ORAMED
      PHARMACEUTICALS INC. 2008 STOCK INCENTIVE PLAN

     

    NOTICE
      OF STOCK OPTION AWARD

     

    You
      have
      been granted an option to purchase shares of Common Stock, subject to the terms
      and conditions of this Notice of Stock Option Award (the “Notice”), the Oramed
      Pharmaceuticals, Inc. 2008 Stock Incentive Plan, as amended from time to time
      (the “Plan”), and the Stock Option Award Agreement (the “Option Agreement”)
      attached hereto, as follows. Unless otherwise defined herein or in the Option
      Agreement, capitalized terms used herein shall have the respective meaning
      ascribed to such terms in the Plan.

     

    
      	
              Grantee’s
                Name and Address:

            	_________________________
	 	_________________________
	 	_________________________
	
              Date
                of Award:

            	_________________________
	
              Vesting
                Commencement Date:

            	_________________________
	
              Exercise
                Price per Share:

            	
              $___________________________

            
	
              
                Total
                  Number of Shares Subject

              

              to
                the Option (the “Shares”):

            	_________________________
	
              Total
                Exercise Price:

            	
              $____________________________

            
	
              Type
                of Option:

            	
              ________   
                Incentive Stock Option

            
	 	
              ________   
                Non-Qualified Stock Option

            
	
              Expiration
                Date:

            	_________________________


    

     

    Vesting
      Schedule:

     

    


     

    
      
         

      

      
         

        
          

        

      

      
         

      

    


    IN
      WITNESS WHEREOF, the Company and the Grantee have executed this Notice and
      agree
      that the Option is to be governed by the terms and conditions of this Notice,
      the Plan, and the Option Agreement.

     

    
      	 	 	 
	 	
              ORAMED
                PHARMACEUTICALS, INC.,

              a
                Nevada corporation

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                

            
	 	
              Title:
                

            


    

     

    The
      Grantee acknowledges receipt of a copy of the Plan and the Option Agreement,
      and
      represents that he or she is familiar with the terms and provisions thereof,
      and
      hereby accepts the Option subject to all of the terms and provisions hereof
      and
      thereof. The Grantee has reviewed this Notice, the Plan, and the Option
      Agreement in their entirety, has had an opportunity to obtain the advice of
      counsel prior to executing this Notice, and fully understands all provisions
      of
      this Notice, the Plan and the Option Agreement. The Grantee hereby agrees that
      all disputes arising out of or relating to this Notice, the Plan and the Option
      Agreement shall be resolved in accordance with Section 9 of the Option
      Agreement. The Grantee further agrees to notify the Company upon any change
      in
      the residence address indicated in this Notice.

     

     

    
      	Dated: ______________________ 	Signed:
              ______________________________________


    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    


    ORAMED
      PHARMACEUTCIALS INC.

     

    STOCK
      OPTION AWARD AGREEMENT

     

    1.
      Grant
      of Option. Oramed Pharmaceuticals Inc., a Nevada corporation (the "Company"),
      hereby grants to ________ (the "Grantee"), [an option (the "Option") to purchase
      ___________ shares of the common stock, par value $.001 (the "Common Stock"),
      of
      the Company (the "Shares")] [set forth the specific type of Award], at an
      exercise price per share equal to $_______(the "Exercise Price") subject to
      the
      terms and provisions of this Stock Option Award Agreement (the "Award
      Agreement") and the Company's 2008 Stock Incentive Plan, as amended from time
      to
      time (the "Plan"). The Company, during the term of the Option, will at all
      times
      reserve and keep available such number of Shares as shall be sufficient to
      satisfy the requirements of the Option. Unless otherwise defined herein,
      capitalized terms use herein shall have the respective meanings ascribed to
      such
      terms in the Plan.

     

    
      	 	
              2.

            	
              Exercise
                of Option.

            


    

     

    (a)
      Right
      to Exercise. The Option shall be exercisable during its term in accordance
      with
      the following Vesting Schedule [this is based on the Vesting Schedule set in
      the
      Plan for Israeli Grantees]:

     

    
      	 	
              (i)

            	
              Twenty
                five percent (25%) of the Options granted under each Award Agreement
                shall
                vest on the end of the first year of Continuous Service following
                the
                vesting commencement date determined by the Administrator and if
                not
                specified the date of the grant of an Option (the "First Anniversary");
                and

            


    

     

    
      	 	
              (ii)

            	
              The
                remaining 75% of the Options shall vest on a quarterly basis over
                a period
                of three years commencing as of the First Anniversary in twelve (12)
                equal
                portions subject to Continuous Service of the
                Grantee.

            


    

     

    In
      no
      event shall the Company issue fractional Shares.

     

    (b)
      Adjustments of Award Upon Change in Control. The Option shall be subject to
      the
      provisions of Section 11 of the Plan relating to the vesting and exercisability
      of the Option in the event of a Change in Control.

     

    (c)
      Method of Exercise. The Option shall be exercisable by delivery of an exercise
      notice (a form of which is attached as Exhibit A) which shall state the election
      to exercise the Option, the whole number of Shares in respect of which the
      Option is being exercised, and such other provisions as set forth in Exhibit
      A.
      The exercise notice shall be delivered in person, by certified mail, or by
      such
      other reasonable method (including electronic transmission) accompanied by
      payment of the Exercise Price and all applicable income and employment taxes
      required to be withheld. The Option shall be deemed to be exercised upon receipt
      by the Company of such notice accompanied by the Exercise Price and all
      applicable withholding taxes, which, to the extent selected, shall be deemed
      to
      be satisfied by use of the broker-dealer sale and remittance procedure to pay
      the Exercise Price provided in Section 3(d) below to the extent such procedure
      is available to the Grantee at the time of exercise and such an exercise would
      not violate any applicable law.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (d)
      Taxes. No Shares will be delivered to the Grantee or other person pursuant
      to
      the exercise of the Option until the Grantee or other person has made reasonable
      arrangements for the satisfaction of applicable income tax and employment tax
      withholding obligations, including, without limitation, such other tax
      obligations of the Grantee incident to the receipt of Shares. Upon exercise
      of
      the Option, the Company or the Grantee's employer may offset or withhold (from
      any amount owed by the Company or the Grantee's employer to the Grantee) or
      collect from the Grantee or other person an amount sufficient to satisfy such
      tax withholding obligations.

     

    3.
      Method
      of Payment. Payment of the Exercise Price shall be made by any of the following,
      or a combination thereof, at the election of the Grantee; provided, however,
      that such exercise method does not then violate any applicable law:

     

    (a)
      cash;

     

    (b)
      check;

     

    (c)
      surrender of Shares or delivery of a properly executed form of attestation
      of
      ownership of Shares which have a Fair Market Value on the date of surrender
      or
      attestation equal to the aggregate Exercise Price of the Shares as to which
      the
      Option is being exercised;

     

    (d)
      payment through a broker-dealer sale and remittance procedure pursuant to which
      the Grantee (i) shall provide written instructions to a Company-designated
      brokerage firm to effect the immediate sale of some or all of the purchased
      Shares and remit to the Company sufficient funds to cover the aggregate exercise
      price payable for the purchased Shares and (ii) shall provide written directives
      to the Company to deliver the certificates for the purchased Shares directly
      to
      such brokerage firm in order to complete the sale transaction;

     

    (e)
      issuance of a note to the extent not prohibited by applicable law;

     

    (f)
      payment through a "net exercise" such that, without the payment of any funds,
      the Grantee may exercise the Option and receive the net number of Shares equal
      to (i) the number of Shares as to which the Option is being exercised,
      multiplied by (ii) a fraction, the numerator of which is the Fair Market Value
      per Share (on such date as is determined by the Administrator) less the Exercise
      Price, and the denominator of which is such Fair Market Value per Share (the
      number of net Shares to be received shall be rounded down to the nearest whole
      number of Shares); or

     

    (g)
      any
      combination of the foregoing methods of payment.

     

    4.
      Restrictions on Exercise. The Option must be exercised no later than the
      [ ]
      year
      anniversary of the date of grant [different requirement for controlling owners,
      per section 6(g) of the Plan] (the "Expiration Date"). After the Expiration
      Date, the Option shall be of no further force or effect and may not be
      exercised. The Option may not be exercised if the issuance of the Shares subject
      to the Option upon such exercise would constitute a violation of any Applicable
      Laws. If the exercise of the Option is prevented by the provisions of this
      Section 4, the Option shall remain exercisable until one (1) month after the
      date the Grantee is notified by the Company that the Option is exercisable,
      but
      in any event no later than the Expiration Date.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    5.
      Transferability of Option. The Option may not be transferred in any manner
      other
      than by will or by the laws of descent and distribution and may be exercised
      during the lifetime of the Grantee only by the Grantee; provided, however,
      that
      the Grantee may designate a beneficiary of the Grantee's Incentive Stock Option
      in the event of the Grantee's death on a beneficiary designation form provided
      by the Administrator. No transfer permitted hereby shall be effective to bind
      the Company unless the Administrator has been furnished with written notice
      of
      such transfer and an authenticated copy of the will and/or such other evidence
      as the Administrator may deem necessary to establish the validity of the
      transfer and the acceptance by the transferee of the terms and conditions of
      such Award. The terms of the Option shall be binding upon the executors,
      administrators, heirs, successors and transferees of the Grantee.

     

    6.
      Adjustment Upon Changes in Capitalization. Subject to any required action by
      the
      stockholders of the Company, the number of Shares covered by this Option and
      the
      Exercise Price shall be proportionately adjusted for (i) any increase or
      decrease in the number of issued shares of Common Stock resulting from a stock
      split, reverse stock split, stock dividend, combination or reclassification
      of
      the Shares, or similar transaction affecting the Shares, (ii) any other increase
      or decrease in the number of issued shares of Common Stock effected without
      receipt of consideration by the Company, or (iii) any other transaction with
      respect to Common Stock including a corporate merger, consolidation, acquisition
      of property or stock, separation (including a spin-off or other distribution
      of
      stock or property), reorganization, liquidation (whether partial or complete)
      or
      any similar transaction.

     

    7.
      Tax
      Consequences. The Grantee may incur tax liability as a result of the Grantee's
      purchase or disposition of the Shares. THE GRANTEE SHOULD CONSULT A TAX ADVISER
      BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.

     

    8.
      Entire
      Agreement: Governing Law. This Award Agreement constitutes the entire agreement
      of the parties with respect to the subject matter hereof and supersede in their
      entirety all prior undertakings and agreements of the Company and the Grantee
      with respect to the subject matter hereof, and may not be modified adversely
      to
      the Grantee's interest except by means of a writing signed by the Company and
      the Grantee. Nothing in this Award Agreement (except as expressly provided
      therein) is intended to confer any rights or remedies on any persons other
      than
      the parties. This Award Agreement is to be construed in accordance with and
      governed by the internal laws of the State of Nevada without giving effect
      to
      any choice of law rule that would cause the application of the laws of any
      jurisdiction other than the internal laws of the State of Nevada to the rights
      and duties of the parties. Should any provision of this Award Agreement be
      determined to be illegal or unenforceable, such provision shall be enforced
      to
      the fullest extent allowed by law and the other provisions shall nevertheless
      remain effective and shall remain enforceable.

     

    9.
      Construction. The captions used in this Award Agreement are inserted for
      convenience and shall not be deemed a part of the Option for construction or
      interpretation. Except when otherwise indicated by the context, the singular
      shall include the plural and the plural shall include the singular. Use of
      the
      term "or" is not intended to be exclusive, unless the context clearly requires
      otherwise.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    10.
      Venue
      and Waiver of Jury Trial. The Company, the Grantee, and the Grantee's assignees
      (the "parties") agree that any suit, action, or proceeding arising out of or
      relating to this Award Agreement shall be brought in the United States District
      Court for the District of Nevada (or should such court lack jurisdiction to
      hear
      such action, suit or proceeding, in a Nevada state court in the County of Carson
      City) and that the parties shall submit to the jurisdiction of such court.
      The
      parties irrevocably waive, to the fullest extent permitted by law, any objection
      the party may have to the laying of venue for any such suit, action or
      proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT
      THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.
      If
      any one or more provisions of this Section 10 shall for any reason be held
      invalid or unenforceable, it is the specific intent of the parties that such
      provisions shall be modified to the minimum extent necessary to make it or
      its
      application valid and enforceable.

     

    11.
      Notices. Any notice required or permitted hereunder shall be given in writing
      and shall be deemed effectively given upon personal delivery, upon deposit
      for
      delivery by an internationally recognized express mail courier service or upon
      deposit in the United States mail by certified mail (if the parties are within
      the United States), with postage and fees prepaid, addressed to the other party
      at its address as shown in these instruments, or to such other address as such
      party may designate in writing from time to time to the other
      party.

     

    Accepted
      by:

     

    
      	 	 	 
	 	
              
                PLATINUM
                  ENERGY RESOURCES, INC.,

                a
                  Nevada corporation

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                

            
	 	
              Title:
                

            


    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    


    EXHIBIT
      A

     

    ORAMED
      PHARMACEUTICALS, INC.

     

    EXERCISE
      NOTICE

     

    Oramed
      Pharmaceuticals Inc.

    2
      Elza
      Street

    Jerusalem,
      Israel 93706

     

    Attention:
      Chief Executive Officer

     

    1.
      Exercise of Option. Effective as of today, ______________, ___ the undersigned
      (the "Grantee") hereby elects to exercise the Grantee's option to purchase
      ___________ shares of the Common Stock (the "Shares") of Oramed Pharmaceuticals
      Inc. (the "Company") under and pursuant to the Company's 2008 Stock Incentive
      Plan (the "Plan") and the Stock Option Award Agreement (the "Award Agreement")
      dated _______________. Unless otherwise defined herein, the terms defined in
      the
      Plan shall have the same defined meanings in this Exercise Notice.

     

    2.
      Representations of the Grantee. The Grantee acknowledges that the Grantee has
      received, read and understood the Award Agreement and agrees to abide by and
      be
      bound by their terms and conditions.

     

    3.
      Rights
      as Stockholder. Until the stock certificate evidencing such Shares is issued
      (as
      evidenced by the appropriate entry on the books of the Company or of a duly
      authorized transfer agent of the Company), no right to vote or receive dividends
      or any other rights as a stockholder shall exist with respect to the Shares,
      notwithstanding the exercise of the Option. The Company shall issue (or cause
      to
      be issued) such stock certificate promptly after the Option is exercised. No
      adjustment will be made for a dividend or other right for which the record
      date
      is prior to the date the stock certificate is issued, except as provided in
      Section 10 of the Plan.

     

    4.
      Delivery of Payment. The Grantee herewith delivers to the Company the full
      Exercise Price for the Shares, which, to the extent selected, shall be deemed
      to
      be satisfied by use of the broker-dealer sale and remittance procedure to pay
      the Exercise Price provided in Section 3(d) of the Award Agreement.

     

    5.
      Tax
      Consultation. The Grantee understands that the Grantee may suffer adverse tax
      consequences as a result of the Grantee's purchase or disposition of the Shares.
      The Grantee represents that the Grantee has consulted with any tax consultants
      the Grantee deems advisable in connection with the purchase or disposition
      of
      the Shares and that the Grantee is not relying on the Company for any tax
      advice.

     

    6.
      Taxes.
      The Grantee agrees to satisfy all applicable foreign, federal, state and local
      income and employment tax withholding obligations and herewith delivers to
      the
      Company the full amount of such obligations or has made arrangements acceptable
      to the Company to satisfy such obligations.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    7.
      Successors and Assigns. The Company may assign any of its rights under this
      Exercise Notice to single or multiple assignees, and this agreement shall inure
      to the benefit of the successors and assigns of the Company. Subject to the
      restrictions on transfer herein set forth, this Exercise Notice shall be binding
      upon the Grantee and his or her heirs, executors, administrators, successors
      and
      assigns.

     

    8.
      Construction. The captions used in this Exercise Notice are inserted for
      convenience and shall not be deemed a part of this agreement for construction
      or
      interpretation. Except when otherwise indicated by the context, the singular
      shall include the plural and the plural shall include the singular. Use of
      the
      term "or" is not intended to be exclusive, unless the context clearly requires
      otherwise.

     

    9.
      Governing Law; Severability. This Exercise Notice is to be construed in
      accordance with and governed by the internal laws of the State of Nevada without
      giving effect to any choice of law rule that would cause the application of
      the
      laws of any jurisdiction other than the internal laws of the State of Nevada
      to
      the rights and duties of the parties. Should any provision of this Exercise
      Notice be determined by a court of law to be illegal or unenforceable, such
      provision shall be enforced to the fullest extent allowed by law and the other
      provisions shall nevertheless remain effective and shall remain
      enforceable.

     

    10.
      Notices. Any notice required or permitted hereunder shall be given in writing
      and shall be deemed effectively given upon personal delivery, upon deposit
      for
      delivery by an internationally recognized express mail courier service or upon
      deposit in the United States mail by certified mail (if the parties are within
      the United States), with postage and fees prepaid, addressed to the other party
      at its address as shown below beneath its signature, or to such other address
      as
      such party may designate in writing from time to time to the other
      party.

     

    11.
      Further Instruments. The parties agree to execute such further instruments
      and
      to take such further action as may be reasonably necessary to carry out the
      purposes and intent of this agreement.

     

    12.
      Entire Agreement. The Plan and the Award Agreement are incorporated herein
      by
      reference and together with this Exercise Notice constitute the entire agreement
      of the parties with respect to the subject matter hereof and supersede in their
      entirety all prior undertakings and agreements of the Company and the Grantee
      with respect to the subject matter hereof, and may not be modified adversely
      to
      the Grantee's interest except by means of a writing signed by the Company and
      the Grantee. Nothing in the Plan, Award Agreement and this Exercise Notice
      (except as expressly provided therein) is intended to confer any rights or
      remedies on any persons other than the parties.

    


    
      	
              Submitted
                by:

            	
              Accepted
                by:

            
	 	 
	
              GRANTEE:

            	
              ORAMED
                PHARMACEUTICALS INC.

            
	 	 
	
               

              (Signature)

            	
              By:
                __________________________________

              Name:

              Title:

            


    

     

    
      	 	 
	
              Address:

            	
              Address:

            
	 	 
	__________________________________	
              2
                Elza Street

              Jerusalem,
                Israel 93706