Exhibit 10.7


 


TODOS MEDICAL LTD.


 


THE 2015 ISRAELI SHARE OPTION PLAN


 


(*In compliance with Amendment No. 132 of
the Israeli Tax Ordinance, 2002)


 


This plan, as amended from time to
time, shall be known as Todos Medical Ltd. 2015 Israeli Share Option Plan (the “ISOP”).


 


		1.	PURPOSE OF THE ISOP 



 


The ISOP is intended to provide an
incentive to retain, in the employ of the Company, persons of training, experience, and ability, to attract new employees,
directors, consultants, service providers and any other entity which the Board shall decide their services are considered valuable
to the Company, to encourage the sense of proprietorship of such persons, and to stimulate the active interest of such persons
in the development and financial success of the Company by providing them with opportunities to purchase shares in the Company,
pursuant to the ISOP.


 


		2.	DEFINITIONS



 


For purposes of the ISOP and related
documents, including the Option Agreement, the following definitions shall apply:


 


		2.1.	“Approved 102 Option” means an Option granted pursuant to Section 102(b) of
the Ordinance and held in trust by a Trustee for the benefit of the Optionee.



 


		2.2.	“Board” means the Board of Directors of the Company.



 


		2.3.	“Capital Gain Option (CGO)” as defined in Section 5.4 below.



 


		2.4.	“Cause” means, (a) to the extent the term “Cause” is defined in
an employment or consulting agreement with the Optionee, the meaning ascribed to such term in such agreement, or (b) (i) conviction
of any felony involving moral turpitude or affecting the Company; (ii) any refusal to carry out a reasonable directive of the chief
executive officer, which involves the business of the Company and was capable of being lawfully performed; (iii) embezzlement of
funds of the Company; (iv) any breach of the Optionee’s fiduciary duties or duties of care of the Company; including without
limitation disclosure of confidential information of the Company; and (v) any conduct (other than conduct in good faith) reasonably
determined by the Board to be materially detrimental to the Company.



 


		2.5.	“Chairman” means the chairman of the Board.



 


		2.6.	“Company” means Todos Medical Ltd, an Israeli company.



 


		2.7.	“Companies Law” means the Israeli Companies Law 5759-1999.



 


		2.8.	“Controlling Shareholder” shall have the meaning ascribed to it in Section 32(9)
of the Ordinance.



 


		2.9.	“Date of Grant” means, the date of grant of an Option, as determined by the
Board and set forth in the Optionee’s Option Agreement.



 


		2.10.	"Disability" means total and permanent physical or mental impairment or sickness
of an Optionee, making it impossible for the Optionee to continue their employment with or service to the Company.



 


		2.11.	“Employee” means a person who is employed by the Company, including an individual
who is serving as a director or an office holder, but excluding Controlling Shareholder.



 




    	 	 	 



     


    

 


		2.12.	“Expiration Date” means the date upon which an Option shall expire, as set forth
in Section 10.2 of the ISOP.



 


		2.13.	“Fair Market Value” means as of any date, the value of a Share determined as
follows:



 


(i) If the Shares are listed on
any established stock exchange or a national market system, including without limitation the NASDAQ National Market system, or
the NASDAQ SmallCap Market of the NASDAQ Stock Market, the Fair Market Value shall be the closing sales price for such Shares (or
the closing bid, if no sales were reported), as quoted on such exchange or system for the last market trading day prior to time
of determination, as reported in the Wall Street Journal, or such other source as the Board deems reliable.


 


without derogating from the above,
solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance, if at the Date of Grant
the Company’s shares are listed on any established stock exchange or a national market system or if the Company’s shares
will be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value of a Share at the Date
of Grant shall be determined in accordance with the average value of the Company’s shares on the thirty (30) trading days
preceding the Date of Grant or on the thirty (30) trading days following the date of registration for trading, as the case may
be;


 


(ii) If the Shares are regularly
quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between the
high bid and low asked prices for the Shares on the last market trading day prior to the day of determination, or;


 


(iii) In the absence of an established
market for the Shares, the Fair Market Value thereof shall be determined in good faith by the Board.


 


		2.14.	“IPO” means the initial public offering of the Company’s shares and the
listing of such shares for trading on any recognized stock exchange or over-the-counter or computerized securities trading system.



 


		2.15.	“ISOP” means this 2015 Israeli Share Option Plan.



 


		2.16.	“ITA” means the Israeli Tax Authorities.



 


		2.17.	“Non-Employee” means a consultant, adviser, service provider, Controlling Shareholder
or any other person who is not an Employee.



 


		2.18.	“Ordinary Income Option (OIO)” as defined in Section 5.5 below.



 


		2.19.	“Option” means an option to purchase one or more Shares of the Company pursuant
to the ISOP.



 


		2.20.	“102 Option” means any Option granted to Employees pursuant to Section 102 of
the Ordinance.



 


		2.21.	“3(i) Option” means an Option granted pursuant to Section 3(i) of the Ordinance
to any person who is Non- Employee.



 


		2.22.	“Optionee” means a person who receives or holds an Option under the ISOP.



 


		2.23.	“Option Agreement” means the share option agreement between the Company
and an Optionee that sets out the terms and conditions of an Option.



 


		2.24.	“Ordinance” means the 1961 Israeli Income Tax Ordinance [New Version] 1961 as
now in effect or as hereafter amended, and any regulations, rules, orders or procedures promulgated thereunder.



 


		2.25.	“Purchase Price” means the price for each Share subject to an Option, which
is to be paid to the Company.



 




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		2.26.	"Relative" means a spouse, sibling, parent, parent's parent, descendent, spouse's
descendent, and any spouse of the foregoing.



 


		2.27.	“Section 102” means section 102 of the Ordinance as now in effect or as hereafter
amended.



 


		2.28.	“Share(s)” means an ordinary share of the Company, having a par value of NIS
0.01.



 


		2.29.	“Successor Company” means any entity the Company is merged to or is acquired
by, in which the Company is not the surviving entity.



 


		2.30.	“Transaction” means (i) merger, acquisition or reorganization of the Company
with one or more other entities in which the Company is not the surviving entity (or in case of a reverse triangular merger –
a merger in which the control in the Company is transferred to a third party who did nor control the Company prior to such merger),
(ii) a sale of all or substantially all of the assets of the Company.



 


		2.31.	“Trustee” means any individual or corporate entity appointed by the Company
to serve as a trustee and approved by the ITA, all in accordance with the provisions of Section 102(a) of the Ordinance and/or
any rules or regulations promulgated thereunder.



 


		2.32.	“Unapproved 102 Option” means an Option granted pursuant to Section 102(c) of
the Ordinance and not held in trust by a Trustee.



 


		2.33.	“Vested Option” means any Option, which has already been vested according to
the Vesting Dates.



 


		2.34.	“Vesting Dates” means, as determined by the Board, the date as of which the
Optionee shall be entitled to exercise the Options or part of the Options, as set forth in section 11 of the ISOP.



 


		3.	ADMINISTRATION OF THE ISOP



 


		3.1.	The Board shall have the power to administer the ISOP, all as provided by applicable law and in
the Company’s Articles of Association.



 


		3.2.	The Board shall have the full power and authority to: (i) designate participants; (ii) determine
the terms and provisions of the respective Option Agreements, including, but not limited to, the number of Options to be granted
to each Optionee, the number of Shares to be covered by each Option, provisions concerning the time and the extent to which the
Options may be exercised and the nature and duration of restrictions as to the transferability or restrictions constituting substantial
risk of forfeiture and to cancel or suspend awards, as necessary; (iii) determine the Fair Market Value of the Shares covered by
each Option; (iv) make an election as to the type of Approved 102 Option; (v) designate the type of Options; (vi) take any measures,
and to take actions, as deemed necessary or advisable for the administration and implementation of the ISOP; (vii) interpret the
provisions of the ISOP and to amend from time to time the terms of the ISOP.



 


		3.3.	The Board shall have the authority to grant, at its discretion, to the holder of an outstanding
Option, in exchange for the surrender and cancellation of such Option, a new Option having a purchase price equal to, lower than
or higher than the Purchase Price of the original Option so surrendered and canceled and containing such other terms and conditions
or to change the Purchase Price, all in accordance with the provisions of the ISOP.



 


		3.4.	Subject to the Company’s Articles of Association, all decisions and selections made by the
Board pursuant to the provisions of the ISOP shall be made by a majority of its members except that no member of the Board shall
vote on, or be counted for quorum purposes, with respect to any proposed action of the Board relating to any Option to be granted
to that member or to a Relative thereof. Any decision reduced to writing shall be executed in accordance with the provisions of
the Company’s Articles of Association, as the same may be in effect from time to time.



 




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		3.5.	Subject to the Company’s Articles of Association and the Company’s decision, and to
all approvals legally required, including, but not limited to the provisions of the Companies Law, each member of the Board shall
be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by him,
or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission
to act in connection with the ISOP unless arising out of such member's own fraud or bad faith, to the extent permitted by applicable
law. Such indemnification shall be in addition to any rights of indemnification the member may have as a director or otherwise
under the Company's Articles of Association, any agreement, any vote of shareholders or disinterested directors, insurance policy
or otherwise.



 


		4.	DESIGNATION OF PARTICIPANTS



 


4.1.The
persons eligible for participation in the ISOP as Optionees shall include any Employees and/or Non-Employees of the Company; provided,
however, that (i) Employees may only be granted 102 Options; (ii) Non-Employees may only be granted 3(i) Options; and (iii) Controlling
Shareholders may only be granted 3(i) Options. 


 


		4.2.	The grant of an Option hereunder shall neither entitle the Optionee to participate nor disqualify
the Optionee from participating in, any other grant of Options pursuant to the ISOP or any other option or share plan of the Company.



 


		4.3.	Anything in the ISOP to the contrary notwithstanding, all grants of Options to directors and office
holders shall be authorized and implemented in accordance with the provisions of the Companies Law or any successor act or regulation,
as in effect from time to time.



 


		5.	DESIGNATION OF OPTIONS PURSUANT TO SECTION 102



 


		5.1.	The Company may designate Options granted to Employees pursuant to Section 102 as Unapproved 102
Options or Approved 102 Options.



 


		5.2.	The grant of Approved 102 Options shall be made under this ISOP adopted by the Board as described
in Section 15 below, and shall be conditioned upon the approval of this ISOP by the ITA.



 


		5.3.	Approved 102 Option may either be classified as Capital Gain Option (“CGO”)
or Ordinary Income Option (“OIO”).



 


		5.4.	Approved 102 Option elected and designated by the Company to qualify under the capital gain tax
treatment in accordance with the provisions of Section 102(b)(2) shall be referred to herein as CGO.



 


		5.5.	Approved 102 Option elected and designated by the Company to qualify under the ordinary income
tax treatment in accordance with the provisions of Section 102(b)(1) shall be referred to herein as OIO.



 


		5.6.	The Company’s election of the type of Approved 102 Options as CGO or OIO granted to Employees
(the “Election”), shall be appropriately filed with the ITA before the Date of Grant of an Approved 102 Option.
Such Election shall become effective beginning the first Date of Grant of an Approved 102 Option under this ISOP and shall remain
in effect at least until the end of the year following the year during which the Company first granted Approved 102 Options. The
Election shall obligate the Company to grant only the type of Approved 102 Option it has elected, and shall apply to all
Optionees who were granted Approved 102 Options during the period indicated herein, all in accordance with the provisions of Section
102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the Company from granting Unapproved 102 Options
simultaneously.



 


		5.7.	All Approved 102 Options must be held in trust by a Trustee, as described in Section 6 below.



 


		5.8.	For the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options
shall be subject to the terms and conditions set forth in Section 102 of the Ordinance and the regulations promulgated thereunder.



 




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		5.9.	With regards to Approved 102 Options, the provisions of the ISOP and/or the Option Agreement shall
be subject to the provisions of Section 102 and the Tax Assessing Officer’s permit, and the said provisions and permit shall
be deemed an integral part of the ISOP and of the Option Agreement. Any provision of Section 102 and/or the said permit which is
necessary in order to receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the ISOP
or the Option Agreement, shall be considered binding upon the Company and the Optionees.



 


		6.	TRUSTEE



 


		6.1.	Approved 102 Options which shall be granted under the ISOP and/or any Shares allocated or issued
upon exercise of such Approved 102 Options and/or other shares received subsequently following any realization of rights, including
without limitation bonus shares and/or any other securities issued according to the provisions of Section 9.5 below, shall be allocated
or issued to the Trustee and held for the benefit of the Optionees for such period of time as required by Section 102 or any regulations,
rules or orders or procedures promulgated thereunder (the “Holding Period”). In the case the requirements for
Approved 102 Options are not met, then the Approved 102 Options may be treated as Unapproved 102 Options, all in accordance with
the provisions of Section 102 and regulations promulgated thereunder.



 


		6.2.	Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or
issued upon exercise of Approved 102 Options prior to the full payment of the Optionee’s tax liabilities arising from Approved
102 Options which were granted to him and/or any Shares allocated or issued upon exercise of such Options.



 


		6.3.	With respect to any Approved 102 Option, subject to the provisions of Section 102 and any rules
or regulation or orders or procedures promulgated thereunder, an Optionee shall not sell or release from trust any Share received
upon the exercise of an Approved 102 Option and/or any share received subsequently following any realization of rights, including
without limitation, bonus shares, until the lapse of the Holding Period required under Section 102 of the Ordinance. Notwithstanding
the above, if any such sale or release occurs during the Holding Period, the sanctions under Section 102 of the Ordinance and under
any rules or regulation or orders or procedures promulgated thereunder shall apply to and shall be borne by such Optionee.



 


		6.4.	Upon receipt of Approved 102 Option, the Optionee will sign an undertaking to release the Trustee
from any liability in respect of any action or decision taken and bona fide executed in relation with the ISOP, or any Approved
102 Option or Share granted to him thereunder.



 


		7.	SHARES RESERVED FOR THE ISOP; RESTRICTION THEREON



 


		7.1.	The Company has reserved 6,000,000 authorized but unissued Shares, for the purposes of the ISOP
and for the purposes of any other share option plans which may be adopted by the Company in the future, subject to adjustment as
set forth in Section 9 below. Any Shares which remain unissued and which are not subject to the outstanding Options at the termination
of the ISOP shall cease to be reserved for the purpose of the ISOP, but until termination of the ISOP the Company shall at all
times reserve sufficient number of Shares to meet the requirements of the ISOP. Should any Option for any reason expire or be canceled
prior to its exercise or relinquishment in full, the Shares subject to such Option may again be subjected to an Option under the
ISOP or under the Company’s other share option plans.



 


		7.2.	Each Option granted pursuant to the ISOP, shall be evidenced by a written Option Agreement between
the Company and the Optionee, in such form as the Board shall from time to time approve. Each Option Agreement shall state, among
other matters, the number of Shares to which the Option relates, the type of Option granted thereunder (whether a CGO, OIO, Unapproved
102 Option or a 3(i) Option), the Vesting Dates, the Purchase Price per Share, the Expiration Date and such other terms and conditions
as the Board in its discretion may prescribe, provided that they are consistent with this ISOP.



 




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		7.3.	Until the consummation of an IPO, such Shares issued upon exercise of Options under the ISOP shall
be voted by an irrevocable proxy (the ”Proxy”) pursuant to the directions of the Board, such Proxy to be assigned
to the person or persons designated by the Board. Such person or persons designated by the Board shall be indemnified and held
harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by him/her, or any liability (including
any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection
with the voting of such Proxy unless arising out of such member's own fraud or bad faith, to the extent permitted by applicable
law. Such indemnification shall be in addition to any rights of indemnification the person(s) may have as a director or otherwise
under the Company's Articles of Association, any agreement, any vote of shareholders or disinterested directors, insurance policy
or otherwise. Without derogating from the above, with respect to Approved 102 Options, such Shares shall be voted in accordance
with the provisions of Section 102 and any rules, regulations or orders promulgated thereunder.



 


		7.4.	Without derogating from any other undertaking of the Optionee pursuant to this ISOP or otherwise,
so long as the Shares have not been listed for trade on a stock exchange in Israel or abroad, the Company will be entitled at any
time to require the Optionee, and the Optionee shall be obliged to furnish the Company with any certificate, affidavit or other
document which the Company deems as legally and/or commercially required, whether under local or foreign laws, or otherwise, or
any confirmation or agreement, including an undertaking from the Optionee not to sell his Shares for some period, as obliged by
the requirements of an underwriter, investment bank or any other entity for the purpose of any issue, whether private or public,
and also any certificate or agreement which the Company needs to obtain, if at all, from the Optionees as the members of a class
of shareholders, or otherwise, or any certificate, affidavit or other document which the Company deems fit or necessary to obtain
in order to facilitate any Transaction and/or the merger of the Company with any other entity, following which merger the Company
shall be the surviving entity, and/or the registration of the Company in any foreign jurisdiction, the exercise of a flip transaction,
whether in Israel or abroad, and/or the Company's reorganization, all in accordance with what the Company deems necessary and desirable,
and the terms of any document which the Optionee is required to sign shall be as determined by the Company after obtaining a legal
opinion so far as necessary, provided that in the Company's opinion the raising of additional capital, the merger or such other
change as aforesaid will not materially impair the value of the Optionee's investment in the Company. It is hereby acknowledged,
without limitation, that the following events shall not be deemed to impair the value of the Optionee's holdings in the Company
or to derogate from, limit or adversely effect in any extent, the Company’s discretion with regard to the evaluation of the
effect of certain business transactions on the value of the Optionee's investment in the Company: (i) the dilution of the Optionee's
holdings in the Company deriving from the raising of additional capital or a merger or a flip transaction or from the exercise
of any existing or future options in the Company of any type whatsoever; (ii) the registration of the Company and/or of any securities
thereof in any jurisdiction and/or stock exchange, irrespective of the legal regime, tax regime, tradability, etc. resulting from,
or connected with, such registration.



 


		8.	PURCHASE PRICE



 


		8.1.	The Purchase Price of each Share subject to an Option shall be determined by the Board in its sole
and absolute discretion in accordance with applicable law.



 


		8.2.	The Purchase Price shall be payable upon the exercise of the Option in a form satisfactory to the
Board, including without limitation, by cash or check. The Board shall have the authority to postpone the date of payment on such
terms as it may determine.



 


		8.3.	The Purchase Price shall be denominated in the currency of the primary economic environment of,
either the Company or the Optionee (that is the functional currency of the Company or the currency in which the Optionee is paid)
as determined by the Company.



 


		9.	ADJUSTMENTS



 


Upon the occurrence of any of the
following described events, Optionee's rights to purchase Shares under the ISOP shall be adjusted as hereafter provided:


 


		9.1.	In the event of Transaction, and subject to the determination of the Board, at in its sole discretion,
the unexercised Options then outstanding under the ISOP may be assumed or substituted for an appropriate number of shares of each
class of shares or other securities of the Successor Company (or a parent or subsidiary of the Successor Company) as were distributed
to the shareholders of the Company in connection and with respect to the Transaction. In the case of such assumption and/or substitution
of Options, appropriate adjustments shall be made to the Purchase Price so as to reflect such action and all other terms and conditions
of the Option Agreements shall remain unchanged, including but not limited to the vesting schedule, all subject to the determination
of the Board, which determination shall be in their sole discretion and final. The Company shall notify the Optionee of the Transaction
in such form and method as it deems applicable at least ten (10) days prior to the effective closing date of such Transaction but
in no event before the signing of the transaction agreements. Any unexercised Option which is not assumed or substituted shall
terminate as of the closing date of such Transaction.



 




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		9.2.	Notwithstanding the above and subject to any applicable law, the Board shall have full power and
authority to determine that in certain Option Agreements there shall be a clause instructing that, if in any such Transaction as
described in section 9.1 above, the Successor Company (or parent or subsidiary of the Successor Company) does not agree to assume
or substitute for the Options, the Vesting Dates shall be accelerated so that any unvested Option or any portion thereof shall
be immediately vested as of the date which is ten (10) days (or such other date as the Board shall determine in its sole discretion)
prior to the effective closing date of the Transaction but in no event before the signing of the transaction agreements.



 


		9.3.	For the purposes of section 9.1 above, an Option shall be considered assumed or substituted if,
following the Transaction, the Option confers the right to purchase or receive, for each Share underlying an Option immediately
prior to the Transaction, the consideration (whether shares, options, cash, or other securities or property) received in the Transaction
by holders of shares held on the effective date of the Transaction (and if such holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration
received in the Transaction is not solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary,
the Board may, with the consent of the Successor Company, provide for the consideration to be received upon the exercise of the
Option to be solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary equal in Fair Market
Value to the per Share consideration received by holders of a majority of the outstanding shares in the Transaction; and provided
further that the Board may determine, in its discretion, that in lieu of such assumption or substitution of Options for options
of the Successor Company or its parent or subsidiary, such Options will be substituted for any other type of asset or property
including cash which is fair under the circumstances.



 


		9.4.	If the Company is voluntarily liquidated or dissolved while unexercised Options remain outstanding
under the ISOP, the Company shall immediately notify all unexercised Option holders of such liquidation, and the Option holders
shall then have ten (10) days to exercise any unexercised Vested Option held by them at that time, in accordance with the exercise
procedure set forth herein. Upon the expiration of such ten-day period, all remaining outstanding Options will terminate immediately.



 


		9.5.	If the outstanding shares of the Company shall at any time be changed or exchanged by declaration
of a share dividend (bonus shares), share split, combination or exchange of shares, recapitalization, or any other like event by
or of the Company, and as often as the same shall occur, then the number, class and kind of the Shares subject to the ISOP or subject
to any Options therefore granted, and the Purchase Prices, shall be appropriately and equitably adjusted so as to maintain the
proportionate number of Shares without changing the aggregate Purchase Price, provided, however, that no adjustment shall be made
by reason of the distribution of subscription rights (rights offering) on outstanding shares. Upon happening of any of the foregoing,
the class and aggregate number of Shares issuable pursuant to the ISOP (as set forth in Section 7 hereof), in respect of which
Options have not yet been exercised, shall be appropriately adjusted, all as will be determined by the Board whose determination
shall be final.



 


		9.6.	Anything herein to the contrary notwithstanding, if prior to the completion of the IPO all or substantially
all of the shares of the Company are to be sold, or in case of a Transaction, all or substantially all of the shares of the Company
are to be exchanged for securities of another Company, then each Optionee shall be obliged to sell or exchange, as the case may
be, any Shares such Optionee purchased under the ISOP, in accordance with the instructions issued by the Board in connection with
the Transaction, whose determination shall be final.



 




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		9.7.	Without derogating from the provisions of Section 7.4 above, the Optionee acknowledges that in
the event that the Company’s shares shall be registered for trading in any public market, Optionee’s rights to sell
the Shares may be subject to certain limitations (including a lock-up period), as will be requested by the Company or its underwriters,
and the Optionee unconditionally agrees and accepts any such limitations.



 


		10.	TERM AND EXERCISE OF OPTIONS



 


		10.1.	Options shall be exercised by the Optionee by giving written notice to the Company and/or to any
third party designated by the Company (the “Representative”), in such form and method as may be determined by
the Company and when applicable, by the Trustee in accordance with the requirements of Section 102, which exercise shall be effective
upon receipt of such notice by the Company and/or the Representative and the payment of the Purchase Price at the Company’s
or the Representative’s principal office. The notice shall specify the number of Shares with respect to which the Option
is being exercised.



 


		10.2.	Without derogating from any other provision of this ISOP, Options, to the extent not previously
exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in the Option Agreement; and (ii) the expiration
of any extended period in any of the events set forth in section 10.5 below.



 


		10.3.	The Options may be exercised by the Optionee in whole at any time or in part from time to time,
to the extent that the Options become vested and exercisable, prior to the Expiration Date, and provided that, subject to the provisions
of section 10.5 below, the Optionee is employed by or providing services to the Company, at all times during the period beginning
with the granting of the Option and ending upon the date of exercise.



 


		10.4.	Subject to the provisions of section 10.5 below, in the event of termination of Optionee’s
employment or services, with the Company, all Options granted to such Optionee will immediately expire. A notice of termination
of employment or service shall be deemed to constitute termination of employment or service. For the avoidance of doubt, in case
of such termination of employment or service, the unvested portion of the Optionee’s Option shall not vest and shall not
become exercisable.



 


		10.5.	Notwithstanding anything to the contrary hereinabove and unless otherwise determined in the Optionee’s Option Agreement,
an Option may be exercised after the date of termination of Optionee's employment or service with the Company during an additional
period of time beyond the date of such termination, but only with respect to the number of Vested Options at the time of such termination
according to the Vesting Dates, if:



 


(i)         termination is without Cause,
in which event any Vested Option still in force and unexpired may be exercised within a period of ninety (90) days after the date
of such termination; or-


 


(ii)         termination is the result of death or disability
of the Optionee, in which event any Vested Option still in force and unexpired may be exercised within a period of twelve (12)
months after the date of such termination; or –


 


(iii)       prior to the date of such termination, the Board
shall authorize an extension of the terms of all or part of the Vested Options beyond the date of such termination for a period
not to exceed the period during which the Options by their terms would otherwise have been exercisable.


 


For avoidance of any doubt, if termination
of employment or service is for Cause, any outstanding unexercised Option (whether vested or non-vested), will immediately expire
and terminate, and the Optionee shall not have any right in connection to such outstanding Options.


 


		10.6.	To avoid doubt, the Optionees shall not have any of the rights or privileges of shareholders of
the Company in respect of any Shares purchasable upon the exercise of any Option, nor shall they be deemed to be a class of shareholders
or creditors of the Company for purpose of the operation of sections 350 and 351 of the Companies Law or any successor to such
section, until registration of the Optionee as holder of such Shares in the Company’s register of shareholders upon exercise
of the Option in accordance with the provisions of the ISOP, but in case of Options and Shares held by the Trustee, subject to
the provisions of Section 6 of the ISOP.



 




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		10.7.	Any form of Option Agreement authorized by the ISOP may contain such other provisions as the Board
may, from time to time, deem advisable.



 


		10.8.	With respect to Unapproved 102 Option, if the Optionee ceases to be employed by the Company, the
Optionee shall extend to the Company a security or guarantee for the payment of tax due at the time of sale of Shares, all in accordance
with the provisions of Section 102 and the rules, regulation or orders promulgated thereunder.



 


		11.	VESTING OF OPTIONS



 


		11.1.	Subject to the provisions of the ISOP, each Option shall vest following the Vesting Dates and for
the number of Shares as shall be provided in the Option Agreement. However, no Option shall be exercisable after the Expiration
Date.



 


		11.2.	An Option may be subject to such other terms and conditions on the time or times when it may be
exercised, as the Board may deem appropriate. The vesting provisions of individual Options may vary.



 


		12.	SHARES SUBJECT TO RIGHT OF FIRST REFUSAL



 


		12.1.	Notwithstanding anything to the contrary in the Articles of Association of the Company, none of
the Optionees shall have a right of first refusal in relation with any sale of shares in the Company.



 


		13.	DIVIDENDS



 


With respect to all Shares (but excluding,
for avoidance of any doubt, any unexercised Options) allocated or issued upon the exercise of Options purchased by the Optionee
and held by the Optionee or by the Trustee, as the case may be, the Optionee shall be entitled to receive dividends in accordance
with the quantity of such Shares, subject to the provisions of the Company’s Articles of Association (and all amendments
thereto) and subject to any applicable taxation on distribution of dividends, and when applicable subject to the provisions of
Section 102 and the rules, regulations or orders promulgated thereunder.


 


		14.	RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS



 


		14.1.	No Option or any right with respect thereto, purchasable hereunder, whether fully paid or not,
shall be assignable, transferable or given as collateral or any right with respect to it given to any third party whatsoever, other
than by will or pursuant to the laws of descent and distribution and except as specifically allowed under the ISOP, and during
the lifetime of the Optionee each and all of such Optionee's rights to purchase Shares hereunder shall be exercisable only by the
Optionee.



 


Any such action made directly or
indirectly, for an immediate validation or for a future one, shall be void.


 


		14.2.	Without derogating from the provisions of Section 14.1 above, as long as Options and/or Shares
are held by the Trustee on behalf of the Optionee, all rights of the Optionee over the Shares are personal, can not be transferred,
assigned, pledged or mortgaged, other than by will or pursuant to the laws of descent and distribution.



 


		14.3.	No transfer of any Option or right with respect thereto and/or Shares by will or by the laws of
descent shall be effective unless the Company shall have been furnished with the following notarized documents (and any additional
documents as may be advised by the Board): (a) a written request for such transfer and a copy of the legal documents creating and
confirming the right of the person acting with respect to the Optionee's estate and of the transferee; and (b) written consent
by the transferee to pay any amounts in connection with a Share, Option and any payment due according to the provision of the ISOP
and otherwise abide by all the terms of the ISOP;



 




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		15.	EFFECTIVE DATE AND DURATION OF THE ISOP



 


The ISOP shall be effective as of
the day it was adopted by the Board and shall terminate at the end of ten (10) years from such day of adoption.


 


		16.	AMENDMENTS OR TERMINATION



 


The Board may at any time, but when
applicable, after consultation with the Trustee, amend, alter, suspend or terminate the ISOP. No amendment, alteration, suspension
or termination of the ISOP shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the
Company, which agreement must be in writing and signed by the Optionee and the Company. Termination of the ISOP shall not affect
the Board’s ability to exercise the powers granted to it hereunder with respect to Options granted under the ISOP prior to
the date of such termination.


 


		17.	GOVERNMENT REGULATIONS



 


The ISOP, and the granting and exercise
of Options hereunder, and the obligation of the Company to sell and deliver Shares under such Options, shall be subject to all
applicable laws, rules, and regulations, whether of the State of Israel or any other State having jurisdiction over the Company
and the Optionee and the Ordinance and to such approvals by any governmental agencies or national securities exchanges as may be
required. Nothing herein shall be deemed to require the Company to register the Shares under the securities laws of any jurisdiction.


 


		18.	CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES



 


Neither the ISOP nor the Option
Agreement with the Optionee shall impose any obligation on the Company, to continue any Optionee in its employ or service, and
nothing in the ISOP or in any Option granted pursuant thereto shall confer upon any Optionee any right to continue in the employ
or service of the Company or restrict the right of the Company to terminate such employment or service at any time.


 


		19.	GOVERNING LAW & JURISDICTION



 


The ISOP shall be governed by and
construed and enforced in accordance with the laws of the State of Israel applicable to contracts made and to be performed therein,
without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole jurisdiction
in any matters pertaining to the ISOP.


 


		20.	TAX CONSEQUENCES



 


		20.1.	Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares
covered thereby or from any other event or act (of the Company, the Trustee or the Optionee), hereunder, shall be borne solely
by the Optionee. The Company and/or the Trustee shall withhold taxes according to the requirements under the applicable laws, rules,
and regulations, including withholding taxes at source. Furthermore, the Optionee shall agree to indemnify the Company and/or the
Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including
without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made
to the Optionee.



 


		20.2.	The Company and/or, when applicable, the Trustee shall not be required to release any Share certificate
to an Optionee until all required payments have been fully made.



 


		21.	NON-EXCLUSIVITY OF THE ISOP



 


The adoption of the ISOP by the Board
shall not be construed as amending, modifying or rescinding any previously approved incentive arrangements or as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the
granting of Options otherwise than under the ISOP, and such arrangements may be either applicable generally or only in specific
cases.


 




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For the avoidance of doubt, prior
grant of options to Optionees of the Company under their employment agreements, and not in the framework of any previous option
plan, shall not be deemed an approved incentive arrangement for the purpose of this Section.


 


		22.	MULTIPLE AGREEMENTS



 


The terms of each Option may differ
from other Options granted under the ISOP at the same time, or at any other time. The Board may also grant more than one Option
to a given Optionee during the term of the ISOP, either in addition to, or in substitution for, one or more Options previously
granted to that Optionee.


 


		23.	LOCK-UP



 


The Optionee acknowledges that in
the event that the Company’s shares shall be registered for trade in any public market, Optionee’s rights to sell the
Shares may be subject to certain limitations (including a lock-up period), as will be requested by the Company or its underwriters,
and the Optionee unconditionally agrees and accepts any such limitations. Without derogating from the above, the Optionee shall
abide by a lock-up for the following periods, unless otherwise specified by the Board: (i) one hundred and eighty (180) days beginning
on the effective date of the registration statement pursuant to which an IPO was effected; and (ii) ninety (90) days beginning
on the effective date of any subsequent underwritten registration of the Company’s equity securities.


 




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