Document:

Exhibit 10.2.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G
MEDICAL INNOVATIONS HOLDINGS LTD.

 

SUB-PLAN - ISRAELI RESIDENTS

 

2016 GLOBAL EQUITY INCENTIVE PLAN

 

ADOPTED ON DECEMBER 26, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

G
Medical Innovations Holdings Ltd.

 

SUB-PLAN
— ISRAELI RESIDENTS

 

2016 GLOBAL EQUITY INCENTIVE PLAN

 

1. Special
Provisions for Persons who are Israeli Residents

 

1.1
This Sub-Plan (the “Sub-Plan”) to the G Medical Innovations Holdings Ltd. 2016 Global Equity Incentive Plan
(the “Plan”), is made and entered effective as of December 26, 2016 (the “Effective Date”).

 

1.2 The
provisions specified hereunder apply only to persons and entities that are Israeli residents for tax purposes with respect to
the Award (as defined below).

 

1.3 This
Sub-Plan applies with respect to an Award under the Plan. The purpose of this Sub- Plan is to establish certain rules and limitations
applicable to an Award that may be granted under the Plan to Israeli Employees and Israeli Non-Employees (as defined below) from
time to time, in compliance with the securities and other applicable laws currently in force in the State of Israel. Except as
otherwise provided by this Sub-Plan, all grants made pursuant to this Sub-Plan shall be governed by the terms of the Plan. This
Sub-Plan is applicable only to grants made after the Effective Date. This Sub-Plan complies with, and is subject to the ITO and
in particular Section 102 (as defined below).

 

1.4 The
Plan and this Sub-Plan shall be read together. In any case of contradiction, whether explicit or implied, between the provisions
of this Sub-Plan and the Plan, the provisions of this Sub-Plan shall govern.

 

2.
Definitions.

 

Capitalized
terms not otherwise defined herein shall have the meaning assigned to them in the Plan. The following additional definitions will
apply to grants made pursuant to this Sub-Plan:

 

“Affiliate”
means any affiliate that is an “employing company” within the meaning of Section 102(a) of the ITO.

 

“Award”
means, among others, individually or collectively, a grant of Options, Shares, share bonuses, Restricted Share, Restricted
Share Units and any other share-based grant, granted under the Plan. For the avoidance of doubt, any Award paid in cash pursuant
to the Plan shall not be granted to under this Sub-Plan.

 

“Award
Agreement” means an Option Agreement or a RSU Agreement, as defined in the Plan or any other agreement relating to other
types of Award.

 

“3(i)
Award” means an Award that is subject to taxation pursuant to Section 3(i) of the ITO which has been granted to any individual
or entity that is NOT an Israeli Employee.

 

“102
Capital Gains Track” means the tax track set forth in Section 102(b)(2) or Section 102(b)(3) of the ITO, as the case
may be.

 

“102
Capital Gains Track Grant” means a 102 Trustee Grant qualifying for the special tax treatment under the 102 Capital Gains
Track.

 

“102
Earned Income Track” means the tax track set forth in Section 102(b)(1) of the ITO.

 

    1

     

    

 

“102
Earned Income Track Grant” means a 102 Trustee Grant qualifying for the ordinary income tax treatment under the 102 Earned
Income Track.

 

“102
Trustee Grant” means an Award granted pursuant to Section 102(b) of the ITO and held in trust by a Trustee for the benefit
of the Israeli Employee, or being supervised by the Trustee and includes 102 Capital Gains Track Grants or 102 Earned Income Track
Grants.

 

“Company”
means G Medical Innovations Holdings Ltd., a company organized under the laws of the Cayman Islands.

 

“Controlling
Shareholder” as defined under Section 32(9) of the ITO, as amended from time to time.

 

“Election”
means the Company’s election of the type (i.e., between 102 Capital Gains Track and 102 Earned Income Track) of 102 Trustee
Grants that it will make under the Sub-Plan, as filed with the ITA.

 

“Israeli
Employee” means any employee of the Company or its Affiliate, and any individual who is serving as Nose Misra - Officer
Holder (as such term is defined in the Israeli Companies’ Law, 5759-1999, including directors) of the Company or its Affiliate,
but excluding any Controlling Shareholder.

 

“Israeli
Non-Employee” means any individual or an entity providing services to the Company or its Affiliate that is not an Israeli
Employee.

 

“ITA”
means the Israeli Tax Authority.

 

“ITO”
means the Israeli Income Tax Ordinance (New Version), 5721- 1961 and the rules, regulations, orders or procedures promulgated
thereunder and any amendments thereto, including specifically the ITO Rules, all as may be amended from time to time.

 

“ITO
Rules” means the Income Tax Rules (Tax Benefits in Share Issuance to Employees) of 2003.

 

“Non-Trustee
Grant” means an Award granted to Israeli Employee pursuant to Section 102(c) of the ITO and is not held in trust or being
supervised by a Trustee.

 

“Participant”
means an Israeli Employee and an Israeli Non-Employee

 

“Required
Holding Period” means the requisite period prescribed by Section 102 and the ITO Rules, or such other period as may be
required by the ITA, with respect to 102 Trustee Grants, during which Award granted by the Company and the Shares issued upon
the exercise or vesting of an Award must be held or supervised by the Trustee for the benefit of the person to whom it was granted.
As of the Effective Date, the Required Holding Period for 102 Capital Gains Track Grants is 24 months from the date the Award
is deposited with or under the supervision of the Trustee.

 

“Section
102” means the provisions of Section 102 of the ITO, as amended from time to time.

 

“Trustee”
means a person or entity designated by the Board to serve as a trustee and/or supervising trustee and approved by the ITA
in accordance with the provisions of Section 102(a) of the ITO.

 

“Trust
Agreement” means the agreement(s) between the Company and/or its Affiliates and the Trustee regarding Awards granted
under this Sub-Plan, as in effect from time to time.

 

3. Types
of Grants and Section 102 Election. 

 

3.1 Grants
of 102 Trustee Grants, shall be made pursuant to either (a) Section 102(b)(2) or Section 102(b)(3) of the ITO as the case may
be, as 102 Capital Gains Track Grants, or (b) Section 102(b)(1) of the ITO as 102 Earned Income Track Grants. The Company’s Election
regarding the type of 102 Trustee Grant it elects to make shall be filed with the ITA. Once the Company has filed such Election,
it may change the type of 102 Trustee Grant that it elects to make only after the lapse of at least 12 months from the end of
the calendar year in which the first 102 Trustee Grant was made pursuant to the previous Election, in accordance with Section
102. For the avoidance of doubt, such Election shall not prevent the Company from granting Non-Trustee Grants to Israeli Employees
or 3(i) Awards to Israeli Non-Employees at any time.

 

    2

     

    

 

3.2Israeli
Employees may receive only 102 Trustee Grants or Non-Trustee Grants under this Sub-Plan. Israeli Non-Employees may be granted
only 3(i) Awards under this Sub-Plan.

 

3.3No
102 Trustee Grants may be made effective pursuant to this Sub-Plan until the lapse of 30 days after the requisite filings required
by the ITO and the ITO Rules have been filed with the ITA.

 

3.4The
Award Agreement or documents evidencing the Award granted or Shares issued pursuant to the Plan and this Sub-Plan shall indicate
whether the Award is a 102 Trustee Grant, a Non-Trustee Grant or a 3(i) Grant; and, if the Award is a 102 Trustee Grant, whether
it is a 102 Capital Gains Track Grant or a 102 Earned Income Track Grant.

 

4. Terms
And Conditions of 102 Trustee Grants.

 

4.1The
Trustee shall be appointed by the Board to administer each 102 Trustee Grant in accordance with the provisions of Section 102,
the ITO Rules and pursuant to the Trust Agreement.

 

4.2.
Each 102 Trustee Grant will be deemed granted on the date the Board has approved such a grant in a written resolution, in accordance
with the provisions of Section 102 and the Trust Agreement.

 

4.3Each
102 Trustee Grant granted to an Israeli Employee shall be held by, or supervised by, the Trustee and each certificate for Shares
issued pursuant to a 102 Trustee Grant shall be issued to and registered in the name of a Trustee and shall be held in trust for
the benefit of the Israeli Employee, or in the case of a supervising trustee in the name of the Israeli Employee under the supervision
of the Trustee, for the Required Holding Period. After the lapse of the Required Holding Period, the Trustee may release such
102 Trustee Grant and/or Shares issued in connection with the 102 Trustee Grant (“Underlying Shares”), or in
the case of a supervising trustee end its supervision regarding such 102 Trustee Grants or Underlying Shares and release any consideration
received in respect of such 102 Trustee Grants and Underlying Shares; provided that (i) the Trustee has received an acknowledgment
from the ITA that the Israeli Employee has paid any applicable tax due pursuant to the ITO; or (ii) the Trustee and/or the Company
and/or an Affiliate withholds any applicable tax due pursuant to the ITO. The Trustee shall not release any 102 Trustee Grant
or Underlying Shares held by it or end its supervision regarding such 102 Trustee Grant or Underlying Shares prior to the full
payment of the Israeli Employee’s tax liabilities.

 

4.4Each
102 Trustee Grant and Underlying Shares (whether a 102 Capital Gains Track Grant or a 102 Earned Income Track Grant, as
applicable) shall be subject to the relevant terms of Section 102 and the ITO Rules, which shall be deemed an integral part
of the 102 Trustee Grant and shall prevail over any term contained in the Plan, this Sub-Plan or any Award Agreement that is
not consistent therewith. Any provision of the ITO and any approvals by the ITA not expressly specified in this Sub-Plan or
any document evidencing a 102 Trustee Grant that are necessary to receive or maintain any tax benefit pursuant to Section 102
shall be binding on the Israeli Employee. The Trustee and the Israeli Employee granted a 102 Trustee Grant shall comply with
the provisions of the ITO, and the terms and conditions of the Trust Agreement entered into between the Company, its
Affiliate and the Trustee. For avoidance of doubt, it is reiterated that compliance with the ITO specifically includes
compliance with the ITO Rules. Further, the Israeli Employee agrees to execute any and all documents which the Company its
Affiliate or the Trustee may reasonably determine to be necessary in order to comply with the provision of any applicable
law, and, particularly, Section 102.

 

    3

     

    

 

4.5 During
the Required Holding Period, the Israeli Employee shall not release or sell or require the Trustee to release or sell the 102
Trustee Grant and/or Underlying Shares and other rights received subsequently following any realization of rights derived from
102 Trustee Grant or Underlying Shares (including share dividends) to the Israeli Employee or to a third party, as the case may
be, unless permitted to do so pursuant to Section 102, the ITO Rules, any applicable law and/or any tax ruling issued by the ITA
in connection with this matter. Notwithstanding the foregoing, the Trustee may, pursuant to a written request and subject to applicable
law, release and transfer the above rights to a designated third party (or in connection with a supervising trustee, the release
of consideration received in connection with the 102 Trustee Grant and Underlying Shares), provided that both of the following
conditions have been fulfilled prior to such transfer: (i) all taxes required to be paid upon the release and transfer of the
102 Trustee Grant and/or Underlying Shares have been withheld or remitted to the ITA; 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, the Plan, this Sub-Plan, any applicable agreement and any applicable law. To avoid doubt, such
sale or release during the Required Holding Period will result in adverse tax ramifications to the Israeli Employee under Section
102 of the ITO and the ITO Rules and/or any other regulations or orders or procedures promulgated thereunder, which shall apply
to and shall be borne solely by such Israeli Employee.

 

4.6 In
the event a share dividend is declared and/or additional rights are granted with respect to Underlying Shares, such dividend and/or
rights shall also be subject to the provisions of this Section 4 and the Required Holding Period for such share dividend and/or
rights shall be measured from the commencement of the Required Holding Period for the 102 Trustee Grant with respect to which
the dividend was declared and/or rights granted. In the event of a cash dividend relating to 102 Trustee Grant, the Trustee shall
transfer the dividend proceeds to the Israeli Employee after deduction of taxes and mandatory payments in compliance with Section
102, the ITO Rules and applicable withholding requirements.

 

4.7. If
an Award which is granted as a 102 Trustee Grant is exercised or vests during the Required Holding Period, the Shares issued upon
such exercise or vesting shall be issued in the name of the Trustee for the benefit of the Israeli Employee or in the case of
supervising trustee under the supervison of the Trustee. If such Shares are issued after the Required Holding Period has lapsed,
the Shares issued upon such exercise or vesting shall, at the election of the Israeli Employee, either (i) be issued in the name
of the Trustee or in the case of a supervising trustee in the name of the Israeli Employee under the supervision of the Trustee,
or (ii) be transferred to the Israeli Employee directly, provided that the Israeli Employee first complies with all applicable
provisions of the Plan and the Sub-Plan and pays all taxes which apply on the Shares or to such transfer of Shares pursuant to
Section 102 and the ITO Rules.

 

4.8. Upon
receipt of 102 Trustee Grant, Israeli Employee shall sign an Award Agreement under which the Israeli Employee shall, among others,
(i) agree to be subject to the Trust Agreement between the Company, its Affiliate and the Trustee; (ii) declare that he/she understands
the provisions of Section 102 and the applicable tax track and approve the tax arrangement applies to the 102 Trustee Grant and
the Underlying Shares; and (iii) confirm that he/she shall neither sell nor transfer the 102 Trustee Grant and the Underlying
Shares from the Trustee until the lapse of the Required Holding Period.

 

4.9 To
avoid any doubt, notwithstanding anything to the contrary in the Plan, no Award qualifying as a 102 Trustee Grant shall be exchanged
for payment in cash or any other form of consideration, including Award or Shares, in the absence of an express approval of the
ITA in advance for such substitution.

 

    4

     

    

 

5.
Assignability.

 

As
long as 102 Trustee Grant, including any Underlying Shares, are held by the Trustee on behalf of the Israeli Employee or supervised
by the Trustee, all rights of the Israeli Employee over the 102 Trustee Grant and any Underlying Shares are personal, cannot be
sold, transferred, assigned, pledged, given as collateral, or mortgaged (other than through a transfer by will or by operation
of law), nor may they be subject of an attachment, seizure power of attorney or transfer deed (other than a power of attorney
for the purpose of participation in shareholders meetings or voting such Shares) unless Section 102 and/or the ITO Rules and any
regulations, rules, orders or procedures promulgated thereunder allow otherwise.

 

6.
Tax Consequences.

 

6.1 Any
tax consequences arising from the grant, exercise or vesting of any Award, from the payment for Shares covered thereby, or from
any other event or act (of the Company, and/or its Affiliates, and the Trustee or the Participant) hereunder, including without
limitation Israeli social security taxes and health insurance, if applicable, shall be borne solely by the Participant. The Company
and/or its Affiliates, and/or the Trustee shall be entitled to withhold taxes according to the requirements under the applicable
laws, rules, and regulations, including withholding taxes at source. Furthermore, the Participant shall agree to indemnify the
Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax
or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld,
any such tax from any payment made to the Participant. The Company or any of its Affiliates and the Trustee may make such provisions
and take such steps as it may deem necessary or appropriate for the withholding of all taxes required by law to be withheld with
respect to Awards granted under the Sub-Plan and the exercise, vesting or sale thereof, including, but not limited, to (i) deducting
the amount so required to be withheld from any other amount then or thereafter payable to an Participant, and/or (ii) requiring
a Participant to pay to the Company or any of its Affiliates the amount so required to be withheld as a condition of the issuance,
delivery, distribution or release of any Shares, and/or (iii) by causing the exercise of Award and/or the sale of Shares held
by or on behalf of a Participant, or supervised by the Trustee to cover such liability, up to the amount required to satisfy the
applicable statutory withholding requirements. In addition, the Participant will be required to pay any amounts exceeding the
tax to be withheld and remitted to the tax authorities, pursuant to applicable tax laws, regulations and rules.

 

6.2. The
Company shall not be obligated to honor the exercise of any Award by or on behalf of the Participant until all tax consequences
(if any) arising from the exercise of such Awards or sale of Shares issued upon exercising the Option are resolved to the full
satisfaction of the Company. Without derogating from the above, the Company and/or the Trustee when applicable shall not be required
to release any Share certificate to a Participant until all required payments (including tax payments) have been fully made.

 

6.3. With
respect to Non-Trustee Grants, if the Israeli Employee ceases to be employed by the Company or any Affiliate, the Israeli Employee
shall extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Non-Trustee
Grant and/or Shares issued in connection with such grant to the satisfaction of the Company and/or its Affiliate, all in accordance
with the provisions of Section 102 and the ITO Rules.

 

7.
Governing Law and Jurisdiction.

 

Notwithstanding
any other provision of the Plan, with respect to Participants subject to this Sub-Plan, the Plan and all instruments issued thereunder
or in connection therewith shall be governed by, and interpreted in accordance with, the laws of the State of Israel applicable
to contracts made and to be performed therein.

 

    5

     

    

 

8.
Securities Laws.

 

Without
derogation from any provisions of the Plan, all grants pursuant to this Sub-Plan shall be subject to compliance with the Israeli
Securities Law, 1968, and the rules and regulations promulgated thereunder.

 

9.
Coordination with the Plan

 

9.1.Section
102, the ITO Rules and any regulations, rules, orders or procedures promulgated thereunder as now in effect or as hereafter amended
shall apply to grant of Awards under the provisions of the Sub-Plan to an Israeli Employee.

 

9.2.Section
3(i) of the ITO shall apply to grant of Awards under the provisions of this Sub-Plan to an Israeli Non-Employee.

 

9.3.The
Plan is hereby incorporated by reference and shall be deemed as integral part of this Sub-Plan. Without derogating from the provisions
of Section 102 and/or Section 3(i) of the ITO, all the terms and conditions of the Plan shall apply to grant of Awards to Participants.

 

*
* * * * * *

    6Exhibit 10.2.2

 

 

 

  

 

 

 

 

 

 

 

 

 

 

  

G MEDICAL INNOVATIONS HOLDINGS LTD.

 

U.S. SUB-PLAN

 

TO THE 2016
GLOBAL EQUITY INCENTIVE PLAN

 

ADOPTED BY ITS BOARD OF DIRECTORS

 

ON

 

TERMINATION DATE:_________, 2026

  

 

 

 

 

 

 

 

 

 

 

     

     

    

 

G MEDICAL INNOVATIONS HOLDINGS LTD.

 

U.S. SUB-PLAN

 

TO THE 2016 GLOBAL EQUITY INCENTIVE PLAN

 

This Sub-Plan
(the “US Sub-Plan”) is part of the G Medical Innovations Holdings Ltd. 2016
Global Equity Incentive Plan (the “Plan”) adopted by G Medical Innovations Holdings Ltd. (the “Company”),
and is effective as of_________, 2016 (the “Effective Date”).

 

(a) The US Sub-Plan
governs grants of Awards by the Company under the Plan to Participants who are United States citizens or who are residents of the
United States of America for United States federal income tax purposes.

 

(b)purpose of this
US Sub-Plan is to establish certain rules and limitations applicable to Awards that may be granted to US Participants, as such
term is defined herein, from time to time, in compliance with Applicable Law (including securities laws).

 

(c) The Plan is hereby
incorporated by reference and shall be deemed as integral part of this US Sub-Plan. Except as otherwise provided by this US Sub-Plan,
all the terms and conditions of the Plan shall apply to the grant of Awards and to Shares issued upon an exercise of Options. The
provisions of this US Sub-Plan shall supersede and govern in the case of any inconsistency between the provisions of this US Sub-Plan
and the provisions of the Plan, provided, however, that this US Sub-Plan shall not be construed to grant any
rights not consistent with the terms of the Plan, unless specifically provided herein.

 

(d)Titles and headings
of the sections in this US Sub-Plan are for convenience of reference only, and in the event of any conflict, the text of this US
Sub-Plan, rather than such titles or headings, shall prevail.

 

1. Definitions.
Capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Plan. The following additional
definitions will apply to Awards made pursuant to this US Sub-Plan:

 

“Affiliate”
means (i) any entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or
(ii) to the extent provided by the Board, any person or entity in which the Company has a significant interest as determined by
the Board in its discretion. The term “control” (including, with correlative meaning, the terms “controlled by”
and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership
of voting or other securities, by contract or otherwise.

 

“Applicable
Law” means the laws, statutes or regulation of any govermental authority of the Cayman Islands and the United States,
as are in effect from time to time.

 

“Award”
means an Incentive Share Option and/or a Nonqualified Share Option and/or Restricted Shares and/or
any other right in the Company which may be granted to Participant under the Plan.

 

“Award Agreement”
means a written agreement between the Company and the US Participant evidencing the terms and conditions of an Award grant. Each
Award Agreement shall be subject to the terms and conditions of the Plan and the US Sub-Plan.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. Any reference to a section
of the Code shall be deemed to include any regulations promulgated thereunder.

 

    2 

     

    

 

“Consultant”
means any person, including an advisor engaged by the Company or an Affiliate to render consulting or advisory services and who
is compensated for such services.

 

“Continuous
Service” means that the US Participant’s service with the Company or an Affiliate, whether as an Employee, Director,
or Consultant, is not interrupted or terminated. A change in the capacity in which the US Participant renders service to the Company
or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the US Participant renders such service
shall not terminate a US Participant’s Continuous Service; provided that there is no interruption or termination
of the US Participant’s service with the Company or an Affiliate; and provided, further, that if the
corporation for which a US Participant is rendering service ceases to qualify as an Affiliate, as shall be determined by the Board
in its sole discretion, such US Participant’s Continuous Service shall be considered to have terminated on the date upon
which such corporation ceases to qualify as an Affiliate. For example, a change in status from an employee of the Company to a
Consultant of an Affiliate or to a Director shall not constitute an interruption of Continuous Service. Notwithstanding the above,
if any Award is subject to Section 409A of the Code, the foregoing sentences shall only be given effect to the extent consistent
with Section 409A of the Code. To the extent permitted by law, the Board or the chief executive officer of the Company, each in
its\his sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence
approved by such party, including sick leave, military leave or any other personal leave. Notwithstanding the foregoing, a leave
of absence shall be treated as Continuous Service for purposes of calculating the vesting of an Award granted only to such extent
as may be provided in the Company’s leave of absence policy or in the written terms of the US Participant’s leave of
absence agreement or policy applicable to the US Participant, or as otherwise required by law.

 

“Director” means a member
of the Board.

 

“Disability”
means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.

 

“Employee”
means any person, including a Director employed by the Company or an Affiliate; provided, that, for
purposes of determining eligibility to receive Incentive Share Options, an Employee shall mean an employee of the Company or a
parent or subsidiary corporation within the meaning of Code Section 424. Mere service as a Director or payment of a director’s
fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

“Exercise
Price” means the price per share at which a US Participant holding an Option may purchase Shares issuable with respect
to such Award, which price shall be no less than the Fair Market Value of a Share on the Grant Date.

 

“Fair
Market Value” means, as of any date, the value of the Shares determined as follows: (i) if the Company’s
shares are listed on any established stock exchange or a national market system, including without limitation the Nasdaq
Global Select Market, Nasdaq Global Market or the Nasdaq Capital Market of the Nasdaq Stock Market, the Fair Market Value
shall be the closing sales price of such shares (or the closing bid, if no sales were reported) as quoted on such exchange or
system for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such
other source as the Board deems reliable; or (ii) if the Company's shares are regularly quoted by a recognized securities
dealer but selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices
for the Company's shares on the last market trading day prior to the day of determination; or (iii) in the absence of an
established market for the Company's shares, the Fair Market Value shall be determined in good faith by the Board (including
in accordance with an independent third party valuation of the Company which may be obtained by the Board). Without
derogating from the above, the Fair Market Value shall be in compliance with Section 409A of the Code, provided that (a)
with respect to Options that are Incentive Share Options, the Board shall make such determination in accordance with the
provisions of Section 422 of the Code and subject to all applicable U.S. Treasury Regulations
and any other applicable guidance promulgated pursuant thereto; (b) with respect to Options that are not Incentive Share
Options, the determination of Fair Market Value shall be in accordance with and applicable to U.S. Treasury Regulations and
any other applicable guidance promulgated pursuant thereto.

 

    3 

     

    

 

“Grant Date”
means the date an Award grant becomes effective pursuant to the Company's corporate governance provisions, the language of the
Plan and the US Sub-Plan and other Applicable Laws that specify the actions required in order to affect the grant of an Award under
the Plan and the US Sub-Plan.

 

“Incentive
Share Option” means an Option granted to a US Participant that is intended to qualify as an incentive stock option within
the meaning of Section 422(b) of the Code.

 

“Listing
Date” means the first date upon which the Company’s Share is (i) listed (or approved for listing) upon notice of
issuance on any securities exchange,(ii) designated (or approved for designation) upon notice of issuance as a national market
security on an interdealer quotation system if such securities exchange or interdealer quotation system has been certified or (iii)
quoted on any recognized securities quotation system (such as the OTC Bulletin Board/OTCQB Market).

 

“Nonqualified
Share Option” means an Option granted to a US Participant that is not qualified as an Incentive Share Option.

 

“Option”
means an Incentive Share Option or a Nonqualified Share Option to purchase Shares granted pursuant to the Plan and this US Sub-Plan.

 

“US
Participants” means individuals and/or entities that are United States citizens
or that are residents of the United States for United States federal income tax purposes, and that render services to the Company
or an Affiliate and that have contributed or may be expected to contribute materially to the success of the Company or an Affiliate,
to whom an Award shall be granted under the Plan and the US Sub-Plan by the Board.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Ten Percent
Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) shares constituting
more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or of any Affiliate.

 

“Underlying
Shares” means Shares issued or to be issued upon exercise of an Option in accordance with the Plan and the US Sub-Plan.

 

2. Grant of Awards

 

(a)  
Every Award granted to a US Participant shall be evidenced by an Award Agreement in such form as the Board shall approve
from time to time, specifying the date in which the Awards have been granted, number of Shares that may be purchased pursuant to
the Awards, the time or times at which the Option shall become exercisable in whole or in part, the resrictions on exercise (if
any), the Exercise Price of such Option, the restrictions imposed on Restricted Shares, the term of the Awards and such other terms
and conditions as the Board shall approve.

 

(b)  
Options granted pursuant to the Plan and the US Sub-Plan shall be treated as either Nonqualified Share Options or Incentive
Share Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for
Underlying Shares issued upon the exercise of each type of Option.

 

(c)   Incentive
Share Options may only be granted to Employees of the Company or of an Affiliate. To the extent
that any Option is not qualified as an Incetive Share Option under the provisions of the Plan, this US Sub-Plan and the Code,
it shall be treated as a Nonqualified Share Option.

 

    4 

     

    

 

(d)
An Award may be granted at any time after the Plan and the US Sub-Plan have been approved by the necessary corpororate bodies
of the Company, and all others approvals, consents or requirements necessary by the Applicable Law have been received or met. With
respect to grant of Incentive Share Options, no Option shall be treated as an Incentive Share Option unless this US Sub-Plan has
been approved by the shareholders of the Company in a manner intended to comply with the shareholder approval requirements of Section
422(b)(1) of the Code. Failure to obtain approval by the shareholders of the Company shall not in
any way derogate from the valid and binding effect of any grant of an Option, which is not an Incentive Share Option. Upon approval
of the US Sub-Plan by the shareholders of the Company as set forth above, all Incentive Share Options granted under the US Sub-Plan
on or after the date of its adoption by the Board (the "Effective Date") shall be fully effective as if the shareholders
of the Company had approved the US Sub-Plan on the Effective Date.

 

3. Maximum
Number of Incetive Share Options. Subject to the provisions of Section 3 of the Plan relating to the number of
Shares reserved under the Plan, and Section 15 of the Plan relating to capitalization adjustments, the maximum number of
Shares that may be awarded in the form of Incentive Share Options under the Plan and the US Sub-Plan is____. To
the extent that an outstanding Incentive Share Option expires, terminates, is cancelled or forfeited, the Shares subject
to such Incentive Share Option shall again be available for re-issuance under the Plan and the US Sub-Plan.

 

4.  Limit on Grant of Incentive Share Options. To the extent that the aggregate Fair Market Value (as determined
as of the Grant Date) of Shares with respect to which Incentive Share Options are exercisable for the first time during any calender
year (under the Plan and the US Sub-Plan and all other similar types of plans of the Company and/or any Affiliate in which the
US Participant participates) exceeds US$ 100,000, such portion in excess of US$100,000 shall be treated as a Nonqualified Share
Option. In the event that the US Participant holds two or more such Options that become exercisable for the first time in the same
calender year, such limitation shall be applied on the basis of the order in which such Options are granted.

 

5. 
Exercise Price of an Incentive Share Option. The exercise price of each Incentive Share Option shall be not less
than one hundred percent (100%) of the Fair Market Value of the Share subject to the Option on the date the Option is granted or
such other amount as may be required pursuant to the Code. Notwithstanding the foregoing, an Incentive Share Option may be granted
with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption
or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code. Notwithstanding the above,
in the event that the Incentive Share Option is granted to a Ten Percent Shareholder, then the Exercise Price for each Share subject
to the Incentive Share Option shall be no less than 110% of the Fair Market Value of the Share on the Grant Date.

 

6. 
Exercise Price of a Nonqualified Share Option. The exercise price of each Nonqualified Share Option granted
prior to the Listing Date shall be not less than one hundred percent (100%) of the Fair Market Value of the Share subject to the
Option on the date the Option is granted or such other amount as may be required pursuant to the Code. The exercise price of each
Nonqualified Share Option granted on or after the Listing Date shall be not less than one hundred percent (100%) of the Fair Market
Value of the Share subject to the Option on the date the Option is granted. Notwithstanding the foregoing, a Nonqualified Share
Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code. Notwithstanding
the above, in the event that the Nonqualified Share Option is granted to a Ten Percent Shareholder prior to the Listing Date, then
the Exercise Price for each Share subject to the Nonqualified Share Option shall be no less than 110% of the Fair Market Value
of the Share on the Grant Date.

 

    5 

     

    

 

7. Term
of the US Sub-Plan. The Board may amend, suspend or terminate the US Sub-Plan at any time, provided that no amendment,
suspension or termination will be made without the approval of the Company’s shareholders and in a manner consistent with
the requirements of Section 422 of the Code, if applicable. Unless terminated earlier, the US Sub-Plan shall terminate on the
day before the Tenth (10th) anniversary of the earlier of the date the Plan was amended to include the US Sub-Plan,
or the date this US Sub-Plan was approved by the Company’s shareholders.

 

8.  Term of Options  . The Options must be exercised by a US Participant within ten (10) years from the Grant Date.

 

9.
Term of Incentive Share Option to a Ten Percent Shareholder. A Ten Percent Shareholder shall not be granted
an Incentive Share Option unless the Option is not exercisable after the expiration of five (5) years from the Grant Date.

 

10. 
Consultants. (i) Prior to the Listing Date, a Consultant shall not be eligible for the grant of an Award if,
at the time of grant, either the offer or the sale of the Company’s securities to such Consultant is not exempt under Rule
701 of the Securities Act (“Rule 701”) because of the nature of the services that the Service Provider is providing
to the Company and/or its Affiliate, or because the Service Provider is not a natural person, or as otherwise provided by Rule
701, unless the Company determines that such grant need not to comply with the requirements of Rule 701 and will satisfy another
exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions. (ii) From and
after the Listing Date, a Consultant shall not be eligible for the grant of an Award if, at the time of grant, a Form S-8 Registration
Statement under the Securities Act (“Form S-8”) is not available to register either the offer or the sale of
the Company’s securities to such Consultant because of the nature of the services that the Consultant is providing to the
Company and/or its Affiliate, or because the Consultant is not a natural person, or as otherwise provided by the rules governing
the use of Form S-8, unless the Company determines both (i) that such grant (A) shall be registered in another manner under the
Securities Act (e.g., on a Form S-3 Registration Statement) or (B) does not require registration under the Securities Act in order
to comply with the requirements of the Securities Act, if applicable, and (ii) that such grant complies with the securities laws
of all other relevant jurisdictions.

 

11. 
Exercise of Incentive Share Option following Termination of Continuous Service. In the event that in accordance
with Section 8 of the Plan, an Incentive Share Option is exercised more than three (3) months after an Employee's termination of
Continuous Service, or is exercised more than one (1) year after termination of Continuous Service in the event of death or Disability,
the Incentive Share Option shall be treated as a Nonqualified Share Option and may continue to be exercised during the remaining
term (if any) of the Option.

 

12. 
Transferability. Each Award granted under the US Sub-Plan will not be transferable or assignable by the
US Participant, and may not be made subject to execution, attachment or similar procedures, other than by will or the laws of descent
and distribution or as determined by the Board pursuant to the terms of any Award Agreement in accordance with Applicable Law.
The Plan, US Sub-Plan and Award Agreement shall inure to be binding upon the US Participant's respective heirs, executors, administrators,
successors and assigns.

 

13. 
Voting Rights. Until the consummation of an IPO, Shares, Restricted Shares and Underlying Shares issued
to a US Participant shall be voted by an irrevocable proxy assigned to the person or persons designated by the Board.

 

    6 

     

    

 

14.  Tax
Consequences. Any tax consequences arising from the grant or vesting of any Award, from the exercise of any
Option, from the issuance of the Underlying Shares by the Company, from the sale of the Restricted Share and/or
Underlying Shares by the US Participant or from any other event or act (of the Company and/or its Affiliates and/or the US
Participant), hereunder, shall be borne solely by the US Participant. The Company and/or its Affiliates or any other person
on their behalf, shall be entitled to withhold taxes according to the requirements under the
Code or any Applicable Law including withholding taxes at source. Furthermore, the US Participant shall agree to indemnify
the Company and/or its Affiliates or any other person on their behalf and hold them harmless against and from any and all
liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the
necessity to withhold, or to have withheld, any such tax from any payment made to the US Participant. The Company or any of
its Affiliates or any other person on their behalf may make such provisions and take such steps as it may deem necessary or
appropriate for the withholding of all taxes required by the Applicable Law to be withheld with respect to Awards granted
under the Plan and the US Sub-Plan and the exercise or vesting or sale thereof, including, but not limited, to (i) deducting
the amount so required to be withheld from any other amount then or thereafter payable to a US Participant, and/or (ii)
requiring a US Participant to pay to the Company or any of its Affiliates or any other person on their behalf the amount so
required to be withheld as a condition of the issuance, delivery, distribution or release of any Underlying Shares, and/or
(iii) by causing the exercise of Options and/or the sale of Underlying Shares held by or on behalf of a US Participant to
cover such liability, up to the amount required to satisfy minimum statuary withholding requirements. In addition, the US
Participant will be required to pay any amount that exceeds the tax to be withheld and remitted to the tax authorities,
pursuant to the Applicable Law. The Company shall not be required to release any Share certificate to the US Participant
until all required payments have been fully made.

 

15. 
Award not Constituting an Employment or Service Contract. Nothing in the Plan, the US Sub-Plan, the Award
Agreement or any Award granted under the Plan and the US Sub-Plan will be deemed to constitute an employment contract or confer
or be deemed to confer any right for the US Participant to continue in the employ of, or to continue any other engagement with
the Company or any Affiliates, or limit in any way the right of the Company or any Affiliate to terminate employment or other engagement
with the Company or its Affiliates, as the case may be.

 

16. Rights
and Privileges as a Shareholder. Except as otherwise specifically provided in the Plan and the US Sub-Plan,
no US Participant shall be entitled to the rights and privileges of share ownership in respect of Underlying Shares and/or Restricted
Shares that are subject to the grant of Awards hereunder until such shares have been issued to that US Participant.

 

17.      
Data Privacy Consent. In order to administer the Plan, the US Sub-Plan, the Award Agreement and the award
of Awards, the Company may process personal data regarding the US Participant. Such data may include, but is not limited to, the
information provided in the Award Agreement and any changes thereto, other appropriate personal and financial data regarding the
US Participant, including without limitation, the US Participant’s home address and telephone number, date of birth, social
security or other identification number, salary and other payroll information, nationality, job title, directorships and/or Shares
held by such US Participant in the Company and any other information that might be deemed appropriate by the Company to facilitate
the administration of the Plan, the US Sub-Plan, the Award Agreement and the award of Awards. By accepting the grant of any Award,
the US Participant thereby gives explicit consent to the Company (i) to process any such personal data, and (ii) to transfer any
such personal data outside the country in which the US Participant works, or is employed, to transferees who will include the Company
and its Affiliates, and to other persons who are designated by the Company to administer the US Participant's participation in
the Plan and the US Sub-Plan.

 

18. Governing
Law. The Plan, the US Sub-Plan and the Award Agreement shall be governed by and construed in accordance with
the internal laws of United States of America without reference to the principles or conflicts of laws thereof.

 

    7 

     

    

 

19. Compliance with Applicable Law. The obligation of the Company to deliver Underlying Shares upon exercise
of any Option shall be subject to Applicable Law and to such approvals by governmental agencies as may be required. The Board shall
have the authority to suspend the application of any provisions of the Plan and/or the US Sub-Plan which could, in its sole discretion,
result in adverse tax consequences to any US Participant under Section 409A of the Code.

  

THE US PARTICIPANT IS ADVISED
TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING OR EXERCISING AWARDS HEREUNDER. THE COMPANY DOES
NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE US PARTICIPANT ON SUCH MATTERS, WHICH SHALL REMAIN SOLELY THE RESPONSIBILITY OF THE
US PARTICIPANT ☐

 

20. Securities Law. Without derogation from any provisions of the Plan and the US Sub-Plan, all grants pursuant
to this US Sub-Plan shall be subject to, and in compliance with, the Securities Act, and any Applicable Law with respect to securities
laws of the Cayman Islands and the rules and regulations promulgated thereunder.

 

21. Effective Date. The US Sub-Plan shall become effective as of the Effective Date, but no Option shall be
exercised unless and until the US Sub-Plan has been approved by the shareholders of the Company, which approval shall be obtained
within twelve (12) months before or after the Effective Date.

 

22. Invalid Provisions. In the event that any provision of this US Sub-Plan is found to be invalid or otherwise
unenforceable under any Applicable Law, such invalidity or unenforceability will not be construed as rendering any other provisions
contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent
as though the invalid or unenforceable provision was not contained herein.

  

* * * * *
*

 

    8

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