SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

 

 

FORM S-8

REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933 

 

 

 

Cyren Ltd.
(Exact name of registrant as specified in charter)

 

State of Israel   Not Applicable

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

     
1 Sapir Road 5th Floor, Beit Ampa
Herzliya, Israel
  46140

(Address of principal executive offices)

 

(Zip Code)

 

Cyren Ltd. 2016 Non-Employee Director Equity Incentive Plan

Cyren Ltd. 2016 Equity Incentive Plan

(Full Title of the Plans)

 

J. Michael Myshrall

Cyren Inc.

1430 Spring Hill Road, Suite 330,

McLean, Virginia 22102

(703) 760-3320

(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)

 

Copies of communications to:

 

Joey T. Shabot, Esq.

Ephraim Schmeidler, Esq.

Greenberg Traurig, LLP

1 Azrieli Center

132 Menachem Begin Road

Tel Aviv, Israel

+972-3-636-6005

 

Eric Spindel

General Counsel and Corporate Secretary

Cyren Ltd.

1 Sapir Road

5th Floor, Beit Ampa

P.O. Box 4014

Herzliya 46140, Israel

+972-9-863-6899 

 

Adv. David Schapiro

Yigal Arnon & Co.

1 Azrieli Center

132 Menachem Begin Road

Tel Aviv, Israel

+972-3-608-7856

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non- accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer     Accelerated filer  
Non-accelerated filer   ☒  (Do not check if a smaller reporting company)   Smaller reporting company  
        Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

 

 

 

 

CALCULATION OF REGISTRATION FEE

 

Title of securities to be registered  Amount to be registered (1)   Proposed maximum offering price per share (2)   Proposed maximum aggregate offering price (2)   Amount of registration fee 
Ordinary Shares, par value NIS 0.15 (reserved for issuance under the Cyren Ltd. 2016 Non-Employee Director Equity Incentive Plan (the “Director Plan”) and the Cyren Ltd. 2016 Equity Incentive Plan (the “2016  Plan”))   4,600,000 shares   $2.08(2)  $9,568,000(2)  $1,192 

 

(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this registration statement shall also cover any additional Ordinary Shares, NIS 0.15 par value per share (“Ordinary Shares”), of Cyren Ltd., an Israeli corporation (the “Registrant”), that become issuable under the terms of the Director Plan and the 2016 Plan by reason of any share split, share dividend, recapitalization or other similar transaction effected without the Registrant’s receipt of consideration which results in an increase in the number of the outstanding Ordinary Shares of the Registrant.
   
(2) Calculated solely for the purpose of determining the registration fee pursuant to Rule 457(h) under the Securities Act on the basis of the average of the high and low prices of the Registrant’s Ordinary Shares as quoted on the Nasdaq Capital Market on February 12, 2018.

 

 

 

 

 

 

PART I

 

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

 

Item 1. Plan Information*

 

Item 2. Registrant Information and Employee Plan Annual Information*

 

* Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act, and the “Note” to Part I of Form S-8. 

 

PART II

 

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

 

Item 3. Incorporation of Documents by Reference

 

The following documents filed with or furnished to the Securities and Exchange Commission (the “Commission”) by the Registrant are hereby incorporated by reference in this Registration Statement:

 

(a)the Registrant’s Annual Report on Form 20-F for the fiscal year ended December 31, 2016, filed with the Commission on April 27, 2017;
   
(b)the Registrant’s report on Form 6-K (pages 5, 7 and 8 of Exhibit 1) furnished to the Commission on May 16, 2017, containing the Registrant’s press release of May 16, 2017 covering financial results of the Registrant for the first quarter of 2017;
   
(c)the Registrant’s report on Form 6-K (pages 5, 7 and 8 of Exhibit 1) furnished to the Commission on August 16, 2017, containing the Registrant’s press release of August 16, 2017 covering financial results of the Registrant for the second quarter of 2017;
   
(d)the Registrant’s report on Form 6-K (pages 5, 7 and 8 of Exhibit 1) furnished to the Commission on November 13, 2017, containing the Registrant’s press release of November 13, 2017 covering financial results of the Registrant for the third quarter of 2017;
   
(e)the Registrant’s report on Form 6-K (pages 5, 7 and 8 of Exhibit 1) furnished to the Commission on February 14, 2018, containing the Registrant’s press release of February 14, 2018 covering financial results of the Registrant for the fourth quarter of 2017; and
   
(f)the description of the Registrant’s Ordinary Shares contained in the registration statement on Form 8-A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as filed with the Commission on June 25, 1999, and any subsequent amendment or report filed for the purpose of updating this description.

 

In addition, all subsequent annual reports filed on Form 20-F prior to the termination of this offering are incorporated by reference into this registration statement. Also, we may incorporate by reference our future reports on Form 6-K by stating in those Forms that they are being incorporated by reference into this registration statement. 

 

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this registration statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, are deemed to be incorporated by reference into this registration statement and to be part hereof from the respective dates of filing of such documents. Any statement contained in this registration statement or in a document incorporated by reference shall be deemed modified or superseded to the extent that a statement contained in any subsequently filed document which also is or is deemed to be incorporated by reference herein or therein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed to constitute a part hereof, except as so modified or superseded.

 

 1 

 

 

Item 4. Description of Securities.

 

Not applicable.

 

Item 5. Interests of Named Experts and Counsel

 

Not applicable.

 

Item 6. Indemnification of Directors and Officers

 

Under the Israeli Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. An Israeli company may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our amended and restated articles of association include such a provision. The company may not exculpate in advance a director from liability arising out of a prohibited dividend or distribution to shareholders.

 

Under the Israeli Companies Law, a company may indemnify an office holder in respect of 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:

 

  financial liability imposed on him or her in favor of another person pursuant to a judgment, 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;

 

  reasonable litigation expenses, including attorneys’ fees, incurred by the office holder as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, (1) provided that (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) no financial liability was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding; or (2) provided that (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) a financial liability was imposed, but it was imposed with respect to an offense that does not require proof of criminal intent or in connection with a monetary sanction; and

 

  reasonable litigation expenses, including attorneys’ fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf, or by a third party, or in connection with criminal proceedings in which the office holder was acquitted, or as a result of a conviction for an offense that does not require proof of criminal intent.

 

Under the Israeli Companies Law, a company may insure an office holder against the following liabilities incurred for acts performed by him or her as an office holder if and to the extent provided in the company’s articles of association:

 

  a breach of the duty of loyalty to the company, provided that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company;

 

  a breach of duty of care to the company or to a third party, to the extent such a breach arises out of the negligent conduct of the office holder; and

 

  a financial liability imposed on the office holder in favor of a third party.

 

 2 

 

 

Under the Israeli Companies Law, a company may not indemnify, exculpate or insure an office holder against any of the following:

 

  a breach of the duty of loyalty, except for indemnification and insurance for a breach of the duty of loyalty to the company to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company;

 

  a breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;

 

  an act or omission committed with intent to derive illegal personal benefit; or

 

  a fine or forfeit levied against the office holder.

 

Under the Israeli 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.

 

The Company’s amended and restated articles of association permit it to exculpate, indemnify and insure its office holders to the fullest extent permitted or to be permitted by the Israeli Companies Law.

 

The Company has obtained directors’ and officers’ liability insurance for the benefit of its office holders and intends to continue to maintain such coverage and pay all premiums thereunder to the fullest extent permitted by the Israeli Companies Law.

 

Item 7. Exemption from Registration Claimed

 

Not applicable.

 

Item 8. Exhibits

 

The exhibits listed on the exhibit index at the end of this Registration Statement are included in this Registration Statement.

 

Item 9. Undertakings

 

The Registrant hereby undertakes:

 

  (1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

 

  (a) to include any prospectus required by Section 10(a)(3) of the Securities Act;

 

  (b) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

 

  (c) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement.

        

Provided, however, that paragraphs (a) and (b) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

 

  (2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

 

 3 

 

 

  (3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; and

 

The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Sections 13(a) or 15(d) of the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

 

 4 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Herzliya, State of Israel on February 15, 2018.

 

  CYREN LTD.
   
  By: /s/ Lior Samuelson
  Name: Lior Samuelson
  Title:

Chairman of the Board and

Chief Executive Officer

 

POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Lior Samuelson and J. Michael Myshrall, and each of them severally, acting alone and without the other, his or her true and lawful attorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or his or her or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated:

 

Signatures  Title  Date 
        
/s/ Lior Samuelson  Chairman of the Board of Directors and  February 15, 2018 
Lior Samuelson  Chief Executive Officer (Principal Executive Officer)   
        
/s/ J. Michael Myshrall  Chief Financial Officer  February 15, 2018 
J. Michael Myshrall  (Principal Financial Officer and Principal Accounting Officer)   
        
/s/ Hila Karah  Director  February 15, 2018  
Hila Karah       
        
/s/ Aviv Raiz  Director  February 15, 2018 
Aviv Raiz       
        
/s/ Todd Thomson  Director  February 15, 2018 
Todd Thomson       
        
/s/ James Hamilton  Director  February 15, 2018 
James Hamilton       
        
/s/ Cary Davis  Director  February 15, 2018  
Cary Davis       
        
/s/ Brian Chang  Director  February 15, 2018   
Brian Chang       
        
/s/ John Becker   Director  February 15, 2018 
John Becker   
        
/s/ David Earhart   Director  February 15, 2018 
David Earhart     

 

CYREN INC.   Authorized Representative in the United States February 15, 2018  

 

By: /s/ J. Michael Myshrall  
Name: J. Michael Myshrall  
Title: Chief Financial Officer  

 5 

 

 

EXHIBITS

 

Exhibit No.

 

Description

4.1   Amended and Restated Articles of Association of the Registrant (incorporated by reference to Exhibit 1.2 of the Registrant’s Annual Report on Form 20-F  filed with the Commission on April 27, 2017)
5.1   Opinion of Yigal Arnon & Co., Israeli counsel to the Registrant, as to the validity of the Ordinary Shares (including consent)
23.1   Consent of Kost, Forer, Gabbay and Kasierer, a member of Ernst & Young Global
23.2   Consent of Yigal Arnon & Co. (included in Exhibit 5.1)
24.1   Power of Attorney (included in signature page to this Registration Statement)
99.1   Cyren Ltd., 2016 Non-Employee Director Equity Incentive Plan together with the Israeli Appendix thereto (incorporated by reference to Exhibit A of Exhibit 99.1 of the Registrant’s report on Form 6-K furnished to the Commission on November 17, 2016)
99.2   Cyren Ltd., 2016 Equity Incentive Plan together with the Israeli Appendix thereto (incorporated by reference to Exhibit B of Exhibit 99.1 of the Registrant’s report on Form 6-K furnished to the Commission on November 17, 2016)

 

6

 

 

Exhibit 5.1

 

 

Yigal Arnon (1929-2014)

Dror Vigdor

Amalia Meshi

Amnon Lorch

Hagai Shmueli

Barry Levenfeld

David H. Schapiro

Hagit Bavly

Orna Sasson

Barak Tal

Shiri Shaham

Doron Tamir

Daniel Abarbanel

David Osborne

Gil Oren

Ronit Amir

Orly Tsioni

Mordehai Baicz

Barak Platt

Benjamin Horef

Yoran Gill

Asaf Eylon

Daniel Marcovici

Adrian Daniels

Yuval Shalheveth

Jacob Ben Chitrit

Peter Sugarman

Ben Sandler

Boaz Fiel

Joeri Kreisberg

Simon Weintraub

Ruth Loven

Yarom Romem

Adam Spruch

Yuval Bargil

Eliran Furman

Eran Lempert

Ofir Levy
Daniel Green

Hanital Belinson

Yoheved Novogroder
Oren Roth
Dror Varsano

Odelia Sidi

Shira Lahat

Ido Chitman

Noa Afik

Aner Hefetz

David Akrish

Nir Rosner

Assaf Mesica

Liron Hacohen

Guy Fuhrer

Ezra Gross

David Roness

Eli Greenbaum

Lee Maor
Nimrod Vromen

Guy Sagiv

Micha Tollman

Shani Rapoport

Lior Gelbard

Michal Sagmon

Hila Roth

Keren Tal

Neta Goshen

Roy Masuri

Eyal Yacoby
Daphna Livneh

Tamar Gilboa

Yael Hoefler

Sagi Schiff

Lilach Grimberg

Adi Samuel

Netanella Treistman

Daniel Damboritz

Shlomi Schneider

Alona Toledano
Elad Offek

Yuval Shamir

Dana Heller

Adi Tal
Yulia Lazbin

Joshua Lieberman
Liat Pillersdorf

Orly Rottenberg
Avi Anouchi

Shay Fahima
Sivan Gilron Dotan

Naftali Nir
Tomer Bar-Nathan
Evan Schendler
Lihi Katzenelson

Eyal Aichel

Shahar Uziely

Edan Regev
Yehudit Biton

Ohad Shalem

Gitit Ramot-Adler
Omri Schnaider

Rinat Michael
Adi Attar
Ivor Krumholtz

Daniella Milner
Harel Sinai

Amos Oseasohn

Guy Kortany

Goor Koren
Adi Daniel
Dafna Shaham 
Miriam Friedmann

Itamar Lippner

Ricki Newman
Roni Osborne

Ortal Zanzuri

Reut Sasson
Josh Hersch
Roey Sasson

Shir Eshkol

Nir Rodnizky

Noa Slavin
Guy Fatal
Shani Lorch
Ira Burshtein

Elichai Bitter

Amir Weiser

Itamar Cohen
Shai Margalit

Yossi Paloch
Ofir Schwartz
Meital Singer

Yonatan Whitefield

Moshe Lankry

Shira Teger

Rachel Lerman

Ravid Saar

Debbie Shalit

Sophie Blackston
Eti Elbaz

Hagar Mizrachi
Elad Morgenstern
Ron Ashkenazi

Dafna Raz

Sara Haber
Erez Leibovich

Ilan Akouka

Shlomit Bukaya

Yehonatan Cohen

David Shmulevitz

Tair Cherbakovsky

Ophir Dagan
Yael Meretyk Hanan

Dov Ehrman
Nataly Damary
Noam Pratzer

Nava Rozolyo

Shiran Glitman

Dor Daniel

Michael Rosenblit

Heni Rothstein-Cohen

Dani Weissberg

Lareine Khoury

Nohar Hadar

Shirley Youseri

Nitzan Kahana

Yahel Kaplan

Liad Kalderon

Daniel Szriber

Shachar Hindi

Natalie Korenfeld

Moshe Pasker

Mazi Ohayon

Nitzan Fisher-Conforti

Victoria Savu
Derora Tropp

Rotem Bar Ner

 

 

Rebecca Hazan Of Counsel
Roy Keidar Of Counsel

 

 

Paul H. Baris (1934-2010)

Rami Kook

Nira Kuritzky

Eran Ilan

 

Tel-Aviv, February 15, 2018

 

Cyren Ltd.

 

Ladies and Gentlemen:

 

We refer to the Registration Statement on Form S-8 (the “Registration Statement”) to be filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), on behalf of Cyren Ltd., a company organized under the laws of the State of Israel (the “Company”), for the purpose of registering under the Securities Act 4,600,000 of the Company’s Ordinary Shares, nominal value NIS 0.15 per share (the “Shares”), available for issuance under the Cyren Ltd. 2016 Non-Employee Director Equity Incentive Plan and the Cyren Ltd. 2016 Equity Incentive Plan (together, the “Plans”).

 

In rendering an opinion on the matters hereinafter set forth, we have assumed the authenticity of all original documents submitted to us as certified, conformed or photographic copies thereof, the genuineness of all signatures and the due authenticity of all persons executing such documents. We have assumed the same to have been properly given and to be accurate, we have assumed the truth of all facts communicated to us by the Company, we have assumed that all consents, minutes and protocols of meetings of the Company's board of directors and shareholders meetings of the Company which have been provided to us are true, accurate and have been properly prepared in accordance with the Company's incorporation documents and all applicable laws, and we have also assumed the compliance of any grant of Shares with the Company's compensation policy, as in effect from time to time.

 

As outside Israeli counsel to the Company, we have performed such investigations, and have examined such corporate records, certificates and other documents, and such questions of law, as we have considered necessary or appropriate for the purpose of our opinion. Upon the basis of such examination, we are of the opinion that, the Shares have been duly and validly authorized for issuance and, when issued in accordance with the applicable grant or option agreement, pursuant to the terms of the Plans and in accordance with the Registration Statement, the Shares will be legally and validly issued, fully paid and non-assessable.

 

 

 

 

 

 

 

 

1 Azrieli Center, Tel Aviv, 6702101   |   Phone: +972-3-6087777   |   Fax: +972-3-6087724
31 Hillel Street, Jerusalem, 9458131   |   Phone: +972-2-6239239   |   Fax: +972-2-6239233
www.arnon.co.il   |   info@arnon.co.il

 

 

 

 

 

The above opinion is based on facts existing on the date hereof and of which we are aware. We express no opinion as to any laws other than the laws of the State of Israel as the same are in force on the date hereof and we have not, for purpose of giving this opinion, made any investigation of the laws of any other jurisdiction. This opinion is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated.

 

We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission thereunder.

 

Very truly yours,

 

/s/ Yigal Arnon & Co  

Yigal Arnon & Co.

 

 

 

 

 

 

 

 

 

 

1 Azrieli Center, Tel Aviv, 6702101   |   Phone: +972-3-6087777   |   Fax: +972-3-6087724
31 Hillel Street, Jerusalem, 9458131   |   Phone: +972-2-6239239   |   Fax: +972-2-6239233
www.arnon.co.il   |   info@arnon.co.il

 

 

- 2 - 

 


Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

We consent to the incorporation by reference in the Registration Statement (Form S-8), pertaining to the Cyren Ltd. “ 2016 Non-Employee Director Equity Incentive Plan and respective Israeli appendix” and “ 2016 Equity Incentive Plan and respective Israeli appendix”, of our report dated April 27, 2017, with respect to the consolidated financial statements of Cyren Ltd. included in its Annual Report (Form 20-F) for the year ended December 31, 2016.

 

 

  /s/ KOST, FORER, GABBAY & KASIERER
Tel Aviv, Israel KOST, FORER, GABBAY & KASIERER
February 15, 2018 A Member of EY Global