competitive advantages. For more information, please see "Risks
Related to our Intellectual Property."
On
January 5, 2016, we entered into an asset transfer agreement with Magna whereby Magna transferred to us certain intellectual property
rights and assets in the field of vehicle safety. The asset transfer agreement became effective retroactively on October 11, 2015. In
addition, and since the date of our Merger, Magna has provided us with certain services, primarily with respect to the design and development
of algorithms and ADAS designated computer vision software.
In
addition to patent protection, we have also filed trademark applications for the purpose of preserving rights to the identity of our
products. Foresight Automotive has two trademarks that have been granted in Israel and two additional applications that were filed via
the Madrid Protocol, one of them has been granted in Europe, UK, Japan and the U.S. and the second has been granted in Europe and the
UK. Eye-Net Mobile has One trademark that has been granted in Israel, one additional application was filed via the Madrid Protocol and
has been granted in Europe and the UK. While we pay great attention to its trademark rights and to the avoidance of disputes relating
to its products, there is no assurance that third parties may not allege that a use of our trademarks constitutes infringement of third-party
trademark rights or other rights. However, when registration of our trademarks is perfected, we expect that the danger of any such adverse
occurrence will be minimized or avoided entirely.
Research
and Development
For
the years ended December 31, 2023, 2022 and 2021, we incurred approximately $11,587,000, $11,534,000 and $10,170,000, respectively, of
research and development expenses, net.
Through
Foresight Automotive, we have a development services agreement with Magna, pursuant to which Magna provides Foresight Automotive with
software development services in consideration of monthly payments at agreed upon rates for each of Magna's employees, not to exceed
the aggregate monthly consideration of NIS 70,000, plus VAT. We expect that the services provided by Magna will decrease as we hire additional
employees and expand our in-house capabilities.
Grants
from the Israel Innovation Authority
Our
research and development efforts are financed in part through royalty-bearing grants from the IIA. As of December 31, 2023, we have received
the aggregate amount of approximately $620,000 from the IIA for the development of our technology. With respect to such grants, we are
committed to pay certain royalties up to the total grant amount. Regardless of any royalty payment, we are further required to comply
with the requirements of the Research Law, with respect to those past grants. When a company develops know-how, technology or products
using IIA grants, the terms of these grants and the Research Law restrict the transfer of such know-how, and the transfer of manufacturing
or manufacturing rights of such products, technologies or know-how outside of Israel, without the prior approval of the IIA. We do not
believe that these requirements will materially restrict us in any way.
C.
Organizational
    Structure.
Magna
B.S.P. Ltd., a private company incorporated in Israel, holds approximately 7.57% of our issued and outstanding share capital as of the
date of this annual report on Form 20-F. We currently have two wholly-owned subsidiaries: Foresight Automotive and Eye-Net Mobile. In
addition, Foresight Automotive has one wholly-owned subsidiary, Foresight Changzhou, incorporated in Jiangsu Province, China.
43
On
January 5, 2022, we announced the establishment of Foresight Changzhou Automotive Ltd., a wholly owned subsidiary, in Jiangsu Province,
China. The Chinese subsidiary was established in cooperation with the China-Israel Changzhou Innovation Park, or CIP, a bi-national governmental
initiative that provides a unique platform for Israeli industrial companies seeking to enter the Chinese market.
On
September 15, 2022, Eye-Net Mobile became a wholly owned subsidiary of the Company.
D.
Property,
    Plant and Equipment.
Our
offices and research and development facilities are located at the Science Industrial Park in Ness Ziona, Israel, where we currently
occupy approximately 15,000 square feet. We lease our facilities, and our leases end on March 31, 2027 and December 15, 2024. Both of
our leases have an extension option for additional 3-year periods. Our monthly rent payment is approximately NIS 142,000 (approximately
$39,000).
ITEM
4A. UNRESOLVED STAFF COMMENTS
Not
applicable.
ITEM
5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
A.
Operating
    Results.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report on Form 20-F. The discussion below contains forward-looking
statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may
differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those
identified in "Cautionary Note Regarding Forward-Looking Statements" and under "Risk Factors" elsewhere in this
annual report on Form 20-F. Our discussion and analysis for the year ended December 31, 2022 can be found in our Annual Report on Form
20-F for the fiscal year ended December 31, 2022, filed with the SEC on March 30, 2023.
Overview
We
are a technology company engaged in the design, development and commercialization of sensor solutions for the automotive industry. Through
our wholly owned subsidiaries, Foresight Automotive, Eye-Net Mobile and Foresight Changzhou, we develop both "in-line-of-sight"
vision solutions and "beyond-line-of-site" cellular-based applications. Our 3D vision solutions include modules of automatic
calibration and dense 3D point cloud that can be applied to diverse markets such as automotive, defense, autonomous vehicles, agriculture
and heavy industrial equipment. Eye-Net Mobile's cellular-based solution suite provides real-time pre-collision alerts to enhance
road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology
and advanced analytics. Our solutions are designed to increase safety by enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. Each of our solutions is designed, developed and commercialized by one of our subsidiaries.
Foresight Automotive and Eye-Net Mobile, all of which are located in our corporate headquarters, benefit from our collective engineering,
operating, regulatory and marketing infrastructure to support their respective activities.
Operating
Expenses
Our
current operating expenses consist of three components — research and development expenses, marketing and sales expenses and general
and administrative expenses.
44
Research
and development expenses, net
Our
research and development expenses, net consist primarily of salaries and related personnel expenses, subcontracted work and consulting
and other related research and development expenses.
The
following table discloses the breakdown of research and development expenses:
Year ended
December 31,
U.S. dollars in thousands
2023
2022
Payroll and related expenses
8,997
8,778
Subcontracted work and consulting
1,229
1,523
Share-based payments to service providers
19
57
Rent and office maintenance
936
1,068
Travel expenses
90
141
Other
416
362
Less participation in grants
(100
)
(395
)
Total
11,587
11,534
We
expect that our research and development expenses will increase as we will need to recruit more employees as we move closer to commercialization
of our solutions.
Sales
and marketing
Our
sales and marketing expenses consist primarily of salaries and related personnel expenses, consultants, exhibitions and travel expenses
and other marketing and sales expenses.
The
following table discloses the breakdown of sales and marketing expenses:
Year ended
December 31,
U.S. dollars in thousands
2023
2022
Payroll and related expenses
1,076
1,318
Exhibitions, conventions and travel expenses
379
302
Consultants
416
558
Other
68
52
Total
1,939
2,230
General
and administrative
General
and administrative expenses consist primarily of salaries and related personnel expenses, professional service fees (for accounting,
legal, bookkeeping, intellectual property and facilities), directors fees and insurance and other general and administrative expenses.
The
following table discloses the breakdown of general and administrative expenses:
Year ended
December 31,
U.S. dollars in thousands
2023
2022
Payroll and related expenses
1,458
1,756
Share-based payments to service providers
134
215
Professional services
898
1,340
Directors' fees and insurance
326
405
Travel expenses
15
8
Rent and office maintenance
196
175
Other
92
90
Total
3,119
3,989
45
Comparison
of the year ended December 31, 2023 to the year ended December 31, 2022.
Results
of Operations
Year ended
December 31,
U.S. dollars in thousands
2023
2022
Revenues
497
550
Gross profit
354
298
Research and development expenses, net
11,587
11,534
Marketing and sales
1,939
2,230
General and administrative
3,119
3,989
Operating loss
16,291
17,455
Financial expenses, net
2,119
4,221
Net loss
18,410
21,676
Loss attributable to holders of Ordinary Shares
18,410
21,676
Revenues
Our
Revenues for the year ended December 31, 2023, amounted to $497,000, representing a decrease of $53,000, or 9.6%, compared to approximately
$550,0000 for the year ended December 31, 2022. The revenues for the twelve months ended December 31, 2023, were generated primarily
from the commercialization agreement of the Company with Elbit in the amount of $250,000 and from the successful execution of several
projects including a POC project with two leading Japanese vehicle manufacturers in the amount of $106,000, an Eye-Net POC project with
SoftBank in the amount of $34,000 and an Eye-Net POC project with a leading Japanese vehicle manufacturer in the amount of $28,000.
Research
and development expenses, net
Our
research and development expenses for the year ended December 31, 2023 amounted to $11,587,000, representing an increase of $53,000,
or 0.5%, compared to approximately $11,534,000 for the year ended December 31, 2022.
Sales
and marketing
Our
marketing and sales expenses for the year ended December 31, 2023 amounted to approximately $1,939,000, representing a decrease of approximately
$291,000, or 13%, compared to approximately $2,230,000 for the year ended December 31, 2022. The decrease is mainly attributable to a
decrease in payroll and related expenses and a decrease in consultants.
General
and administrative
Our
general and administrative expenses amounted to approximately $3,119,000 for the year ended December 31, 2023, representing a decrease
of approximately $870,000, or 22%, compared to approximately $3,989,000 for the year ended December 31, 2022. The decrease is mainly
attributable to a decrease in payroll and related expenses and in professional services.
Operating
loss
As
a result of the foregoing, our operating loss for the year ended December 31, 2023 was approximately $16,291,000, as compared to an operating
loss of approximately $17,455,000 for the year ended December 31, 2022, a decrease of approximately $1,164,000, or 7%.
46
Financial
expenses and income, net
Financial
expenses, net, mainly consist of revaluation of securities, bank interest income, exchange rate differences and other transactional costs.
We
recognized financial expenses, net, of approximately $2,119,000 for the year ended December 31, 2023, compared to financial expenses,
net of $4,221,000 for the year ended December 31, 2022. Finance expenses, net for the year ended December 31, 2023, consist primarily
of loss from the revaluation of the Company's investment in Rail Vision Ltd. to its fair value in the amount of $2,333,000 and
from exchange rate differences and lease liabilities in the amount of $466,000, offset by interest income in the amount of $667,000.
Finance expenses, net, for the year ended December 31, 2022, consisted of loss from the revaluation of the Company's investment
in Rail Vision Ltd. to its fair value in the amount of $2,208,000, and exchange rate differences and lease liabilities in the amount
of $2,202,000, offset by interest income in the amount of $189,000.
Net
loss
As
a result of the foregoing, our loss for the year ended December 31, 2023 was approximately $18,410,000, as compared to approximately
$21,676,000 for the year ended December 31, 2022, a decrease of approximately $3,266,000.
We
prepare our financial statements in accordance with U.S. GAAP. At the time of the preparation of the financial statements, our management
is required to use estimates, evaluations, and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, income, and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting
estimates are credited during the period in which the change to the estimate is made.
B.
Liquidity and Capital
    Resources.
Overview
Since
our inception through December 31, 2023, we have funded our operations principally with approximately $118,700,000, in the aggregate,
from funding from Magna, the issuance of Ordinary Shares or ADSs and exercise of warrants and options. As of December 31, 2023, we had
approximately $15.7 million in cash and cash equivalents and restricted cash.
The
table below presents our cash flows for the periods indicated:
December 31,
U.S. dollars in thousands
2023
2022
Operating activities
(14,926
)
(17,057
)
Investing activities
7,092
8,983
Financing activities
4,181
-
Effect of exchange rate changes on cash and cash equivalents
112
(839
)
Net decrease in cash and cash equivalents
(3,541
)
(8,913
)
Operating
Activities
Net
cash used in operating activities of approximately $14,926,000 during the year ended December 31, 2023 was primarily used for payment
of payroll and related expenses, payments for professional services, subcontracted work and travel, patent, directors' fees, rent
and other miscellaneous expenses.
Net
cash used in operating activities of approximately $17,057,000 during the year ended December 31, 2022 was primarily used for payment
of payroll and related expenses, payments for professional services, subcontracted work and travel, patent, directors' fees, rent
and other miscellaneous expenses.
47
Investing
Activities
Net
cash provided by investing activities of approximately $7,092,000 during the year ended December 31, 2023 was due to changes in short-term
deposits of approximately $7,216,000 and for purchases of fixed assets of approximately $124,000.
Net
cash provided by investing activities of approximately $8,983,000 during the year ended December 31, 2022 was due to changes in short-term
deposits of approximately $10,297,000, offset by our investment in Rail Vision equity securities of approximately $715,000 and investment
in a simple agreement for future equity (SAFE) with Rail Vision of approximately $286,000, and from purchases of fixed assets of approximately
$313,000.
Financing
Activities
Net
cash provided by financing activities of approximately $4,181,000 during the year ended December 31, 2023 was the result of the proceeds
from a registered direct offering of 4,500,000 ADSs at $1.00 per ADS, with net proceeds of $4,046,000 after deducting placement fees,
and from sales of 59,950 ADSs through the 2021 Sales Agreement with an average price of $2.775 per ADS, raising net proceeds of approximately
$137,000 after deducting closing costs and fees.
There
was no financial activity during the twelve-month period ended December 31, 2022.
On
January 22, 2021, we entered into a subsequent sales agreement with AGP, or the January 2021 Sales Agreement, pursuant to which we may
offer and sell, from time to time, our ADSs. In that regard, we registered up to $60,000,000 of our ADSs on a Registration Statement
on Form F-3 (File No. 333-252334) for the sale under the January 2021 Sales Agreement. Through December 7, 2023, the date we terminated
the 2021 Sales Agreement, we have sold an aggregate of 1,438,294 ADSs for aggregate gross proceeds of approximately $14.1 million.
On
December 7, 2023, we entered into definitive securities purchase agreements with U.S. institutional investors and Israeli investors to
purchase an aggregate of 4,500,000 of our ADSs representing 135,000,000 ordinary shares, at a purchase price of $1.00 per ADS in a registered
direct offering, or the Registered Direct Offering. The total gross proceeds from the Registered Direct Offering were approximately $4.5
million. The closing of the sale of the ADSs occurred on December 11, 2023. There were two Company related insider participants in the
Registered Direct Offering: our Chief Executive Officer, Haim Siboni, who controls Magna, through the participation of Magna and Sivan
Siboni-Scherf, our Vice President of Human Resources. The aggregate amount invested by the insider participants in the Registered Direct
Offering was $525,000. We also entered into a letter agreement with A.G.P./Alliance Global Partners, as placement agent, dated December
7, 2023, pursuant to which they agreed to serve as the placement agent in connection with the Registered Direct Offering. We agreed to
pay the placement agent a cash placement fee equal to 7.0% of the gross proceeds received for the ADSs in the Registered Direct Offering
provided, however that for certain investors, the placement agent credited us four percent (4.0%) of the aggregate purchase price paid
by such purchasers. We also agreed to reimburse the placement agent for certain fees and disbursements incurred by them in connection
with the Registered Direct Offering in an amount of up to $50,000.
Current
Outlook
We
have financed our operations to date primarily through proceeds from sales of our Ordinary Shares and ADSs and warrants. We have incurred
losses and generated negative cash flows from operations since January 2011. Since January 2011, we have not generated significant revenue
from the sale of products, however, we expect to see an increase in our revenue from the sale of our products in the coming years, though
there is no guarantee we will be successful in doing so.
As
of December 31, 2023, our cash and cash equivalents including restricted cash and short-term bank deposits were approximately $15,734,000.
As of the date of this annual report on Form 20-F, after selling the entire investment stake in Rail Vision for approximately $1,840,000
we expect that our existing cash, cash equivalents and short-term bank deposits will be sufficient to fund our current operations through
the end of the second quarter of 2025.
48
Until
we can generate significant recurring revenues and achieve profitability, we may need to seek additional sources of funds through the
sale of additional equity securities, debt or other securities. Any required additional capital, whether forecasted or not, may not be
available on reasonable terms, or at all. If we are unable to obtain additional financing or are unsuccessful in commercializing our
products and securing sufficient funding, we may be required to reduce activities, curtail or even cease operations.
In
addition, our operating plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional
funds sooner than planned. Our future capital requirements will depend on many factors, including:
●
the progress and costs
    of our research and development activities;
●
the costs of manufacturing
    our products;
●
the costs of filing, prosecuting,
    enforcing and defending patent claims and other intellectual property rights;
●
the potential costs of
    contracting with third parties to provide marketing and distribution services for us or for building such capacities internally;
    and
●
the magnitude of our general
    and administrative expenses.
Until
we can generate significant recurring revenues, we expect to satisfy our future cash needs through debt or equity financing. We cannot
be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available, we may be required
to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect to our products.
5.C
Research and development,
    patents and licenses, etc.
For
a description of our research and development programs and the amounts that we have incurred over the last two years pursuant to those
programs, please see "Item 5. Operating and Financial Review and Prospects— A. Operating Results— Operating Expenses—
Research and Development Expenses, net" and "Item 5. Operating and Financial Review and Prospects— A. Operating Results—
Comparison of the year ended December 31, 2023, to the year ended December 31, 2022— Research and Development Expenses, Net."
5.D
Trend Information
5.E.
Critical Accounting
    Estimates
We
describe our significant accounting policies more fully in Note 2 to our financial statements for the year ended December 31, 2023. We
believe that the accounting policies below are critical in order to fully understand and evaluate our financial condition and results
of operations.
We
prepare our financial statements in accordance with U.S. GAAP. At the time of the preparation of the financial statements, our management
is required to use estimates, evaluations, and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, income, and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting
estimates are credited during the period in which the change to the estimate is made.
Use
of estimates in the preparation of financial statements:
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes. Our management believes that the estimates, judgment and assumptions
used are reasonable based upon information available at the time they are made. These estimates, judgment and assumptions can affect
reported amounts and disclosures made. Actual results could differ from those estimates.
49
Share-based
compensation
We
apply ASC 718-10, "Share-Based Payment," or ASC 718-10, which requires the measurement and recognition of compensation expenses
for all share-based payment awards made to employees, consultants and directors including employee share options under our share plan
based on estimated fair values.
ASC
718-10 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model.
The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods
in our statement of operations.
We
estimate the fair value of share options granted using the Black-Scholes-Merton options pricing model. The option-pricing model requires
a number of assumptions, of which the most significant are Ordinary Shares price, expected volatility and the expected option term (the
time from the grant date until the options are exercised or expire). Expected volatility was calculated based upon actual historical
Ordinary Shares price movements over the period, equal to the expected option term. We have historically not paid dividends and have
no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from Israeli governmental debentures with
an equivalent term. The expected option term is calculated for options granted to employees and directors using the "simplified"
method. Grants to non-employees are based on the contractual term. Changes in the determination of each of the inputs can affect the
fair value of the options granted and our results of operations. During 2023, our Board approved the grant of options to purchase 2,675,000
of our Ordinary Shares, subject to the terms and condition of each specific grant.
ITEM
6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior
    Management.
The
following table sets forth information regarding our executive officers, key employees and directors as of the date of this annual report
on Form 20-F:
Name
Age
Position
Haim
    Siboni
64
Chief
    Executive Officer, Chairman of the Board
Eli
    Yoresh
53
Chief
    Financial Officer
Levy
    Zruya
74
Chief
    Technology Officer
Oren
    Bar-On
52
Vice
    President of Global Operations and Foresight Changzhou Chief Executive Officer
Sivan
    Siboni Scherf
37
Vice
    President of Human Resources
Dror
    Elbaz
45
Eye-Net
    Mobile's Chief Executive Officer
David
    Lempert
37
Vice
    President of Research and Development
Izac
    Assia
52
Vice
    President of Product
Ehud
    Aharoni (1) (2)
66
Director
Daniel
    Avidan (1) (2) (3)
61
Director
Zeev
    Levenberg (1) (2) (3)
60
Director
Vered
    Raz-Avayo (2)
54
Director
Moshe
    Scherf
40
Director
(1)
Member of our Audit, Compensation
    and Financial Statements Examination Committee.
(2)
Independent director under
    Nasdaq Stock Market rules.
(3)
External director under
    Israeli law.
Haim
Siboni, Chief Executive Officer, Director
Mr.
Haim Siboni
has served as our Chief Executive Officer and on the Board since January 2016. Mr. Siboni has also served as the chief
executive officer and as a director of Magna, our significant shareholder, since January 2001. Mr. Siboni also serves as Chairman of
the Board since July 2021. Mr. Siboni has many years of professional experience, as well as a broad skillset, in fields such as engineering,
marketing and business management of electronics, video, TV, multimedia, computerized systems, line and wireless telecommunication, design
and development of systems and devices – including electro-optic radar systems.
50
Eli
Yoresh, Chief Financial Officer
Mr.
Eli Yoresh
has served as our Chief Financial Officer since March 2010, and was on our Board from October 2010 until August 2019.
Mr. Yoresh is a seasoned executive with over 20 years of executive and financial management experience, mainly with companies from the
financial, technology and industrial sectors. Since September 2017 Mr. Yoresh has been serving as a director and since January 2024 as
the chairman of the board of Rail Vision Ltd (Nasdaq: RVSN), since September 2018, has been serving as a director and since February
2020 as the chairman of the board at Medigus Ltd. (Nasdaq: MDGS), since November 2020 as a director and since September 2022 as the chairman
of the board of Gix Internet Ltd (TASE: GIX), since August 2021 as a director of Elbit Imaging Ltd (TASE: EMITF), and since September
2021 as a director in Jeff Brands Ltd (Nasdaq: JFBR). Mr. Yoresh also served as a director at Nano Dimension Ltd. (Nasdaq: NNDM). Mr.
Yoresh served as the chief executive officer of Tomcar Global Holdings Ltd., a global manufacturer of off-road vehicles, from 2005 to
2008. Mr. Yoresh holds a B.A. in Business Administration from the College of Management and an M.A. in Law from Bar-Ilan University.
Mr. Yoresh is a Certified Public Accountant in Israel.
Levy
Zruya, Chief Technology Officer
Mr.
Levy Zruya
has served as our Chief Technology Officer since January 2019. Mr. Zruya is a co-founder of Magna, our significant shareholder.
Mr. Zruya also continues to serve as Magna's Chief Technology Officer, a position he has held since 2001. Mr. Zruya has extensive
experience in the electro-optics, electronics, software and communication fields. He was involved in several projects mainly with the
Israel Defense Force and Israel Aerospace Industries, among them, night vision systems, infra-red sensor simulations, targets detecting
and tracking. Mr. Zruya holds a B.Sc. in Engineering from the Technion - Israel Institute of Technology.
Oren
Bar-On, Vice President of Global Operations and Foresight Changzhou Chief Executive Officer
Mr.
Oren Bar-On
has served as our Vice President of Global Operations since October 2017 and as the Chief Executive Officer of Foresight
Changzhou since January 1, 2023. Mr. Bar-on is a seasoned executive with over 20 years of executive and managerial experience, mainly
in the fields of global operations, supply chain, quality and regulations, product engineering, business excellence and information Technology.
Mr. Bar-on served as Director of Global Supply chain for Lumenis Medical Systems Ltd., one of the world's leading medical laser
equipment manufacturers, from January 2016 to October 2017. Mr. Bar-on also served as Director of Global Operations for Philips Healthcare,
one of the world's leading developers and manufacturers of diagnostic and imaging systems in the medical field, from April 2011
to January 2016. Mr. Bar-on holds a B.Sc. in Industrial Engineering from the Israeli Institute of Technology and an M.B.A. with Honors,
from Haifa University.
Sivan
Siboni Scherf, Vice President of Human Resources
Mrs.
Sivan Siboni Scherf
has served as our Vice President of Human Resources since January 2019. Prior to that, Mrs. Scherf served as
our head of human resources since 2015. Mrs. Scherf has as served legal counsel of Magna since 2015. Mrs. Scherf is a certified attorney,
and a member of the Israel Bar Association since 2014. Mrs. Scherf holds a bachelor's degree in Law and Business Management.
Dror
Elbaz, Eye-Net Mobile's Chief Executive Officer
Mr.
Dror Elbaz
has served as Eye-Net Mobile's Chief Executive Officer since February 1, 2023, prior to that as Eye-Net Mobile's
Chief Operating Officer and Deputy Chief Executive Officer since August 2018 and prior to that as Vice President of Research and Development
of Foresight Automotive from December 2016 to July 2018. Mr. Elbaz has more than 15 years of research and development experience with
multidisciplinary and highly engineered electro-optical systems, image acquisition, image processing and 3D reconstruction. From 2012
to 2015, Mr. Elbaz served as an R&D Projects Manager and as an Application Product Team Leader at Orbotech Ltd. (Nasdaq: ORBK). From
February 2015 to October 2016, Mr. Elbaz served as a Technical Projects Manager and then as Vice President of Engineering at Replay Video
Technologies Ltd. Mr. Elbaz holds a B.Sc. in Computer Engineering from Bar Ilan University, Israel, and an M.B.A. in Technological Companies
Management from the College of Management.
51
David
Lempert, Vice President of Research and Development
Mr.
David Lempert
has served as our Vice President of Research and Development since June 2020, and prior to that as Director of Research
and Development since August 2019, and prior to that as project manager of Foresight Automotive since April 2017. Mr. Lempert has over
12 years of research and development global project management. From 2014 to 2017, Mr. Lempert served as the chief executive officer
and co-founder of Led-Swim Ltd. a start-up company developing technology for swimming workout monitoring. From 2012 to 2014 Mr. Lempert
served as project manager in IronSource Ltd. an advertising technology company focuses on developing technologies for app monetization.
Mr. Lempert holds a B.Sc in Computer Science and an M.B.A specializing in risk management from the MLA collage in Israel.
Izac
Assia, Vice President of Product
Mr.
Izac Assia
has served as our Vice President of Product Management since September 2022, and prior to that as Director of Product
Management since January 2019.
Mr.
Assia has held a variety of executive and technical roles at global multidisciplinary companies, including product management and marketing,
customer service and research and development. From January 2012 to June 2018, Mr. Assia served as a Director of System Product Management,
team leader and product manager at SolarEdge Technologies LTD (Nasdaq: SEDG). Mr. Assia holds a B.Sc. in Electrical Engineering from
Ben-Gurion University, Israel.
Ehud
Aharoni, Director
Mr.
Ehud Aharoni
has served on the Board as an independent director since January 2016. Mr. Aharoni has also served on our Audit and
Compensation Committee since January 2016. Mr. Aharoni serves as the CEO and Academic Director of Lahav Executive Education, Coller School
of Management, Tel-Aviv University, and a former lecturer at the school's MBA and EMBA courses in Strategy, Innovation Strategy
and Global Strategy. In 2004 he established the Eli Hurvitz Institute of Strategic Management at the School and served as its Executive
director between 2004-2018. Prior his role at Lahav, Mr. Aharoni served as an independent strategic consultant to leading Israeli firms
and organizations. Mr. Aharoni holds a bachelor's degree in statistics and operations research, an M.B.A. with specialization in
Finance and a Continuing Studies, and an M.B.A. specializing in International Management, all from the Tel Aviv University.
Daniel
Avidan, Director
Mr.
Daniel Avidan
has served on the Board as an external director since July 2017. From 2019 Mr. Avidan is serving as chief financial
officer in MRR Thirteen Ltd. Mr. Avidan served as the chief executive officer of Sapir Corp Ltd. from 2014 to 2019. From 2012 to 2014,
Mr. Avidan served in several positions in the Meuhedet Health Fund. From 2010 to 2012, Mr. Avidan served as the chief executive officer
of Adumim A.D. Holdings Ltd. Between the years 1989 to 2010, Mr. Avidan held senior finance positions in four public companies in Israel
and abroad. Mr. Avidan holds a B.A. in Economics from the Hebrew University of Jerusalem.
Zeev
Levenberg, Director
Mr.
Zeev Levenberg
has served on the Board as an external director since July 2011. Mr. Levenberg served as the co-founder, director
and chief executive officer of My Connecting Group Ltd from 2015 to 2020. Mr. Levenberg served as a director at Panaxia Labs Israel Ltd.
from 2009 to 2019, as an external director in Alon Blue Square from 2016 till November 2019, and as an external director from February
2023. Mr. Levenberg is the owner and CEO of Harel Tamar Ltd. Mr. Levenberg Also served as Director on Kardan Israel Ltd. from 2016 till
2018, when the company delisted from the Tel Aviv Stock Exchange. Between 2012 and 2017 Mr. Levenberg served as a director at MySize
Inc., a dual listed company that traded at the Nasdaq and TASE. Mr. Levenberg holds an M.B.A. in Financial Management from Bar-Ilan University
Business School, M.A. in Law studies from Bar-Ilan University and a B.Sc. in Life Science from the Hebrew University.
52
Vered
Raz-Avayo, Director
Mrs.
Vered Raz-Avayo
has served on the Board as an independent director since July 2017. Ms. Raz-Avayo has over 20 years of managerial
and consulting experience in finance encompassing a wide range of industries in Israel and overseas, including real estate investment,
diamonds, jewelry and aviation. During the years 1999 to 2010, Mrs. Raz-Avayo served as chief financial officer at one of the companies
under the Leviev group. In addition, during the last 14 years Ms. Raz-Avayo has been an external director of several publicly traded
companies. Currently, Ms. Raz-Avayo is an external director at Apollo Power Ltd., a director at Nayax Ltd. (TASE:NYAX) and a director
in Shikun & Binui Energy Ltd. Ms. Raz-Avayo is a certified public accountant in Israel, and holds a B.A. in Business Administration
– Accounting and Finance, from the College of Management, and an M.F.A. in Film, TV and Screenwriting, from the Faculty of Arts
of the Tel Aviv University.
Moshe
Scherf, Director
Mr.
Moshe Scherf
has served on the Board since July 2021. Mr. Scherf has been providing legal services to Magna since 2016. Mr. Scherf
has had a private law practice specializing in commercial litigation, dispute resolution and family law since 2013. Mr. Scherf lectures
in the fields of civil law in various law faculties in Israel and was also a teaching assistant in several law courses. Mr. Scherf holds
a LLB from Ono Academic College and an LLM from Bar Ilan University and is a member of the Israeli Bar Association.
Family
Relationships
Ms.
Siboni Scherf is the daughter of Mr. Haim Siboni and is married to Mr. Moshe Scherf. Mr. Levy Zruya was previously married to Mr. Haim
Siboni's sister. Otherwise, there are no family relationships between any members of our executive management and our directors.
B.
Compensation.
The
following table presents in the aggregate all compensation we paid to all of our directors and senior management from January 1, 2023,
through December 31, 2023. The table does not include any amounts we paid to reimburse any of such persons for costs incurred in providing
us with services during this period.
All
amounts reported in the tables below reflect our cost. Amounts paid in NIS are translated into U.S. dollars at the rate of NIS 3.689
= U.S. $1.00, based on the average representative rate of exchange between the NIS and the U.S. dollar as reported by the Bank of Israel
during such period of time.
Salary
and Related
Benefits
Pension,
Retirement
and Other
Similar
Benefits
Share Based
Compensation
(1)
All directors and senior management as a group, consisting of 13 persons as of December 31, 2023
$
1,185,608
$
182,680
$
454,024
(1)
The Company estimates the
    fair value of share options granted as equity awards using a Black-Scholes option-pricing model.
In
accordance with the Companies Law, we are required to disclose the compensation granted to our five most highly compensated officers.
The table below reflects the compensation granted during or with respect to the year ended December 31, 2023.
53
Executive Officer
Salary
and Related
Benefits
Share Based
Compensation
Total
Haim Siboni
$
277,572
$
151,927
$
429,509
Eli Yoresh
$
153,538
$
93,147
$
246,685
Dror Elbaz
$
217,161
$
13,423
$
230,584
Izac Assia
$
169,349
$
58,465
$
227,814
Oren Bar-On
$
177,895
$
43,751
$
221,646
On
August 18, 2022, we granted options to five of our senior officers to purchase an aggregate of 4,200,000 Ordinary Shares at an exercise
price of NIS 1 (approximately $0.31 per share at the grant date). The options vest in equal quarterly installments over 12 quarters,
commencing on January 1, 2023.
On
October 20, 2022, our shareholders approved grants of options, with an exercise price of NIS1 (approximately $0.28 per share at the grant
date) to (i) three members of the Board for each to purchase up to 400,000 Ordinary Shares, (ii) our Vice President of Human Resources
to purchase up to 600,000 Ordinary Shares and (iii) our Chief Executive Officer to purchase up to 4,000,000 Ordinary Shares. The options
vest in equal quarterly installments over 12 quarters until fully vested. We recorded, in our 2022 statement of comprehensive loss, an
expense of $6, with respect to such grants, which is included in general and administrative expenses.
On
May 31, 2023, the Board approved a reduction to the exercise price of previously granted options for all outstanding options previously
issued, under the Company's 2016 Equity Incentive Plan, to an exercise price of NIS 0.5 (approximately $0.13 per share at the approval
date).
On
July 27, 2023, the Company's shareholders approved grants of options to two members of the Board to each purchase 400,000 of the
Company's Ordinary Shares at an exercise price of NIS 0.5 (approximately $0.13 per share at the grant date). The options vest over
twelve quarters until fully vested.
Employment
Agreements
We
have entered into written employment or services agreements with each of our executive officers. All of these agreements contain customary
provisions regarding noncompetition, confidentiality of information and most of them contain also customary provisions regarding assignment
of inventions. However, the enforceability of the noncompetition provisions may be limited under applicable law. In addition, we have
entered into agreements with each executive officer and director pursuant to which we have agreed to indemnify each of them up to a certain
amount and to the extent that these liabilities are not covered by directors and officers insurance, subject to certain exclusions and
to exculpate them in certain circumstances. Members of our senior management may be eligible for bonuses in accordance with our compensation
policy and as set forth by the Board.
For
a description of the terms of our options and option plans, see "Item 6. E. Share Ownership" below.
Directors'
Service Contracts
Other
than with respect to our directors that are also executive officers, we do not have written agreements with any director providing for
benefits upon the termination of his or her engagement with our company.
54
C.
Board Practices.
Introduction
Our
Board presently consists of six members. Under the Companies Law, an Israeli public company is required to appoint at least two external
directors to serve on its board of directors, with certain exceptions. Presently two of the six members of our Board are external directors.
We believe that Ehud Aharoni, Daniel Avidan, Zeev Levenberg and Vered Raz-Avayo are "independent" for purposes of the Nasdaq
Stock Market rules. Our amended and restated articles of association provide that the number of Board members (including external directors)
shall be set by the general meeting of the shareholders, provided that it will consist of not less than three and not more than ten members.
Pursuant to the Companies Law, the management of our business is vested in our Board. Our Board may exercise all powers and may take
all actions that are not specifically granted to our shareholders or to management. Our executive officers are responsible for our day-to-day
management and have individual responsibilities established by our Board. Our Chief Executive Officer is appointed by, and serves at
the discretion of, our Board, subject to the services agreement that we have entered into with him. All other executive officers are
appointed by our Chief Executive Officer. Their terms of employment are subject to the approval of the Board compensation committee and
of the Board and are subject to the terms of any applicable employment or services agreements that we may enter into with them and to
our compensation policy.
Each
director, except external directors, will hold office until the next annual general meeting of our shareholders following his or her
appointment, or until he or she resigns or unless he or she is removed by a majority vote of our shareholders at a general meeting of
our shareholders or upon the occurrence of certain events, in accordance with the Companies Law and our amended and restated articles
of association.
In
addition, under certain circumstances, our amended and restated articles of association allow our Board to appoint directors to fill
vacancies on our Board or in addition to the acting directors (subject to the limitation on the number of directors), until the next
annual general meeting or special general meeting in which directors may be appointed or terminated. External directors may be elected
for up to two additional three-year terms after their initial three-year term under the circumstances described below, with certain exceptions
as described in "External Directors" below. External directors may be removed from office only under the limited circumstances
set forth in the Companies Law. See "Item 6. C. Board Practices—External Directors" below.
Under
the Companies Law, any shareholder holding at least one percent of our outstanding voting power may nominate a director. However, any
such shareholder may make such a nomination only if a written notice of such shareholder's intent to make such nomination has been
given to our Board. Any such notice must include certain information, including the consent of the proposed director nominee to serve
as our director if elected, and a declaration that the nominee signed declaring that he or she possess the requisite skills and has the
availability to carry out his or her duties. Additionally, the nominee must provide details of such skills, and demonstrate an absence
of any limitation under the Companies Law that may prevent his or her election, and affirm that all of the required election-information
is provided to us, pursuant to the Companies Law.
Under
the Companies Law, our Board must determine the minimum number of directors who are required to have accounting and financial expertise.
In determining the number of directors required to have such expertise, our Board must consider, among other things, the type and size
of the company and the scope and complexity of its operations. Our Board has determined that the minimum number of directors of our company
who are required to have accounting and financial expertise is two. Messrs. Ehud Aharoni, Dan Avidan, Zeev Levenberg and Ms. Vered Raz
Avayo qualify and declared their respective accounting and financial expertise to that effect.
The
Board must elect one director to serve as the chairman of the Board to preside at the meetings of the Board and may also remove that
director as chairman, unless otherwise provided in the articles of association with respect to the appointment of the chairman. Pursuant
to the Companies Law, neither the chief executive officer nor any of his or her relatives is permitted to serve as the chairman of the
Board, and a company may not vest the chairman or any of his or her relatives with the chief executive officer's authorities. In
addition, a person who reports, directly or indirectly, to the chief executive officer may not serve as the chairman of the Board; the
chairman may not be vested with authorities of a person who reports, directly or indirectly, to the chief executive officer; and the
chairman may not serve in any other position in the company or a controlled company, but he or she may serve as a director or chairman
of a controlled company. However, the Companies Law permits a company's shareholders to determine, for a period not exceeding three
years from each such determination, that the chairman or his or her relative may serve as chief executive officer or be vested with the
chief executive officer's authorities, and that the chief executive officer or his or her relative may serve as chairman or be
vested with the chairman's authorities. Such determination of a company's shareholders requires either: (1) the approval
of at least a majority of the shares of those shareholders present and voting on the matter (other than controlling shareholders and
those having a personal interest in the determination) (shares held by abstaining shareholders shall not be considered); or (2) that
the total number of shares opposing such determination does not exceed 2% of the total voting power in the company. Mr. Haim Siboni has
been serving in the combined role of Chairman of the Board and Chief Executive Officer of the Company from July 8, 2021, according to
the approval of the shareholders of the Company from the same date.
55
The
Board may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees of the board, and it may,
from time to time, revoke such delegation or alter the composition of any such committees, subject to certain limitations. Unless otherwise
expressly provided by the Board, the committees shall not be empowered to further delegate such powers. The composition and duties of
our audit committee, financial statements examination committee and compensation committee are described below.
The
Board oversees how management monitors compliance with our risk management policies and procedures and reviews the adequacy of the risk
management framework in relation to the risks faced by us. The Board is assisted in its oversight role by an internal auditor. The internal
auditor undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to our
audit committee and our Board.
External
Directors
Under
the Companies Law, an Israeli company whose shares have been offered to the public or whose shares are listed for trading on a stock
exchange in or outside of Israel is required to appoint at least two external directors to serve on its board of directors, with certain
exceptions. External directors must meet stringent standards of independence. As of the date hereof, our external directors are Messrs.
Zeev Levenberg and Daniel Avidan.
According
to regulations promulgated under the Companies law, at least one of the external directors is required to have "financial and accounting
expertise," unless another member of the audit committee, who is an independent director under the Nasdaq Stock Market rules, has
"financial and accounting expertise," and the other external director or directors are required to have "professional
expertise." An external director may not be appointed unless: (1) such director has "accounting and financial expertise;"
or (2) he or she has "professional expertise," and on the date of appointment for another term there is another external
director who has "accounting and financial expertise" and the number of "accounting and financial experts" on
the board of directors is at least equal to the minimum number determined appropriate by the board of directors. We have determined that
both our external directors, Messrs. Zeev Levenberg and Daniel Avidan have accounting and financial expertise.
A
director with accounting and financial expertise is a director who, due to his or her education, experience and skills, possesses a high
degree of proficiency in, and an understanding of, business - accounting matters and financial statements, such that he or she is able
to understand the financial statements of the company in depth and initiate a discussion about the manner in which financial data is
presented. A director is deemed to have "professional expertise" if he or she holds an academic degree in certain fields
or has at least five years of experience in certain senior positions.
External
directors are elected by a special majority vote at a shareholders' meeting. The term "Special Majority" is defined
in the Companies Law as:
●
at least a majority of
    the shares held by shareholders who are not controlling shareholders and do not have personal interest in the appointment (excluding
    a personal interest that did not result from the shareholder's relationship with the controlling shareholder) have voted in
    favor of the proposal (shares held by abstaining shareholders shall not be considered); or
●
the total number of shares
    voted against the election of the external director, does not exceed 2% of the aggregate voting rights of the company.
56
The
Companies Law provides for an initial three-year term for an external director. Thereafter, an external director may be reelected by
shareholders to serve in that capacity for up to two additional three-year terms, provided that:
(1)
his or her service for
    each such additional term is recommended by one or more shareholders holding at least one percent of the company's voting rights
    and is approved at a shareholders meeting by a disinterested majority, where the total number of shares held by non-controlling,
    disinterested shareholders voting for such reelection exceeds two percent of the aggregate voting rights in the company and such
    external director is not an interested shareholder or a competitor or relative of such shareholder, at the time of appointment, and
    is not affiliated with or related to an interested shareholder or competitor, at the time of appointment or the two years prior to
    the date of appointment. An "Interested shareholder or a competitor" is a shareholder who recommended the appointment
    for each such additional term or a substantial shareholder, if at the time of appointment, it, its controlling shareholder or a company
    controlled by any of them, has business relations with the company or any of them are competitors of the company;
(2)
his or her service for
    each such additional term is recommended by the board of directors and is approved at a shareholder meeting by the same disinterested
    majority required for the initial election of an external director (as described above); or
(3)
the external director offered
    his or her service for each such additional term and was approved in accordance with the provisions of section (1) above.
The
term of office for external directors for Israeli companies traded on certain foreign stock exchanges, including the Nasdaq Stock Market,
may be extended indefinitely in increments of additional three-year terms, in each case provided that the audit committee and the board
of directors of the company confirm that, in light of the external director's expertise and special contribution to the work of
the board of directors and its committees, the reelection for such additional period(s) is beneficial to the company, and provided that
the external director is reelected subject to the same shareholder vote requirements as if elected for the first time (as described above).
Prior to the approval of the reelection of the external director at a general shareholders meeting, the company's shareholders
must be informed of the term previously served by him or her and of the reasons why the board of directors and audit committee recommended
the extension of his or her term. On July 27, 2023, following the approval of our audit committee and the Board of Directors, our shareholders
approved, among others, appointing Messrs. Dan Avidan and Zeev Levenberg for an additional (third and fifth, respectively) three-year
terms.
External
directors may be removed only by a special general meeting of shareholders called by the board of directors after the board has determined
that circumstances allow such dismissal, at the same Special Majority of shareholders required for their election or by a court, and
in both cases only if the external directors cease to meet the statutory qualifications for their appointment or if they violate their
duty of loyalty to our company. In the event of a vacancy created by an external director which causes the company to have fewer than
two external directors, the board of directors is required under the Companies Law to call a shareholder meeting as soon as possible
to appoint such number of new external directors in order that the company thereafter has two external directors.
Each
committee of the board of directors that exercises the powers of the board of directors must include at least one external director,
except that the audit committee and the compensation committee must include all external directors then serving on the board of directors
and an external director must serve as the chair thereof. Under the Companies Law, external directors of a company are prohibited from
receiving, directly or indirectly, any compensation from the company other than for their services as external directors pursuant to
the Companies Law and the regulations promulgated thereunder. Compensation of an external director is determined prior to his or her
appointment and may not be changed during his or her term subject to certain exceptions.
The
Companies Law provides that a person is not qualified to be appointed as an external director if (i) the person is a relative of a controlling
shareholder of the company, or (ii) if that person or his or her relative, partner, employer, another person to whom he or she was directly
or indirectly subordinate, or any entity under the person's control, has or had, during the two years preceding the date of appointment
as an external director: (a) any affiliation or other disqualifying relationship with the company, with any person or entity controlling
the company or a relative of such person, or with any entity controlled by or under common control with the company; or (b) in the case
of a company with no shareholder holding 25% or more of its voting rights, had at the date of appointment as an external director, any
affiliation or other disqualifying relationship with a person then serving as chairman of the board or chief executive officer, with
a holder of 5% or more of the issued share capital or voting power in the company or with the most senior financial officer.
57
The
term "relative" is defined in the Companies Law as a spouse, sibling, parent, grandparent or descendant; spouse's sibling,
parent or descendant; and the spouse of each of the foregoing persons.
Under
the Companies Law, the term "affiliation" and the similar types of disqualifying relationships, as used above, include (subject
to certain exceptions):
●
an employment relationship;
●
a business or professional
    relationship even if not maintained on a regular basis (excluding insignificant relationships);
●
control; and
●
service as an office holder,
    excluding service as a director in a private company prior to the initial public offering of its shares if such director was appointed
    as a director of the private company in order to serve as an external director following the initial public offering.
The
term "office holder" is defined in the Companies Law as a general manager, chief business manager, deputy general manager,
vice general manager, any other person assuming the responsibilities of any of these positions regardless of that person's title,
a director and any other manager directly subordinate to the general manager.
In
addition, no person may serve as an external director if that person's position or professional or other activities create, or
may create, a conflict of interest with that person's responsibilities as a director or otherwise interfere with that person's
ability to serve as an external director or if the person is an employee of the Israel Securities Authority, or the ISA, or of an Israeli
stock exchange. A person may furthermore not continue to serve as an external director if he or she received direct or indirect compensation
from the company including amounts paid pursuant to indemnification or exculpation contracts or commitments and insurance coverage, other
than for his or her service as an external director as permitted by the Companies Law and the regulations promulgated thereunder.
Following
the termination of an external director's service on a board of directors, such former external director and his or her spouse
and children may not be provided a direct or indirect benefit by the company, its controlling shareholder or any entity under its controlling
shareholder's control. This includes engagement as an office holder of the company or a company controlled by its controlling shareholder
or employment by, or provision of services to, any such company for consideration, either directly or indirectly, including through a
corporation controlled by the former external director. This restriction extends for a period of two years with regard to the former
external director and his or her spouse or child and for one year with respect to other relatives of the former external director.
If
at the time at which an external director is appointed all members of the board of directors who are not controlling shareholders or
relatives of controlling shareholders of the company are of the same gender, the external director to be appointed must be of the other
gender. A director of a company may not be appointed as an external director of another company if at the same time a director of such
other company is acting as an external director of the first company.
In
addition, under regulations promulgated pursuant to the Companies Law, a company with no controlling shareholder whose shares are listed
for trading on specified exchanges outside of Israel, including the Nasdaq Capital Market, may adopt exemptions from various corporate
governance requirements of the Companies Law so long as such company satisfies the requirements of applicable foreign country laws and
regulations, including applicable stock exchange rules, that apply to companies organized in that country and relating to the appointment
of independent directors and the composition of audit and compensation committees. Such exemptions include an exemption from the requirement
to appoint external directors and the requirement that an external director be a member of certain committees, as well as the exemption
from limitations on directors' compensation. We may use these exemptions in the future if we do not have a controlling shareholder.
58
Alternate
Directors
Our
amended and restated articles of association provide, as allowed by the Companies Law, that any director may, subject to the conditions
set thereto, appoint a person as an alternate to act in his place, to remove the alternate and appoint another in his place and to appoint
an alternate in place of an alternate whose office is vacated for any reason whatsoever. Under the Companies Law, a person who is not
qualified to be appointed as a director, a person who is already serving as a director or a person who is already serving as an alternate
director for another director, may not be appointed as an alternate director. Nevertheless, a director who is already serving as a director
may be appointed as an alternate director for a member of a committee of the board of directors so long as he or she is not already serving
as a member of such committee, and if the alternate director is to replace an external director, he or she is required to be an external
director and to have either "financial and accounting expertise" or "professional expertise," depending on the
qualifications of the external director he or she is replacing. A person who does not have the requisite "financial and accounting
experience" or the "professional expertise," depending on the qualifications of the external director he or she is
replacing, may not be appointed as an alternate director for an external director. A person who is not qualified to be appointed as an
independent director, pursuant to the Companies Law, may not be appointed as an alternate director of an independent director qualified
as such under the Companies Law. Unless the appointing director limits the time or scope of the appointment, the appointment is effective
for all purposes until the appointing director ceases to be a director or terminates the appointment according to our amended and restated
articles of association.
Committees
of the Board of Directors
Our
Board has originally established three standing committees, the audit committee, the compensation committee and the financial statements
examination committee. To date, our audit committee also serves as a compensation and financial statements examination committee, in
accordance with the provisions of the Companies Law and the regulations promulgated thereunder allowing same in certain exceptions, as
set forth herein.
Audit
Committee
Under
the Companies Law, we are required to appoint an audit committee. The audit committee must be comprised of at least three directors,
including all of the external directors (one of whom must serve as chair of the committee). The audit committee may not include the chairman
of the board; a controlling shareholder of the company or a relative of a controlling shareholder; a director employed by or providing
services on a regular basis to the company, to a controlling shareholder or to an entity controlled by a controlling shareholder; or
a director who derives most of his or her income from a controlling shareholder.
In
addition, under the Companies Law, a majority of the members of the audit committee of a publicly traded company must be unaffiliated
directors. In general, an "unaffiliated director" under the Companies Law is defined as either (i) an external director,
or (ii) an individual who has not served as a director of the company for a period exceeding nine consecutive years and who meets the
qualifications for being appointed as an external director, except that he or she need not meet the requirement being an Israeli resident
(which does not apply to companies such as ours whose securities have been offered outside of Israel or are listed outside of Israel)
and for accounting and financial expertise or professional qualifications.
Our
audit committee, acting pursuant to a written charter, is comprised of Messrs. Zeev Levenberg, Daniel Avidan and Ehud Aharoni.
Under
the Companies Law, our audit committee is responsible for:
(i)
determining whether there
    are deficiencies in the business management practices of our company, and making recommendations to the board of directors to improve
    such practices;
(ii)
determining whether to
    approve certain related party transactions (including transactions in which an office holder has a personal interest and whether
    such transaction is extraordinary or material under Companies Law) and establishing the approval process for certain transactions
    with a controlling shareholder or in which a controlling shareholder has a personal interest (see "Item 6 C.—Board Practices—Approval
    of Related Party Transactions under Israeli Law");
59
(iii)
examining our internal
    controls and internal auditor's performance, including whether the internal auditor has sufficient resources and tools to dispose
    of its responsibilities;
(iv)
examining the scope of
    our auditor's work and compensation and submitting a recommendation with respect thereto to our Board or shareholders, depending
    on which of them is considering the appointment of our auditor;
(v)
establishing procedures
    for the handling of employees' complaints as to the management of our business and the protection to be provided to such employees;
    and
(vi)
where the board of directors
    approves the working plan of the internal auditor, examining such working plan before its submission to the board of directors and
    proposing amendments thereto; and
(vii)
determining the approval
    process for transactions that are "non-negligible" (i.e., transactions with a controlling shareholder that are classified
    by the audit committee as non-negligible, even though they are not deemed extraordinary transactions), as well as determining which
    types of transactions would require the approval of the audit committee, optionally based on criteria which may be determined annually
    in advance by the audit committee.
Our
audit committee may not conduct any discussions or approve any actions requiring its approval (see "Item 6.C. Board Practices—Approval
of Related Party Transactions under Israeli Law"), unless at the time of the approval a majority of the committee's members
are present, which majority consists of unaffiliated directors including at least one external director.
Nasdaq
Stock Market Requirements for Audit Committee
Under
the Nasdaq Stock Market rules, we are required to maintain an audit committee consisting of at least three members, all of whom are independent
and are financially literate and one of whom has accounting or related financial management expertise.
As
noted above, the members of our audit committee include Mr. Levenberg and Mr. Avidan who are external directors, and Mr. Aharoni who
is an independent director, each of whom is "independent," as such term is defined in under Nasdaq Stock Market rules. Mr.
Levenberg serves as the chairman of our audit committee. All members of our audit committee meet the requirements for financial literacy
under the Nasdaq Stock Market rules. Our Board has determined that that each member of our audit committee is an audit committee financial
expert as defined by the SEC rules and has the requisite financial experience as defined by the Nasdaq Stock Market rules.
Financial
Statements Examination Committee
Under
the Companies Law, the board of directors of a public company in Israel must appoint a financial statements examination committee, which
consists of members with accounting and financial expertise or the ability to read and understand financial statements. Our financial
statements examination committee is comprised of Messrs. Zeev Levenberg, Daniel Avidan and Ehud Aharoni. The function of a financial
statements examination committee is to discuss and provide recommendations to its board of directors (including the report of any deficiency
found) with respect to the following issues: (1) estimations and assessments made in connection with the preparation of financial statements;
(2) internal controls related to the financial statements; (3) completeness and propriety of the disclosure in the financial statements;
(4) the accounting policies adopted and the accounting treatments implemented in material matters of the company; and (5) value evaluations,
including the assumptions and assessments on which evaluations are based and the supporting data in the financial statements. Our independent
registered public accounting firm and our internal auditor are invited to attend all meetings of our financial statements examination
committee.
Under
the Companies Law, an audit committee that meets the requirements set forth for financial statements examination committee in certain
regulation promulgated under the Companies Law, may serve also as a financial statements examination committee. In May 2020, our Board
determined that our audit committee shall serve also as a financial statements examination committee.
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Compensation
Committee
Under
the Companies Law, the board of directors of any public company must establish a compensation committee. The compensation committee must
be comprised of at least three directors, including all of the external directors, who must constitute a majority of the members of the
compensation committee. However, subject to certain exceptions, Israeli companies whose securities are traded on stock exchanges such
as the Nasdaq Stock Market, and who do not have a shareholder holding 25% or more of the company's share capital, do not have to
meet this majority requirement; provided, however, that the compensation committee meets other Companies Law composition requirements,
as well as the requirements of the jurisdiction where the company's securities are traded. Each compensation committee member that
is not an external director must be a director whose compensation does not exceed an amount that may be paid to an external director.
The compensation committee is subject to the same Companies Law restrictions as the audit committee as to (a) who may not be a member
of the committee and (b) who may not be present during committee deliberations as described above.
Our
compensation committee is acting pursuant to a written charter, and consists of Messrs. Zeev Levenberg, Daniel Avidan and Ehud Aharoni,
each of whom is "independent," as such term is defined under the Nasdaq Stock Market rules. Our compensation committee complies
with the provisions of the Companies Law, the regulations promulgated thereunder, and our articles of association, on all aspects referring
to its independence, authorities and practice. Our compensation committee follows home country practice as opposed to complying with
the compensation committee membership and charter requirements prescribed under the Nasdaq Stock Market rules.
Our
compensation committee reviews and recommends to our Board: (1) the annual base compensation of our executive officers and directors;
(2) annual incentive bonus, including the specific goals and amount; (3) equity compensation; (4) employment agreements, severance arrangements,
and change in control agreements/provisions; (5) retirement grants and/or retirement bonuses; and (6) any other benefits, compensation,
compensation policies or arrangements.
The
duties of the compensation committee include the recommendation to the company's board of directors of a policy regarding the terms
of engagement of office holders, to which we refer as a compensation policy. Such policy must be adopted by the company's board
of directors, after considering the recommendations of the compensation committee. The compensation policy is then brought for approval
by our shareholders, which requires a Special Majority. Under the Companies Law, the board of directors may adopt the compensation policy
if it is not approved by the shareholders, provided that after the shareholders oppose the approval of such policy, and that the compensation
committee and the board of directors re-examine the proposed compensation policy and determine, based on detailed reasoning, that adopting
the compensation policy would be beneficial to the company. Furthermore, according to the Companies Law, the compensation policy must
generally be periodically reviewed by the compensation committee and the board of directors and needs to be re-approved once every three
years by the board of directors, following recommendation by the compensation committee, and by a Special Majority of the Company's
shareholders. Our former compensation policy was approved by our shareholders in December 2015 June 2017, and January 2019 and then amended
with regard to certain specific issues in July 2020 and July 2021. On December 19, 2021, in course of the aforesaid periodical review,
our compensation committee and Board of Directors, in their respective meetings, approved, and recommended to the shareholders to approve,
an amended and restated compensation policy. On January 31, 2022, our shareholders determined not to approve the amended and restated
compensation policy. Following the opposition of our shareholders, our Board and our compensation committee, in their respective meetings
on March 31, 2022 and March 29, 2022, re-examined the amended and restated compensation policy and determined to adopt it and that adopting
the amended and restated compensation policy would be beneficial to the Company, taking under consideration the shareholders' opposition
and, inter alia, based on the following reasons: (i) given their deep familiarity with the Company's business, the manner in which
it is managed and the applicable market conditions, the compensation committee and the Board of Directors have better perspective than
the Company's shareholders to determine whether the compensation the Company's officers are eligible to, is fair and reasonable;
(ii) the amended and restated compensation policy advances the Company's objectives, business plan and long-term strategy, and
creates appropriate incentives for the Company's officers, in the light of the Company's risk management, size and the nature
of its business; (iii) all public Israeli companies are required to adopt a written compensation policy for their executives; therefore
an absence of an effective compensation policy violates the applicable law and disposes the Company to certain penalties.
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The
compensation policy must serve as the basis for decisions concerning the financial terms of employment or engagement of executive officers
and directors, including exculpation, insurance, indemnification or any monetary payment or obligation of payment in respect of employment
or engagement. The compensation policy must relate to certain factors, including advancement of the company's objectives, the company's
business and its long-term strategy, and creation of appropriate incentives for executives. It must also consider, among other things,
the company's risk management, size and the nature of its operations. The compensation policy must furthermore consider the following
additional factors:
●
the education, skills,
    expertise and accomplishments of the relevant director or executive;
●
the director's or
    executive's roles and responsibilities and prior compensation agreements with him or her;
●
the relationship between
    the terms of service of an office holder and the cost of compensation of the other employees of the company;
●
the impact of disparities
    in salary upon work relationships in the company;
●
the possibility of reducing
    variable compensation at the discretion of the board of directors; and the possibility of setting a limit on the exercise value of
    non-cash variable compensation; and
●
as to severance compensation,
    the period of service of the director or executive, the terms of his or her compensation during such service period, the company's
    performance during that period of service, the person's contribution towards the company's achievement of its goals and
    the maximization of its profits, and the circumstances under which the person is leaving the company.
The
compensation policy must also include the following principles:
●
the link between variable
    compensation and long-term performance and measurable criteria;
●
the relationship between
    variable and fixed compensation, and the ceiling for the value of variable compensation;
●
the conditions under which
    a director or executive would be required to repay compensation paid to him or her if it was later shown that the data upon which
    such compensation was based was inaccurate and was required to be restated in the company's financial statements;
●
the minimum holding or
    vesting period for variable, equity-based compensation; and
●
maximum limits for severance
    compensation.
The
compensation policy must also consider appropriate incentives from a long-term perspective.
The
compensation committee is responsible for: (1) recommending the compensation policy to a company's board of directors for its approval
(and subsequent approval by the shareholders); and (2) duties related to the compensation policy and to the compensation of a company's
office holders, including:
●
recommending whether a
    compensation policy should continue in effect, if the then-current policy has a term of greater than three years (approval of either
    a new compensation policy or the continuation of an existing compensation policy must in any case occur every three years);
●
recommending to the board
    of directors periodic updates to the compensation policy;
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●
assessing implementation
    of the compensation policy;
●
determining whether the
    terms of compensation of certain office holders of the company need not be brought to approval of the shareholders; and
●
determining whether to
    approve the terms of compensation of office holders that require the committee's approval.
Our
compensation policy is designed to promote our long-term goals, work plan and policy, retain, motivate and incentivize our directors
and executive officers, while considering the risks that our activities involve, our size, the nature and scope of our activities and
the contribution of an officer to the achievement of our goals and maximization of profits, and align the interests of our directors
and executive officers with our long-term performance. To that end, a portion of an executive officer compensation package is targeted
to reflect our short and long-term goals, as well as the executive officer's individual performance. On the other hand, our compensation
policy includes measures designed to reduce the executive officer's incentives to take excessive risks that may harm us in the
long-term, such as limits on the value of cash bonuses and equity-based compensation, limitations on the ratio between the variable and
the total compensation of an executive officer and minimum vesting periods for equity-based compensation.
Our
compensation policy also addresses our executive officers' individual characteristics (such as his or her respective position,
education, scope of responsibilities and contribution to the attainment of our goals) as the basis for compensation variation among our
executive officers, and considers the internal ratios between compensation of our executive officers and directors and other employees.
Pursuant to our compensation policy, the compensation that may be granted to an executive officer may include: base salary, annual bonuses,
equity-based compensation, benefits and retirement and termination of service arrangements. All cash bonuses are limited to a maximum
amount linked to the executive officer's base salary. In addition, our compensation policy provides for maximum permitted ratios
between the total variable (cash bonuses and equity-based compensation) and non-variable (base salary) compensation components, in accordance
with an officer's respective position with the company.
An
annual cash bonus may be awarded to executive officers upon the attainment of pre-set periodic objectives and individual targets. The
annual cash bonus that may be granted to executive officers other than our chairman or Chief Executive Officer may be based entirely
on a discretionary evaluation. Our Chief Executive Officer is entitled to determine performance objectives to such executive officers.
The
performance measurable objectives of our chairman and Chief Executive Officer will be determined annually by our compensation committee
and Board. A less significant portion of the chairman's and/or the Chief Executive Officer's annual cash bonus may be based
on a discretionary evaluation of the chairman's or the Chief Executive Officer's respective overall performance by the compensation
committee and the Board based on qualitative criteria.
The
equity-based compensation under our compensation policy for our executive officers (including members of our Board) is designed in a
manner consistent with the underlying objectives in determining the base salary and the annual cash bonus, with its main objectives being
to enhance the alignment between the executive officers' interests with our long-term interests and those of our shareholders and
to strengthen the retention and the motivation of executive officers in the long term. Our compensation policy provides for executive
officer compensation in the form of share options or other equity-based awards, such as restricted shares and phantom, options, in accordance
with our share incentive plan then in place. Share options granted to executive officers shall be subject to vesting periods in order
to promote long-term retention of the awarded executive officers. The equity-based compensation shall be granted from time to time and
be individually determined and awarded according to the performance, educational background, prior business experience, qualifications,
role and the personal responsibilities of the executive officer.
In
addition, our compensation policy, including our recently adopted Clawback policy, contains compensation recovery provisions which allow
us under certain conditions to recover bonuses paid in excess on basis of results which were discovered as incorrect or restated in the
our financial statements, enable our Chief Executive Officer to approve an immaterial change in the terms of employment of an executive
officer (provided that the changes of the terms of employment are in accordance our compensation policy), and allow us to exculpate,
indemnify and insure our executive officers and directors subject to certain limitations set forth thereto.
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Our
compensation policy also provides for compensation to the members of our Board either: (i) in accordance with the amounts provided in
the Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director) of 2000, as amended by the Companies
Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel) of 2000, as such regulations may be amended from
time to time; or (ii) for those members who are also executive officers of the Company - in accordance with the amounts determined in
our compensation policy.
Under
the Companies Law, an audit committee that meets the requirements set forth for compensation committee in the Companies Law may serve
also as a compensation committee. In February 2017, our Board has determined that our audit committee shall serve also as a compensation
committee.
Nasdaq
Stock Market Requirements for Compensation Committee
Under
Nasdaq rules, we are required to maintain a compensation committee consisting of at least two members, all of whom are independent. In
addition, in affirmatively determining the independence of any director who will serve on the compensation committee of a board of directors,
the board of directors must consider all factors specifically relevant to determining whether a director has a relationship to the company
which is material to that director's ability to be independent from management in connection with the duties of a compensation
committee member.
As
noted above, the members of our compensation committee include Messrs. Aharoni, Avidan and Levenberg, each of whom is "independent,"
as such term is defined under Nasdaq rules. Mr. Avidan serves as the chairman of our compensation committee.
Internal
Auditor
Under
the Companies Law, the board of directors of an Israeli public company must also appoint an internal auditor nominated by the audit committee.
Our internal auditor is Mr. Ido Cnaan. The role of the internal auditor is to examine, among other things, whether a company's
actions comply with the law and proper business procedure. The audit committee is required to oversee the activities, and to assess the
performance of the internal auditor as well as to review the internal auditor's work plan. An internal auditor may not be an interested
party or office holder, or a relative of any interested party or office holder and may not be a member of the company's independent
accounting firm or its representative. The Companies Law defines an interested party as a holder of 5% or more of the outstanding shares
or voting rights of a company, any person or entity that has the right to nominate or appoint at least one director or the general manager
of the company or any person who serves as a director or as the general manager of a company. Our internal auditor is not our employee,
but the managing partner of a firm which specializes in internal auditing.
Remuneration
of Directors
Under
the Companies Law, remuneration of directors is subject to the approval of the compensation committee, thereafter by the board of directors
and thereafter, unless exempted under the regulations promulgated under the Companies Law, by the general meeting of the shareholders.
In case the remuneration of the directors is in accordance with regulations applicable to remuneration of the external directors then
such remuneration shall be exempt from the approval of the general meeting. Where the director is also a controlling shareholder, the
requirements for approval of transactions with controlling shareholders apply.
Approval
of Related Party Transactions under Israeli Law
General
Under
the Companies Law, we may approve an action by an office holder from which the office holder would otherwise have to refrain, as described
above, if:
●
the office holder acts in good faith and the act or its approval does not cause harm to the company; and
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●
the office holder disclosed the nature of his or her interest in the transaction (including any significant fact or document) to the
company at a reasonable time before the company's approval of such matter.
Disclosure
of Personal Interests of an Office Holder
The
Companies Law requires that an office holder disclose to the company, promptly, and, in any event, not later than the board meeting at
which the transaction is first discussed, any direct or indirect personal interest that he or she may have and all related material information
known to him or her relating to any existing or proposed transaction by the company. If the transaction is an extraordinary transaction,
the office holder must also disclose any personal interest held by:
●
the office holder's relatives; or
●
any corporation in which the office holder or his or her relatives holds 5% or more of the shares or voting rights, serves as a director
or general manager or has the right to appoint at least one director or the general manager.
Under
the Companies Law, an extraordinary transaction is a transaction:
●
not in the ordinary course of business;
●
not on market terms; or
●
that is likely to have a material effect on the company's profitability, assets or liabilities.
The
Companies Law does not specify to whom within us nor the manner in which required disclosures are to be made. We require our office holders
to make such disclosures to our Board.
Under
the Companies Law, once an office holder complies with the above disclosure requirement, the board of directors may approve a transaction
between the company and an office holder, or a third party in which an office holder has a personal interest, unless the articles of
association provide otherwise and provided that the transaction is in the company's interest. If the transaction is an extraordinary
transaction in which an office holder has a personal interest, first the audit committee and then the board of directors, in that order,
must approve the transaction. Under specific circumstances, shareholder approval may also be required. A director who has a personal
interest in an extraordinary transaction, which is considered at a meeting of the board of directors or the audit committee, may not
be present at this meeting or vote on this matter, unless a majority of the board of directors or the audit committee, as the case may
be, has a personal interest. If a majority of the board of directors has a personal interest, then shareholder approval is generally
also required.
Under
the Companies Law, all arrangements as to compensation and indemnification or insurance of office holders require approval of the compensation
committee and board of directors, and compensation of office holders who are directors must be also approved, subject to certain exceptions,
by the shareholders, in that order.
Disclosure
of Personal Interests of a Controlling Shareholder
Under
the Companies Law, the disclosure requirements that apply to an office holder also apply to a controlling shareholder of a public company.
Extraordinary transactions with a controlling shareholder or in which a controlling shareholder has a personal interest, including a
private placement in which a controlling shareholder has a personal interest, as well as transactions for the provision of services whether
directly or indirectly by a controlling shareholder or his or her relative, or a company such controlling shareholder controls, and transactions
concerning the terms of engagement of a controlling shareholder or a controlling shareholder's relative, whether as an office holder
or an employee, require the approval of the audit committee or the compensation committee, as the case may be, the board of directors
and a majority of the shares voted by the shareholders of the company participating and voting on the matter in a shareholders'
meeting, in that order. In addition, the shareholder approval must fulfill one of the following requirements:
●
at least a majority of the shares held by shareholders who have no personal interest in the transaction and are voting at the meeting
must be voted in favor of approving the transaction, excluding abstentions; or
65
●
the shares voted by shareholders who have no personal interest in the transaction who vote against the transaction represent no more
than 2% of the voting rights in the company.
In
addition, any extraordinary transaction with a controlling shareholder or in which a controlling shareholder has a personal interest
with a term of more than three years requires the abovementioned approval every three years; however, such transactions not involving
the receipt of services or compensation can be approved for a longer term, provided that the audit committee determines that such longer
term is reasonable under the circumstances.
The
Companies Law requires that every shareholder that participates, in person, by proxy or by voting instrument, in a vote regarding a transaction
with a controlling shareholder, must indicate in advance or in the ballot whether or not that shareholder has a personal interest in
the vote in question. Failure to so indicate will result in the invalidation of that shareholder's vote.
The
term "controlling shareholder" is defined in the Companies Law as a shareholder with the ability to direct the activities
of the company, other than by virtue of being an office holder. A shareholder is presumed to be a controlling shareholder if the shareholder
holds 50% or more of the voting rights in a company or has the right to appoint the majority of the directors of the company or its general
manager. In the context of a transaction involving a related party, a controlling shareholder also includes a shareholder who holds 25%
or more of the voting rights in the company if no other shareholder holds more than 50% of the voting rights in the company. For this
purpose, the holdings of all shareholders who have a personal interest in the same transaction will be aggregated.
Insurance
Under
the Companies Law, a company may obtain insurance for any of its office holders against the following liabilities incurred due to acts
he or she performed as an office holder, if and to the extent provided for in the company's articles of association:
●
a breach of his or her
    duty of care to the company or to another person, to the extent such a breach arises out of the negligent conduct of the office holder;
●
a breach of his or her
    duty of loyalty to the company, provided that the office holder acted in good faith and had reasonable cause to assume that his or
    her act would not prejudice the company's interests; and
●
a financial liability imposed
    upon him or her in favor of another person concerning an act performed by such office holder in his or her capacity as an officer
    holder.
We
currently have directors' and officers' liability insurance, providing total coverage of $15,000,000 for the benefit of all
of our directors and officers, in respect of which we paid a twelve-month premium of $131,700, which expires on June 28, 2024.
Indemnification
The
Companies Law provides that a company may indemnify an office holder against the following liabilities and expenses incurred for acts
performed by him or her as an office holder, either pursuant to an undertaking made in advance of an event or following an event, provided
its articles of association include a provision authorizing such indemnification:
●
a financial liability imposed
    on him or her in favor of another person by any judgment concerning an act performed in his or her capacity as an office holder,
    including a settlement or arbitrator's award approved by a court. However, if an undertaking to indemnify an office holder
    with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of
    the board of directors, can be foreseen based on the company's activities when the undertaking to indemnify is given, and to
    an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking
    shall detail the abovementioned foreseen events and amount or criteria;
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●
reasonable litigation expenses,
    including attorneys' fees, expended by the office holder (a) as a result of an investigation or proceeding instituted against
    him or her by an authority authorized to conduct such investigation or proceeding, provided that (1) no indictment (as defined in
    the Companies Law) was filed against such office holder as a result of such investigation or proceeding; and (2) no financial liability
    as a substitute for the criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation
    or proceeding, or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof
    of criminal intent; and (b) in connection with a monetary sanction;
●
reasonable litigation expenses,
    including attorneys' fees, expended by the office holder or imposed on him or her by a court: (1) in proceedings that the company
    institutes, or that another person institutes on the company's behalf, against him or her; (2) in criminal proceedings of which
    he or she was acquitted; or (3) as a result of a conviction for a crime that does not require proof of criminal intent; and
●
expenses incurred by an
    office holder in connection with an Administrative Procedure under the Israeli Securities Law, 5728-1968, or Securities Law, including
    reasonable litigation expenses and reasonable attorneys' fees. An "Administrative Procedure" is defined as a procedure
    pursuant to chapters H3 (Monetary Sanction by the Israeli Securities Authority), H4 (Administrative Enforcement Procedures of the
    Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures or Interruption of procedures subject to conditions)
    to the Securities Law.
Our
amended and restated articles of association allow us to indemnify our office holders up to a certain amount. The Companies Law also
permits a company to undertake in advance to indemnify an office holder, provided that if such indemnification relates to financial liability
imposed on him or her, as described above, then the undertaking should be limited and shall detail the following foreseen events and
amount or criterion:
●
to events that in the opinion
    of the board of directors can be foreseen based on the Company's activities at the time that the undertaking to indemnify is
    made; and
●
in amount or criterion
    determined by the board of directors, at the time of the giving of such undertaking to indemnify, to be reasonable under the circumstances.
We
have entered into indemnification agreements with all of our directors and with all members of our senior management. Each such indemnification
agreement provides the office holder with indemnification permitted under applicable law and up to a certain amount, and to the extent
that these liabilities are not covered by directors and officer's insurance.
Exculpation
Under
the Companies Law, an Israeli company may not exculpate an office holder from liability for a breach of his or her duty of loyalty, but
may exculpate in advance an office holder from his or her liability to the company, in whole or in part, for damages caused to the company
as a result of a breach of his or her duty of care (other than in relation to distributions), but only if a provision authorizing such
exculpation is included in its articles of association. Our amended and restated articles of association provide that we may exculpate,
in whole or in part, any office holder from liability to us for damages caused to the Company as a result of a breach of his or her duty
of care, but prohibit an exculpation from liability arising from a Company's transaction and/or decision in which our controlling
shareholder or officer has a personal interest.
We
have entered into exculpation agreements with all of our directors and with all members of our senior management. Under such exculpation
agreements, we exculpate and release our office holders from any and all liability to us related to any breach by them of their duty
of care to us to the fullest extent permitted by law, subject to the aforesaid limitations.
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Limitations
The
Companies Law provides that we may not exculpate or indemnify an office holder nor enter into an insurance contract that would provide
coverage for any liability incurred as a result of any of the following: (1) a breach by the office holder of his or her duty of loyalty
unless (in the case of indemnity or insurance only, but not exculpation) the office holder acted in good faith and had a reasonable basis
to believe that the act would not prejudice us; (2) a breach by the office holder of his or her duty of care if the breach was carried
out intentionally or recklessly (as opposed to merely negligently); (3) any act or omission committed with the intent to derive an illegal
personal benefit; or (4) any fine, monetary sanction, penalty or forfeit levied against the office holder.
Under
the Companies Law, exculpation, indemnification and insurance of office holders in a public company must be approved by the compensation
committee and the board of directors and, with respect to certain office holders or under certain circumstances, also by the shareholders.
Our
amended and restated articles of association permit us to exculpate (subject to the aforesaid limitation), indemnify and insure our office
holders to the fullest extent permitted or to be permitted by the Companies Law.
The
foregoing descriptions summarize the material aspects and practices of our Board. For additional details, we also refer you to the full
text of the Companies Law, as well as of our amended and restated articles of association, which are attached as an exhibit to this annual
report on Form 20-F, and are incorporated herein by reference.
There
are no service contracts between us or our subsidiaries, on the one hand, and our directors in their capacity as directors, on the other
hand, providing for benefits upon termination of service.
Fiduciary
Duties of Office Holders
The
Companies Law imposes a duty of care and a duty of loyalty on all office holders of a company.
The
duty of care requires an office holder to act with the level of care with which a reasonable office holder in the same position would
have acted under the same circumstances. The duty of care of an office holder includes a duty to use reasonable means to obtain:
●
information on the advisability of a given action brought for his approval or performed by him by virtue of his position; and
●
all other important information pertaining to these actions.
The
duty of loyalty of an office holder requires an office holder to act in good faith and for the benefit of the company, and includes a
duty to:
●
refrain from any conflict of interest between the performance of his duties in the company and his performance of his other duties or
personal affairs;
●
refrain from any action that is competitive with the company's business;
●
refrain from exploiting any business opportunity of the company to receive a personal gain for himself or others; and
●
disclose to the company any information or documents relating to the company's affairs which the office holder has received due
to his position as an office holder.
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Duties
of Shareholders
Under
the Companies Law, a shareholder has a duty to refrain from abusing its power in the company and to act in good faith and in an acceptable
manner in exercising its rights and performing its obligations toward the company and other shareholders, including, among other things,
voting at general meetings of shareholders (and at shareholder class meetings) on the following matters:
●
amendment of the articles of association;
●
increase in the company's authorized share capital;
●
merger; and
●
the approval of related party transactions and acts of office holders that require shareholder approval.
A
shareholder also has a general duty to refrain from oppressing other shareholders.
The
remedies generally available upon a breach of contract will also apply to a breach of the above-mentioned duties, and in the event of
oppression of other shareholders, additional remedies are available to the injured shareholder.
In
addition, any controlling shareholder, any shareholder that knows that its vote can determine the outcome of a shareholder vote and any
shareholder that, under a company's articles of association, has the power to appoint or prevent the appointment of an office holder,
or has another power with respect to a company, is under a duty to act with fairness towards the company. The Companies Law does not
describe the substance of this duty except to state that the remedies generally available upon a breach of contract will also apply in
the event of a breach of the duty to act with fairness, taking the shareholder's position in the company into account.
D.
Employees.
On
December 31, 2021, we had 68 full-time employees and 5 part-time employees, out of which 54 employees worked in our R&D department,
9 employees in management and administration, 5 employees in sales and marketing, and 5 employees in operations. On December 31, 2022,
we had 81 full-time employees and 6 part-time employees, out of which 64 employees worked in our R&D department, 10 employees in
management and administration, 8 employees in sales and marketing, and 5 employees in operations. On December 31, 2023, we had 74 full-time
employees and 7 part-time employees, out of which 63 employees worked in our R&D department, 8 employees in management and administration,
6 employees in sales and marketing, and 4 employees in operations.
As
of March 21, 2024, we had five full-time senior management employees, including our Chief Executive Officer, Vice President of Global
Operations and Foresight Changzhou CEO, Vice President of Research and Development, Vice President of Product and Chief Executive Officer
of Eye-Net Mobile, and an additional two part-time senior managers – our Chief Financial Officer and Vice President of Human Resources.
All of our employees are located in Israel, except for two employees in China and one in Japan. None of our employees are represented
by labor unions or covered by collective bargaining agreements. We believe that we maintain good relations with all of our employees.
However, in Israel, we are subject to certain Israeli labor laws, regulations and national labor court precedent rulings, as well as
certain provisions of collective bargaining agreements applicable to us by virtue of extension orders issued in accordance with relevant
labor laws by the Israeli Ministry of Economy and Industry and which apply such agreement provisions to our employees even though they
are not part of a union that has signed a collective bargaining agreement.
All
of our employment and consulting agreements include employees' and consultants' undertakings with respect to non-competition,
assignment to us of intellectual property rights developed in the course of employment, and confidentiality. The enforceability of such
provisions is limited by Israeli law.
E.
Share Ownership.
See
"Item 7.A. Major Shareholders" below.
69
F.
Action to Recover Erroneously Awarded Compensation
2016
Equity Incentive Plan
We
maintain one equity incentive plan – our 2016 Equity Incentive Plan, or the 2016 Plan. As of March 21, 2024, the number of Ordinary
Shares reserved for the exercise of options granted under the 2016 Plan was 54,594,269. In addition, as of March 21, 2024, 37,984,464
options to purchase Ordinary Shares were issued and outstanding, out of which 35,619,884 options to purchase Ordinary Shares were vested
as of that date, with an exercise price of NIS 0.5 (approximately $0.14) per share, options to purchase 850,000 Ordinary Shares were
vested as of that date, with an exercise price of NIS 1.06 (approximately $0.29) per share, options to purchase 714,580 Ordinary Shares
were vested as of that date, with an exercise price of NIS 1.95 (approximately $0.54) per share, options to purchase 400,000 Ordinary
Shares were vested as of that date, with an average exercise price of NIS 2.904 (approximately $0.81) per share, options to purchase
200,000 Ordinary Shares were vested as of that date, with an average exercise price of NIS 2.29 (approximately $0.64) per share, options
to purchase 100,000 Ordinary Shares were vested as of that date, with an exercise price of NIS 4.75 (approximately $1.32) per share,
options to purchase 100,000 Ordinary Shares were vested as of that date, with an exercise price of NIS 1.33 (approximately $0.37) per
share. Exercise prices in NIS are translated into U.S. dollars at the rate of NIS 3.604 = U.S. $1.00, based on the closing rate of exchange
between the NIS and the U.S. dollar as reported by the Bank of Israel on March 21, 2024.
Our
2016 Plan was adopted by our Board in November 2015 and expires in November 2025. Our employees, directors, officers, and services providers,
including those who are our controlling shareholders, if any, as well as those of our affiliated companies, are eligible to participate
in this plan.
Our
2016 Plan is administered by our Board, regarding the granting of options and the terms of option grants, including exercise price, method
of payment, vesting schedule, acceleration of vesting and the other matters necessary in the administration of this plan. Eligible Israeli
employees, officers and directors, would qualify for provisions of Section 102(b)(2) of the Israeli Income Tax Ordinance, 1961, or the
Tax Ordinance. Pursuant to such Section 102(b)(2), qualifying options and shares issued upon exercise of such options are held in trust
and registered in the name of a trustee selected by the board of directors. The trustee may not release these options or shares to the
holders thereof for two years from the date of the registration of the options in the name of the trustee. Under Section 102, any tax
payable by an employee from the grant or exercise of the options is deferred until the transfer of the options or Ordinary Shares by
the trustee to the employee or upon the sale of the options or Ordinary Shares, and gains may qualify to be taxed as capital gains at
a rate equal to 25%, subject to compliance with specified conditions. Our Israeli non-employee service providers and controlling shareholders
may only be granted options under Section 3(9) of the Tax Ordinance, which does not provide for similar tax benefits. The 2016 Plan also
permits granting options to Israeli grantees who do not qualify under Section 102(b)(2).
As
a default, our 2016 Plan provides that upon termination of employment for any reason, other than in the event of death or disability,
all unvested options will expire and all vested options will generally be exercisable for 6 months following such termination, or such
other period as determined by the plan administrator, subject to the terms of the 2016 Plan and the governing option agreement. Notwithstanding
the foregoing, in the event the employment is terminated for cause (including, inter alia, a breach of confidentiality or non-compete
obligations to us, and commission of an act involving moral turpitude or an act that causes harm to us) all options granted to such employee,
whether vested or unvested, will not be exercisable and will terminate on the date of the termination of his employment.
Upon
termination of employment due to death or disability, all the options vested at the time of termination will generally be exercisable
for 12 months, or such other period as determined by the plan administrator, subject to the terms of the 2016 Plan and the governing
option agreement.
ITEM
7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders.
The
following table sets forth information regarding beneficial ownership of our Ordinary Shares as of March 21, 2024 by:
●
each person, or group of
    affiliated persons, known to us to be the beneficial owner of more than 5% of our voting securities.
70
●
each of our directors and
    executive officers; and
●
all of our directors and
    executive officers as a group.
Except
as indicated in footnotes to this table, we believe that the shareholder named in this table has sole voting and investment power with
respect to all shares shown to be beneficially owned by it, based on information provided to us by such shareholder. The shareholder
listed below does not have any different voting rights from any of our other shareholders.
No. of Shares Beneficially
Owned (1)
Percentage
Owned (2)
Holders of more than 5% of our voting securities:
Haim Siboni (3)
42,600,456
9.11
%
Directors and executive officers:
Ehud Aharoni (4)
800,000
0.17
%
Daniel Avidan (5)
399,000
0.09
%
Dror Elbaz (6)
212,892
0.05
%
Zeev Levenberg (7)
250,105
0.05
%
Eli Yoresh (8)
3,083,333
0.67
%
Vered Raz-Avayo (9)
650,000
0.14
%
Oren Baron (10)
1,591,667
0.34
%
Levi Zruya (11)
450,000
0.10
%
Sivan Siboni Scherf (12)
1,850,000
0.4
%
David Lempert (13)
1,225,267
0.27
%
Izac Assia (14)
558,333
0.12
%
Moshe Scherf (15)
200,000
0.04
%
All directors and executive officers as a group (13 persons)
11.55
%
(1)
Beneficial ownership is
    determined in accordance with the rules of the SEC. Under these rules, a person is deemed to be a beneficial owner of a security
    if that person, even if not the record owner, has or shares the underlying benefits of ownership. These benefits include the power
    to direct the voting or the disposition of the securities or to receive the economic benefit of ownership of the securities. A person
    also is considered to be the "beneficial owner" of securities that the person has the right to acquire within 60 days
    by option or other agreement. Beneficial owners include persons who hold their securities through one or more trustees, brokers,
    agents, legal representatives or other intermediaries, or through companies in which they have a "controlling interest,"
    which means the direct or indirect power to direct the management and policies of the entity.
(2)
The percentages shown are
    based on 459,778,056 Ordinary Shares issued and outstanding as of March 21, 2024.
(3)
Includes (i) 34,820,789
    Ordinary Shares held by Magna – B.S.P. Ltd.; (ii) options to purchase 7,446,333 Ordinary Shares that are exercisable within
    60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately $0.14) per share. Mr. Siboni is the chief executive
    officer and a director of Magna. Mr. Siboni's options have expiration dates ranging from May 2026 to October 2029.
(4)
Includes (i) options to
    purchase 800,000 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14). Mr. Aharoni's options have expiration dates ranging from February 2026 to October 2029.
(5)
Includes (i) options to
    purchase 399,000 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Avidan's options have expiration dates ranging from Aug 2027 to July 2030.
71
(6)
Includes options to purchase
    212,892 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately $0.14)
    per share. Mr. Elbaz's options have expiration dates until May 2024.
(7)
Includes options to purchase
    250,105 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an average exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Levenberg's options have expiration dates ranging from July 2027 to July 2030.
(8)
Includes (i) options to
    purchase 3,083,333 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an average exercise price of NIS 0.5
    (approximately $0.14) per share. Mr. Yoresh's options have expiration dates ranging from June 2027 to August 2029.
(9)
Includes options to purchase
    650,000 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately $0.14)
    per share. Ms. Raz-Avayo's options have expiration dates ranging from August 2026 to October 2029.
(10)
Includes options to purchase
    1,591,667 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Baron's options have expiration dates ranging from November 2024 to August 2029.
(11)
Includes options to purchase
    450,000 Ordinary Shares that are exercisable within 60 days as of March 21,2024, at an exercise price of NIS 0.5 (approximately $0.14)
    per share. Mr. Zruya's options have expiration dates ranging from August 2026 to July 2027.
(12)
Includes (i) 750,000 Ordinary
    Shares held by Sivan and Moshe Scherf; (ii) options to purchase 1,100,000 Ordinary Shares that are exercisable within 60 days as
    of March 21, 2024, at an exercise price of NIS 0.5 (approximately $0.14) per share. Ms. Siboni Scherf's options have expiration
    dates ranging from May 2026 to October 2029.
(13)
Includes options to purchase
    1,225,267 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Lempert's options have expiration dates ranging from November 2024 to August 2029.
(14)
Includes options to purchase
    558,333 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Assia options have expiration dates ranging from March 2026 to August 2029.
(15)
Includes options to purchase
    200,000 Ordinary Shares that are exercisable within 60 days as of March 21, 2024, at an exercise price of NIS 0.5 (approximately
    $0.14) per share. Mr. Scherf options have expiration date until October 2029.
Changes
in Percentage Ownership by Major Shareholders
Over
the course of 2023 there was an increase in the percentage ownership of our major shareholder Magna from 7.36% to 7.57%, which was partly
due to Magna's acquisition of shares in a registered direct offering on December 7, 2023, offset by sale of 0.85% of the Company's
shares by Magna during that period to some of Magna's shareholders due to internal restructuring in Magna.
Over
the course of 2022, there were no increases in the percentage ownership of our major shareholders. On the other hand, there was a decrease
in the percentage ownership of entities affiliated with Magna from 10.72% to 7.36%, which was due to a corporate restructuring of Magna
in which certain shareholders of Magna exchanged their shares of Magna for our Ordinary Shares.
Over
the course of 2021, there were no increases in the percentage ownership of our major shareholders. On the other hand, there was a decrease
in the percentage ownership of entities affiliated with Magna from 11.47% to 10.72%, which was due to the dilution of their ownership
as a result of equity offerings.
72
Record
Holders
Based
upon a review of the information provided to us by our registrar in Israel, as of March 21, 2024, there were a total of 12 holders of
record of our Ordinary Shares, of which all record holders had registered addresses in Israel. Based upon a review of the information
provided to us by The Bank of New York Mellon, the depositary of the ADSs, as of March 22, 2024, there were 94 holders
of record of the ADSs on record with the Depository Trust Company. These numbers are not representative of the number of beneficial holders
of our shares nor is it representative of where such beneficial holders reside, since many of these shares were held of record by brokers
or other nominees.
We
are not controlled by another corporation, by any foreign government or by any natural or legal persons except as set forth herein, and
there are no arrangements known to us which would result in a change in control of us at a subsequent date.
B.
Related Party Transactions.
See
"Item 6.B. Compensation" for compensation to our directors and officers.
Options
Since
our inception we have granted options to purchase our Ordinary Shares to our officers and our directors. Such option agreements may contain
acceleration provisions upon certain merger, acquisition, or change of control transactions. We describe our option plan under "Item
6.E. Share Ownership—2016 Equity Incentive Plan." If the relationship between us and an executive officer or a director is
terminated, except for cause (as defined in the various option plan agreements), options that are vested will generally remain exercisable
for six months after such termination.
Services
Agreement
Following
the Merger, on January 5, 2016, Magna entered into a services agreement with Foresight Automotive, which provided that, for a period
of 12 months following the Merger, Magna shall provide Foresight Automotive with certain services, primarily with respect to the design
and development of algorithms and ADAS designated computer vision software in consideration of monthly payments at agreed upon rates
for each of Magna's workers, not to exceed the aggregate monthly consideration of NIS 200,000 plus VAT. Furthermore, Foresight
Automotive may extend the agreement by two additional 12-month periods, which right has been exercised by Foresight Automotive on two
occasions.
On
January 30, 2022, the Company's shareholders approved the extension of the services agreement with Magna for twelve (12) additional
months with an option to extend the agreement for two (2) additional twelve (12) month periods, which right has been exercised by Foresight
Automotive for the first and second additional twelve (12) month periods. According to the updated agreement approved by our shareholders,
the monthly payment to Magna for the research and development services will not exceed NIS 235,000 (approximately $72,000 at the time
of the extension) plus VAT.
On
December 18, 2023, as a result of cost-saving measures implemented by the Company, it was mutually agreed with Magna that, starting October
1, 2023, development services would not exceed NIS 70,000 (approximately $19,000) plus VAT per month. Additionally, for the period of
October to December 2023, payment would be deferred, contingent upon the Company raising USD 5 million gross. If the fundraising does
not occur by the Board meeting convened to review the financial statements for the twelve months ending December 31, 2023, the payment
for the development services provided from October to December 2023 will be waived. As of March 27, 2024, a total amount of $42,000 waived
and recorded in equity as a contribution from Magna.
In
addition, our Chief Executive Officer, Mr. Haim Siboni, and our Chief Technology Officer, Mr. Levi Zruya, serve as Magna's Chief
Executive Officer and Chief Technology Officer, respectively.
73
There
were two insider participants of in the Registered Direct Offering: our Chief Executive Officer, through the participation of Magna,
and also Sivan Siboni-Scherf. The aggregate amount invested by the insider participants in the Registered Direct Offering was $525,000.
C.
Interests of Experts
    and Counsel.
None.
ITEM
8.
FINANCIAL INFORMATION.
A.
Consolidated Statements
    and Other Financial Information.
See
"Item 18. Financial Statements."
Legal
Proceedings
We
are not currently subject to any material legal proceedings.
Dividends
We
have never declared or paid any cash dividends on our Ordinary Shares and do not anticipate paying any cash dividends in the foreseeable
future. Payment of cash dividends, if any, in the future will be at the discretion of our Board and will depend on then-existing conditions,
including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors
our Board may deem relevant.
The
Companies Law imposes further restrictions on our ability to declare and pay dividends.
Payment
of dividends may be subject to Israeli withholding taxes. See "Item 10. E. Taxation" for additional information.
B.
Significant Changes.
No
significant change, other than as otherwise described in this annual report on Form 20-F, has occurred in our operations since the date
of our consolidated financial statements included in this annual report on Form 20-F.
ITEM
9.
THE OFFER AND LISTING
A.
Offer and Listing Details.
Our
Ordinary Shares have been trading on the TASE since 1987. From July 2015 until October 2015, we did not have any business activity, excluding
administrative management. On October 11, 2015, we entered into the Merger with Magna and Foresight Automotive. The ADSs have been trading
under the symbol "FRSX" on the Nasdaq Capital Market since June 15, 2017.
B.
Plan of Distribution.
Not
applicable.
C.
Markets.
Our
Ordinary Shares have been trading on the TASE since 1987. The ADSs are listed on the Nasdaq Capital Market.
D.
Selling Shareholders.
Not
applicable.
74
E.
Dilution.
Not
applicable.
F.
Expenses of the Issue.
Not
applicable.
ITEM
10.
ADDITIONAL INFORMATION
A.
Share Capital.
Not
applicable.
B.
Memorandum and Articles
    of Association.
A
copy of our amended and restated articles of association is attached as Exhibit 1.1 to this annual report on Form 20-F. The information
called for by this Item is set forth in Exhibit 2(d) to this annual report on Form 20-F and is incorporated by reference into this annual
report on Form 20-F.
C.
Material Contracts.
The
following is a summary of each material contract, other than material contracts entered into in the ordinary course of business, to which
we are or have been a party, for the two years immediately preceding the date of this annual report on Form 20-F:
●
Service Agreement dated
    January 5, 2016, by and between Foresight Autonomous Holdings Ltd. and Magna B.S.P. Ltd. (unofficial English translation from Hebrew
    original), filed as exhibit 4.3 to form 20-F (File No. 001-38094) filed on March 27, 2018, as amended on January 28, 2019, and on
    March 8, 2022. See Item 6.B "
Related Party Transactions
" for more information about this document.
●
Amended Compensation Policy,
    dated March 31, 2022. See Item 6.C "
Board Practices – Compensation Committee
" for more information about
    this document.
●
Participation Agreement
    by and between Foresight Automotive Ltd. and the Administrative Office of China Israel Changzhou Innovation Park, dated January 13,
    2022. See Item 4.B "
Business Overview
" for more information about this document.
●
Joint Development and Supply
    Agreement by and between Foresight Automotive Ltd. and SUNWAY-AI Technology (Changzhou) Co., Ltd., dated November 15, 2022. See Item
    4.B "
Business Overview
" for more information about this document.
D.
Exchange Controls.
There
are currently no Israeli currency control restrictions on payments of dividends or other distributions with respect to our Ordinary Shares
or the proceeds from the sale of the shares, except for the obligation of Israeli residents to file reports with the Bank of Israel regarding
certain transactions. However, legislation remains in effect pursuant to which currency controls can be imposed by administrative action
at any time.
The
ownership or voting of our Ordinary Shares by non-residents of Israel, except with respect to citizens of countries that are in a state
of war with Israel, is not restricted in any way by our memorandum of association or amended and restated articles of association or
by the laws of the State of Israel.
75
E.
Taxation.
Israeli
Tax Considerations and Government Programs
The
following is a description of the material Israeli income tax consequences of the ownership of our Ordinary Shares. The following also
contains a description of material relevant provisions of the current Israeli income tax structure applicable to companies in Israel,
with reference to its effect on us. To the extent that the discussion is based on new tax legislation which has not been subject to judicial
or administrative interpretation, there can be no assurance that the tax authorities will accept the views expressed in the discussion
in question. The discussion is not intended, and should not be taken, as legal or professional tax advice and is not exhaustive of all
possible tax considerations.
The
following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition
of our Ordinary Shares and ADSs. Shareholders should consult their own tax advisors concerning the tax consequences of their particular
situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.
General
Corporate Tax Structure in Israel
Israeli
companies are generally subject to corporate tax. As of January 2016, the corporate tax rate was 25%. As of January 1, 2017, the corporate
tax rate was reduced to 24% and as of January 1, 2018, the corporate tax rate is 23%. However, the effective tax rate payable by a company
that derives income from a Preferred Enterprise (as discussed below) may be considerably less. Capital gains derived by an Israeli company
are generally subject to the prevailing corporate tax rate.
Capital
gains derived by an Israeli resident company are subject to tax at the prevailing corporate tax rate. Under Israeli tax legislation,
a corporation will be considered as an "Israeli resident company" if it meets one of the following: (i) it was incorporated
in Israel; or (ii) the control and management of its business are exercised in Israel.
Law
for the Encouragement of Industry (Taxes), 5729-1969
The
Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, provides several tax
benefits for "Industrial Companies."
The
Industry Encouragement Law defines an "Industrial Company" as an Israeli resident-company, of which 90% or more of its income
in any tax year, other than income from defense loans, is derived from an "Industrial Enterprise" owned by it. An "Industrial
Enterprise" is defined as an enterprise whose principal activity in a given tax year is industrial production.
The
following corporate tax benefits, among others, are available to Industrial Companies:
●
amortization of the cost
    of purchased a patent, rights to use a patent, and know-how, which are used for the development or advancement of the company, over
    an eight-year period, commencing on the year in which such rights were first exercised;
●
under limited conditions,
    an election to file consolidated tax returns with related Israeli Industrial Companies; and
●
expenses related to a public
    offering are deductible in equal amounts over three years.
Eligibility
for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.
76
Tax
Benefits and Grants for Research and Development
Under
the Research Law, research and development programs which meet specified criteria and are approved by the IIA are eligible for grants
of up to 50% of the project's expenditure, as determined by the research committee, in exchange for the payment of royalties from
the revenues generated from the sale of products and related services developed, in whole or in part pursuant to, or as a result of,
a research and development program funded by the IIA at a rate of 3-5% on the revenues generated from the sale of our products developed
under an IIA program up to the total amount of the grants received from IIA plus the relevant interest rate, if any. Under IIA regulations,
grants received before June 30, 2017, bear the annual interest rate that applied at the time of the approval of the applicable IIA file
which will apply to all of the funding received under such IIA approval. Grants received from the IIA after June 30, 2017, bear an annual
interest rate based on the 12-month Secured Overnight Financing Rate, or SOFR, or at an alternative rate published by the Bank of Israel
plus 0.71513%. Grants approved after January 1, 2024, shall bear the higher interest rate of (i) 12 months SOFR, plus 1%, or (ii) a fixed
annual interest rate of 4%.
The
transfer or license of IIA-supported technology or know-how outside of Israel and the transfer of manufacturing of IIA-supported products,
technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the value of the transferred
or licensed technology or know-how, our research and development expenses, the amount of IIA support, the time of completion of the IIA-supported
research project and other factors. These restrictions and requirements for payment may impair our ability to sell, license or otherwise
transfer our technology assets outside of Israel or to outsource or transfer development or manufacturing activities with respect to
any product or technology outside of Israel. Furthermore, the consideration available to our shareholders in a transaction involving
the transfer outside of Israel of technology or know-how developed with IIA funding (such as a merger or similar transaction) may be
reduced by any amounts that we are required to pay to the IIA.
Manufacturing Volume Outside of Israel
Royalties to the IIA as a Percentage of Grant
Up to 50%
120
%
Between 50% and 90%
150
%
90% and more
300
%
If
the manufacturing is performed outside of Israel by us, the rate of royalties payable by us on revenues from the sale of products manufactured
outside of Israel will increase by 1% over the regular rates. If the manufacturing is performed outside of Israel by a third party, the
rate of royalties payable by us on those revenues will be equal to the ratio obtained by dividing the amount of the grants received from
the IIA and our total investment in the project that was funded by these grants. The transfer of no more than 10% of the manufacturing
capacity in the aggregate outside of Israel is exempt under the Research Law from obtaining the prior approval of the IIA. A company
requesting funds from the IIA also has the option of declaring in its IIA grant application an intention to perform part of its manufacturing
outside Israel, thus avoiding the need to obtain additional approval. On January 6, 2011, the Research Law was amended to clarify that
the potential increased royalties specified in the table above will apply even in those cases where the IIA approval for transfer of
manufacturing outside of Israel is not required, namely when the volume of the transferred manufacturing capacity is less than 10% of
total capacity or when the company received an advance approval to manufacture abroad in the framework of its IIA grant application.
The
know-how developed within the framework of the IIA plan may not be transferred to third parties outside Israel without the prior approval
of a governmental committee charted under the Research Law. The approval, however, is not required for the export of any products developed
using grants received from the IIA. The IIA approval to transfer know-how created, in whole or in part, in connection with an IIA-funded
project to third party outside Israel where the transferring company remains an operating Israeli entity is subject to payment of a redemption
fee to the IIA calculated according to a formula provided under the Research Law that is based, in general, on the ratio between the
aggregate IIA grants to the company's aggregate investments in the project that was funded by these IIA grants, multiplied by the
transaction consideration. The transfer of such know-how to a party outside Israel where the transferring company ceases to exist as
an Israeli entity is subject to a redemption fee formula that is based, in general, on the ratio between the aggregate IIA grants to
the total financial investments in the company, multiplied by the transaction consideration. According to the January 2011 amendment,
the redemption fee in case of transfer of know-how to a party outside Israel will be based on the ratio between the aggregate IIA grants
received by the company and the company's aggregate research and development expenses, multiplied by the transaction consideration.
According to regulations promulgated following the 2011 amendment, the maximum amount payable to the IIA in case of transfer of know
how outside Israel shall not exceed 6 times the value of the grants received plus interest, and in the event that the receiver of the
grants ceases to be an Israeli corporation such payment shall not exceed six times the value of the grants received plus interest, with
a possibility to reduce such payment to up to three times the value of the grants received plus interest if the research and development
activity remains in Israel for a period of three years after payment to the IIA.
77
Transfer
of know-how within Israel is subject to an undertaking of the recipient Israeli entity to comply with the provisions of the Research
Law and related regulations, including the restrictions on the transfer of know-how and the obligation to pay royalties, as further described
in the Research Law and related regulations.
These
restrictions may impair our ability to outsource manufacturing, engage in change of control transactions or otherwise transfer our know-how
outside Israel and may require us to obtain the approval of the IIA for certain actions and transactions and pay additional royalties
to the IIA. In particular, any change of control and any change of ownership of our Ordinary Shares that would make a non-Israeli citizen
or resident an "interested party," as defined in the Research Law, requires a prior written notice to the IIA in addition
to any payment that may be required of us for transfer of manufacturing or know-how outside Israel. If we fail to comply with the Research
Law, we may be subject to criminal charges.
Tax
Benefits for Research and Development
Israeli
tax law allows, under certain conditions, a tax deduction for expenditures, including capital expenditures, for the year in which they
are incurred. Expenditures are deemed related to scientific research and development projects, if:
●
The expenditures are approved
    by the relevant Israeli government ministry, determined by the field of research;
●
The research and development
    must be for the promotion of the company; and
●
The research and development
    is carried out by or on behalf of the company seeking such tax deduction.
The
amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific
research and development projects. No deduction under these research and development deduction rules is allowed if such deduction is
related to an expense invested in an asset depreciable under the general depreciation rules of the Tax Ordinance. Expenditures not so
approved are deductible in equal amounts over three years.
From
time to time, we may apply to the IIA for approval to allow a tax deduction for all research and development expenses during the year
incurred. There can be no assurance that such application will be accepted.
Law
for the Encouragement of Capital Investments, 5719-1959
The
Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the Investment Law, provides certain incentives
for capital investments in production facilities (or other eligible assets).
Tax
Benefits
The
Investment Law grants tax benefits for income generated by a "Preferred Company" through its "Preferred Enterprise"
(as such terms are defined in the Investment Law) The definition of a Preferred Company includes a company incorporated in Israel that
is not fully owned by a governmental entity, and that has, among other things, Preferred Enterprise status and is controlled and managed
from Israel. A Preferred Company is entitled to a reduced corporate tax rate of 16% with respect to its income derived by its Preferred
Enterprise, unless the Preferred Enterprise is located in a specified development zone, in which case the rate will be 7.5%.
78
Dividends
paid out of income attributed to a Preferred Enterprise are generally subject to withholding tax at source at the rate of 20% or such
lower rate as may be provided in an applicable tax treaty. However, if such dividends are paid to an Israeli company, no tax is required
to be withheld.
Taxation
of our Shareholders
Capital
Gains Taxes Applicable to Non-Israeli Resident Shareholders. A non-Israeli resident who derives capital gains from the sale of shares
in an Israeli resident company will be exempt from Israeli tax so long as the shares were not held through a permanent establishment
that the non-resident maintains in Israel. However, non-Israeli corporations will not be entitled to the foregoing exemption if Israeli
residents: (i) have a controlling interest of 25% or more in such non-Israeli corporation or (ii) are the beneficiaries of, or are entitled
to, 25% or more of the revenues or profits of such non-Israeli corporation, whether directly or indirectly.
Additionally,
a sale of securities by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable tax
treaty. For example, under Convention Between the Government of the United States of America and the Government of the State of Israel
with respect to Taxes on Income, as amended, or the United States-Israel Tax Treaty, the sale, exchange or other disposition of shares
by a shareholder who is a United States resident (for purposes of the treaty) holding the shares as a capital asset and is entitled to
claim the benefits afforded to such a resident by the U.S.-Israel Tax Treaty, or a Treaty U.S. Resident, is generally exempt from Israeli
capital gains tax unless: (i) the capital gain arising from such sale, exchange or disposition is attributed to real estate located in
Israel; (ii) the capital gain arising from such sale, exchange or disposition is attributed to royalties; (iii) the capital gain arising
from the such sale, exchange or disposition is attributed to a permanent establishment in Israel, under certain terms; (iv) such Treaty
U.S. Resident holds, directly or indirectly, shares representing 10% or more of the voting capital during any part of the 12-month period
preceding the disposition, subject to certain conditions; or (v) such Treaty U.S. Resident is an individual and was present in Israel
for 183 days or more during the relevant taxable year.
In
some instances where our shareholders may be liable for Israeli tax on the sale of their Ordinary Shares, the payment of the consideration
may be subject to the withholding of Israeli tax at source. Shareholders may be required to demonstrate that they are exempt from tax
on their capital gains in order to avoid withholding at source at the time of sale.
Taxation
of Non-Israeli Shareholders on Receipt of Dividends. Non-Israeli residents are generally subject to Israeli income tax on the receipt
of dividends paid on our Ordinary Shares at the rate of 25%, which tax will be withheld at source, unless relief is provided in a treaty
between Israel and the shareholder's country of residence. With respect to a person who is a "substantial shareholder"
at the time of receiving the dividend or on any time during the preceding twelve months, the applicable tax rate is 30%. A "substantial
shareholder" is generally a person who alone or together with such person's relative or another person who collaborates with
such person on a permanent basis, holds, directly or indirectly, at least 10% of any of the "means of control" of the corporation.
"Means of control" generally include the right to vote, receive profits, nominate a director or an executive officer, receive
assets upon liquidation, or order someone who holds any of the aforesaid rights how to act, regardless of the source of such right. However,
a distribution of dividends to non-Israeli residents is subject to withholding tax at source at a rate of 20% if the dividend is distributed
from income attributed to a Preferred Enterprise, unless a reduced tax rate is provided under an applicable tax treaty. For example,
under the United States-Israel Tax Treaty, the maximum rate of tax withheld at source in Israel on dividends paid to a holder of our
Ordinary Shares who is a Treaty U.S. Resident is 25%. However, generally, the maximum rate of withholding tax on dividends, not generated
by a Preferred Enterprise, that are paid to a United States corporation holding 10% or more of the outstanding voting capital throughout
the tax year in which the dividend is distributed as well as during the previous tax year, is 12.5%, provided that not more than 25%
of the gross income for such preceding year consists of certain types of dividends and interest. Notwithstanding the foregoing, dividends
distributed from income attributed to a Preferred Enterprise are not entitled to such reduction under the tax treaty but are subject
to a withholding tax rate of 15% for a shareholder that is a U.S. corporation, provided that the condition related to our gross income
for the previous year (as set forth in the previous sentence) is met. If the dividend is attributable partly to income derived from a
Preferred Enterprise, and partly to other sources of income, the withholding rate will be a blended rate reflecting the relative portions
of the two types of income. We cannot assure you that we will designate the profits that we may distribute in a way that will reduce
shareholders' tax liability.
79
U.S.
Tax Considerations
U.S.
Federal Income Tax Considerations
THE
FOLLOWING SUMMARY IS INCLUDED HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR
TAX ADVICE. EACH U.S. HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES
OF THE PURCHASE, OWNERSHIP AND SALE OF ORDINARY SHARES AND AMERICAN DEPOSITARY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL,
FOREIGN OR OTHER TAX LAWS AND POSSIBLE CHANGES IN THE TAX LAWS.
Subject
to the limitations described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences
to a "U.S. Holder" arising from the purchase, ownership and sale of the Ordinary Shares and ADSs. For this purpose, a "U.S.
Holder" is a holder of Ordinary Shares or ADSs that is: (1) an individual citizen or resident of the United States, including an
alien individual who is a lawful permanent resident of the United States or meets the substantial presence residency test under U.S.
federal income tax laws; (2) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) or a partnership
(other than a partnership that is not treated as a U.S. person under any applicable U.S. Treasury regulations) created or organized under
the laws of the United States or the District of Columbia or any political subdivision thereof; (3) an estate, the income of which is
includable in gross income for U.S. federal income tax purposes regardless of source; (4) a trust if a court within the United States
is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have authority to control all
substantial decisions of the trust; or (5) a trust that has a valid election in effect to be treated as a U.S. person to the extent provided
in U.S. Treasury regulations.
This
summary is for general information purposes only and does not purport to be a comprehensive description of all of the U.S. federal income
tax considerations that may be relevant to a decision to purchase our Ordinary Shares or ADSs. This summary generally considers only
U.S. Holders that will own our Ordinary Shares or ADSs as capital assets. Except to the limited extent discussed below, this summary
does not consider the U.S. federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules applicable
to determine a taxpayer's status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue Code of 1986,
as amended, or the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative and judicial
interpretations thereof, and the U.S./Israel Income Tax Treaty, all as in effect as of the date hereof and all of which are subject to
change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek a ruling from the IRS
with regard to the U.S. federal income tax treatment of an investment in our Ordinary Shares or ADSs by U.S. Holders and, therefore,
can provide no assurances that the IRS will agree with the conclusions set forth below.
This
discussion does not address all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based
on such holder's particular circumstances and in particular does not discuss any estate, gift, generation-skipping, transfer, state,
local, excise or foreign tax considerations. In addition, this discussion does not address the U.S. federal income tax treatment of a
U.S. Holder who is: (1) a bank, life insurance company, regulated investment company, or other financial institution or "financial
services entity;" (2) a broker or dealer in securities or foreign currency; (3) a person who acquired our Ordinary Shares or ADSs
in connection with employment or other performance of services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax;
(5) a U.S. Holder that holds our Ordinary Shares or ADSs as a hedge or as part of a hedging, straddle, conversion or constructive sale
transaction or other risk-reduction transaction for U.S. federal income tax purposes; (6) a tax-exempt entity; (7) real estate investment
trusts or grantor trusts; (8) a U.S. Holder that expatriates out of the United States or a former long-term resident of the United States;
or (9) a person having a functional currency other than the U.S. dollar. This discussion does not address the U.S. federal income tax
treatment of a U.S. Holder that owns, directly or constructively, at any time, Ordinary Shares or ADSs representing 10% or more of our
voting power. Additionally, the U.S. federal income tax treatment of partnerships (or other pass-through entities) or persons who hold
Ordinary Shares or ADSs through a partnership or other pass-through entity are not addressed.
80
Each
prospective investor is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing,
holding or disposing of our Ordinary Shares or ADSs, including the effects of applicable state, local, foreign or other tax laws and
possible changes in the tax laws.
Taxation
of Dividends Paid on Ordinary Shares or ADSs
We
do not intend to pay dividends in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under
the heading "Passive Foreign Investment Companies" below and the discussion of "qualified dividend income" below,
a U.S. Holder, other than certain U.S. Holder's that are U.S. corporations, will be required to include in gross income as ordinary
income the amount of any distribution paid on Ordinary Shares or ADSs (including the amount of any Israeli tax withheld on the date of
the distribution), to the extent that such distribution does not exceed our current and accumulated earnings and profits, as determined
for U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings and profits will be treated first as a
non-taxable return of capital, reducing the U.S. Holder's tax basis for the Ordinary Shares to the extent thereof, and then capital
gain. We do not expect to maintain calculations of our earnings and profits under U.S. federal income tax principles and, therefore,
U.S. Holders should expect that the entire amount of any distribution generally will be reported as dividend income.
In
general, preferential tax rates for "qualified dividend income" and long-term capital gains are applicable for U.S. Holders
that are individuals, estates or trusts. For this purpose, "qualified dividend income" means, inter alia, dividends received
from a "qualified foreign corporation." A "qualified foreign corporation" is a corporation that is entitled to
the benefits of a comprehensive tax treaty with the United States which includes an exchange of information program. The IRS has stated
that the Israel/U.S. Tax Treaty satisfies this requirement and we believe we are eligible for the benefits of that treaty.
In
addition, our dividends will be qualified dividend income if our Ordinary Shares or ADSs are readily tradable on the Nasdaq Capital Market
or another established securities market in the United States. Dividends will not qualify for the preferential rate if we are treated,
in the year the dividend is paid or in the prior year, as a PFIC, as described below under "Passive Foreign Investment Companies."
A U.S. Holder will not be entitled to the preferential rate: (1) if the U.S. Holder has not held our Ordinary Shares or ADSs for at least
61 days of the 121 day period beginning on the date which is 60 days before the ex-dividend date, or (2) to the extent the U.S. Holder
is under an obligation to make related payments on substantially similar property. Any days during which the U.S. Holder has diminished
its risk of loss on our Ordinary Shares or ADSs are not counted towards meeting the 61-day holding period. Finally, U.S. Holders who
elect to treat the dividend income as "investment income" pursuant to Code section 163(d)(4) will not be eligible for the
preferential rate of taxation.
The
amount of a distribution with respect to our Ordinary Shares or ADSs will be measured by the amount of the fair market value of any property
distributed, and for U.S. federal income tax purposes, the amount of any Israeli taxes withheld therefrom. Cash distributions paid by
us in NIS will be included in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange in effect on the
date the dividend is includible in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such NIS for U.S. federal
income tax purposes equal to such U.S. dollar value. If the U.S. Holder subsequently converts the NIS into U.S. dollars or otherwise
disposes of it, any subsequent gain or loss in respect of such NIS arising from exchange rate fluctuations will be U.S. source ordinary
exchange gain or loss.
Taxation
of the Disposition of Ordinary Shares or ADSs
Except
as provided under the PFIC rules described below under "Passive Foreign Investment Companies," upon the sale, exchange or
other disposition of our Ordinary Shares or ADSs, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference
between such U.S. Holder's tax basis for the Ordinary Shares or ADSs in U.S. dollars and the amount realized on the disposition
in U.S. dollar (or its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the
amount realized is denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of Ordinary
Shares or ADSs will be long-term capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the
disposition. Individuals who recognize long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital
losses is subject to various limitations.
81
Passive
Foreign Investment Companies
Special
U.S. federal income tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for
U.S. federal income tax purposes for any taxable year that either:
●
75% or more of our gross
    income (including our pro rata share of gross income for any company, in which we are considered to own 25% or more of the shares
    by value), in a taxable year is passive; or
●
At least 50% of our assets,
    averaged over the year and generally determined based upon fair market value (including our pro rata share of the assets of any company
    in which we are considered to own 25% or more of the shares by value) are held for the production of, or produce, passive income.
For
this purpose, passive income generally consists of dividends, interest, rents, royalties, annuities and income from certain commodities
transactions and from notional principal contracts. Cash is treated as generating passive income.
We
believe that we will not be a PFIC for the current taxable year, and we do not expect to become a PFIC in the future, although there
can be no assurance in this regard. The tests for determining PFIC status are applied annually, and it is difficult to make accurate
projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on
the market value of our Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will not become a PFIC.
If
we currently are or become a PFIC, each U.S. Holder who has not elected to mark the shares to market (as discussed below), would, upon
receipt of certain distributions by us and upon disposition of our Ordinary Shares or ADSs at a gain: (1) have such distribution or gain
allocated ratably over the U.S. Holder's holding period for the Ordinary Shares or ADSs, as the case may be; (2) the amount allocated
to the current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as
ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in
effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with
respect to the resulting tax attributable to each such other taxable year. In addition, when shares of a PFIC are acquired by reason
of death from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up to fair market value as of
the date of the decedent's death, but instead would be equal to the decedent's basis if lower, unless all gain were recognized
by the decedent. Indirect investments in a PFIC may also be subject to these special U.S. federal income tax rules.
The
PFIC rules described above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has
held the Ordinary Shares or ADSs while we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S.
Holder who has made such a QEF election is required for each taxable year that we are a PFIC to include in income such U.S. Holder's
pro rata share of our ordinary earnings as ordinary income and such U.S. Holder's pro rata share of our net capital gains as long-term
capital gain, regardless of whether we make any distributions of such earnings or gain. In general, a QEF election is effective only
if we make available certain required information. The QEF election is made on a shareholder-by-shareholder basis and generally may be
revoked only with the consent of the IRS. We do not intend to notify U.S. Holders if we believe we will be treated as a PFIC for any
tax year. In addition, we do not intend to furnish U.S. Holders annually with information needed in order to complete IRS Form 8621 and
to make and maintain a valid QEF election for any year in which we or any of our subsidiaries are a PFIC. Therefore, the QEF election
will not be available with respect to our Ordinary Shares or ADSs.
In
addition, the PFIC rules described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder
of our Ordinary Shares or ADSs which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to
mark the Ordinary Shares or ADSs to market annually, recognizing as ordinary income or loss each year an amount equal to the difference
as of the close of the taxable year between the fair market value of the Ordinary Shares or ADSs and the U.S. Holder's adjusted
tax basis in the Ordinary Shares or ADSs. Losses are allowed only to the extent of net mark-to-market gain previously included income
by the U.S. Holder under the election for prior taxable years.
82
U.S.
Holders who hold our Ordinary Shares or ADSs during a period when we are a PFIC will be subject to the foregoing rules, even if we cease
to be a PFIC. U.S. Holders are strongly urged to consult their tax advisors about the PFIC rules.
Tax
on Net Investment Income
U.S.
Holders who are individuals, estates or trusts will generally be required to pay a 3.8% Medicare tax on their net investment income (including
dividends on and gains from the sale or other disposition of our Ordinary Shares or ADSs), or in the case of estates and trusts on their
net investment income that is not distributed. In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder's
total adjusted income exceeds applicable thresholds.
Tax
Consequences for Non-U.S. Holders of Ordinary Shares or ADSs
Except
as provided below, an individual, corporation, estate or trust that is not a U.S. Holder referred to below as a non-U.S. Holder, generally
will not be subject to U.S. federal income or withholding tax on the payment of dividends on, and the proceeds from the disposition of,
our Ordinary Shares or ADSs.
A
non-U.S. Holder may be subject to U.S. federal income tax on a dividend paid on our Ordinary Shares or ADSs or gain from the disposition
of our Ordinary Shares or ADSs if: (1) such item is effectively connected with the conduct by the non-U.S. Holder of a trade or business
in the United States and, if required by an applicable income tax treaty is attributable to a permanent establishment or fixed place
of business in the United States; or (2) in the case of a disposition of our Ordinary Shares or ADSs, the individual non-U.S. Holder
is present in the United States for 183 days or more in the taxable year of the disposition and other specified conditions are met.
In
general, non-U.S. Holders will not be subject to backup withholding with respect to the payment of dividends on our Ordinary Shares or
ADSs if payment is made through a paying agent, or office of a foreign broker outside the United States. However, if payment is made
in the United States or by a U.S. related person, non-U.S. Holders may be subject to backup withholding, unless the non-U.S. Holder provides
an applicable IRS Form W-8 (or a substantially similar form) certifying its foreign status, or otherwise establishes an exemption.
The
amount of any backup withholding from a payment to a non-U.S. Holder will be allowed as a credit against such holder's U.S. federal
income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.
Information
Reporting and Withholding
A
U.S. Holder may be subject to backup withholding at a rate of 24% with respect to cash dividends and proceeds from a disposition of Ordinary
Shares or ADSs. In general, backup withholding will apply only if a U.S. Holder fails to comply with specified identification procedures.
Backup withholding will not apply with respect to payments made to designated exempt recipients, such as corporations and tax-exempt
organizations. Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability
of a U.S. Holder, provided that the required information is timely furnished to the IRS.
Pursuant
to recently enacted legislation, a U.S. Holder with interests in "specified foreign financial assets" (including, among other
assets, our Ordinary Shares or ADSs, unless such Ordinary Shares or ADSs are held on such U.S. Holder's behalf through a financial
institution) may be required to file an information report with the IRS if the aggregate value of all such assets exceeds $50,000 on
the last day of the taxable year or $75,000 at any time during the taxable year (or such higher dollar amount as may be prescribed by
applicable IRS guidance); and may be required to file a Report of Foreign Bank and Financial Accounts, or FBAR, if the aggregate value
of the foreign financial accounts exceeds $10,000 at any time during the calendar year. You should consult your own tax advisor as to
the possible obligation to file such information report.
F.
Dividends and Paying
    Agents.
Not
applicable.
83
G.
Statement by Experts.
Not
applicable.
H.
Documents on Display.
We
are subject to the information reporting requirements of the Exchange Act, applicable to foreign private issuers and under those requirements
file reports with the SEC. The SEC maintains an Internet website that contains reports and other information regarding issuers that file
electronically with the SEC. Our filings with the SEC are also available to the public through the SEC's website at www.sec.gov.
As
a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports
and financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the
Exchange Act. However, we file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by
the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and
may submit to the SEC, on a Form 6-K, unaudited quarterly financial information.
In
addition, since our Ordinary Shares are traded on the TASE, we have filed Hebrew language periodic and immediate reports with, and furnish
information to, the TASE and the ISA, as required under Chapter Six of the Securities Law. Copies of our filings with the ISA, can be
retrieved electronically through the MAGNA distribution site of the ISA (www.magna.isa.gov.il) and the TASE's MAYA website (https://maya.tase.co.il).
We
maintain a corporate website www.foresightauto.com. Information contained on, or that can be accessed through, our website and the other
websites referenced above do not constitute a part of this annual report on Form 20-F. We have included these website addresses in this
annual report on Form 20-F solely as inactive textual references.
I.
Subsidiary Information.
Not
applicable.
J.
Annual Report to Security
    Stockholders.
Not
applicable.
ITEM
11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
In
the ordinary course of our operations, we are exposed to certain market risks, primarily changes in foreign currency exchange rates and
interest rates.
Quantitative
and Qualitative Disclosure About Market Risk
We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our current investment policy is to invest available cash in bank
deposits with banks that have a credit rating of at least A-minus. Accordingly, a substantial majority of our cash and cash equivalents
is held in deposits that bear interest. Given the current low rates of interest we receive, we will not be adversely affected if such
rates are reduced. Our market risk exposure is primarily a result of NIS/U.S. dollar exchange rates, which is discussed in detail in
the following paragraph.
84
Foreign
Currency Exchange Risk
Our
results of operations and cash flow are subject to fluctuations due to changes in NIS/U.S. dollar currency exchange rates. The vast majority
of our liquid assets is held in NIS, and a certain portion of our expenses is denominated in U.S. dollars. Changes of 5% and 10% in the
U.S. dollar/NIS exchange rate would increase/decrease our operating expenses for 2023 by 1.6% and 3.2%, respectively. However, these
historical figures may not be indicative of future exposure, as we expect that the percentage of our NIS denominated expenses will materially
decrease in the near future, therefore reducing our exposure to exchange rate fluctuations.
We
do not hedge our foreign currency exchange risk. In the future, we may enter into formal currency hedging transactions to decrease the
risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures, however, may
not adequately protect us from the material adverse effects of such fluctuations.
ITEM
12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities.
Not
applicable.
B.
Warrants and rights.
Not
applicable.
C.
Other Securities.
Not
applicable.
D.
American Depositary
    Shares.
Fees
and Expenses
The
following table shows the fees and expenses that a holder of the ADSs may have to pay, either directly or indirectly:
Persons
    depositing or withdrawing shares or ADS holders must pay:
For:
$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs).
Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property.
Cancellation of ADSs for
    the purpose of withdrawal, including if the deposit agreement terminates.
$.05
    (or less) per ADS.
Any cash distribution to
    ADS holders.
A fee equivalent to the
    fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs.
Distribution of securities
    distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders.
$.05
    (or less) per ADS per calendar year.
Depositary services.
Registration
    or transfer fees.
Transfer and registration
    of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares.
85
Expenses
    of the depositary.
Cable
    and facsimile transmissions (when expressly provided in the deposit agreement).
Converting
    foreign currency to U.S. dollars.
Taxes and other governmental
    charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty
    or withholding taxes.
As necessary.
Any charges incurred by
    the depositary or its agents for servicing the deposited securities.
As necessary.
The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.
From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.
The
depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the
method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's obligations
under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.
PART
II
ITEM
13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not
applicable.
ITEM
14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not
applicable.
ITEM
15.
CONTROLS AND PROCEDURES
(a)
Disclosure Controls and Procedures
Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our
disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31,
2023, or the Evaluation Date. Based on such evaluation, those officers have concluded that, as of the Evaluation Date, our disclosure
controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to
be included in periodic filings under the Exchange Act and that such information is accumulated and communicated to management, including
our principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.
86
(b)
Management's Annual Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive
Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting
based principally on the framework and criteria established in Internal Control - Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission as of the end of the period covered by this report. Based on that evaluation,
our management has concluded that our internal control over financial reporting was effective as of December 31, 2023, at providing reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.
(c)
Attestation Report of the Registered Public Accounting Firm
This
annual report does not include an attestation report of our independent registered public accounting firm regarding internal control
over financial reporting due to an exemption for emerging growth companies provided in the JOBS Act.
(d)
Changes in Internal Control over Financial Reporting
During
the year ended December 31, 2023, there were no changes in our internal control over financial reporting that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our
Board has determined that each member of our audit committee is an audit committee financial expert, as defined under the rules under
the Exchange Act, and is independent in accordance with applicable Exchange Act rules and Nasdaq rules.
ITEM
16B. CODE OF ETHICS
We
have adopted a written code of ethics that applies to our officers and employees, including our principal executive officer, principal
financial officer, principal controller and persons performing similar functions as well as our directors. Our Ethical Code is posted
on our website at www.foresightauto.com. Information contained on, or that can be accessed through, our website does not constitute a
part of this annual report on Form 20-F and is not incorporated by reference herein. If we make any amendment to the Code of Business
Conduct and Ethics or grant any waivers, including any implicit waiver, from a provision of the code, we will disclose the nature of
such amendment or waiver on our website to the extent required by the rules and regulations of the SEC including the instructions to
Item 16B of Form 20-F. We have not granted any waivers under our Code of Business Conduct and Ethics.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Brightman
Almagor Zohar & Co., a firm in the Deloitte Global Network, has served as our principal independent registered public accounting
firm for each of the two years ended December 31, 2022 and 2023.
87
The
following table provides information regarding fees paid by us to Brightman Almagor Zohar & Co. and/or other member firms of Deloitte
Touche Tohmatsu Limited for all services, including audit services, for the years ended December 31, 2023 and 2022:
Year Ended
December 31,
2023
2022
Audit fees
(1)
$
66,225
$
68,201
Audit-Related Fees
(2)
15,000
15,000
Tax Fees
(3)
-
35,735
Total
$
81,225
$
118,936
(1)
Includes professional
    services rendered in connection with the audit of our annual financial statements, review of our interim financial statements and
    tax returns.
All of the services provided were approved by audit committee and by our Board.
(2)
Includes a consent and
    a comfort letter. All of the services provided were approved by the audit committee and by our Board.
(3)
Include representation
    before the Israeli tax authority with regard to the transfer of Eye-Net shares to the company, as well as representation before the
    Israeli VAT authority in connection with an audit. All of the services were approved by the audit committee and by our Board.
Pre-Approval
of Auditors' Compensation
Our
audit committee has a pre-approval policy for the engagement of our independent registered public accounting firm to perform certain
audit and non-audit services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence
of our auditors, the audit committee pre-approves annually a catalog of specific audit and non-audit services in the categories of audit
services, audit-related services and tax services that may be performed by our independent registered public accounting firm. If a type
of service, that is to be provided by our auditors, has not received such general pre-approval, it will require specific pre-approval
by our audit committee. The policy prohibits retention of the independent registered public accounting firm to perform the prohibited
non-audit functions defined in applicable SEC rules.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
ITEM
16G. CORPORATE GOVERNANCE
Under
Nasdaq Stock Market rules, we may elect to follow certain corporate governance practices permitted under the Companies Law in lieu of
compliance with corresponding corporate governance requirements otherwise imposed by the Nasdaq Stock Market rules for U.S. domestic
issuers.
In
accordance with Israeli law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market rules, we have
elected to follow the provisions of the Companies Law, rather than the Nasdaq Stock Market rules, with respect to the following requirements:
●
Distribution of periodic
    reports to shareholders; proxy solicitation.
As opposed to the Nasdaq Stock Market rules, which require listed issuers to make
    such reports available to shareholders in one of a number of specific manners, Israeli law does not require us to distribute periodic
    reports directly to shareholders, and the generally accepted business practice in Israel is not to distribute such reports to shareholders
    but to make such reports available through a public website. In addition to making such reports available on a public website, we
    currently make our audited financial statements available to our shareholders at our offices and will only mail such reports to shareholders
    upon request. As a foreign private issuer, we are generally exempt from the SEC's proxy solicitation rules.
88
●
Quorum
. While the
    Nasdaq Stock Market rules require that the quorum for purposes of any meeting of the holders of a listed company's common voting
    stock, as specified in the company's bylaws, be no less than 1/3 of the company's outstanding common voting stock, under
    Israeli law, a company is entitled to determine in its articles of association the number of shareholders and percentage of holdings
    required for a quorum at a shareholders meeting. Our amended and restated articles of association provide that a quorum of two or
    more shareholders holding at least 1/3 of the voting rights in person or by proxy is required for commencement of business at a general
    meeting. However, the quorum set forth in our amended and restated articles of association with respect to an adjourned meeting consists
    of any number of shareholders present in person or by proxy.
●
Nomination of our directors.
With the exception of directors elected by our Board, our directors are elected by an annual meeting of our shareholders to hold
    office until the next annual meeting following one year from his or her election (or for three-year term, with respect to external
    directors, with certain exceptions as described in "Item 6. C. Board Practices - External Directors" above), or until
    the director resigns from his office or the nomination is terminated in accordance with the provisions of our articles of association.
    The nominations for directors, which are presented to our shareholders by our Board, are generally made by the Board itself, in accordance
    with the provisions of our amended and restated articles of association and the Companies Law. Nominations need not be made by a
    nominating committee of our Board consisting solely of independent directors, as required under the Nasdaq Stock Market rules.
●
Compensation of officers.
Israeli law and our amended and restated articles of association do not require that the independent members of our Board (or
    a compensation committee composed solely of independent members of our Board) determine an executive officer's compensation,
    as is generally required under the Nasdaq Stock Market rules with respect to the chief executive officer and all other executive
    officers. Instead, compensation of executive officers is determined and approved by our compensation committee and our Board, and
    in certain circumstances by our shareholders, either in consistency with our office holder compensation policy or, in special circumstances
    in deviation therefrom, taking into account certain considerations stated in the Companies Law.
Shareholder
approval is generally required for officer compensation in the event (i) approval by our Board and our compensation committee is not
consistent with our office holder compensation policy, or (ii) compensation required to be approved is that of our chief executive officer
or an executive officer who is also the controlling shareholder of our company (including an affiliate thereof). Such shareholder approval
shall require a majority vote of the shares present and voting at a shareholders meeting, provided either (i) such majority includes
a majority of the shares held by non-controlling shareholders who do not otherwise have a personal interest in the compensation arrangement
that are voted at the meeting, excluding for such purpose any abstentions disinterested majority, or (ii) the total shares held by non-controlling
and disinterested shareholders voted against the arrangement does not exceed 2% of the voting rights in our company.
Additionally,
approval of the compensation of an executive officer who is also a director requires a simple majority vote of the shares present and
voting at a shareholders meeting, if consistent with our office holder compensation policy. Our compensation committee and board of directors
may, in special circumstances, approve the compensation of an executive officer (other than a director, a chief executive officer or
a controlling shareholder) or approve the compensation policy despite shareholders' objection, based on specified arguments and
taking shareholders' objection into account. Our compensation committee may further exempt an engagement with a nominee for the
position of chief executive officer, who meets the non-affiliation requirements set forth for an external director, from requiring shareholder
approval, if such engagement is consistent with our office holder compensation policy and our compensation committee determines based
on specified arguments that presentation of such engagement to shareholder approval is likely to prevent such engagement. To the extent
that any such transaction with a controlling shareholder is for a period exceeding three years, approval is required once every three
years.
89
A
director or executive officer may not be present when the board of directors of a company discusses or votes upon a transaction in which
he or she has a personal interest, except in case of ordinary transactions, unless the chairman of the board of directors determines
that he or she should be present to present the transaction that is subject to approval.
●
Independent directors.
Israeli law does not require that a majority of the directors serving on our Board be "independent," as defined under
    Nasdaq Listing Rule 5605(a)(2), and rather requires we have at least two external directors who meet the requirements of the Companies
    Law, as described above under "Item 6. C. Board Practices – External Directors." Notwithstanding Israeli law, we
    believe that a majority of our directors are currently "independent" under the Nasdaq Stock Market rules. We are required,
    however, to ensure that all members of our audit committee are "independent" under the applicable Nasdaq and SEC criteria
    for independence (as we cannot exempt ourselves from compliance with that SEC independence requirement, despite our status as a foreign
    private issuer), and we must also ensure that a majority of the members of our audit committee are "unaffiliated directors"
    as defined in the Companies Law. Furthermore, Israeli law does not require, nor do our independent directors conduct, regularly scheduled
    meetings at which only they are present, which the Nasdaq Stock Market rules otherwise require.
●
Shareholder approval.
We will seek shareholder approval for all corporate actions requiring such approval under the requirements of the Companies Law,
    rather than seeking approval for corporation actions in accordance with Nasdaq Listing Rule 5635. In particular, under this Nasdaq
    Stock Market rule, shareholder approval is generally required for: (i) an acquisition of shares/assets of another company that involves
    the issuance of 20% or more of the acquirer's shares or voting rights or if a director, officer or 5% shareholder has greater
    than a 5% interest in the target company or the consideration to be received; (ii) the issuance of shares leading to a change of
    control; (iii) adoption/amendment of equity compensation arrangements (although under the provisions of the Companies Law there is
    no requirement for shareholder approval for the adoption/amendment of the equity compensation plan); and (iv) issuances of 20% or
    more of the shares or voting rights (including securities convertible into, or exercisable for, equity) of a listed company via a
    private placement (and/or via sales by directors/officers/5% shareholders) if such equity is issued (or sold) below a specified minimum
    price. By contrast, under the Companies Law, shareholder approval is required for, among other things: (i) transactions with directors
    concerning the terms of their service or indemnification, exemption and insurance for their service (or for any other position that
    they may hold at a company), for which approvals of the compensation committee, board of directors and shareholders are all required,
    subject to applicable relief, (ii) extraordinary transactions with controlling shareholders of publicly held companies, which require
    the special approval, and (iii) terms of employment or other engagement of the controlling shareholder of us or such controlling
    shareholder's relative, which require special approval. In addition, under the Companies Law, a merger requires approval of
    the shareholders of each of the merging companies.
●
Approval of Related
    Party Transactions
. All related party transactions are approved in accordance with the requirements and procedures for approval
    of interested party acts and transaction as set forth in the Companies Law, which requires the approval of the audit committee, or
    the compensation committee, as the case may be, the board of directors and shareholders, as may be applicable, for specified transactions,
    rather than approval by the audit committee or other independent body of our Board as required under the Nasdaq Stock Market rules.
●
Annual Shareholders
    Meeting.
As opposed to the Nasdaq Stock Market Rule 5620(a), which mandates that a listed company hold its annual shareholders
    meeting within one year of the company's fiscal year-end, we are required, under the Companies Law, to hold an annual shareholder
    meeting each calendar year and within 15 months of the last annual shareholders meeting.
90
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
ITEM
16J. INSIDER TRADING POLICIES
Not
applicable.
ITEM
16K. CYBERSECURITY.
Our
Board recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees.
The Board is actively involved in oversight of our risk management program, and cybersecurity represents an important component of our
overall approach to risk management. Our cybersecurity policies, standards, processes and practices are fully integrated into our risk
management program and are based on recognized frameworks established by the National Institute of Standards and Technology, the International
Organization for Standardization and other applicable industry standards. The Board has invested resources to ensure and implement best
practices information technology tools and methodologies such: firewall security, cyber security tools, DRP, BCP, MSSP and SOC services.
In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the
confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity
threats and effectively responding to cybersecurity incidents when they occur. We have appointed a skilled Chief Information Security
Officer ("CISO"), to monitor and manage the cyber security methodologies and tools and periodically conduct system penetration
tests to identify weaknesses in its security envelope.
The
Company is ISO/IEC 27001 certified - ISO/IEC 27001 is the world's best-known standard for information security management systems
(ISMS). The ISO/IEC 27001 standard provides the Company guidance for establishing, implementing, maintaining, and continually improving
an information security management system. Conformity with ISO/IEC 27001 means that the Company puts in place a system to manage risks
related to the security of data owned or handled by the Company, and that this system respects all the best practices and principles
enshrined in this International Standard.
Risk
Management and Strategy
As
part of the critical elements of our overall risk management approach, our cybersecurity program is focused on the following key areas:
●
Governance:
    As discussed in more detail under the heading "Governance," The Board's oversight of cybersecurity risk management
    is supported by the Audit Committee of the Board (the "Audit Committee"), which annually, and when relevant, periodically
    interacts with the Company's ERM
function,
    the Company's Vice President of Global Operations and CISO, other members of management and relevant management committees
    and councils, including management's Cybersecurity Council.
●
The
    Company has appointed a certified CISO function, dedicated to review and set the relevant cyber security policies
●
Collaborative
    Approach: The Company has implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity
    threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity
    incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely
    manner. This includes advanced methodologies and tools such as firewall security, cyber security tools, DRP, BCP, MSSP and SOC services.
●
Technical
    Safeguards: The Company deploys technical safeguards that are designed to protect the Company's information systems from cybersecurity
    threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are
    evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.
91
●
Penetration
    Tests: The Company conducts annual extensive penetration tests, by authorized 3rd parties which are certified and highly skilled
    to perform such penetration tests in order to identify potential security weaknesses. The results of such testing protocols are presented
    to the Cybersecurity Council and operative actions are approved in order to ensure and applications for cyber security best practices.
●
Regulations
    and Standards: The Company is ISO/IEC 27001 certified and promotes a holistic approach to information security such as vetting people,
    policies, and technology. An information security management system implemented according to this standard is a tool for risk management,
    cyber-resilience, and operational excellence.
●
Incident
    Response and Recovery Planning: The Company has established and maintains comprehensive incident response and recovery plans that
    fully address the Company's response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis.
●
Third-Party
    Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented
    by third parties, including vendors, service providers and other external users of the Company's systems, as well as the systems
    of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.
●
Education
    and Awareness: The Company provides regular, mandatory training for personnel regarding cybersecurity threats as a means to equip
    the Company's personnel with effective tools to address cybersecurity threats, and to communicate the Company's evolving
    information security policies, standards, processes and practices.
●
The
    Company has implemented an extensive Disaster Recovery Plan ("DRP") in order to ensure a business continuity plan, in
    situations which its main information technology systems are shutdown or out of operation due to cyber security attack.
●
Security
    awareness: The Company is implementing a security awareness program. The CISO and security professionals educate employees and stakeholders
    on the importance of cybersecurity and data privacy. The ultimate objective is to enhance security awareness among employees and
    reduce the risks associated with cyberthreats. In crafting security awareness training program, the Company emphasizes to employees
    the criticality of protecting the organization and provide an overview of the corresponding corporate policies and procedures that
    covers a secured work environment and whom to contact if they discover a potential threat.
●
The
    Company holds a cybersecurity insurance policy which covers, amongst other, the financial and professional support in cybersecurity
    incidents, income lost coverage and extensive support in an incident of ransom.
We
engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity
threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling,
vulnerability testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We regularly
engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits
and independent reviews of our information security control environment and operating effectiveness. The results of such assessments,
audits and reviews are periodically reported to the Audit Committee and the Board, and we adjust our cybersecurity policies, standards,
processes and practices as necessary based on the information provided by these assessments, audits and reviews.
Governance
The
Board, in coordination with the Audit Committee, oversees our risk management process, including the management of risks arising from
cybersecurity threats. The Board and the audit Committee each receive annual, and when relevant, periodic presentations and reports on
cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments,
third-party and independent reviews, the threat environment, technological trends and information security considerations arising with
respect to our peers and third parties. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity
incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
On an annual basis, the Board and the Audit Committee discuss our approach to cybersecurity risk management with the members of the Cybersecurity
Council, which includes the Vice President of Global Operations and the CISO.
92
The
CISO, in coordination with the Company's Chief Executive Officer ("CEO"), Chief Financial Officer ("CFO")
and Vice President of Global Operations, works collaboratively across the Company to implement a program designed to protect the Company's
information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company's
incident response and recovery plans. To facilitate the success of the Company's cybersecurity risk management program, multidisciplinary
teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing
communications with these teams, the CISO monitors the prevention, detection, mitigation and remediation of cybersecurity threats and
incidents in real time, and report such threats and incidents to the Vice President of Global Operations and other Management members
when appropriate.
Mr.
Yogev Klien is a skilled CISO manager with more than 15 years of experience in information technology, data security and cyber security
and has wide experience in applications, tools and methodologies implementation in in various companies.
Cybersecurity
threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to affect
the Company, including its business strategy, results of operations or financial condition.
PART
III
ITEM
17.
FINANCIAL STATEMENTS
We
have elected to provide financial statements and related information pursuant to Item 18.
ITEM
18.
FINANCIAL STATEMENTS
The
consolidated financial statements and the related notes required by this Item are included in this annual report on Form 20-F beginning
on page F-1.
ITEM
19.
EXHIBITS.
Exhibit
Description
1.1
Articles of Association of Foresight Autonomous Holdings Ltd. (unofficial English translation from Hebrew original), filed as part of Exhibit 99.1.to Form 6-K filed on August 16, 2019, and incorporated herein by reference.
2.1
Form of Deposit Agreement among Foresight Autonomous Holdings Ltd., The Bank of New York Mellon as Depositary, and owners and holders from time to time of ADSs issued thereunder, including the Form of American Depositary Shares, filed as Exhibit 2.1 to form 20-F (File No. 001-38094) filed on March 27, 2018, and incorporated herein by reference.
2.2
Description of Securities, filed as Exhibit 2.2 to form 20-F (File No. 001-38094) filed on March 30, 2021, and incorporated herein by reference.
4.1
Service Agreement dated January 5, 2016, by and between the Company and Magna B.S.P. Ltd. (unofficial English translation from Hebrew original), filed as exhibit 4.3 to form 20-F (File No. 001-38094) filed on March 27, 2018, and incorporated by reference.
4.2
Second Addendum to the Service Agreement dated January 5, 2016, by and between the Company and Magna B.S.P. Ltd. (unofficial English translation from Hebrew original), filed as Exhibit 4.5 to form 20-F (File No. 001-38094), filed on March 31, 2022, and incorporated herein by reference.
93
4.3
Third Addendum to the Service Agreement dated January 5, 2016, by and between the Company and Magna B.S.P. Ltd. (unofficial English translation from Hebrew original), dated December 18, 2023 (filed herewith).
4.4
Foresight Autonomous Holdings Ltd. (2016) Equity Incentive Plan (unofficial English translation from Hebrew original), filed as Exhibit 4.6 to form 20-F (File No. 001-38094) filed on March 27, 2018, and incorporated herein by reference.
4.5
Amended Compensation Policy, dated March 31, 2022, filed as Exhibit 4.10 to form 20-F (File No. 001-38094), filed on March 31, 2022, and incorporated herein by reference.
4.6
Participation Agreement by and between Foresight Automotive Ltd. and the Administrative Office of China Israel Changzhou Innovation Park, dated January 13, 2022, filed as Exhibit 4.12 to form 20-F (File No. 001-38094), filed on March 31, 2022, and incorporated herein by reference.
8.1
List of Subsidiaries, filed as Exhibit 8.1 to form 20-F (File No. 001-38094), filed on March 31, 2022, and incorporated herein by reference.
12.1
Certification of the Chief Executive Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934 (filed herewith).
12.2
Certification of the Chief Financial Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934 (filed herewith).
13.1
Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, furnished herewith.
13.2
Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, furnished herewith.
15.1
Consent of Brightman Almagor Zohar & Co., independent registered public accounting firm (filed herewith).
97.1
Clawback Policy
101
The following financial
    information from the Registrant's Annual Report on Form 20-F for the year ended December 31, 2023, formatted in iXBRL (Inline
    eXtensible Business Reporting Language): (i) Consolidated Balance sheets; (ii) Consolidated Statements of Comprehensive Loss; (iii)
    Statement of Changes in Shareholders' Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to the consolidated
    financial statements, tagged as blocks of text and in detail.
104
Cover Page Interactive
    Data File (embedded within the Inline XBRL document).
94
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on Form 20-F filed on its behalf.
FORESIGHT AUTONOMOUS HOLDINGS LTD.
Date: March 27, 2024
By:
/s/
Haim
    Siboni
Haim Siboni
Chief Executive Officer
95
Foresight
Autonomous Holdings Ltd.
Financial
Statements
As
of December 31, 2023
Foresight
Autonomous Holdings Ltd.
Financial
Statements
As
of December 31, 2023
TABLE
OF CONTENTS
Page
Report of Independent Registered Public Accounting Firm
(PCAOB ID No.
1197
)
F-2
Financial
    Statements:
Consolidated Balance Sheets
F-3
Consolidated Statements of Comprehensive Loss
F-
4
Statement of Changes in Shareholders' Equity
F-5
Consolidated Statements of Cash Flows
F-6
    - F-7
Notes to the Consolidated Financial Statements
F-8
    - F-24
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the shareholders and the Board of Directors of
FORESIGHT
AUTONOMOUS HOLDINGS LTD.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Foresight Autonomous Holdings Ltd. and its subsidiaries (the "Company")
as of December 31, 2023 and 2022 and the related consolidated statements of comprehensive loss,  shareholders' equity
and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as
the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
Brightman Almagor Zohar & Co
.
Brightman
Almagor Zohar & Co.
Certified
Public Accountants
A
Firm in the Deloitte Global Network
Tel
Aviv, Israel
March
27, 2024
We
have served as the Company's auditor since 2016.
F-
2
Foresight
Autonomous Holdings Ltd.
Consolidated
Balance Sheets
As of
December 31
,
2023
2022
Note
USD in thousands
ASSETS
Current assets
Cash and cash equivalents
15,635
19,173
Restricted cash
99
102
Short term deposits
-
7,216
Marketable equity securities
3
474
2
Trade receivables
308
-
Other current receivables
4
531
842
Total current assets
17,047
27,335
Non-current assets
Operating lease right-of-use asset
9
1,802
2,156
Investment in equity securities
3
-
2,804
Fixed assets, net
5
461
598
Total non-current assets
2,263
5,558
TOTAL ASSETS
19,310
32,893
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables
136
315
Operating lease liability
9
468
527
Other current payables
7
1,548
1,792
Total current liabilities
2,152
2,634
Operating lease liability non-current
9
1,163
1,476
TOTAL LIABILITIES
3,315
4,110
Shareholders' equity
Ordinary shares,
no
par value; Authorized
1,000,000,000
shares; Issued and outstanding:
459,778,056
and
322,979,556
shares as of December 31, 2023, and December 31, 2022, respectively
10B
—
—
Additional paid in capital
10
135,282
129,810
Accumulated deficit
(
119,890
)
(
101,480
)
Total Foresight Autonomous Holdings Ltd. shareholders' equity
10
15,392
28,330
Non-controlling interest
603
453
Total equity
15,995
28,783
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
19,310
32,893
The
accompanying notes are an integral part of the consolidated financial statements.
F-
3
Foresight
Autonomous Holdings Ltd.
Consolidated
Statements of Comprehensive Loss
(Dollars
in thousands, except per share data)
Year ended
December 31,
2023
2022
2021
Note
USD in thousands
Revenues
11
497
550
120
Cost of revenues
143
252
67
Gross profit
354
298
53
Research and development expenses, net
12
11,587
11,534
10,170
Sales and marketing expenses
13
1,939
2,230
1,848
General and administrative expenses
14
3,119
3,989
3,980
Operating loss
16,291
17,455
15,945
Financial expenses (income), net
15
2,119
4,221
(
909
)
Net Loss
18,410
21,676
15,036
Basic and diluted loss per share (in USD)
2K
(
0.06
)
(
0.07
)
(
0.05
)
Weighted average number of shares outstanding used in computing basic and diluted loss per share - in thousands
331,350
322,817
321,356
The
accompanying notes are an integral part of the consolidated financial statements.
F-
4
Foresight
Autonomous Holdings Ltd.
Consolidated
Statements of Changes in Shareholders' Equity
Share Capital
Number of
shares
USD
Additional paid in capital
Accumulated deficit
Total Foresight
Autonomous
Holdings Ltd.
Shareholders'
equity
Non-controlling interest
Total
equity
USD in thousands
BALANCE AS OF JANUARY 1, 2021
312,760,305
—
111,739
(
64,768
)
46,971
74
47,045
CHANGES DURING 2021:
Issuance of ordinary shares, net of issuance costs
(*)
6,891,720
—
13,508
—
13,508
—
13,508
Exercise of options
1,605,402
—
57
—
57
—
57
Exercise of warrants
1,174,589
—
595
—
595
—
595
Share-based payment
220,000
—
2,310
—
2,310
154
2,464
Loss for the year
—
—
—
(
15,036
)
(
15,036
)
—
(
15,036
)
BALANCE AS OF DECEMBER 31, 2021
322,652,016
—
128,209
(
79,804
)
48,405
228
48,633
CHANGES DURING 2022:
Exercise of options
7,540
—
4
—
4
—
4
Share-based payment
320,000
—
1,597
—
1,597
225
1,822
Loss for the year
—
—
—
(
21,676
)
(
21,676
)
—
(
21,676
)
BALANCE AS OF DECEMBER 31, 2022
322,979,556
—
129,810
(
101,480
)
28,330
453
28,783
CHANGES DURING 2023:
Issuance of ordinary shares, net of issuance costs
(*)
136,798,500
—
4,181
—
4,181
—
4,181
Share-based payment
—
—
1,291
—
1,291
150
1,441
Loss for the year
—
—
—
(
18,410
)
(
18,410
)
—
(
18,410
)
BALANCE AS OF DECEMBER 31, 2023
459,778,056
—
135,282
(
119,890
)
15,392
603
15,995
(*)
Issuance costs
in the amount of $
485
and $
465
in 2023 and 2021 respectively.
The
accompanying notes are an integral part of the consolidated financial statements.
F-
5
Foresight
Autonomous Holdings Ltd.
Consolidated
Statements of Cash Flows
Year ended
December 31,
2023
2022
2021
USD in thousands
Cash flows from Operating Activities
Loss for the year
(
18,410
)
(
21,676
)
(
15,036
)
Adjustments to reconcile loss to net cash used in operating activities:
3,484
4,619
2,911
Net cash used in operating activities
(
14,926
)
(
17,057
)
(
12,125
)
Cash flows from Investing Activities
Changes in short term deposits
7,216
10,297
(
12,347
)
Purchase of fixed assets
(
124
)
(
313
)
(
235
)
Investment in SAFE
—
(
286
)
—
Investment in equity securities
—
(
715
)
—
Net cash provided by (used in) investing activities
7,092
8,983
(
12,582
)
Cash flows from Financing Activities
Issuance of ordinary shares, net of issuance costs
4,181
—
13,508
Proceeds from exercise of warrants
—
—
595
Proceeds from exercise of options
—
—
57
Net cash provided by financing activities
4,181
—
14,160
Effect of exchange rate changes on cash and cash equivalents
112
(
839
)
(
37
)
Decrease in cash and cash equivalents and restricted cash
(
3,541
)
(
8,913
)
(
10,584
)
Cash and cash equivalents and restricted cash at the beginning of the period
19,275
28,188
38,772
Cash and cash equivalents and restricted cash at the end of the period
15,734
19,275
28,188
The
accompanying notes are an integral part of the consolidated financial statements.
F-
6
Foresight
                                                                                             Autonomous Holdings Ltd.
Consolidated
Statements of Cash Flows
Year ended
December 31,
2023
2022
2021
USD in thousands
Adjustments to reconcile loss to net cash used in operating activities:
Share-based payment
1,441
1,826
2,464
Depreciation
263
218
159
Revaluation of marketable securities
2,330
2,217
30
Exchange rate changes on cash and cash equivalents
(
112
)
839
37
Changes in assets and liabilities:
Decrease (increase) in other current assets
311
(
182
)
(
259
)
Increase (decrease) in trade payables
(
179
)
62
(
138
)
Increase in trade receivables
(
308
)
-
-
Change in operating lease liability, net
(
18
)
(
289
)
(
33
)
Increase (decrease) in other payables
(
244
)
(
72
)
651
Adjustments to reconcile loss to net cash used in operating activities
3,484
4,619
2,911
Supplemental
information for Cash Flow:
Year ended
December 31,
2023
2022
2021
USD in thousands
Non-Cash Activities:
Accrued issuance costs recorded in shareholders' equity
92
—
—
Conversion of SAFE to investment in equity securities
—
286
—
The
accompanying notes are an integral part of the consolidated financial statements.
F-
7
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
NOTE
1 -
GENERAL
Foresight
Autonomous Holdings Ltd. (the "Company") was originally incorporated in Israel in September 1977 under the name "Golan
Malechet Machshevet Ltd." as a private company, and in April 1987 became a public company. In 2010, the Company changed its name
to "Asia Development (A.D.B.M.) Ltd." The Company's ordinary shares, no par value, (the "Ordinary Shares")
are traded on the Tel Aviv Stock Exchange ("TASE"). In addition, since June 15, 2017, the Company has American Depository
Shares (the "ADSs") registered with the U.S. Securities and Exchange Commission.
The ADSs are listed on The Nasdaq Capital
Market, and the ratio of the Company's Ordinary Shares to ADSs is 30:1
(see note 2K). On January 5, 2016, the Company acquired
(the "Acquisition Transaction")
100
% of the outstanding shares of Foresight Automotive Ltd. ("Foresight Ltd."),
a company incorporated in Israel, pursuant to a capital share exchange agreement dated as of October 11, 2015, among the Company, Magna
B.S.P. Ltd. ("Magna"), and Foresight Ltd. In exchange for the outstanding shares of Foresight Ltd., the Company issued to
Magna a total of
35,884,116
of the Company's Ordinary Shares representing approximately
64.50
% of the Ordinary Shares then issued
and outstanding after giving effect to the Acquisition Transaction. As a result of the Acquisition Transaction, Foresight Ltd. became
a wholly owned subsidiary of the Company as of January 5, 2016, and, subsequently to the Acquisition Transaction, the Company changed
its name to "Foresight Autonomous Holdings Ltd."
Foresight
Ltd. was established in July 2015 by Magna to transfer all of Magna's three-dimensional (3D) computer vision research and development
technology and business in the area of Advanced Driver Assistance Systems ("ADAS") to a separate entity. As part of the reorganization,
Magna transferred to Foresight Ltd. all the intellectual assets comprised mostly of know-how, software and algorithms developed by Magna.
As of December 31, 2023, Magna holds %
7.53
of the Company's shares.
Eye-Net
Mobile Ltd ("Eye-Net") was established in May 2018 by Foresight Ltd. in order to develop cellular based, beyond-line-of-sight,
accident prevention solutions. On September 15, 2022, Foresight Ltd. transferred the shares of Eye-Net to the Company, free of charge
and in accordance with the provisions of Section 104 C of the Israeli Income Tax Ordinance [New Version] 5721-1961, so that after the
transfer of the shares, the Company directly holds all of the shares of Eye-Net.
On
January 5, 2022, the Company announced the establishment of Foresight Changzhou Automotive Ltd., ("Foresight Changzhou"),
a wholly owned subsidiary of Foresight Ltd., in Jiangsu Province, China. Foresight Changzhou was established in cooperation with the
China-Israel Changzhou Innovation Park (CIP), a bi-national governmental initiative that provides a unique platform for Israeli industrial
companies seeking to enter the Chinese market.
The
Company and its subsidiaries Foresight Ltd., Eye-Net and Foresight Changzhou are collectively referred to as the "Company"
or the "Group."
The
Company is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through its
wholly owned subsidiaries, Foresight Ltd. and Eye-Net, the Company develops both "in-line-of-sight" vision systems and "beyond-line-of-sight"
accident-prevention solutions.
The
Company's vision solutions include modules of automatic calibration and dense 3D point cloud that can be applied to diverse markets
such as automotive, defense, autonomous vehicles, and heavy industrial equipment. Eye-Net's cellular-based solution suite provides
real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment
by incorporating cutting-edge artificial intelligence ("AI") technology and advanced analytics.
The
Group activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize
its technology before competitors develop similar technology. In addition, the Group is subject to risks from, among other things, competition
associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements
and limited operating history.
F-
8
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
To
date, the Company has not generated significant revenues from its activities and has incurred substantial operating losses. Management
expects the Company to continue to generate significant operational losses and to continue to fund operations primarily through the utilization
of its current financial resources, sales of its products, and through additional raises of capital. Management plans to alleviate
the concerns, most of which have already been implemented, included the sale of its investment in Rail Vision (see note 18B) and a reduction
in the monthly cash burn rate. Such plans have been incorporated into the Company's budget for the year 2024, and therefore the Company
anticipates its existing cash will be sufficient to fund its expected operating cash requirements for at least twelve months following
the date of this report.
NOTE
2 -
SIGNIFICANT ACCOUNTING POLICIES
A.
Basis of Presentation:
The
financial statements have been prepared in conformity with accounting principles generally accepted in United Sates of America ("U.S.
GAAP").
B.
Use of estimates in the preparation of financial statements:
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes. The Company's management believes that the estimates, judgment,
and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions
can affect reported amounts and disclosures made. Actual results could differ from those estimates.
C.
Financial statement in U.S. dollars:
The
functional currency of the Company is the U.S. dollar ("dollar" or "USD") since the dollar is the currency of
the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future.
Transactions
and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies
have been re-measured to dollars in accordance with the provisions of Accounting Standards Codification ("ASC") 830-10, "Foreign
Currency Translation."
All
transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in
the statement of comprehensive loss as financial income or expenses, as appropriate.
D.
Cash and cash equivalents and restricted cash:
Cash
equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as
of the date acquired.
Restricted
cash consists of deposits pledged to a bank that provided guarantee in connection with an operating lease.
F-
9
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
E.
Property and equipment:
Property
and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the
estimated useful lives of the assets, at the following annual rates:
%
Computers
    and software
15
-
33
Office
    furniture and equipment
7
Leasehold
    improvements
Over
    the shorter of the related lease period or the useful life of the asset
F.
Fair value of financial instruments:
The
carrying values of cash and cash equivalents, short term deposits, trade receivables, other current receivables, marketable equity securities,
trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments.
ASC
820, "Fair Value Measurements and Disclosures, ("ASC 820"), defines fair value as the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact. The Company also considers assumptions that market participants
would use when pricing the asset or liability, such as, inherent risk, transfer restrictions and risk of nonperformance. Hierarchical
levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows:
Level
1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level
2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities.
These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar
assets of liabilities in markets that are not active;
Level
3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or
liabilities.
The
Company's investment in equity securities is classified within Level 1 of the fair value hierarchy because its quoted price in
active market and no other assets are carried at fair value.
G.
Marketable equity securities:
In
accordance with ASC 321, marketable equity securities are recorded at fair value. The fair value is based on quoted price in active market
for the same asset. Unrealized gains and losses before the securities are sold are reported in the statement of comprehensive loss as
financial income or expenses, as appropriate.
H.
Non-marketable equity securities:
In
accordance with ASC 321, "investments — Equity Securities", ("ASC 321"), equity investments without readily
determinable fair value can be carried at cost minus impairment, if the measurement alternative was elected. When an observable price
change in orderly transactions for the identical or a similar investment of the same issuer has occurred, the Company elects to carry
those equity investments at fair value as of the date that the observable price change occurred.
F-
10
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
I.
Leases:
Operating
leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in the Company's
consolidated balance sheet. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities
represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were
recognized based on the present value of the remaining lease payments over the lease term. When the Company's lease did not provide
an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The implicit
rate within the operating leases is generally not reasonably determinable, therefore, the Company uses the Incremental Borrowing Rate
("IBR") based on the information available at commencement date in determining the present value of lease payments. The Company's
IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments
where the leased asset is located. The operating lease ROU asset excludes lease incentives. The lease terms may include options to
extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments
is recognized on a straight-line basis over the lease term.
The
Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such
as real estate assets , the Company accounts for the lease and non-lease components as a single lease component.
The
Company has made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for
facilities and equipment. Instead, the Company recognizes the lease payments in the consolidated statement of operations on a straight-line
basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.
J.
Share-based compensation:
The
Company applies ASC 718-10, "Share-Based Payment," ("ASC 718-10"), which requires the measurement and recognition
of compensation expenses for all share-based payment awards made to employees and directors including share options granted under the
Company's incentive share option plan based on estimated fair values.
ASC
718-10 requires companies to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of
the share-based payment award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the
Company's statements of comprehensive loss.
The
Company's and the Company's subsidiary, Eye-Net, granted options are recorded as an Additional Paid in Capital and as Non-Controlling
Interest, respectively, in the Consolidated Statements of Changes in Shareholders' Equity.
The
Company accounts for share-based compensation expense based on estimated grant date fair value, using the Black-Scholes option-pricing
model. The fair value is recognized as an expense in the consolidated financial statements over the requisite service periods. For performance-based
grants, the Company recognizes compensation costs for grants that are expected to vest based on whether performance criteria are expected
to be met. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require
the input of subjective assumptions, including the expected term and the expected price volatility of the underlying share. The Company
estimates the expected term assumption using the "simplified" method. In determining the Company's expected share price
volatility assumption, the Company reviews the historical and implied volatility of the Company's Ordinary Shares.
The
Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on
the yield from governmental zero-coupon bonds with an equivalent term.
F-
11
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
K.
Basic and diluted net loss per share:
Basic
loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding during the year.
Diluted loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding plus the
number of additional Ordinary Shares that would have been outstanding if all potentially dilutive Ordinary Shares had been issued, using
the treasury stock method, in accordance with ASC 260-10, "Earnings per Share." Potentially dilutive Ordinary Shares were
excluded from the diluted loss per share calculation because they were anti-dilutive. The outstanding awards granted to employees
(see note 10) were not included in the computation of diluted EPS because their affect would be anti-dilutive.
The
following table present summarized basic and diluted per Ordinary Share and per ADS:
Year ended
December 31
,
2023
2022
2021
Net loss
18,410
21,676
15,036
Basic and diluted loss per Ordinary Share (in USD)
(
0.06
)
(
0.07
)
(
0.05
)
Basic and diluted loss per ADS (in USD) (*)
(
1.8
)
(
2.1
)
(
1.5
)
Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands
331,350
322,817
321,356
Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands
11,045
10,761
10,712
(*)
On April 21, 2023,
the Company changed the ratio of its ADSs to its Ordinary Shares no par value per share, from the former ADS Ratio of one (1) ADSs to
five (5) Ordinary Shares, to a new ADS Ratio one (1) ADS to thirty (30) Ordinary Shares. For all the periods presented, basic and diluted
loss per ADS have been retrospectively adjusted.
L.
Revenue recognition:
The
Company applies ASC 606 "Revenue from contracts with customers" ("ASC 606"). Under ASC 606, revenue is measured
as the amount of consideration the Company expects to be entitled to, in exchange for transferring products or providing services to
its customers and is recognized when or as performance obligations under the terms of contracts with the Company's customers are
satisfied. ASC 606 prescribes a five-step model for recognizing revenue from contracts with customers: (i) identify contract(s) with
the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate
the transaction price to the separate performance obligations in the contract; and (v) recognize revenue when (or as) each performance
obligation is satisfied.
At
contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services
promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined
not to be distinct are combined with other promised goods and services. The Company then allocates the transaction price (the amount
of consideration the Company expects to be entitled to from a customer in exchange for the promised goods or services) to each performance
obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied.
M.
Research and development expenses, net:
Pursuant
to ASC 985-20, "Software - Costs of Software to be Sold, Leased, or Marketed", development costs related to software products
are expensed as incurred until the "technological feasibility" of the product has been established. Because of the relatively
short time period between "technological feasibility" and product release, and the insignificant amount of costs incurred
during such period, no software development costs have been capitalized.
Research
and development expenses are charged to the statement of comprehensive loss as incurred.
Non-royalty-bearing
grants for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the
basis of the costs incurred and applied as a deduction from research and development expenses.
F-
12
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
N.
Recent Accounting Standards
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Tax Disclosures". The
ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information
for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income
tax expense and taxes paid. The amendments in this ASU are required to be adopted starting January 1, 2025. Early adoption is permitted,
and the amendments should be applied on a prospective basis. The Company is currently evaluating the effect of adopting the ASU on its
disclosures.
NOTE
3 –
INVESTMENT IN EQUITY SECURITIES
In
2016, the Company invested in shares and warrants of Rail Vision Ltd. ("Rail Vision"). From 2016 to 2020, the Company held
significant influence over Rail Vision but lacked majority equity interest or control. This was accounted for using the equity method
and reflected as an investment in an affiliate on the balance sheet. On December 30, 2020, the Company lost significant influence over
Rail Vision, and
From
December 31, 2020, the remaining equity interest was presented as an investment in equity securities without readily determined fair
value.
In
January 2022, the Company invested $
286
through a Simple Agreement for Future Equity ("SAFE") agreement with Rail Vision.
According to the SAFE, in the event of an Initial Public Offering ("IPO") before the maturity date, the SAFE will be automatically
converted into Rail Vision's ordinary shares equal to the purchase amount divided by the IPO price per share.
On
April 4, 2022, Rail Vision completed its IPO and became listed on the Nasdaq Capital Market. As part of the IPO, the Company invested
an additional $
715
in Rail Vision's ordinary shares and the SAFE converted to Rail Vision's ordinary shares.
Since
April 4, 2022, the Company measures the investment in Rail Vision at fair value through profit or loss.
As
of December 31, 2023, the Company held
10.20
% (2022:
15.39
%) of the issued and outstanding share capital and
6.94
% (2022:
12.25
%) of
the share capital on a fully diluted basis of Rail Vision.
During
the first quarter of 2024, the Company sold all of its shares in Rail Vision, for an aggregate amount of approximately $
1,848
, net of
selling fees. Due to the sale of all its shares in Rail Vision, the Company recognized a finance income of approximately $
1,407
in the
first quarter of 2024. See also Note 18.
The
reconciliation of the opening and closing fair value balance of the investment in equity securities instruments is provided below:
Opening Balance December 31, 2021
$
4,011
Changes during 2022:
Revaluation to fair value through profit or loss
(
2,208
)
Investment in equity securities
715
Conversion of SAFE to equity securities
286
Opening Balance December 31, 2022
$
2,804
Changes during 2023:
Revaluation to fair value through profit or loss
(
2,333
)
Closing Balance December 31, 2023
$
471
F-
13
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
NOTE
4 -
OTHER CURRENT RECEIVABLES
December 31,
2023
2022
USD in thousands
Governmental institutes
224
225
Prepaid expenses
147
380
Grants receivables (
*
)
134
117
Other receivables
26
120
531
842
(*)
In 2023, the Company
received a grant in an aggregate amount of approximately $
87
from the European Horizon 2020 Program to aid in funding the Company's
research and development. The grant does not bear a royalty payment commitment nor is the grant refundable. The Company recorded an amount
of $
134
as grant receivables in other receivables as of December 31, 2023. as the participation by the European Horizon 2020 grant recorded
in research and development expenses, net in total amount of $
100
and $
395
during the year ended on December 31, 2023, and 2022, respectively.
NOTE
5 -
FIXED ASSETS, NET
December 31,
2023
2022
USD in thousands
Cost:
Computers and software
945
839
Office furniture and equipment
345
356
Leasehold improvements
488
479
1,778
1,674
Less – accumulated depreciation
1,317
1,076
Fixed assets, net
461
598
Depreciation
expenses for the years ended December 31, 2023, and December 31, 2022, were $
263
and $
218
, respectively.
NOTE
6 -
EMPLOYEE RIGHTS UPON RETIREMENT
Israeli
labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other
circumstances.
Pursuant
to section 14 of the Israeli Severance Pay Law, 5723-1963, the Company's employees covered under this section are entitled to monthly
deposits, at a rate of 8.33% of their monthly salary, made in their name with pension companies.
Payments
in accordance with section 14 of the Israeli Severance Pay Law, 5723-1963 relieve the Company from any future severance payments in respect
of those employees. The amount of cost recognized for defined contribution  pension plans and for other defined
contribution postretirement benefit plans recorded for the years 2023, 2022 and 2021 are $
1,098
, $
1,065
, and $
876
, respectively.
F-
14
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
NOTE
7 -
OTHER CURRENT PAYABLES
December 31,
2023
2022
USD in thousands
Employees and related expenses
1,385
1,493
Accrued expenses
163
299
1,548
1,792
NOTE
8 -
COMMITMENTS AND CONTINGENCIES LIABILITIES
A.
Agreement
                                            with Magna
On
January 30, 2022, the Company's shareholders approved an extension of the research and development services agreement with Magna
for software development in the area of ADAS. Subject to the conditions prescribed in the agreement, Magna will continue to provide Foresight
Ltd. with research and development services for a 12-month period with an option to extend the agreement for two additional 12-month
periods. According to the agreement, the monthly payment to Magna for the research and development services will not exceed NIS
235,000
(approximately $
63
) plus VAT.
On
December 18, 2023, as a result of cost-saving measures implemented by the Company, it was agreed with Magna that development services
provided by Magna would not exceed NIS
70,000
(approximately $
19
) plus VAT, per month. Additionally, The Company and Magna agreed to
postpone the payment for the services rendered from October to December 2023. The payment is postponed until the board meeting to approve
the 2023 financial statements, subject to the Company raises at least USD
5,000
(gross) in that period. If the Company is unable to raise
that amount by date of board meeting to approve the 2023 financial statements, the payment will be waived. As of March 27, 2024, total
amount of $
42
waived and recorded in equity as a contribution from Magna.
B.
Israeli
                                            Innovation Authority
Magna
obtained grants from the Israeli Innovation Authority (the "IIA") for participation in research and development programs
for the years 2011 through 2013, and, in return, further to an acquisition transaction between the Company and Magna, the Company is
obligated to pay royalties amounting to 3% to 5% of its future sales up to the amount of the grant.
The grant is linked to the exchange
rate of the dollar and bears interest of LIBOR per annum.
As
of the years ended December 31, 2023, and 2022, total contingent obligations to IIA amounted to $
620
and $
603
, respectively.
The
repayment of the grants is contingent upon the successful outcome of the Company's research and development programs and the generation
of sales. The Company has no obligation to repay these grants if sales are not generated. The financial risk is assumed completely by
the Government of Israel. The grants are received from the government on a project-by-project basis. If a project fails, the Company
has no obligation to repay any grant received for the specific unsuccessful or aborted project.
F-
15
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
NOTE
9 -
LEASES
The
Company and its subsidiaries, Foresight Ltd. and Eye Net, currently have 3-year leases for their offices with
options to extend the leases
for another 3 years.
The lease for Foresight Ltd. and Eye Net ends on March 31, 2027, and December 15, 2027, respectively. The Company
also currently leases several vehicles, each for a term of 3 years. The Company has no finance leases.
Supplemental
cash flow information related to operating leases was as follows:
Year Ended
December 31,
2023
2022
2021
Cash payments for operating leases
$
537
$
550
$
460
Lease operating expenses
$
562
$
588
$
480
New operating lease assets obtained in exchange for operating lease liabilities
$
154
$
—
$
1,824
As
of December 31, 2023, the Company's operating leases had a weighted average remaining lease term of
2.2
years and a weighted average
discount rate of
5.2
%. Future lease payments under operating leases as of December 31, 2022, were as follows:
Operating Leases
2024
$
536
2025
520
2026
482
2027
211
Total future lease payments
1,749
Less imputed interest
(
118
)
Total lease liability balance
$
1,631
NOTE
10 -
SHAREHOLDERS' EQUITY
A.
The
                                            rights of Ordinary Shares are as follows:
The
Ordinary Shares confer upon the shareholders the right to receive notice to participate and vote in general meetings of shareholders
of the Company, the right to receive dividends, if declared, and the right to participate in a distribution of the surplus of assets
upon liquidation of the Company.
B.
Issuance
                                            of shares, warrants, and options.
1.
Registered
                                            Direct Offering
On
December 11, 2023, the Company raised $
4,500
in gross proceeds through a registered direct offering of its ADSs. The Company issued a
total of
4,500,000
ADSs (
135,000,000
Ordinary Shares) at $
1.00
per ADS. After deducting closing costs and fees, the Company received
net proceeds of approximately $
4,046
, net of issuance costs.
2.
Public
                                            Offering and Registered Direct Offering.
On
January 22, 2021, the Company entered into a sales agreement, pursuant to which the Company can sell from time to time, ADSs in the aggregate
amount of up to $
60,000
(the "January 2021 Sales Agreement"). Sales under the January 2021 Sales Agreement were made by any
method permitted by law that is deemed to be an "at the market" offering as defined in Rule 415 promulgated under the Securities
Act. Under the January 2021 Sales Agreement, in 2021 the Company sold, through the sales agent, an aggregate of
1,378,344
ADSs (
6,891,720
Ordinary Shares, under the former ADSs ratio of 1:5 which translates to
229,724
ADSs under the new ratio of 1:30
)) at an average price
of $
10.137
per ADS, raising gross proceeds of approximately $
13,972
. After deducting closing costs and fees, the Company received net
proceeds of approximately $
13,508
, net of issuance costs.
Under
the January 2021 Sales Agreement, during 2023, the Company sold, through the sales agent, an aggregate of
59,950
ADSs (
1,798,500
Ordinary
Shares, under the new ADSs ratio of 1:30
) at an average price of $
2.775
per ADS, raising gross proceeds of approximately $
166
. After
deducting closing costs and fees, the Company received net proceeds of approximately $
137
, net of issuance costs.
F-
16
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
3.
Shares
                                            and warrants to service providers:
(a)
Shares
                                            granted to service providers:
During
2021, the Company granted
220,000
Ordinary Shares to several service providers. The Company recorded in its 2021 statement of comprehensive
loss an expense of $
153
in respect of such grant included in general and administrative expenses.
During
2022, the Company granted
320,000
Ordinary Shares to several service providers. The Company recorded in its 2022 statement of comprehensive
loss an expense of $
68
in respect of such grant included in general and administrative expenses.
During
2023, the Company did not issue shares to service providers.
(b)
Warrants
                                            and options granted to service providers:
The
fair value for the warrants granted to service providers was estimated on the measurement date using a Black-Scholes option pricing model,
with the following weighted-average assumptions: weighted average volatility of
92.87
% -
93.41
%, risk free interest rates of
0.687
%,
dividend yields of
0
% and a weighted average life of the options of
4.25
-
4.37
years.
On
July 16, 2020, the Company granted to Magna's employees options to purchase a total of
950,000
Ordinary Shares at an exercise price
of NIS
0.787
(approximately $
0.23
per share at the grant date) for one third of the options, an exercise price of NIS
1.06
(approximately
$
0.31
per share at the grant date) for the second third of the options and an exercise price of NIS
1.33
(approximately $
0.38
per share
at the grant date) for the last third of the options.
The options vest over 12 quarters until fully vested on December 31, 2022.
The
Company recorded in its 2022 and 2021 statement of comprehensive loss an expense of $
48
and $
51
respectively, in respect of such grant,
included in research and development expenses.
On
January 18, 2021, the Company approved an extension to the expiration dates of all the options already granted to Magna's employees,
from
three years after each vesting date to seven years starting from the grant date.
As a result, the Company recorded an expense of
$
8
and $
17
, respectively, in its 2022 and 2021 statement of comprehensive loss.
On
November 12, 2020, the Company granted options to a service provider to purchase a total of
100,000
Ordinary Shares at an exercise price
of NIS
1.33
(approximately $
0.39
per share at the grant date). The options vest equally over eight quarters until fully vested on October
1, 2022. The Company recorded expenses of $
2
and $
3
, respectively, in its 2022 and 2021 statement of comprehensive loss.
On
January 18, 2021, the Company granted options to service providers to purchase a total of
400,000
Ordinary Shares at an exercise price
of NIS
2.9
(approximately $
0.93
per share at the grant date).
300,000 of the options vest equally over twelve quarters until fully vested
on January 1, 2024, and for 100,000 options one third of the options vest on January 1, 2022, and the balance vest equally over eight
quarters until fully vested on January 1, 2024.
The Company recorded an expense of $
91
, $
91
, and $
91
, respectively, in its 2023, 2022
and 2021 statement of comprehensive loss.
On
March 25, 2021, the Company granted options to a service provider to purchase a total of
100,000
Ordinary Shares at an exercise price
of NIS
4.75
(approximately $
1.53
per share at the grant date).
The options vest equally over twelve quarters until fully vested on January
1, 2024.
The Company an expense of $
22
, $
22
, and $
22
, respectively, recorded in its 2023, 2022 and 2021 statement of comprehensive loss.
On
December 30, 2021, the Company granted options to service providers to purchase a total of
400,000
Ordinary Shares at an exercise price
of NIS
2.29
(approximately $
0.74
per share at the grant date).
200,000 of the options vest equally over twelve quarters until fully vested
on January 1, 2025. For 100,000 options one third of the options vest on January 1, 2023, and the balance vest equally over eight quarters
until fully vested on January 1, 2025. For the remaining 100,000 options, upon meeting predefined business targets, 50% vest on December
31, 2022, and 50% on December 2023
, the Company recorded an expense of $
22
and $
26
, respectively, in its 2023, 2022 statement of comprehensive
loss.
On
July 27, 2023, the Company's shareholders approved a reduction to the exercise price of previously granted options to Magna's
employees to an exercise price of NIS
0.5
(approximately $
0.13
per share at the approval date). The reduction was accounted for as a
modification and as a result, the Company recorded an expense of $
16
in its 2023 statement of comprehensive loss.
F-
17
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
4.
Shares
                                            and options to employees
(a)
Incentive
                                            Plan
In
November 2015, the Board of Directors of the Company authorized a share option plan ("2016 Equity Incentive Plan"). The 2016
Equity Incentive Plan provides for the grant of share options to service providers, employees, and office holders of the Company. Awards
may be granted under the 2016 Equity Incentive Plan until November 2025, when the 2016 Equity Incentive Plan expires.
According
to the 2016 Equity Incentive Plan, the aggregate number of Ordinary Shares that may be granted pursuant to awards will not exceed
15
%
of the Company's capital on a fully diluted basis.
(b)
The
                                            fair value of options granted was estimated using the Black-Scholes option pricing model,
                                            and based on the following assumptions:
As of December 31,
2023
2022
Exercise price
$
0.8
-$
0.14
$
0.28
-$
0.65
Expected volatility
95
%-
90
%
93
%-
95
%
Risk-free interest
4.5
%-
3.8
%
1.5
%-
4.5
%
Expected life of up to (years)
4.1
-
4.4
3.5
-
4.5
The
following table summarizes the option activity for the years ended December 31, 2023, and 2022 for options granted to employees, officers,
and directors:
As of December 31,
2023
2022
2021
Number of options
Weighted average exercise price
Weighted average remaining contractual term.
(In years)
Number of options
Weighted average exercise price
Weighted average remaining contractual term.
(In years)
Number
    of options
Weighted
                                            average exercise price
Weighted
                                            average remaining contractual term.
(In
years)
Outstanding at beginning of period
34,253,216
$
0.43
5.92
22,860,713
$
0.5
4.84
24,076,750
$
0.47
1.61
Granted
2,675,000
13,075,000
3,355,000
Exercised
-
(
33,333
)
(
2,707,286
)
Forfeited
(
1,308,333
)
(
1,649,164
)
(
1,863,751
)
Outstanding at the end of period
35,619,883
$
0.13
4.13
34,253,216
$
0.43
5.92
22,860,713
0.5
4.84
Exercisable at the end of period
23,525,726
19,427,796
14,749,296
(*)
The weighted average fair value of options granted during the year ended December 31, 2023, was $
0.04
per share.
As
of December 31, 2023, the total unrecognized share-based payment expenses related to nonvested awards was $
939
, which is expected to
be recognized over the next
3
years.
F-
18
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
(c)
Options
                                            granted during 2021 and 2022.
On
January 18, 2021, the Company approved an extension to the expiration dates of all the options already granted under the Company's
2016 Equity Incentive Plan, from three years after each vesting date to seven years starting from the grant date. As a result, the Company
recorded an additional expense of $
15
, $
116
and $
810
, respectively, in its 2023, 2022 and 2021 statement of comprehensive loss.
During
2021, the Company granted options to purchase
1,480,000
Ordinary Shares to its employees at an exercise price ranging between NIS
1.33
to NIS
2.29
(an average of approximately $
0.74
per share at the grant date).
The options vest equally over twelve quarters.
In addition,
the Company granted options to purchase
1,875,000
Ordinary Shares to its employees at an exercise price ranging between NIS
2.29
to NIS
5.93
(an average of approximately $
0.91
per share at the grant date).
One third of the options vest after one year and the balance of
the remaining options vest equally over eight quarters until fully vested.
As a result, the Company recorded an expense of $
320
, $
387
,
and $
313
, respectively, in its 2023, 2022 and 2021 statement of comprehensive loss.
On
May 23, 2022, the Company's Board of Directors approved a reduction to the exercise price of previously granted options for 27
employees, under the Company's 2016 Equity Incentive Plan, with an exercise price of NIS
2.29
to an exercise price of NIS
1
. As
a result, the Company recorded an expense of $
30
and $
39
, respectively, in its 2023 and 2022 statement of comprehensive loss.
On
August 18, 2022, the Company granted options to five of its senior officers to purchase an aggregate of
4,200,000
Ordinary Shares, at
an exercise price of NIS
1
(approximately $
0.31
per share at the grant date).
The options vest over 12 quarters until fully vested, starting
from January 1, 2023.
As a result, the Company recorded an expense of $
140
in its 2023 statement of comprehensive loss.
On
October 20, 2022, the Company's shareholders approved grants of options to three members of the Company's Board of Directors,
to the Company's Vice President of Human Resources and to the Company's Chief Executive Officer to purchase
400,000
each,
600,000
and
4,000,000
, respectively, of the Company's Ordinary Shares at an exercise price of NIS
1
(approximately $
0.28
per share
at the grant date), which exercise price was thereafter reduced to NIS
0.5
(approximately $
0.13
per share at the grant date).
The options
vest over 12 quarters until fully vested.
The Company recorded an expense of $
108
and $
6
, respectively, in its 2023 and 2022 statement
of comprehensive loss, included in general and administrative expenses.
During
2022, the Company granted options to purchase
1,225,000
Ordinary Shares to its employees at an exercise price of NIS
2.29
(approximately
$
0.72
per share at the grant date), which exercise price was
thereafter reduced to NIS 1, and again reduced to NIS 0.5, with some of
the options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over
eight quarters.
In addition, the Company granted options to purchase
75,000
Ordinary Shares to its employees at an exercise price of
NIS
1.95
(approximately $
0.61
per share at the grant date), which
exercise price was thereafter reduced to NIS 0.5, all the options vest
on the grant date
. Furthermore, the Company granted options to purchase
1,775,000
Ordinary Shares to its employees at an exercise price
of NIS
1
(approximately $
0.28
per share at the grant date), which
exercise price was thereafter reduced to NIS 0.5, with some of the
options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over
eight quarters
. As a result, the Company recorded an expense of $
89
and $
64
, respectively, in its 2023 and 2022 statement of comprehensive
loss.
(d)
Options
                                            granted during 2023.
On
March 29, 2023, the Company granted options to purchase
375,000
Ordinary Shares to its employees at an exercise price of NIS
1
(approximately
$
0.28
per share at the grant date), with some of the options vesting equally over twelve quarters, and some of the options having a one-year
cliff and the remainder vesting equally over eight quarters. The Company recorded an expense of $
6
with respect to such grants, in its
2023 statement of comprehensive loss included in research and development expenses.
F-
19
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
On
May 31, 2023, the Company's Board of Directors approved a reduction to the exercise price of previously granted options for all
outstanding options previously issued, under the Company's 2016 Equity Incentive Plan, to an exercise price of NIS
0.5
(approximately
$
0.13
per share at the approval date). As a result, the Company recorded an expense of $
211
in its 2023 statement of comprehensive loss.
On
July 27, 2023, the Company's shareholders approved grants of options to two members of the Company's Board of Directors to
each purchase
400,000
of the Company's Ordinary Shares at an exercise price of NIS
0.5
(approximately $
0.13
per share at the grant
date). The options vest over 12 quarters until fully vested. The Company recorded an expense of $
8
, with respect to such grants, in its
2023 statement of comprehensive loss, included in general and administrative expenses.
During
2023, the Company granted options to purchase
1,500,000
Ordinary Shares to its employees at an exercise price of NIS
0.5
(approximately
$
0.13
per share at the grant date), with
1,225,000 of the options vesting equally over twelve quarters, and 275,000 of the options having
a one-year cliff and the remainder vesting equally over eight quarters.
As a result, the Company recorded an expense of $
3
in its 2023
statement of comprehensive loss.
(e)
Options
                                            granted to Eye-Net's employees.
Eye-Net
grants its employee's options to purchase its own shares. Utilizing parameters for calculating Black-Scholes similar to those of
Foresight, with the only difference being in the share price and exercise price.
On
August 19, 2020, the Company's subsidiary, Eye-Net, granted options to purchase
8,700
ordinary shares of Eye-Net to its employees
at an exercise price of $
100
per share. The options vest over 12 quarters until fully vested on June 30, 2023. The Company recorded an
expense of $
57
, $
115
, and $
135
, in respect of such grant, in its 2023, 2022 and 2021 statement of comprehensive loss.
During
2021, the Company's subsidiary, Eye-Net, granted options to purchase
4,850
ordinary shares of Eye-Net to its employees at an exercise
price of $
100
per share.
4,500 options vests over 36 months, one third of the options vest after one year and the balance of the remaining
options vest over eight quarters until fully vested. 350 options vests over 11 quarters until fully vested.
The Company recorded an expense
of $
51
, $
96
and
19
, in respect of such grant in its 2023, 2022 and 2021 statement of comprehensive loss.
During
2022, the Company's subsidiary, Eye-Net, granted options to purchase
1,350
ordinary shares of Eye-Net to its employees.
The options
vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until
fully vested .
450
options were granted at an exercise price of $
100
and
900
options were granted at an exercise price of $
200
per share.
The Company recorded an expense of $
28
and $
14
, in respect of such grant in its 2023 and 2022 statement of comprehensive loss.
During
2023, the Company's subsidiary, Eye-Net, granted options to purchase
150
ordinary shares of Eye-Net to its employees.
The options
vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until
fully vested.
The options were granted at an exercise price of $
200
per share. The Company recorded an expense of $
4
in respect of such
a grant in its 2023 statement of comprehensive loss.
F-
20
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
5.
Share
                                            Based Compensation Expense:
The
total share-based compensation expense, related to Ordinary Shares, options granted to employees, directors and service providers was
comprised, at each period, as follows:
Year ended
December 31,
2023
2022
2021
USD in thousands
Cost of revenues
9
25
5
Research and development
849
929
1,161
Sales and Marketing
118
196
169
General and administrative
465
676
1,129
1,441
1,826
2,464
Less: Share-based compensation expense attributable to non-controlling interests
150
225
154
Share-based compensation expense attributable to Foresight Autonomous Holdings Ltd.
1,291
1,601
2,310
NOTE
11 -
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION
The
Company has identified one reportable and operating segment. The results of operations provided to and analyzed by the CODM are at the
consolidated level and accordingly, key resources and assessments of performance are performed at the consolidated level. We continue
to evaluate our internal reporting structure and the potential impact of any changes on our segment reporting.
The
following table sets forth reporting revenue information by geographic region:
Year ended
December 31,
2023
2022
2021
USD in thousands
Israel
250
220
-
Japan
172
150
-
USA
40
165
120
Other (
*
)
35
15
-
497
550
120
(*)
No
country represented is greater than 10% of the revenues as of the years presented, other than the countries presented above.
The
following table is a summary of distribution of revenues by main customers:
Year ended
December 31,
2023
2022
2021
USD in thousands
Customer A
250
220
-
Customer B
70
-
-
Customer C
(*)
90
-
Customer D
-
70
-
Customer E
-
-
120
(*)
Lower
than 10%.
F-
21
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
NOTE
12 -
RESEARCH AND DEVELOMENT, NET
Year ended
December 31,
2023
2022
2021
USD in thousands
Payroll and related expenses
8,997
8,778
7,556
Subcontracted work and consulting
1,229
1,523
1,751
Share-based payments to service provider
19
57
118
Rent and office maintenance
936
1,068
810
Travel expenses
90
141
44
Other
416
362
309
Less participation in grants
(
100
)
(
395
)
(
351
)
Sales of prototypes
—
—
(
67
)
11,587
11,534
10,170
NOTE
13 -
SALES AND MARKETING
Year ended
December 31,
2023
2022
2021
USD in thousands
Payroll and related expenses
1,076
1,318
1,273
Exhibitions, conventions, and travel expenses
379
302
42
Consultants
416
558
394
Other
68
52
139
1,939
2,230
1,848
NOTE
14 -
GENERAL AND ADMINISTRATIVE
Year ended
December 31,
2023
2022
2021
USD in thousands
Payroll and related expenses
1,458
1,756
1,748
Share-based payments to service providers
134
215
268
Professional services
898
1,340
1,207
Directors' fees and insurance
326
405
494
Travel expenses
15
8
—
Rent and office maintenance
196
175
212
Other
92
90
51
3,119
3,989
3,980
NOTE
15 -
FINANCIAL EXPENSE (INCOME), NET
Year ended
December 31,
2023
2022
2021
USD in thousands
Mark to Market of securities, net
2,320
2,208
10
Bank interest income
(
667
)
(
189
)
(
887
)
Exchange rate differences
456
2,194
(
14
)
Other
10
8
(
18
)
2,119
4,221
(
909
)
F-
22
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
NOTE
16 -
TAXES ON INCOME
A.
The
                                            Company is subject to income taxes under Israeli tax laws:
1.
Corporate
                                            tax rates in Israel
The
Israeli corporate tax rate was
23
%
in 2023, 2022 and 2021. Such tax rate changes had no significant impact on the Company's financial
statements.
2.
As
                                            of December 31, 2023, the Company generated net operating losses of approximately $
73,448
,
                                            which may be carried forward and offset against taxable income in the future for an indefinite
                                            period.
3.
The
                                            Company is still in its development stage and has not yet generated significant revenues;
                                            therefore, it is more likely than not that sufficient taxable income will not be available
                                            for the tax losses to be utilized in the future. Therefore, a full valuation allowance was
                                            recorded.
Year Ended
December 31,
2023
2022
2021
Deferred tax assets:
USD in thousands
Operating loss carryforward
73,448
68,870
51,683
Deferred taxes due to carryforward losses
16,893
15,840
11,887
Valuation allowance
(
16,893
)
(
15,840
)
(
11,887
)
Net deferred tax asset
—
—
—
4.
The
                                            Company has no unrecognized tax positions and foreign sources of income.
5.
Foresight
                                            Autonomous Holdings Ltd. has final tax assessments until and including 2019. Foresight Ltd.
                                            And Eye-Net has final tax assessments until and including 2018.
6.
Effective
                                            tax expense (benefit): The components of loss before tax and a reconciliation of the Company's
                                            income tax expense to the Company's theoretical statutory tax benefit is as follows:
Year Ended
December 31,
2023
2022
2021
Loss
    before taxes on income
18,410
21,676
15,036
Israeli
    statutory income tax rate
23
%
23
%
23
%
Theoretical
    statutory tax benefit
4,234
4,985
3,458
Losses
    for which a valuation allowance was provided or benefit from loss carryforwards and permanent differences
(
4,234
)
(
4,985
)
(
3,458
)
Income
    tax expense
-
-
-
NOTE
17 -
TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES
Parties
considered to be related to the Company if the parties directly or indirectly, through one or more intermediaries, control, are controlled
by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members
of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if
one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting
parties might be prevented from fully pursuing its own separate interests.
As
described in note 8A, the Company receives research and development services from Magna in exchange for a monthly payment and share-based
payments. These services are preapproved by the board of directors and the general assembly.
A
.
Transactions
                                            with Magna:
Year ended
December 31,
2023
2022
2021
USD in thousands
Subcontracted work and consulting
436
748
823
Share-based payments to service provider
16
56
118
452
804
941
F-
23
Foresight
Autonomous Holdings Ltd.
Notes
to the consolidated financial statements
(Dollars
in thousands, except per share data)
B
.
Balances
                                            with Magna:
As of
December 31,
2023
2022
USD in thousands
Other accounts payable
42
63
42
63
NOTE
18 -
SUBSEQUENT EVENTS
A.
On
                                            January 26, 2024, the Company filed a shelf registration statement on Form F-3 with the U.S.
                                            Securities and Exchange Commission, enabling the Company to periodically offer up to $
50,000
worth of ADSs through one or more offerings.
B.
During
                                            February 2024, the Company sold its entire investment in Rail Vision, for aggregate gross
                                            proceeds of approximately $
1,855
, at an average share price of $
6.07
. The net proceeds from the sale of Rail Vision shares totaled approximately
                                            $
1,848
. Consequently, the Company recognized a finance income of approximately $
1,407
in
                                            the first quarter of 2024.
C.
On
                                            January 10, 2024, the Company renewed its main office lease for an additional three years,
                                            commencing from April 1, 2024, to March 31, 2027, with the option to further extend the lease
                                            for another three years, until March 31, 2030.
D.
Wave
                                            of other accounts payable with Magna for development services – see note 8A.
E.
The
                                            company submitted after the balance sheet date a compensation claim to the Israeli Tax Authority
                                            ("ITA") in the amount of approximately $
331
. As of the date of release of the
                                            report, the company received an advance of 60 percent of the grant from the ITA - a total
                                            of approximately $
199
. The company recognized this amount as other income during the first
                                            quarter of 2024.
F-
24