MICROBOT
MEDICAL INC.


2017
EQUITY INCENTIVE PLAN


 


STOCK
OPTION AGREEMENT


 


 


 


STOCK
OPTION AGREEMENT, dated as of [DATE], between Microbot Medical Inc., a Delaware corporation (the “Company”), and [GRANTEE]
(the “Grantee”).


 


W
I T N E S S E T H:


 


WHEREAS,
as of September 12, 2017, the Company adopted the 2017 Equity Incentive Plan (the “Plan”), which Plan authorizes,
among other things, the grant of options to purchase shares of common stock, $0.01 par value (“Common Stock”), of
the Company to directors, officers and employees of the Company and to other individuals; and


 


WHEREAS,
the Company’s Board of Directors or Compensation Committee of the Board of Directors, as administrator of the Plan, has
determined that as of [DATE] (the “Date of Grant”) that it would be in the best interests of the Company to grant
the option documented herein.


 


NOW,
THEREFORE, the parties hereto hereby agree as follows:


 


1.       Definitions.
Capitalized terms not defined in this Agreement shall have the meaning ascribed to such terms in the Plan.


 


2.       Grant
of Option. Subject to the terms and conditions of the Plan and as set forth herein, the Company hereby grants to the Grantee,
as of Date of Grant, an option (the “Option”) to purchase from the Company all or any part of an aggregate number
of [NUMBER] shares of Common Stock (the “Optioned Shares”).


 


3.       Vesting.
Subject to such further limitations as are provided in the Plan and as set forth herein, the Option shall become exercisable at
a per share price of $[PRICE] (“Exercise Price”), the Grantee having the right hereunder to purchase from the Company
the indicated number of Optioned Shares upon exercise of the Option, on and after such dates, in cumulative fashion:


 


	Exercise
 Date
 
	 	Non-Qualified Stock Options	 	Incentive Stock Options	 	102 Capital Gains Track Option Award (with Trustee) (Israel)	 	102 Ordinary Income Track Option Award (with Trustee) (Israel)	 	102 Non-Trustee Option Award (Israel)	 	3(9) Option Award (Israel)
	 	 	 	 	 	 	 	 	 	 	 	 	 



 


Only
those Optioned Shares indicated above as “Incentive Stock Options” are intended by the parties hereto to be, and be
treated as, “incentive stock options” (as such term is defined under Section 422 of the Code). The Option may not
be exercised with respect to less than 100 Optioned Shares (or the Optioned Shares then subject to purchase under the Option,
if less than 100 shares) or for any fractional shares.


 




    	 	 	 



    	 



    

 


4.       Termination
of Option. The Option, to the extent not previously exercised and subject to Section 7(g) of the Plan, shall terminate and
become null and void on [DATE].


 


5.       Exercisability.
(a) Upon a termination of the Grantee’s employment, the Option shall be exercisable only to the extent that the Option is
vested and is in effect on the date of such termination of the Grantee’s employment.


 


(b)       To
the extent exercisable, the Option may be exercised by a legal representative on behalf of the Grantee in the event of such permanent
disability, or, in the case of the death of the Grantee, by the estate of the Grantee or by any person or persons who acquired
the right to exercise the Option by bequest or inheritance or by reason of the death of the Grantee.


 


6.       Manner
of Exercise. (a) Subject to Section 7(h) of the Plan, the Option may be exercised in full at one time or in part from time
to time for the number of Optioned Shares then exercisable by giving written notice, signed by the person exercising the Option,
to the Company, stating the number of Optioned Shares with respect to which the Option is being exercised and the date of exercise
thereof, which date shall be at least five days after the giving of such notice.


 


(b)       The
Company shall be under no obligation to issue any Optioned Shares unless the person exercising the Option, in whole or in part,
shall give a written representation and undertaking to the Company which is satisfactory in form and substance to counsel for
the Company and upon which, in the opinion of such counsel, the Company may reasonably rely, that he or she is acquiring such
Optioned Shares for his or her own account as an investment and not with a view to, or for sale in connection with, the distribution
of any such Optioned Shares, and that he or she will make no transfer of the same except in compliance with any rules and regulations
in force at the time of such transfer under the Securities Act of 1933, or any other applicable law.


 


(c)       Upon
exercise of the Option in the manner prescribed by this Section 6 and otherwise pursuant to the Plan, delivery of a certificate
for the Optioned Shares then being purchased shall be made at the principal office of the Company to the person exercising the
Option within a reasonable time after the date of exercise specified in the notice of exercise.


 


7.       Non−Transferability
of Option. The Option shall not be assignable or transferable by the Grantee other than by will or the laws of descent and
distribution, and shall be exercisable during the lifetime of the Grantee only by the Grantee. The Option shall terminate and
become null and void immediately upon the bankruptcy of the Grantee, or upon any attempted assignment or transfer except as herein
provided, including without limitation, any purported assignment, whether voluntary or by operation of law, pledge, hypothecation
or other disposition, attachment, trustee process or similar process, whether legal or equitable, upon the Option.


 




    	 	 	 



    	 



    

 


8.       No
Special Employment Rights. Neither the granting of the Option nor its exercise shall be construed to confer upon the Grantee
any right with respect to the continuation of his or her employment by the Company (or any subsidiary of the Company) or interfere
in any way with the right of the Company (or any subsidiary of the Company), subject to the terms of any separate employment agreement
to the contrary, at any time to terminate such employment or to increase or decrease the compensation of the Grantee from the
rate in existence as of the date hereof.


 


9.       Tax
Consequences. (a) All tax consequences under any applicable law which may arise from the grant of this Option or the exercise
thereof, the sale or disposition of any Optioned Shares granted hereunder or issued upon exercise of this Option or from any other
action of the Grantee in connection with the foregoing shall be borne and paid solely by the Grantee, and the Grantee shall indemnify
the Company, and its Subsidiary Corporation and Affiliates, and shall hold them harmless against and from any liability for any
such tax or penalty, interest or indexation thereon. The 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. The Grantee is advised to consult with a tax advisor with respect to the tax consequences of receiving or exercising
this Option. The Company does not assume any responsibility to advise the Grantee on such matters, which shall remain solely the
responsibility of the Grantee.


 


(b)       The
Grantee shall notify the Company in writing promptly and in any event within ten (10) days after the date on which the Grantee
first obtains knowledge of any tax bureau inquiry, audit, assertion, determination, investigation, or question relating in any
manner to the Option granted or received hereunder or Optioned 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, the 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.


 


(c)       To
the extent a 102 Option Award is designated above, the Grantee declares and acknowledges: (i) that the Grantee fully understands
that Section 102 of the Israeli Income Tax Ordinance and the rules and regulations enacted thereunder apply to the Options specified
in this Agreement and to the Grantee; and (ii) that the Grantee understands the provisions of Section 102, the tax track chosen
and the implications thereof. With respect to Options granted under Section 102, the terms of such Options shall also be subject
to the terms of the Trust Agreement made between the Company and the Trustee for the benefit of the Grantee, as well as the requirements
of the Israeli Income Tax Authorities. The grant of Options hereunder is further conditioned upon the Grantee signing all documents
requested by the Company or the Trustee, in accordance with and under the Trust Agreement. A copy of the Trust Agreement is available
for the Grantee’s review, during normal working hours, at the Company’s offices.


 


10.       No
Rights of Stockholder. The Grantee shall not be deemed for any purpose to be a stockholder of the Company with respect to
the Option except to the extent that the Option shall have been exercised with respect thereto and, in addition, a stock certificate
shall have been issued theretofore and delivered to the Grantee.


 




    	 	 	 



    	 



    

 


11.       Amendment.
In addition to and subject to the terms and conditions of the Plan, the Board or a committee appointed by the Board to administer
the Plan (the “Committee”), whichever shall then have authority to administer the Plan, may amend this Agreement with
the consent of the Grantee when and subject to such conditions as are deemed to be in the best interests of the Company and in
accordance with the purposes of the Plan.


 


12.       Notices.
Any communication or notice required or permitted to be given hereunder shall be in writing, and, if to the Company, to its principal
place of business, attention: Secretary, and, if to the Grantee, to the address as appearing on the records of the Company. Such
communication or notice shall be deemed given if and when (a) properly addressed and posted by registered or certified mail, postage
prepaid, or (b) delivered by hand.


 


13.       Incorporation
of Plan by Reference. The Option is granted pursuant to the terms of the Plan, the terms of which are incorporated herein
by reference, and the Option shall in all respects be interpreted in accordance with the Plan. In the event of any inconsistency
between the Plan and this Agreement, the Plan shall govern. The Board or the Committee, whichever shall then have authority to
administer the Plan, shall interpret and construe the Plan and this Agreement, and their interpretations and determinations shall
be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue
arising hereunder or thereunder.


 


14.       Acknowledgement.
The Grantee acknowledges receipt of the copy of the Plan attached hereto as Exhibit A.


 


15.       Governing
Law. The validity, construction and interpretation of this Agreement shall be governed by and determined in accordance with
the laws of the State of Delaware.


 


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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date above written.


 


	 	MICROBOT
    MEDICAL INC.
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GRANTEE:
	 	 
	 	 	 
	 	Name:	 


 




    	 	 	 



    	 



    

 


Exhibit
A


 


2017
Equity Incentive Plan