Document:

Exhibit 10.1

 

Safe-T Group Ltd.

 

(“the Company”)

 

Date: ________

 

To:

 

                                       

Name of office holder

 

Re: Letter of Exemption and Indemnity

 

		Whereas	The Articles of Association of the Company allow the Company to exempt and indemnify the directors
and office holders of the Company in advance and in retrospect;

		Whereas	The Company’s competent organs have made the resolutions required by law to approve the grant
by the Company of an undertaking to exempt and indemnify office holders of the Company or of another corporation (as defined below)
- in advance and in retrospect – due to a liability or expense imposed thereon as a result of an action they will perform
in their capacity as office holders in the Company or in another corporation (as defined below), pursuant to the terms set out
below in this of exemption and indemnity letter;

		Whereas	On June 15, 2016 a merger transaction was completed by way of exchange of shares, as part of which
the Company acquired all shares of Safe-T Data A.R Ltd. (private company number 51-487256-3) (hereafter – “the date
of completion of the merger transaction”);

		Whereas	You serve and/or may serve as a Company office holder and/or you serve and/or you may serve and/or
be employed on behalf of the Company in another corporation some of whose shares are held by the Company, whether directly and/or
indirectly (hereafter – “another corporation”).

 

Therefore, the Company irrevocably confirms
and undertakes to you, subject to the provisions of any law and the provisions of this letter of exemption and indemnity, as follows:

 

     

     

    

 

		1.	Definitions

 

In this letter of exemption
and indemnity, each of the terms below shall have the meaning appearing alongside them below, unless expressly stated otherwise.

 

	“Administrative Enforcement Procedure”	
        -
	A proceeding in accordance with Chapters 8C (Imposition of A Monetary Sanction by the Securities Authority), 8D (Imposition of Administrative Enforcement Measures by the Administrative Enforcement Committee), or 9A (Arrangement in Order to Avoid Proceedings or Stop Proceedings Subject to Conditions) to the Securities Law; a proceeding in accordance with Article Four of Chapter Four of Part 9 to the Companies Law; The Law for Increased Enforcement in the Capital Market (Legislative Amendments), 5771-2011; a proceeding in accordance with Chapters J, J1 and K1 to the Joint Investments Trust Law, 5754-1994; a proceeding in accordance with Chapters G1, G2 and H2 to the Regulation of Investment Advising, Investment Marketing and Investment Portfolio Management Law, 5755-1995; proceeding in accordance with Chapter I1 to the Supervision of Financial Services (Insurance) Law, 5741-1981; a proceeding in accordance with Chapter H to the Supervision of Financial Services (Provident Funds) Law, 5765-2005; a proceeding in accordance with Chapter G1 to the Restrictive Trade Practices Law, 5748-1988; a proceeding in accordance with the Law for Increased Enforcement of Labor Laws, 5722-2012; and pursuant to any law, any such similar proceeding, whatever its name may be, whether in accordance with existing or future law.
	“Legal Proceedings” or “Lawsuit”	-	Including civil action, criminal action, derivative action, class action, administrative enforcement procedure, arrangement applications and creditors’ claims.
	“The Companies Law”	-	The Companies Law, 5759-1999
	“The Securities Law”	-	The Securities Law, 5728-1968
	“Act”	-	Including a decision and/or omission, over the course of the office holder’s tenure in the Company or his employment by another corporation on behalf of the Company, provided that such acts were carried out by the office holder after the completion of the merger transaction.

 

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		2.	Interpretation

 

		2.1	The permeable and the appendices to this letter of exemption and indemnity constitute an integral
part thereof.

 

		2.2	The division of this exemption and indemnity letter into sections and the insertion of sections’
headings are for convenience of reference only and shall not affect the interpretation thereof.

 

		3.	Indemnity liability

 

Subject to the provisions of
any law, the provisions of the Company’s articles of association and the provisions of this letter of exemption and indemnity,
the Company hereby irrevocably undertakes to indemnify you for any liability or expense, as specified in section 4 below, to be
imposed on you due to your acts and/or derivative thereof in your capacity as an office holder in the Company and/or and employee
and/or office holder on behalf of the Company in another corporation, provided that such acts were carried out after the date of
completion of the merger transaction, provided that the identification pursuant to section 4.1 below shall be limited to acts that
are directly and/or indirectly related to one or more than one of the events listed in the addendum to this exemption and indemnity
letter (hereafter: “the addendum” and “the types of indemnifiable events”) and provided that
the maximum amount of indemnity pursuant to section 4.1 below shall not exceed the maximum indemnity amount set in section 5 below
for all types of events together and for all Company office holders together.

 

		4.	Causes for indemnification

 

The indemnification undertaking as stated in section
3 above shall apply in respect of any liability or expense imposed as specified below:

 

		4.1	A monetary liability that was imposed on you or will be imposed on you in favor of another person
pursuant to a judgment, including a judgment issued by way of compromise or an arbitration award approved by the court.

 

		4.2	Reasonable litigation expenses, including attorney’s fees, incurred by you due to an investigation
or a proceeding conducted against you by an authority authorized to conduct an investigation or a proceeding, which ended without
the filing of an indictment against you and without the imposition of a monetary liability upon you in lieu of a criminal proceeding,
or which ended without the filing of an indictment against you but with the imposition of a monetary liability in lieu of a criminal
proceeding in an offense requiring no proof of general intent or in connection with a monetary sanction.

 

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In this subsection, “the
conclusion of a proceeding without the filing of an indictment in a matter in which a criminal investigation has been instituted”
and “monetary liability in lieu of criminal proceedings” – as defined in Section 260(A)(1a) of the
Companies Law.

 

		4.3	Reasonable litigation expenses, including attorney’s fees, incurred by or imposed upon you
by a court of law, in a proceeding to be filed against you by the Company or on its behalf or by another corporation or another
person, or in a criminal charge from which you are acquitted or in a criminal charge for which you are convicted of an offense
requiring no proof of general intent;

 

In this section “another
person” – including in a case of an action filed against an office holder by way of derivative action.

 

		4.4	Expenses, including reasonable litigation expenses, including attorney’s fees, that you incurred
in connection with an administrative enforcement proceeding that was conducted with regard to you.

 

		4.5	Payment to a party injured by a breach, as set out in Section 52BBB(a)(1)(a) of the Securities
Law.

 

		4.6	Any other liability or expense which is indemnifiable by law or will be indemnifiable from time
to time by law.

 

		5.	Maximum amount of indemnification

 

		5.1	The aggregate indemnification amount to be paid by the Company to all office holders, pursuant
to all letters of indemnification that were issued and/or will be issued to Company office holders and employees that serve in
the Company or which will serve, at the request of the Company, as office holders or employees of other corporations, due to a
liability or expense that will be imposed on them pursuant to the provisions of section 4.1 above, shall not exceed an amount equal
to 25% of the Company’s known shareholders’ equity, for each of the office holders and cumulatively for all office
holders, for a single event and cumulatively for all events (hereafter – “the Maximum Indemnification Amount”).

 

For that purpose, “the
Company’s known shareholders’ equity” means the amount of the Company’s shareholders’ equity
according to its latest audited or reviewed consolidated financial statements (as applicable) as of the date of actual payment.

 

		5.2	It is hereby clarified that the said indemnification payment does not prejudice your right to receive
insurance proceeds in respect of the type of events set out in the addendum, which are insured with an insurance company, which
the Company will receive for you from time to time, if any, pursuant to any directors and Company office holders’ liability
insurance.

 

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		5.3	For the avoidance of doubt, it is hereby clarified that the amount of indemnification pursuant
to this letter of exemption and indemnity shall apply in excess to any amount paid, if any, under an insurance or indemnification
of anyone else other than the Company, provided that you will not be paid double compensation in respect of indemnifiable liability
or expense as set out in sections 3 and 4 above and subject to the provisions of section 5.5 below.

 

		5.4	If and insofar as the total amounts of indemnification which the Company will be required to pay
in respect of the cause which is the subject matter of section 4.1 above plus all indemnification amounts that the Company paid
through that date in respect of the said cause set out in section 4.1 above pursuant to the indemnification letters it granted,
shall exceed the Maximum Indemnification Amount or the balance of the Maximum Indemnification Amount (as it shall be at such time),
then the Maximum Indemnification Amount or the balance thereof shall be divided between the office holders who will be eligible
to indemnification in respect of payment demands they filed to the Company in respect of the said cause set out in section 4.1
pursuant to their indemnification letters, and to whom such indemnification was not paid prior to that date (hereafter –
“the Eligible Office Holders”), such that the indemnification amount to be actually received by each Eligible
Office Holder in respect of the said cause, shall be calculated according to the ratio between the amount of the indemnification
payable in respect of the said cause to each of the Eligible Office Holders and the aggregate amount of indemnification payable
to all Eligible Office Holders in respect of the said cause as of that date, had the Maximum Indemnification Amount not been capped.

 

		5.5	In the event that you shall have received indemnification and/or shall be entitled to receive indemnification
from the insurer of the insurance policy in respect of the event which is the subject-matter of the indemnification, the indemnification
shall be given for the difference between the amount of the monetary liability imposed on you and the legal expenses, and the amount
received from the insurer in respect of the same matter, provided that the amount of indemnification charged to the Company in
respect of indemnification for the cause specified in section 4.1 above, shall not exceed the Maximum Indemnification Amount.

 

		5.6	Interim payments

 

		5.6.1	Upon the occurrence of an event, in respect of which you may be entitled to indemnification in
accordance with this exemption and indemnity letter, the Company shall make available to you, from time to time, the funds required
to cover the expenses and other various payments in connection with that legal proceeding, including investigation proceedings,
such that you will not be required to pay or fund the said payments yourself, all subject to the conditions and provisions of this
letter of exemption and indemnification.

 

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		5.6.2	As part of its undertaking as described above, the Company shall also make available securities
that will be required to provide or guarantees that will be required to provide pursuant to interim decisions by the court (in
proceedings which are not criminal proceedings), or pursuant to interim decisions by an arbitrator (hereafter – “the
Securities”), including in lieu of foreclosures that will be imposed on your assets, provided that the total amount of
outstanding securities, including securities that had been forfeited, plus the amounts that you received or will receive pursuant
to this exemption and indemnity letter in respect of a cause set out in section 4.1 above, shall not exceed the Maximum Indemnification
Amount.

 

		5.7	The conditions of the indemnification

 

Without derogating from the
aforesaid, the indemnification undertaking pursuant to this letter of exemption and indemnification is subject to the following
conditions:

 

		5.7.1	You will notify the Company in writing of any legal proceeding instituted against you and of any
written notice or threat whereby legal proceedings will be instituted against you in connection with any event to which the indemnification
may apply (hereafter jointly and severally - “Legal Proceedings”) and of any circumstances that were brought
to your attention that might cause the institution of legal proceedings against you, within a reasonable amount of time after you
first become aware of it, and in such timing as shall leave reasonable time until the date of response to such proceeding, as required
under any law (hereafter – “the Indemnity Notice”) and you will deliver to the Company, or to whomever
it shall instruct you and without delay, any document given to you in connection with the said Legal Proceedings.

 

		5.7.2	Handling the defense

 

		5.7.2.1	Provided that this does not contradict the relevant provisions of the law or the terms of the office
holders’ liability insurance policy which the Company purchased, the Company will be entitled to undertake upon itself your
defense in the Legal Proceedings and/or to entrust the defense in the case to any attorney to be selected by the Company for that
purpose, and a notice as to the identity of this attorney will be issued to you in advance.

 

		5.7.2.2	The Company and/or the attorney will report to you on an ongoing basis as to the progress of the
proceedings and shall consult you in connection with the management thereof. The attorney that was appointed as above shall have
a fiduciary duty to the Company and to you.

 

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		5.7.2.3	In the event that the Company does not notify you within 10 days of the receipt of the Indemnity
Notice as aforesaid that it has undertaken to handle your defense against the Legal Proceedings as mentioned above, and/or in the
event that you will object, for reasonable reasons or due to conflict of interest between you and the Company or between you and
another office holder in the Company, to be represented by the Company’s attorney, you will be entitled to entrust your representation
with an attorney of your choice, and you will deliver his/her details to the Company in advance, and the provisions of this letter
of exemption and indemnity shall apply to the reasonable expenses you will incur in respect of the appointment of an attorney as
described above and in respect of the handling of your defense by that attorney. If, after assessing the reasonableness of the
fee of the attorney you selected, the Company does not approve the fees, you and the Company shall appoint an adjudicator whose
identity will be agreed between you and the Company (and if you fail to agree on his/her identity, the adjudicator shall be appointed
by the Chairman of the Tel-Aviv District Committee of the Israel Bar Association), whose decision on the matter will be final.
If only part of the fees of the attorney you selected are approved, you will be entitled the approved amount from the Company and
you will bear the remaining fees.

 

Notwithstanding the provisions
of this section, if the Company’s insurance policy in respect of directors and office holders liability shall apply to the
matter, the office holder and the Company shall act in accordance with the provisions of the policy on any matter pertaining to
disputes with the insurer regarding the identity of the representing attorney, where the provisions of the policy require this,
such that the entrusting of the handling of the case to the other representing attorney will not enable the insurer to release
itself from its obligation according to the policy or to reduce it in any manner.

 

		5.7.2.4	The Company shall not be entitled to end the dispute which is the subject matter of the Legal Proceeding
by way of arbitration, compromise or mediation, unless it first obtains your written consent, provided that you will only refuse
to give such consent for reasonable reasons that will be delivered to the Company in writing. For the avoidance of doubt, it is
hereby clarified that even if the dispute which is the subject matter of the Legal Proceedings is to be resolved by way of arbitration,
settlement or mediation or in any other way, the Company shall bear the expenses arising there from as part of the expenses of
this exemption and indemnity letter.

 

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		5.7.2.5	The Company shall not be entitled to end the Legal Proceeding by way of compromise and/or settlement
and/or agree to compromise and/or settlement as a result of which you will be required to pay amounts for which you shall not be
indemnified according to this letter of exemption and indemnity and which shall not be paid as part of the office holders’
liability insurance that was purchased and/or will be purchased by the Company, unless it first obtain your written consent to
the compromise that will be achieved.

 

		5.7.3	Collaboration with the Company

 

Subject to the provisions of section 5.7.2 above:

 

		5.7.3.1	At the Company’s request, you shall sign any document authorizing it and/or any attorney
as aforesaid, to handle on your behalf your defense in such Legal Proceeding and to represent you in connection therewith, in accordance
with the aforesaid.

 

		5.7.3.2	You shall collaborate with the Company and/or with any attorney as aforesaid in any reasonable
manner required of you by any of them in connection with their handling of that Legal Proceeding, and you shall comply with the
instructions of the insurers pursuant to any office holders’ liability insurance policy which the Company takes out in connection
with defense against legal proceeding, provided that the Company sees to the coverage of all your expenses, which are involved
therein, such that you are not required to pay or fund them yourself, all subject to the provisions of this exemption and indemnity
letter.

 

		5.7.4	Regardless of whether the Company acts as specified in section 5.7.2 above or not, it shall see
to the coverage of all expenses and other various payments stated in section 4 above, such that you will not be required to pay
or fund them yourself, all subject to the provisions of this section 5.

 

		5.7.5	Non-applicability of indemnity

 

		5.7.5.1	The Company shall not be required to indemnify you pursuant to this exemption and indemnity letter
for any amount to be paid by you to the plaintiff as a result of a compromise settlement or arbitration, unless the Company shall
have agreed in advance and in writing to such settlement or to the holding of such arbitration, as the case may be; however, such
consent shall not be unreasonably withheld by the Company.

 

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		5.7.5.2	Furthermore, the indemnity shall not apply in cases where you admit to a criminal charge of an
offense requiring no proof of general intent, unless the Company shall have agreed to your admission in advance and in writing
and provided that such indemnification is allowed by law. Such consent by the Company shall not be unreasonably withheld by the
Company.

 

		5.7.6	Non-applicability of the indemnification in cases of indemnification and/or insurance by other
parties

 

The Company shall not be required
to pay, pursuant to this exemption and indemnity letter, funds that were actually paid to or for you or in your stead in any manner
whatsoever as part of an insurance or any indemnification undertaking of anyone other than the Company. For the avoidance of doubt,
it is hereby clarified that the amount of indemnification pursuant to this exemption and indemnity letter shall apply beyond (and
in addition) to the amount paid (should such amount is paid) under the insurance policy and/or the other indemnification agreement.
Nothing in this section shall derogate from the office holder’s rights with respect to the Company’s bearing the excess
amount stated in the policy and/or the remittance of insurance proceeds received by the Company from insurers in respect of the
liability of the office holder and/or legal costs incurred by him.

 

		5.7.7	Payment of indemnity

 

Upon your request for payment
in connection with any event pursuant to this exemption and indemnity letter, the Company shall take any and all actions required
under law for payment thereof and shall act to obtain any approval to be required in connection therewith, if any.

 

		5.7.8	The following provisions shall apply to the Company’s indemnification obligation in respect
of an act that you will do in your capacity as an employee or an office holder in another corporation on behalf of the Company
(hereafter – “the Liable Corporation”:

 

		5.7.8.1	The Company will not be required to pay pursuant to this exemption and indemnity letter any amounts
that you will be entitled to receive and shall actually receive from the Liable Corporation under an insurance policy taken out
by the Liable Corporation and/or pursuant to an indemnification undertaking given in advance or pursuant to an indemnification
permit given by the Liable Corporation.

 

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		5.7.8.2	If your demand to receive indemnification and/or insurance coverage due to an act you performed
in your capacity as an office holder in the Liable Corporation, which may be indemnifiable pursuant to this letter of exemption
and indemnity, is rejected by the Liable Corporation or by the Liable Corporation’s insurance company, as the case may be,
the Company shall pay you pursuant to this exemption and indemnity letter, amounts to which you shall be entitled pursuant to this
exemption and indemnity letter, if any, and you shall assign to the Company your rights to receive amounts from the Liable Corporation
and/or under the Liable Corporation’s insurance policy and authorize the Company to collect such amounts on your behalf,
insofar as such authorization is required for the fulfilment of the provisions of this section. For this purpose, you undertake
to sign any document required by the Company for the assignment of your said rights and the authorization of the Company to collect
the said amounts on your behalf.

 

		5.7.8.3	For the avoidance of doubt, it is clarified that nothing in this letter of indemnification grants
the Liable Corporation and/or any other third party any rights towards the Company, including, but without derogating from the
generality of the aforesaid, a right to sue and/or demand any payment from the Company as participation in the indemnification
and/or insurance coverage to be granted to you by the Liable Corporation due to an act you carried out in your capacity as an office
holder in the Liable Corporation.

 

		6.	Conditions attached to the indemnity 

 

Despite the above, the Company
shall not indemnify you for any liability or monetary expense imposed on you due to any of the following:

 

		6.1	A breach of a fiduciary duty to the Company, unless you acted in good faith and had reasonable
cause to believe that the act would not harm the best interests of the Company.

 

		6.2	A breach of the duty of care committed deliberately or recklessly, unless committed in mere negligence.

 

		6.3	An act performed with the intent of unlawfully deriving personal gain.

 

		6.4	A fine, civil penalty, monetary sanction or forfeit imposed on you.

 

		6.5	Administrative Enforcement Procedure that will be conducted with regard to your matter (but subject
to the provisions of sections 4.4 and 4.5 above).

 

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		6.6	A counterclaim to be filed against you by the Company (as a consequence of a lawsuit that you will
file against the Company).

 

The conditions
set out in this section above, except for the condition set out in section 6.6 above, shall apply unless indemnification or insurance
shall be allowed in respect of any or all of the above cases, under the law or under a directive of a competent authority.

 

		7.	Repayment of indemnification amounts paid

 

In the event that the Company pays you or in your
stead any amounts pursuant to this exemption and indemnity letter in connection with such Legal Proceeding, and thereafter:

 

		7.1	The charge in respect of which the amount has been paid was cancelled or where the amount was reduced
for any reason whatsoever, you shall assign to the Company all your rights to recover the amount from the plaintiff in the proceedings
and shall do everything necessary in order for such assignment to be valid and exercisable by the Company, and once you have done
so, you will be exempt from repaying to the Company the amount, the right of recovery of which has been assigned to the Company.
If you do not do so, you will be required to repay to the Company all or some of the amount, as the case may be, together with
linkage differences and interest at rates and for such period as you will be entitled to repayment of the amount by the plaintiff.

 

		7.2	It transpires in a final judgement that you are not entitled to indemnification from the Company
for those amounts, those amounts shall be deemed as a loan extended to you by the Company, which will bear interest at the lowest
rate prescribed from time to time under law in order for the loan not to be deemed as a taxable benefit received by the party which
received the loan, and you shall be required to repay those amounts to the Company when required in writing thereby to do so, according
to such payment schedule as the Company shall determine.

 

		8.	Exemption

 

		8.1	As an office holder, the Company hereby exempts you, to the extent permissible by law, from any
liability towards the Company, due to any damage caused to the Company by your acts in your capacity as an office holder of the
Company and/or as an office holder or employee on behalf of the Company in another corporation, due to breach of duty of care,
provided that those acts were carried out after the date of completion of the merger transaction.

 

		8.2	Despite the above, the Company does not exempt you from liability due to breach of duty of care
with respect to distribution (as defined in the Companies Law) and/or due to any “counterclaim” proceedings instituted
against you by the Company in response to a lawsuit you filed against the Company, except where your lawsuit was filed to protect
protective rights set out in labor laws and/or in a personal employment agreement between you and the Company.

 

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		8.3	Notwithstanding the provisions of this section 8 above, the exemption granted in this section 8
shall not apply to any resolution or transaction in which the Company’s controlling shareholder or any Company office holder
has personal interest.

 

		9.	Exemption period 

 

The Company’s obligations
under this exemption and indemnity letter will inure to your benefit, even after the end of your service as an office holder of
the Company and/or as an office holder or employee on behalf of the Company in another corporation, provided that the acts in respect
of which the exemption from liability and the indemnification obligation are given were carried out during the period of your tenure
as an office holder of the Company and/or as an office holder or employee on behalf of the Company in another corporation, regardless
of the date on which the event in respect of which you are entitled to indemnification and/or exemption pursuant to this exemption
and indemnity letter was disclosed. The Company’s undertakings as set out above shall also be available to your estate, your
heirs and other substitutes according to law, and it shall not be cancelled or changed other than to your benefit.

 

For the
avoidance of doubt and notwithstanding the above, no exemption or indemnification shall be given pursuant to this exemption and
indemnity letter in respect of any act or omission that have taken place prior to the date of completion of the merger transaction.

 

The Company
may, at its sole discretion and at any given time, revoke its exemption and indemnification undertaking pursuant to this exemption
and indemnity letter, or reduce the Maximum Indemnification Amount hereunder, or restrict the events to which it applies, either
with respect to all of the office holders or some of them, insofar as the revocation/reduction/restriction pertains to events that
will take place after the date of the change – provided that the office holder has been given advance notice in writing of
such intention at least 30 days before the effective date of its decision. For the avoidance of doubt, it is hereby clarified that
no such decision, which may impair the terms of this letter or revokes it, shall have retroactive effect of any kind whatsoever,
and the exemption and indemnity letter as it was before the modification or revocation hereof, as the case may be, shall continue
to be valid for all intents and purposes with respect to any event that has taken place prior to the modification or revocation,
even if the proceeding in respect thereof shall have been filed against the officer after the modification or revocation of the
exemption and indemnity letter.

 

		10.	Miscellaneous

 

		10.1	This exemption and indemnity letter is subject to any law and to the Company’s constitutional
documents, as shall be from time to time.

 

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		10.2	The Company’s obligations pursuant to this exemption and indemnity letter shall be broadly
interpreted and in a manner that shall facilitate their implementation, to the extent permitted by law and according to the purpose
for which they were intended. In the event of a discrepancy between any provision of this exemption and indemnity letter and a
provision of the law, which cannot be changed or added to, then the said provision of the law shall take precedence; however, this
shall not prejudice or derogate from the validity of the remaining provisions of this exemption and indemnity letter.

 

		10.3	This exemption and indemnity letter does not restrict the Company or prevent it from increasing
the Maximum Indemnification Amount, whether due to decrease of the insurance amounts according to the office holders’ liability
insurance policy, or due the Company’s being unable to obtain office holders’ liability insurance that will cover the
indemnification events, on reasonable conditions or due to any other reason so long as such a resolution is made in the manner
set out in the any law.

 

		10.4	No waiver, delay, refrainment from action or the granting of an extension by the Company or by
you shall be interpreted, under any circumstances, as a waiver, nor shall they prejudice your and/or the Company’s rights
and undertakings pursuant to this exemption and indemnity letter and any law, nor shall they prevent you or the Company from taking
any legal and other measures required to exercise such rights as aforesaid.

 

		10.5	For the avoidance of doubt, it is hereby clarified that the indemnification undertaking according
to this letter does not derogate from the Company’s right to decide on any additional indemnification in retrospect or in
advance and/or to expand any existing indemnification for any reason whatsoever, all subject to obtaining the necessary approvals
according to any law.

 

		10.6	This exemption and indemnity letter is not a contract for the benefit of any third party, including
any insurer and it is not assignable nor will any third party, including an insurer, have the right to demand the participation
of the Company in a payment for which the it is made liable under an agreement that was entered into therewith, with the exception
of the excess amount set out in such an agreement.

 

		11.	This exemption and indemnity letter shall also apply to an alternate director.

 

		12.	This exemption and indemnity letter shall be governed by Israeli law and the competent court in
Tel Aviv-Jaffa shall have sole jurisdiction over disputes arising from the implementation of this exemption and indemnity letter.

 

		13.	The Addendum to this exemption and indemnity letter constitutes an integral part thereof.

 

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		14.	This exemption and indemnity letter shall take effect upon your signing a copy hereof in the space
designated therefor and delivery of the signed copy to the Company.

 

In witness thereof, the Company’s affix its signature
below.

 

	 	 
	 	Companies Merging Purpose Ltd.

 

I hereby confirm receipt of this exemption and indemnity
letter to be bound by its terms. 

 

	 	 	 
	Signature of office holder	 	Date

 

Addendum

 

	The Indemnifiable Events
	1.	An offering, issuance and repurchase of securities by the Company and/or a subsidiary and/or a corporation controlled by the Company or another company, in which the Company holds shares, whether directly or indirectly, and/or in which the Company has any interest (hereafter together in this addendum – “the Company”) or by the Company’s shareholders, including, without limitation, public offering pursuant to a prospectus or otherwise, private offering or offering of securities in any other way, or issuance of bonus shares or execution of a purchase or sale offer (including the offering of securities that has not yet taken place), both in Israel and abroad, as well as other acts in connection with securities.
	2.	An event arising from the Company’s being a public company or a reporting corporation as defined in the Companies Law, or from the fact that its securities were offered to the public or from the fact that its shares or securities are traded on a stock exchange in Israel or abroad.
	3	Transfer to companies which are interested parties in the Company of information the transfer of which is required or allowed pursuant to any law.
	4	Action or omission in connection with issues relating to environmental and/or planning and building issues, including any legal or administrative procedures, in Israel or abroad, regarding matters that are directly or indirectly related to protection of the environment or to the provisions of law, procedures or standards which apply in Israel or abroad in connection with the protection of the environment and which pertain, among other things, to contamination, health protection, manufacturing procedures, distribution, use, treatment, storage and transportation of hazardous substances, including in respect of bodily harm and damage to property and to the environment.

 

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	5	Any claim or demand that is filed in connection with the appointment or an application for appointment of a receiver to the Company’s assets or in connection with a liquidation application filed against the Company or in connection with any procedure for the purpose of reaching a compromise or settlement with the Company’s creditors.
	6	Class actions or derivative actions in connection with the Company and its activity. 
	7.	Acts and/or omissions in connection with the application for and/or renewal of licenses and/or certifications and/or permits that are required for the activity and businesses of the Company or that caused non-renewal and/or revocation and/or non-compliance of the Company therewith or with standards and/or directives and/or requirements and/or procedures of a competent authority by virtue of laws and/or orders and/or regulations that are relevant for the activity and businesses of the Company, including but without derogating from the generality of the aforementioned, certificates and/or exemptions relating to restrictive trade practices, the Chief Scientist and the Commissioner of Capital Markets, Insurance and Savings at the Ministry of Finance.
	8.	Any act and/or omission related, whether directly or indirectly, to the management of the Company’s investment portfolio and/or its bank accounts, including foreign currency deposits, securities, loans and credit facilities, debit cards, bank guarantees, credit letters, investment consulting agreements, including with portfolio managers, hedging transactions, options, futures, etc.
	9.	Acts relating to the filing of offers for tenders and/or franchises and/or licenses of any kind and type whatsoever.
	10.	An act which breaches the Company’s constitutional documents.
	11.	Ant action and/or demand filed by a client, supplier, contractor and/or any other third party that has a business relationship with the Company, and/or any action and/or demand that was filed against the office holder by any person and/or corporation and/or entity and/or authority which act pursuant to the law.
	12.	
        Any act and/or decision and any
claim and/or demand filed by employees, consultants, agents, marketers, service providers, other individuals and/or entities who
are employed by the Company or provide services to the Company in connection with compensation which is owed to them or damages
or liabilities sustained by them in connection with their employment by the Company or engagement with the Company, including
also events that are related to employee’s employment terms and employer-employee relationship, including, but not only,
negotiations, engagement and execution of personal employment agreements, work and employment conditions, employee benefits, award
of securities, promotion of employees, handling of pension arrangements, insurance and savings funds and events relating to work
safety and work-related damages, regardless of whether these included bodily harm or damage to property.

        

 

    15

     

    

 

	 	Any act in connection with the activity
        of the Company or an omission that is attributed to the Company, or respectively to its employees, agents or other persons, who
        act or claim that they act on behalf of the Company or by virtue of their position in the Company, which caused bodily harm, illness,
        death and/or damage to property, including loss of use thereof.
	13.	Any claim and/or demand made in connection with non-disclosure or failure to provide any type of information at the time required pursuant to the law and/or in connection with erroneous and or inadequate disclosure of such information to third parties, including the Income Tax Authority, the VAT Authorities, the Investment Center, municipalities, the Ministry of Environmental Protection and any government agency, institution and/or trade or other union, provided that indemnification in respect thereof is allowed by law. Furthermore, events arising from or related to fair disclosure and/or information that was delivered or information that was not delivered by the Company to third parties in connection with securities, financial assets, deposits or any other information pertaining to its activity, provided that indemnification in respect thereof is allowed by law.
	14.	Any procedure (including claim or demand) in relation to the Company’s intellectual property rights, the registration, enforcement and protection of those rights and/or in relation to an infringement or alleged infringement of an intellectual property right and/or in relation to abuse of intellectual property rights whether by act and/or by omission of the Company or anyone acting on its behalf.
	15.	Any claim and/or demand filed by a lender or creditor of the Company in connection with funds that it extended as loan and/or the Company and/or an investee company’s debt and/or obligations towards it.
	16.	Any claim and/or demand made by any third party suffering bodily injury and/or damage to business or personal property including loss of use thereof through any act or omission attributed to the Company, or its respective employees, office holders, managers, agents or other persons acting or allegedly acting on its behalf.
	17.	Any claim or demand made directly or indirectly in connection with complete or partial omission, by the Company and/or its office holders, managers and/or employees, to pay, report and/or document any government, foreign, municipal authority and/or any other mandatory payment required pursuant to the laws of the State of Israel, including income tax, sale tax, betterment tax, transfer tax, value added tax, excise tax, stamp tax, customs, national insurance, salaries and/or delay of pay to employees and/or or other delays, including any interest and linkage differences.
	18.	Any claim or demand filed by purchasers, owners, lessees and/or other holders of Company’s assets or products in respect of damages and/or losses pertaining to the use of the said assets.

 

    16

     

    

 

	19.	Any administrative, public or judicial act, orders, court judgments, lawsuits, demands, letters of claim, directions, claims, charges, foreclosures, investigation proceedings, or notices of non-compliance or breaches of acts by a governmental authority and/or other entities claiming potential responsibility or liability (including for the costs of enforcement, investigations, responses of governmental authorities and/or fines or donations, indemnification, recuperation payments, compensation) as a result thereof and/or non-compliance with provisions of law, regulation, order, ordinance, rule, practice, directive, licensing, guideline, policy and/or court judgement by the Company and/or its office holders during their service in the Company, whether in Israeli or abroad (including in respect of Administrative Enforcement Procedure, should the indemnification in respect thereof is allowed by law).
	20.	Any judicial proceedings, whether in Israel or abroad, and any act in connection with the Company or the subsidiaries in matters relating, whether directly or indirectly, to issuance of licenses or permits and/or the to the Anti-Trust Law, 5748,1988 and/or orders, and/or regulations and/or rules promulgated thereunder, and/or certificates and/or permits issued in accordance therewith, including cartels, mergers and monopolies.
	21.	Any claim and/or demand relating to any change of the Company’s structure or its restructuring, including but without derogating from the generality of the aforementioned, merger, split, change in the Company’s equity, incorporation, liquidation and/or sale of subsidiaries to third parties (as these terms are defined in the Companies Law).
	22.	Any claim and/or demand relating to a decision and/or activity of the Company and/or the office holder as part of his/her work in the Company, after the appropriate checks and consultations were carried out in respect thereof which are suitable for that type of decision and/or activity, including decisions made by the Company’s Board of Directors and/or one of its committees.
	23.	Any claim and/or demand relating to a statement, including the expressing of a position or an opinion and/or voting in the general meetings of the Company or other corporations and/or in other organs of the Company or other corporations, that was made by the office holder as part of his/her work in the Company, including any claim or demand filed by any person in connection with defamation and/or the Privacy Protection Law, 5471-1981 and/or orders and/or regulations promulgated thereunder.

 

    17

     

    

 

	24.	Issuance of securities, including, but without derogating from the generality of the above, the offering of securities that were made or will be made by the Company to the public or not to the public including purchase offers (i.e., any claim and/or demand in relation to an expert opinion of the Company’s Board of Directors to offerees under a purchase offer, regarding the profitability of a special purchase offer pursuant to Section 329 of the Companies Law, or the failure to give such an opinion and other procedures pursuant to prospectuses or other documents and in respect of other acts relating to the Company’s equity.
	25.	Events arising from or related to Company’s holdings in various corporations, whether for itself or as trustee, including in respect of the voting in the general meetings of those corporations. 
	26.	Events relating to investments by the Company and/or subsidiaries in any corporations (including investments that did not take place), prior, during and after the implementation of the investment, during the engagement, signing, development and tracking, including actions carried out on behalf of the Company as director, office holder, employee or observer in the Board of Directors of the invested corporation.
	27.	Transactions and acts of the Company as defined in Section 1 of the Companies Law (as well as acts that are directly or indirectly related to such transactions and acts), including performance, cancellation and/or activities or transactions that the Company will refrain from doing, negotiations relating to a transaction, due diligence study (including non-performance thereof), transfer, sale, lease, placing charges on or purchase of assets or liabilities including securities or rights or the receipt or non-receipt of right in any of them, including any purchase offer of any kind whatsoever, or merger of the Company with another entity, receipt of credit and provision of securities, investment in securities of various corporations and/or receipt of rights in various corporations, collaboration agreements, ventures and management agreements and any other transaction involving securities issued or to be issued by the Company, whether the Company is a party to such a transaction or not and whether those transactions or acts are completed or not for any reason whatsoever.
	28.	Action or omission in connection with taking out and/or activation and/or handling of insurance arrangements and/or risk management. and also, any matter relating to negotiations regarding insurance agreements, engagement in insurance agreements, terms of insurance policies and the activation of insurance policies.
	29.	Any act or omission in connection with a distribution as defined in the Companies Law, including in connection with the purchase of Company’s shares, provided that indemnification in respect of such action does not constitute a breach of any law, and any claim or demand in connection with distribution of dividends to Company’s shareholders.

 

    18

     

    

 

	30.	Event that had or may have had a material impact on the Company’s profitability or it assets or rights or liabilities.
	31.	Action or omission in connection with information, representations, estimates, opinions, financial statements, reports or notices and applications for approvals (and their underlying acts), which are filed to various competent authorities, including judicial and administrative authorities and regulatory bodies, by the Company and/or in connection with the Company and its activity (even if the same are not filed by the Company itself) (including refraining from filing such a report or notice), pursuant to any law, including, but without derogating from the generality of the aforesaid, the Companies Law or the Securities Law, including regulations promulgated thereunder, or pursuant to rules or guidelines of a Stock Exchange in Israel or abroad, or pursuant to directives of a competent authority, including, and without derogating from the above, the Securities Authority, the Anti-Trust Authority, the Income Tax Authority, the Databases Registrar, the Companies Registrar, the Trademarks Registrar, the Pledges Registrar, the Land Registrar, the Tel Aviv Stock Exchange Ltd., the Commissioner of Capital Markets, Insurance and Savings at the Ministry of Finance, the Supervisor of Banks, local authorities, other competent authorities in the field of communications, energy, planning and building etc., in Israel or abroad, or pursuant to the provisions of the tax laws applicable to the Company and a claim or demand in connection with non-disclosure or failure to provide any information at the time required by law.
	32.	Any act carried out by the Company in connection with the transactions it performs, its holdings, investments, trade, development, finances, financial management, marketing and other activities of the Company and the subsidiaries or that they will be allowed to carry out by law.
	33.	Act or omission in connection with the formation of a business plan, work plans, including pricing, marketing, distributions, directives to employees, to clients, agents, marketers and suppliers and any collaborations, the Company’s policy and procedures; carrying out acts further to or in accordance with the Company’s policy, procedures and practices, regardless if they were published or not.
	34.	Resolutions and/or acts relating to the Consumer Protection Law, 5471-1981 and/or orders and/or regulations promulgated thereunder, and resolutions and/or acts relating to laws and/or regulations and/or orders and/or rules and/or directives of competent authorities in matters concerning product liability, including, but without derogating from the generality of the aforesaid, The Defective Products (Liability) Law 5740-1980, and legislation and regulation regarding consumer health and resolutions and/or acts concerning the Supervision of Prices of Products and Services Law, 5756-1996 and/or orders and/or regulations promulgated thereunder.

 

    19

     

    

 

	35.	Anything related to the drawing up and/or approval of the financial statements, including acts or omissions relating to adoption of financial reporting standards (including IFRS), drawing up and signing the financial statements of the Company (whether consolidated or standalone financial statements, as the case may be), and in connection with the drawing up and/or approval of the Directors’ Report and/or business plans and forecasts, and/or the assessment of the effectiveness of the Company’s internal controls and other issues included in the financial statements and in the Directors’ Report as well as issuing declarations in connection with the financial statements.
	36.	Breach, or alleged breach, of any agreement to which the Company is a party.
	37.	Act or omission in connection with the Company’s voting rights.
	38.	Act or omission in connection with the tax liability of the Company and/or its shareholders.
	39.	Act or resolution which is directly or indirectly related to the Company’s trade relations and/or it businesses, including in connection with employees, external contractors, clients, suppliers, franchisers, consultants, lessees and service providers or any third party that conducts any type of business activity with the Company, whether directly or indirectly, including negotiation, entering into contracts with the abovementioned and execution or non-execution of those contracts.
	40.	Any action and/or demand relating to the types of events listed above, in connection with the tenure of the office holder in subsidiaries and/or related companies of the Company and/or in another corporation, so long as this was done in his/her capacity as an office holder and/or employee of one of the said companies.

 

Any provision set out above
in this Addendum, which pertains to the performance of any act shall also be construed as pertaining to non-performance or failure
to perform that act.

 

    20Exhibit 10.2

 

SAFE-T
GROUP LTD.

GLOBAL EQUITY PLAN

 

		1.	Purpose

The
purposes of this Plan are to enable the Company to link the compensation and benefits of individuals and entities providing services
to the Company and/or its Affiliates with the success of the Company and with long-term shareholder value. 

 

		2.	Definitions

 

		2.1	Defined
Terms

 

Initially
capitalized terms, as used in this Plan, shall have the meaning ascribed thereto as set forth below:

 

	 	“Administrator”	means the Board of Directors of the Company, or a committee, to which the Board of Directors shall have delegated power to act on its behalf with respect to the Plan. Subject to the Articles of Association of the Company, as may be amended from time to time, the Administrator, if it is a committee, shall consist of such number of members (but not less than two (2)) as may be determined by the Board.
	 	
        “Affiliate(s)”

         
	Corporate entities who are currently or in the future related to the Company by way of common ownership or control, as such term is defined in section 32(9) of the Tax Ordinance, either directly or indirectly, either partially or entirely, including but not limited to any “employing company” and “employer” as defined in Section 102(a) of the Ordinance.
	 	“Allocate” or “Allocated”	with respect to Options and Shares, means the allocation of Options and/or Shares, as the case may be, by the Company to the Participant, or to the Trustee on behalf of a Participant (as the case may be).
	 	“Cause”	
        means, when used in connection
with the termination of a Participant’s employment with, or service to the Company or an Affiliate, and forming the basis of such
termination: (a) the definition ascribed to Cause in the individual employment agreement or services agreement between the Company
and/or its Affiliate and the Participant, (b) if no such definition exists, then any one of the following, including, but not
limited to: dishonesty toward the Company or Affiliate, insubordination, substantial malfeasance or nonfeasance of duty, unauthorized
disclosure of confidential information, and conduct substantially prejudicial to the business of the Company or Affiliate; or,
any substantial breach by the Participant of (i) his or her employment or service agreement or (ii) any other obligations toward
Company or Affiliate.

         

        For the avoidance of doubt it
is clarified that the determination as to whether a Participant is being terminated for Cause shall be made in good faith by the
Board and shall be final and binding on the Participant.

 

     

     

    

 

	 	“Change of Control”	
        Means the consummation by the
Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of a merger,
consolidation, reorganization, or a sale or other disposition of Ordinary Shares of the Company, following which the owners of
over 50% of the issued share capital of the Company no longer own shares in the Company.

	 	“Commencement  Date”	means the date of commencement of the vesting schedule with respect to a Grant of Options and Grant of Shares, as the case may be, which, unless otherwise determined by the Administrator, shall be the date on which such Grant of Options or Grant of Shares, as applicable, shall be Allocated. 
	 	“Company”	means Safe-T Group Ltd., a company incorporated under the laws of the State of Israel.
	 	“Consultant”	Shall mean any person or entity, except an Employee, engaged by the Company or an Affiliate, in order to render services to such company, including any individual engaged by an entity providing services to the Company or an Affiliate as aforementioned, and is not entitled to receive Options under Section 102,.
	 	“Controlling Shareholder”	A controlling shareholder of the Company as defined in section 32(9) of the Tax Ordinance, as amended from time to time.
	 	“Disability”	means total and permanent physical or mental impairment or sickness of a Participant, making it impossible for the Participant to continue such Participant’s employment with or service to the Company or Affiliate.
	 	“Exercise Price”	Shall mean the consideration required to be paid by a Participant in order to exercise one Option.
	 	
        “Fair Market Value”

         
	
        Shall mean, as of any date, the value of
        an ordinary share of the Company determined as follows:

         

        (i) If the ordinary shares are listed on
        any recognized Stock Exchange, the Fair Market Value shall be the closing sales price for such ordinary shares (or the closing
        bid, if no sales were reported), as quoted on such Stock Exchange for the last market trading day prior to the time of determination;

         

        (ii) In the absence of any of the above,
        the Fair Market Value thereof shall be as determined in good faith by the Board of Directors of the Company.

         

        For the avoidance of doubt, and
where applicable, the above definition of Fair Market Value shall not apply for the purpose of determining the tax liability pursuant
to Section 102(b)(3) of the Ordinance;

 

    2

     

    

 

	 	“Foreign Employee”	Shall mean an employee of a non Israeli resident Affiliate or an employee of the Company who is not an Israeli tax resident. 
	 	“Grant Letter”	means a letter from the Company to a Participant in which the Participant is notified of the decision to Grant to the Participant Options or Shares according to the terms of the Plan. The Grant Letter shall specify inter alia (i) the Tax Provision under which the Option is Granted; (ii) the Tax Track that the Company chose according to Section 11 of the Plan (if applicable); (iii) the Exercise Price; and (iv) the number of Options or Shares Granted to the Participant.
	 	“Grant of Options” or

“Granted Options”	with respect to Options, means the grant of Options by the Company to a Participant pursuant to a Grant Letter.
	 	“Grant of Shares” or

“Granted Shares”	With respect to Shares, means the grant of restricted Shares, subject to a vesting schedule, by the Company to a Participant pursuant to a Grant Letter.
	 	“Holding Period”	means with regard to Options or Shares Granted under Section 102, the minimum period in which the Options or Shares granted to a Participant or, upon exercise or vesting thereof the Underlying Shares, are to be held by the Trustee on behalf of the Participant, in accordance with Section 102, and pursuant to the Tax Track which the Company selects subject to the provisions of Section 102(g) of the Tax Ordinance. 
	 	“IPO”	means the initial public offering of shares of the Company and the listing of such shares for trading on any recognized stock exchange or over-the-counter or computerized securities trading system.
	 	“Israeli Participant”	means, an Israeli resident who is an employee, officer or director of the Company or any Israeli resident Affiliate (provided that such person is not a Controlling Shareholder in the Company as such term is defined in the Tax Ordinance), on behalf of whom an Option is Granted pursuant to Section 102.
	 	“Law”	means the laws of the State of Israel as are in effect from time to time.
	 	“Merger Transaction” or

“Merger”	
        means
any of the following: (i) a sale of all or substantially all of the assets of the Company and its subsidiaries taken as a whole,
or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of
the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries;; or (ii) a sale (including
an exchange) of all or substantially all of the shares capital of the Company whether by a single transaction or a series of related
transactions which occur either over a period of 12 months or within the scope of the same acquisition agreement including
a purchase by a current shareholder of the Company (whether directly or indirectly) of all of the share capital of the Company
not owned by such shareholder immediately prior to the acquisition,; or (iii) a merger, consolidation
or like transaction of the Company with or into another corporation including a reverse triangular merger.

 

    3

     

    

 

	 	“Notice of Exercise”	shall have the meaning set forth in Section 7.4 below.
	 	“Option”	means an option to purchase one Share of the Company.
	 	“Non-Qualified  Israeli Participant”	means an Israeli resident who is not an Israeli Participant including any Israeli resident Consultant.
	 	“Participant”	means an Israeli Participant, or a Non-Qualified Israeli Participant, or a Foreign Employee or a Consultant.
	 	“Plan” or “Option Plan”	means this Share Option Plan, as may be amended from time to time.
	 	“Purchase Price”	means, the price determined by the Administrator in accordance with Section 7.1 below which is to be paid to the Company in order to Grant Shares.
	 	“Retirement”	means the termination of a Participant’s employment as a result of his or her reaching the earlier of (i) the age of retirement as defined by Law; or (ii) the age of retirement specified in the Participant’s  employment agreement.
	 	“Section 102”	means Section 102 of the Tax Ordinance. 
	 	“Section 102 Rules”	means the Income Tax Rules (Tax Relief for Issuance of Shares to Employees), 2003.
	 	“Section 3(i)” or “Section 3(i) Rules” 	means section 3(i) of the Israeli Tax Ordinance and the applicable rules thereto or under applicable regulations.
	 	“Share(s)”	means an ordinary share of the Company, having a par value of NIS 0.001.
	 	
        “Spin-off
        Transaction”

         
	
        Any
transaction in which assets of the Company are transferred or sold to a company or corporate entity in which the shareholders
of the Company hold the same respective ownership stakes they are then holding in the Company [i.e. – transfer of assets
to a ’sister company’ of the Company];

 

    4

     

    

 

	 	“Tax Ordinance”	means the Israeli Income Tax Ordinance [New Version], 1961, as amended, and any regulations, rules, orders or procedures promulgated thereunder.
	 	“Tax Track”	means one of the three tax tracks described under Section 102, specifically: (1) the “Capital Gains Track Through a Trustee”; (2) “Income Tax Track Through a Trustee”; or (3) the “Income Tax Track Without a Trustee”; each as defined in Sections 11.1-11.2 of this Plan, respectively.
	 	“Tax Provision”	means, with respect to the Grant of Options or Grant of Shares,  the provisions of one of the three Tax Tracks in Section 102, or the provisions of 3(i). 
	 	“Term of the Options”	means, with respect to Granted but unexercised Options, the time period set forth in Section 9 below.
	 	“Trustee”	means a Trustee appointed by the Company in accordance with Section 102 to hold in trust, Granted Options and the Underlying Shares and/or the Granted Shares, as the case may be, on behalf of Participants.
	 	“Underlying Shares”	means Shares issued or to be issued upon exercise of Granted Options all in accordance with the Plan.

 

		2.2	General

 

Without derogating
from the meanings ascribed to the capitalized terms above, all singular references in this Plan shall include the plural and vice
versa, and reference to one gender shall include the other, unless otherwise required by the context.

 

		3.	Shares Available
for Options

 

The total number of Underlying Shares reserved
for issuance under the Plan and any modification thereof, shall be determined from time to time by the Board of Directors of the
Company (subject to the receipt of any approval required under Law). Such number of Shares shall be subject to adjustment as required
for the implementation of the provisions of the Plan, in accordance with Section 4 below.

 

In the event that Options Allocated under
the Plan expire or forfeited or otherwise terminate in accordance with the provisions of the Plan, such expired or terminated or
repurchased Options shall become available for future Grants and Allocations under the Plan.

 

		4.	Adjustments

 

		4.1	Change in Capitalization. Subject to any required
action by the shareholders of the Company, the number of Underlying Shares covered by each outstanding Grant of Option or Grant
of Shares, and the number of Shares which have been authorized for issuance under the Plan but as to which no Options or Shares
have yet been granted or which have been returned to the Plan, and the Exercise Price or Purchase Price, shall be proportionately
and equitably adjusted for any increase or decrease in the number of issued Shares resulting from a share split, reverse share
split, combination, reclassification, the payment of a stock dividend on the Shares or any other increase or decrease in the number
of such Shares effected without receipt of consideration by the Company without changing the aggregate Exercise Price or Purchase
Price, provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been effected
without receipt of consideration. Such adjustment shall be made by the Administrator, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class,
or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of Shares subject to an Option Grant or Share Grant.

 

    5

     

    

 

Specific adjustment mechanisms shall include
but not be limited to:

 

Upon the distribution of a stock dividend:
the number of shares underlying each Grant of Option and Grant of Shares shall be increased in accordance with the number of shares
issued to the holder of one Ordinary Share.

 

Upon a split of an Ordinary Share into
two of more shares, the number of shares underlying each Grant of Option and Grant of Shares shall be increased in accordance with
the number of shares issued to the holder of one Ordinary Share.

 

Upon a consolidation of two or more Ordinary
Shares into one Ordinary Share, the number of Ordinary Shares underlying each Grant of Option and Grant of Shares shall be decreased
according to the effected consolidation.

 

		4.2	Merger Transaction

 

Unless otherwise determined by the Administrator
and/or any other approval required under Law, in the event of a Merger Transaction, then: (i) any and all outstanding and unexercised
unvested Options and un-vested Granted Shares will be cancelled or repurchased (as applicable) for no consideration or for the
Purchase Price if paid; (ii) the vested Options shall be exchanged for the consideration received within the Merger Transaction
by holders of Shares of the Company, subject to any payment or escrow arrangement, or any other arrangement determined within the
scope of the Merger Transaction in relation to the Shares of the Company; and (iii) Granted Shares and/or Underlying Shares issued
upon exercise of the Options shall be sold by or on behalf of the Participant in accordance with the terms of the Merger Transaction
and the holder of such Shares shall sign any and all documents required in order to give effect to such treatment. In addition,
the Administrator in its sole discretion (subject to the receipt of any approval required under Law) may decide:

 

		(A)	If and how the unvested Options and/or unvested Granted Shares, as the case may be, shall be exchanged,
assumed, replaced, repurchased or accelerated;

 

		(B)	If and how vested Options and Shares (including Options with respect to which the vesting period
has been accelerated) shall be exercised, exchanged, assumed, replaced and/or sold by the Trustee or the Company (as the case may
be) on the behalf of Participants, including determining that all un-exercised vested Options shall be cancelled for no consideration
upon a Merger Transaction;

 

		(C)	How Granted Shares and/or Underlying Shares issued upon exercise of the Options and held by the
Trustee on behalf of Participants shall be replaced by the Trustee on behalf of the Participant; and

 

		(D)	How any treatment of Options and Granted Shares may be made subject to any payment or escrow arrangement,
or any other arrangement determined within the scope of the Merger Transaction in relation to the Shares of the Company.

 

In the case of assumption and/or substitution
of Options and Granted Shares, appropriate adjustments shall be made so as to reflect such action and all other terms and conditions
of the Grant Letter shall remain unchanged, including but not limited to the vesting schedule, all subject to the determination
of the Board, which determination shall be at its sole discretion and final. The grant of any substitutes for the Options and/or
Granted Shares to Participants further to a Merger Transaction, as provided in this section, shall be considered to be in full
compliance with the terms of this Plan. The value of the exchanged Options and/or Granted Shares pursuant to this section shall
be determined in good faith solely by the Board, based on the Fair Market Value, and its decision shall be final and binding on
all the Participants.

 

    6

     

    

 

Without derogating from the above, in the
event of a Merger Transaction the Board shall be entitled, at its sole discretion (subject to the receipt of any approval required
under Law), to (i) determinate a blackout period in connection with the exercise of any Options; and (ii) require the Participants
to exercise all vested Options within a set time period and sell all of their Underlying Shares on the same terms and conditions
as applicable to the other shareholders selling their Company’s Shares as part of the Merger Transaction. Each Participant
acknowledges and agrees that the Board shall be entitled, subject to any applicable law, to authorize any one of its members to
sign share transfer deeds in customary form in respect of the Underlying Shares held by such Participant and that such share transfer
deed shall bind the Participant.

 

Despite the aforementioned and for the
avoidance of any doubt, if and when the method of treatment of Options or Granted Shares within the scope of a Merger Transaction,
as provided above, will in the sole opinion of the Board prevent the consummation of the Merger Transaction, or materially risk
the consummation of the Merger Transaction, the Board (subject to the receipt of any approval required under Law) may determine
different treatment for different Options and/or Granted Shares held by Participants such that not all Options and/or Granted Shares
will be treated equally within the scope of the Merger Transaction.

 

In
the event that the Options and/or Granted Shares shall be cancelled or repurchased upon the consummation of a Merger Transaction,
the Company shall provide notice to such Participants in same manner as provided regarding the Merger Transaction to any other
shareholders of the Company not represented in the Board. Such notice shall be sent to the last known address of the Participants
according to the records of the Company. The Company shall not be under any obligation to ensure that such notice was actually
received by the Participants.

 

Fraction
of Shares - In any event that the Company will be required to issue to a Participant fraction of Shares pursuant to this Section
4, the Company will not issue fraction of Shares and the number of Shares shall be rounded down to the closest number of Shares.

 

For
the purposes of this section, the Company’s calculation will be final, and the Participant shall have no claims or demands
against the Company or anyone on its behalf.

 

		4.3	Adjustment Due to
a Structural Change. In the event of a Structural Change, the Shares underlying the Option Grant of Share Grant subject to
the Plan shall be exchanged or converted into shares of the Company or Successor Company in accordance with the exchange effectuated
in relation to the ordinary shares of the Company, and the Exercise Price and Purchase Price and quantity of shares underlying
the Option Grant or Share Grant shall be adjusted in accordance with the terms of the Structural Change. The adjustments required
shall be determined in good faith solely by the Administrator and shall be subject to the receipt of any approval required, including
any tax ruling, if necessary.

 

    7

     

    

 

4.4
Adjustment Due to a Spin-Off Transaction. In the event of a Spin-Off Transaction,
the Administrator may determine that the holders of Option Grants of Share Grants shall be entitled to receive equity in the new
company formed as a result of the Spin-Off Transaction, in accordance with equity granted to the ordinary shareholders of the
Company within the Spin-Off Transaction, taking into account the terms of the Options and Shares, including the vesting schedule
and Exercise Price or Purchase Price. The determination regarding the Participant’s entitlement within the scope of a Spin-Off
Transaction shall be in the sole and absolute discretion of the Administrator. 

 

4.5 Adjustment
Due to a Change of Control: In the event of a Change of Control the Board shall be entitled, subject to the receipt of any
approval required under Law, to apply any of the alternatives included in section 4.2 above as they deem appropriate in their sole
and absolute discretion. 

 

		5.	Administration
of the Plan

 

		5.1	Power

 

Subject to the Law, the Articles of Association
of the Company, and any resolution to the contrary by the Company’s Board of Directors, the Administrator is authorized,
in its sole and absolute discretion, to exercise all powers and authorities either specifically granted to it under the Plan or
necessary or advisable in the administration of the Plan (subject to the approval of the Board of Directors if such approval is
required by Law) including, without limitation;

 

		(A)	to determine:

 

		(i)	the Participants in the Plan, the number of Options and/or
Shares to be Granted for each Participant’s benefit and the Exercise Price or Purchase Price;

 

		(ii)	the time or times at which Options and/or Shares shall be Granted;

 

		(iii)	whether, to what extent, and under what circumstances an Option and/or Granted Share may be settled,
canceled, forfeited, exchanged, or surrendered;

 

		(iv)	any terms and conditions in addition to those specified in the Plan under which an Option and/or
a Share may be Granted;

 

		(v)	any measures, and to take actions, as deemed necessary or advisable for the administration and
implementation of the Plan; and

 

		(vi)	the Exercise Price for any Allocated Option or the Purchase Price for any Allocated Shares;

 

		(vii)	determine any other matter which is necessary or desirable for, or incidental to administration
of this Plan;

 

		(viii)	to grant Options to participants who are foreign nationals or employed outside Israel, on such
terms and conditions different from those specified in the Plan, as may, in the discretion of the Administrator, be necessary or
desirable to further the purpose of the Plan.

 

		(B)	to interpret the provisions of the Plan and to take all actions resulting therefrom.

 

		(C)	to amend any of the terms of the Plan;

 

    8

     

    

 

		5.2	Limitations

 

Notwithstanding the provisions of Section
5.1 above, no interpretations, determinations or actions of the Administrator shall contradict the provisions of applicable Law,
and no waiver or amendment with respect to the Plan shall have a material adverse affect on any Participant’s rights in connection
with any Granted Options and/or Granted Shares under the Plan without receiving the consent of such Participant.

 

Any decisions made pursuant to this Plan
and any use of discretion under the Plan shall be at all times subject to the full and complete compliance with the requirements
of the Law and the Articles of Association of the Company and any other regulations which may apply to the Company or the Board
(including any “compensation policy” adopted by the Company) when taking action under the Plan.

 

		5.3	Eligibility for Options.

 

		(A)	The Administrator may grant Options and Granted Shares
under this Plan to any employee, officer, director, or Consultant of the Company and its Affiliates.

 

		(B)	Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in
other countries in which the Company and its Affiliates operate or has employees or other individuals eligible for Options or Granted
Shares, the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which individuals, if any,
outside Israel are eligible to participate in the Plan; (ii) modify the terms and conditions of any Option or Granted Share granted
to individuals outside Israel to comply with applicable foreign laws; (iii) establish addendums and modify exercise procedures
and other terms and procedures, to the extent the Administrator determines such actions to be necessary or advisable (and such
addendums and/or modifications shall be attached to the Plan as appendices); and (iv) take any action, before or after an Option
or Granted Shares is granted, that the Administrator determines to be necessary or advisable to obtain approval or comply with
any local governmental regulatory exemptions or approvals.

 

		6.	Grant and Allocation
of Options and/or Shares

 

		6.1	Conditions for
Allocation and grant of Options and/or shares

 

Options and/or Shares
may be Allocated and/or Granted (as the case may be) at any time after:

 

		(A)	the Plan, the Allocation and the Grant, has been approved
by the necessary corporate bodies of the Company; and

 

		(B)	30 days after a request for approval of the Plan has been submitted for approval to the Israeli
Income Tax Authorities pursuant to the requirements of the Tax Ordinance; and

 

		(C)	all other approvals, consents or requirements necessary
by Law have been received or met.

 

		6.2	Date of grant.
The date on which Options shall be deemed granted under the Plan shall be the date on which the Company’s Board
approved the grant unless additional approvals are required in order to effect the grant, in which case, unless otherwise determined
by the Board the date of grant shall be the date on which the last approval was received (“Date of Grant”).

 

    9

     

    

 

		6.3	Grant Letters.
Any grant of Options or Shares to a Participant shall be made in a form of a Grant Letter and shall include a copy
of the Plan. The receipt by a Participant of such Grant Letter shall be deemed a consent by such Participant that the Option or
Share Grant is subject to all the terms and conditions of the Grant Letter and the Plan.

 

		6.4	Material Breach. In an event of a material breach
by a Participant of the terms of the Plan or the Grant Letter provided to him or her, or the applicable engagement agreement with
such Participant, and without derogating any of the remedies available to the Company under any applicable law, the Company may,
at its sole discretion, after sending a written notice to such Participant, forfeit the right of the Participant to some or all
the Options or Shares Granted to such Participant.

 

		7.	Exercise of
Options and Sale of Shares

 

		7.1	Exercise Price;
Purchase Price

 

The Purchase Price
for Granted Share, and the Exercise Price per Underlying Share deliverable upon the exercise of an Option, shall be determined
by the Administrator. The Purchase Price and the Exercise Price shall be set forth in the Grant Letter.

 

		7.2	Vesting Schedule

 

Unless otherwise determined by the Administrator,
all Options and Granted Shares that are granted on a certain date shall, subject to continued employment with or service to the
Company or Affiliate by the Participant, become (i) vested and exercisable, with respect to Options; and (ii) free from vesting
restrictions, with respect to Granted Shares, in accordance with the following vesting schedule:

 

		(A)	25% of the Options and/or Granted Shares, as the case may
be, shall vest on the first anniversary of the applicable vesting schedule commencement date, as determined by the Administrator
(the “First Anniversary”).

 

		(B)	Additional 6.25% of the Options and/or Granted Shares, as the case may be,
shall vest on each subsequent quarter following the First Anniversary over a period of 3 years.

 

		(C)	In accordance with the above, subject to continued employment with or service to the Company or
Affiliate by the Participant, all Options and or Granted Shares, as the case may be, shall become fully vested by the fourth anniversary
of the such applicable vesting schedule commencement date.

 

		7.3	Minimum Exercise

 

No exercise of Options
by any Participant shall be for a quantity of less than 10% of the Granted Options or such other minimum sum determined by the
Administrator. An Option may not be exercised for fractional shares. The exercise of a portion of the Options Granted shall not
cause the expiration, termination or cancellation of the remaining unexercised Options held by the Trustee on behalf of the Participant.

 

    10

     

    

 

		7.4	Manner of Exercise

 

An Option may be exercised
by and upon the fulfillment of the following:

 

		(A)	Notice of Exercise

 

The signing
by the Participant, and delivery to both the Company (at its principal office) and the Trustee (if the Options are held by a Trustee),
of an exercise notice form as prescribed by the Administrator, including but not limited to: (i) the identity of the Participant,
(ii) the number of Options to be exercised, and (iii) the Exercise Price to be paid (the “Notice of Exercise”).

 

		(B)	Exercise Price

 

The payment
by the Participant to the Company, in such manner as shall be determined by the Administrator, of the Exercise Price with respect
to all the Options exercised, as set forth in the Notice of Exercise.

 

		(C)	Allocation of Shares

 

Upon the
delivery of a duly signed Notice of Exercise and the payment to the Company of the Exercise Price (and any applicable tax) with
respect to all the Options specified therein, and subject to the receipt of all required approvals including the approvals of any
Stock Exchange, the Company shall issue the Underlying Shares to the Trustee (according to the applicable Holding Period) or to
the Participant, as the case may be.

 

		(D)	Expenses

 

All costs
and expenses including broker fees and bank commissions, derived from the exercise of Options or Underlying Shares, shall be borne
solely on the Participant.

 

Following the IPO
of the Company, the Administrator may determine alternative exercise arrangements which shall be notified to the Participants including
a broker facilitated cashless exercise

 

		7.5	Vested Shares

 

As soon as administratively
practicable following the applicable vesting date of any Granted Shares, and subject to the receipt of all required approvals including
the approvals of any Stock Exchange, the Company shall register the Trustee, or the Participant on the Company’s share register
and if applicable shall provide them with a certificate or certificates for the applicable vested Granted Shares free from any
vesting restrictions. Notwithstanding the above the Company shall not deliver vested Granted Shares to a Participant unless the
latter, prior to, or concurrently with, such release, provides the Company and the Trustee with evidence, satisfactory in form
and substance to the Company and the Trustee, that all taxes, if any, required to be paid upon such release have, in fact, been
paid

 

		7.6	Forfeiture

 

At the time
of the Participant’s Termination of Employment for any reason, all unvested Granted Shares shall be forfeited as of the date
of termination unless otherwise determined by the Administrator in its sole discretion. In the event of any such forfeiture, all
such forfeited Shares shall become the property of the Company and any certificate or certificates representing such Shares shall
be returned immediately to the Company at no cost, all in accordance with the Law, and subject to compliance with any process required
in order to give affect to such forfeiture.

 

    11

     

    

 

		7.7	Exercise Restrictions

 

Notwithstanding
anything to the contrary herein, in the event the Participant initiates any legal proceedings to be maintained or instituted against
the Company or its respective past, present and future officers, directors, employees, consultants, holders of equity securities,
Affiliates, successors and assigns (the “Representatives”) or participates in any manner in any legal proceedings against
the Company or its respective Representatives at any time, the Participant’s right to exercise any unexercised Options granted
to such Participant, whether vested or not on such date, shall cease as of such date and the Options shall thereupon expire.

 

		8.	Waiver of
Option Rights

 

At any time prior to the expiration of
any Granted (but unexercised) Option, a Participant may waive his rights to such Option by a written notice to the Company’s principal
office. Such notice shall specify the number of Options Granted, which the Participant waives, and shall be signed by the Participant.

 

Upon receipt by the Company of a notice
of waiver of such rights, such Options shall expire and shall become available for future Grants and Allocations under the Plan.

 

		9.	Term of the
Options

 

Unless earlier terminated pursuant to the
provisions of this Plan, all granted but unexercised Options shall expire and cease to be exercisable at 5:00 p.m. Israel time
on the 10th anniversary of the Commencement Date of such Options.

 

		10.	Termination
of Employment

 

		10.1	Termination of
Employment

 

If a Participant ceases to be an employee,
director, officer or Consultant of the Company or Affiliate for any reason (“Termination of Employment”) other
than death, Retirement, Disability or Cause, then (A) any vested but unexercised Options on the date of Termination of Employment
(as shall be determined by the Company or Affiliate, in its sole discretion), Allocated on the Participant’s behalf (“Exercisable
Options”) may be exercised, if not previously expired, not later than the earlier of (i) 90 days after the date of Termination
of Employment; or (ii) the Term of the Options and (B) any rights upon vested Share shall be delivered to Participant but only
to the extent that they were vested within the Termination of Employment date.

 

All other Granted Options or unvested Granted
Shares for the benefit of Participant shall expire or be forfeited in accordance with the provisions of this Plan upon the date
of Termination of Employment.

 

		10.2	Termination for
Cause

 

In the event of Termination
of Employment of a Participant for Cause, then (A) the Participant’s right to exercise any unexercised Options, Granted to such
Participant, whether vested or not on the date of Termination of Employment, shall cease as of such date of Termination of Employment,
and the Options shall thereupon expire and (B) any unvested Granted Shares shall be forfeited in accordance with the provisions
of this Plan on the day the Participant is notified of his dismissal or on such earlier date as the Administrator may determine.

 

    12

     

    

 

If subsequent to the
Participant’s Termination of Employment, but prior to the exercise of Options Granted to such Participant, the Administrator determines
that either prior or subsequent to the Participant’s Termination of Employment, the Participant engaged in conduct which would
constitute Cause, then the Participant’s right to exercise the Options Granted to such Participant shall immediately cease
upon such determination and the Options shall thereupon expire.

 

The determination by
the Administrator as to the occurrence of Cause shall be final and conclusive for all purposes of this Plan.

 

		10.3	Termination by
Reason of Death, Retirement, or Disability

 

(A) Death.
If Termination of Employment is by reason of death of the Participant, than (A) his/her estate, personal representative or beneficiaries,
may exercise the Participant’s Options, to the extent it was vested within the 60th day after the Participant’s death,
at any time but not later than the first to occur of: (i) one (1) year following Participant’s death; or (ii) the end of
the Term of the Options and (B) any rights upon vested Shares shall be delivered to Participant’s estate, personal representative
or beneficiaries but only to the extent it was vested within the 60th day after employment terminates.

 

All other Granted Options
or Shares for the benefit of a Participant and which have not vested within 60 days after the date of Death, shall expire or be
forfeited in accordance with the provisions of this Plan upon the date of Death.

 

(B) Disability
and Retirement. If Termination of Employment is by reason of Retirement or Disability of the Participant, the Participant
than (A) may exercise any portion of the Options which have vested within 90 days after the date of Retirement or Disability, at
any time but not later than the first to occur of: (i) one (1) year after the date of Retirement or Disability, as the case may
be; or (ii) the end of the Term of the Options and (B) shall be entitled to any rights upon vested Shares to be delivered to Participant’s
estate, personal representative or beneficiaries but only to the extent it was vested within the 60th day after employment terminates.

 

All other Granted Options
or Shares for the benefit of a Participant and which have not vested within 60 days after the date of Disability or Retirement,
as the case may be, shall expire or be forfeited in accordance with the provisions of this Plan upon the date of Retirement or
Disability, as applicable.

 

		10.4	Exceptions

 

In special circumstances,
pertaining to the Termination of Employment of a certain Participant, the Administrator may in its discretion subject to the receipt
of any approval required under Law decide to extend any of the periods stated above in Sections 10.1-10.3.

 

		10.5	Transfer of Employment
or Service

 

A Participant’s
right to Options or Shares that were Granted to him or her under this Plan, shall not be terminated or expire or forfeited solely
as a result of the fact that the Participant’s employment or service as an employee, officer or director changes from the
Company to an Affiliate or vice versa or if the status of engagement changes. Any and all tax consequence of such a transfer or
change, if any, shall be solely borne by the Participant.

 

    13

     

    

 

		11.	Options and
Tax Provisions

 

All Options and/or Shares
granted to Israeli Participants or Non-Qualified Israeli Participants under this Plan shall be Granted in accordance with one of
the Tax Provisions as follows:

 

		●	The Company may Grant Options and/or Shares to Israeli Participants in accordance with the provisions
of Section 102 and the Rules.

 

		●	The Company may Grant Options to Non-Qualified Israeli Participants in accordance with the provisions
of Section 3(i).

 

		11.1	Tax Provision
Selection

 

The Company shall elect under which Tax
Provision each Option and/or Share is Granted in accordance with any applicable Law and its sole discretion – i.e. the Company
shall elect if to Grant Options and/or Shares to Participants under one of the three Section 102 Tax Tracks (subject to section
102(g) of the Tax Ordinance), or with respect to Options under the provisions of Section 3(i). The Company shall notify each Participant
in the Grant Letter, under which Tax Provision the Options and/or Shares are Granted and under which Section 102 Tax Track, each
Option is Granted.

 

		11.2	Section 102 Trustee
Tax Tracks

 

If the Company elects
to Grant Options and/or Shares to Israeli Participants through (i) the Capital Gains Track Through a Trustee, or (ii) the Income
Tax Track Through a Trustee, then, in accordance with the requirements of Section 102, the Company shall appoint a Trustee who
will hold in trust on behalf of each Israeli Participant the Allocated Options and/or Shares and the Underlying Shares issued upon
exercise or vesting of such Options and/or Shares in trust on behalf of each Israeli Participant.

 

The Holding Period for the Options and/or
Shares will be as follows:

 

		(A)	The Capital Gains Tax Track Through a Trustee –
if the Company elects to Allocate the Options and/or Shares according to the provisions of this track, then the Holding Period
will be: 24 months from the Date of Grant; or such period as may be determined in any amendment of Section 102.

 

		(B)	Income Tax Track Through a Trustee – if the Company elects to Allocate Options and/or
Shares according to the provisions of this track, then the Holding Period will be 12 months from the Date of Grant; or such period
as may be determined in any amendment of Section 102.

 

Subject to Section 102
and the Rules, Participants shall not be able to receive from the Trustee, nor shall they be able to sell or dispose of the Granted
Shares or Underlying Shares before the end of the applicable Holding Period. If a Participant sells or removes the Granted Shares
or the Underlying Shares from the Trustee before the end of the applicable Holding Period (“Breach”), the Participant
shall pay all applicable taxes imposed on such Breach by Section 7 of the Section 102 Rules.

 

In the event of a distribution of rights,
including an issuance of bonus shares, in connection with Options and/or the Shares originally Allocated (the “Additional
Rights”), all such Additional Rights shall be Allocated and/or issued to the Trustee for the benefit of Participants, and
shall be held by the Trustee for the remainder of the Holding Period applicable to the Options and/or Granted Shares, as applicable,
originally Allocated. Such Additional Rights shall be treated in accordance with the provisions of the applicable Tax Track.

 

    14

     

    

 

		11.3	Income Tax Track
Without a Trustee

 

If the Company elects to Grant Options
and/or Shares to Israeli Participants according to the provisions of this track, then the Options and/or Shares will not be subject
to a Holding Period. However, upon exercise of Options or vesting of Granted Shares under this Tax Track, the Trustee shall hold
such Granted Shares and/or Underlying Shares for the benefit of the Israeli Participant in accordance with the provisions of Section
15 of this Plan.

 

		11.4	Concurrent Conditions

 

The Holding Period, if any, is in addition
to the vesting period with respect to Options, and restriction period, with respect to Shares, as specified in Section 7.2 of the
Plan (or in the Grant Letter). The Holding Period and vesting period may run concurrently, but neither is a substitute for the
other, and each are independent terms and conditions for Options Granted and Shares Granted.

 

		11.5	Trust Agreement

 

The terms and conditions applicable to
the trust relating to the Tax Track selected by the Company, as appropriate, shall be set forth in an agreement signed by the Company
and the Trustee (the “Trust Agreement”).

 

		12.	Term of Shares
Held In Trust

 

No Shares issued by the Company to the
Trustee, nor Underlying Shares issued upon exercise of Options, shall be held by the Trustee on behalf of the Participant for a
period longer than ten (10) years after the end of the Term of the Options. The Administrator shall instruct the Trustee as to
the transfer of these Shares.

 

		13.	Rights as
a Shareholder

 

		13.1	General. Unless otherwise specified in the Plan,
a Participant shall not have any rights as a shareholder with respect to Shares issued under this Plan, until such time as the
Shares shall be registered in the name of the Participant in the Company’s register of shareholders.

 

		13.2	Voting Rights. Until consummation of the Company’s
IPO, Underlying Shares and Granted Shares issued to a Participant or to the Trustee for the benefit of a Participant, shall be
voted by an irrevocable proxy assigned to the Company’s Chief Executive Officer or any other representative who shall be
appointed by the Company’s Board of Directors as a representative (the “Representative”).

 

		(A)	The Company’s Board of Directors may, at its discretion,
replace the Representative from time to time.

 

		(B)	Shares subject to proxy shall be voted by the Representative on any issue or resolution brought
before the shareholders of the Company in the same proportion as the vote of the other outstanding Shares of the Company (i.e.
if 80% of the other outstanding Shares of the Company will be voted in favor of certain resolution, and 20% will be voted against,
the Shares subject to proxy will be voted in the same manner).

 

    15

     

    

 

		(C)	Each Participant, upon execution of the irrevocable proxy specified above, undertakes to hold the
Representative harmless from any and all claims related or connected to said proxy.

 

		(D)	The Representative shall be indemnified and held harmless by the Company against any cost or expense
(including attorneys’ fees) reasonably incurred by the Representative, 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 voting of the Shares
subject to proxy, unless arising out of the Representative’s own fraud or gross negligence, to the extent permitted by applicable
law. In the event the Representative shall have indemnification by virtue of other functions or services he or she performs for
the Company or Affiliate (whether by agreement, insurance policy or decision of the appropriate corporate body(ies) of the Company
and/or Affiliate) , this indemnification shall be in addition to any such other indemnification.

 

13.3 Dividend. The Participants
shall be entitled to receive any cash dividend paid to the shareholders of the Company with respect to Granted Shares and/or Underlying
Shares issued to them under this Plan. Payments of such dividend to the Participants shall be subject to any required tax being
withheld or otherwise deducted by the Trustee or the Company, as agreed between the Company and the Trustee.

 

		14.	No Special
Employment Rights

 

Nothing contained in this Plan shall confer
upon any Participant any right with respect to the continuation of employment by or service to the Company or Affiliate or to interfere
in any way with the right of the Company or Affiliate, to terminate such employment or service or to increase or decrease the compensation
of the Israeli Participant. The Options, Granted Shares and any Underlying Shares are extraordinary, one-time benefits granted
to the Participants and are not and shall not be deemed a salary component for any purpose whatsoever, including, in connection
with calculating severance compensation under any applicable law.

 

No Participant shall have any claim or
demand with respect to any of the Options, except according to the specific terms of the Grant Letter provided to him or her by
the Company.

 

		15.	Restrictions
on Sale of Options and Shares

 

		15.1	Options.
Options may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of
descent.

 

		15.2	Shares Unless
otherwise determined by the Administrator, prior to the Company’s IPO, Underlying Shares and/or Granted Shares may not be
sold assigned, transferred, pledged, hypothecated or otherwise disposed of, except as stated below in this Section 15. Any disposition
of Underlying Shares and/or Granted Shares carried out by Participants before an IPO, without the Administrator’s prior
written approval, shall be null and void.

 

		15.3	Acceleration
Provision. The Administrator, in its sole discretion, but subject to the receipt of any approvals required under Law,
may decide to add a provision in certain Grant Letters, according to which in case of a Merger or IPO, all or some of the unvested
Options or/and Shares, shall automatically accelerate.

 

    16

     

    

 

		15.4	Lock Up.
Notwithstanding the Holding Period, if the Company engages in a financing transaction, or conducts a public offering, at
the request of the investors in such transaction or underwriters, as the case may be, the Administrator may determine that the
Granted Shares and the Underlying Shares issued pursuant to the exercise of Options may be subject to a lock-up period of up to180
days, or such longer period of time as may be recommended by the Company’s Board, during which time Participants shall not
be allowed to sell Shares. As a condition for the grant of Options and issuance of Underlying Shares thereunder and Granted Shares
under the Plan, each Participant shall execute such other documents and/or agreement as shall be determined by the Administrator
in its sole discretion.

 

		15.5	Organizational Documents. As a condition for the
grant of Options and issuance of Underlying Shares thereunder and Granted Shares under the Plan, each Participant shall acknowledge
the terms and provisions of the corporate documents of the Company, including organizational documents, as amended from time to
time, and all other agreements among the shareholders of the Company which are applicable to the holders of ordinary shares and
shall agree to be bound by their terms with respect to any restriction applicable to the ordinary shares of the Company (including
without limitation, any right of first refusal, co-sale and bring along provisions, as applicable), provided however that in the
event of a conflict between such documents and this Plan, the terms of the this Plan shall prevail.

 

		16.	Tax Matters

 

In respect of grants to Israeli Participants,
this Plan shall be governed by, and shall conform with and be interpreted so as to comply with, the requirements of Section 102
and any written approval from the Israeli Tax Authorities. All tax consequences under any applicable law (other than stamp duty)
which may arise from the Grant or Allocation or vesting of Shares and/or Options, from the exercise of Options or from the holding
or sale of Granted Shares and/or Underlying Shares (or other securities issued under the Plan) by or on behalf of the Participant,
shall be borne solely on the Participant. The Participant shall indemnify the Company and/or Affiliate and /or the Trustee, as
the case may be, and hold them harmless, against and from any liability for any such tax or any penalty, interest or indexing.

 

If the Company elects to Allocate Options
and/or Shares according to the provisions of the Income Tax Track Without a Trustee (Section 11.2 of this Plan), and if prior to
the Exercise of any and/or all of these Options or sale of such Granted Shares, such Participant ceases to be an employee, director,
or officer of the Company or Affiliate, the Participant shall deposit with the Company a guarantee or other security as required
by law, in order to ensure the payment of applicable taxes upon the Exercise of such Options and/or sale of Granted Shares, as
the case may be.

 

It is clarified that if any grants made
under the trustee routes of Section 102 do not comply with the requirement of such tax route, the grant shall be considered subject
to the non-trustee route under Section 102, or Section 3(i) or Section 2 of the Ordinance, as applicable. The Company provides
no guarantee as to the tax classification of any grant approved under this Plan.

 

		17.	Withholding
Taxes

 

Whenever an amount with respect to withholding
tax relating to Options and/or Shares Granted to a Participant and/or Underlying Shares issued upon the exercise thereof is due
from the Participant and/or the Company and/or an Affiliate, the Company and/or an Affiliate and/or the Trustee shall have the
right to demand from a Participant such amount sufficient to satisfy any applicable withholding tax requirements related thereto,
and whenever Shares or any other non-cash assets are to be delivered pursuant to the exercise of an Option and the sale of Granted
Shares, or transferred thereafter, the Company and/or an Affiliate and/or the Trustee shall have the right to require the Participant
to remit to the Company and/or to the Affiliate, or to the Trustee an amount in cash sufficient to satisfy any applicable withholding
tax requirements related thereto, and if such amount is not timely remitted, the Company and/or the Affiliate and/or the Trustee
shall have the right to withhold or set-off (subject to Law) such Shares or any other non-cash assets pending payment by the Participant
of such amounts.

 

    17

     

    

 

Until all taxes have been paid in accordance
with Rule 7 of the Section 102 Rules, Granted Shares, Options and/or Underlying Shares may not be sold, transferred, assigned,
pledged, encumbered, or otherwise willfully hypothecated or disposed of, and no power of attorney or deed of transfer, whether
for immediate or future use may be validly given. Notwithstanding the foregoing, the Granted Shares, Options and/or Underlying
Shares may be validly transferred in accordance with Section 19 below, provided that the transferee thereof shall be subject to
the provisions of Section 102 and the Section 102 Rules as would have been applicable to the deceased Participant were he or she
to have survived.

 

		18.	No Transfer
of Options

 

The Trustee shall not transfer Options
to any third party, including a Participant, except in accordance with instructions received from the Administrator.

 

		19.	Transfer of
Rights Upon Death

 

No transfer
of any Granted Share or right to an Option or Underlying Share issued upon the exercise thereof by will or by the laws of descent
shall be effective to bind the Company unless the Company shall have been furnished with the following signed and notarized documents:

 

		(A)	A written request for such transfer and a copy of the legal
documents creating and confirming the right of the person acting with respect to the Participant’s estate and of the transferee;

 

		(B)	A written consent by the transferee to pay any amounts in connection with the Granted Shares, Options
and Underlying Shares any payment due according to the provisions of the Plan and otherwise abide by all the terms of the Plan;
and

 

		(C)	any such other evidence as the Administrator may deem necessary to establish the right to the transfer
of the Granted Share, Option or Underlying Share issued upon the exercise thereof and the validity of the transfer.

 

		20.	No Right of
Others to Options

 

Subject to the provisions of
the Plan, no person other than the Participant shall have any right with respect to any of the rights granted to the Participants
under the Plan.

 

		21.	Expenses and
Receipts

 

Except as specifically referred to in this
Plan, the expenses incurred in connection with the administration and implementation of the Plan (including any applicable stamp
duty) shall be borne by the Company, excluding any fees associated with the exercise of Options or the sale of any Shares which
shall be borne solely by the Participants. Any proceeds received by the Company in connection with the Allocation of Shares or
exercise of any Option may be used for general corporate purposes.

 

    18

     

    

 

		22.	Required Approvals

 

The Plan is subject to the receipt of all
approvals required under the Tax Ordinance, and the Law.

 

		23.	Applicable
Law

 

This Plan and all documents delivered or
executed by the Company or Affiliate in connection herewith shall be governed by, and construed and administered in accordance
with the Law and Tax Ordinance.

 

		24.	Treatment
of Participants

 

There is no obligation for uniformity of
treatment of Participants.

 

		25.	No Conflicts

 

In the event of any conflict between the
terms of the Plan and the Grant Letter, the Plan shall prevail, unless the Grant Letter stated specifically that the conflicting
provision in the Grant Letter shall prevail.

 

		26.	Participant
Undertakings

 

By entering into this Plan, the Participant
shall (1) agree and acknowledge that he or she have received and read the Plan and the Grant Letter; (2) undertake all the provisions
set forth in: Section 3(i) or Section 102 as applicable (including provisions regarding the applicable Tax Track that the Company
has selected), the Plan, the Grant Letter and the Trust Agreement (if applicable); and (3) if the Options are Granted under Section
102, the Israeli Participant shall undertake that subject to the provisions of Section 102 and the Rules, he or she shall not to
sell or release the Shares or Underlying Shares from trust before the end of the Holding Period (if any).

 

 

 

* * *

 

    19

     

    

 

Appendix A

 

Terms of grant of Options to United
States employees

 

US
SUB-PLAN TO THE 

 

SAFE-T
Global LTD. GROUP EQUITY PLAN

 

Established
by resolution of the Board on July, 2016

 

		1.	PURPOSE

 

The Board of Safe-T Group Ltd.
(the “Company”) established the Safe-T Group Ltd. Global Equity Plan (the “Plan”). Through the Plan, the
Company established a framework to aid the Company in attracting and retaining the best available individuals for positions of
substantial responsibility, and to promote the success of the Company’s and Affiliate’s business by aligning the financial interests
of individuals providing services to the Company and Affiliates with long-term shareholder value.

 

The Board determined that it
was necessary and desirable to establish a sub-plan of the Plan for the purpose of granting Options to Eligible Persons
who are residents of the United States or who are or may become subject to U.S. tax (i.e., income tax, social security and/or withholding
tax (“U.S. Participants”)), which qualify as Incentive Stock Options (“ISOs”) or Non-Statutory Stock Options
(“NSOs”) within the meaning of Section 422 of the Code, to cause all Options under the Plan to be exempt from or comply
with Section 409A of the Code, to cause compensation to qualify for the exemption of “performance-based compensation”
within the meaning of Section 162(m) of the Code, and to comply with certain other provisions and exemptions under U.S. law. The
terms of the Plan, as amended from time to time, shall, subject to the provisions hereof, constitute the U.S. Sub-Plan of the Plan
(the “U.S. Sub-Plan”). This U.S. Sub-Plan supplements, and shall be read in conjunction with the Plan, and is subject
to the terms and conditions of the Plan; provided, that to the extent that the terms and conditions of the Plan differ from or
conflict with, the terms or conditions of this U.S. Sub-Plan, the terms and conditions of this U.S. Sub-Plan shall prevail.

 

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		2.	INTERPRETATION

 

For the purposes of the U.S.
Sub-Plan, the definitions set out in the Plan shall apply to the U.S. Sub-Plan as such definitions apply to the Plan and in addition
the following terms shall have the following meanings (unless the context requires otherwise):

 

		2.1	“Beneficiary” means the legal representatives of the Participant’s
estate entitled by will or the laws of descent and distribution to receive the benefits under a Participant’s Option upon
a Participant’s death, provided that, if and to the extent authorized by the Board, a Participant may be permitted to designate
a Beneficiary by separate written designation hereunder, in which case the “Beneficiary” instead will be the person,
persons, trust or trusts (if any are then surviving) which have been designated by the Participant in his or her most recent written
beneficiary designation filed with the Board to receive the benefits specified under the Participant’s Option upon such Participant’s
death. Unless otherwise determined by the Board, any designation of a Beneficiary other than a Participant’s spouse shall
be subject to the written consent of such spouse.

 

		2.2	“Code” means the United States Internal Revenue Code of 1986, as amended.
Reference to a specific section of the Code or regulation thereunder shall include any valid regulation promulgated under such
section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section
or regulation, and regulations thereto.

 

		2.3	“Covered Employee” means an Eligible Person who is a Covered Employee
as specified in Section 5 of this Sub Plan.

 

		2.4	“Director” means a member of the Board, Board of Managers, manager
or comparable governing body of the Company or any subsidiary or Affiliate.

 

		2.5	“Eligible Person” has the meaning specified in Section 3.1.1;

 

		2.6	“employee” has the meaning specified in Section 3.1.1.

 

		2.7	“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

		2.8	“Incentive Stock Option” means an Option intended to be (as set
forth in the Option Agreement) and which qualifies as an incentive stock option within the meaning of Section 422(b) of the Code.

 

		2.9	“Non-Statutory Stock Option” means an Option not intended to be (as set
forth in the Option Agreement) or which does not qualify as an Incentive Stock Option.

 

		2.10	“Qualified Member” means a member of the Board who is a “Non-Employee
Director” within the meaning of Rule 16b-3(b)(3) under the Exchange Act and an “outside director” within the
meaning of Treasury Regulation § 1.162-27 under Code Section 162(m).

 

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		2.11	“Rule 16b-3” means Rule 16b-3, as from time to time in effect and applicable
to Participants, promulgated by the U.S. Securities and Exchange Commission under Section 16 of the Exchange Act.

 

		2.12	“Ten Percent Stockholder” means a person who, at the time an Option is
granted to such person, owns shares possessing more than ten percent (10%) of the total combined voting power (as defined under
applicable U.S. law) of all classes of shares of the Company within the meaning of Section 422(b)(6) of the Code.

 

		3.	TERMS 

 

		3.1	Eligibility and Certain Option Limitations.

 

		3.1.1	Eligibility. Options may be granted under the U.S. Sub-Plan only to Eligible Persons. For
purposes of the U.S. Sub-Plan, an “Eligible Person” means (i) an employee of the Company or any subsidiary or Affiliate,
which term shall include any common-law employee as well as any person whom the Company or a subsidiary or Affiliate classifies
as an employee (including any officer who is an employee) for employment tax purposes (whether or not such classification is correct),
and any person who has been offered employment by the Company or a subsidiary or Affiliate, provided that such prospective employee
may not receive any payment or exercise any right relating to an Option until such person has commenced employment with the Company
or a subsidiary or Affiliate (each, an “employee”), (ii) a non-employee executive officer or non-employee director of
the Company or a subsidiary or affiliate, or (iii) a consultant, advisor or other independent contractor of the Company or any
subsidiary or affiliate. Options intended to qualify as “incentive stock options” as defined in Section 422 of the Code
may be granted only to an Eligible Person who is an employee (as determined under the statutory option rules of Section 421 et
seq. of the Code) of the Company or of a “parent corporation” or “subsidiary corporation” (as those terms are
defined in Section 424 of the Code) with respect to the Company. A person shall not cease to be an employee in the case of (i)
any military, sick leave or other bona fide leave of absence approved by the Company or (ii) transfers between locations of the
Company or between or among the Company, and its Subsidiaries, or any successor. For purposes of Incentive Stock Options, no such
leave may exceed ninety days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If the period
of leave exceeds ninety (90) days and reemployment upon expiration of such leave is not so guaranteed, any Incentive Stock Option
held by the grantee shall cease to be treated as an Incentive Stock Option on the 180th day following the first day of such leave
and shall thereafter be treated for tax purposes as a Non-Statutory Stock Option. Neither service as a director nor payment of
a director’s fee by the Company shall be sufficient to constitute “employment” by the Company for purposes of
the U.S. Plan.

 

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		3.2	Incentive Stock Options. 

 

The following provisions shall
control any grants of Options that are denominated as Incentive Stock Options. Non-Statutory Stock Options shall be governed by
the terms of the Plan to the extent not otherwise provided for in this U.S. Sub-Plan.

 

		3.2.1	Grants of Incentive Stock Options. The Board may grant Incentive Stock Options only to employees
(including officers who are employees) of the Company or an affiliate that is a “parent corporation” or “subsidiary
corporation” within the meaning of Section 424 of the Code. Each Option that is intended to be an Incentive Stock Option
must be designated in the Option Agreement as an Incentive Stock Option, provided that any Option designated as an Incentive Stock
Option will be a Non-Statutory Stock Option to the extent the Option fails to meet the requirements of Code Section 422. In the
case of an Incentive Stock Option, the Board shall determine the acceptable methods of payment on the date of grant and it shall
be included in the applicable Option Agreement.

 

		3.2.2	Maximum ISO Limit. The maximum aggregate number of Shares that may be issued under the Plan
pursuant to the exercise of Incentive Stock Options shall not exceed 10M Shares (the “ISO Share Limit”)
(subject to adjustment as provided in section 4 of the Plan), and shall be determined to the extent required under the Code, by
reducing the number of Shares designated under section 3 of the Plan by the number of Shares issued pursuant to Options, provided
that any Shares that are subject to Options issued under the Plan and forfeited back to the Plan before an issuance of Shares shall
be available for issuance pursuant to future ISO Options. The maximum aggregate number of Shares that may be issued under the Plan
pursuant to all Options other than Incentive Stock Options shall not be limited and shall be in accordance with section 3 of the
Plan.

 

		3.2.3	Persons Eligible. An Incentive Stock Option may be granted only to a person who, on the
effective date of grant, is an employee.

 

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		3.2.4	Fair Market Value Limitation. To the extent that options designated as Incentive
Stock Options (granted under all Shares plans of the Company, including the Plan) become exercisable by a Participant for the first
time during any calendar year for Shares having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portions
of such options which exceed such amount shall be treated as Non-Statutory Stock Options. For purposes of this Section 3.2.4, options
designated as Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market
Value of Shares shall be determined as of the time the option with respect to such Shares is granted. If the Code is amended to
provide for a limitation different from that set forth in this Section, such different limitation shall be deemed incorporated
herein effective as of the date and with respect to such Options as required or permitted by such amendment to the Code. If an
Option is treated as an Incentive Stock Option in part and as a Non-Statutory Stock Option in part by reason of the limitation
set forth in this Section, the Participant may designate which portion of such Option the Participant is exercising. In the absence
of such designation, the Participant shall be deemed to have exercised the Incentive Stock Option portion of the Option first.
Upon exercise of the Option, Shares issued pursuant to each such portion shall be separately identified.

 

		3.2.5	Post-Termination Exercise. An Incentive Stock Option shall remain exercisable following
Termination of an employee, to the extent the employee was entitled to exercise such Option at the date of Termination, only until
the expiration of (A) three months after the Termination of the employee for any reason, including any change in a Participant’s
engagement status between employee and a consultant, but other than his or her death or disability (within the meaning of Code
Section 22(e)(3)), and (B) one year after the Termination of the employee on account of his or her death or disability (as defined
above). In the case of the death of the Participant, the Option may be exercised by the Participant’s estate or by a person
who acquires the right to exercise the Option by bequest or inheritance. If such disability is not a “disability” as
such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option, such Incentive Stock Option shall
automatically cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Non-Statutory Stock Option
on the day three months and one day following such Termination.

 

    24

     

    

 

		3.2.6	Modification. If an Incentive Stock Option is modified, extended or renewed (within the
meaning of Code Section 424(h)), such Option will thereupon cease to be treated as an Incentive Stock Option.

 

		3.2.7	Exercise Price. The exercise price per share for an Option shall be determined by the Board;
provided that such exercise price shall be not less than the Fair Market Value of a Share on the effective date of grant of the
Option. No Incentive Share Option granted to a Ten Percent Shareholder shall have an exercise price per share less than one hundred
ten percent (110%) of the Fair Market Value of a Share on the effective date of grant of the Option. Notwithstanding the foregoing,
an Option (whether an Incentive Stock Option or a Non-Statutory Stock Option) may be granted with an exercise price lower than
the minimum exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option
in a manner qualifying under the provisions of Section 424(a) of the Code.

 

		3.2.8	Term of Options. (a) The Board shall determine the term of each Option, provided that in
no event shall any Option be exercisable after the expiration of ten (10) years after the effective date of grant of such Option
and (b) no Incentive Stock Option granted to a Ten Percent Shareholder shall be exercisable after the expiration of five (5) years
after the effective date of grant of such Option. Subject to the foregoing, unless otherwise specified by the Board in the Option
Agreement, any Option granted hereunder shall terminate ten (10) years after the effective date of grant of the Option, unless
earlier terminated in accordance with its provisions.

 

		3.2.9	Termination of Employment. If, on the date of Termination, the Participant is not vested
as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan and the U.S.
Plan. If, after Termination, the entire vested portion of his or her Option shall not be exercised within the applicable time period,
the Option shall terminate and the Shares covered by the unexercised vested portion of such Option shall also revert to the Plan
and the U.S. Plan.

 

		3.2.10	Limits on Transferability; Beneficiaries. No Option or other right or interest of a Participant
under this U.S. Sub-Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability
of such Participant to any party (other than the Company or a subsidiary or Affiliate thereof), or assigned or transferred by such
Participant otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant,
and such Options or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant
or his or her guardian or legal representative.

 

    25

     

    

 

		4.	ADMINISTRATION OF U.S. SUB-PLAN

 

		4.1	Manner of Exercise of Board Authority. At any time that a member of the Board is not a Qualified
Member, any action of the Board relating to an Option intended by the Board to qualify as “performance-based compensation”
within the meaning of Code Section 162(m) and regulations there under or intended to be covered by an exemption under Rule 16b-3
under the Exchange Act may be taken by a committee or subcommittee, designated as the “U.S. Sub-Committee,” composed
solely of two or more Qualified Members or may be taken by the Board or the U.S. Sub-Committee but with each such member who is
not a Qualified Member abstaining or recusing himself or herself from such action, provided that, upon such abstention or recusal,
the Board or U.S. Sub-Committee remains composed of two or more Qualified Members. Such action, authorized by the U.S. Sub-Committee
or by the Board upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Board for purposes of
the Plan. The express grant of any specific power to the Board, and the taking of any action by the Board, shall not be construed
as limiting any power or authority of the Board. To the fullest extent authorized under applicable law, the Board may delegate
to officers or managers of the Company or any subsidiary or Affiliate, or committees thereof, the authority, subject to such terms
as the Board shall determine, to perform such functions, including administrative functions, as the Board may determine, to the
extent that such delegation will not cause Options intended to qualify as “performance-based compensation” under Code
Section 162(m) or intended to qualify for an exemption under Rule 16b-3 under the Exchange Act to fail to so qualify.

 

		4.2	Exemptions from Section 16(b) Liability. With respect to a Participant who is then subject
to the reporting requirements of Section 16(a) of the Exchange Act in respect of the Company, the Board shall implement transactions
under the Plan and administer the Plan in a manner that will ensure that each transaction with respect to such a Participant is
exempt under Rule 16b-3 (or satisfies another exemption under Section 16(b)), except that this provision shall not limit sales
by such a Participant, and such a Participant may engage in other non-exempt transactions with respect to shares delivered under
the Plan.

 

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		4.3	Compliance with Legal and Other Requirements. The Company may, to the extent deemed necessary
or advisable by the Board, postpone the issuance or delivery of Shares until completion of such registration or qualification of
such Shares or other required action under any federal or state law, rule or regulation or listing or other required action with
respect to any stock exchange or automated quotation system upon which the Shares or other securities of the Company are listed
or quoted, as the Board may consider appropriate, and may require any Participant to make such representations, furnish such information
and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery
of in compliance with applicable laws, rules, and regulations or listing requirements.

 

		5.	TAX PROVISIONS 

 

		5.1	Section 409A Compliance. The Company intends that Options granted pursuant to the Plan to
U.S. Participants be exempt from or comply with Section 409A of the Code (including any amendments or replacements of such section),
and the Plan shall be so construed. Notwithstanding other provisions of this U.S. Sub-Plan or any Option Agreements hereunder,
unless otherwise determined by the Board in its sole and absolute discretion, no Option shall be granted, deferred, accelerated,
extended, paid out or modified under this U.S. Sub-Plan in a manner that would result in the imposition of an additional tax under
Section 409A of the Code upon a Participant. In the event that it is reasonably determined by the Board that, as a result of Section
409A of the Code, payments in respect of any Option under the Plan may not be made at the time contemplated by the terms of the
Plan or the relevant Option Agreement, as the case may be, without causing the Participant holding such Option to be subject to
taxation under Section 409A of the Code, including as a result of the fact that the Participant is a “specified employee”
under Section 409A of the Code, the Company will make such payment on the first day that would not result in the Participant incurring
any tax liability under Section 409A of the Code. The Company shall use commercially reasonable efforts to implement the provisions
of this Section 5.1 in good faith; provided that neither the Company, the Board nor any of the Company’s employees, directors
or representatives shall have any liability to Participants with respect to this Section 5.1. Without limiting the foregoing, unless
otherwise determined by the Board in its sole and absolute discretion, the terms of Section 4 of the Plan as they relate to U.S.
Participants shall be subject to the requirements and limitations of Section 409A of the Code. Notwithstanding any provision of
the Plan to the contrary, in the event that following such effective date the Board determines that any Option may be subject to
Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be
issued after such effective date), the Board may adopt such amendments to the Plan and the applicable Option Agreement or adopt
other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions,
that the Board determines are necessary or appropriate to (a) exempt the Option from Section 409A of the Code and/or preserve the
intended tax treatment of the benefits provided with respect to the Option, or (b) comply with the requirements of Section 409A
of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section.

 

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		5.2	Compliance with Code Section 162(m). The terms of the Plan and Section 3 of this U.S. Sub-Plan,
including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code
Section 162(m) and regulations thereunder. The foregoing notwithstanding, because the Board cannot determine with certainty whether
a given Participant will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered
Employee as used herein shall mean only a person designated by the Board as likely to be a Covered Employee with respect to a specified
fiscal year. If any provision of the Plan or any Option document relating to a performance Option that is designated as intended
to comply with Code Section 162(m) does not comply or is inconsistent with the requirements of Code Section 162(m) or regulations
thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements, and no
provision shall be deemed to confer upon the Board or any other person discretion to increase the amount of compensation otherwise
payable in connection with any such Option upon attainment of the applicable performance objectives.

 

		6.	LIMITATION ON RIGHTS CONFERRED UNDER U.S. SUB-PLAN

 

Neither this U.S. Sub-Plan nor
any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible
Person or Participant or in the employee or service of the Company or a subsidiary or Affiliate, (ii) interfering in any way with
the right of the Company or a subsidiary or Affiliate to terminate any Eligible Person’s or Participant’s employment
or service at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Option under the Plan or to
be treated uniformly with other Participants and employees, or (iv) conferring on a Participant any of the rights of a shareholder
of the Company unless and until the Participant is duly issued or transferred Shares in accordance with the terms of an Option
or an Option is duly exercised. Except as expressly provided in this U.S. Sub-Plan and an Option Agreement, neither this U.S. Sub-Plan
nor any Option Agreement shall confer on any person other than the Company and the Participant any rights or remedies thereunder.

 

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		7.	AUTHORIZATION OF SUB-PLAN

 

		7.1	Effectiveness. This U.S. Sub-Plan shall become effective upon its adoption by the Board
(the “Effective Date”). It shall continue in effect for a term of ten years from such date or from the date of its
approval by the Shareholders, whichever is earlier, unless sooner terminated under the terms of the Plan.

 

		7.2	Shareholder Approval. Continuance of the Plan and this U.S. Sub-Plan shall be subject to
approval by the shareholders of the Company within twelve (12) months before or after the date the Plan and this U.S. Sub-Plan
are adopted. Any Shares purchased under this U.S. Sub-Plan before shareholder approval is obtained must be rescinded if shareholder
approval is not obtained within twelve (12) months before or after the Plan and this U.S. Sub-Plan are adopted. Any material amendment
to the U.S. Sub-Plan and the Plan shall be subject to approval by the shareholders of the Company to the extent required to maintain
compliance with Code Section 162(m).

 

		7.3	Nonexclusivity of the Plan. Neither the adoption of this U.S. Sub-Plan by the Board nor
its submission to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the
Board or a committee thereof to adopt such other incentive arrangements, apart from the Plan or this U.S. Sub-Plan, as it may deem
desirable, including incentive arrangements and Options which do not qualify under Code Section 162(m), and such other arrangements
may be either applicable generally or only in specific cases.

 

		8.	GOVERNING LAW

 

This U.S. Sub-Plan shall in all
respects be governed by and be construed in accordance with the laws of the State of Delaware, without giving effect to the principals
of conflicts of laws, and applicable provisions of federal law. The state and federal courts located within the State of Delaware
shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this U.S. Sub-Plan and accordingly
any proceedings, suit or action arising out of the U.S. Sub-Plan shall be brought in such courts.

 

    29

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