Exhibit 4.5


 


	 
	CELLEBRITE DI LTD.
	2021 Share Incentive Plan
	 


 


Unless otherwise defined, terms used herein
shall have the meaning ascribed to them in Section 2 hereof.


 


1. PURPOSE; TYPES OF
AWARDS; CONSTRUCTION. Purpose. The purpose of this 2021 Share Incentive Plan (as amended, this “Plan”)
is to afford an incentive to Service Providers (as defined below) of Cellebrite DI Ltd., an Israeli company (together with any
successor corporation thereto, the “Company”), or any Affiliate of the Company, which now exists or hereafter is
organized or acquired by the Company or its Affiliates, to continue as Service Providers, to increase their efforts on behalf of the
Company or its Affiliates and to promote the success of the Company’s business, by providing such Service Providers with
opportunities to acquire a proprietary interest in the Company by the issuance of Shares or restricted Shares (“Restricted
Shares”) of the Company, and by the grant of options to purchase Shares (“Options”), including, for the
avoidance of doubt, Incentive Stock Options and Nonqualified Stock Options, Restricted Share Units (“RSUs”),
share appreciation rights (“SARs”) and other Share-based Awards pursuant to Sections 7 through 14 of this
Plan. 


 


1.1. Types
of Awards. This Plan is intended to enable the Company to issue Awards under various tax regimes, including:


 


(i) pursuant
and subject to the provisions of Section 102 of the Ordinance (or the corresponding provision of any subsequently enacted statute,
as amended from time to time), and all regulations and interpretations adopted by any competent authority, including the Israel Tax Authority
(the “ITA”), including the Income Tax Rules (Tax Benefits in Stock Issuance to Employees) 5763-2003 or such other rules
so adopted from time to time (the “Rules”) (such Awards that are intended to be (as set forth in the Award Agreement)
and which qualify as such under Section 102 of the Ordinance and the Rules, “102 Awards”);


 


(ii) pursuant
to Section 3(i) of the Ordinance or the corresponding provision of any subsequently enacted statute, as amended from time to time
(such Awards, “3(i) Awards”);


 


(iii) Incentive
Stock Options within the meaning of Section 422 of the Code, or the corresponding provision of any subsequently enacted United States
federal tax statute, as amended from time to time, to be granted to Employees who are deemed to be residents of the United States, for
purposes of taxation, or are otherwise subject to U.S. Federal income tax (such Awards that are intended to be (as set forth in the Award
Agreement) and which qualify as an incentive stock option within the meaning of Section 422(b) of the Code, “Incentive Stock
Options”); 


 


(iv) Options
not intended to be (as set forth in the Award Agreement) or which do not qualify as an Incentive Stock Option (“Nonqualified
Stock Options”); 


 


(v) SARs;
and


 


(vi) Restricted
Shares, RSUs and other forms of Share-based Awards.


 


In addition to the issuance of Awards under the
relevant tax regimes in the United States of America and the State of Israel, and without derogating from the generality of Section 26,
this Plan contemplates issuances to Grantees in other jurisdictions or under other tax regimes with respect to which the Committee is
empowered, but is not required, to make the requisite adjustments in this Plan and set forth the relevant conditions in an appendix to
this Plan or in the Company’s agreement with the Grantee in order to comply with the requirements of such other tax regimes.


 






     


     


    

 


1.2. Construction.
To the extent any provision herein conflicts with the conditions of any relevant tax law, rule or regulation which are relied upon for
tax relief in respect of a particular Award to a Grantee, the Committee is empowered, but is not required, hereunder to determine that
the provisions of such law, rule or regulation shall prevail over those of this Plan and to interpret and enforce such prevailing provisions.
With respect to 102 Awards, if and to the extent any action or the exercise or application of any provision hereof or authority granted
hereby is conditioned or subject to obtaining a ruling or tax determination from the ITA, to the extent required by Applicable Law, then
the taking of any such action or the exercise or application of such section or authority with respect to 102 Awards shall be conditioned
upon obtaining such ruling or tax determination, and, if obtained, shall be subject to any condition set forth therein; it being clarified
that there is no obligation to apply for any such ruling or tax determination (which shall be in the sole discretion of the Committee)
and no assurance is made that if applied any such ruling or tax determination will be obtained (or the conditions thereof).


 


2. DEFINITIONS.


 


2.1. Terms
Generally. Except when otherwise indicated by the context, (i) the singular shall include the plural and the plural shall include
the singular; (ii) any pronoun shall include the corresponding masculine, feminine and neuter forms; (iii) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document
as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements,
supplements or modifications set forth therein or herein), (iv) references to any law, constitution, statute, treaty, regulation, rule
or ordinance, including any section or other part thereof shall refer to it as amended from time to time and shall include any successor
thereof, (v) reference to a “company” or “entity” shall include a, partnership, corporation, limited liability
company, association, trust, unincorporated organization, or a government or agency or political subdivision thereof, and reference to
a “person” shall mean any of the foregoing or an individual, (vi) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Plan in its entirety, and not to any particular
provision hereof, (vii) all references herein to Sections shall be construed to refer to Sections to this Plan; (viii) the words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”; and (ix) use of the term “or” is not intended to be exclusive.


 


2.2.
Defined Terms. The following terms shall have the meanings ascribed to them in this Section 2:


 


2.3.
“Affiliate” shall mean, (i) with respect to any person, any other person that, directly or indirectly through one
or more intermediaries, controls, is controlled by, or is under common control with, such person (with the term
“control” or “controlled by” within the meaning of Rule 405 of Regulation C under the Securities Act),
including, without limitation, any Parent or Subsidiary, or (ii) Employer.


 


2.4. “Applicable
Law” shall mean any applicable law, rule, regulation, statute, pronouncement, policy, interpretation, judgment, order or
decree of any federal, provincial, state or local governmental, regulatory or adjudicative authority or agency, of any jurisdiction,
and the rules and regulations of any stock exchange, over-the-counter market or trading system on which the Company’s shares
are then traded or listed.


 


2.5. “Award”
shall mean any issuance of Shares or Restricted Share, Options, RSUs, SARs, or any other Share-based Awards granted under this Plan.


 


2.6. “Board”
shall mean the Board of Directors of the Company.


 






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2.7. “Change
in Board Event” shall mean any time at which individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as
a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board.


 


2.8. “Code”
shall mean the United States Internal Revenue Code of 1986, and any applicable rules or regulations promulgated thereunder, all as amended.


 


2.9. “Committee”
shall mean a committee established or appointed by the Board to administer this Plan, subject to Section 3.1. To the extent required
to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be, at the time the Committee takes
any action with respect to an Award that is subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3;
however, a Committee member’s failure to qualify as a “non-employee director” within the meaning of Rule 16b-3 will
not invalidate any Award granted by the Committee that is otherwise validly granted under this Plan.


 


2.10. “Companies
Law” shall mean the Israel Companies Law, 5759-1999, and the regulations promulgated thereunder, all as amended from time to
time.


 


2.11.
“Controlling Shareholder” shall have the meaning set forth in Section 32(9) of the Ordinance.


 


2.12. “Disability”
shall mean (i) the inability of a Grantee to engage in any substantial gainful activity or to perform the major duties of the Grantee’s
position with the Company or its Affiliates by reason of any medically determinable physical or mental impairment which has lasted or
can be expected to last for a continuous period of not less than 12 months (or such other period as determined by the Committee), as determined
by a qualified doctor acceptable to the Company, (ii) if applicable, a “permanent and total disability” as defined in Section 22(e)(3)
of the Code or Section 409A(a)(2)(c)(i) of the Code, as amended from time to time, or (iii) as defined in a policy of the Company
that the Committee deems applicable to this Plan, or that makes reference to this Plan, for purposes of this definition. Notwithstanding
the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Grantee is disabled under Section
409A(a)(2)(C)(i) or (ii) of the Code.


 


2.13. “Employee”
shall mean any person treated as an employee (including an officer or a director who is also treated as an employee) in the records of
the Company or any of its Affiliates (and in the case of 102 Awards, subject to Section 9.3 or in the case of Incentive Stock Options,
who is an employee for purposes of Section 422 of the Code); provided, however, that neither service as a director
nor payment of a director’s fee shall be sufficient to constitute employment for purposes of this Plan. The Company shall determine
in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective
date of such individual’s employment or termination of employment, as the case may be. For purposes of a person’s rights,
if any, under this Plan as of the time of the Company’s determination, all such determinations by the Company shall be final, binding
and conclusive, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary determination.


 


2.14. “Employer”
means, for purpose of a 102 Trustee Award, the Company or an Affiliate, Subsidiary or Parent thereof, which is an “employing company”
within the meaning and subject to the conditions of Section 102(a) of the Ordinance.


 


2.15. “employment”,
“employed” and words of similar import shall be deemed to refer to the employment of Employees or to the services of
any other Service Provider, as the case may be.


 






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2.16. “Exchange
Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and all regulations, guidance and other interpretative
authority issued thereunder.


 


2.17. “exercise”
“exercised” and words of similar import, when referring to an Award that does not require exercise or that is settled
upon vesting (such as may be the case with RSUs or Restricted Shares, if so determined in their terms), shall be deemed to refer to the
vesting of such an Award (regardless of whether or not the wording included reference to vesting of such an Awards explicitly).


 


2.18. “Exercise
Period” shall mean the period, commencing on the date of grant of an Award, during which an Award shall be exercisable, subject
to any vesting provisions thereof (including any acceleration thereof, if any) and subject to the termination provisions hereof.


 


2.19. “Exercise
Price” shall mean the exercise price for each Share covered by an Option or the purchase price for each Share covered by any
other Award.


 


2.20. “Fair
Market Value” shall mean, as of any date, the value of a Share or other securities, property or rights as determined by the
Board, in its discretion, subject to the following: (i) if, on such date, the Shares are listed on any securities exchange, the closing
sales price per Share on which the Shares are principally traded on such date, or if no sale occurred on such date, the last day preceding
such date on which a sale occurred, as reported in The Wall Street Journal or such other source as the Company deems reliable; (ii) if,
on such date, the Shares are then quoted in an over-the-counter market, the average of the closing bid and asked prices for the Shares
in that market on such date, or if there are no bid and asked prices on such date, the last day preceding such date on which there are
bid and asked prices, as reported in The Wall Street Journal or such other source as the Company deems reliable; or (iii) if, on such
date, the Shares are not then listed on a securities exchange or quoted in an over-the-counter market, or in case of any other securities,
property or rights, such value as the Committee, in its sole discretion, shall determine, with full authority to determine the method
for making such determination and which determination shall be conclusive and binding on all parties, and shall be made after such consultations
with outside legal, accounting and other experts as the Committee may deem advisable; provided, however, that, if applicable,
the Fair Market Value of the Shares shall be determined in a manner that is intended to satisfy the applicable requirements of and subject
to Section 409A of the Code, and with respect to Incentive Stock Options, in a manner that is intended to satisfy the applicable
requirements of and subject to Section 422 of the Code, subject to Section 422(c)(7) of the Code. The Committee shall maintain
a written record of its method of determining such value. If the Shares are listed or quoted on more than one established stock exchange
or over-the-counter market, the Committee shall determine the principal such exchange or market and utilize the price of the Shares on
that exchange or market (determined as per the method described in clauses (i) or (ii) above, as applicable) for the purpose of determining
Fair Market Value.


 


2.21. “Grantee”
shall mean a person who has been granted an Award(s) under this Plan.


 


2.22. “Ordinance”
shall mean the Israeli Income Tax Ordinance (New Version) 5271-1961, and the regulations and rules (including the Rules) promulgated thereunder,
all as amended from time to time.


 


2.23. “Parent”
shall mean any company (other than the Company), which now exists or is hereafter organized, (i) in an unbroken chain of companies ending
with the Company if, at the time of granting an Award, each of the companies (other than the Company) owns stock possessing fifty percent
(50%) or more of the total combined voting power of all classes of stock in one of the other companies in such chain, or (ii) if applicable
and for purposes of Incentive Stock Options, that is a “parent corporation” of the Company, as defined in Section 424(e)
of the Code.


 


2.24. “Retirement”
shall mean a Grantee’s retirement pursuant to Applicable Law or in accordance with the terms of any tax-qualified retirement plan
maintained by the Company or any of its Affiliates in which the Grantee participates or is subject to.


 


2.25.
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act.


 






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2.26. “Securities
Act” shall mean the U.S. Securities Act of 1933, and the rules and regulations promulgated thereunder, all as amended from time
to time.


 


2.27. “Service
Provider” shall mean an Employee, director, officer, consultant, advisor and any other person or entity who provides services
to the Company or any Parent, Subsidiary or other Affiliate thereof. Service Providers shall include prospective Service Providers to
whom Awards are granted in connection with written offers of an employment or other service relationship with the Company or any Parent,
Subsidiary or any other Affiliates thereof, provided, however, that such employment or service shall have actually commenced.
Notwithstanding the foregoing, unless otherwise determined by the Committee, each Service Provider shall be an “employee”
as defined in the General Instructions to Form S-8 Registration Statement under the Securities Act (or any successor form thereto) at
the time the Award is granted to the Service Provider.


 


2.28.
“Share(s)” shall mean Ordinary Share(s), par value NIS 0.00001 per share, of the Company (including Ordinary Shares resulting or issued
as a result of share split, reverse share split, bonus shares, combination or other recapitalization events), or shares of such other
class of shares of the Company as shall be designated by the Board in respect of the relevant Award(s). “Shares” include
any securities or property issued or distributed with respect thereto.


 


2.29. “Subsidiary”
shall mean any company (other than the Company), which now exists or is hereafter organized or acquired by the Company, (i) in an unbroken
chain of companies beginning with the Company if, at the time of granting an Award, each of the companies other than the last company
in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in
one of the other companies in such chain, or (ii) if applicable and for purposes of Incentive Stock Options, that is a “subsidiary
corporation” of the Company, as defined in Section 424(f) of the Code.


 


2.30.
“tax(es)” shall mean (a) all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments,
including all income, capital gains, alternative or add-on minimum, transfer, value added tax, real and personal property, withholding,
payroll, employment, escheat, social security, disability, national security, health tax, wealth surtax, stamp, registration and estimated
taxes, customs duties, fees, assessments and charges of any similar kind whatsoever (including under Section 280G of the Code) or other
tax of any kind whatsoever, (b) all interest, indexation differentials, penalties, fines, additions to tax or additional amounts imposed
by any taxing authority in connection with any item described in clause (a), (c) any transferee or successor liability in respect of any
items described in clauses (a) or (b) payable by reason of contract, assumption, transferee liability, successor liability, operation
of Applicable Law, or as a result of any express or implied obligation to assume Taxes or to indemnify any other person, and (d) any liability
for the payment of any amounts of the type described in clause (a) or (b) payable as a result of being a member of an affiliated, consolidated,
combined, unitary or aggregate or other group for any taxable period, including under U.S. Treasury Regulations Section 1.1502-6(a) (or
any predecessor or successor thereof of any analogous or similar provision under Applicable Law) or otherwise.


 


2.31. “Ten
Percent Shareholder” shall mean a Grantee who, at the time an Award is granted to the Grantee, owns shares possessing more than
ten percent (10%) of the total combined voting power of all classes of shares of the Company or any Parent or Subsidiary, within the meaning
of Section 422(b)(6) of the Code.


 


2.32. “Trustee”
shall mean the trustee appointed by the Committee to hold the Awards (and, in relation with 102 Trustee Awards, approved by the ITA),
if so appointed.


 






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2.33. Other
Defined Terms. The following terms shall have the meanings ascribed to them in the Sections set forth below:


 


	Term	 	Section
	102 Awards	 	1.2(i)
	102 Capital Gains Track Awards	 	9.1
	102 Non-Trustee Awards	 	9.2
	102 Ordinary Income Track Awards	 	9.1
	102 Trustee Awards	 	9.1
	3(i) Awards	 	1.2(ii)
	Award Agreement	 	6
	Cause	 	6.6.4.4
	Company	 	1.1
	Effective Date	 	24.1
	Election	 	9.2
	Eligible 102 Grantees	 	9.3.1
	Incentive Stock Options	 	1.2(iii)
	Information	 	17.4
	ITA	 	1.1(i)
	Merger/Sale	 	14.2
	Nonqualified Stock Options	 	1.2(iv)
	Plan	 	1.1
	Prior Plan(s)	 	5.2
	Pool	 	5.1
	Recapitalization	 	14.1
	Required Holding Period	 	9.5
	Restricted Period	 	12.2
	Restricted Share Agreement	 	12
	Restricted Share Unit Agreement	 	13
	Restricted Share	 	1.1
	RSUs	 	1.1
	Rules	 	1.1(i)
	SAR Period	 	11.3
	Securities	 	18.1
	Successor Corporation	 	15.2.1
	Withholding Obligations	 	19.5


 


3. ADMINISTRATION.


 


3.1. To the extent
permitted under Applicable Law, the Company’s Amended and Restated Articles of Association (as may be amended and supplemented
from time to time, the “Articles of Association”) and any other governing document of the Company, this Plan
shall be administered by the Committee. In the event that the Board does not appoint or establish a committee to administer this
Plan, this Plan shall be administered by the Board and, accordingly, any and all references herein to the Committee shall be
construed as references to the Board. In the event that an action necessary for the administration of this Plan is required under
Applicable Law to be taken by the Board without the right of delegation, or if such action or power was explicitly reserved by the
Board in appointing, establishing and empowering the Committee, then such action shall be so taken by the Board. In any such event,
all references herein to the Committee shall be construed as references to the Board. Even if such a Committee was appointed or
established, the Board may take any actions that are stated to be vested in the Committee, and shall not be restricted or limited
from exercising all rights, powers and authorities under this Plan or Applicable Law.


 


3.2.  The
Board shall appoint the members of the Committee, may from time to time remove members from, or add members to, the Committee, and
shall fill vacancies in the Committee, however caused, provided that the composition of the Committee shall at all times be in
compliance with any mandatory requirements of Applicable Law, the Articles of Association and any other governing document of the
Company. The Committee may select one of its members as its Chairman and shall hold its meetings at such times and places as it
shall determine. The Committee may appoint a Secretary, who shall keep records of its meetings, and shall make such rules and
regulations for the conduct of its business as it shall deem advisable and subject to mandatory requirements of Applicable
Law.


 






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3.3. Subject
to the terms and conditions of this Plan, any mandatory provisions of Applicable Law and any provisions of any Company policy required
under mandatory provisions of Applicable Law, and in addition to the Committee’s powers contained elsewhere in this Plan, the Committee
shall have full authority, in its discretion, from time to time and at any time, to determine any of the following, or to recommend to
the Board any of the following if it is not authorized to take such action according to Applicable Law:


 


(i) eligible
Grantees,


 


(ii) grants
of Awards and setting the terms and provisions of Award Agreements (which need not be identical) and any other agreements or instruments
under which Awards are made, including, the number of Shares underlying each Award and the class of Shares underlying each Award (if more
than one class was designated by the Board),


 


(iii) the
time or times at which Awards shall be granted,


 


(iv) the
terms, conditions and restrictions applicable to each Award (which need not be identical) and any Shares acquired upon the exercise or
(if applicable) vesting thereof, including, (1) designating Awards under Section 1.2; (2) the vesting schedule, the acceleration
thereof and terms and conditions upon which Awards may be exercised or become vested, (3) the Exercise Price, (4) the method of payment
for Shares purchased upon the exercise or (if applicable) vesting of the Awards, (5) the method for satisfaction of any tax withholding
obligation arising in connection with the Awards or such Shares, including by the withholding or delivery of Shares, (6) the time of the
expiration of the Awards, (7) the effect of the Grantee’s termination of employment with the Company or any of its Affiliates, and
(8) all other terms, conditions and restrictions applicable to the Award or the Shares not inconsistent with the terms of this Plan,


 


(v) to
accelerate, continue, extend or defer the exercisability of any Award or the vesting thereof, including with respect to the period following
a Grantee’s termination of employment or other service,


 


(vi) the
interpretation of this Plan and any Award Agreement and the meaning, interpretation and applicability of terms referred to in Applicable
Law, 


 


(vii) policies,
guidelines, rules and regulations relating to and for carrying out this Plan, and any amendment, supplement or rescission thereof, as
it may deem appropriate,


 


(viii) to
adopt supplements to, or alternative versions of, this Plan, including, without limitation, as it deems necessary or desirable to comply
with the laws of, or to accommodate the tax regime or custom of, foreign jurisdictions whose citizens or residents may be granted Awards,


 


(ix) the
Fair Market Value of the Shares or other securities property or rights,


 


(x) the
tax track (capital gains, ordinary income track or any other track available under the Section 102 of the Ordinance) for the purpose
of 102 Awards,


 






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(xi) the
authorization and approval of conversion, substitution, cancellation or suspension under and in accordance with this Plan of any or all
Awards or Shares,


 


(xii) unless
otherwise provided under the terms of this Plan, the amendment, modification, waiver or supplement of the terms of any outstanding Award
(including reducing the Exercise Price of an Award), provided, however, that if such amendments increase the Exercise Price
of an Award or reduce the number of Shares underlying an Award, then such amendments shall require the consent of the applicable Grantee,
unless such amendment is made pursuant to the exercise of rights or authorities in accordance with Sections 15 or 26,


 


(xiii) without
limiting the generality of the foregoing, and subject to the provisions of Applicable Law, to grant to a Grantee, who is the holder of
an outstanding Award, in exchange for the cancellation of such Award, a new Award having an Exercise Price lower than that provided in
the Award so canceled and containing such other terms and conditions as the Committee may prescribe in accordance with the provisions
of this Plan or to set a new Exercise Price for the same Award lower than that previously provided in the Award,


 


(xiv) to
correct any defect, supply any omission or reconcile any inconsistency in this Plan or any Award Agreement and all other determinations
and take such other actions with respect to this Plan or any Award as it may deem advisable to the extent not inconsistent with the provisions
of this Plan or Applicable Law, and


 


(xv) any
other matter which is necessary or desirable for, or incidental to, the administration of this Plan and any Award thereunder.


 


3.4. The
authority granted hereunder includes the authority to modify Awards to eligible individuals who are foreign nationals or are individuals
who are employed outside the State of Israel or the United States of America, to recognize differences in local law, tax policy or custom,
in order to effectuate the purposes of this Plan but without amending this Plan.


 


3.5. The
Board and the Committee shall be free at all times to make such determinations and take such actions as they deem fit. The Board and the
Committee need not take the same action or determination with respect to all Awards, with respect to certain types of Awards, with respect
to all Service Providers or any certain type of Service Providers and actions and determinations may differ as among the Grantees, and
as between the Grantees and any other holders of securities of the Company.


 


3.6. All
decisions, determinations, and interpretations of the Committee, the Board and the Company under this Plan shall be final and binding
on all Grantees (whether before or after the issuance of Shares pursuant to Awards), unless otherwise determined by the Committee, the
Board or the Company, respectively. The Committee shall have the authority (but not the obligation) to determine the interpretation and
applicability of Applicable Law to any Grantee or any Awards. No member of the Committee or the Board shall be liable to any Grantee for
any action taken or determination made in good faith with respect to this Plan or any Award granted hereunder.


 


3.7. Any
officer or authorized signatory of the Company shall have the authority to act on behalf of the Company with respect to any matter, right,
obligation, determination or election which is the responsibility of or which is allocated to the Company herein, provided such person
has apparent authority with respect to such matter, right, obligation, determination or election. Such person or authorized signatory
shall not be liable to any Grantee for any action taken or determination made in good faith with respect to this Plan or any Award granted
hereunder.


 






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4. ELIGIBILITY.


 


Awards may be granted to Service Providers of
the Company or any Affiliate thereof, taking into account, at the Committee’s discretion and without an obligation to do so, the
qualification under each tax regime pursuant to which such Awards are granted, subject to the limitation on the granting of Incentive
Stock Options set forth in Section 8.1. A person who has been granted an Award hereunder may be granted additional Awards, if the
Committee shall so determine, subject to the limitations herein. However, eligibility in accordance with this Section 4 shall not
entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional Award.


 


Awards may differ in number of Shares covered
thereby, the terms and conditions applying to them or on the Grantees or in any other respect (including, that there should not be any
expectation (and it is hereby disclaimed) that a certain treatment, interpretation or position granted to one shall be applied to the
other, regardless of whether or not the facts or circumstances are the same or similar).


 


5. SHARES.


 


5.1. The maximum aggregate number
of Shares that may be issued pursuant to Awards under this Plan (the “Pool”) shall be the sum of (a) 18,716,873
Shares plus (and without the need to further amend this Plan) (b) on January 1st, 2022 and on January 1st
of each calendar year thereafter during the term of this Plan, a number of Shares equal to the lesser of: (i) Five (5.00%) of the
total number of Shares outstanding as of the end of the last day of the immediately preceding calendar year, and (ii) such smaller amount
of Shares as is determined by the Board, if so determined prior to the January 1st of the calendar year in which the increase
will occur (in each case, without the need to amend this Plan in case of such determination); in all events subject to adjustment as
provided in Section 15.1. Notwithstanding the foregoing, the total number of Shares that may be issued pursuant to Incentive Stock Options
granted under this Plan shall be 24,100,000, subject to adjustment as provided in Section 15.1. The Board may, at its discretion, reduce
the number of Shares that may be issued pursuant to Awards under this Plan, at any time (provided that such reduction does not derogate
from any issuance of Shares in respect of Awards then outstanding).




 


5.2.  Any Shares (a) underlying
an Award granted hereunder or an award granted under the Company’s 2008 Share Option Plan and 2019 Share Option Plan, as amended
(the “Prior Plan(s)”) that expires, or is cancelled, terminated, forfeited, or settled in cash in lieu of issuance
of Shares after the Effective Date, for any reason, without having been exercised; (b) if permitted by the Company, tendered to pay the
Exercise Price of an Award (or the exercise price or other purchase price of any option or other award under the Prior Plan(s)), or withholding
tax obligations with respect to an Award (or any awards under the Prior Plan(s)); or (c) if permitted by the Company, subject to an Award
(or any award under the Prior Plan(s)) that are not delivered to a Grantee because such Shares are withheld to pay the Exercise Price
of such Award (or any award under the Prior Plan(s)), or withholding tax obligations with respect to such Award (or such award); shall
automatically, and without any further action on the part of the Company or any Grantee, again be available for grant of Awards and for
issuance upon exercise or (if applicable) vesting thereof for the purposes of this Plan (unless this Plan shall have been terminated),
unless the Board determines otherwise. Such Shares may be, in whole or in part, authorized but unissued Shares, (and, subject to obtaining
a ruling as it applies to 102 Awards) treasury shares (dormant shares) or otherwise Shares that shall have been or may be repurchased
by the Company (to the extent permitted pursuant to the Companies Law).




 


5.3. Any
Shares under the Pool that are not subject to outstanding or exercised Awards at the termination of this Plan shall cease to be reserved
for the purpose of this Plan.


 


5.4. From
and after the Effective Date, no further grants or awards shall be made under the Prior Plan(s); however, Awards made under the Prior
Plan(s) before the Effective Date shall continue in effect in accordance with their terms.


 











 






    9


     


    

 


6. TERMS
AND CONDITIONS OF AWARDS.


 


Each Award granted pursuant to this Plan shall
be evidenced by a written or electronic agreement between the Company and the Grantee or a written or electronic notice delivered by the
Company (the “Award Agreement”), in substantially such form or forms and containing such terms and conditions, as the
Committee shall from time to time approve. The Award Agreement shall comply with and be subject to the following general terms and conditions
and the provisions of this Plan (except for any provisions applying to Awards under different tax regimes), unless otherwise specifically
provided in such Award Agreement, or the terms referred to in other Sections of this Plan applying to Awards under such applicable
tax regimes, or terms prescribed by Applicable Law. Award Agreements need not be in the same form and may differ in the terms and conditions
included therein.


 


6.1. Number
of Shares. Each Award Agreement shall state the number of Shares covered by the Award.


 


6.2. Type
of Award. Each Award Agreement may state the type of Award granted thereunder, provided that the tax treatment of any Award, whether
or not stated in the Award Agreement, shall be as determined in accordance with Applicable Law.


 


6.3. Exercise
Price. Each Award Agreement shall state the Exercise Price, if applicable. Unless otherwise set forth in this Plan, an Exercise Price
of an Award of less than the par value of the Shares (if shares bear a par value) shall comply with Section 304 of the Companies Law.
Subject to Sections 3, 7.2 and 8.2 and to the foregoing, the Committee may reduce the Exercise Price of any outstanding Award, on terms
and subject to such conditions as it deems advisable. The Exercise Price shall also be subject to adjustment as provided in Section 15
hereof. The Exercise Price of any Award granted to a Grantee who is subject to U.S. federal income tax shall be determined in accordance
with Section 409A of the Code.


 


6.4. Manner
of Exercise.


 


6.4.1 An
Award may be exercised, as to any or all Shares as to which the Award has become exercisable, (a) by written notice delivered in person
or by mail (or such other methods of delivery prescribed by the Company) to the General Counsel of the Company or, if no such officer
is then incumbent, to the Chief Financial Officer of the Company or to such other person as determined by the Committee, (b) by way of
an exercise order submitted via the online service operated and maintained by the Company or any of its service providers, or (c) or in
any other manner as the Committee shall prescribe from time to time, specifying the number of Shares with respect to which the Award is
being exercised (which may be equal to or lower than the aggregate number of Shares that have become exercisable at such time, subject
to the last sentence of this Section), accompanied by payment of the aggregate Exercise Price for such Shares in the manner specified
in the following sentence. The Exercise Price shall be paid in full with respect to each Share, at the time of exercise and as a condition
therefor, either (i) in cash, (ii) if the Company’s shares are listed for trading on any securities exchange or over-the-counter
market, and if the Committee so determines, all or part of the Exercise Price and any withholding taxes may be paid by the delivery (on
a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver
all or part of the sales proceeds to the Company or the Trustee, (iii) if the Company’s shares are listed for trading on any securities
exchange or over-the-counter market, and if the Committee so determines, all or part of the Exercise Price and any withholding taxes may
be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender
approved by the Company, as security for a loan, and to deliver all or part of the loan proceeds to the Company or the Trustee, (iv) by
applying the Cashless Exercise Mechanism set forth in Section 6.4.3 below, or (v) in such other manner as the Committee shall determine,
which may include procedures for cashless exercise.


 






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6.4.2 The
application of Cashless Exercise Mechanism with respect to any 102 Awards shall be subject to obtaining a ruling from the ITA, to the
extent required by Applicable Law.


 


6.4.3 Unless
otherwise determined by the Committee, any and all Options (other than Incentive Stock Options) may be exercised using a cashless exercise
mechanism, in which case the number of the Shares to be issued by the Company upon such exercise shall be calculated pursuant to the following
formula (the “Cashless Exercise Mechanism”):


 


X = Y * (A –
B)


A


 


		Where:	X =	the number of Shares to be issued to the Grantee.



 


		Y =	the number of Shares, as adjusted to the date of such calculation, underlying the number of Options being
exercised.



 


		A =	the Fair Market Value of one Share at the exercise date.



 


		B =	the Exercise Price of the Options being exercised.



 


Upon the completion
of the calculation, if X is a negative number, then X shall be deemed to equal 0 (zero).


 


6.5. Term
and Vesting of Awards.


 


6.5.1 Each
Award Agreement shall provide the vesting schedule for the Award as determined by the Committee. The Committee shall have the authority
to determine the vesting schedule and accelerate the vesting of any outstanding Award at such time and under such circumstances as it,
in its sole discretion, deems appropriate.


 


6.5.2 The
Award Agreement may contain performance goals and measurements (which, in case of 102 Trustee Awards, may, if then required, be subject
to obtaining a specific tax ruling or determination from the ITA), and the provisions with respect to any Award need not be the same as
the provisions with respect to any other Award. Such performance goals may include, but are not limited to, revenues, sales, operating
income, earnings before interest and taxes, return on investment, earnings per share, any combination of the foregoing or rate of growth
of any of the foregoing, as determined by the Committee. The Committee may adjust performance goals pursuant to Awards previously granted
to take into account changes in law and accounting and tax rules and to make such adjustments as the Committee deems necessary or appropriate
to reflect the inclusion or the exclusion of the impact of extraordinary or unusual items, events or circumstances.


 






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6.5.3 The
Exercise Period of an Award will be ten (10) years from the date of grant of the Award, unless otherwise determined by the Committee and
stated in the Award Agreement, but subject to the vesting provisions described above and the early termination provisions set forth in
Sections 6.6 and 6.7 hereof. At the expiration of the Exercise Period, any Award, or any part thereof, that has not been exercised
within the term of the Award and the Shares covered thereby not paid for in accordance with this Plan and the Award Agreement shall terminate
and become null and void, and all interests and rights of the Grantee in and to the same shall expire.


 


6.6. Termination.


 


6.6.1 Unless
otherwise determined by the Committee, and subject to this Section 6.6 and Section 6.7 hereof, an Award may not be exercised unless the
Grantee is then a Service Provider of the Company or an Affiliate thereof or, in the case of an Incentive Stock Option, an employee of
a company or a parent or subsidiary company of such company issuing or assuming the Option in a transaction to which Section 424(a) of
the Code applies, and unless the Grantee has remained continuously so employed since the date of grant of the Award and throughout the
vesting dates.


 


6.6.2 In
the event that the employment or service of a Grantee shall terminate (other than by reason of death, Disability or Retirement), such
that Grantee is no longer a Service Provider, all Awards of such Grantee that are unvested at the time of such termination shall terminate
on the date of such termination, and all Awards of such Grantee that are vested and exercisable at the time of such termination may be
exercised within up to three (3) months after the date of such termination (or such different period as the Committee shall prescribe,
in general or on a case-by-case basis), but in any event no later than the date of expiration of the Award’s term as set forth in
the Award Agreement or pursuant to this Plan; provided, however, that if the Company (or its Subsidiary or other Affiliate
thereof, as applicable) shall have terminated the Grantee’s employment or service for Cause (as defined below) (whether the facts
or circumstances that constitute such Cause occur prior to or after termination of employment or service), or if facts or circumstances
arise or are discovered with respect to the Grantee that would have constituted Cause, then all Awards theretofore granted to such Grantee
(whether vested or not) shall terminate and be subject to recoupment by the Company on the date of such termination (or on such subsequent
date on which such facts or circumstances arise or are discovered, as the case may be) unless otherwise determined by the Committee, and
any Shares issued upon exercise or (if applicable) vesting of Awards (including other Shares or securities issued or distributed with
respect thereto, and including the gross amount of any proceeds, gains or other economic benefit the Grantee actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award), whether held by the Grantee
or by the Trustee for the Grantee’s benefit, shall be deemed to be irrevocably offered for sale to the Company, any of its Affiliates
or any person designated by the Company to purchase, at the Company’s election and subject to Applicable Law, either for no consideration,
for the par value of such Shares (if such Shares bear a par value) or against payment of the Exercise Price previously received by the
Company for such Shares upon their issuance, as the Committee deems fit, upon written notice to the Grantee at any time prior to, at or
after the Grantee’s termination of employment or service. Such Shares or other securities shall be sold and transferred within 30
days from the date of the Company’s notice of its election to exercise its right. If the Grantee fails to transfer such Shares or
other securities to the Company, the Company, at the decision of the Committee, shall be entitled to forfeit or repurchase such Shares
and to authorize any person to execute on behalf of the Grantee any document necessary to effect such transfer, whether or not the share
certificates are surrendered. The Company shall have the right and authority to effect the above either by: (i) repurchasing all of such
Shares or other securities held by the Grantee or by the Trustee for the benefit of the Grantee, or designate the purchaser of all or
any part of such Shares or other securities, for the Exercise Price paid for such Shares, the par value of such Shares (if such Shares
bear a par value) or for no payment or consideration whatsoever, as the Committee deems fit; (ii) forfeiting all or any part of such Shares
or other securities; (iii) redeeming all or any part of such Shares or other securities, for the Exercise Price paid for such Shares,
the par value of such Shares (if such Shares bear a par value) or for no payment or consideration whatsoever, as the Committee deems fit;
(iv) taking action in order to have all or any part of such Shares or other securities converted into deferred shares entitling their
holder only to their par value (if such Shares bear a par value) upon liquidation of the Company; or (v) taking any other action which
may be required in order to achieve similar results; all as shall be determined by the Committee, at its sole and absolute discretion,
and the Grantee is deemed to irrevocably empower the Company or any person which may be designated by it to take any action by, in the
name of or on behalf of the Grantee to comply with and give effect to such actions (including, voting such shares, filling in, signing
and delivering share transfer deeds, etc.).


 






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6.6.3 Notwithstanding
anything to the contrary, the Committee, in its absolute discretion, may, on such terms and conditions as it may determine appropriate,
extend the periods for which Awards held by any Grantee may continue to vest and be exercisable; it being clarified that such Awards may
lose their entitlement to certain tax benefits under Applicable Law (including, without limitation, qualification of an Award as an Incentive
Stock Option) as a result of the modification of such Awards and/or in the event that the Award is exercised beyond the later of: (i)
three (3) months after the date of termination of the employment or service relationship; or (ii) the applicable period under Section 6.7
below with respect to a termination of the employment or service relationship because of the death, Disability or Retirement of Grantee.


 


6.6.4 For
purposes of this Plan:


 


6.6.4.1. A
termination of employment or service relationship of a Grantee shall not be deemed to occur (except to the extent required by the Code
with respect to the Incentive Stock Option status of an Option) in case of (i) a transition or transfer of a Grantee among the Company
and its Affiliates, (ii) a change in the capacity in which the Grantee is employed or renders service to the Company or any of its Affiliates
or a change in the identity of the employing or engagement entity among the Company and its Affiliates, provided, in case of the
foregoing clauses (i) and (ii) above, that the Grantee has remained continuously employed by and/or in the service of the Company and
its Affiliates since the date of grant of the Award and throughout the vesting period; or (iii) if the Grantee takes any unpaid leave
as set forth in Section 6.8 below.


 


6.6.4.2. An
entity or an Affiliate thereof assuming an Award or issuing in substitution thereof in a transaction to which Section 424(a) of the
Code applies or in a Merger/Sale in accordance with Section 15 shall be deemed as an Affiliate of the Company for purposes of this
Section 6.6, unless the Committee determines otherwise.


 


6.6.4.3. In
the case of a Grantee whose principal employer or service recipient is a Subsidiary or other Affiliate thereof, the Grantee’s employment
or service relationship shall also be deemed terminated for purposes of this Section 6.6 as of the date on which such principal employer
or service recipient ceases to be a Subsidiary or other Affiliate thereof.


 


6.6.4.4. The
term “Cause” shall mean (irrespective of, and in addition to, any definition included in any other agreement or instrument
applicable to the Grantee, and unless otherwise determined by the Committee) any of the following: (i) any theft, fraud, embezzlement,
dishonesty, willful misconduct, breach of fiduciary duty for personal profit, falsification of any documents or records of the Company
or any of its Affiliates, felony or similar act by the Grantee (whether or not related to the Grantee’s relationship with the Company);
(ii) an act of moral turpitude by the Grantee, or any act that causes significant injury to, or is otherwise adversely affecting, the
reputation, business, assets, operations or business relationship of the Company (or a Subsidiary or other Affiliate thereof, when applicable);
(iii) any breach by the Grantee of any material agreement with or of any material duty of the Grantee to the Company or any Subsidiary
or other Affiliate thereof (including breach of confidentiality, non-disclosure, non-use non-competition or non-solicitation covenants
towards the Company or any of its Affiliates) or failure to abide by code of conduct or other policies (including, without limitation,
policies relating to confidentiality and reasonable workplace conduct); (iv) any act which constitutes a breach of a Grantee’s fiduciary
duty towards the Company or a Subsidiary or other Affiliate thereof, including disclosure of confidential or proprietary information thereof
or acceptance or solicitation to receive unauthorized or undisclosed benefits, irrespective of their nature, or funds, or promises to
receive either, from individuals, consultants or corporate entities with whom the Company or a Subsidiary or other Affiliate thereof conducts
business; (v) the Grantee’s unauthorized use, misappropriation, destruction, or diversion of any tangible or intangible asset or
corporate opportunity of the Company or any of its Affiliates (including, without limitation, the improper use or disclosure of confidential
or proprietary information); or (vi) any circumstances that constitute grounds for termination for cause under the Grantee’s employment
or service agreement with the Company or Affiliate, to the extent applicable. For the avoidance of doubt, the determination as to whether
a termination is for Cause for purposes of this Plan, shall be made in good faith by the Committee and shall be final and binding on the
Grantee.


 






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6.7. Death,
Disability or Retirement of Grantee.


 


6.7.1 If
a Grantee shall die while employed by, or performing service for, the Company or any of its Affiliates, or within the three (3) month
period (or such longer period of time as determined by the Board, in its discretion) after the date of termination of such Grantee’s
employment or service (or within such different period as the Committee may have provided pursuant to Section 6.6 hereof), or if
the Grantee’s employment or service with the Company or any of its Affiliates shall terminate by reason of Disability, all Awards
theretofore granted to such Grantee may (to the extent otherwise vested and exercisable and unless earlier terminated in accordance with
their terms) be exercised by the Grantee or by the Grantee’s estate or by a person who acquired the legal right to exercise such
Awards by bequest or inheritance, or by a person who acquired the legal right to exercise such Awards in accordance with Applicable Law
in the case of Disability of the Grantee, as the case may be, at any time within one (1) year (or such longer period of time as determined
by the Committee, in its discretion) after the death or Disability of the Grantee (or such different period as the Committee shall prescribe),
but in any event no later than the date of expiration of the Award’s term as set forth in the Award Agreement or pursuant to this
Plan. In the event that an Award granted hereunder shall be exercised as set forth above by any person other than the Grantee, written
notice of such exercise shall be accompanied by a certified copy of letters testamentary or proof satisfactory to the Committee of the
right of such person to exercise such Award.


 


6.7.2 In
the event that the employment or service of a Grantee shall terminate on account of such Grantee’s Retirement, all Awards of such
Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance with their terms, be exercised
at any time within the three (3) month period after the date of such Retirement (or such different period as the Committee shall prescribe).


 


6.8. Suspension
of Vesting. Unless the Committee provides otherwise, vesting of Awards granted hereunder shall be suspended during any unpaid leave
of absence, other than in the case of any (i) leave of absence which was pre-approved by the Company explicitly for purposes of continuing
the vesting of Awards, or (ii) transfers between locations of the Company or any of its Affiliates, or between the Company and any of
its Affiliates, or any respective successor thereof. For clarity, for purposes of this Plan, military leave, statutory maternity or paternity
leave or sick leave are not deemed unpaid leave of absence, unless otherwise determined by the Committee.


 


6.9. Securities
Law Restrictions. Except as otherwise provided in the applicable Award Agreement or other agreement between the Service Provider and
the Company, if the exercise of an Award following the termination of the Service Provider’s employment or service (other than for
Cause) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the Securities
Act or equivalent requirements under equivalent laws of other applicable jurisdictions, then the Award shall remain exercisable and terminate
on the earlier of (i) the expiration of a period of three (3) months (or such longer period of time as determined by the Committee, in
its discretion) after the termination of the Service Provider’s employment or service during which the exercise of the Award would
not be in such violation, or (ii) the expiration of the term of the Award as set forth in the Award Agreement or pursuant to this Plan.
In addition, unless otherwise provided in a Grantee’s Award Agreement, if the sale of any Shares received upon exercise or (if applicable)
vesting of an Award following the termination of the Grantee’s employment or service (other than for Cause) would violate the Company’s
insider trading policy, then the Award shall terminate on the earlier of (i) the expiration of a period equal to the applicable post-termination
exercise period after the termination of the Grantee’s employment or service during which the exercise of the Award would not be
in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Award as set forth in the applicable
Award Agreement or pursuant to this Plan.


 


6.10. Other
Provisions. The Award Agreement evidencing Awards under this Plan shall contain such other terms and conditions not inconsistent with
this Plan as the Committee may determine, at or after the date of grant, including provisions in connection with the restrictions on transferring
the Awards or Shares covered by such Awards, which shall be binding upon the Grantees and any purchaser, assignee or transferee of any
Awards, and other terms and conditions as the Committee shall deem appropriate.


 






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7. NONQUALIFIED
STOCK OPTIONS.


 


Awards granted pursuant to this Section 7
are intended to constitute Nonqualified Stock Options and shall be subject to the general terms and conditions specified in Section 6
hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards under different tax laws or regulations.
In the event of any inconsistency or contradictions between the provisions of this Section 7 and the other terms of this Plan, this
Section 7 shall prevail. However, if for any reason the Awards granted pursuant to this Section 7 (or portion thereof) does not qualify
as an Incentive Stock Option, then, to the extent of such non-qualification, such Option (or portion thereof) shall be regarded as a Nonqualified
Stock Option granted under this Plan. In no event will the Board, the Company or any Parent or Subsidiary or any of their respective employees
or directors have any liability to Grantee (or any other person) due to the failure of the Option to qualify for any reason as an Incentive
Stock Option.


 


7.1. Certain
Limitations on Eligibility for Nonqualified Stock Options. Nonqualified Stock Options may not be granted to a Service Provider who
is deemed to be a resident of the United States for purposes of taxation or who is otherwise subject to United States federal income tax
unless the Shares underlying such Options constitute “service recipient stock” under Section 409A of the Code or unless
such Options comply with the payment requirements of Section 409A of the Code.


 


7.2. Exercise
Price. The Exercise Price of a Nonqualified Stock Option shall not be less than 100% of the Fair Market Value of a Share on the date
of grant of such Option unless the Committee specifically indicates that the Awards will have a lower Exercise Price and the Award complies
with Section 409A of the Code. Notwithstanding the foregoing, a Nonqualified Stock Option may be granted with an exercise price lower
than the minimum exercise price set forth above if such Award is granted pursuant to an assumption or substitution for another option
in a manner qualifying under the provisions of that complies with Section 424(a) of the Code or 1.409A-1(b)(5)(v)(D) of the U.S.
Treasury Regulations or any successor guidance.


 


8. INCENTIVE
STOCK OPTIONS.


 


Awards granted pursuant to this Section 8
are intended to constitute Incentive Stock Options and shall be granted subject to the following special terms and conditions, the general
terms and conditions specified in Section 6 hereof and other provisions of this Plan, except for any provisions of this Plan applying
to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this
Section 8 and the other terms of this Plan, this Section 8 shall prevail.


 


8.1. Eligibility
for Incentive Stock Options. Incentive Stock Options may be granted only to Employees of the Company, or to Employees of a Parent
or Subsidiary, determined as of the date of grant of such Options. An Incentive Stock Option granted to a prospective Employee upon the
condition that such person become an Employee shall be deemed granted effective on the date such person commences employment, with an
exercise price determined as of such date in accordance with Section 8.2.


 


8.2. Exercise
Price. The Exercise Price of an Incentive Stock Option shall not be less than one hundred percent (100%) of the Fair Market Value
of the Shares covered by the Awards on the date of grant of such Option or such other price as may be determined pursuant to the Code.
Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than the minimum exercise price set
forth above if such Award is granted pursuant to an assumption or substitution for another option in a manner that complies with the provisions
of Section 424(a) of the Code.


 


8.3. Date
of Grant. Notwithstanding any other provision of this Plan to the contrary, no Incentive Stock Option may be granted under this Plan
after 10 years from the date this Plan is adopted, or the date this Plan is approved by the shareholders, whichever is earlier.


 


8.4. Exercise
Period. No Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the effective date of grant of
such Award, subject to Section 8.6. No Incentive Stock Option granted to a prospective Employee may become exercisable prior to the
date on which such person commences employment.


 






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8.5. $100,000
Per Year Limitation. The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares
with respect to which all Incentive Stock Options granted under this Plan and all other “incentive stock option” plans of
the Company, or of any Parent or Subsidiary, become exercisable for the first time by each Grantee during any calendar year shall not
exceed one hundred thousand United States dollars ($100,000) with respect to such Grantee. To the extent that the aggregate Fair Market
Value of Shares with respect to which such Incentive Stock Options and any other such incentive stock options are exercisable for the
first time by any Grantee during any calendar year exceeds one hundred thousand United States dollars ($100,000), such options shall be
treated as Nonqualified Stock Options. The foregoing shall be applied by taking options into account in the order in which they were granted.
If the Code is amended to provide for a different limitation from that set forth in this Section 8.5, such different limitation shall
be deemed incorporated herein effective as of the date and with respect to such Awards as required or permitted by such amendment to the
Code. If an Option is treated as an Incentive Stock Option in part and as a Nonqualified Stock Option in part by reason of the limitation
set forth in this Section 8.5, the Grantee may designate which portion of such Option the Grantee is exercising. In the absence of
such designation, the Grantee shall be deemed to have exercised the Incentive Stock Option portion of the Option first. Separate certificates
representing each such portion may be issued upon the exercise of the Option.


 


8.6. Ten
Percent Shareholder. In the case of an Incentive Stock Option granted to a Ten Percent Shareholder, notwithstanding the foregoing
provisions of this Section 8, (i) the Exercise Price shall not be less than one hundred and ten percent (110%) of the Fair Market Value
of a Share on the date of grant of such Incentive Stock Option, and (ii) the Exercise Period shall not exceed five (5) years from the
effective date of grant of such Incentive Stock Option.


 


8.7. Payment
of Exercise Price. Each Award Agreement evidencing an Incentive Stock Option shall state each alternative method by which the Exercise
Price thereof may be paid.


 


8.8. Leave
of Absence. Notwithstanding Section 6.8, a Grantee’s employment shall not be deemed to have terminated if the Grantee takes
any leave as set forth in Section 6.8(i); provided, however, that if any such leave exceeds three (3) months, on the
day that is three (3) months following the commencement of such leave any Incentive Stock Option held by the Grantee shall cease to be
treated as an Incentive Stock Option and instead shall be treated thereafter as a Nonqualified Stock Option, unless the Grantee’s
right to return to employment is guaranteed by statute or contract.


 


8.9. Exercise
Following Termination. Notwithstanding anything else in this Plan to the contrary, Incentive Stock Options that are not exercised
within three (3) months following termination of the Grantee’s employment with the Company or its Parent or Subsidiary or with a
corporation (or a parent or subsidiary of such corporation) issuing or assuming an Option of such Grantee in a transaction to which Section 424(a)
of the Code applies, or within one year in case of termination of the Grantee’s employment with the Company or its Parent or Subsidiary
due to a Disability (within the meaning of Section 22(e)(3) of the Code), shall be deemed to be Nonqualified Stock Options.


 


8.10. Notice
to Company of Disqualifying Disposition. Each Grantee who receives an Incentive Stock Option must agree to notify the Company in writing
immediately after the Grantee makes a Disqualifying Disposition of any Shares received pursuant to the exercise of Incentive Stock Options.
A “Disqualifying Disposition” is any disposition (including any sale) of such Shares before the later of (i) two years
after the date the Grantee was granted the Incentive Stock Option, or (ii) one year after the date the Grantee acquired Shares by exercising
the Incentive Stock Option. If the Grantee dies before such Shares are sold, these holding period requirements do not apply and no disposition
of the Shares will be deemed a Disqualifying Disposition.


 


9. 102
AWARDS.


 


Awards granted pursuant to this Section 9
are intended to constitute 102 Awards and shall be granted subject to the following special terms and conditions, the general terms and
conditions specified in Section 6 hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards
under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this Section 9
and the other terms of this Plan, this Section 9 shall prevail.


 






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9.1. Tracks.
Awards granted pursuant to this Section 9 are intended to be granted pursuant to Section 102 of the Ordinance pursuant to either
(i) Section 102(b)(2) or (3) thereof (as applicable), under the capital gain track (“102 Capital Gain Track Awards”),
or (ii) Section 102(b)(1) thereof under the ordinary income track (“102 Ordinary Income Track Awards”, and
together with 102 Capital Gain Track Awards, “102 Trustee Awards”). 102 Trustee Awards shall be granted subject to
the special terms and conditions contained in this Section 9, the general terms and conditions specified in Section 6 hereof
and other provisions of this Plan, except for any provisions of this Plan applying to Options under different tax laws or regulations.


 


9.2. Election
of Track. Subject to Applicable Law, the Company may grant only one type of 102 Trustee Awards at any given time to all Grantees who
are to be granted 102 Trustee Awards pursuant to this Plan, and shall file an election with the ITA regarding the type of 102 Trustee
Awards it elects to grant before the date of grant of any 102 Trustee Awards (the “Election”). Such Election shall
also apply to any other securities, including bonus shares, received by any Grantee as a result of holding the 102 Trustee Awards. The
Company may change the type of 102 Trustee Awards that it elects to grant only after the expiration of at least 12 months from the end
of the year in which the first grant was made in accordance with the previous Election, or as otherwise provided by Applicable Law. Any
Election shall not prevent the Company from granting Awards, pursuant to Section 102(c) of the Ordinance without a Trustee (“102
Non-Trustee Awards”).


 


9.3. Eligibility
for Awards.


 


9.3.1 Subject
to Applicable Law, 102 Awards may only be granted to an “employee” within the meaning of Section 102(a) of the Ordinance
(which as of the date of the adoption of this Plan means (i) individuals employed by an Israeli company being the Company or any of its
Affiliates, and (ii) individuals who are serving and are engaged personally (and not through an entity) as “office holders”
by such an Israeli company), but may not be granted to a Controlling Shareholder (“Eligible 102 Grantees”). Eligible
102 Grantees may receive only 102 Awards, which may either be granted to a Trustee or granted under Section 102 of the Ordinance
without a Trustee.


 


9.4. 102
Award Grant Date.


 


9.4.1 Each
102 Award will be deemed granted on the date determined by the Committee, subject to Section 9.4.2, provided that (i) the
Grantee has signed all documents required by the Company or pursuant to Applicable Law, and (ii) with respect to 102 Trustee Award, the
Company has provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA, and if an agreement
is not signed and delivered by the Grantee within 90 days from the date determined by the Committee (subject to Section 9.4.2), then
such 102 Trustee Award shall be deemed granted on such later date as such agreement is signed and delivered and on which the Company has
provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA. In the case of any contradiction,
this provision and the date of grant determined pursuant hereto shall supersede and be deemed to amend any date of grant indicated in
any corporate resolution or Award Agreement.


 


9.4.2 Unless
otherwise permitted by the Ordinance, any grants of 102 Trustee Awards that are made on or after the date of the adoption of this Plan
or an amendment to this Plan, as the case may be, that may become effective only at the expiration of thirty (30) days after the filing
of this Plan or any amendment thereof (as the case may be) with the ITA in accordance with the Ordinance shall be conditional upon the
expiration of such 30-day period, such condition shall be read and is incorporated by reference into any corporate resolutions approving
such grants and into any Award Agreement evidencing such grants (whether or not explicitly referring to such condition), and the date
of grant shall be at the expiration of such 30-day period, whether or not the date of grant indicated therein corresponds with this Section.
In the case of any contradiction, this provision and the date of grant determined pursuant hereto shall supersede and be deemed to amend
any date of grant indicated in any corporate resolution or Award Agreement.


 






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9.5. 102
Trustee Awards.


9.5.1 Each
102 Trustee Award, each Share issued pursuant to the exercise of any 102 Trustee Award, and any rights granted thereunder, including bonus
shares, shall be issued to and registered in the name of the Trustee and shall be held in trust for the benefit of the Grantee for the
requisite period prescribed by the Ordinance (the “Required Holding Period”). In the event that the requirements under
Section 102 of the Ordinance to qualify an Award as a 102 Trustee Award are not met, then the Award may be treated as a 102 Non-Trustee
Award or 3(9) Award, all in accordance with the provisions of the Ordinance. After expiration of the Required Holding Period, the Trustee
may release such 102 Trustee Awards and any such Shares, provided that (i) the Trustee has received an acknowledgment from the
ITA that the Grantee has paid any applicable taxes due pursuant to the Ordinance, or (ii) the Trustee and/or the Company and/or the Employer
withholds all applicable taxes and compulsory payments due pursuant to the Ordinance arising from the 102 Trustee Awards and/or any Shares
issued upon exercise or (if applicable) vesting of such 102 Trustee Awards. The Trustee shall not release any 102 Trustee Awards or Shares
issued upon exercise or (if applicable) vesting thereof prior to the payment in full of the Grantee’s tax and compulsory payments
arising from such 102 Trustee Awards and/or Shares or the withholding referred to in (ii) above.


 


9.5.2 Each
102 Trustee Award shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings or approvals issued
by the ITA, which shall be deemed an integral part of the 102 Trustee Awards and shall prevail over any term contained in this Plan or
Award Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any determinations, rulings or approvals
by the ITA not expressly specified in this Plan or Award Agreement that are necessary to receive or maintain any tax benefit pursuant
to Section 102 of the Ordinance shall be binding on the Grantee. Any Grantee granted a 102 Trustee Awards shall comply with the Ordinance
and the terms and conditions of the trust agreement entered into between the Company and the Trustee. The Grantee shall execute any and
all documents that the Company and/or its Affiliates and/or the Trustee determine from time to time to be necessary in order to comply
with the Ordinance and the Rules.


 


9.5.3 During
the Required Holding Period, the Grantee shall not release from trust or sell, assign, transfer or give as collateral, the Shares issuable
upon the exercise or (if applicable) vesting of a 102 Trustee Awards and/or any securities issued or distributed with respect thereto,
until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release or other action occurs during
the Required Holding Period it may result in adverse tax consequences to the Grantee under Section 102 of the Ordinance and the Rules,
which shall apply to and shall be borne solely by such Grantee. Subject to the foregoing, the Trustee may, pursuant to a written request
from the Grantee, but subject to the terms of this Plan, release and transfer such Shares to a designated third party, provided
that both of the following conditions have been fulfilled prior to such release or transfer: (i) payment has been made to the ITA of all
taxes and compulsory payments required to be paid upon the release and transfer of the Shares, and confirmation of such payment has been
received by the Trustee and the Company, and (ii) the Trustee has received written confirmation from the Company that all requirements
for such release and transfer have been fulfilled according to the terms of the Company’s corporate documents, any agreement governing
the Shares, this Plan, the Award Agreement and any Applicable Law.


 






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9.5.4 If
a 102 Trustee Award is exercised or (if applicable) vested, the Shares issued upon such exercise or (if applicable) vesting shall be issued
in the name of the Trustee for the benefit of the Grantee.


 


9.5.5 Upon
or after receipt of a 102 Trustee Award, if required, the Grantee may be required to sign an undertaking to release the Trustee from any
liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation to this Plan, or any
102 Trustee Awards or Share granted to such Grantee thereunder.


 


9.6. 102
Non-Trustee Awards. The foregoing provisions of this Section 9 relating to 102 Trustee Awards shall not apply with respect to
102 Non-Trustee Awards, which shall, however, be subject to the relevant provisions of Section 102 of the Ordinance and the applicable
Rules. The Committee may determine that 102 Non-Trustee Awards, the Shares issuable upon the exercise or (if applicable) vesting of a
102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto, shall be allocated or issued to the Trustee,
who shall hold such 102 Non-Trustee Awards and all accrued rights thereon (if any), in trust for the benefit of the Grantee and/or the
Company, as the case may be, until the full payment of tax arising from the 102 Non-Trustee Awards, the Shares issuable upon the exercise
or (if applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto. The Company may
choose, alternatively, to force the Grantee to provide it with a guarantee or other security, to the satisfaction of each of the Trustee
and the Company, until the full payment of the applicable taxes.


 


9.7. Written
Grantee Undertaking. To the extent and with respect to any 102 Trustee Award, and as required by Section 102 of the Ordinance
and the Rules, by virtue of the receipt of such Award, the Grantee is deemed to have provided, undertaken and confirmed the following
written undertaking (and such undertaking is deemed incorporated into any documents signed by the Grantee in connection with the employment
or service of the Grantee and/or the grant of such Award), which undertaking shall be deemed to apply and relate to all 102 Trustee Awards
granted to the Grantee, whether under this Plan or other plans maintained by the Company, and whether prior to or after the date hereof.


 


9.7.1 The
Grantee shall comply with all terms and conditions set forth in Section 102 of the Ordinance with regard to the “Capital Gain
Track” or the “Ordinary Income Track”, as applicable, and the applicable rules and regulations promulgated thereunder,
as amended from time to time;


 


9.7.2 The
Grantee is familiar with, and understands the provisions of, Section 102 of the Ordinance in general, and the tax arrangement under
the “Capital Gain Track” or the “Ordinary Income Track” in particular, and its tax consequences; the Grantee agrees
that the 102 Trustee Awards and Shares that may be issued upon exercise or (if applicable) vesting of the 102 Trustee Awards (or otherwise
in relation to the 102 Trustee Awards), will be held by the Trustee appointed pursuant to Section 102 of the Ordinance for at least
the duration of the “Holding Period” (as such term is defined in Section 102) under the “Capital Gain Track”
or the “Ordinary Income Track”, as applicable. The Grantee understands that any release of such 102 Trustee Awards or Shares
from trust, or any sale of the Share prior to the termination of the Holding Period, as defined above, will result in taxation at marginal
tax rate, in addition to deductions of appropriate social security, health tax contributions or other compulsory payments; and


 






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9.7.3 The
Grantee agrees to the trust agreement signed between the Company, the Employer and the Trustee appointed pursuant to Section 102
of the Ordinance.


 


10. 3(i)
AWARDS.


 


Awards granted pursuant to this Section 10
are intended to constitute 3(i) Awards and shall be granted subject to the general terms and conditions specified in Section 6 hereof
and other provisions of this Plan, except for any provisions of this Plan applying to Awards under different tax laws or regulations.
In the event of any inconsistency or contradictions between the provisions of this Section 10 and the other terms of this Plan, this
Section 10 shall prevail.


 


10.1. To
the extent required by the Ordinance or the ITA or otherwise deemed by the Committee to be advisable, the 3(i) Awards and/or any shares
or other securities issued or distributed with respect thereto granted pursuant to this Plan shall be issued to a Trustee nominated by
the Committee in accordance with the provisions of the Ordinance or the terms of a trust agreement, as applicable. In such event, the
Trustee shall hold such Awards and or other securities issued or distributed with respect thereto in trust, until exercised or (if applicable)
vested by the Grantee and the full payment of tax arising therefrom, pursuant to the Company’s instructions from time to time as
set forth in a trust agreement, which will have been entered into between the Company and the Trustee. If determined by the Board or the
Committee, and subject to such trust agreement, the Trustee shall be responsible for withholding any taxes to which a Grantee may become
liable upon issuance of Shares, whether due to the exercise or (if applicable) vesting of Awards.


 


10.2. Shares
pursuant to a 3(9) Award shall not be issued, unless the Grantee delivers to the Company payment in cash or by bank check or such other
form acceptable to the Committee of all withholding taxes due, if any, on account of the Grantee acquired Shares under the Award or gives
other assurance satisfactory to the Committee of the payment of those withholding taxes.


 


11. STOCK
APPRECIATION RIGHTS OR SARs.


 


11.1. Generally.
Each SAR granted under this Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject to the conditions set
forth in this Section 11 and to such other conditions not inconsistent with this Plan as may be reflected in the applicable Award Agreement.
Any Option granted under this Plan may include tandem SARs. The Committee also may award SARs to Grantees independent of any Option.


 


11.2. Strike
Price. The Strike Price per Share for each SAR shall not be less than 100% of the Fair Market Value of such share determined as of
the date of grant.


 






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11.3. Vesting
and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting
schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable
and shall expire in such manner and on such date or dates determined by the Committee (including, if applicable, the attainment of any
performance goals, as shall be determined by the Committee in the applicable Award Agreement) and shall expire after such period, not
to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however,
that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability
of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability. In the
event of any termination of employment or service with the Company and its Affiliates thereof of a Grantee who has been granted one of
more SARs, the SARs shall be exercisable at the time or times and subject to the terms and conditions as set forth in the Award Agreement
(or in the underlying Option Award Agreement, as may be applicable). If the SAR would expire at a time when the exercise of the SAR would
violate applicable securities laws, the expiration date applicable to the SAR will be automatically extended to a date that is 30 calendar
days following the date such exercise would no longer violate applicable securities laws (so long as such extension shall not violate
Section 409A of the Code); provided, that, in no event shall such expiration date be extended beyond the expiration of the SAR Period.


 


11.4. Method
of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company
in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded.


 


11.5. Payment.
Upon the exercise of a SAR, the Company shall pay to the Grantee an amount equal to the number of shares subject to the SAR that are being
exercised, multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the Strike Price, less an
amount equal to any taxes required to be withheld or paid. The Company shall pay such amount in cash, in Shares having a Fair Market Value
equal to such amount, or any combination thereof, as determined by the Committee. No fractional Shares shall be issued or delivered pursuant
to this Plan or any Award, and the Committee shall determine whether cash, other securities or other property shall be paid or transferred
in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.


 


12. RESTRICTED
SHARES.


 


The Committee may award Restricted Shares to any
eligible Grantee, including under Section 102 of the Ordinance. Each Award of Restricted Shares under this Plan shall be evidenced
by a written agreement between the Company and the Grantee (the “Restricted Share Agreement”), in such form as the
Committee shall from time to time approve. The Restricted Shares shall be subject to all applicable terms of this Plan, which in the case
of Restricted Shares granted under Section 102 of the Ordinance shall include Section 9 hereof, and may be subject to any other
terms that are not inconsistent with this Plan. The provisions of the various Restricted Shares Agreements entered into under this Plan
need not be identical with respect to any two Awards or Grantees. The Restricted Share Agreement shall comply with and be subject to Section 6
and the following terms and conditions, unless otherwise specifically provided in such Agreement and not inconsistent with this Plan or
Applicable Law:


 


12.1. Purchase
Price. Section 6.4 shall not apply. Each Restricted Share Agreement shall state an amount of Exercise Price to be paid by the
Grantee, if any, in consideration for the issuance of the Restricted Shares and the terms of payment thereof, which may include payment
in cash or, subject to the Committee’s approval, by issuance of promissory notes or other evidence of indebtedness on such terms
and conditions as determined by the Committee.


 






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12.2. Restrictions.
Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of
descent and distribution (in which case they shall be transferred subject to all restrictions then or thereafter applicable thereto),
until such Restricted Shares shall have vested (the period from the date on which the Award is granted until the date of vesting of the
Restricted Shares thereunder being referred to herein as the “Restricted Period”). The Committee may also impose such
additional or alternative restrictions and conditions on the Restricted Shares, as it deems appropriate, including the satisfaction of
performance criteria (which, in case of 102 Trustee Awards, may be subject to obtaining a specific tax ruling or determination from the
ITA). Such performance criteria may include, but are not limited to, sales, earnings before interest and taxes, return on investment,
earnings per share, any combination of the foregoing or rate of growth of any of the foregoing, as determined by the Committee or pursuant
to the provisions of any Company policy required under mandatory provisions of Applicable Law. Certificates for shares issued pursuant
to Restricted Share Awards, if issued, shall bear an appropriate legend referring to such restrictions, and any attempt to dispose of
any such shares in contravention of such restrictions shall be null and void and without effect. Such certificates may, if so determined
by the Committee, be held in escrow by an escrow agent appointed by the Committee, or, if a Restricted Share Award is made pursuant to
Section 102 of the Ordinance, by the Trustee. In determining the Restricted Period of an Award the Committee may provide that the
foregoing restrictions shall lapse with respect to specified percentages of the awarded Restricted Shares on successive anniversaries
of the date of such Award. To the extent required by the Ordinance or the ITA, the Restricted Shares issued pursuant to Section 102
of the Ordinance shall be issued to the Trustee in accordance with the provisions of the Ordinance and the Restricted Shares shall be
held for the benefit of the Grantee for at least the Required Holding Period.


 


12.3. Forfeiture;
Repurchase. Subject to such exceptions as may be determined by the Committee, if the Grantee’s continuous employment with or
service to the Company or any Affiliate thereof shall terminate (such that Grantee is no longer a Service Provider of either the Company
or any Affiliate thereof) for any reason prior to the expiration of the Restricted Period of an Award or prior to the timely payment in
full of the Exercise Price (if applicable) of any Restricted Shares, any Restricted Shares remaining subject to vesting or with respect
to which the purchase price has not been paid in full, shall thereupon be forfeited, transferred to, and redeemed, repurchased or cancelled
by, as the case may be, in any manner as set forth in Section 6.6.2(i) through (v), subject to Applicable Law and the Grantee shall
have no further rights with respect to such Restricted Shares.


 


12.4. Ownership.
During the Restricted Period the Grantee shall possess all incidents of ownership of such Restricted Shares, subject to Section 6.10
and Section 11.2, including the right to vote and receive dividends with respect to such Shares. All securities, if any, received
by a Grantee with respect to Restricted Shares as a result of any stock split, stock dividend, combination of shares, or other similar
transaction shall be subject to the restrictions applicable to the original Award.


 


13. RESTRICTED
SHARE UNITS.


 


An RSU is an Award covering
a number of Shares that is settled, if vested and (if applicable) exercised, by issuance of those Shares. An RSU may be awarded to any
eligible Grantee, including under Section 102 of the Ordinance. The Award Agreement relating to the grant of RSUs under this Plan
(the “Restricted Share Unit Agreement”), shall be in such form as the Committee shall from time to time approve. The
RSUs shall be subject to all applicable terms of this Plan, which in the case of RSUs granted under Section 102 of the Ordinance
shall include Section 9 hereof, and may be subject to any other terms that are not inconsistent with this Plan. The provisions of
the various Restricted Share Unit Agreements entered into under this Plan need not be identical. RSUs may be granted in consideration
of a reduction in the recipient’s other compensation.


 


13.1. Exercise
Price. No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award Agreement or as required
by Applicable Law (including, Section 304 of the Companies Law), and Section 6.4 shall apply, if applicable.


 


13.2. Shareholders’
Rights. The Grantee shall not possess or own any ownership rights in the Shares underlying the RSUs and no rights as a shareholder
shall exist prior to the actual issuance of Shares in the name of the Grantee.


 






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13.3. Settlements
of Awards. Settlement of vested RSUs shall be made in the form of Shares or cash (in case of 102 Trustee Awards, the settlement shall
be made in the form of shares only). Distribution to a Grantee of an amount (or amounts) from settlement of vested RSUs can be deferred
to a date after vesting as determined by the Committee. The amount of a deferred distribution may be increased by an interest factor or
by dividend equivalents. Until the grant of RSUs is settled, the number of Shares underlying such RSUs shall be subject to adjustment
pursuant hereto.


 


13.4. Section 409A
Restrictions. Notwithstanding anything to the contrary set forth herein, any RSUs granted under this Plan that are not exempt from
the requirements of Section 409A of the Code shall contain such restrictions or other provisions so that such RSUs will comply with
the requirements of Section 409A of the Code, if applicable to the Company. Such restrictions, if any, shall be determined by the
Committee and contained in the Restricted Share Unit Agreement evidencing such RSU. For example, such restrictions may include a requirement
that any Shares that are to be issued in a year following the year in which the RSU vests must be issued in accordance with a fixed, pre-determined
schedule.


 


14. OTHER
SHARE OR SHARE-BASED AWARDS.


 


14.1. The
Committee may grant other Awards under this Plan pursuant to which Shares (which may, but need not, be Restricted Shares pursuant to Section 12
hereof), cash (in settlement of Share-based Awards) or a combination thereof, are or may in the future be acquired or received, or Awards
denominated in stock units, including units valued on the basis of measures other than market value. The terms and conditions of such
Awards shall be consistent with this Plan and set forth in the Award Agreement and need not be uniform among all such Awards or all Grantees
receiving such Awards.


 


14.2.
Such other Share-based Awards as set forth above may be granted alone, in addition to, or in tandem with any Award of any type granted
under this Plan (without any obligation or assurance that that such Share-based Awards will be entitled to tax benefits under Applicable
Law or to the same tax treatment as other Awards under this Plan).


 


15. EFFECT
OF CERTAIN CHANGES.


 


15.1. General.
In the event of a division or subdivision of the outstanding share capital of the Company, any distribution of bonus shares (stock split),
consolidation or combination of share capital of the Company (reverse stock split), reclassification with respect to the Shares or any
similar recapitalization events (each, a “Recapitalization”), a merger (including, a reverse merger and a reverse triangular
merger), consolidation, amalgamation or like transaction of the Company with or into another corporation, a reorganization (which may
include a combination or exchange of shares, spin-off or other corporate divestiture or division, or other similar occurrences, the Committee
shall make, without the need for a consent of any holder of an Award, such adjustments as determined by the Committee to be appropriate,
in its discretion, in order to adjust (i) the number and class of shares reserved and available for grants of Awards, (ii) the number
and class of shares covered by outstanding Awards, (iii) the Exercise Price per share covered by any Award, (iv) the terms and conditions
concerning vesting and exercisability and the term and duration of the outstanding Awards, (v) the type or class of security, asset or
right underlying the Award (which need not be only that of the Company, and may be that of the surviving corporation or any affiliate
thereof or such other entity party to any of the above transactions), and (vi) any other terms of the Award that in the opinion of the
Committee should be adjusted. Any fractional shares resulting from such adjustment shall be treated as determined by the Committee, and
in the absence of such determination shall be rounded to the nearest whole share, and the Company shall have no obligation to make any
cash or other payment with respect to such fractional shares. No adjustment shall be made by reason of the distribution of subscription
rights or rights offering to outstanding shares or other issuance of shares by the Company, unless the Committee determines otherwise.
The adjustments determined pursuant to this Section 15.1 (including a determination that no adjustment is to be made) shall be final,
binding and conclusive.


 






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Notwithstanding
anything to the contrary included herein, and subject to Applicable Law and the applicable accounting standards, in the event of a distribution
of cash dividend by the Company to all holders of Shares, the Committee shall have the authority to determine, without the need for a
consent of any holder of an Award, that the Exercise Price of any Award, which is outstanding and unexercised on the record date of such
distribution, shall be reduced by an amount equal to the per Share gross dividend amount distributed by the Company, and the Committee
may determine that the Exercise Price following such reduction shall be not less than the par value of a Share (if such Shares bear a
par value). The application of this Section with respect to any 102 Awards shall be subject to obtaining a ruling from the ITA, to the
extent required by Applicable Law and subject to the terms and conditions of any such ruling.


 


15.2. Merger/Sale
of Company. In the event of (i) a sale of all or substantially all of the assets of the Company, or a sale (including an exchange)
of all or substantially all of the shares of the Company, to any person, or a purchase by a shareholder of the Company or by an Affiliate
of such shareholder, of all the shares of the Company held by all or substantially all other shareholders or by other shareholders who
are not Affiliated with such acquiring party; (ii) a merger (including, a reverse merger and a reverse triangular merger), consolidation,
amalgamation or like transaction of the Company with or into another corporation; (iii) a scheme of arrangement for the purpose of effecting
such sale, merger, consolidation, amalgamation or other transaction; (iv) approval by the shareholders of the Company of a complete liquidation
or dissolution of the Company, (v) Change in Board Event, or (vi) such other transaction or set of circumstances that is determined by
the Board, in its discretion, to be a transaction subject to the provisions of this Section 15.2 excluding any of the foregoing transactions
in clauses (i) through (iv) if the Board determines that such transaction should be excluded from the definition hereof and the applicability
of this Section 15.2 (each of the foregoing transactions, a “Merger/Sale”), then, without derogating from the
general authority and power of the Board or the Committee under this Plan, without the Grantee’s consent and action and without
any prior notice requirement, the Committee may make, in its sole and absolute discretion, any determination as to the treatment of Awards,
as provided herein:


 


15.2.1 Unless
otherwise determined by the Committee, any Award then outstanding shall be assumed or be substituted by the Company, or by the successor
corporation in such Merger/Sale or by any parent or Affiliate thereof, as determined by the Committee in its discretion (the “Successor
Corporation”), under terms as determined by the Committee or the terms of this Plan applied by the Successor Corporation to
such assumed or substituted Awards.


 


For the purposes of this Section 15.2.1,
the Award shall be considered assumed or substituted if, following a Merger/Sale, the Award confers on the holder thereof the right to
purchase or receive, for each Share underlying an Award immediately prior to the Merger/Sale, either (i) the consideration (whether shares
or other securities, cash or other property, or rights, or any combination thereof) distributed to or received by holders of Shares in
the Merger/Sale for each Share held on the effective date of the Merger/Sale (and if holders were offered a choice or several types of
consideration, the type of consideration as determined by the Committee, which need not be the same type for all Grantees), or (ii) regardless
of the consideration received by the holders of Shares in the Merger/Sale, solely shares or any type of Awards (or their equivalent) of
the Successor Corporation at a value to be determined by the Committee in its discretion, or a certain type of consideration (whether
shares or other securities, cash or other property, or rights, or any combination thereof) as determined by the Committee. Any of the
consideration referred to in the foregoing clauses (i) and (ii) shall be subject to the same vesting and expiration terms of the Awards
applying immediately prior to the Merger/Sale, unless determined by the Committee in its discretion that the consideration shall be subject
to different vesting and expiration terms, or other terms, and the Committee may determine that it be subject to other or additional terms.
The foregoing shall not limit the Committee’s authority to determine that in lieu of such assumption or substitution of Awards for
Awards of the Successor Corporation, such Award will be substituted for shares or other securities, cash or other property, or rights,
or any combination thereof, including as set forth in Section 15.2.2 hereunder.


 






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15.2.2 Regardless
of whether or not Awards are assumed or substituted, the Committee may (but shall not be obligated to):


 


15.2.2.1. provide
for the Grantee to have the right to exercise the Award in respect of Shares covered by the Award which would otherwise be exercisable
or vested, under such terms and conditions as the Committee shall determine, and the cancellation of all unexercised Awards (whether vested
or unvested) upon or immediately prior to the closing of the Merger/Sale, unless the Committee provides for the Grantee to have the right
to exercise the Award, or otherwise for the acceleration of vesting of such Award, as to all or part of the Shares covered by the Award
which would not otherwise be exercisable or vested, under such terms and conditions as the Committee shall determine;


 


15.2.2.2. provide
for the cancellation of each outstanding Award at or immediately prior to the closing of such Merger/Sale, and if and to what extent payment
shall be made to the Grantee of an amount in, shares or other securities of the Company, the acquirer or of a corporation or other business
entity which is a party to the Merger/Sale, in cash or other property, in rights, or in any combination thereof, as determined by the
Committee to be fair in the circumstances, and subject to such terms and conditions as determined by the Committee. The Committee shall
have full authority to select the method for determining the payment (being the intrinsic (“spread”) value of the option,
Black-Scholes model or any other method). Inter alia, and without limitation of the following determination being made in other
circumstances, the Committee’s determination may provide that payment shall be set to zero if the value of the Shares is determined
to be less than the Exercise Price, or in respect of Shares covered by the Award which would not otherwise be exercisable or vested, or
that payment may be made only in excess of the Exercise Price; and/or


 


15.2.2.3. provide
that the terms of any Award shall be otherwise amended, modified or terminated, as determined by the Committee to be fair in the circumstances.


 


15.2.3 The
Committee may, determine: (i) that any payments made in respect of Awards shall be made or delayed to the same extent that payment of
consideration to the holders of the Shares in connection with the Merger/Sale is made or delayed as a result of escrows, indemnification,
earn outs, holdbacks or any other contingencies or conditions; (ii) the terms and conditions applying to the payment made or payable to
the Grantees, including participation in escrow, indemnification, releases, earn-outs, holdbacks or any other contingencies; and (iii)
that any terms and conditions applying under the applicable definitive transaction agreements shall apply to the Grantees (including,
appointment and engagement of a shareholders or sellers representative, payment of fees or other costs and expenses associated with such
services, indemnifying such representative, and authorization to such representative within the scope of such representative’s authority
in the applicable definitive transaction agreements).


 


15.2.4 The
Committee may, determine to suspend the Grantee’s rights to exercise any vested portion of an Award for a period of time prior to
the signing or consummation of a Merger/Sale transaction.


 






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15.2.5 Without
limiting the generality of this Section 15, if the consideration in exchange for Awards in a Merger/Sale includes any securities and due
receipt thereof by any Grantee (or by the Trustee for the benefit of such Grantee) may require under Applicable Law (i) the registration
or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (ii) the provision
to any Grantee of any information under the Securities Act or any other securities laws, then the Committee may determine that the Grantee
shall be paid in lieu thereof, against surrender of the Shares or cancellation of any other Awards, an amount in cash or other property,
or rights, or any combination thereof, as determined by the Committee to be fair in the circumstances, and subject to such terms and conditions
as determined by the Committee. Nothing herein shall entitle any Grantee to receive any form of consideration that such Grantee would
be ineligible to receive as a result of such Grantee’s failure to satisfy (in the Committee’s sole determination) any condition,
requirement or limitation that is generally applicable to the Company’s shareholders, or that is otherwise applicable under the
terms of the Merger/Sale, and in such case, the Committee shall determine the type of consideration and the terms applying to such Grantees.


 


15.2.6 Neither
the authorities and powers of the Committee under this Section 15.2, nor the exercise or implementation thereof, shall (i) be restricted
or limited in any way by any adverse consequences (tax or otherwise) that may result to any holder of an Award, and (ii) as, inter
alia, being a feature of the Award upon its grant, be deemed to constitute a change or an amendment of the rights of such holder under
this Plan, nor shall any such adverse consequences (as well as any adverse tax consequences that may result from any tax ruling or other
approval or determination of any relevant tax authority) be deemed to constitute a change or an amendment of the rights of such holder
under this Plan, and may be effected without consent of any Grantee and without any liability to the Company or its Affiliates or to its
or their respective officers, directors, employees and representatives and the respective successors and assigns of any of the foregoing.
The Committee need not take the same action with respect to all Awards or with respect to all Service Providers. The Committee may take
different actions with respect to the vested and unvested portions of an Award. The Committee may determine an amount or type of consideration
to be received or distributed in a Merger/Sale which may differ as among the Grantees, and as between the Grantees and any other holders
of shares of the Company.


 


15.2.7 The
Committee may determine that upon a Merger/Sale any Shares held by Grantees (or for Grantee’s benefit) are sold in accordance with
instructions issued by the Committee in connection with such Merger/Sale, which shall be final, conclusive and binding on all Grantees.


 


15.2.8 All
of the Committee’s determinations pursuant to this Section 15 shall be at its sole and absolute discretion, and shall be final,
conclusive and binding on all Grantees (including, for clarity, as it relates to Shares issued upon exercise or vesting of any Awards
or that are Awards, unless otherwise determined by the Committee) and without any liability to the Company or its Affiliates, or to their
respective officers, directors, employees, shareholders and representatives, and the respective successors and assigns of any of the foregoing,
in connection with the method of treatment, chosen course of action or determinations made hereunder.


 






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15.2.9 With
respect to any Grantees who are subject to United States Federal income tax, if and only to the extent required to comply with Section
409A of the Code, any actions set forth in this Section 15.2 may only be taken to the extent there has been a “change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company (in each case as
defined in U.S. Treasury Regulation 1.409A-3(i)(5)).


 


15.2.10 If
determined by the Committee, the Grantees shall be subject to the definitive agreement(s) in connection with the Merger/Sale as applying
to holders of Shares including, such terms, conditions, representations, undertakings, liabilities, limitations, releases, indemnities,
appointing and indemnifying shareholders/sellers representative, participating in transaction expenses, shareholders/sellers representative
expense fund and escrow arrangement, in each case as determined by the Committee. Each Grantee shall execute (and authorizes any person
designated by the Company to so execute, as well as (if applicable) the Trustee holding any Shares for the Grantee’s behalf) such
separate agreement(s) or instruments as may be requested by the Company, the Successor Corporation or the acquirer in connection with
such in such Merger/Sale or otherwise under or for the purpose of implementing this Section 15.2, and in the form required by them. The
execution of such separate agreement(s) may be a condition to the receipt of assumed or substituted Awards, payment in lieu of the Award,
the exercise of any Award or otherwise to be entitled to benefit from shares or other securities, cash or other property, or rights, or
any combination thereof, pursuant to this Section 15.2 (and the Company (and, if applicable, the Trustee) may exercise its authorization
above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such agreements).


 


15.3. Reservation
of Rights. Except as expressly provided in this Section 15 (if any), the Grantee of an Award hereunder shall have no rights by
reason of any transaction or event referred to in this Section 15 (including, Recapitalization of shares of any class, any increase or
decrease in the number of shares of any class, or any dissolution, liquidation, reorganization, business combination, exchange of shares,
spin-off or other corporate divestiture or division, or other similar occurrences, or Merger/Sale). Any issue by the Company of shares
of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall
be made with respect to, the number, type or price of shares subject to an Award. The grant of an Award pursuant to this Plan shall not
affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital
or business structures or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or part of its business or assets
or engage in any similar transactions.


 


16. NON-TRANSFERABILITY
OF AWARDS; SURVIVING BENEFICIARY.


 


16.1. All
Awards granted under this Plan by their terms shall not be transferable other than by will or by the laws of descent and distribution,
unless otherwise determined by the Committee or under this Plan, provided that with respect to Shares issued upon exercise of Awards,
Shares issued upon the vesting of Awards or Awards that are Shares, the restrictions on transfer shall be the restrictions referred to
in Section 17 (Conditions upon Issuance of Shares) hereof. Subject to the above provisions, the terms of such Award, this Plan and
any applicable Award Agreement shall be binding upon the beneficiaries, executors, administrators, heirs and successors of such Grantee.
Awards may be exercised or otherwise realized, during the lifetime of the Grantee, only by the Grantee or by his guardian or legal representative,
to the extent provided for herein. Any transfer of an Award not permitted hereunder (including transfers pursuant to any decree of divorce,
dissolution or separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse) and any grant
of any interest in any Award to, or creation in any way of any direct or indirect interest in any Award by, any party other than the Grantee
shall be null and void and shall not confer upon any party or person, other than the Grantee, any rights. A Grantee may file with the
Committee a written designation of a beneficiary, who shall be permitted to exercise such Grantee’s Award or to whom any benefit
under this Plan is to be paid, in each case, in the event of the Grantee’s death before he or she fully exercises his or her Award
or receives any or all of such benefit, on such form as may be prescribed by the Committee and may, from time to time, amend or revoke
such designation. If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee’s estate shall
be deemed to be the Grantee’s beneficiary. Notwithstanding the foregoing, upon the request of the Grantee and subject to Applicable
Law, the Committee, at its sole discretion, may permit the Grantee to transfer the Award to a trust whose beneficiaries are the Grantee
and/or the Grantee’s immediate family members (all or several of them).


 






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16.2. Notwithstanding
any other provisions of this Plan to the contrary, no Incentive Stock Option may be sold, transferred, pledged, assigned or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution or in accordance with a beneficiary designation
pursuant to Section 16.1. Further, all Incentive Stock Options granted to a Grantee shall be exercisable during his or her lifetime
only by such Grantee.


 


16.3. As
long as the Shares are held by the Trustee in favor of the Grantee, all rights possessed by the Grantee over the Shares are personal,
and may not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.


 


16.4. If
and to the extent a Grantee is entitled to transfer an Award and/or Shares underlying an Award in accordance with the terms of this Plan
and any other applicable agreements, such transfer shall be subject (in addition, to any other conditions or terms applying thereto) to
receipt by the Company from such proposed transferee of a written instrument, on a form reasonably acceptable to the Company, pursuant
to which such proposed transferee agrees to be bound by all provisions of this Plan and any other applicable agreements, including without
limitation, any restrictions on transfer of the Award and/or Shares set forth herein (however, failure to so deliver such instrument to
the Company as set forth above shall not derogate from all such provisions applying on any transferee).


 


16.5. The
provisions of this Section ‎16 shall apply to the Grantee and to any purchaser, assignee or transferee of any Shares.


 


17. CONDITIONS
UPON ISSUANCE OF SHARES; GOVERNING PROVISIONS.


 


17.1. Legal
Compliance. The grant of Awards and the issuance of Shares upon exercise or settlement of Awards shall be subject to compliance with
all Applicable Law as determined by the Company, including, applicable requirements of federal, state and foreign law with respect to
such securities. The Company shall have no obligations to issue Shares pursuant to the exercise or settlement of an Award and Awards may
not be exercised or settled, if the issuance of Shares upon exercise or settlement would constitute a violation of any Applicable Law
as determined by the Company, including, applicable federal, state or foreign securities laws or other law or regulations or the requirements
of any stock exchange or market system upon which the Shares may then be listed. In addition, no Award may be exercised unless (i) a registration
statement under the Securities Act or equivalent law in another jurisdiction shall at the time of exercise or settlement of the Award
be in effect with respect to the shares issuable upon exercise of the Award, or (ii) in the opinion of legal counsel to the Company, the
shares issuable upon exercise of the Award may be issued in accordance with the terms of an applicable exemption from the registration
requirements of the Securities Act or equivalent law in another jurisdiction. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, if any, deemed by the Company to be necessary to the lawful issuance and sale of any Shares hereunder,
and the inability to issue Shares hereunder due to non-compliance with any Company policies with respect to the sale of Shares, shall
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority or compliance
shall not have been obtained or achieved. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any Applicable Law or regulation
and to make any representation or warranty with respect thereto as may be requested by the Company, including to represent and warrant
at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or
distribute such Shares, all in form and content specified by the Company.


 






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17.2. Provisions
Governing Shares. Shares issued pursuant to an Award shall be subject to this Plan and shall be subject to the Articles of Association
of the Company, and any other governing documents of the Company and all policies, manuals and internal regulations of the Company, as
in effect from time to time.


 


17.3. Share
Purchase Transactions; Forced Sale. In the event that the Board approves a Merger/Sale effected by way of a forced or compulsory sale
(whether pursuant to the Company’s Articles of Association or pursuant to Section 341 of the Companies Law or any Shareholders Agreement
or otherwise) or in the event of a transaction for the sale of all shares of the Company, then, without derogating from such provisions
and in addition thereto, the Grantee shall be obligated, and shall be deemed to have agreed to the offer to effect the Merger/Sale (and
the Shares held by or for the benefit of the Grantee shall be included in the shares of the Company approving the terms of such Merger/Sale
for the purpose of satisfying the required majority), and shall sell all of the Shares held by or for the benefit of the Grantee on the
terms and conditions applying to the holders of Shares, in accordance with the instructions then issued by the Board, whose determination
shall be final. No Grantee shall contest, bring any claims or demands, or exercise any appraisal or dissenters’ rights related to
any of the foregoing. Each Grantee shall execute (and authorizes any person designated by the Company to so execute, as well as (if applicable)
the Trustee holding any Shares for the Grantee’s behalf) such documents and agreements, as may be requested by the Company relating
to matters set forth in or otherwise for the purpose of implementing this Section 17.3. The execution of such separate agreement(s) may
be a condition by the Company to the exercise of any Award and the Company (and, if applicable, the Trustee) may exercise its authorization
above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such agreements.


 


17.4. Data
Privacy; Data Transfer. Information related to Grantees and Awards hereunder, as shall be received from Grantee or others, and/or
held by, the Company or its Affiliates from time to time, and which information may include sensitive and personal information related
to Grantees (“Information”), will be used by the Company or its Affiliates (or third parties appointed by any of them,
including the Trustee) to comply with any applicable legal requirement, or for administration of this Plan as they deems necessary or
advisable, or for the respective business purposes of the Company or its Affiliates (including in connection with transactions related
to any of them). The Company and its Affiliates shall be entitled to transfer the Information among the Company or its Affiliates, and
to third parties for the purposes set forth above, which may include persons located abroad (including, any person administering this
Plan or providing services in respect of this Plan or in order to comply with legal requirements, or the Trustee, their respective officers,
directors, employees and representatives, and the respective successors and assigns of any of the foregoing), and any person so receiving
Information shall be entitled to transfer it for the purposes set forth above. The Company shall use commercially reasonable efforts to
ensure that the transfer of such Information shall be limited to the reasonable and necessary scope. By receiving an Award hereunder,
Grantee acknowledges and agrees that the Information is provided at Grantee’s free will and Grantee consents to the storage and
transfer of the Information as set forth above.


 






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18.
 Reserved.




 


19. AGREEMENT
REGARDING TAXES; DISCLAIMER.


 


19.1. If
the Company shall so require, as a condition of exercise or (if applicable) vesting of an Award, the release of Shares by the Trustee
or the vesting or settlement of an Award, a Grantee shall agree that, no later than the date of such occurrence, the Grantee will pay
to the Company (or the Trustee, as applicable) or make arrangements satisfactory to the Company and the Trustee (if applicable) regarding
payment of any applicable taxes and compulsory payments of any kind required by Applicable Law to be withheld or paid.


 


19.2. TAX
LIABILITY. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY AWARDS OR THE EXERCISE OR (IF APPLICABLE)
VESTING THEREOF, THE SALE OR DISPOSITION OF ANY SHARES GRANTED HEREUNDER OR ISSUED UPON EXERCISE OR (IF APPLICABLE) THE VESTING OF ANY
AWARD, THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF AWARDS OR FROM ANY OTHER ACTION IN CONNECTION WITH THE FOREGOING
(INCLUDING WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS, SUCH AS SOCIAL SECURITY OR HEALTH TAX PAYABLE BY THE GRANTEE OR THE COMPANY
IN CONNECTION THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE GRANTEE, AND THE GRANTEE SHALL INDEMNIFY THE COMPANY, ITS SUBSIDIARIES
AND AFFILIATES AND THE TRUSTEE, AND SHALL HOLD THEM HARMLESS AGAINST AND FROM ANY LIABILITY FOR ANY SUCH TAX OR PAYMENT OR ANY PENALTY,
INTEREST OR INDEXATION THEREON. EACH GRANTEE AGREES TO, AND UNDERTAKES TO COMPLY WITH, ANY RULING, SETTLEMENT, CLOSING AGREEMENT OR OTHER
SIMILAR AGREEMENT OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH THE FOREGOING WHICH IS APPROVED BY THE COMPANY.


 


19.3. NO
TAX ADVICE. THE GRANTEE IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING, EXERCISING OR
DISPOSING OF AWARDS HEREUNDER. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE GRANTEE ON SUCH MATTERS, WHICH SHALL REMAIN
SOLELY THE RESPONSIBILITY OF THE GRANTEE.


 


19.4. TAX
TREATMENT. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO THE
EFFECT THAT ANY AWARD SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM ANY
PARTICULAR TAX TREATMENT OR TAX ADVANTAGE OF ANY TYPE AND THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL BEAR NO LIABILITY
IN CONNECTION WITH THE MANNER IN WHICH ANY AWARD IS TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE AWARD WAS GRANTED OR WAS INTENDED
TO QUALIFY UNDER ANY PARTICULAR TAX REGIME OR TREATMENT. THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED
IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW. THE COMPANY
AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN ORDER TO QUALIFY ANY AWARD
WITH THE REQUIREMENT OF ANY PARTICULAR TAX TREATMENT AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT ANY AWARD IS INTENDED TO QUALIFY
FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE TO REPORT
FOR TAX PURPOSES ANY AWARD IN ANY PARTICULAR MANNER, INCLUDING IN ANY MANNER CONSISTENT WITH ANY PARTICULAR TAX TREATMENT. NO ASSURANCE
IS MADE BY THE COMPANY OR ANY OF ITS AFFILIATES (INCLUDING THE EMPLOYER) THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT WILL CONTINUE
TO EXIST OR THAT THE AWARD WOULD QUALIFY AT THE TIME OF EXERCISE, VESTING OR DISPOSITION THEREOF WITH ANY PARTICULAR TAX TREATMENT. THE
COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE EVENT THAT AN AWARD
DOES NOT QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY COULD HAVE OR SHOULD HAVE TAKEN ANY ACTION TO CAUSE
SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE GRANTEE. THE COMPANY
DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN OR UNWRITTEN) OF ANY TAX AUTHORITIES,
INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT. IF THE AWARDS
DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT IT COULD RESULT IN ADVERSE TAX CONSEQUENCES TO THE GRANTEE.







 






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19.5. The
Company or any Subsidiary or other Affiliate thereof (including the Employer) may take such action as it may deem necessary or appropriate,
in its discretion, for the purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Company
or any Subsidiary or other Affiliate thereof (including the Employer) (or any applicable agent thereof) is required by any Applicable
Law to withhold in connection with any Awards, including, without limitations, any income tax, social benefits, social insurance, health
tax, pension, payroll tax, fringe benefits, excise tax, payment on account or other tax-related items related to the Grantee’s participation
in this Plan and applicable by law to the Grantee (collectively, “Withholding Obligations”). Such actions may include
(i) requiring a Grantees to remit to the Company or the Employer in cash an amount sufficient to satisfy such Withholding Obligations
and any other taxes and compulsory payments, payable by the Company or the Employer in connection with the Award or the exercise or (if
applicable) the vesting thereof; (ii) subject to Applicable Law, allowing the Grantees to surrender Shares to the Company, in an amount
that at such time, reflects a value that the Committee determines to be sufficient to satisfy such Withholding Obligations; (iii) withholding
Shares otherwise issuable upon the exercise of an Award at a value which is determined by the Company to be sufficient to satisfy such
Withholding Obligations; (iv) allowing Grantees to satisfy all or part of the Withholding Obligations by the delivery (on a form prescribed
by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of
the sales proceeds to the Company or the Trustee; or (iv) any combination of the foregoing. The Company shall not be obligated to allow
the exercise or vesting of any Award by or on behalf of a Grantee until all tax consequences arising therefrom are resolved in a manner
acceptable to the Company.


 


19.6. Each
Grantee shall notify the Company in writing promptly and in any event within ten (10) days after the date on which such Grantee first
obtains knowledge of any tax authority inquiry, audit, assertion, determination, investigation, or question relating in any manner to
the Awards granted or received hereunder or Shares issued thereunder and shall continuously inform the Company of any developments, proceedings,
discussions and negotiations relating to such matter, and shall allow the Company and its representatives to participate in any proceedings
and discussions concerning such matters. Upon request, a Grantee shall provide to the Company any information or document relating to
any matter described in the preceding sentence, which the Company, in its discretion, requires.


 


19.7. With
respect to 102 Non-Trustee Options, if the Grantee ceases to be employed by the Company, Parent, Subsidiary or any Affiliate (including
the Employer), the Grantee shall extend to the Company and/or the Employer a security or guarantee for the payment of taxes due at the
time of sale of Shares, all in accordance with the provisions of Section 102 of the Ordinance and the Rules.


 






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19.8. If
a Grantee makes an election under Section 83(b) of the Code to be taxed with respect to an Award as of the date of transfer of Shares
rather than as of the date or dates upon which the Grantee would otherwise be taxable under Section 83(a) of the Code, such Grantee
shall deliver a copy of such election to the Company upon or prior to the filing such election with the U.S. Internal Revenue Service.
Neither the Company nor any Affiliate (including the Employer) shall have any liability or responsibility relating to or arising out of
the filing or not filing of any such election or any defects in its construction.


 


20. RIGHTS
AS A SHAREHOLDER; DIVIDENDS.


 


20.1. Subject
to Section 12.4, a Grantee shall have no rights as a shareholder of the Company with respect to any Shares covered by an Award until
the Grantee shall have exercised or (as applicable) vests in the Award, paid any Exercise Price therefor and becomes the record holder
of the subject Shares. In the case of 102 Awards, the Trustee shall have no rights as a shareholder of the Company with respect to the
Shares covered by such Award until the Trustee becomes the record holder for such Shares for the Grantee’s benefit, and the Grantee
shall not be deemed to be a shareholder and shall have no rights as a shareholder of the Company with respect to the Shares covered by
the Award until the date of the release of such Shares from the Trustee to the Grantee and the transfer of record ownership of such Shares
to the Grantee (provided, however, that the Grantee shall be entitled to receive from the Trustee any cash dividend or distribution
made on account of the Shares held by the Trustee for such Grantee’s benefit, subject to any tax withholding and compulsory payment).
No adjustment shall be made for dividends (ordinary or extraordinary, whether in shares or other securities, cash or other property, or
rights, or any combination thereof) or distribution of other rights for which the record date is prior to the date on which the Grantee
or Trustee (as applicable) becomes the record holder of the Shares covered by an Award, except as provided in Section 15 hereof.


 


20.2. With respect to all Awards
issued in the form of Shares hereunder or upon the exercise or (if applicable) the vesting of Awards hereunder, any and all voting rights
attached to such Shares shall be subject to Section 20.1, and the Grantee shall be entitled to receive dividends distributed with
respect to such Shares, subject to the provisions of the Company’s Articles of Association, as amended from time to time, and subject
to any Applicable Law.


 


20.3. The
Company may, but shall not be obligated to, register or qualify the sale of Shares under any applicable securities law or any other Applicable
Law.


 


21. NO
REPRESENTATION BY COMPANY. 


 


By granting the Awards, the Company is not, and
shall not be deemed as, making any representation or warranties to the Grantee regarding the Company, its business affairs, its prospects
or the future value of its Shares and such representations and warranties are hereby disclaimed. The Company shall not be required to
provide to any Grantee any information, documents or material in connection with the Grantee’s considering an exercise of an Award,
except as required by Applicable Law. To the extent that any information, documents or materials are provided, the Company shall have
no liability with respect thereto. Any decision by a Grantee to exercise an Award shall solely be at the risk of the Grantee.


 


22. NO
RETENTION RIGHTS.


 


Nothing in this Plan, any Award Agreement or in
any Award granted or agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ of, or be
in the service of the Company or any Subsidiary or other Affiliate thereof as a Service Provider or to be entitled to any remuneration
or benefits not set forth in this Plan or such agreement, or to interfere with or limit in any way the right of the Company or any such
Subsidiary or other Affiliate thereof to terminate such Grantee’s employment or service (including, any right of the Company or
any of its Affiliates to immediately cease the Grantee’s employment or service or to shorten all or part of the notice period, regardless
of whether notice of termination was given by the Company or its Affiliates or by the Grantee). Awards granted under this Plan shall not
be affected by any change in duties or position of a Grantee, subject to Sections 6.6 through 6.8. No Grantee shall be entitled to
claim and the Grantee hereby waives any claim against the Company or any Subsidiary or other Affiliate thereof that he or she was prevented
from continuing to vest Awards as of the date of termination of his or her employment with, or services to, the Company or any Subsidiary
or other Affiliate thereof. No Grantee shall be entitled to any compensation in respect of the Awards which would have vested had such
Grantee’s employment or engagement with the Company (or any Subsidiary or other Affiliate thereof) not been terminated.


 






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23. PERIOD
DURING WHICH AWARDS MAY BE GRANTED. 


 


Awards may be granted pursuant to this Plan from
time to time within a period of ten (10) years from the Effective Date, which period may be extended from time to time by the Board. From
and after such date (as extended) no grants of Awards may be made and this Plan shall continue to be in full force and effect with respect
to Awards or Shares issued thereunder that remain outstanding.


 


24. AMENDMENT
OF THIS PLAN AND AWARDS.


 


24.1. The
Board at any time and from time to time may suspend, terminate, modify or amend this Plan, whether retroactively or prospectively. Any
amendment effected in accordance with this Section shall be binding upon all Grantees and all Awards, whether granted prior to or
after the date of such amendment, and without the need to obtain the consent of any Grantee. No termination or amendment of this Plan
shall affect any then outstanding Award unless expressly provided by the Board.


 


24.2. Subject
to changes in Applicable Law that would permit otherwise, without the approval of the Company’s shareholders, there shall be (i)
no increase in the maximum aggregate number of Shares that may be issued under this Plan as Incentive Stock Options (except by operation
of the provisions of Section 15.1), (ii) no change in the class of persons eligible to receive Incentive Stock Options, and (iii)
no other amendment of this Plan that would require approval of the Company’s shareholders under any Applicable Law or the rules
of the applicable stock market or exchange, if any, on which the Shares are principally quoted or traded. Unless not permitted by Applicable
Law, if the grant of an Award is subject to approval by shareholders, the date of grant of the Award shall be determined as if the Award
had not been subject to such approval. Failure to obtain approval by the shareholders shall not in any way derogate from the valid and
binding effect of any grant of an Award that is not an Incentive Stock Option.


 


24.3. The
Board or the Committee at any time and from time to time may modify or amend any Award theretofore granted, including any Award Agreement,
whether retroactively or prospectively.


 


25. APPROVAL.


 


25.1. This
Plan shall take effect upon its adoption by the Board and approval by the shareholders of the Company (the “Effective Date”).


 


25.2.
Solely with respect to grants of Incentive Stock Options, this Plan shall also be subject to shareholders’ approval, within one
year of the date of adoption by the Board, by a majority of the votes cast on the proposal at a meeting or a written consent of shareholders
(however, if the grant of an Award is subject to approval by shareholders, the date of grant of the Award shall be determined as if the
Award had not been subject to such approval). Failure to obtain such approval by the shareholders within such period shall not in any
way derogate from the valid and binding effect of any grant of an Award, except that any Options previously granted under this Plan may
not qualify as Incentive Stock Options but, rather, shall constitute Nonqualified Stock Options. Upon approval of this Plan by the shareholders
of the Company as set forth above, all Incentive Stock Options granted under this Plan on or after the Effective Date shall be fully effective
as if the shareholders of the Company had approved this Plan on the Effective Date.


 






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25.3. 102
Awards are conditional upon the filing with or approval by the ITA, if required, as set forth in Section 9.4. Failure to so file
or obtain such approval shall not in any way derogate from the valid and binding effect of any grant of an Award, which is not a 102 Award.


 


26. RULES
PARTICULAR TO SPECIFIC COUNTRIES; SECTION 409A.


 


26.1. Notwithstanding
anything herein to the contrary, the terms and conditions of this Plan may be supplemented or amended with respect to a particular country
or tax regime by means of an appendix to this Plan, and to the extent that the terms and conditions set forth in any appendix conflict
with any provisions of this Plan, the provisions of such appendix shall govern. Terms and conditions set forth in such appendix shall
apply only to Awards granted to Grantees under the jurisdiction of the specific country or such other tax regime that is the subject of
such appendix and shall not apply to Awards issued to a Grantee not under the jurisdiction of such country or such other tax regime. The
adoption of any such appendix shall be subject to the approval of the Board or the Committee, and if determined by the Committee to be
required in connection with the application of certain tax treatment, pursuant to applicable stock exchange rules or regulations or otherwise,
then also the approval of the shareholders of the Company at the required majority.


 


26.2. This
Section 26.2 shall only apply to Awards granted to Grantees who are subject to United States Federal income tax.


 


26.2.1 It
is the intention of the Company that no Award shall be deferred compensation unless and to the extent that the Committee specifically
determines otherwise as provided in Section 26.2.2, and this Plan and the terms and conditions of all Awards shall be interpreted
and administered accordingly.


 


26.2.2 The
terms and conditions governing any Awards that the Committee determines will be subject to Section 409A of the Code, including any
rules for payment or elective or mandatory deferral of the payment or delivery of Shares or cash pursuant thereto, and any rules regarding
treatment of such Awards in the event of a Merger/Sale, shall be set forth in the applicable Award Agreement and shall be intended to
comply in all respects with Section 409A of the Code, and this Plan and the interpreted and administered accordingly.


 


26.2.3 The
Company shall have complete discretion to interpret and construe this Plan and any Award Agreement in any manner that establishes an exemption
from (or compliance with) the requirements of Section 409A of the Code. If for any reason, such as imprecision in drafting, any provision
of this Plan and/or any Award Agreement does not accurately reflect its intended establishment of an exemption from (or compliance with)
Section 409A of the Code, as demonstrated by consistent interpretations or other evidence of intent, such provision shall be considered
ambiguous as to its exemption from (or compliance with) Section 409A of the Code and shall be interpreted by the Company in a manner
consistent with such intent, as determined in the discretion of the Company. If, notwithstanding the foregoing provisions of this Section 26.2.3,
any provision of this Plan or any such agreement would cause a Grantee to incur any additional tax or interest under Section 409A
of the Code, the Company may reform such provision in a manner intended to avoid the incurrence by such Grantee of any such additional
tax or interest; provided that the Company shall maintain, to the extent reasonably practicable, the original intent and economic
benefit to the Grantee of the applicable provision without violating the provisions of Section 409A of the Code. For the avoidance of
doubt, no provision of this Plan shall be interpreted or construed to transfer any liability for failure to comply with the requirements
of Section 409A from any Grantee or any other individual to the Company or any of its affiliates, employees or agents.


 






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26.2.4 Notwithstanding
any other provision in this Plan, any Award Agreement, or any other written document establishing the terms and conditions of an Award,
if any Grantee is a “specified employee,” within the meaning of Section 409A of the Code, as of the date of his or her
“separation from service” (as defined under Section 409A of the Code), then, to the extent required by Treasury Regulation
Section 1.409A-3(i)(2) (or any successor provision), any payment made to such Grantee on account of his or her separation from service
shall not be made before a date that is six months after the date of his or her separation from service. The Committee may elect any of
the methods of applying this rule that are permitted under Treasury Regulation Section 1.409A-3(i)(2)(ii) (or any successor provision).


 


26.2.5 Notwithstanding
any other provision of this Section 26.2 to the contrary, although the Company intends to administer this Plan so that Awards will
be exempt from, or will comply with, the requirements of Section 409A of the Code, the Company does not warrant that any Award under
this Plan will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local,
or non-United States law. The Company shall not be liable to any Grantee for any tax, interest, or penalties the Grantee might owe as
a result of the grant, holding, vesting, exercise, or payment of any Award under this Plan.


 


27. GOVERNING
LAW; JURISDICTION.


 


This Plan and all determinations made and actions
taken pursuant hereto shall be governed by the laws of the State of Israel, except with respect to matters that are subject to tax laws,
regulations and rules of any specific jurisdiction, which shall be governed by the respective laws, regulations and rules of such jurisdiction.
Certain definitions, which refer to laws other than the laws of such jurisdiction, shall be construed in accordance with such other laws.
The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive jurisdiction over any dispute arising out of or in connection
with this Plan and any Award granted hereunder. By signing any Award Agreement or any other agreement relating to an Award, each Grantee
irrevocably submits to such exclusive jurisdiction.


 


28. NON-EXCLUSIVITY
OF THIS PLAN. 


 


The adoption of this Plan shall not be construed
as creating any limitations on the power or authority of the Company to adopt such other or additional incentive or other compensation
arrangements of whatever nature as the Company may deem necessary or desirable or preclude or limit the continuation of any other plan,
practice or arrangement for the payment of compensation or fringe benefits to employees generally, or to any class or group of employees,
which the Company or any Affiliate now has or will lawfully put into effect, including any retirement, pension, savings and stock purchase
plan, insurance, death and disability benefits and executive short-term or long-term incentive plans.


 


29. MISCELLANEOUS.


 


29.1. Survival.
The Grantee shall be bound by and the Shares issued upon exercise or (if applicable) the vesting of any Awards granted hereunder shall
remain subject to this Plan after the exercise or (if applicable) the vesting of Awards, in accordance with the terms of this Plan, whether
or not the Grantee is then or at any time thereafter employed or engaged by the Company or any of its Affiliates.


 






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29.2. Additional
Terms. Each Award awarded under this Plan may contain such other terms and conditions not inconsistent with this Plan as may be determined
by the Committee, in its sole discretion.


 


29.3. Fractional
Shares. No fractional Share shall be issuable upon exercise or vesting of any Award and the number of Shares to be issued shall be
rounded down to the nearest whole Share (and the Company shall have liability to compensate for such fractional shares at any time), with
in any Share remaining at the last vesting date due to such rounding to be issued upon exercise at such last vesting date.


 


29.4. Limitations
on Liability. Notwithstanding any other provisions of this Plan, no individual acting as a director, officer or other employee of
the Company or any Affiliate will be liable to any Grantee, former Grantee, spouse, beneficiary, or any other person for any claim, loss,
liability, or expense incurred in connection with this Plan or any Award, and such individual will not be personally liable with respect
to this Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer or other
employee of the Company or any Subsidiary.


 


29.5. Severability.
If any provision of this Plan, any Award Agreement or any other agreement entered into in connection with an Award shall be determined
to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable
and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. In addition, if
any particular provision contained in this Plan, any Award Agreement or any other agreement entered into in connection with an Award shall
for any reason be held to be excessively broad as to duration, geographic scope, activity or subject, it shall be construed by limiting
and reducing such provision as to such characteristic so that the provision is enforceable to fullest extent compatible with Applicable
Law as it shall then appear.


 


29.6. Captions
and Titles. The use of captions and titles in this Plan or any Award Agreement or any other agreement entered into in connection with
an Award is for the convenience of reference only and shall not affect the meaning or interpretation of any provision of this Plan or
such agreement.


 


29.7. Prohibition
on Executive Officer Loans. Notwithstanding any other provision of this Plan to the contrary, no Grantee who is a member of the Board
or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make
payment with respect to any Awards granted under this Plan, or continue any extension of credit with respect to such payment, with a loan
from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.


 


29.8. Unfunded
Status of Awards. This Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments
not yet made to a Grantee pursuant to an Award, nothing contained in this Plan or Award Agreement shall give the Grantee any rights that
are greater than those of a general creditor of the Company or any Affiliate.


 


29.9.
Provisions for Foreign Grantees. The Committee may modify Awards granted to Grantees who are foreign nationals or employed outside
Israel, establish subplans or procedures under this Plan or take any other necessary or appropriate action to address Applicable Law,
including, without limitation, (a) differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax,
securities, currency, employee benefit or other matters, (b) listing and other requirements of any foreign securities exchange, and (c)
any necessary local governmental or regulatory exemptions or approval.


 


29.10. Non-Uniform
Determinations. The Committee’s determinations under this Plan and Award Agreements need not be uniform and any such determinations
may be made by it selectively among persons who receive, or are eligible to receive, Awards under this Plan (whether or not such persons
are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make
non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (i)
the persons to receive Awards, (ii) the terms and provisions of Awards and (iii) whether a Grantee’s employment has been terminated
for purposes of this Plan.


 


29.11. Clawback
Provisions. All Awards (including the gross amount of any proceeds, gains or other economic benefit the Grantee actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to recoupment
by the Company to the extent required to comply with Applicable Law or any policy of the Company (subject to Applicable Law) providing
for the reimbursement of incentive compensation, whether or not such policy was in place at the time of grant of an Award.


 


*       *       *


 


 


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