Document:

Form of Saifun Semiconductors Ltd. 1997 Share Option Plan Agreement

 Exhibit 10.1 
 SAIFUN SEMICODUCTORS LTD. 
 1997 SHARE OPTION PLAN AGREEMENT 
 To :                      
 We are pleased to notify you that Saifun Semiconductors Ltd. (the “Company”) has, on the
             (the “Granting Date”), granted to you options (the “Options”) to purchase
             (            ) Ordinary Shares of NIS 0.01 par value each, of the Company (the “Option
Shares”), at the price of USD 6.67 per share (the “Exercise Price”), under the Company’s 1997 Share Option Plan (the “Plan”). The Options are issued pursuant to Section 102 of the Israel Income Tax Ordinance
[New Version], as amended (the “Ordinance”) and are intended to comply with the Ordinance and its regulations and the Income Tax Rules (Tax Benefits in Share Issuance to Employees) 5349-1989 (the “Rules”). The Options are subject
to the terms and conditions set forth below. EXECUTION OF OPTION AGREEMENT 
 The Options are granted to you upon execution hereof, which execution does not
oblige you to purchase any of the Option Shares. 
 TERM OF OPTIONS AND EXERCISE OF OPTIONS 
 The Options will be exercisable (i.e. vest) subject to the provisions hereof, over a period of five years (5), as provided herein below: 
 up to 40% of the Options upon the 24th month anniversary date of the Granting Date; 
 additional 20%
(totaling 60% of the Options) upon the 36th month anniversary date of the Granting Date; 
 additional 20% (totaling 80% of the Options) upon
the 48th month anniversary date of the Granting Date; and 
 The remaining 20% (totaling 100% of the Options) upon the 60th month anniversary
date of the Granting Date. 
 Subject to the provisions hereof, the Options shall be exercisable by signing and returning to the Secretary of the Company a
Notice of Exercise in the form attached hereto as Exhibit “A”. 
 Upon exercise of the Options, in whole or in part, each payment of the Exercise
Price shall be in respect of a whole number of Option Shares only and shall be effected by cash payment or by a cashier’s or certified check payable to the order of the Company. Each payment shall be accompanied by a notice stating the number
of Option Shares to be held by the Trustee on your behalf in accordance with the provisions of Section 102 of the Ordinance. 
 Until such time as the
Trustee transfers the Option Shares to you, you will not be entitled to any rights as a shareholder of the Company in respect of any Option Shares, including any right to vote such shares. Upon transfer to you of the Option Shares by the Trustee as
aforesaid and thereafter, you will be entitled to all the rights of a shareholder in respect of such shares. 
 The Company may place a legend on each share
certificate delivered hereunder representing an Option Share, to the effect that such shares were acquired pursuant to an investment 

 TERMINATION OF EMPLOYMENT 
 Subject to the provisions of Section 0 hereof, if you should die or become totally disabled while in the employ of the Company or of a subsidiary thereof, or if you should be discharged or resign from the employ of the Company or of a
subsidiary thereof, you, your estate or your personal representative as the case may be, shall have the right, for a period of six (6) months from the date of your death or disability, or for three (3) months from the date of discharge or
resignation, to exercise any unexpired Options to the extent not exercised, but only with respect to the number of shares purchasable at the time of such termination, (i.e. the number of Options vested at such time), and to pay for any or all Option
Shares covered thereby, and to the extent that such rights are exercised as provided herein, to receive a certificate therefor as provided in Section 0 hereof. 
 In the event of your resignation or discharge from the employ of the Company or a subsidiary, your employment shall, for the purpose of Section 0 and 0, be deemed to have ceased upon the date of delivery by you or to you of a written notice
of resignation or discharge, as the case my be. 
 Your transfer from the employ of the Company to a subsidiary (and vise versa) or from the employ of a
subsidiary of the Company to another subsidiary thereof, shall not be deemed a termination of employment for purposes hereof. 
 DISCHARGE FOR CAUSE

 hereof to the contrary if you should be 0 and 0Notwithstanding, anything in Sections discharged from the employ of the Company or a subsidiary for reasons
of negligence in the discharge of your duties, breach of fiduciary duty, willful cause of damage or loss to the Company in any fashion or similar cause, or any other breach of your employment agreement with the Company or a subsidiary, all Options
granted to you under the Plan and all Options to which you may be entitled after the effective date of discharge shall ipso facto expire and terminate. 
 ASSIGNABILITY 
 Neither the Options nor the right to pay for the Option Shares and to acquire certificates therefor, shall be assignable or
transferable, except by and to the extent permitted by, testamentary disposition or pursuant to the applicable laws of descent, and during your lifetime such rights shall be exercised only by yourself. 
 DISPUTES 
 Any dispute or disagreement which may arise under or as a result
of or pursuant to this Agreement shall be determined by the Company’s Board of Directors in its sole discretion and any interpretation by the Board of Directors of the terms of this Agreement shall be final, binding and conclusive. 

 If the Company is separated or reorganized, or merged, consolidated or amalgamated with or into another corporation while
unexercised, vested Options remain outstanding, there shall be substituted for the shares subject to the unexercised portions of such outstanding Options an appropriate number of shares of each class or other securities of the separated or
reorganized, or merged, consolidated or amalgamated corporation which were distributed to the shareholders of the Company in respect of such shares; provided, however, that all such vested Options may be exercised in full as of the effective date of
any such separation, reorganization, merger, consolidation or amalgamation, upon your written notice to the Company. 
 If the Company is liquidated or
dissolved while unexercised vested Options remain outstanding pursuant to this Agreement, then all such outstanding Options may be exercised in full by you as of the effective date of any such liquidation or dissolution of the Company without regard
to the exercise provisions of section 0 above, by you giving notice in writing to the Company of your intention to so exercise. 
 If the outstanding shares
of the Company shall at any time be changed or exchanged by declaration of bonus shares, stock split, combination or exchange of shares, recapitalization, extraordinary dividend payable in stock of a corporation other than the Company, or otherwise
in cash, or any other like event by or of the Company, and as often as the same shall occur, then the number, class and kind of shares subject to this Plan or subject to any Options granted, and the Exercise Price shall be appropriately and
equitable adjusted so as to maintain the proportionate number of Option Shares without changing the aggregate Exercise Price; provided, however, that no adjustment shall be made by reason of the distribution of subscription rights on outstanding
shares. 
 Except as provided in this Section 0, no adjustments shall be made for dividends or other rights for which the record date shall be prior to the
issuance of a share certificate in respect of an Option Share. 
 CONTINUANCE OF EMPLOYMENT 
 Neither the Plan nor the granting of the Options or this Agreement shall impose any obligation on the Company or a subsidiary to continue your employment and nothing in the Plan or in the Options granted to you
pursuant thereto or in this Agreement shall confer upon you any right to continue in the employ of the Company or a subsidiary or to compensation in respect of the expiration and termination of an Option or restrict your right or the right of the
Company or a subsidiary to terminate such employment at any time. 
 TRANSFER OF SHARES 
 Option Shares issued to you pursuant to the exercise of the Options granted hereunder cannot be offered, sold or otherwise transferred for a period of two (2) years from the Granting Date, and thereafter only if
such shares are registered for public trading or the Company determines that an exemption therefrom applies and only to the extent such exemption applies and subject to the terms and conditions of such exemption. 

 One of the conditions of Section 102 to the Ordinance (the Section according to which the Options are granted to
you) is that the Options and/or Option Shares granted you hereunder be held on your behalf by a trustee for a period of at least twenty-four (24) months. Therefore, the Options and the Option Shares, as the case may be, shall be issued to and
held for your benefit by an escrow agent designated by the Company pursuant to the Plan (the “Trustee”) for a period of twenty four (24) months from the Granting Date. 
 After the above holding period the Trustee may release the Options or Option Shares to you only after receipt by the Trustee of an acknowledgment from the Income Tax authorities that you have paid any applicable tax
due pursuant to the Ordinance and the Rules. Another condition pursuant to Section 102 to the Ordinance is that the grant of the Options is made in consideration of a waiver of salary by the employee. Therefore, by executing this Agreement you
hereby authorize the Company to deduct directly from your forthcoming salary three (3) Agorot for each Option granted to you. 
 You understand and
acknowledge that any tax consequences resulting from the grant or exercise of the Options, from payment for shares underlying the Options or other event or act relating to the Options or the Option Shares (by the Company, any subsidiary, or
yourself), shall be borne solely by you. 
 You hereby agree and undertake to indemnify the Company and its subsidiaries and hold it and each of them
harmless against and from any tax liability, including interest and penalties thereon, which may be incurred as a result of the granting or exercise of an Option or the issuance of Option Shares pursuant to such Options, or otherwise arising out of
this Agreement. 
 You hereby undertake towards the Company and the Income Tax Authorities not to transfer any of the shares if such transfer is tax free or
to request any tax exemption on such transfer until the required tax has been paid. 
 Upon registration of the Option Shares on any stock exchange, you
undertake to immediately notify the Company and the Trustee of your request, if any, to the Income Tax authority pursuant to Rule 6(b) of the Rules to delay the payment of tax. 
 In the event that the share dividend (bonus shares) is declared on Option Shares, such dividend shares shall be subject to the provisions of this Agreement and the holding period for such dividend shares shall be
determined from the beginning of the holding period for Option Shares from which the dividend was declared. 
 The exemption under Section 102 of the
Ordinance shall be forfeited and you shall be required to pay any applicable tax promptly at such time as (a) your employment is terminated during the two year holding period (other than because of death or some other reason acceptable to the
Income Tax authority); (b) the Company or you fail to comply with one or more of the conditions for the exemption as required by the Ordinance, Rules or Income Tax authority; or (c) the Income Tax authority withdraws or cancels the
exemption for the Plan or for you specifically. Notwithstanding the loss of an exemption, the Trustee shall continue to hold the Options (to the extent the Options remain exercisable following termination of employment) or the Option Shares for the
remainder of the applicable holding period under Section 102 of the Ordinance. 
 This Agreement is issued under the Plan and is subject to all of the
terms and provisions of the Plan. In the event of any conflict between the terms of this Agreement and that of the Plan, the terms of the Plan shall prevail. 

 GOVERNING LAWS 
 The Plan and
all instruments issued thereunder, including but not limited to this Agreement, shall be subject to, governed by and interpreted in accordance with the laws of the State of Israel. 
  

			
	Sincerely yours,
	
	SAIFUN SEMICONDUCTORS LTD.
	By:	 	 
	Date:Form of Saifun Semiconductors Ltd. 2001 Share Option Plan Option Agreement

 Exhibit 10.2 
 SAIFUN SEMICONDUCTORS LTD. 2001 SHARE OPTION PLAN 
 OPTION AGREEMENT (Under Section 102) 
 1. Grant of Option. 
 (a) The Plan, as approved by the Company for
use by the Company, is intended to qualify as an Employee Option Plan within the meaning of Section 102. Grants of Option will be made pursuant to: (a) Section 102 and the Rules; (b) the Trust Agreement (as defined below); and
(c) the approval of the Trustee (as defined below) by the Income Tax Commissioner, in addition to being made pursuant to the provisions of the Plan and this Agreement. In the event that the recommendations of the Ben Bassat Committee on tax
reform are enacted after the date of this Agreement, the Company may apply to the Income Tax Authorities in order to make appropriate adjustments to this Agreement, provided that the rights of the Grantee under this Agreement will not be adversely
affected. 
 (b) Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants the Trustee (as defined below), for the
benefit of the Grantee named in the Notice of Option Grant, an option qualified as a “102 Option” (the “Option”) to purchase the number of Shares set forth in the Notice of Option Grant, at the exercise price per Share set
forth in the Notice of Option Grant (the “Exercise Price”). 
 (c) According to the requirements of Section 102, this grant of Option
is subject to the Grantee’s waiver on a portion of his/her salary payment. Therefore, by executing this Agreement you hereby authorize the Company to deduct directly from your forthcoming salary one (1) Agora for each Option granted to you.

 (d) The Company has entered into a Trust Agreement (the “Trust Agreement”) with Eitan, Pearl, Latzer & Cohen-Zedek Trustees for
Employee Benefit Programs (the “Trustee”). Under the conditions of Section 102, the Option shall be issued to the Trustee and held in trust for the benefit of Grantee for a period of no less than two years from the date of the
grant. After the two year holding period, the Trustee may release the Option to Grantee only after (i) the receipt by the Trustee of an acknowledgment from the Income Tax Authority that Grantee has paid any applicable tax due pursuant to the
Ordinance and the Rules, or (ii) the Trustee withholds any applicable tax due pursuant to the Ordinance and Rules. 
 (e) The Options provided for
herein are granted pursuant to the Plan, and said Options and this Option Agreement are in all respects governed by the Plan and subject to all of the terms and provisions whether such terms and provisions are incorporated in this Option Agreement
solely by reference or are expressly cited herein. Subject to Section 16.2 of the Plan, any interpretation of this Option Agreement will be made in accordance with the Plan, but in the event there is any conflict between the provisions of this
Option Agreement and the Plan, the provisions of this Option Agreement will prevail. However, in the event of a conflict between the terms and conditions of the Plan or of this Option Agreement and any provision of the Ordinance, Rules or any
applicable law, the latter shall govern and prevail. 

 2. Issuance to Trustee and Restricted Period. 
 (a) Issuance to Trustee. The Notice of Option Grant will be issued to the Trustee as required to qualify under Section 102, in order that the Trustee will hold the Option in trust for the benefit of
Grantee. 
 (b) Restricted Period. In accordance with the requirements of Section 102, the Trustee has agreed to hold the Notice of Option Grant,
or the Shares to be issued upon exercise of the Option, as the case may be, for a period of no less than 24 months from the date of the deposit of the Notice of Option Grant in trust (the “Restricted Period”). In order for the tax
benefits of Section 102 to apply, during the Restricted Period, Grantee may not cease to be an employee of the Company (other than because of death or some other reason acceptable by the Income Tax Commissioner), and neither the Option nor the
Shares, as the case may be, may be sold or transferred (other than through a transfer by will or by operation of law), nor may they be the subject of an attachment or security interest, and no power of attorney or transfer deed shall be given in
respect thereof (other than a power of attorney for the purpose of participation in general meetings of shareholders). In the event that Grantee elects to exercise his Option during the Restricted Period, the Company shall provide the Trustee with
the Share Certificate in the name of the Trustee, for the benefit of Grantee, in order that the Trustee will hold it until no sooner than the end of the Restricted Period. 
 (c) End of Restricted Period. Upon the termination of the Restricted Period, Grantee shall be entitled to receive from the Trustee the Shares acquired in the exercise of the Option and/or shall be entitled to
sell the Shares thereby obtained, subject to the other terms and conditions of this Agreement and the Plan, including the provisions relating to the payment of tax set forth below. 
 3. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Grantee only by
Grantee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Grantee. 
 4.
Term of Option. This Option may be exercised only within the term set out in the Notice of Option Grant, and may be exercised during such term only in accordance with the Plan, the terms of this Option and the Trust Agreement. 
 5. Exercise of Option. 
 (a) Right to Exercise. This Option
shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Option Grant and with the applicable provisions of the Plan, this Option Agreement and the Trust Agreement. 

 (b) Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as
Exhibit A to this Agreement (the “Exercise Notice”) and such other representations and agreements as may be required by the Company and/or the Trustee. The Exercise Notice shall be accompanied by payment of the aggregate
Exercise Price for the number of Shares to be purchased. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price. 
 No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with applicable laws. If any law or regulation requires the
Company to take any action with respect to the Shares specified in such notice before the issuance thereof, then the date of their issuance shall be extended for the period necessary to take such action. Assuming such compliance, for income tax
purposes the Shares shall be considered transferred to Grantee on the date on which the Option is exercised with respect to such Shares. 
 The Shares shall
be issued to the Trustee and the Trustee will transfer the Shares to Grantee upon demand but in no event earlier than twenty-four (24) months from date of grant, (unless Section 102 is amended and allows for a shorter holding period in
which case such shorter holding period shall apply). 
 In the event a share dividend is declared on Shares, such dividend shall also be subject to the
provisions of Section 102 and the holding period for such dividend shares shall be measured from the commencement of the holding period of the Option, from which the dividend was declared. 
 (c) Method of Payment. Payment of the aggregate Exercise Price shall be made in New Israeli Shekel (“NIS”) at the Representative Rate of Exchange for
the U.S. dollar published by the Bank of Israel on the day prior to the date of actual payment, or if permitted by the Committee the payment may also be made in U.S. Dollars, by any of the following, or a combination thereof, at the election of
Grantee: 
 (1) cash; or 
 (2)
check; 
 (d) Notification to Trustee. The Company will notify the Trustee of any exercise of the Option as set forth in the Exercise Notice. If such
notification is delivered during the Restricted Period, the Shares issued upon the exercise of the Option shall be issued directly to the Trustee on behalf of the Grantee, and shall be held by the Trustee in trust on behalf of the Grantee. In the
event that such notification is delivered after the Restricted Period, the Shares issued upon the exercise of the Option shall be transferred either to the Trustee or to Grantee directly, at the election of Grantee; provided, however, that in
the event the Grantee elects to receive the Shares directly to his possession, the transfer thereof shall be subject to the payment of the tax liability by the Grantee. 

 (e) Voting Rights. Upon issuance of the Shares to the Trustee on behalf of the Grantee, Grantee shall execute an
irrevocable proxy in favor of the Trustee or any other person designated by the Trustee. As long as the Shares are being held in trust, the Grantee shall instruct the Trustee not to use the voting rights vested in such Shares and not to exercise
such rights in any way whatsoever, unless the Grantee instructs the Trustee otherwise, in which event the Trustee shall use the voting rights vested in the Grantee’s Shares according to the majority vote of the ordinary shareholders, in that
Company’s shareholders meeting. 
 6. Restrictions on Exercise. This Option may not be exercised if the issuance of the Shares upon such exercise
or the method of payment of consideration for such Shares would constitute a violation of applicable laws. 
 7. Lock-Up Period; Grantee’s
Representations. 
 (a) Grantee acknowledges that should the Company’s Shares be traded in any public market, his right to sell his Shares may be
subject to limitations, as set forth by the Company’s underwriters and/or applicable law. In such event, the Grantee will unconditionally agree to any such limitations. 
 (b) The Grantee shall not dispose of any Shares in any transaction, which violates, in the opinion of the Company, any applicable laws, rules and regulations. 
 (c) The Grantee agrees that the Company shall have the authority to endorse upon the certificate or certificates representing the Shares such legends referring to the
foregoing restrictions, and any other applicable restriction, as it may deem appropriate. 
 8. Right of First Refusal. Prior to the consummation of
the Company’s IPO, all Shares held by the Grantee or the Trustee, pursuant to this Plan shall be subject to a right of first refusal upon transfers, as set forth in the Company’s Article of Association. 
 9. Tax Consequences. Any and all taxes, fees and other liabilities (as may apply from time to time) in connection with the grant and/or exercise and/or release of
the Options and the sale and/or release of Shares issued upon the exercise of the Options and/or from any other event or act (whether of the Grantee or of the Company (or a parent or subsidiary of the Company) or of its Trustee), will be borne
solely by the Grantee, and Grantee will be solely liable for all such taxes, fees and other liabilities. The Company (or a parent or subsidiary of the Company) and/or the Trustee shall withhold taxes according to the requirements under the
applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, such Grantee shall agree to indemnify the Company (or a parent or subsidiary of the Company that employs the Grantee) 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 Grantee.

 Except as otherwise required by law, the Company shall not be obligated to honor the exercise of any Option by or on
behalf of a Grantee until all tax consequences (if any) arising from the exercise of such Options are resolved in a manner reasonably acceptable to the Company. 
 THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THEREFORE, GRANTEE SHOULD CONSULT A TAX ADVISOR BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
 (a) Deferral of Tax. The receipt of the Option and the acquisition of the Shares to be issued upon the exercise of the Option may result in tax consequences. With
respect to grants under option plans, which comply with the provisions set forth in Section 102, such as the Plan, as implemented hereby and pursuant to the Trust Agreement, Grantee is entitled to postpone the payment of tax that would
otherwise be due upon the grant of the Option or upon the issuance of Shares. Assuming compliance with the provisions of Section 102, including the requirement that during the Restricted Period Grantee does not cease to be an employee of the
Company (other than because of death or some other reason acceptable by the Income Tax Commissioner), and the requirement that the Option or the Shares be held by the Trustee for the Restricted Period, then taxation will be postponed to the date of
the earlier of: (i) sale of such Shares; or (ii) transfer of such Shares by the Trustee to Grantee. 
 (b) Notwithstanding any provisions of the
Plan and this Agreement, in the event that: (i) during the Restricted Period Grantee’s employment with the Company terminates (other than because of death or some other reason acceptable by the Income Tax Commissioner); (ii) the
Company or the Grantee fails to comply with one or more of the conditions required to be maintained by Section 102; or (iii) the Income Tax Authority withdraws or cancels the exemption for the Plan or for the particular Grantee , then the
postponement of payment of taxes permitted pursuant to Section 102 will no longer apply and Grantee shall become liable to pay tax for the benefit Grantee has received hereunder within thirty (30) days from the day such Grantee’s
employment terminates, or such other condition ceases to be in effect, at the rate prescribed by Section 102. Under such circumstances, there is also a possibility that at the end of the Restricted Period, Grantee will be obligated to pay
additional taxes at the rate prescribed by Section 102. Notwithstanding the loss of the exemption, the Trustee shall continue to hold the Options or the Shares (to the extent the Option remains exercisable following termination of employment)
for the remainder of the applicable holding period under Section 102 of the Ordinance. 
 (c) Receipt of Shares from Trustee. In the event that
at the end of the Restricted Period, Grantee chooses to have the Shares, which were issued upon the exercise of the Option, released by the Trustee and delivered to Grantee without selling such Shares, Grantee shall immediately become liable to pay
taxes at the rate prescribed by law. 

 10. Grantee’s Representations under Section 102 and the Rules. 
 (a) Grantee represents and confirms that he or she shall not claim an exemption from Israeli tax pursuant to Sections 104A or 104B or 97(a) of the Ordinance or pursuant
to the Law for the Encouragement of Industry (Taxes) 5729-1969 in connection with a transfer by him or her of the Option or Shares prior to the end of the “Holding Period” as defined in Rule 1(1) of the Rules. 
 (b) Grantee represents and confirms that in the event a share dividend (bonus shares) will be declared on his or her Shares, such dividend shall be deposited with the
Trustee and shall also be subject to the provisions of Section 102 of the Ordinance and the Holding Period for such dividend shares shall include the holding period of the Option related to the Shares upon which the share dividend was declared.

 (c) Grantee represents and confirms that he or she shall be obligated to immediately notify the Company and the Trustee of his or her request, if any, to
the Income Tax Authority pursuant to Rule 6(b) of the Rules in the event the Shares are registered on an Israeli stock exchange. Nothing herein shall obligate the Company to register its shares or any portion of its shares on a stock exchange.

 (d) Grantee acknowledges that the exemption under Section 102 of the Ordinance shall be forfeited and Grantee shall be required to pay any applicable
tax promptly at such time as described in Section 9(b) above. Notwithstanding the loss of an exemption, the Trustee shall continue to hold the Option and/or Shares (to the extent the Option remains exercisable following termination of
employment) for the remainder of the applicable Holding Period under Section 102 of the Ordinance. 
 11. Indemnification. 
 The Grantee hereby represents, confirms and acknowledges the following: 
 (a) The Trustee shall not be liable for any action or omission taken on his part in connection with the Plan this Option Agreement and the Trust Agreement, provided that the Trustee acted reasonably and in good faith. 
 (b) The Grantee shall be liable to indemnify the Trustee with respect to any loss, damage or expense caused to the Trustee as a result of or in consequence of
performance of its duties as a Trustee. 
 12. Successors and Assigns. The Company may assign any of its rights under this Agreement to single or
multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Grantee and his or her heirs, executors,
administrators, successors and assigns. 

 13. Entire Agreement; Governing Law. The Plan and the Trust Agreement are incorporated herein by reference. The
Plan, the Trust Agreement and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Grantee with
respect to the subject matter hereof, and may not be modified adversely to Grantee’s interest except by means of a writing signed by the Company and Grantee. This agreement is governed by and construed and enforced in accordance with the laws
of the state of Israel, without giving effect to the principles of conflict of laws. 
 14. No Guarantee of Continued Service. Grantee acknowledges
and agrees that the vesting of the Option pursuant to the Vesting Schedule hereof is earned only by continuing as an employee at the will of the Company or any subsidiary of the Company (not through the act of being hired, being granted this Option
or acquiring shares hereunder). Grantee further acknowledges and agrees that this Agreement, the transactions contemplated hereunder and the Vesting Schedule set forth herein do not constitute an express or implied promise of continued engagement as
a Service Provider and shall not interfere in any way with Grantee’s right or the Company’s right to terminate Grantee’s relationship as an employee at any time, with or without cause. 
 Grantee represents that he or she is familiar with the terms and provisions of the Plan, and the Trust Agreement and hereby accepts this Option subject to all of the
terms and provisions thereof. Grantee has had the opportunity to review the Plan, the Trust Agreement and this Option in their entirety, and to obtain the advice of counsel prior to executing this Option. Grantee further represents that he fully
understands all provisions of the Option. Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Option. Grantee represents and confirms
that the Ordinance and Rules, as shall be in effect from time to time, as well as the Trust Agreement, are binding upon him or her and that he or she shall comply with them. 
 GRANTEE: SAIFUN SEMICONDUCTORS LTD. 
 Signature By 
 Print Name Title 
 Residence Address

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