Document:

EX-10.5

 Exhibit 10.5 

English Translation 
 Commitment
Letter 
 To: Beijing Branch, Industrial and Commercial Bank of China Limited 

Beijing Sohu New Media Information Technology Co., Ltd., Fox Information Technology (Tianjin) Limited., and Beijing Sohu New Momentum Information Technology
Co., Ltd. (“Applicants” or “Subsidiaries”) are subsidiaries held by Sohu.com Inc. The Subsidiaries intend to apply for financing of RMB800 million from you for daily operation and turnover. The Applicants have entered into
the Credit Agreement (No. 0020001453-2017(FAS)00000001 ) with you and the Financial Plan Agent of Private Bank, Industrial &Commercial Bank of China Ltd. Subject to that the above Credit Agreement between you and
the Subsidiaries becomes effective and you issue the financed fund according thereto, we make the following irrevocable commitment to you until the Credit Agreement terminates or the principal, interest and costs for realizing the debt under the
Credit Agreement are fully repaid: 
  

	1.	Where the Applicants are unable to repay the debt, if Sohu.com Inc. intends to sell its shares in Changyou.com Limited (NASDAQ:CYOU, the “Changyou”) in the future, subject to the laws and regulations of the
jurisdiction where Changyou locates and of China, we will ensure the proceeds of disposal of such shares to circulate smoothly within Sohu Group to the extent that we directly or indirectly hold the rights to such shares, so that the Applicants will
repay the principal and interest of the current financing under the financing agreement in a timely manner. 

  

	2.	Where the Applicants are unable to repay the debt, if Sohu.com Inc. does not sell its shares in Changyou, subject to the laws and regulations of the jurisdiction where Changyou locates and of China, we will use our best
efforts to procure Changyou to distribute dividends to the extent that we directly or indirectly hold the rights to such shares according to the laws and regulatory requirements of the jurisdiction where Changyou locates, and we will ensure that the
dividends obtained shall be circulated smoothly within Sohu Group, so that the Applicants will repay the principal and interest of the current financing under the financing agreement in a timely manner. 

 

	3.	We will ensure that the net cash balance in the consolidated statements will not be less than USD 200 million at any time. The net cash balance = the ending balance of monetary fund + the ending balance of the
restricted fund relating to interest-bearing debts bearing owed to others + the ending balance of financial products and short-term investment included in other accounting title – the ending balance of interest-bearing debts owed to others
– total amount of security for others (excluding the amount of interest-bearing debts owed to others already deducted in the formula). 

	4.	This commitment letter shall become effective and binding upon us when we affix our seal thereon. This commitment letter shall not be cancelled, withdrawn or modified unilaterally. 

Sohu.com Inc. (seal) 
 Authorized
signatory:/s/ Joanna Lv 
 Date: September 7, 2017FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This FIFTH Amendment
to Employment Agreement (this “Amendment”) is made and entered as of this 5th day of September, 2017,
(the “Amendment Effective Date”) by and between InspireMD, Inc., a Delaware corporation (the “Company”),
and James J. Barry, PhD (the “Executive”) for purposes of amending that certain Employment Agreement dated as
of July 14, 2014 and further amended as of January 5, 2015, February 22, 2015, March 28, 2016 and June 6, 2016, by and between
the Company and the Executive (the “Agreement”). Terms used in this Amendment with initial capital letters that
are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

 

WHEREAS, Section
7.5 of the Agreement provides that the parties to the Agreement may amend the Agreement in a writing signed by the parties; and

 

WHEREAS, the parties
hereto desire to amend the Agreement in certain respects.

 

NOW THEREFORE, pursuant
to Section 7.5 of the Agreement, and for good and valuable consideration, the sufficiency of which is hereby acknowledged, the
Company and the Executive agree as follows:

 

1. Section 1.3 of the Agreement
is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section 1.3:

 

1.3 Term
of Employment. Unless sooner terminated by either party as provided in Articles IV and V hereunder, or extended upon the mutual
agreement of the parties, the term of this Agreement shall continue until July 31, 2018 (the “Term”). The Executive
shall resign as a member of the Board at the end of the Term if requested by the Company. In the event that (i) the Term is not
extended beyond July 31, 2018 upon the mutual agreement of the parties; and (ii) the Company does not offer the Executive a position
as Chief Executive Officer on terms and conditions that are no less favorable to the Executive than the terms and conditions of
this Agreement (including, to the extent the Financing Equity Grant has not been made to the Executive as of such time, providing
for an equity award substantially similar to the Financing Equity Grant) with an annual base salary that is at least $400,000,
the Executive’s termination shall be deemed a termination pursuant to Section 4.5.

 

2. Section 2.2 of the Agreement
is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section 2.2:

 

2.2 Base Salary.
The Executive shall be paid a base salary of no less than $30,416.67 per month ($365,000 on an annualized basis) while he is employed
by the Company during the Term; provided, however, that nothing shall prohibit the Company from reducing the base salary as part
of an overall cost reduction program that affects all senior executives of the Company Group and does not disproportionately affect
the Executive, so long as such reductions do not reduce the base salary to a rate that is less than 90% of the minimum base salary
amount set forth above (or, if the minimum base salary amount has been increased during the Term, 90% of such increased amount).
The base salary shall be reviewed annually by the Board for increase (but not decrease, except as permitted above) as part of the
Company’s annual compensation review, and any increased amount shall become the base salary under this Agreement. Notwithstanding
the foregoing, the Executive and the Company agree that in the event of the closing of a transaction or series of related transactions
with investors where the Company raises an aggregate of $7 million from such investors (the “Financing”), the
Executive’s base salary shall increase to at least $33,333.33 per month ($400,000 on an annualized basis), commencing on
the pay period immediately following the applicable closing for the remainder of the Term.

 

    	 	 	 

    	 

    

 

3. Section 2.6 of the Agreement
is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new section 2.6:

 

2.6 Financing
Equity Grant. On or within twenty (20) business days of the closing of the Financing (the “Date of Grant”),
the Executive shall be eligible to receive, provided that the Executive is employed by the Company on the Date of Grant, (x) a
nonqualified stock option relating to the number of shares of the Company’s common stock equal to 2% of the Company’s
outstanding common stock on the date of the closing of the Financing (the “Financing Option”), and (y) an award
of a number of restricted shares of the Company’s common stock equal to 2% of the Company’s outstanding common stock
on the date of the closing of the Financing (the “Financing Restricted Stock Award” and together with the Financing
Option, the “Financing Equity Grant”), in each case, subject to the availability of shares for grant under the
InspireMD, Inc. 2013 Long-Term Incentive Plan (the “2013 LTIP”), together with the 2013 Employee Stock Incentive
Plan (the “2013 Israeli Appendix”), which is a sub-plan to the 2013 LTIP (collectively, the 2013 LTIP and the
2013 Israeli Appendix being referred to herein as, the “Incentive Plan”). To the extent shares are not available
for grant under the Incentive Plan for the full amount of the Financing Equity Grant on the Date of Grant, the Financing Option
shall be for 50% of the maximum number of shares that remain available on the Date of Grant for grant under the Incentive Plan,
and the Financing Restricted Stock Award shall be for 50% of the maximum number of shares that remain available on the Date of
Grant for grant under the Incentive Plan. The Financing Equity Grant shall be subject to the terms and conditions of separate
award agreements between the Company and the Executive (which agreements shall include, without limitation, provisions regarding
vesting and forfeiture of such grant), and the terms and conditions of the Incentive Plan.

 

4. Section 2.7 of the Agreement
is hereby amended by deleting said section in its entirety.

 

5. Section 5.1 of the Agreement
is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section 5.1:

 

5.1 Death;
Disability; Resignation for Good Reason; Termination without Cause. If at any time during the Term the Executive’s employment
with the Company is terminated pursuant to Section 4.2, 4.3, 4.4 or 4.5, the Executive shall be entitled to the payment and benefits
set forth below only. If at any time after the Term the Executive’s employment with the Company is terminated pursuant to
Section 4.2, 4.3, 4.4 or 4.5, the Executive shall be entitled to the payment and benefits set forth in (a), (b) and the specified
provisions of (c) only.

 

(a) any unpaid
base salary and accrued unpaid vacation then owing through the date of termination or Incentive Compensation that is as of such
date actually earned or owing under Article II, but not yet paid to the Executive, which amounts shall be paid to the Executive
on the next regularly scheduled Company payroll date following the date of termination or earlier if required by applicable law;
provided, however, that the Executive shall be entitled to receive the pro rata amount of any Bonus Plan Incentive Compensation
for the fiscal year of his termination of employment (based on the number of business days he was actually employed by the Company
during the fiscal year in which the termination of employment occurs and assuming full achievement of all applicable goals under
the Bonus Plan) that he would have received had his employment not been terminated during such year. Nothing in the foregoing sentence
is intended to give the Executive greater rights to such Incentive Compensation than a pro rata portion of what he would ordinarily
be entitled to under the Bonus Plan Incentive Compensation that would have been applicable to him had his employment not been terminated
(assuming full achievement of all applicable goals under the Bonus Plan), it being understood that the Executive’s termination
of employment shall not be used to disqualify the Executive from or make him ineligible for a pro rata portion of the Bonus Plan
Incentive Compensation to which he would otherwise have been entitled (assuming full achievement of all applicable goals under
the Bonus Plan). The pro rata portion of Bonus Plan Incentive Compensation shall, subject to Section 7.16, be paid at the time
such Incentive Compensation is paid to senior executives of the Company (“Severance Bonus Payment Date”) but
in no event later than two and one-half months after the end of such fiscal year.

 

    	 	 	 

    	 

    

 

(b) a one-time
lump sum severance payment in an amount equal to two hundred percent (200%) of the Executive’s Base Amount calculated with
a base salary amount at the annual rate of $425,000. The lump sum severance payment shall be paid on the Company’s first
payroll date after the Executive’s signing the release described in Section 5.4 and the expiration of any applicable revocation
period, subject, in the case of termination other than as a result of the Executive’s death, to Section 7.16; provided, however,
that in the event that the time period for return of the release and expiration of the applicable revocation period begins in one
taxable year and ends in a second taxable year, such payment shall not be made until the second taxable year if necessary to comply
with Section 409A of the Code.

 

(c) one hundred
percent (100%) of all unvested stock options, restricted stock shares, restricted stock units, stock appreciation rights or similar
stock based rights granted to the Executive shall vest and, if applicable, be immediately exercisable and any risk of forfeiture
included in such restricted or other stock grants previously made to the Executive shall immediately lapse. In addition, if the
Executive’s employment is terminated pursuant to Section 4.2, 4.3, 4.4 or 4.5 during or after the Term, the Executive shall
have until the earlier of (i) eighteen (18) months from the date of termination, or (ii) the latest date that each stock option
or stock appreciation right would otherwise expire by its original terms had the Executive’s employment not terminated to
exercise any outstanding stock options or stock appreciation rights. The extension of the exercise period set forth in this Section
5.1(c) shall occur notwithstanding any provision in any Plans or related grant documents which provides for a lesser vesting or
shorter period for exercise upon termination by the Company without Cause (which for this purpose will include a termination for
Good Reason), notwithstanding anything to the contrary in any Plans or grant documents; provided, however, and for the avoidance
of doubt, nothing in this Agreement shall be construed as or imply that this Agreement does or can grant greater rights than are
allowed under the terms and conditions of the Plans.

 

(d) to the fullest
extent permitted by the Company’s then-current benefit plans, continuation of health, dental, vision and life insurance coverage,
(but not pension, retirement, profit-sharing, severance or similar compensatory benefits), for the Executive and the Executive’s
eligible dependents substantially similar to coverage they were receiving or which they were entitled to immediately prior to the
termination of the Executive’s employment for the lesser of 18 months after termination or until the Executive secures coverage
from new employment and the period of COBRA health care continuation coverage provided under Section 4980B of the Code shall run
concurrently with the foregoing 18 month period. In order to receive such benefits, the Executive or his eligible dependents must
continue to make any required co-payments, deductibles, premium sharing or other cost-splitting arrangements the Executive was
otherwise paying immediately prior to the date of termination and nothing herein shall require the Company to be responsible for
such items. If the Executive is a “specified employee” under Section 409A, the full cost of the continuation or provision
of employee group welfare benefits (other than medical or dental benefits) shall be paid by the Executive until the earliest to
occur of (i) the Executive’s death or (ii) the first day of the seventh month following the Executive’s termination
of employment, and such cost shall be reimbursed by the Company to, or on behalf of, the Executive in a lump sum cash payment on
the earlier to occur of the Executive’s death or the first day of the seventh month following the Executive’s termination
of employment, except that, as provided above, the Executive shall not receive reimbursement for any required co-payments, deductibles,
premium sharing or other cost-splitting arrangements the Executive was otherwise paying immediately prior to the date of termination.

 

    	 	 	 

    	 

    

 

(e) a cash payment
to the Executive in the amount of $25,000 which Executive may use towards the costs and expenses of executive outplacement services
or an education program selected by the Executive. The payment shall be paid on the Company’s first regularly scheduled payroll
date after the Executive’s signing the release described in Section 5.4 and the expiration of any applicable revocation period,
subject, in the case of termination other than as a result of the Executive’s death, to Section 7.16, provided, however,
that in the event that the time period for return of the release and expiration of the applicable revocation period begins in one
taxable year and ends in a second taxable year, such payment shall not be made until the second taxable year if necessary to comply
with Section 409A of the Code.

 

(f) Any payments
by the Company under Section 5.1(b) above pursuant to a termination under Section 4.2 or 4.3 shall be reduced by any payments received
by the Executive pursuant to any of the Company’s employee welfare benefit plans providing for payments in the event of death
or Disability to the extent such reduction is permitted by, and does not trigger an impermissible change in time or form of payment
under, Section 409A of the Code.

 

5. Section 5.3 of the Agreement
is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section 5.3:

 

5.3 Termination
following a Change in Control. The Executive shall have no specific right to terminate this Agreement or right to any severance
payments or other benefits solely as a result of a Change in Control. If during a Change in Control Period during or after the
Term, (a) the Executive terminates his employment with the Company due to a termination for Good Reason pursuant to Section 4.4,
or (b) the Company terminates the Executive’s employment pursuant to Section 4.5, the Executive shall be entitled to those
payments that are set forth in Section 5.1. No other rights result from termination during a Change in Control Period; provided,
however, that nothing in this Section 5.3 is intended to limit or impair the rights of the Executive under the Plans or
any documents evidencing any stock-based compensation awards in the event of a Change in Control if such Plans or award documents
grant greater rights than are set forth herein.

 

6. The definition of “Good
Reason” set forth in Exhibit A of the Agreement is hereby amended by deleting said definition in its entirety and
substituting in lieu thereof the following new definition:

 

    	 	 	 

    	 

    

 

“Good
Reason” shall mean the occurrence of any of the following without the written consent of the Executive: (i) any duties,
functions or responsibilities are assigned to the Executive that are materially inconsistent with the Executive’s duties,
functions or responsibilities with the Company or the Subsidiary as contemplated or permitted by Section 1.1; (ii) material diminution
in Executive’s duties; (iii) the base salary of the Executive is materially reduced, unless a reduction in accordance with
Section 2.2; (iv) there is a material adverse change or termination of the Executive’s right to participate, on a basis substantially
consistent with practices applicable to senior executives of the Company generally, in any bonus, incentive, profit-sharing, stock
option, stock purchase, stock appreciation, restricted stock, discretionary pay or similar policy, plan, program or arrangement
of the Company, or any material adverse failure to provide the compensation and benefits contemplated by Sections 2.3, 2.4 and
Article III, except where necessary to avoid the imposition of any additional tax under Section 409A of the Code; (v) there is
a material termination or denial of the Executive’s right, on a basis substantially consistent with practices applicable
generally to senior executives of the Company, to participate in and receive service credit for benefits as provided under, all
life, accident, medical payment, health and disability insurance, retirement, pension, salary continuation, expense reimbursement
and other employee and perquisite policies, plans, programs and arrangements that generally are made available to senior executives
of the Company, except for any arrangements that the Board adopts for select senior executives to compensate them for special or
extenuating circumstances or as needed to comply with applicable law or as necessary to avoid the imposition of any additional
tax under Section 409A; (vi) any material breach by the Company of its representations under Section 7.7(b), or the guaranty by
Subsidiary on the signature page of the Agreement; (vii) relocation of the Executive’s principal place of employment to a
place that increases his one-way commute by more than fifty (50) miles as compared to the Executive’s then-current principal
place of employment immediately prior to such relocation; or (viii) a majority of the members of the Board is replaced during any
three (3) month period.

 

7. Except as expressly
amended by this Amendment, the Agreement shall continue in full force and effect in accordance with the provisions thereof.

 

8. In the event of a conflict
between the Agreement and this Amendment, this Amendment shall govern.

 

* * * * * * * * * *

[Remainder of Page Intentionally Left Blank

Signature Page Follows.]

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Fifth Amendment to Employment Agreement as of the Amendment Effective Date.

 

		THE COMPANY:
		 
		INSPIREMD, INC.
		 	 
		By:	/s/ Paul Stuka
		Name:	Paul Stuka
		Title:	Chairman of Board of Directors
		 	 
		EXECUTIVE:
		 
			/s/ James J. Barry
		 	James J. Barry PhD

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