Document:

Exhibit 4.3

    

    

    

    

    

    

    FERRARI N.V. 2019-2021 EQUITY INCENTIVE PLAN

    

    

    

    

    
      

      
        

      

    

    

    

    FERRARI N.V. 2019-2021 EQUITY INCENTIVE PLAN

    

    

    1. Introduction and Purpose. This Ferrari N.V. Equity Incentive Plan, was adopted by the Ferrari N.V. (the “Company”) Board of Directors at a meeting held on February 26, 2019. Terms capitalized but not defined shall have the definitions set
          forth in Section 2.

    

    

    The purpose of the Plan is to set forth principles and rules, which govern the grant of Stock-based awards to
        eligible top performers and key leaders of the Company (and its Subsidiaries and Joint Ventures, as applicable), in order to foster a strong performance culture, to reward the best performers, and to align management and shareholders’ interests in
        achieving the Company’s financial and other objectives. The Company believes that the Plan will also assist in attracting and retaining individuals of outstanding training, experience and ability, and will also ultimately promote the long-term
        success of the Company.

    

    

    2.Definitions. Unless the context clearly indicates otherwise, the following terms shall have the following  meanings:

    

    

    (a)“Award” means the grant of a right or potential right, as applicable, to a Participant to receive incentive
          compensation under the Plan. An Award shall be earned and vested only to the extent its terms and  conditions are satisfied.

    

    

    (b) “Award Agreement” means the written or electronic agreement between the Company and the Participant that sets
          forth the applicable terms, conditions, and limitations with respect to a particular Award, together with any amendments thereto. Each Award Agreement shall be in such form and shall contain such terms and conditions as determined by the
          Committee in its sole discretion.

    

    

    (c)“Board” means the board of directors of the Company.

    

    

    (d)“Change of Control” means an event described in Section 10 hereof.

    

    

    (e) “Cause” means, unless otherwise defined in the applicable Award Agreement or an employment agreement between the
          Participant and the Company (or any Subsidiary or Joint Venture, as applicable): (i) a Participant engaging (or about to engage) in willful misconduct that is injurious to the Company or its Subsidiaries or Joint Ventures, (ii) a Participant
          embezzling or misappropriating funds or property of the Company or its Subsidiaries or Joint Ventures, or a Participant’s conviction of a felony or the Participant’s entry of a plea of guilty or nolo contendere to a felony, (iii) a Participant’s willful failure or refusal to
          substantially perform his or her duties or responsibilities that continues after being brought to the attention of the Participant, or (iv) a Participant’s violation of any restrictive covenants entered into between the Participant and the
          Company (or any Subsidiary or Joint Venture, as applicable) or the Company’s (or any Subsidiary’s or Joint Venture’s) code of conduct or written policies or any crime involving a material element of fraud or dishonesty. Any determination of Cause
          shall be made by the Committee in its sole discretion. Any such determination shall be conclusive, and final and binding on a Participant.

    

    

    (f)“Committee” means the Compensation Committee of the Board.

    

    

    (g)“Company” means Ferrari N.V., a public limited company, incorporated in and under the laws of The Netherlands, or
          any successor thereto.

    

    

    (h) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time. Any reference in the
          Plan to a specific Section of the Exchange Act shall include such Section, any valid regulation and other applicable authorities promulgated thereunder, and any comparable provision of any future legislation amending, supplementing, or
          superseding such Section of the Exchange Act.

    

    

    (i)“Executive Director” means a member of the Board designated as having responsibility for day-to-day management of
          the Company.

    

    

    
      

      
        

      

    

    

    

    (j)“Fair Market Value” means, unless otherwise specified by the Committee, the closing selling price, of a share of
          Stock reported on the New York Stock Exchange, or such other established securities market upon which the Stock may be trading on the applicable date. The Committee may also specify in an Award Agreement that Fair Market Value may be based on
          another price, including a price that is based on the opening selling price, actual  high, low, or average of the actual high and low selling price, or average selling prices (weighted or unweighted based on the volume of trading) of Stock
          reported on the New York Stock Exchange, or such other established securities market upon which the Stock may be trading on the applicable date, in each case as of the trading day immediately preceding the applicable date, the trading day next
          succeeding the applicable date, or during a specified period before  or after the applicable date, all as determined by the Committee in its sole discretion, or such other price as required by applicable law or regulation.

    

    

    (k)“Good Reason” shall have the meaning specified in the applicable Award Agreement or employment agreement between
          the Participant and the Company (or any Subsidiary or Joint Venture, as applicable) related to an unremedied material diminution in the Participant’s title, position, duties or responsibilities or material reduction in the Participant’s salary
          and target bonus.

    

    

    (l) “Joint Venture” means a joint venture, corporation or partnership, or comparable entity, in which the Company or
          a Subsidiary has a material equity interest.

    

    

    (m) “Participant” means (i) an employee of the Company, its Subsidiaries or Joint Ventures or (ii) an individual
          providing services to the Company or its Subsidiaries or Joint Ventures, including Executive Directors (but excluding, for the avoidance of doubt, any member of the Board who is not an Executive Director), who, in each case (A) has been selected
          by the Committee to receive an Award under the Plan and (B) to the extent required by the Committee, has executed an Award Agreement.

    

    

    (n)“Performance Criteria” means one or more pre-established objective performance goals established by the Committee
          in its sole discretion, which may be based on one or more of business criteria, including, but not limited to: trading profit (or operating profit after restructuring); trading cash flow; revenue; revenue growth; earnings before interest and
          taxes; earnings before interest, taxes, depreciation and amortization; earnings per share; operating income; pre- or after-tax income; net operating profit after taxes; economic value added (or an equivalent metric); ratio of operating earnings
          to capital spending; cash flow (before or after dividends); cash-flow per share (before or after dividends); net earnings; net sales; sales growth; share price performance; return on assets or net assets; return on shareholder equity; return on
          capital (including return on total capital or return on invested capital); cash flow return on investment; total shareholder return; cumulative return on net assets employed; improvement in or attainment of expense levels; market share; and
          improvement in or attainment of working capital levels or other business criteria. Performance Criteria may (i) be based on one or more business criteria that apply to the Participant, the Company as a whole, or any Subsidiary, business unit,
          division, segment of the Company, or any combination thereof, (ii) include or exclude (or be adjusted to include or exclude) extraordinary items, the impact of charges for restructurings, discontinued operations and other unusual and
          non-recurring items, and the cumulative effects of tax or accounting changes, each determined based on International Financial Reporting Standards (“IFRS”), as in effective from time to time, or, if so determined by the Committee, generally
          accepted accounting principles in the United States of America, as in effect from time to time (“GAAP”), or on a non-GAAP basis and/or (iii) reflect absolute entity performance or a relative comparison of entity performance to the performance of
          a peer group, index, or other external measure, in each case as determined by the Committee in its sole discretion.

    

    

    (o)“Performance Period” means the period during which the Performance Criteria must be attained, as designated by
          the Committee in its sole discretion.

    

    

    (p) “Performance Share Unit” means an Award, designated as a unit, providing a Participant with the right to receive
          a designated number of shares of Stock or cash in an amount determined as a function of a designated number of shares of Stock at a date on or after, and subject to, the attainment of Performance Criteria within the Performance Period and the
          satisfaction of such other terms and conditions, as specified by the Committee in the Award Agreement in accordance with Section 8 hereof.

    

    

    

    

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    (q)“Person” means any individual, company, partnership or other entity or group, either within the meaning of
          Section 3(a)(9) of the Exchange Act and as used in Section 13(d)(3) or 14(d)(2) of the Exchange Act, or otherwise.

    

    

    (r)“Plan” means this Ferrari N.V. Equity Incentive Plan, as it may be amended from time to time, including any and
          all component plans and programs established hereunder pursuant to which Awards are granted.

    

    

    (s)“Restricted Stock” means an Award providing a Participant with a designated number of shares of Stock subject to
          the satisfaction of vesting conditions and such other terms and conditions, as specified by the Committee in the Award Agreement in accordance with Section 7 hereof.

    

    

    (t)“Restricted Stock Unit” means an Award, designated as a unit, providing a Participant with the right to receive a
          designated number of shares of Stock or cash in an amount determined as a function of a designated number of shares of Stock at a date on or after, and subject to, the satisfaction of vesting conditions and such other terms and conditions, as
          specified by the Committee in the Award Agreement in accordance with Section 7 hereof.

    

    

    (u) “Stock” means a common share of the Company, nominal value EUR 0.01.

    

    

    (v) “Subsidiary” or “Subsidiaries” means any corporation or entity of which the Company (i) owns directly or indirectly, more than 50% of the total voting power or in which it has more than 50%
          economic interest, or (ii) can appoint or dismiss more than 50% of the managing directors or supervisory directors, also if all persons entitled to vote were to cast their votes, and (iii) which is authorized by the Committee to participate in
          the Plan.

    

    

    3.Administration. The Plan will be administered by the Committee consisting of two or more directors of the Company as the Board may designate from time to time, each of whom shall
          satisfy any requirements under applicable law.

    

    

    The Committee shall have the discretionary authority to select those individuals who are eligible to
        participate in the Plan, to determine the number, type, and amount of Awards to be granted to Participants, to construe and interpret the Plan and any Awards granted thereunder, to establish and amend rules for Plan administration, to change the
        terms and conditions of Awards at or after grant (subject to the provisions of Section 16 hereof), to correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award granted under the Plan, and to make all other
        determinations which it deems necessary or advisable for the administration of the Plan. Without limiting the foregoing and subject to applicable law, the Committee will have the discretionary authority to amend any outstanding Award Agreement in
        any respect, including, without limitation, to (1) accelerate the time or times at which the Award becomes vested, unrestricted or may be exercised or at which Stock under the Award is delivered (and, in connection with such acceleration, may
        provide that any Stock acquired or delivered pursuant to such Award will be Restricted Stock, which is subject to vesting, transfer, forfeiture or repayment
          provisions similar to those in the Participant’s underlying Award), (2) waive or amend any goals, restrictions, vesting provisions or conditions set forth in such Award Agreement, or impose new goals, restrictions, vesting provisions and
          conditions, (3) determine at any time whether, to what extent and under what circumstances and method or methods Awards may be exercised, cancelled, forfeited or suspected, settled in cash, Stock, other securities, other Awards or other property
          (in which event, the Committee may specify what other effects such settlement will have on the Participants Award, including the effect on any repayment provisions under the Plan or Award Agreement) and (4) determine whether, to what extent and
          under what circumstances Awards may be settled by the Company, any of its Subsidiaries or affiliates or any of their designees.

    

    

    Any Awards granted to Executive Directors will require the prior approval of the general
        meeting of shareholders of the Company with respect to the number of Awards available for Executive Directors under the Plan and the criteria that shall apply to the awards and any changes thereto.

    

    

    

    

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    The Committee or the Board may authorize one or more officers of the Company to select individuals to
        participate in the Plan and to determine the number, type, and amount of Awards to be granted to such Participants. Any reference in the Plan to the Committee shall include such authorized officer or officers.

    

    

    The determinations of the Committee shall be made in accordance with their judgment as to the best interests of
        the Company and its shareholders and in accordance with the purposes of the Plan. Any determination of the Committee under the Plan may be made without notice or meeting of the Committee, if in a writing signed by all the Committee members, and
        shall be conclusive, and final and binding on all interested Persons to the maximum extent permitted under applicable law. The Committee’s determinations under the Plan and Award Agreements (including, without limitation, whether a Participant has
        experienced a termination of employment) need not be uniform and may be made selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated).

    

    

    4.Participants.  Designation of a Participant in any year shall not require the Committee to designate that individual to receive an Award in any other year or to receive the same type or amount of
          Award as granted to the Participant in any other year or as granted to any other Participant in any year. The Committee shall consider all factors that it deems relevant in selecting Participants and in determining the type and amount of their
          respective Awards.

    

    

    5.Stock Available under the Plan. The maximum aggregate number of shares of Stock available for grant of Awards under the Plan and the maximum aggregate number of shares of Stock available for grant
          of Awards made to Executive Directors, in each case for any given period of time under the Plan, will be as determined by the Board at or prior to the first grant of Awards under the Plan for such period (subject to modification pursuant to a
          resolution of the general meeting of shareholders of the Company). The following shares of Stock related to Awards under the Plan may again be available for issuance under the Plan: (a) any shares of Stock covered by an Award which are settled in
          cash and (b) any shares of Stock related to Awards that expire, lapse, are forfeited or cancelled or terminate for any other reason without issuance of shares of Stock.  Any shares of Stock retained by the Company to comply with applicable income
          tax or social tax withholding requirements, shall be deemed delivered for purposes of the Plan and will not be deemed to be Stock available for Awards under the Plan.

    

    

    All Stock issued under the Plan may be either authorized and unissued Stock or previously issued Stock that has
        been reacquired by the Company or that is otherwise held by the Company (including treasury shares). To the extent required by applicable law, stock exchange or other regulatory requirements, unissued Stock may only be issued if authorized pursuant
        to the articles of association of the Company, a resolution of the general meeting of shareholders of the Company (or, if authorized to do so by the articles of association of the Company or a general meeting of shareholders, by the Board)
        authorizing such issuance and excluding pre-emptive rights for existing shareholders if applicable.

    

    

    The Stock reserved for issuance and the other limitations set forth above shall be subject to adjustment in
        accordance with Section 11(a) hereof.

    

    

    6.Types of Awards, Payments, and Limitations. Awards shall consist of Restricted Stock Units, Performance Share Units, and other Stock-based Awards, all as described below. Payment of Awards may be in the form
          of cash, Stock, other securities, other Awards, other property or combinations thereof as the Committee shall determine, and with the expectation that any Award of Stock shall be styled to preserve such restrictions as it may impose. The
          Committee need not require the execution of any such agreement by a Participant. Acceptance of the Award by the applicable Participant shall constitute agreement by the Participant to the terms and conditions of the Award.

    

    

    When you become the holder of record of the Stock underlying your award, you will be entitled to any
        distribution made on the Company’s Stock.  In principle awards shall not provide for any distribution rights until you become the holder of record of the Stock underlying your award.  The Committee has, however, the power to determine otherwise and
        attach equivalent distribution rights which may be either made currently or credited to an account and may be settled in cash or Stock, as determined by the Committee, and are subject to the same terms and conditions, including, without limitation,
        the attainment of performance criteria, as the underlying award.

    

    

    

    

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    Awards shall be evidenced by an Award Agreement that sets forth the terms, conditions and limitations of such
        Award. Such terms may include, but are not limited to, the term of the Award, the provisions applicable in the event the Participant’s employment terminates, and the Company’s authority (subject to the provisions of Section 16 hereof) to
        unilaterally or bilaterally amend, modify, suspend, cancel or rescind any Award, including, without limitation, the ability to amend such Awards to comply with changes in applicable law. An Award may also be subject to other provisions (whether or
        not applicable to similar Awards granted to other Participants, whether or not similarly-situated) as the Committee determines appropriate, including provisions intended to comply with applicable tax, securities laws, stock exchange and other
        regulatory requirements, understandings or conditions as to the Participant’s employment, requirements or inducements for continued ownership of Stock after exercise or vesting of Awards, or forfeiture of Awards in the event of termination of
        employment shortly after exercise or vesting, or breach  of noncompetition or confidentiality agreements following termination of employment.

    

    

    The Committee may make retroactive adjustments to and the Participant shall reimburse to the Company any cash
        or equity based incentive compensation paid to the Participant where such compensation was predicated upon achieving certain financial results that were substantially the subject of an accounting restatement, and as a result of such accounting
        restatement it is determined that the Participant otherwise would not have been paid such compensation, regardless of whether or not the accounting restatement resulted from the Participant’s fraud or misconduct. In each such instance, the Company
        will, to the extent practicable, seek to recover (a) the amount by which the Participant’s cash or equity based incentive compensation for the relevant period exceeded the lower payment, if any, that would have been made based on the restated
        financial results, or (b) if in the Committee’s view the Participant engaged in fraud or misconduct that caused or partially caused the need for the accounting restatement, the total amount of the Participant’s cash or equity based incentive
        compensation for the relevant period, plus a reasonable rate of interest. In addition to (and not in derogation of) the foregoing: (x) in accordance with Section 2:135 sub 6 and 8 of the Dutch Civil Code, the Company shall have the right to make
        retroactive adjustments to any cash or equity based incentive compensation paid or payable under the Plan, (y) to the extent required under Section 304 of the Sarbanes-Oxley Act of 2002, as amended, if the Company is required to prepare an
        accounting restatement  due to its material noncompliance, as a result of misconduct, with any financial reporting requirement under applicable securities laws, the Company’s chief executive officer and chief financial officer shall reimburse the
        Company for (i) any bonus or other incentive-based or equity-based compensation received by that individual from the Company during the 12-month period following the first public issuance or filing with the U.S. Securities and Exchange Commission
        (whichever first occurs) of the financial document embodying such financial reporting requirement, and (ii) any profits realized from the sale of securities of the Company during that 12-month period, and (z) to the extent required under Section
        10D of the Exchange Act, in the event that the Company is required to prepare an accounting restatement due to its material noncompliance with any financial reporting requirement under applicable securities laws, the Company will recover from any
        current or former executive officer of the Company who received incentive based compensation (including stock options awarded as compensation) during the 3-year period preceding the date on which the Company is required to prepare an accounting
        restatement, the excess of the amount of such incentive based compensation received based on the erroneous data over what would have been paid to the executive officer under the accounting restatement.

    

    

    The Committee, in its sole discretion, either at the time of grant or by subsequent amendment, and subject to
        the provisions of Sections 16 hereof, may require or permit a Participant to elect to defer amounts or Stock that otherwise would be paid or delivered to the Participant as a result of the settlement of an Award under such rules and procedures as
        the Committee may establish under the Plan, and to have any such deferred amounts or Stock credited to one or more accounts established for the Participant by the Committee on the Company’s books of account.

    

    

    7.Restricted Stock and Restricted Stock Units. Restricted Stock and Restricted Stock Units may be awarded to Participants under such terms and conditions as shall be established by the Committee. Restricted
          Stock and Restricted Stock Units shall be subject to vesting conditions and such other terms and conditions as the Committee determines, including, without limitation, any of the following:

    

    

    (a)a prohibition against sale, assignment, transfer, pledge,
          hypothecation or other encumbrance for a specified period; and

    

    

    

    

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    (b)a requirement that the holder forfeit the Restricted Stock or
          Restricted Stock Units in the event of termination of employment during the period of restriction.

    

    

    All restrictions shall expire and the Award shall vest at such times as the Committee shall specify.

    

    

    8.Performance Share Units. Performance Share Units may be awarded to Participants under such terms and conditions as shall be established by the Committee. Performance Share Units shall be
          subject to the attainment of Performance Criteria during the applicable Performance Period and the satisfaction of such vesting conditions and other terms and conditions established by the Committee.

    

    

    Notwithstanding the satisfaction of any Performance Criteria, the Performance Criteria for the applicable
        Performance Period and the number of shares of Stock issued or the amount of cash paid in respect of a Performance Share Units Award may be adjusted by the Committee on the basis of such further consideration as the Committee in its sole discretion
        shall determine.

    

    

    9.Other Stock-Based Awards. In addition to the incentives described in Sections 6 through 8 hereof, the Committee may grant other Stock-based incentives payable in cash, Stock, or any
          combination thereof, under the Plan as it determines to be in the best interests of the Company and subject to such other terms and conditions as it deems appropriate, as specified by the Committee in the applicable Award Agreement.

    

    

    10.Change of Control.

    

    

    (a)Unless otherwise provided in the Award Agreement, or otherwise
          determined by the Committee, unless Awards are not assumed, converted or replaced in connection with a transaction that constitutes a Change of Control (in which case such Awards shall vest immediately prior to the Change of Control and all
          Performance Criteria, to the extent applicable, shall be deemed achieved at target levels and all other terms and conditions met on Performance Share Units), notwithstanding any other provision of the Plan to the contrary, in the event that the
          employment of the Participant is involuntarily terminated by the Company, or the applicable Subsidiary or Joint Venture, (or the applicable successor to such entity) other than for Cause within a twenty-four (24) month period following the
          effective date of a Change of Control (a “Termination Event”):

    

    

    (i)subject to Section 10(a)(vi), all restrictions shall lapse and
          all other terms and conditions shall be deemed met on Restricted Stock and such Awards shall be become fully vested and transferable;

    

    

    (ii)subject to Section 10(a)(vi), all Restricted Stock Units and
          Performance Share Units shall be considered to be earned and vested and payable in full, and such Awards shall be settled in cash or shares, or in any combination thereof, as determined by the Committee in its discretion, as promptly as
          practicable (but in no event later than 60 days following the Termination Event);

    

    

    (iii)all other Awards shall be paid out in cash or shares, or in any
          combination thereof, as determined by the Committee in its discretion, as promptly as practicable (but in no event later than 60 days following the Termination Event);

    

    

    (iv)subject to the terms of the Plan, the Committee may also make
          additional adjustments and/or settlements of outstanding Awards as it deems appropriate and consistent with the Plan’s purposes and applicable law;  and

    

    

    (v)all Performance Criteria shall be deemed achieved at target
          levels and all other terms and conditions met on Performance Share Units.

    

    

    (b)If and to the extent provided in an Award Agreement or an
          employment agreement between the Participant and the Company (or any Subsidiary or Joint Venture, as applicable) or otherwise determined by the Committee, unless Awards are not assumed, converted or replaced in connection with a transaction that
          constitutes a Change of Control (in which case such Awards shall vest immediately prior to the Change of Control and all Performance Criteria, to the extent applicable, shall be deemed achieved at target levels and all other terms and

    

    

    

    

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    conditions met on Performance Shares and Performance Share Units), the voluntary termination of employment with
        the Company, or the applicable Subsidiary or Joint Venture, (or the applicable successor to such entity) by the Participant for Good Reason within a twenty-four (24) month period following the effective date of a Change of Control may be deemed a
        Termination Event as a result of which the consequences set forth in clauses (i) through (vi) of Section 10(a) would apply.

    

    

    (c)In the event of a Change of Control, the Committee may in its
          discretion and upon at least ten (10) days’ advance notice to the affected Participants, cancel any outstanding Awards and pay to the holders thereof, in cash or shares, or any combination thereof, the value of such Awards based upon the price
          per share received or to be received by other shareholders of the Company in the event.

    

    

    (d)To the extent the effect of a Change of Control on any Award
          granted under the Plan is not otherwise addressed in this Section 10 or the applicable Award Agreement, the Committee may, in its sole discretion, as to any such Award, take any one or more of the following actions: (i) provide for the
          acceleration of any time periods relating to the vesting, exercise or realization of any such Award so that such Award may be exercised or realized in full on or before a date fixed by the Committee; (ii) provide for the purchase of any such
          Award; (iii) make such adjustment to any such Award then outstanding as the Committee deems appropriate to reflect such Change of Control; (iv) cause any such Award then outstanding to be assumed, or new rights substituted therefor, by the
          successor company (or a subsidiary or affiliate of such successor company, as applicable) after such Change of Control; or (v) take any other action with respect to such Award as the Committee may determine is appropriate, in its sole discretion.

    

    

    For purposes of the Plan, the term “Change

            of Control” shall mean:

    

    

    (I)the acquisition by any Person of ownership (i.e., beneficial
          ownership as defined in Rule 13d-3 promulgated under the Exchange Act, or otherwise), directly or indirectly, of more than 50% of the combined voting power of the then outstanding capital stock of the Company that by its terms may be voted on all
          matters submitted to shareholders of the Company generally (“Voting Stock”); provided, however, that the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company (excluding any acquisition
          resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable securities unless such outstanding convertible or exchangeable securities were acquired directly from the Company); (ii) any
          acquisition by the Company; (iii) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company; or (iv) any acquisition by any entity pursuant to a reorganization, merger or consolidation involving the
          Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (i) and (ii) of subsection (II) below shall be satisfied; and provided further that, for purposes of clause (ii) above, if
          (A) any Person (other than the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company) shall become the owner of more than 50% of the Voting Stock by reason of an acquisition of Voting Stock by the Company,
          and (B) such Person shall, after such acquisition by the Company, become the owner of any additional shares of the Voting Stock and such ownership is publicly announced, then such additional ownership shall constitute a Change of Control; or

    

    

    (II)the consummation of a reorganization, merger or consolidation
          of the Company, or the sale, lease, exchange or other transfer of all or at least 50% of the total gross fair market value of all of the assets of the Company (with the total gross fair market value of the total assets of the Company and the
          assets of the Company being sold, leased, exchanged, or transferred each determined without regard to any liabilities associated with such assets), excluding, however, any such reorganization, merger, consolidation, sale, lease, exchange or other
          transfer with respect to which, immediately after consummation of such transaction: (i) all or substantially all of the owners of the Voting Stock of the Company outstanding immediately prior to such transaction continue to own, directly or
          indirectly (either by remaining outstanding or by being converted into voting securities of the entity resulting from such transaction), more than 50% of the combined voting power of the voting securities of the entity resulting from such
          transaction (including, without limitation, the Company or an entity which as a result of such transaction owns the Company or all or at least 50% of the total gross fair market value of all of the assets of the Company (as described in herein),
          directly or indirectly) (the “Resulting Entity”) outstanding immediately after such transaction, in substantially the same proportions relative to each other as their ownership immediately prior to such transaction; and (ii) no Person (other than
          any Person that

    

    

    

    

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    owned, immediately prior to such reorganization, merger, consolidation, sale or other disposition, directly or
        indirectly, Voting Stock representing more than 50% of the combined voting power of the Company’s then outstanding Voting Stock) owns, directly or indirectly, more than 50% of the combined voting power of the then outstanding capital stock of the
        Resulting Entity;  or

    

    

    (III)upon the approval of a plan of complete liquidation or
          dissolution of the Company.

    

    

    11.Adjustment Provisions.

    

    

    (a)In the event of any change affecting the number, class, market
          price or terms of the Stock by reason of share dividend, share split, recapitalization, reorganization, merger, consolidation, spin-off, disaffiliation of a Subsidiary, combination of Stock, exchange of Stock, Stock rights offering, or other
          similar event, or any distribution to the holders of Stock other than a regular cash dividend, the Committee shall equitably substitute or adjust the number or class of Stock which may be issued under the Plan in the aggregate or to any one
          Participant in any calendar year and the number, class, price or terms of shares of Stock subject to outstanding Awards.

    

    

    (b)In the event of any merger, consolidation or reorganization of
          the Company with or into another corporation which results in the outstanding Stock of the Company being converted into or exchanged for different securities, cash or other property, or any combination thereof, there shall be substituted, on an
          equitable basis, for each share of Stock then subject to an Award, the number and kind of shares of stock, other securities, cash or other property to which holders of Stock will be entitled pursuant to the transaction.

    

    

    12.Substitution and Assumption of Awards. The Board or the Committee may authorize the issuance of Awards in connection with the assumption of, or substitution for, outstanding equity awards previously
          granted to individuals who become employees of the Company or any Subsidiary or Joint Venture as a result of any merger, consolidation, acquisition of property or stock, or reorganization, upon such terms and conditions as the Committee may deem
          appropriate.

    

    

    13.Nontransferability. Awards shall not be transferable other than by will or the laws of descent and distribution. In the event of the death of a Participant, exercise of any Award or
          payment with respect to any Award shall be made only to the executor or administrator of the estate of the deceased Participant or to the Person or Persons to whom the deceased Participant’s rights under the Award shall pass by will or the laws
          of descent and distribution.

    

    

    14.Taxes. The Company, Subsidiary and/or Joint Venture shall be entitled to deduct and withhold from the wages, salary, bonus and other income paid by the Company, or Joint Venture Subsidiary to the
          Participant or require a Participant to remit the amount of any federal, state and cantonal, local and social or payroll tax, including social security contributions, attributable to any amounts payable or Stock deliverable under the Plan. The
          Company may defer making payment or delivery as to any Award, if any such tax is payable, until indemnified to its satisfaction, and the Company shall have no liability to any Participant for exercising the foregoing right. The Committee may, in
          its sole discretion and subject to such rules as it may adopt, permit or require a Participant to pay all of or a portion of the federal, state and cantonal, local and social or payroll tax arising in connection with the grant, vesting,
          settlement, or exercise of any Award, by (i) having the Company withhold shares of Stock, (ii) tendering shares of Stock received in connection with such Award back to the Company or (iii) delivering other previously acquired shares of Stock
          having a Fair Market Value equal to the amount required to be withheld.

    

    

    15.Duration of the Plan. No Award shall be made under the Plan more than ten years after the date of its adoption by the Board; provided, however, that the terms and conditions applicable
          to any Award granted on or before such date may thereafter be amended or modified by mutual agreement between the Company and the Participant, or such other Person as may then have an interest therein.

    

    

    16.Amendment and Termination. The Board or the Committee may amend the Plan from time to time or terminate the Plan at any time. However, unless expressly provided in an Award Agreement or the
          Plan, no such action shall reduce the amount of any existing Award or change the terms and conditions thereof without the Participant’s consent; provided, however, that the Committee may, in its discretion may require an Award be deferred

    

    

    

    

    -8-

    

    

    
      

      
        

      

    

    

    

    pursuant to Section 6 hereof, without a Participant’s consent; and further provided that the Committee may amend
        or terminate an Award to comply with changes in applicable law without a Participant’s consent.

    

    

    The Company shall obtain shareholder approval of any Plan amendment to the extent necessary to comply with
        applicable laws, regulations, or stock exchange rules.

    

    

    17.Other Provisions.

    

    

    (a)The Committee may grant Awards to employees or other service
          providers of the Company, its Subsidiaries and Joint Ventures who reside or performs services outside the Netherlands. Notwithstanding anything in the Plan to the contrary, the Committee may, in its sole discretion: (a) amend or vary the terms of
          the Awards in order to conform such terms with the requirements of each jurisdiction where a Subsidiary or Joint Venture is located; (b) amend or vary the terms of the Plan in each jurisdiction where a Subsidiary is located as it considers
          necessary or desirable to take into account or to mitigate or reduce the burden of taxation and social security contributions for Participants and/or the Subsidiary or Joint Venture; or (c) amend or vary the terms of the Plan in a jurisdiction
          where the Subsidiary or Joint Venture is located as it considers necessary or desirable to meet the goals and objectives of the Plan. The Committee may where it deems appropriate in its sole discretion, establish one or more sub-plans for these
          purposes, and establish administrative rules and procedures to facilitate the operation of the Plan in such jurisdictions.

    

    

    (b)Neither the Plan nor any Award shall confer upon a Participant
          any right with respect to continuing the Participant’s employment or service with the Company or any of its Subsidiaries or Joint Ventures; nor interfere in any way with the Participant’s right or the Company’s or a Subsidiary’s right to
          terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws and any enforceable agreement between the Participant and the Company or a Subsidiary, as applicable.

    

    

    (c)No fractional shares of Stock shall be issued or delivered
          pursuant to the Plan or any Award, and the Committee, in its discretion, shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares of Stock, or whether such fractional shares
          or any rights thereto shall be cancelled, terminated, or otherwise eliminated.

    

    

    (d)In the event any provision of the Plan shall be held to be
          illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provisions had never been contained in the Plan.

    

    

    (e)Notwithstanding any provision to the contrary, the Company
          shall have no liability to deliver any Award or make any other distribution of benefits under the Plan unless such delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the United
          States Securities Act of 1933, as amended, and the Exchange Act, the Italy Consolidated Financial Act (Testo Unico delle Disposizioni
          in materia di intermediazione finanziaria), and the Netherlands Financial Supervision Act (Wet op het financieel toezicht) and rules promulgated thereunder) and the shares of Stock in
          respect of such Award are authorized for listing on the New York Stock Exchange or Mercato Telematico Azionario (organized and managed by Borsa Italiana S.p.A.), provided that the Company is under no obligation to register or qualify the Stock to effect such compliance.

    

    

    (f)Except as otherwise provided in any Award Agreement or as
          expressly set forth herein, a Participant shall have no rights as a shareholder of the Company until he or she becomes the holder of record of the shares of Stock.

    

    

    (g)Payments and other benefits received by a Participant under an
          Award shall not be deemed a part of a Participant’s compensation for purposes of determining the Participant’s benefits under any other employee benefit plans or arrangements provided by the Company or a Subsidiary, unless the Committee expressly
          provides otherwise in writing or unless expressly provided under such other plan or arrangement.

    

    

    18.Governing Law. Subject to Section 17(a) hereof, the Plan and any actions taken in connection herewith shall be governed by and construed in accordance with the laws of the
          Netherlands. BY ACCEPTING ANY AWARD UNDER THE PLAN, THE PARTICIPANT EXPRESSLY AND IRREVOCABLY AGREES TO SUBMIT TO THE

    

    

    

    

    -9-

    

    

    
      

      
        

      

    

    

    

    EXCLUSIVE JURISDICTION OF THE COURT OF THE NETHERLANDS IN RESPECT OF ANY MATTER RELATING THE PLAN THAT IS NOT
        OTHERWISE ARBITRATED OR RESOLVED IN ACCORDANCE WITH SECTION 19 HEREOF, INCLUDING, WITHOUT LIMITATION , ANY ACTION OR PROCEEDING TO COMPEL ARBITRATION OR TO ENFORCE AN ARBITRATION AWARD.

    

    

    19.Arbitration. Any and every dispute or difference arising under, or in relation to the Plan, including any dispute or difference as to the validity, meaning or effect hereof, shall be finally
          settled by arbitration in Amsterdam, the Netherlands, under the Arbitration Rules of the Netherlands Arbitration Institute. The arbitration award shall be final and binding and shall deal with the question of the costs of arbitration and all
          matters relating thereto.  The arbitrator is not empowered to award damages in excess of reasonable actual damages. The dispute shall be resolved by a single arbitrator appointed according to the list procedure. The language of the arbitration
          shall be English and the arbitrator shall decide according to the rules of law. The arbitral award shall not be disclosed other than to the parties to the arbitration proceedings not even on an anonymous basis.

    

    

    20.Unfunded Plan. Unless otherwise determined by the Committee, the Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The
          Plan shall not establish a fiduciary relationship between the Company and any Participant or other Person. To the extent any Person holds any rights by virtue of an Award under the Plan, such right (unless otherwise determined by the Committee)
          shall be not greater than the right of an unsecured general creditor of the Company.

    

    

    21.Successors and Assigns. The Plan shall be binding on the Company and all Participants and their respective heirs, executors, agents, trustees, administrators, successors and assigns.

    

    

    22.Gender, Singular, Plural, Captions. Where the context of the Plan permits, words in the masculine gender shall include the feminine gender, the plural form of a word shall include the singular form,
          and the singular form of a word shall include the plural form. In addition, the captions of the Sections of the Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

    

    

    23.Effective Date and Applicability. This Plan shall be effective as of February 26, 2019, as adopted by the Board by resolution, and the provisions contained herein shall apply with respect to any and
          all Awards granted on or after such date.

    

    

    

    

    -10-Exhibit 4.11

 

[English
Translation of the an original Hebrew Document]

 

P.V.
NANO CELL LTD.

 

2010
OPTION PLAN

 

		1.	NAME

 

This
plan, as amended from time to time, shall be known as the P.V. Nano Cell Ltd. 2010 Option Plan (the “Plan”).

 

		2.	PURPOSE

 

The
purpose and intent of the Plan is to serve as an incentive to attract new employees, directors, consultants and service providers,
and to retain in the employment of P.V. Nano Cell Ltd. (the “Company”) persons
of training, experience and ability by providing them with opportunities to purchase securities, including shares of the Company,
pursuant to the Plan, as approved by the board of directors of the Company (the “Board”).

 

This
Plan shall serve as an “Umbrella Plan” for the Company worldwide, and therefore, as required, additional annexes may
be attached to the Plan as to comply with any local law applicable in any other country, all subject to Board’s discretion.

 

Securities
(options and shares) granted under this Plan shall be issued as to adhere to all applicable laws, including but not limited to
the Israeli Income Tax Ordinance (New Version), 1961 and any laws, regulations, rulings, orders, circular letters or procedures
promulgated thereunder, as in effect today and as may be amended from time to time (all jointly referred to as the “Ordinance”).

 

Accordingly,
the securities, including shares of the Company and options to purchase shares of the Company, granted under the Plan may be subject
to such terms and conditions, which shall deem such issued securities to securities allocated through a trustee or any other plan,
allowable and compliant with the law. All of the abovementioned securities shall be referred to as the “Securities”,
in addition, all of the securities which are options shall be referred to as the “Options”.

 

At
any time, the Board may resolve to translate this Plan into English and to approve the English version and determine that it shall
prevail. The translation of this Plan will be conducted in such a manner as to preserve the essence and content of the Hebrew version
even if the translation is not an exact verbal translation of the original.

 

		3.	ADMINISTRATION

 

		3.1	The Board or a committee appointed by the Board for such purpose
(the “Committee”) shall have the power to administer the Plan. The Board shall
appoint the members of the Committee, and may from time to time add members to or replace member of the Committee. Notwithstanding
the above, the Board shall automatically have a residual authority if no Committee shall be constituted or if such Committee shall
cease to operate for any reason. In this Plan any reference to the term “Committee”
shall also mean the Board, if at that time no Committee is operating in the Company.

 

		3.2	The Committee shall select one of its members as its chairman and shall hold its meetings at such
times and places, as the chairman shall determine. Actions at a meeting of the Committee at which a majority of its members is
present or acts approved in writing by all of the members of the Committee, shall be the valid acts of the Committee. The Committee
shall make such rules and regulations for the conduct of its business and shall appoint a secretary, who shall keep records of
its meetings.

 

		3.3	The Committee shall fulfill the following tasks: (i) designate
grantees entitled to receive Securities (each referred to in this Plan as the “Grantee”
or the “Participant”) and (ii) recommend to the Board to grant Securities
to the Grantees. Without derogating from the foregoing, the Board shall be authorized to issue the underlying shares on behalf
of the Company with respect to Options, which have been granted and duly exercised (the “Underlying Shares”).
If permitted under the Articles of Association of the Company (the “Articles”)
and with the Board’s consent, the Committee may be authorized to grant Securities and issue the Underlying Shares on behalf
of the Company, provided such grant and issuance are within the frame of the reserved pool under the Plan and subject to the Board’s
guidelines.

 

     

    -2-

    

 

		3.4	Subject to the provisions of this Plan, the Committee shall have
full authority and discretion to determine, from time to time and at any time, the terms and conditions of respective Securities
grant agreements to be signed between the Company and each Grantee individually (“Grant Agreement”)
including, but not limited to: (i) the type of Securities, including the type of Options, granted; (ii) the time or times and the
conditions (including without limitation the accomplishment of various milestones by the Grantee) upon which the Securities may
be exercised (vested); (iii) the nature and duration of restrictions regarding the transferability of Securities and Underlying
Shares; (iv) additional special terms and conditions exclusive to a certain Grantee.

 

The
Committee shall be authorized to: (i) interpret the provisions, manage and supervise the administration of the Plan; (ii) amend,
modify and replace terms and conditions of a specific Grant Agreement or a number of Grant Agreements, (provided however, that
such act in one case or for one or several Grantee/s, will not automatically entitle any other Grantee to the same treatment, and
provided that a material adverse change in any executed Grant Agreement requires the consent of the affected Grantee); (iii) convert
un-vested Options granted under this Plan and/or convert the Securities with a re-purchase option, allowing the Company to re-purchase
such Securities, granted under this Plan during the re-purchase into Options and/or Securities under any future Plan adopted by
the Company – subject to applicable laws; and (vi) any other matter which is necessary or desirable for, or incidental to,
the administration of the Plan.

 

		3.5	The Committee may from time to time adopt such rules and regulations
for carrying out the Plan as it may deem best. No member of the Board or of the Committee shall be liable for any act or determination
made in good faith with respect to the Plan or any Security granted thereunder.

 

		3.6	A member of the Board or the Committee shall be eligible to receive
Securities under the Plan while serving on the Board or the Committee, subject to the provisions of the Israeli Companies Law 1999
(the “Companies Law” or the “Law”).

 

		3.7	The interpretation and construction by the Committee of any provision
of the Plan or with respect to any Security awarded thereunder shall be final and conclusive unless otherwise determined by the
Board.

 

		3.8	To the fullest extent permitted by applicable laws, each member
of the Board or the Committee shall be indemnified and held harmless by the Company against any cost or expense (including counsel
fees) reasonably incurred by him or her, or any liability (including any sum paid in settlement of a claim with the approval of
the Company) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's own fraud
or bad faith or constitute the breach of the duty of loyalty. Such indemnification shall be within any rights of indemnification
the member of the Board or of a Committee may have as a director or an office-holder under the Company's Articles, any agreement,
any vote of shareholders or disinterested directors, insurance policy or otherwise.

 

		4.	ELIGIBLE GRANTEES

 

		4.1	Subject to limitation and restriction imposed by applicable law,
Securities may be granted to any Office Holder (as such term is defined in the Companies Law), key employee, other employee of
the Company, consultant or service provider of the Company provided, however, that: (1) employees taxed under the laws of the State
of Israel shall be granted Securities only according to Section 102 of the Ordinance; (2) holders of controlling interest (as such
term is defined in the Ordinance), consultants and service providers taxed under the laws of the State of Israel shall be granted
with Securities only according to Section 3(i) of the Ordinance. 

 

     

    -3-

    

 

		4.2	The grant of a Security to a Grantee, shall neither entitle such
Grantee to participate, nor disqualify him/her from participating, in any other grant of Securities pursuant to this Plan or any
other share incentive or share option plan of the Company or any of its affiliated companies.

 

		4.3	Notwithstanding anything in this Plan to the contrary, the grant of Securities to the Office Holders
shall be approved in accordance with the procedure set forth in the Companies Law.

 

		4.4	The Company has initially elected the capital gains track to
apply to this Plan regarding all Grantees who are taxed under Israeli laws and are eligible to be included in such a track as provided
by the Ordinance.

 

The
Board may resolve, from time to time, to change the above tax track to the ordinary income track as provided for in accordance
with the provisions terms of the Ordinance, although such resolution shall not apply to the grants of Securities effective before
the date of such resolution. 

 

		5.	TRUSTEE & CERTAIN PROVISIONS UNDER SECTION 102 TO THE ORDINANCE

 

		5.1	Any Security issued under Capital
Gains Track through a Trustee and all the Underlying Shares of the Company
to be issue upon the exercise of Option issued under Capital
Gains Track through a Trustee, shall be held by a trustee designated
by the Board (the “Trustee”) according to the
terms of the Ordinance and pursuant to a trust agreement approved by the Board, a copy of which is attached hereto and forms an
integral part of the Plan (the “Trust Agreement”), and in accordance with
the Company's instructions, as provided for from time to time. Each Grantee awarded with Securities issued under Capital
Gains Track through a Trustee, hereby consents to the terms of the Trust
Agreement, which includes provisions regarding indemnification and waiver by the Grantee.

 

		5.2	The Grantee’s signature on the Grant Agreement constitutes
the Grantee’s consent to release the Trustee from any liability in respect of any act or decision taken and executed by the
Trustee in good faith regarding the Plan or any Security granted to the Grantee. It is clarified that the Trustee shall serve as
a trustee for the purpose of tax payments and the fulfillment of the relevant sections of the Ordinance, and shall not serve as
a trustee of a Participant or the Company, except as provided in the Trust Agreement. 

 

		5.3	The Trustee may resign and the Company may terminate the appointment
of the Trustee at any time, subject to prior notice as required by the Trust Agreement. The Company may, at its sole discretion,
to determine the identity of the new Trustee.

 

		5.4	Without derogating from any of the provisions set forth in the
Ordinance the following restrictions shall apply:

 

		5.4.1	According to the provisions of Section
102 to the Ordinance, the Securities allocated through a trustee shall be issued in the name of the Trustee and shall be held by
him in trust for the benefit of each Grantee for the period commencing as of the day the Securities were deposited in to his trust,
and ending not earlier than the end of the Restricted Period as defined in the Ordinance (the “Restricted Period”).
During the Restricted Period, the Securities may not be exercised, sold, transferred or be subject to a pledge or a foreclosure,
unless permitted and to the extent permitted under the Ordinance.

 

		5.4.2	At the end of the Restricted Period, the
Trustee shall release the Securities and/or the Underlying Shares to the Grantee upon such Grantee’s request, only after
the Trustee has been satisfied that all the requirements of the Tax Authorities according to the Ordinance have been met (including
payment of the applicable tax due). 

 

		5.4.3	All rights received on the Securities
during the Restricted Period, including but not limited to bonus shares, shall be deposited with the Trustee as well for the duration
of the Restricted Period, and the provisions of the capital gains track along with the provisions of Section 102 of the Ordinance
shall apply to the above rights.

 

		5.4.4	If the Grantee ceases to work for the
Company prior to his exercise of all the Options granted to him and before such Grantee has sold all of the Securities granted
to him, including the Underlying Shares, the Grantee shall provide the Company with a security or collateral, satisfactory to the
Company, to ensure the timely payment of the taxes as due.

 

     

    -4-

    

 

		6.	RESERVED SHARES 

 

Initially,
the Company has, out of its registered and unissued share capital, reserved up to 63,150 ordinary
share of the Company, par value NIS 0.01 per share (the “Shares” or the “Ordinary
Shares”) for the Plan, subject to adjustment, if any, as provided for in Section 11 below.
The Board may increase such number of reserved Shares from time to time. 

 

For
as long as the Plan shall be in effect, each of the above reserved Share in respect of which the Option for which it was reserved
has expired for any reason or has terminated without being exercised, shall again be available for grant under the Plan.

 

		7.	AWARD OF SECURITIES

 

		7.1	The Committee in its discretion may award Securities, including
Options to purchase Shares of the Company, all pursuant to the Plan. Securities may be granted under the Plan during the entire
term of the Plan as provided in Section 13 below. The date of grant of each Security shall be the date specified by the Committee
at the time its resolution to grant.

 

		7.2	Securities granted pursuant to the Plan shall be evidenced by
a written Grant Agreement. The Grant Agreement shall state, inter alia, the number of Securities granted, the dates when such Securities
become vested or on the contrary, the date until which the Company may repurchase such Securities from the Grantee, the exercise
price, the track under which Securities are granted, terms and condition of exercise and such other terms and conditions as the
Committee in its discretion may determine.

 

		7.3	In case the Securities are allocated through a Trustee, they
may be exercised during the period as set forth in section 9.1 below.

 

		8.	SECURITY PRICE/OPTION EXERCISE PRICE

 

The
price per each Security or the exercise price per each Option into Share, shall be determined by the Committee, subject to the
general guidelines provided by the Board from time to time, and provided that the price/exercise price shall not be lower than
the par value of the Shares. Each vested Option, as set forth in section 9.2 below, shall entitle the Grantee to purchase one Share
against payment of the exercise price and subject to the provisions of the Plan, the Grant Agreement, the Trust Agreement (if relevant)
and the applicable laws, including Tax Laws.

 

		9.	TERM AND EXERCISE OF SECURITIES AND OPTIONS

 

		9.1	Vested Securities may be exercised at any time during the Exercised Period, provided that the Exercised
Period shall in no event exceed the period of seven (7) years from the date such Security has been granted, unless a longer or
shorter period was explicitly determined to a certain Grant Agreement. Such Exercise Period shall be subject to earlier termination,
as provided for in sections 10 and 11 below (the “Exercise Period”).

 

The Vesting
Schedule according to which each Security shall become vested, as set forth in the Notice of Grant, shall be extended in the event
of an unpaid leave of absence by the period equal to the period of such leave.

 

		9.2	Vested Option shall be deemed exercised Option, when the Company (and the Trustee, if applicable)
has received at its principal office an Exercise Notice signed by the Grantee. The Exercise Notice shall be in such form and substance
as provided by the Committee from time to time. The Exercise Notice shall be valid only if it is accompanied by due payment of
the exercise price, all according to the Ordinance.

 

		9.3	Notwithstanding the terms set forth in this Plan, any Option that has not been exercised within
the Exercise Period, including non-payment of the exercise price for the Underlying Shares, such Option shall expire, and the Participant
shall have no right with respect to such Option. If a trust with respect to such Options has been created, this trust shall expire
and the reserved Shares shall be held by the Trustee under unallocated until the Company notifies the Trustee of a new grant underlying
such Shares. In respect of Securities other then Options, if the price for such Securities is not paid during the required period,
such Securities shall expire and the Participant shall have no right with respect to such Securities.

 

     

    -5-

    

 

		9.4	Payment of the exercise price, shall be made for a whole number of Shares without the right to
acquire fractional Shares, and shall be made by cash or certified banker’s check payable to the order of the Company or by
any other means acceptable by the Company. Such payment shall be accompanied by an Exercise Notice.

 

		9.5	For as long as the Options have not been exercised into Shares pursuant to the terms set forth
in this Plan, Option holders shall not be deemed to be a class of shareholders or creditors of the Company for the purpose of acts
of the Company, pursuant to the Companies Law, including among others with respect to Sections 341, 350 and 351 to the Companies
Law, for the approval of mergers pursuant to the Companies Law, and they shall not be subject to the provisions of Sections 184
and 185 to the Companies Law.

 

If the
Securities granted were Shares, they shall not grant the Participant with any rights as of a shareholder of the Company for as
long as the full price, as determined, is paid.

 

		10.	TERMINATION OF EMPLOYMENT

 

		10.1	In the event of Grantee's Termination of Employment with the Company, or in the event of termination
of consulting or providers’ services provided by a Grantee, that is a consultant or service provider of the Company (together:
“Termination of Employment”), all Options granted to such Grantee, which have become vested prior to the date
of the Termination of Employment, may be exercised within six (6) months after the date of such termination (or such other period
as may be determined by the Committee) (the “Grace Period”), provided that such date is no later than the date
of the Exercise Period as provided for in the Plan or in the Grant Agreement (if a different Exercise Periods had been determined).
All Options of such Grantee that have not vested prior to the date of the Termination of Employment and all vested Options that
have not been exercised within the exercise period, shall expire, and the Grantee shall have no further rights with respect thereto.
The Shares covered by such Options shall revert to the Plan for future grants. For other securities, at the Termination of Employment
the vesting will cease, and the Grant Agreement will include the extension period. In case of Securities granted with a repurchase
option to the Company, the Company may exercise its repurchase option for a period pf at least six (6) months after the date of
the Termination of Employment, regarding such Securities which repurchase option has not yet expired.

 

		10.2	Termination for Cause. Notwithstanding the above, in the
event of Grantee’s Termination of Employment in the Company for “Cause” as hereinafter defined, all Securities
of such Grantee (whether vested or not) shall immediately expire, unless determined otherwise by the Committee, and the Grantee
shall have no further rights with respect thereto.

 

In
this Plan the term “Cause” shall mean (i) conviction of any felony involving dishonor/moral turpitude or having an
adverse effect on the Company; (ii) any material breach of provisions in the employment agreement/consulting agreement and/or in
this agreement which has not been amended within 15 days of written notice; (iii) embezzlement of funds or assets of the Company;
(iv) a breach of Grantee's fiduciary duties or duties of care to the Company; including without limitation disclosure of confidential
information of the Company or breach of non-competition or non-use obligations of intellectual property and trade secrets.

 

		10.3	Retirement. Without derogating from the aforementioned
in Section 10.2 above, in the event of a Grantee’s retirement, the Committee may, at its sole discretion, determine as to
an extended Exercise Period for such Grantee, pursuant to such terms and conditions as the Committee in its sole discretion may
determine. At the end of such extended Exercise Period all Options shall expire, and the Grantee shall have no further rights with
respect thereto. The abovementioned shall not be relevant to the Grantee who is a corporate entity (not a natural person).

 

		10.4	Termination of Employment as a result of Death or Disability
of the Grantee. In the event of Grantee's Termination of Employment with the Company by reason of death or Disability (as hereinafter
defined), those Securities of the Grantee that are then vested may be exercised by the Grantee, the Grantee's legal guardian, the
Grantee’s estate or a person who has the right to exercise the Securities by bequest or inheritance, as the case may be,
within twelve (12) months after such termination (or such different period as may be determined by the Committee), but in no event
later than the Exercise Period as set forth in the Grant Agreement. All the Shares covered by the Securities that have not become
vested as of the date of Termination of Employment shall revert to the Plan. 

 

     

    -6-

    

 

In case
of Shares with a repurchase option, the Company may exercise its repurchase option.

 

If vested
Securities are not so exercised within the time specified herein, such Securities shall expire, the Shares covered thereby shall
revert to the Plan and the Grantee and anyone on his behalf or in his stead shall have no further rights with respect thereto.

 

For
purposes hereof, “Disability” shall mean complete and permanent inability, due to illness or injury, that prevents
or is likely to prevent from the Participant to perform duties associated with the position in which he/she was engaged prior to
appearance of such disability, as shall be determined by the Committee based on medical evidence acceptable to it. Section 10.4
herein shall not apply regarding Grantees which are non-natural persons.

 

		10.5	Post Termination forfeiture. Notwithstanding the reason
of the Termination of Employment, if during the period after the Termination of Epmloyment and prior to the exercise of vested
Securities, the Grantee breaches any of the foregoing undertakings, the Company shall have the right to effect a forfeiture of
all Securities held by such Grantee, and such Grantee shall have no further rights with respect thereto, and the Underlying Shares
shall revert to the Plan. Such undertakings include: the non-disclosure, non-competition, non-solicitation of the Company's employees,
suppliers or clients, non-use or assignment of intellectual property undertakings binding upon him/her, the non-signature of information
transfer forms in favor of the Company.

 

		10.6	Continuity of rights. For the purpose of this Section
10, a Grantee’s relocation from the employment with the Company to that of a subsidiary of the Company (and vice versa) and
a change in the status of a consultant or a service providers to an employee of the Company (and vice versa), shall not be deemed
an Termination of Employment to the extent permitted by law.

 

		11.	ADJUSTMENTS AND SUBSTITUTION 

 

Upon
the occurrence of any of the following events, a Grantee's rights under the Plan shall be adjusted or substituted as hereinafter
provided:

 

		11.1	In the event that the Ordinary Shares of the Company are subdivided or combined into a greater
or smaller number of shares, as the case may be, or if the Ordinary Shares of the Company are exchanged for other shares of the
Company, then the Securities granted to each Grantee, shall be exchanged to such number shares or other securities according to
the modification of the share capital of the Company.

 

If the
Grantee was granted with Options, in the event as described above, such Grantee shall, upon exercise of the Options, be entitled
to purchase such number of Ordinary Shares or such other securities of the Company as were exchangeable for the number of Ordinary
Shares of the Company or number of other securities to which such Ordinary Shares have been exchanged, which such Grantee would
have been entitled to purchase had the Grantee exercised the Options immediately prior to such an event, and appropriate adjustments
shall be made in the exercise price per share to reflect such subdivision, combination, exchange or any other adjustment.

 

		11.2	In the event of a merger of the Company with or into another corporation whereby the Company is
not the surviving entity, or the sale of all or substantially all of the assets or shares of the Company (the “Transaction”),
while at such time the Grantee or Grantees remain holding outstanding Securities under the Plan, that have not previously been
exercised, then the Company shall try to substitute the Securities with the corresponding and adjusted number of securities of
the surviving entity. The number of new securities shall grant the Participant the right to purchase securities of the surviving
entity of the same class and the same substitution rate as the shares received by the holders of Ordinary Shares of the Company
in exchange for their Ordinary Shares. In the case of such substitution, appropriate adjustments shall be made in the quantity
and exercise price to reflect such action.

 

     

    -7-

    

 

In
the event that the surviving entity refuses to substitute the Securities as provided above, the Exercise Period shall be shortened
to the determining date (as determined by the Committee) prior to the Transaction completion. In the event that the Securities
are not substituted as provided above, there shall be a partial acceleration of the Vesting Period of un-vested Securities in the
manner that the number of vested Securities divided by the total number of the granted Securities multiplied by the number of un-vested
Securities will be accelerated and become vested Securities. 

 

Below
are a few examples:

 

	 	
         

        Ex.
	
        Number
        of

        Granted
        

        Securities
	
        Number
        of

        Vested
        

        Securities
	
        Number
        of 

        Un-vested

        Securities
	Calculation	
        Total
        Number

        Of
        Granted

        Securities

	 	1.	400	100	300	100 + (300 x 100/400)	175
	 	2.	400	200	200	200 + (200 x 200/400)	300
	 	3.	400	300	100	300 + (100 x 300/400)	375

 

The
Securities that become vested as a result of the above partial acceleration, shall be subject to the same terms and conditions
as the Securities that were already vested prior to the Transaction, including the provisions of section 11.2. Any Security that
has not been exercised within the shortened Exercise Period shall expire upon the expiration of such shortened period. Without
derogating the foregoing, the Committee may, at its sole discretion, conclude in various Grant Agreements different instructions
with regard to acceleration of vesting period of unvested Securities in the event of a Transaction as stated above or on other
circumstances.

 

The
provisions as stated above shall be subject to and consummated simultaneously with the closing of a Transaction. In the event of
cancellation of the Transaction, any action taken pursuant to this Sub-Section 11.2 shall be annulled and reverted back to as were
previously in effect.

 

		11.3	In the event that the Company issues any
of its Ordinary Shares or other securities as bonus shares (stock dividend) upon or with respect to all its Ordinary Shares, which
are at the time subject to a right of purchase by a Grantee hereunder, each Grantee upon exercising a Security shall be entitled
to receive, if he/she so elects, in addition to the Underlying Shares, the appropriate number of bonus shares, on the same terms
and conditions as offered to the other ordinary shareholders, which he/she would have received had the exercise of the Securities
taken place prior to such issuance.

 

		11.4	The Committee shall determine the specific
adjustments to be made under this Section 11, and its determination shall be conclusive and definitive. The Committee’s determination
may differ from one Grantee to another, except that determination of specific adjustment under Sections 11.1 and 11.3 shall be
applied in the same manner to all applicable Grantees.

 

		12	ASSIGNABILITY AND SALE OF SHARES

 

		12.1	Shares exercised under this Plan, shall
not be assignable or transferable except pursuant to applicable laws and according to the Articles of the Company.

 

		12.2	Securities may not be sold, pledged, assigned,
hypothecated, or transferred in any manner other than by will or if inherited by the laws of descent and may be exercised, during
the lifetime of the Grantee, only by the Grantee. Such restrictions of transferability shall apply in addition to any direct transfer
of Securities or to any transfer that is a result of a change of control in the corporate entity, unless such transfer is approved
by the Committee in writing, at its sole discretion. The terms of the Plan and the Grant Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of the Grantee.

 

		13.	PERIOD AND AMENDMENT OF THE PLAN

 

		13.1	The Plan shall expire within 10 years
following its approval by the Board.

 

		13.2	The Board may, at any time and from time
to time, terminate or amend the Plan in any respect, provided, that the Company may not alter or impair the material rights of
a Grantee, without his/her consent.

 

     

    -8-

    

 

		14.	CONTINUANCE OF ENGAGEMENT

 

Neither
the Plan nor the Grant Agreement shall impose any obligation on the Company or any affiliated company thereof, to continue the
employment of any employee or to continue to receive services rendered by the Grantee, and nothing in the Plan or in the Grant
Agreement or in any Security granted pursuant thereto shall confer upon any Grantee any right to continue to be employed or to
render services to the Company or restrict the right of the Company to terminate such employment or service provision at any time,
with or without Cause.

 

		15.	GOVERNING LAW

 

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.

 

		16.	TAX CONSEQUENCES

 

Any
tax consequences arising from the grant or exercise of any Security or from the payment for Shares or from sale or transfer of
the Shares or from any other event or act hereunder (whether of the Grantee or of the Company or the Trustee), shall be borne solely
by the Grantee. The Company and/or the Trustee shall withhold and/or deduct taxes according to all applicable laws, rules, and
regulations, including withholding taxes at source. 

 

It
is hereby clarified that the grant of the Securities under the capital gains track does not guarantee the Grantee the reduced tax,
arising from the exercise of all or part of the granted Securities.

 

Furthermore,
each Grantee agrees to compensate and to indemnify the Company and/or the Trustee and/or the Company’s shareholders and/or
directors and/or office holders 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 requirement to withhold any taxes at source, any tax in respect
of the allocation of the Securities, the exercise thereof, the release of the Underlying Shares to the Guarantee or the sale of
the Underlying Shares or any such tax from any payment made to the Guarantee. Except as otherwise required by law, the Company
shall not be obligated to accept the exercise of any Security by or on behalf of a Grantee until all tax consequences (if any)
arising from the exercise of such Securities and/or sale of Underlying Shares and/or any other action are resolved in a manner
reasonably acceptable to the Company (and the Trustee – provided that the Options/Shares are issued under the Capital
Gains Track Through a Trustee). 

 

		17.	MULTIPLE AGREEMENTS

 

The
terms of each Grant Agreement may differ from other Grant Agreements signed at the same time, or at any other time. The Committee
may grant a Participant additional Securities to those previously granted to him, and it may include different terms in such grant.
The grant of different Securities may be evidenced by a single Notice of Grant or multiple Notices of Grant, as determined by the
Committee.

 

		18.	NON-EXCLUSIVITY OF THE PLAN

 

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

 

***

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