Exhibit 10.19


Non-Qualified Stock Option Agreement under

BiomX Inc. 2019 Omnibus Long-Term Incentive Plan


 


THIS AGREEMENT is effective as of the Grant
Date, by and between the Participant and BiomX Inc. (the “Company”).


 


WHEREAS, the Company maintains the BiomX
Inc. 2019 Omnibus Long-Term Incentive Plan (the “Plan”), and the Participant has been selected by the committee administering
the Plan (the “Committee”) to receive a Non-Qualified Stock Option Award under the Plan; and


 


NOW, THEREFORE, IT IS AGREED, by and between
the Company and the Participant, as follows:


 


1. Terms of Award. The following
words and phrases used in this Agreement shall have the meanings set forth in this Section 1:


 


	(a)	The “Participant” is [________________________________]



 


	(b)	The “Grant Date” is [___________].



 


	(c)	The number of “Covered Shares” shall be [________________] shares of Stock.



 


	(d)	The “Exercise Price” is $ [____________] per share.



 


Other words and phrases used in this Agreement are defined
pursuant to Section 17, elsewhere in this Agreement or the Plan.


 


2. Non-Qualified
Stock Option. This Agreement specifies the terms of the option (the “Option”) granted to the Participant to
purchase the number of Covered Shares of Stock at the Exercise Price per share as set forth in Section 1. The Option is not intended
to constitute an “incentive stock option” as that term is used in Code section 422.


 


3. Date of Exercise. Subject to
the limitations of this Agreement, each Installment of Covered Shares of the Option shall be exercisable on and after the Vesting
Date for such Installment as described in the following schedule (but only if the Termination Date has not occurred before the
Vesting Date):


 


	
         

        INSTALLMENT
	VESTING DATE APPLICABLE

TO INSTALLMENT
	25% of Covered Shares	One-year anniversary of the Grant Date
	6.25%  of Covered Shares	Each quarterly anniversary after the one-year anniversary of the Grant Date
	Final 6.25% of Covered Shares	Final Vesting Date on the four-year anniversary of the Grant Date


 






     


     


    

 


Notwithstanding the foregoing provisions of this Section 3,
in the event the Participant incurs a Termination Date prior to the Final Vesting Date, any unvested portion of the Option shall
be immediately forfeited on such Termination Date.


 


4. Expiration. The Option shall not
be exercisable after the Company’s close of business on the last business day that occurs prior to the Expiration Date. The
“Expiration Date” shall be the earliest to occur of:


 


	(a)	the ten-year anniversary of the Grant Date;



 


	(b)	if the Participant’s Termination Date occurs by reason of death or Disability, the one-year anniversary of such Termination
Date;



 


	(c)	if the Participant’s Termination Date occurs for Cause, the Termination Date;



 


	(d)	if the Participant’s Termination Date occurs for any reason other than those listed in subsection (b) or (c) of this Section
4, the 90-day anniversary of such Termination Date.



 


5. Method of Option Exercise. Subject
to this Agreement and the Plan, the Option may be exercised in whole or in part by filing a written notice with the Secretary of
the Company at its corporate headquarters prior to the Company’s close of business on the last business day that occurs prior
to the Expiration Date. Such notice shall specify the number of shares of Stock which the Participant elects to purchase, and shall
be accompanied by payment of the Exercise Price for such shares of Stock indicated by the Participant’s election. Payment
shall be by cash or by check payable to the Company. Except as otherwise provided by the Committee before the Option is exercised:
(i) all or a portion of the Exercise Price may be paid by the Participant by tendering, by either actual delivery of shares or
by attestation, shares acceptable to the Committee (including shares otherwise distributable pursuant to the exercise of the Option)
having an aggregate Fair Market Value (valued as of the date of exercise) that is equal to the amount of cash that would otherwise
be required; and (ii) the Participant may pay the Exercise Price by authorizing a third party to sell shares of Stock (or a sufficient
portion of the shares) acquired upon exercise of the Option and remit to the Company a sufficient portion of the sale proceeds
to pay the entire Exercise Price and any tax withholding resulting from such exercise. The Option shall not be exercisable if and
to the extent the Company determines that such exercise would violate applicable state or Federal securities laws or the rules
and regulations of any securities exchange on which the Stock is traded. If the Company makes such a determination, it shall use
all reasonable efforts to obtain compliance with such laws, rules and regulations. In making any determination hereunder, the Company
may rely on the opinion of counsel for the Company.


 


6. Change in Control. In the event
of a Change in Control, the Company, or the entity that is the surviving entity or successor to the Company following such transaction,
may elect to (a) to continue this Non-Qualified Stock Option subject to the terms of this Agreement and the Plan and subject to
such adjustments, if any, by the Committee as permitted by Section 3.2 of the Plan; or (b) to terminate this Non-Qualified Stock
Option in exchange for a cash payment or distribution as determined in the following sentence. In the event that the Company or
its successor chooses to terminate this option upon a Change in Control, the Participant shall be entitled to a payment or distribution
within thirty (30) days of such Change in Control equal to the excess of the value of one share of Stock at the time of the transaction
over the Exercise Price multiplied by the number of Covered Shares.


 






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7. Withholding. All deliveries and
distributions under this Agreement are subject to withholding of all applicable taxes. At the election of the Participant, and
subject to such rules and limitations as may be established by the Committee from time to time, such withholding obligations may
be satisfied through the surrender of shares of Stock which the Participant already owns, or to which the Participant is otherwise
entitled under the Plan or pursuant to this Agreement; provided, however, that such shares of Stock may be used to satisfy not
more than the maximum individual tax rate for the Participant in applicable jurisdiction for such Participant (based on the applicable
rates of the relevant tax authorities (for example, federal, state, and local), including the Participant’s share of payroll
or similar taxes, as provided in tax law, regulations, or the authority’s administrative practices, not to exceed the highest
statutory rate in that jurisdiction, even if that rate exceeds the highest rate that may be applicable to the Participant).


 


8. Transferability. Except as otherwise
provided by the Committee, the Option is not transferable other than as designated by the Participant by will or by the laws of
descent and distribution, and during the Participant’s life, may be exercised only by the Participant.


 


9. Heirs and Successors. This Agreement
shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring,
whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and
business. If any rights exercisable by the Participant or benefits deliverable to the Participant under this Agreement have not
been exercised or delivered, respectively, at the time of the Participant’s death, such rights shall be exercisable by the
Designated Beneficiary, and such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions
of this Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated
by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased
Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that
would have been exercisable by the Participant and any benefits distributable to the Participant shall be exercised by or distributed
to the legal representative of the estate of the Participant. If a deceased Participant designates a beneficiary and the Designated
Beneficiary survives the Participant but dies before the Designated Beneficiary’s exercise of all rights under this Agreement
or before the complete distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would
have been exercisable by the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated
Beneficiary, and any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of
the estate of the Designated Beneficiary.


 


10. Administration. The authority
to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall
have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of this Agreement by the
Committee and any decision made by it with respect to this Agreement is final and binding on all persons. The Committee shall
have the authority to obtain such information from the Participant (including tax return information) as it determines may be
necessary to confirm that the Participant is in compliance with the requirements applicable to Detrimental Activity, and if the
Participant fails to provide such information, the Committee may conclude that the Participant is not in compliance with such
requirements.


 






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11. Plan Provisions Govern. Notwithstanding
anything in this Agreement to the contrary, this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained
by the Participant from the office of the Secretary of the Company; and this Agreement is subject to all interpretations, amendments,
rules and regulations promulgated by the Committee from time to time pursuant to the Plan.


 


12. Not an Employment Contract. The
Option will not confer on the Participant any right with respect to continuance of employment or other service with the Company
or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate
or modify the terms of such Participant’s employment or other service at any time.


 


13. Notices. Any written notices
provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered
or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three
business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant,
at the Participant’s address indicated by the Company’s records, or if to the Company, at the Company’s principal
executive office.


 


14. Fractional Shares. In lieu of
issuing a fraction of a share upon any exercise of the Option, resulting from an adjustment of the Option pursuant to the Plan
or otherwise, the Company will be entitled to pay to the Participant an amount equal to the fair market value of such fractional
share.


 


15. No Rights As Shareholder. The
Participant shall not have any rights of a shareholder with respect to the shares subject to the Option, until a stock certificate
has been duly issued following exercise of the Option as provided herein.


 


16. Amendment. This
Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement
of the Participant and the Company without the consent of any other person.


 


17. Definitions. For purposes of
this Agreement, words and phrases shall be defined as follows:


 


	(a)	Disability. The Participant shall be considered to have a “Disability” during the period in which the Participant
is unable, by reason of a medically determinable physical or mental impairment, to engage in any substantial gainful activity,
which condition, in the opinion of a physician selected by the Committee, is expected to have a duration of not less than 120 days.



 


	(b)	Plan Definitions. Except where the context clearly implies or indicates the contrary,
                                 a word, term, or phrase used in the Plan is similarly used in this Agreement.



 






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IN WITNESS WHEREOF, the Participant has
executed the Agreement, and the Company has caused these presents to be executed in its name and on its behalf, all as of the Grant
Date.


 


	


BiomX Inc.


	 
	 	 	 
	By:	 	 
	Its:	 	 


 


	 	 
	Participant	 


 


 


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