Document:

EX-10.19

 Exhibit 10.19 

ADICET BIO, INC. 2015 STOCK INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK PURCHASE AWARD 
  

					
	   Grantee’s Name and Address:
	 	
                     

	 	
			
		 	
                     

	 	
			
		 	
                     

	 	

 You (the “Grantee”) have been granted the right to purchase shares of Common Stock, subject
to the terms and conditions of this Notice of Restricted Stock Purchase Award (the “Notice”), the Adicet Bio, Inc. 2015 Stock Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock
Purchase Award Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 

 

					
	 Award Number
	 	
              
       
	 	
			
	 Date of Purchase
	 	
              
       
	 	
			
	 Date Award Approved by Board
	 	
              
       
	 	
			
	 Vesting Commencement Date
	 	
              
       
	 	
			
	 Purchase Price per Share
	 	
              
       
	 	
			
	 Total Number of Shares of Common Stock Awarded (the “Shares”)
	 	
              
       
	 	
			
	 Total Purchase Price
	 	
              
       
	 	

 Vesting Schedule: 

For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Shares, that such Shares are no
longer subject to repurchase at the Purchase Price per Share, as described in Section 9 of the Agreement (the “Repurchase Right”); provided, however, that such Shares shall remain subject to other restrictions on transfer set
forth in the Agreement or the Plan. Shares that have not vested are deemed “Restricted Shares.” If the Grantee would become vested in a fraction of a Share, such Share shall not vest until the Grantee becomes vested in the entire
Share. 
 Subject to the Grantee’s Continuous Service and the other limitations set forth in this Notice, the Plan and the Agreement,
the Repurchase Right shall lapse in accordance with the following schedule: 
 [25% of the Shares shall vest twelve (12) months
after the Vesting Commencement Date, and 1/36th of the remaining unvested Shares shall vest on each of the next thirty-six (36) monthly anniversaries
of the Vesting Commencement Date thereafter.]1 
  

 

	1 	 Insert for new-hire grants. 

  
 1 

 [1/48th of the Shares shall vest on each monthly anniversary of the Vesting Commencement
Date.]2 
 During any authorized leave of absence, the vesting of the Shares shall
be suspended after the leave of absence exceeds a period of three (3) months. Vesting of the Shares shall resume upon the Grantee’s termination of the leave of absence and return to Continuous Service. The Vesting Schedule of the Shares
shall be extended by the length of the suspension. 
 [Remainder of Page Left Intentionally Blank] 

 
  

	2 	 Insert for refresh grants. 

  
 2 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the
Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement. 
  

			
	 ADICET BIO, INC.,

a Delaware corporation

		
	By:	 	
                     

	Name:	 	
                     

	Title:	 	
                     

 [Remainder of Page Left Intentionally Blank] 

  
 3 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE
GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, OR THE PLAN, SHALL CONFER UPON
THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE COMPANY OR RELATED ENTITY TO WHICH THE GRANTEE PROVIDES
SERVICES TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S
STATUS IS AT WILL. 
 The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Plan, and the Agreement in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Plan, and the Agreement. The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the
Plan and the Agreement shall be resolved by the Administrator in accordance with Section 17 of the Agreement. The Grantee further agrees to the venue selection in accordance with Section 18 of the Agreement. The Grantee further agrees to
notify the Company upon any change in the residence address indicated in this Notice. TO ACCEPT THIS AWARD AND PURCHASE THE SHARES, THE GRANTEE MUST EXECUTE AND DELIVER THIS SIGNED NOTICE AND AGREEMENT TO THE COMPANY ACCOMPANIED WITH PAYMENT OF
THE TOTAL PURCHASE PRICE (PAID IN ACCORDANCE WITH SECTION 2 OF THE AGREEMENT) WITHIN 60 DAYS OF RECEIPT OF THIS NOTICE FROM THE COMPANY. THE DATE OF DELIVERY OF THE SIGNED NOTICE AND AGREEMENT TOGETHER WITH PAYMENT OF THE TOTAL PURCHASE PRICE SHALL
CONSTITUTE THE DATE OF PURCHASE OF THE SHARES. 
  

							
	 Dated:
                    
	 		 		 	
Signed:                 
                                         
                       

		 		 		 	Grantee

  
 4 

 Award Number:
                     

ADICET BIO, INC. 2015 STOCK INCENTIVE PLAN 

RESTRICTED STOCK PURCHASE AWARD AGREEMENT 

1.    Purchase of Shares. Adicet Bio, Inc., a Delaware corporation (the “Company”), agrees to
issue and sell to the Grantee (the “Grantee”) named in the Notice of Restricted Stock Purchase Award (the “Notice”), the Total Number of Shares of Common Stock Awarded set forth in the Notice (the
“Shares”) for a Purchase Price per Share set forth in the Notice (the “Total Purchase Price”), subject to the Notice, this Restricted Stock Purchase Award Agreement (the “Agreement”) and the
Company’s 2015 Stock Incentive Plan, as amended from time to time (the “Plan”), which are incorporated herein by reference. Payment for the Shares in the amount of the Total Purchase Price set forth in the Notice shall
be made to the Company upon execution of the Notice. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Agreement. All Shares sold hereunder will be deemed issued to the Grantee as fully paid
and nonassessable shares, and the Grantee will have the right to vote the Shares at meetings of the Company’s stockholders. The Company shall pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee
hereunder. 
 2.    Method of Payment. Payment of the Total Purchase Price shall be by any of the following, or a
combination thereof, at the election of the Grantee; provided, however, that such payment method does not then violate any Applicable Law and, provided further, that the portion of the Total Purchase Price equal to the par value of the Shares must
be paid in cash or other legal consideration permitted by the Delaware General Corporation Law: 
 (a)    cash; or 

(b)    check. 

3.    Transfer Restrictions for Unvested Shares. The Shares sold to the Grantee hereunder may not be sold,
transferred by gift, pledged, hypothecated, or otherwise transferred or disposed of by the Grantee prior to the date that the Shares become vested pursuant to the Vesting Schedule set forth in the Notice. Any attempt to transfer Shares in violation
of this Section 3 will be null and void and will be disregarded. After the Shares vest, the Shares will remain subject to the Company’s Right of First Refusal as set forth in Section 8 below. 

4.    Escrow of Stock. For purposes of facilitating the enforcement of the provisions of this Agreement, the
Grantee agrees, immediately upon receipt of the certificate(s) for the Shares, to deliver such certificate(s), together with an Assignment Separate from Certificate in the form attached hereto as Exhibit A, executed in
blank by the Grantee with respect to each such stock certificate, to the Secretary or Assistant Secretary of the Company, or their designee, to hold in escrow for so long as such Shares have not vested pursuant to the Vesting Schedule set forth in
the Notice or are subject to the Company’s Right of First Refusal, with the authority to take all 

  
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such actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance with the terms hereof. The
Grantee hereby acknowledges that the appointment of the Secretary or Assistant Secretary of the Company (or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make this Agreement and
that such appointment is coupled with an interest and is accordingly irrevocable. The Grantee agrees that the Restricted Shares may be held electronically in a book entry system maintained by the Company’s transfer agent or other third-party
and that all the terms and conditions of this Section 4 applicable to certificated Restricted Shares will apply with the same force and effect to such electronic method for holding the Restricted Shares. The Grantee agrees that such escrow
holder shall not be liable to any party hereto (or to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto. The escrow holder may rely upon any letter, notice or other document executed by any
signature purported to be genuine and may resign at any time. Upon the vesting of all Shares and termination of the Company’s Right of First Refusal, the escrow holder will, upon request, transmit to the Grantee the certificate evidencing such
Shares, subject, however, to satisfaction of any withholding obligations provided in Section 6 below. 

5.    Distributions. Except as set forth in Section 9(e), the Company shall disburse to the Grantee all
regular cash dividends with respect to the Shares and Additional Securities (whether vested or not), less any applicable withholding obligations. 

6.    Section 83(b) Election and Withholding of Taxes. The Grantee shall provide the Administrator with a copy of
any timely election made pursuant to Section 83(b) of the Internal Revenue Code or similar provision of state law (collectively, an “83(b) Election”), a form of which is attached hereto as Exhibit B.
If the Grantee makes a timely 83(b) Election, the Grantee shall immediately pay the Company the amount necessary to satisfy any applicable foreign, federal, state, and local income and employment tax withholding obligations. If the Grantee does not
make a timely 83(b) Election, the Grantee shall, as Restricted Shares shall vest or at the time withholding is otherwise required by any Applicable Law, pay the Company the amount necessary to satisfy any applicable foreign, federal, state, and
local income and employment tax withholding obligations. The Grantee hereby represents that he or she understands (a) the contents and requirements of the 83(b) Election, (b) the application of Section 83(b) to the receipt of the
Shares by the Grantee pursuant to this Agreement, (c) the nature of the election to be made by the Grantee under Section 83(b), and (d) the effect and requirements of the 83(b) Election under relevant state and local tax laws. The
Grantee further represents that he or she intends to file an election pursuant to Section 83(b) with the Internal Revenue Service within thirty (30) days following the date of this Agreement, and submit a copy of such election to the
Company and with his or her federal tax return for the calendar year in which the date of this Agreement falls. 

7.    Additional Securities. Any securities or cash received (other than a regular cash dividend) as the result of
ownership of the Shares (the “Additional Securities”), including, but not by way of limitation, warrants, options and securities received as a stock dividend or stock split, or as a result of any transaction described in
Section 10 or 11 of the Plan, shall be subject to the same conditions and restrictions as the Shares with respect to which they were issued, including, without limitation, the Vesting Schedule set forth in the Notice, Right of
First Refusal and the Repurchase Right and retained in escrow in the same manner as the Shares with respect 

  
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to which they relate. The Grantee shall be entitled to direct the Company to exercise any warrant or option received as Additional Securities upon supplying the funds necessary to do so, in which
event the securities so purchased shall constitute Additional Securities, but the Grantee may not direct the Company to sell any such warrant or option. If Additional Securities consist of a convertible security, the Grantee may exercise any
conversion right, and any securities so acquired shall constitute Additional Securities. Appropriate adjustments to reflect the distribution of Additional Securities shall be made to the price per share to be paid upon the exercise of the Repurchase
Right in order to reflect the effect of any such transaction upon the Company’s capital structure. In the event of any change in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization
or other transaction that results in the creation of Additional Securities, the escrow holder is authorized to deliver to the issuer the certificates evidencing the Shares or the Additional Securities in exchange for the certificates of the
replacement securities. 
 8.    Company’s Right of First Refusal. The Grantee acknowledges and agrees that
the Shares are subject to a right of first refusal (“Right of First Refusal”) as set forth in the Bylaws of the Company, which Right of First Refusal is incorporated herein by reference irrespective of whether the Bylaws are amended
at some future date to remove the Right of First Refusal therefrom, and that, except in compliance with such Right of First Refusal, neither the Grantee nor a transferee shall sell, hypothecate, encumber or otherwise transfer any Shares or any right
or interest therein. 
 9.    Company’s Repurchase Right. 

(a)    Grant of Repurchase Right. The Company is hereby granted the right (the “Repurchase Right”),
exercisable at any time during the nine (9) month period (the “Share Repurchase Period”) following the date the Grantee’s Continuous Service terminates for any reason, with or without cause (including death or disability)
(the “Termination Date”) to repurchase all or any portion of the Shares that are deemed Restricted Shares. 

(b)    Exercise of the Repurchase Right. The Repurchase Right shall be exercisable by written notice delivered to
the Grantee prior to the expiration of the Share Repurchase Period. The notice shall indicate the number of Shares to be repurchased and the date on which the repurchase is to be effected, such date to be not later than the last day of the
Share Repurchase Period. On the date on which the repurchase is to be effected, the Company and/or its assigns shall pay to the Grantee in cash or cash equivalents (including the cancellation of any purchase-money indebtedness) an amount equal to
the lesser of the Purchase Price per Share previously paid by the Grantee to the Company for such Shares and the Fair Market Value per Share on the date on which the repurchase is to be effected. Upon such payment or deposit into escrow for
the benefit of the Grantee, the Company and/or its assigns shall become the legal and beneficial owner of the Shares being repurchased and all rights and interest thereon or related thereto, and the Company shall have the right to transfer to its
own name or its assigns the number of Shares being repurchased, without further action by the Grantee. 

(c)    Assignment. Whenever the Company shall have the right to purchase Shares under this Repurchase Right, the
Company may designate and assign one or more employees, officers, directors or stockholders of the Company or other persons or organizations, to exercise all or a part of the Company’s Repurchase Right. 

  
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 (d)    Termination of the Repurchase Right. The Repurchase Right
shall terminate with respect to any Shares for which it is not timely exercised. 
 (e)    Additional Shares or
Substituted Securities. In the event of any transaction described in Sections 10 or 11 of the Plan, the Repurchase Right shall apply to the new capital stock or other property (including cash paid other than as a regular cash dividend)
received in exchange for the Shares in consummation of any such transaction and such stock or property shall be deemed Additional Securities for purposes of this Agreement, but only to the extent the Shares are at the time covered by such Repurchase
Right. Appropriate adjustments shall be made to the price per share payable upon exercise of the Repurchase Right to reflect the effect of any such transaction. 

10.    Stop-Transfer Notices. In order to ensure compliance with the restrictions on transfer set forth in this
Agreement, the Notice or the Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its
own records. 
 11.    Refusal to Transfer. The Company shall not be required (i) to transfer on its books
any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to
whom such Shares shall have been so transferred. 
 12.    Restrictive Legends. The Grantee understands and
agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company
or by state or federal securities laws: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER,
PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER, A RIGHT OF FIRST REFUSAL AND A REPURCHASE RIGHT HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE RESTRICTED STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF 

  
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THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS, RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHT ARE BINDING ON TRANSFEREES OF THESE
SHARES. 
 13.    Lock-Up Agreement. 

(a)    Agreement. The Grantee, if requested by the Company and the lead underwriter of any public offering of the
Common Stock (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or
dispose of any interest in any Common Stock or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public
market after such offering) during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended, or such shorter or longer
period of time as the Lead Underwriter shall specify. The Grantee further agrees to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agrees that the Company may impose stop-transfer instructions with
respect to such Common Stock subject to the lock-up period until the end of such period. The Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock,
during the period of such offering and for the lock-up period thereafter, is an intended beneficiary of this Section 13. 

(b)    No Amendment Without Consent of Underwriter. During the period from identification of a Lead Underwriter in
connection with any public offering of the Company’s Common Stock until the earlier of (i) the expiration of the lock-up period specified in Section 13(a) in connection with such offering or
(ii) the abandonment of such offering by the Company and the Lead Underwriter, the provisions of this Section 13 may not be amended or waived except with the consent of the Lead Underwriter. 

14.    Grantee’s Representations. The Grantee shall, concurrently with the purchase of the Shares, deliver to
the Company his or her Investment Representation Statement in the form attached hereto as Exhibit C. 

15.    Entire Agreement: Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of
the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the
Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan and this Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other
than the parties. The Notice, the Plan and this Agreement are to be construed in accordance with and governed by the internal laws of the State of California without giving effect to any choice of law rule that would cause the application of the
laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the parties. Should any provision of the Notice, the Plan or this Agreement be determined to be illegal or unenforceable, such provision
shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 

  
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 16.    Construction. The captions used in the Notice and this
Agreement are inserted for convenience and shall not be deemed a part of the Agreement for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

17.    Administration and Interpretation. Any question or dispute regarding the administration or interpretation of
the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons. 

18.    Venue. The Company, the Grantee, and the Grantee’s assignees pursuant to Section 3 (the
“parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought in the United States District Court for the Northern District of California (or should such
court lack jurisdiction to hear such action, suit or proceeding, in a California state court in the County of San Francisco) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent
permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. If any one or more provisions of this Section 18 shall for any reason be held invalid or unenforceable, it
is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

19.    Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed
effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage
and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

END OF AGREEMENT 

  
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 EXHIBIT A 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

[Please sign this document but do not date it. The date and information of the transferee will be completed if and when the shares are assigned.] 

FOR VALUE RECEIVED,                     
hereby sells, assigns and transfers unto                     ,
                     (                ) shares of the Common
Stock of Adicet Bio, Inc., a Delaware corporation (the “Company”), standing in his name on the books of, represented by Certificate No.          herewith, and does hereby irrevocably
constitute and appoint the Secretary of the Company attorney to transfer the said stock in the books of the Company with full power of substitution. 

DATED:                      

 

			
	 By:
	 	  

	(Signature)

  
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 EXHIBIT B 

ELECTION UNDER SECTION 83(b) 
 OF
THE INTERNAL REVENUE CODE OF 1986 
 The undersigned taxpayer hereby elects, pursuant to the Internal Revenue Code, to include in gross
income for calendar year          the amount of any compensation taxable in connection with the taxpayer’s receipt of the property described below: 

1.    The name, address, taxpayer identification number and taxable year of the undersigned are: 

 

					
	TAXPAYER’S NAME	  	
                     

	  	
			
	TAXPAYER’S SOCIAL SECURITY NO.:	  	
                     

	  	
			
	TAXABLE YEAR:	  	Calendar Year         	  	
			
	ADDRESS:	  	
                     

	  	
		  	
                     

	  	
		  	
                     

	  	

 2.    The property which is the subject of this election is
                 shares of common stock of Adicet Bio, Inc. 

3.    The property was transferred to the undersigned on
            ,         . 

4.    The property is subject to the following restrictions: The property is subject to a repurchase right pursuant to
which the issuer has the right to acquire the property at the lesser of the original purchase price or the fair market value of the property if for any reason taxpayer’s employment or service with the issuer is terminated. The issuer’s
repurchase right lapses in a series of periodic installments. 
 5.    The fair market value of the property at the time
of transfer (determined without regard to any restriction other than a restriction which by its terms will never lapse) is: $         per share x
                 shares = $        . 

6.    The undersigned paid $         per share x
                 shares for the property transferred or a total of $        . 

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the
undersigned’s receipt of the above-described property. The undersigned taxpayer is the person performing the services in connection with the transfer of said property. 

The undersigned will file this election with the Internal Revenue Service office to which the undersigned files the undersigned’s annual
income tax return not later than 30 days after the date of transfer of the property. Additionally, the undersigned will include a copy of the election with the undersigned’s income tax return for the taxable year in which the property is
transferred. 
  

							
	Dated:                     	 		 		 	 

                  
   

		 		 		 	Taxpayer

  
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 EXHIBIT C 

ADICET BIO, INC. 2015 STOCK INCENTIVE PLAN 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	GRANTEE:	  	
                     

	  	
			
	COMPANY:	  	ADICET BIO, INC.	  	
			
	SECURITY:	  	COMMON STOCK	  	
			
	NUMBER OF SHARES:	  	
                     

	  	
			
	DATE:	  	
                     

	  	

 In connection with the purchase of the above-listed Securities, the undersigned
Grantee represents to the Company the following: 
 (a)    Grantee is aware of the Company’s business affairs and
financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Grantee is acquiring these Securities for investment for Grantee’s own account only and not
with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b)    Grantee acknowledges and understands that the Securities constitute “restricted securities” under the
Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon among other things, the bona fide nature of Grantee’s investment intent as expressed herein.
Grantee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Grantee further acknowledges and understands that the
Company is under no obligation to register the Securities. Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such
registration is not required in the opinion of counsel satisfactory to the Company. 
 (c)    Grantee is familiar with
the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the sale of the Shares to Grantee, the sale will be
exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as
any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, except in the case of affiliates, such Securities may be resold subject to the satisfaction of the
applicable conditions specified by Rule 144, including: (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any three month period not exceeding specified

  
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limitations, (3) the resale being made in an unsolicited “broker’s transaction,” in transactions directly with a “market maker” or “riskless principal
transactions” (as said terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

In the event that the Company does not qualify under Rule 701 at the time of sale of the Securities, then the Securities may be resold in
certain limited circumstances subject to the provisions of Rule 144, which may require: the availability of current public information about the Company; the resale to occur more than a specified period after the purchase and full payment
(within the meaning of Rule 144) for the Securities; and, in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above. 

(d)    Grantee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not
satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities
and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in
establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no assurances can be
given that any such other registration exemption will be available in such event. 
 (e)    Grantee represents that
Grantee is a resident of the state of                     . 

 

			
	Signature of Grantee: 
		
	By:	 	
                     

		
	Date:	 	
                     

  
 2EX-10.20

 Exhibit 10.20 

APPLIED IMMUNE TECHNOLOGIES LTD. 

(the “Company”) 

SHARE OPTION PLAN (2014) 

Adopted by the Board of Directors on              2014 

 TABLE OF CONTENTS 

 

							
	 1.
	 	 Preamble
	  	 	3	 
			
	 2.
	 	 Schedules, Headings and Definitions
	  	 	3	 
			
	 3.
	 	 Shares Subject to Plan; Issuance of Options
	  	 	5	 
			
	 4.
	 	 Terms of the Options
	  	 	6	 
			
	 5.
	 	 Manner of Exercising the Option
	  	 	8	 
			
	 6.
	 	 Trust
	  	 	10	 
			
	 7.
	 	 Taxes
	  	 	11	 
			
	 8.
	 	 Registration of the Exercise Shares
	  	 	11	 
			
	 9.
	 	 The rights attached to the Exercise Shares
	  	 	12	 
			
	 10.
	 	 Changes to the Plan and in the Company’s Share Capital
	  	 	13	 
			
	 11.
	 	 Notices; Documentation
	  	 	15	 
			
	 12.
	 	 Governing Law
	  	 	16	 
		
	 Schedule A:
            Form of Exercise Notice
	  	 	17	 
		
	 Schedule B:
            Proxy.
	  	 	18	 

  
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	1.	 	Preamble
		
		 	This plan, as amended from time to time, shall be known as the “Applied Immune Technologies Ltd. Share Option Plan (2014)” (the “Plan”). The purpose of the Plan is to provide incentives to
certain employees of the Company and others whose identities shall be determined by the Board (the “Offerees”), from time to time, by offering one or more of such Offerees the opportunity to purchase ordinary shares in the Company,
NIS 0.01 par value each (the “Ordinary Shares”).
		
	2.	 	Schedules, Headings and Definitions
		
	2.1	 	The Schedules hereto constitute an integral part of the Plan.
		
	2.2	 	The section headings are intended solely for the reader’s convenience and in no event shall they constitute a basis for the interpretation of the Plan.
		
	2.3	 	In this Plan, the following terms shall have the meanings set forth beside them:
			
		 	“102 Provisions”	  	The provisions of section 102 of the Ordinance and of the Income Tax Rules (Tax Relief in Allocating Shares to Employees), 5763-2003, as they shall apply from time to time to shares and options issued hereunder;
			
		 	“3(i) Option”	  	An Option granted under the rules of Section 3(i) of the Ordinance, as amended, or any law or regulations, which shall replace Section 3(i);
			
		 	“Applicable Laws”	  	The requirements relating to the administration of share option plans under Israeli law, any stock exchange or quotation system on which the Ordinary Shares are listed or quoted and the applicable laws of any other country or
jurisdiction where Options are granted under the Plan;
			
		 	“Board”	  	The Company’s Board of Directors, or any committees lawfully empowered by the Board;
			
		 	“Cause”	  	 Any of the following: (i) the Offeree’s theft, dishonesty, or falsification of any Company documents or records; (ii) the
Offeree’s improper use or disclosure of the Company’s confidential or proprietary information; (iii) any action by the Offeree which has a detrimental effect on the Company’s reputation or business; (iv) any material breach
of the Offeree of any agreement between the Offeree and the Company; (v) the Offeree’s conviction (including any guilty plea or plea of nolo contendere) of any criminal act which impairs the Offeree’s ability to perform his or
her duties with the Company; (vi) a breach of the non compete commitment.
  
 For
purposes of the definition of Cause, “Company” shall include the parent or subsidiary employing or engaging the services of the Offeree;

  
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		 	“Consultant”	  	Any person who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory services to such entity, including any employees of such person and including a
non-Employee Director of the Company or any Related Company thereof. An Offeree shall not cease to be a Consultant in case of any temporary interruption in such person’s availability to provide services
to the Company, any Related Company, or any successor, which has been authorized in writing by the engaging company (or by the Parent or Subsidiary) prior to its commencement;
			
		 	“Controlling Shareholder”	  	Shall have the meaning ascribed to it in Section 32(i) of the Ordinance;
			
		 	“Effective Date”	  	A date to be determined separately for each offer to each Offeree, from which the Offeree’s entitlement to the Options shall begin to vest;
			
		 	“Exercise Date”	  	As defined in section 5.2 below;
			
		 	“Exercise Price”	  	A price to be determined separately for each Offeree under section 3.4 below and set out in such Offeree’s Notice of Share Option Grant;
			
		 	“Exercise Shares”	  	As defined in section 3.2 below;
			
		 	“IPO”	  	Initial public offering of the Company’s shares;
			
		 	“Lockup Period”	  	As defined in section 6.1 below;
			
		 	“Notice Of Share Option Grant”	  	A Notice setting out each Offeree’s separate terms and conditions including but not limited to the Offeree’s Options Exercise Price, Vesting Schedule etc.;
			
		 	“Number of Vested Options”	  	A number to be calculated separately for each Offeree in accordance with such Offeree’s vesting schedule determined under section 3.4 below and set out in such Offeree’s Notice of Share Option Grant;
			
		 	“Options”	  	As defined in section 3.2 below;
			
		 	“Ordinance”	  	The Israeli Income Tax Ordinance [New Version], 5721-1961 as amended, the rules promulgated thereunder, or any law or regulations which shall replace the Ordinance or Sections 3(i) or 102 Provisions;
			
		 	“Related Company”	  	A company in which the Company is a Controlling Shareholder or a company which is a Controlling Shareholder in the Company;
			
		 	“Significant Event”	  	Any Deemed Liquidation Event (as defined in the Company’s Articles of Association, as amended from time to time), including, without limitation, any of the following:
			
		 		  	(a) An acquisition of all or substantially all of the Company’s assets, or

  
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		 		  	 (b) the registration of the Company’s shares for trade on the Stock Exchange, or

 
 (c) a change of the Company’s structure and any arrangement between the Company and
its shareholders and/or creditors and/or holders of options on the Company’s shares, or
  

(d) a statutory merger or statutory spin-off or an arrangement which economically amounts to a merger or a spin-off, or
  
 (e) a transaction or a series of
consecutive transactions within a period of 12 months, in which all or substantially all of the issued and outstanding share capital of the company are sold to a third party;

			
		 	“Successor Company”	  	Any entity with which the Company is merged, or which acquires the Company, following which the Company is not the surviving entity;
			
		 	“Stock Exchange”	  	Any established stock exchange or a national market system, including a foreign stock exchange;
			
		 	“Termination Date”	  	The earlier of the date of notice of dismissal of, or resignation by the Offeree in question and the date the employee-employer relationship between the Offeree and the Company or a subsidiary thereof is terminated, as the case may
be;
			
		 	“Trustee”	  	The trustee specified in the Notice of Share Option Grant of the relevant Offeree and any other trustee who shall replace the same for the purposes of this Plan.

  

	3.	 Shares Subject to Plan; Issuance of Options 

 

	3.1	 The Company, during the term of this Plan will at all times reserve and keep available such number of Ordinary
Shares as shall be sufficient to satisfy the vested portion of Options granted under the Plan and any other share and option plans which may be adopted by the Company in the future, subject to any adjustment provided below. Such Ordinary Shares may
consist, in whole or in part, of authorized and unissued shares or treasury shares. Any shares that are subject to Options that, for any reason, expire or are terminated unexercised shall again become available for issuance under the Plan. In the
event of any merger, reorganization, consolidation, recapitalization, share dividend, share distribution, stock split, spin off, combination or reclassification of shares or any other change in corporate structure affecting the number of authorized
Ordinary Shares, an adjustment in the number of shares to be covered by the Plan shall be made by the Board, consistent with its determinations under section 4, below. 

 

	3.2	 The Company shall offer the Offerees, for consideration to be determined separately for each Offeree, non-marketable and non transferable (excluding transfer to heirs in the event of death, as provided for in section 4.4 below or in circumstances as provided in section 9.5) options, the exact number of which is to
be determined by the Board from time to time, subject to the provisions of section 3.1 above (the “Options”), each convertible into one Ordinary Share (the “Exercise Shares”), all as provided below. In the event
that any Option 

  
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granted under the Plan shall expire, terminate or be cancelled for any reason without having been exercised in full, and to such extent not exercised, such Exercise Shares subject thereto shall
again be available for the purposes of the Plan. 

  

	3.3	 Under the Plan, the Options shall be offered to the Offerees, whose identities shall be determined at the
Board’s sole discretion. The Options shall be offered on an individual and personal basis, at the recommendation of the Company’s CEO and subject to the Board’s approval in respect of each and every Offeree. 

 

	3.4	 In respect of each individual Offeree, the Board shall, determine in its sole discretion: (i) the number
of Options to be granted to such Offeree under this Plan, (ii) the Exercise Price of each Option, (iii) the Effective Date, (iv) the vesting schedule and conditions in respect of the Options granted to such Offeree, including the
acceleration of such vesting schedule and (v) any other matter which is necessary or desirable for, or incidental to, the administration of the Plan. 

  

	3.5	 With respect to Israeli Offerees, the Options shall be issued under the Trustee’s name, and shall be held
in trust by the Trustee for the benefit of such Offerees, as provided for in section 6 below. 

  

	3.6	 The Plan shall be administered by the Board and the Board shall have, in addition to the powers and authorities
vested in it under the Plan, all the powers and authorities to efficiently administer the Plan as well as to construe and interpret the terms of the Plan and awards granted pursuant to the Plan. 

 

	3.7	 Upon or within a reasonable time following the issuance of the Options to an Offeree (or in favour thereof),
the Company shall provide such Offeree with a notice of such issuance (the “Notice of Share Option Grant”). The Notice of Share Option Grant shall be signed by the Offeree and the Company and shall include, among others, the
following details: 

  

	 	(a)	 The number of Options granted to the Offeree or in favour thereof; 

 

	 	(b)	 The Exercise Price of each Option; 

 

	 	(c)	 The Effective Date; 

  

	 	(d)	 The vesting schedule and conditions in respect of the Options granted to such Offeree; 

 

	 	(e)	 The applicable tax route chosen by the Company; 

 

	 	(f)	 The expiration date of the Options; and 

 

	 	(g)	 Any further provision determined by the Board under the provisions of this Plan. 

 

	4.	 Terms of the Options 

 

	4.1	 Each Option shall entitle the Offeree holding such Option to receive, upon exercise of the Option, one fully paid-up Ordinary Share. 

  

	4.2	 If the Ordinary Shares of the Company shall at any time be changed or exchanged by declaration of a stock
dividend (bonus stock), stock split, combination or exchange of stock, recapitalization, or any other like event by or of the Company, and as often as the same shall occur, then the number and class of the Exercised Shares underlying the Options
subject to the Plan and the Exercise Price shall be appropriately and equitably adjusted so as to maintain the proportionate equity portion represented by the Options and the total Exercise

  
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Price of the Options, provided, however, that no adjustment shall be made by reason of the distribution of subscription rights (rights offering) on outstanding Ordinary Shares or other
issuance of shares by the Company. Except as expressly provided herein, no issuance by the Company of stock of any class, or securities convertible into stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect
to, the number or price of Shares underlying an Option. Any adjustment according to this section shall be subject to the receipt of a tax ruling or approval from the tax authorities, if and as necessary. 

 

	4.3	 In the event that the employee-employer relationship between an Offeree and the Company or a subsidiary of the
Company, as applicable, shall terminate, the following provisions shall apply: 

  

	 	4.3.1	 In the event that such employee-employer relationship shall terminate without Cause prior to the Offeree’s
exercise of an Option granted to him/her in whole or in part, the Offeree shall be entitled to exercise the Option during a period of up to 3 months (unless otherwise determined in each Offeree’s Notice of Share Option Grant) commencing on the
Termination Date according to the number of Options the right to the exercise of which had vested by the Termination Date. In the event that such Offeree shall not exercise such Option by the end of such period, such Option, and the right to acquire
such shares shall terminate, all interests and rights of the Offeree in and to the same shall ipso facto expire. Options which the Offeree shall not have been entitled to exercise upon the Termination Date shall expire automatically on the
Termination Date and shall have no value whatsoever. It is clarified that during such period of up to 3 month the Offeree’s entitlement to exercise Options shall not continue to vest. 

The Board, at its sole and absolute discretion and without such act constituting a precedent in respect of any other Offeree, shall be
entitled to extend the period during which the Offeree shall be entitled to exercise the Option, by a period to be fixed by the Board. 
  

	 	4.3.2	 In case the Offeree will be employed by the Company in a continuous period of less then a full calendar year,
the Offeree will be entitled to receive a relative part of the Options which are vested in that same year, according to the number of the continuous month in which the Offeree was employed by the Company in that same calendar year; For the purpose
of demonstration only (and under the assumption that the vesting period was defined as one year for each quantum) in case where the Offeree’s employment by the Company will terminate after eightteen (18) month from the grant of the
Options, then the Offeree will be entitled to exercise the first quantum and half of the second quantum. 

  

	 	4.3.3	 Notwithstanding the provisions of sections 4.3.1 and 4.3.2 above, in the event that such employee-employer
relationship shall terminate with Cause, all the Options granted to such Offeree, and the right to acquire such Exercise Shares shall terminate, all interests and rights of the Offeree in and to the same shall ipso facto expire on the
Termination Date. Any Options which were immediately exercisable on the Termination Date shall also expire automatically and such Options shall have no value whatsoever. 

 

	 	4.3.4	 For the avoidance of doubt, it is hereby clarified that a dismissed Offeree shall not be entitled to claim
against the Company that he/she was prevented from continuing to receive vested Options from the date of his/her dismissal. Such dismissed Offeree shall not be entitled to any compensation in respect of the Options which would have vested in his/her
favour had he/she not been dismissed. 

  
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	4.4	 The provisions of Section 4.3 above shall apply, mutatis mutandis, to the termination of
relationship between Consultant and the Company or a subsidiary of the Company. 

  

	4.5	 The Options shall not be transferable or marketable in any manner, save for a transfer to an Offeree’s
heirs in the event of such Offeree’s death (provided that upon the demise of such Offeree, such Options shall have been in force), and may be exercised, during the lifetime of the Offeree, only by the Offeree. 

Options inherited by heirs shall be exercisable by such heirs or by the Executor of the Offeree’s estate, in such portion vested up to the
date of Offeree’s death. Such exercise shall take place within twelve (12) month of the date of death or until the last date on which the deceased would have been entitled to exercise such Options, whichever is later. For the avoidance of
doubt, it is clarified that the Offeree’s entitlement to Options shall not continue to vest after his/her death. 
 Options inherited by
heirs which are not exercisable by the heirs within the time specified herein, shall terminate and the Exercise Shares covered by such Options shall revert to the Plan. In addition to the foregoing and without derogating therefrom, any right to
acquire Exercise Shares shall terminate all interests and rights in and to the same shall ipso facto expire. 
  

	4.6	 Notwithstanding the provisions of section 4.3.1 above, the provisions of section 4.4 above shall apply,
mutatis mutandis, to the Offeree if his/her employment or engagement was terminated due to his/her total and permanent disability or retirement after the age of 67. 

 

	4.7	 Should the Company grant Options to a particular Offeree on several Effective Dates, the Offeree’s vesting
schedule and entitlement to exercise a portion of the Options granted on a particular Effective Date shall be calculated on the basis of such particular Effective Date and separately from the rest of the Options granted to such Offeree.

  

	4.8	 The Board shall have the sole authority to extend the exercise periods detailed in sections 4.3-4.5 above at its sole discretion 

  

	5.	 Manner of Exercising the Option 

 

	5.1	 The options shall be exercisable, at any time, subject to the satisfaction of all vesting terms and conditions,
set out in this Plan and in the Offeree’s Notice of Share Option Grant. 

 Without derogating from the above after
Termination Date and regarding the relevant Offeree (or his/her heirs) alone – during the period such Offeree may exercise the Options in accordance with the provisions of section 4 above; 

 

	5.2	 Should an Offeree wish to exercise the Options available to him/her for exercise and to convert such Options to
Exercise Shares, the Offeree shall submit to the Company a written request, on a form as attached hereto as Schedule A or as otherwise prescribed by the Company, for an issuance of Exercise Shares in respect of the Options, the details of
which to be specified in the request (the “Exercise Notice”). The Offeree shall attach to the Exercise Notice an amount that equals the Exercise Price multiplied by the Number of Vested Options which the Offeree wishes to exercise
(the “Exercise Amount”). The Exercise Notice shall be deemed to have been received by the Company following the Offeree’s actual payment to the Company of the Exercise Amount, including without limitation, by cash or check, in
respect of the Options to be exercised. The date of receipt by the Company of the Exercise Notice shall for all purposes be deemed as the exercise date (the “Exercise Date”). 

  
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 In the case of an Israeli Offeree, the Company shall also transfer the Exercise Notice to
the Trustee. The Trustee shall be entitled to set additional exercising procedures as the Trustee shall see fit, provided that the Trustee gives the Company prior written notice, of any such procedures. 

 

	5.3	 Exercise Notices which are submitted after the last date set for exercising the Options, or which were received
by the Company under section 5.2 above but not during a period during which the Options may be exercised in accordance with section 5.1 above, or which specify Options which have not yet vested, or which do not contain all of the details which must
be included in a Notice of Exercise - shall not be accepted and shall have no force whatsoever. 

 The Offeree shall
execute and deliver any document required under any law or by the Company or the Trustee for the purposes of issuance of the Exercise Shares, including any agreement between the Company and its shareholders setting forth certain obligations of the
Company’s shareholders and certain restrictions and limitations on the transfer shares of the Company including, without limitation, the terms of a “bring along” provision. 

 

	5.4	 After the date on which the Exercise Notice, together with the Exercise Amount, has been received by the
Company, as provided for in section 5.2 above, the Company shall issue the Exercise Shares in respect of the Options specified in the Exercise Notice and shall register the Offeree as owner of the Exercise Shares in the Company’s shareholders
registry, and shall then deliver to the Offeree, at his/her express prior written demand, a share certificate in respect of the Exercise Shares. 

  

	5.5	 Notwithstanding the above, in the case of an Israeli Offeree, the Exercise Shares shall be issued under the
Trustee’s name and the Company shall register the Trustee as owner of the Exercise Shares in the Company’s shareholders registry, and shall then deliver to the Trustee, at the Trustee’s express prior written demand, a share
certificate in respect of the Exercise Shares. An option issuance certificate exercised in respect of all of the Options specified therein, shall expire and be void and shall not entitle its owner to any right. 

Should an option issuance certificate be exercised in respect of part of the Options specified therein - the option issuance certificate shall
be void insofar as it concerns the exercised Options. Following the Exercise Date and against receipt of the option issuance certificate the Company shall deliver to the Offeree (and in the case of an Israeli Offeree – to the Trustee) a new
amended option note reflecting the number of Options to which the Offeree who had exercised Options and converted same to Exercise Shares is entitled. 
  

	5.6	 Notwithstanding the provisions of section 5 above: 

 

	 	5.6.1	 Exercise Shares shall not be issued pursuant to the exercise of Options unless the exercise of such Options and
the issuance and delivery of such Exercise Shares shall comply with any law and shall be further subject to the approval of the Company with respect to such compliance. 

 

	 	5.6.2	 As a condition to the exercise of an Option, the Board may require the person exercising such Option to
represent and warrant at the time of any such exercise that the Exercise Shares are being purchased only for investment and without any present intention to sell or distribute such Exercise Shares if, in the opinion of the Company, such a
representation is required under any Applicable Laws. 

  

	5.7	 Until the consummation of an IPO, the Exercise Shares shall be voted by an irrevocable proxy, attached hereto
as Schedule B (the “Proxy”) pursuant to the directions of the Board, such Proxy to be assigned to the person or persons designated by the Board. Such person or

  
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persons designated by the Board shall be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by him/her, or any liability
(including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection with the voting of such Proxy unless arising out of such member’s own fraud or bad faith, to the extent
permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification the person(s) may have as a director or otherwise under the Company’s Articles of Association, any agreement, any vote of shareholders or
disinterested directors, insurance policy or otherwise 

  

	5.8	 An Option not exercised within ten (10) years from the issuance of the Options to an Offeree shall expire
automatically, and shall have no value whatsoever. 

  

	6.	 Trust 

The Options and/or Exercise Shares and/or other shares received subsequently following any realization of rights, including without limitation bonus shares,
which are granted to an Israeli Offeree under the Plan shall be allocated or issued under the Trustee’s name and shall be held by the Trustee for the Offeree’s benefit, in accordance with the following terms and conditions: 

 

	6.1	 Subject to the provisions of sections 9.4 below, the Options and/or Exercise Shares which shall have been
issued under the Trustee’s name for the Offeree’s benefit shall be the Trustee for a period not shorter than the period specified within section 102 for the tax route chosen by the Board or for a different period that shall be specified in
accordance with the 102 Provisions from time to time (the “Lockup Period”). 

  

	6.2	 Subject to the provisions of section 102, an Offeree shall not transfer or release from the control of the
Trustee any Option or any Exercise Share, until the lapse of the Lockup Period. Notwithstanding the above, if any such release or Transfer occurs during the Lockup Period, the sanctions under section 102 shall apply to and shall be borne by such
Offeree. 

  

	6.3	 In the event that a stock split shall be effected or bonus shares shall be issued on account of the Exercise
Shares which have been issued for the Offeree’s benefit, such new split or bonus shares shall be transferred by the Company to the Trustee to hold for such Offeree’s benefit. Such split or bonus shares issued in connection with Exercise
Shares that are subject to the 102 Provisions, shall be subject to the 102 Provisions for all purposes. 

  

	6.4	 In the event that an Offeree is no longer employed or engaged by the Company, as the case may be, then the
Company may condition the holding of the Exercise Shares which are subject to such Option by the Trustee for the benefit of such Offeree in the participation of such Offeree in the Trustee fee. 

 

	6.5	 The execution of any instructions given to the Trustee by an Offeree shall be subject to approval of such order
by the Company. The Company shall approve instructions given by an Offeree to the Trustee within a reasonable period of time, provided that such instructions are in full compliance with the terms of the Plan. The approval by the Company of any
instructions given to the Trustee by an Offeree shall not constitute proof of the Company’s recognition or acknowledgement or acceptance of any right of such Offeree. 

 

	6.6	 Subject to the provisions of this Plan, Options granted to Israeli Offerees and/or Exercise Shares shall not be
released from the control of the Trustee nor shall they be transferred unless the Company and the Trustee are satisfied that the full amounts of Tax due by the applicable Offeree have been paid or will be paid. 

  
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	6.7	 As long as the Options and any Exercise Shares are held by the Trustee for the benefit of the Offeree, all
rights of the Offeree over such Options and Exercise Shares cannot be transferred other than by will or laws of descent and distribution. 

  

	7.	 Taxes 

  

	7.1	 Any tax imposed in respect of the Options and/or the exercise of the Options into Exercise Shares and/or the
sale and/or the transfer of the Options and/or the Exercise Shares shall be borne solely by the Offerees, and in the event of any Offeree’s death, by his/her heirs. The Company shall not be liable for the aforementioned taxes, directly or
indirectly, nor shall they be required to pay such taxes indirectly by any increase in the Offerees’ salaries or remuneration. To the extent that the Company might be held responsible for such tax, the imposed tax shall be deducted, on the date
such tax is payable, from the sale consideration or paid to the Trustee or to the tax authorities by the Offerees, as applicable. The Company may condition the exercise of Options or the transfer or the assignment of Options or Exercise Shares upon
a withholding of such tax or upon receiving a confirmation, to the Company’s satisfaction, that such tax has been paid by the Offeree. The Company may set procedures to ensure compliance with Applicable Laws. 

 

	7.2	 Without derogating from the above, the Options and/or Exercise Shares which are granted to Israeli Offeree, who
are not a “controlling shareholders” in the Company and/or a Consultant, shall be subject to the 102 Provisions, as shall apply from time to time, and the regulations promulgated thereunder. The Board shall have the absolute discretion to
choose between any available tax routes to Employees under Section 102 of the Ordinance. Options allotted to Offerees, who are “controlling shareholders” in the Company, or to Consultants shall be subject to Section 3(i) of the
Ordinance, as shall apply from time to time. The Board shall have the absolute discretion to decide whether Options granted pursuant to Section 3(i) of the Ordinance shall be held with the Trustee for any lockup period 

 

	7.3	 The ramifications of any future modification of the Applicable Laws regarding the taxation of Options and/or
shares granted to offerees shall apply to the Offerees accordingly and such Offerees shall bear the full cost thereof, unless such modified laws expressly provide otherwise. For the avoidance of doubt, should the applicability of such taxing
arrangements to this Plan or to securities issued in the framework thereof be stipulated by an application by the Company or by the Trustee that same shall apply, the Company shall be entitled to decide, at its absolute discretion, whether to apply
such taxing arrangements and to instruct the Trustee to act accordingly. 

  

	7.4	 The Offerees shall indemnify the Company and the Trustee, immediately upon their so notifying the Offerees, for
any tax amount (including interest and/or fines of any type and/or linkage differentials in respect of tax and/or withheld tax) payable by the Offerees under Applicable Laws (including under the 102 Provisions, if such provisions shall apply), and
which has been paid by the Company or a subsidiary of the Company or the Trustee or which the Company, a subsidiary of the Company or the Trustee are required to pay to a local or foreign tax authority. The Company and the Trustee (if applicable)
may exercise such indemnification by deducting the amount subject to indemnification from the Offerees’ salaries or remunerations. 

  

	8.	 Registration of the Exercise Shares 

 

	8.1	 Should a reorganization or certain other arrangements regarding the Company’s share capital be necessary
prior to the issuance of the Company’s shares on a Stock Exchange, Offerees hereby agree that the rights attached to the Options and/or Exercise Shares shall be adjusted accordingly. 

  
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	8.2	 Should the Company’s shares be traded on a Stock Exchange, each Offeree shall be entitled to sell the
Exercise Shares, subject to the Lockup Period applicable to such Offeree, and to the provisions of sections 6 and 7 above and to any other applicable provision regarding such lockup of shares, as may be required under any applicable law, the rules
of the Stock Exchange where the Company’s shares are traded or by the underwriters involved in such issuance. 

  

	8.3	 In the event that the Company’s shares shall be registered for trade on a Stock Exchange, the Company does
not undertake to register any Exercise Shares for trade on such Stock Exchange, or that such registration, if carried out at all at the Board’s discretion, shall take place within a certain period of time following the public trading of the
Company’s shares. Without derogating from the foregoing however, the Company shall use its reasonable efforts to register the Exercise Shares for trade within a reasonable time following the date the Company’s shares shall be traded on a
Stock Exchange. 

  

	8.4	 Subject to the provisions of section 7 above, the Company shall bear all expenses incurred in connection with
the issuance and the registration of the Exercise Shares including stamp duty (if applicable). 

  

	9.	 The Rights Attached to the Exercise Shares 

 

	9.1	 The Exercise Shares are Ordinary Shares of the Company, and they shall carry rights equal for all intents and
purposes to the Ordinary Shares of the same class already included in the Company’s share capital, but subject to (i) the restriction on the voting rights in the General Meetings by virtue of such shares until the consummation of an IPO as
provided in section 5.7 above, (ii) the restrictions on sale of the Exercise Shares as provided in section 9.4 below and (iii) the Company’s option to purchase the Exercise Shares as provided for in section 9.5 below.

 Exercise Shares shall be entitled to any dividend or other distributions of the Company provided that the record date
used to determine the persons eligible for participation in such distribution shall occur on or after the Exercise Date. The Exercise Shares shall not be protected against their dilution in the Company’s capital in any manner whatsoever. 

 

	9.2	 For the avoidance of doubt, it is hereby clarified that the Exercise Shares shall not constitute a separate
class of shares, but shall be an integral part of the Company’s Ordinary Shares. 

  

	9.3	 Any change to the Company’s Memorandum or Articles of Association which affects the rights attached to the
Company’s shares, shall also apply to the Options and the Exercise Shares. The provisions of the Plan shall remain applicable, with the necessary modifications arising from any such change. 

 

	9.4	 At the end of the Lockup Period, each Offeree shall be entitled to sell or transfer the Exercise Shares,
subject to the provisions of sections 9.5-9.6 below. 

  

	9.5	 Notwithstanding the provisions of sections 4.4, 6.1 and 9.4 above, the Company shall have the right to purchase
from any Offeree all or part of his/her Exercise Shares and all or part of his Options, vested or unvested, at a price determined by the Board in good faith to reflect the fair market value of such shares or options (the “Purchase
Consideration”). 

 Without derogating from other provisions of this Plan, the Company shall not be entitled to
purchase such Exercise Shares under this section 9.5 during any of the following periods: 
  

	 	(a)	 As long as the Company’s shares shall be listed on a Stock Exchange. 

  
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	 	(b)	 The first six months following the exercise of the Options into Exercise Shares – regarding such Exercise
Shares only. 

 The Company shall be entitled to assign its rights under this section 9.5, with regards to any or all of
the Exercise Shares or Options, without being required to obtain the consent of any Offeree and such assignee and any of its assignees shall have the right to reassign the said rights. 

 

	9.6	 Notwithstanding anything to the contrary in the Articles of Association of the Company, none of the Offerees
shall have a right of first refusal in relation with any sale of shares in the Company. 

  

	9.7	 Unless otherwise determined by the Board, until such time as the Company shall complete an IPO, the sale of
Shares by the Offeree shall be subject to a right of first refusal on the part of the Repurchaser(s). 

 Repurchaser(s)
means (i) the Company, if permitted by applicable law, (ii) if the Company is not permitted by applicable law, then any affiliate of the Company designated by the Board; or (iii) if no decision is reached by the Board, then the
Company’s existing shareholders (save, for avoidance of doubt, for other Offerees who received Options under the Plan), pro rata in accordance with their shareholding. The Offeree shall give a notice of sale (hereinafter the
“Notice”) to the Company in order to offer the Shares to the Repurchaser(s). 
  

	9.8	 The Notice shall specify the name of each proposed purchaser or other transferee (hereinafter the
“Proposed Transferee”), the number of Exercise Shares offered for sale, the price per Share and the payment terms. The Repurchaser(s) will be entitled for thirty (30) days from the day of receipt of the Notice (hereinafter the
“Notice Period”), to purchase all or part of the offered Shares on a pro rata basis based upon their respective holdings in the Company. 

  

	9.9	 If by the end of the Notice Period not all of the offered Shares have been purchased by the Repurchaser(s), the
Offeree shall be entitled to sell the remainder of the Exercise Shares at any time during the ninety (90) days following the end of the Notice Period on terms not more favourable than those set out in the Notice, provided that the Proposed
Transferee agrees in writing that the provisions of this section shall continue to apply to the Shares in the hands of such Proposed Transferee. Any sale of Shares exercised from Options issued under the Plan by the Offeree that is not made in
accordance with the Plan or the Notice of Share Option Grant shall be null and void. 

  

	10.	 Changes to the Plan and in the Company’s Share Capital 

 

	10.1	 The Company shall be entitled, from time to time, to update and/or change the terms of this Plan, in whole or
in part, at its sole discretion, provided that such change shall not substantially financially derogate from the rights attached to the Options (whether vested or unvested) as of the date of such modification or update or the rights attached to the
Exercise Shares issued under this Plan as of such date. 

  

	10.2	 Notwithstanding the provisions of section 10.1 above, upon the occurrence of a Significant Event:

  

	 	10.2.1	 The Board shall be entitled (but not obliged), at its sole discretion, to adjust the rights of an Offeree under
the Plan, including by any of the following (a) 

  
 13 

	 	
provide an Offeree with substitute securities or rights of the Successor Company as is reasonable in the opinion of the Board; the grant of any such substitute shall be considered as full
compliance with the terms of this Plan; (b) provide for an exchange of Options or Shares for a monetary compensation (including both vested and unvested Options and including for avoidance of doubt a cash out of the Option for the net value),
as shall be determined in good faith solely by the Board, which shall also have full authority to select the method for determining the payment (and such determination may provide that payment shall be set at zero if the value of Shares is
determined to be less than the Exercise price or in respect of Exercised Shares which would not otherwise be exercisable or vested or that payment may be made only in excess of the Exercise price); (c) decide that every unvested Option and
unexercised vested Options shall expire automatically, and shall have no value whatsoever; (d) provide for the Optionees to have the right to exercise all vested Options within a set time period and sell all of their Exercise Shares on the same
terms and conditions as applicable to the other shareholders selling their Ordinary Shares as part of the Significant Event; (e) provide for the acceleration of vesting of such Options, as to all or part of the Exercised Shares covered by the
Options which would not otherwise be exercisable or vested, under such terms and conditions to be determined by the Board. 

  

	 	10.2.2	 The Board may determine that any payments made in respect of the Options shall be made or delayed to the same
extent that payment of consideration to the holders of the Ordinary Shares in connection with the Significant Event is made or delayed as a result of escrows, indemnification, earn outs, holdbacks or any other contingencies, and the terms and
conditions applying to the payment made to the Offeree, including participation in escrow, indemnification, releases, earn-outs, holdbacks or any other contingencies. 

 

	 	10.2.3	 Notwithstanding the foregoing, in the event of a Significant Event, the Board may determine, in its sole
discretion that the terms of any Option be otherwise amended, modified or terminated, without any liability to the Company or its Affiliates and to their respective its officers, directors, employees and representatives and the respective successors
and assigns of any of the foregoing in connection with the method of treatment or chosen course of action permitted hereunder. 

  

	 	10.2.4	 Neither the authorities and powers of the Board under this Section 10.2, nor the exercise or
implementation thereof, shall (i) be restricted or limited in any way by any adverse consequences (tax or otherwise) that may result to any Offeree, and (ii) as, inter alia, being a feature of the Option upon its grant, be deemed to
constitute a change or an amendment of the rights of such holder under this Plan, nor shall any such adverse consequence be deemed to constitute a change or an amendment of the rights of such holder under this Plan, and may be effected without
consent of any Offeree and without any liability to the Company or its Affiliates and to their respective its officers, directors, employees and representatives and the respective successors and assigns of any of the foregoing.

  

	 	10.2.5	 The Board may determine different treatment of Options within the scope of a Significant Event such that the
Board may take different actions with respect to the vested and unvested portions of an Option, may determine an amount or type of consideration to be received or distributed in a Significant Event which may differ as among the Offerees, and as
between the Offerees and any other holders of shares of the Company. 

  
 14 

	 	10.2.6	 The Board’s determinations pursuant to this Section 10.2 shall be conclusive and binding on all
Participants. 

  

	 	10.2.7	 If determined by the Board, the Offerees shall be subject to the definitive agreement(s) in connection with the
Significant Event as applying to holders of Shares including such terms, conditions, representations, undertakings, liabilities, limitations, releases, indemnities, participating in transaction expenses and escrow arrangement. Each Participant shall
execute such separate agreement(s) or instruments as may be requested by the Company, the Successor Company or the acquirer in connection with such in such Significant Event and in the form required by them. The execution of such separate
agreement(s) may be a condition to the receipt of assumed or substituted securities, payment in lieu of the Option or the exercise of any Option. Without de4rogatinf from the above, each Optionee acknowledges and agrees that the Board shall be
entitled to authorize any one of its members to sign share transfer deeds in customary form in respect of the Exercise Shares held by such Optionee and that such share transfer deed shall bind the Optionee; 

 

	10.3	 The Board shall be entitled, from time to time, to determine that the granting of Options to any Offeree or any
particular type of Offerees under this Plan shall be carried out subject to any changes, additions and conditions to be determined by the Board at its absolute discretion, including providing for sub-plans for
certain types of Offerees, and in respect of such Offerees the Plan shall be deemed to include the provisions of any such determination or sub-plan, as well. 

 

	10.4	 This Plan (together with the Notice of Share Options Grant signed by the Company and the Offeree) supersedes
all of the agreements and/or understandings reached prior to the date of granting of Options to such Offeree between the Company or any subsidiary thereof and any of the Offerees in connection with issuance of shares of the Company or options on
shares of the Company. Any representation and/or promise and/or undertaking made and/or given by the Company and/or by any subsidiary thereof or by whomsoever on their behalf, which have not been expressed herein, shall have no force and effect.

  

	10.5	 The issuance of the Options and the Exercise Shares under this Plan shall not restrict the Company in any way
regarding the future creation of additional and/or other classes of shares, including classes of shares that may in any manner be preferred over the currently existing Ordinary Shares that are offered to the Offerees under this Plan. This issuance
of the Options and Exercise Shares under this Plan shall also not grant any of the Offerees the right to any compensation in the event of such creation of an additional class of shares or equalling of rights between classes of shares.

  

	10.6	 In the event of the proposed dissolution or liquidation of the Company, any or all outstanding Options will
expire immediately prior to the consummation of such proposed action, unless otherwise determined by the Board. 

  

	11.	 Notices; Documentation 

 

	11.1	 Notices and requests regarding this Plan shall be sent in writing to the addresses of the Company and the
Offeree as follows: The Company – Applied Immune Technologies Ltd.. (Attn.: CEO, only) Gutwirth Industrial Park, Technion City, Haifa 32000,Israel, PO Box 39; The Offeree - to the Offeree’s address as registered in records of the Company
or a subsidiary of the Company, as applicable. Such notices shall be deemed received at the addressee as follows: if sent by registered mail - within 5 days of their being deposited for mailing at a post office in Israel, and if hand-delivered - on
the day of delivery. 

  
 15 

	11.2	 Until the Company’s shares are traded on a Stock Exchange, the Company shall have the right to request
from any or all the Offerees, and such Offerees shall provide or execute, any certificate, declaration or other document which in the Company’s reasonable opinion shall be necessary or desirable pursuant to Applicable Laws including without
limitation any certificate or agreement which the Company shall reasonably require from such Offerees as members of a class of the Company’s shareholders, or any certificate, declaration or other document deemed by the Board in its reasonable
opinion to be appropriate or necessary or desirable for the purposes of (i) raising capital for the Company, (ii) the reorganization of the Company, including, in the event of a consolidation or merger of the Company (whether or not the
Company is the surviving entity pursuant to such merger), or any sale, lease, exchange, transfer, or other dispositions of all or substantially all of the assets or shares of the Company, or (iii) the sale or exchange of any Exercise Shares
held by such Offerees as may be deemed necessary or desirable by the Board. 

  

	12.	 Governing Law 

The Plan and all instruments issued thereunder shall be governed by and construed in accordance with the laws of the State of Israel, without
giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have exclusive jurisdiction in any matters pertaining to the Plan. 

  
 16 

 Schedule A 

SHARE OPTION PLAN (2014) 

FORM OF EXERCISE NOTICE 
 To 

[Name and address of the Trustee] 
 I, the undersigned Offeree,
hereby state as follows: 
  

	1.	 I am the beneficial owner of
                 Option(s) to purchase                 Ordinary Shares of Applied Immune
Technologies Ltd. (“the Company”), each having a par value of NIS 0.01 (respectively: “the Options”; “the Shares”). The Option(s) are held in trust by you, in accordance with the Trust Agreement
between you and the Company, the Company’s Share Option Plan (2014) under which the Options were granted and the Notice of Share Option Grant signed between myself and the Company (the plan and the notice shall be referred to,
collectively, as the “Plan”) and with Applicable Laws (as defined in the Plan). 

  

	2.	 I wish to exercise my Option(s) as follows:
                 number of Option(s) to be exercised for a total of                 
Shares. 

  

	3.	 I acknowledge that I have received, read and understood the Plan and I agree to abide by and be bound by its
terms and conditions. 

  

	4.	 Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. Until the consummation of an IPO, the Exercise
Shares shall be voted by an irrevocable proxy attached hereto (the “Proxy”), pursuant to the directions of the Board. 

  

	5.	 Offeree understands that Offeree may suffer adverse tax consequences as a result of Offeree’s purchase or
disposition of the Shares. Offeree represents that Offeree has consulted with any tax consultants Offeree deems advisable in connection with the purchase or disposition of the Shares and that Offeree is not relying on the Company or any subsidiary
of the Company for any tax advice. 

  

							
	Submitted by:	 		  	            Accepted by:
	OFFEREE:	 		  	            Applied Immune Technologies Ltd.
	  
	 		  	  
	  	
	Signature	 		  	 By:
	  	
		 		  	Title:	  	
	Print
Name:                                        
 	 		  		  	
	Address:                                   
           	 		  		  	
				
	 Social Security/I.D. Number:
	 		  		  	
	                                      
  	 		  	Date Received:                     	  	

  
 17 

 Schedule B 

PROXY 
 I, the undersigned, as
record holder of securities of Applied Immune Technologies Ltd. (the “Company”) hereby irrevocably appoints the person who holds the office of the chairman of the board of directors of the Company, at any time, or any other person
designated for such purpose by the Company’s board of directors, as my proxy to attend all shareholders’ meetings and to vote, execute consents, and otherwise represent me with respect to the shares received from Options granted pursuant
to the Company’s Share Option Plan (2014), in the same manner and with the same effect as if the undersigned were personally present at any such meeting or voting such securities or personally acting on any matters submitted to shareholders for
approval or consent. 
 I hereby irrevocably waive any right to receive notice in connection with any such meeting of the Shareholders of the Company,
whether Regular or Extraordinary, adjourned or otherwise. 
 This proxy is made pursuant the Applied Immune Technologies Ltd. Share Option Plan
(2014) dated,                     . 
 The
proxy-holder shall waive any preemptive right, right of first refusal, right of first offer, co-sale right or any other similar participation right or restriction to which I will be entitled by virtue of the
securities whether offered by the Company or any shareholder thereof. 
 The Shares shall be voted by the proxy holder in the same proportion as the votes
of the other shareholders of the Company. 
 This proxy is irrevocable as it may effect rights of third parties. 

The irrevocable proxy will remain in full force and effect until the consummation of an IPO, upon which it will terminate automatically. 

This proxy shall be signed exactly as the shareholder’s name appears on his share certificate. 

 

					
	  
	  		  	  

	DATE	  		  	NAME
			
		  	  
	  	
		  	SIGNATURE	  	

  
 18 

 NOTICE TO THE ISRAELI EMPLOYEES OF THE COMPANY 

Applied Immune Technologies Ltd. 

(the “Company”) 
 To: 

 

                          
               
 Notice of Share Option Grant 

You (the “Offeree”) have been granted options, pursuant to of the Applied Immune Technologies Ltd. Share Option Plan (2014) attached
hereto as Exhibit A (the “Plan”) and this Notice of Share Option Grant, to purchase shares of the Company’s Ordinary Shares as follows: 
  

					
	 Effective Date
	 	                            	  	
			
	 Exercise Price per Option:
	 	                            	  	
			
	 Total Number of Options Granted:
	 	                            	  	

					
	 The Trustee
	 	                                     
           	  	
			
	 The Tax route
	 	Capital Gain	  	

  

	1.	 All terms not expressly defined herein shall have the meaning assigned to them in the Plan, unless such
interpretation does not conform with the circumstances or context of the issue. 

  

	2.	 Your entitlement to the Exercise Shares by virtue of the Options hereby granted shall vest (the “Number
of Vested Options”) at the following rates and dates: 

  

			
	 Amount of vested Options
	  	Vesting Date
		  	                    
		  	                    
		  	                    
		  	                    
		  	Total

 Nothing of the foregoing shall be construed so as to derogate from the Lockup Period provided under the 102
Provisions or the restrictions on the exercise of Options provided in the Plan. 
 For the purpose of calculating your entitlement to the
Options, you shall not be deemed to be employed in the Company during periods for which you shall not be entitled to severance pay pursuant to section 10 of the Severance Pay Regulations (Severance Pay Calculation and Resignation that shall be
deemed to be Dismissal), 5724-1964. 

  
 19 

	3.	 Any exercise of your right to purchase shares according to your Number of Vested Options shall not derogate
from your right to purchase the remainder of the Exercise Shares to which you shall be entitled by virtue of the Options granted to you, if and when, such remainder shall vest. 

 

	4.	 Your Options/ Exercise Shares shall be held in trust under the terms and conditions of the “capital gains
route” under Section 102 of the Ordinance. The trust period will commence upon the date of allotment of the Option and will terminate after 24 months from the date in which the Option was granted or any other period determined under the
Ordinance with respect to the “capital gain route” or determined by the Israeli Income Tax Authorities (the “Lock-Up Period”). 

 

	5.	 The following provisions shall apply to the Options: 

 

	 	5.1	 The Options shall be exercisable, in whole or in part, immediately upon the vesting of the right to exercise
the Options as described in section 2 above. 

  

	 	5.2	 Exercising the Options to Exercise Shares shall be contingent upon payment to the Company of the Exercise Price
per each Option, as provided for in section 5 of the Plan. 

  

	 	5.3	 An Option not exercised within ten (10) years from the issuance of the Options to an Offeree shall expire
automatically, and shall have no value whatsoever. 

  

	 	5.4	 The Company and its shareholders shall have certain rights in the Exercise Shares as specified in the Plan,
including the Company’s right to purchase such shares set out in section 9.5 of the Plan and the right of the shareholders of the Company to require the Offeree sell his/her Exercise Shares set out in section 10.2 of the Plan.

  

	 	5.5	 Until the consummation of an IPO, the Exercise Shares shall be voted by an irrevocable proxy attached to the
Plan as Schedule B (the “Proxy”) pursuant to the directions of the Board, such Proxy to be assigned to the person or persons designated by the Board. 

 

	6.	 Notwithstanding any provision of the Plan: 

 

	 	6.1	 Prior to the payment of the tax applicable under law, including under the 102 Provisions (the
“Applicable Tax”), the Options and/or the Exercise Shares or rights arising therefrom shall not be transferable or assignable, shall not be subject to any mortgage, liens, attachment or other encumbrance, and no power of attorney or
note of transfer shall be issued in respect thereof, whether such instrument enter into force immediately or at a future date, excluding transfer by power of a last will or under law and all subject to the terms of the Plan. 

 

	 	6.2	 Should the Options or Exercise Shares have been transferred pursuant to the provisions of a last testamentary
instrument or under applicable law, the 102 Provisions shall apply to the heirs or transferees of the deceased Offeree. 

  

	 	6.3	 Subject to the approval of the Plan by the Income Tax Authority, you shall be taxed in Israel in accordance
with the provisions of the “capital gain route” under Section 102 of the Ordinance, including the provisions the regulations and any tax ruling or agreement obtained by the company with regard to the Plan. 

In accordance with Section 102(b)(4) of the Ordinance, if you sell Exercise Shares (or release the Option or the Exercise Shares from the
Trust) before the termination of the Lock-Up Period, you will be liable to pay tax at your marginal income tax rate, in addition to social security and health tax contributions. 

  
 20 

 By your signature on this Notice of Share Option Grant you herby take upon yourself to
comply with the conditions set under Section 102 of the Ordinance with regard to the “capital gain route” and the Regulations. 
  

	 	6.4	 Subject to the 102 Provisions, the Trustee shall not transfer the Options and/or the Exercise Shares to the
Offeree name, and shall not transfer the consideration received from the sale of the Exercise Shares to the Offeree, unless one of the following conditions shall be fulfilled: 

 

	 	6.4.1	 the Offeree provided the Trustee with a certificate from the Assessing Officer that the Applicable Tax has been
paid; or 

  

	 	6.4.2	 the Offeree paid the Trustee an amount equalling to the amount of tax applicable in accordance with the 102
Provisions of the “consideration”, as defined in section 102 of the Ordinance (the “Taxable Consideration”) for such sale, and the Trustee checked the manner of calculating the payable amount, at his/her sole discretion,
and was fully satisfied that the calculation was performed accurately and lawfully; or 

  

	 	6.4.3	 The Trustee deducted the applicable tax in accordance with the 102 Provisions of the Taxable Consideration, or
any other amount as shall be approved by the Assessing Officer, from the consideration he/she received from the sale of the Options and/or the Exercise Shares. 

 

	7.	 The Options shall not be transferable or marketable in any manner, save for a transfer to an Offeree’s
heirs in the event of such Offeree’s death or transfer under the provisions of sections 9.5 and 10.2 of the Plan. 

  

	8.	 It is hereby clarified that the Options and/or the Exercise Shares are extraordinary, one-time benefits granted to the Offerees, and are not and shall not be deemed a salary component for any purpose whatsoever, including in connection with calculating severance compensation under the Severance
Compensation Law, 5723-1963 and the regulations promulgated thereunder. 

  

	9.	 THE OFFEREE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO SECTION 2 ABOVE IS EARNED ONLY BY
CONTINUING EMPLOYMENT AT THE WILL OF THE COMPANY OR THE RELEVANT SUBSIDARY. 

 THE OFFEREE FURTHER ACKNOWLEDGES AND AGREES
THAT THIS NOTICE AND THE TRANSACTIONS CONTEMPLATED HEREUNDER DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED EMPLOYMENT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OFFEREE’S RIGHT OR
THE RIGHT OF THE COMPANY OR RELEVANT SUBSIDIARY TO TERMINATE OFFEREE’S EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE. 

  
 21 

	10.	 By the Offeree’s signature below she/he hereby: 

(a)     acknowledges receipt of a copy of the Plan and accepts the Options and/or Exercise Shares subject to all of the
terms and provisions of the Plan and this Notice and declares that he/she has reviewed the Plan and this Notice in their entirety. 

(b)    declares that he/she has had an opportunity to obtain the advice of counsel prior to executing this Option
Agreement, and fully understand all provisions of this Notice and the Plan. 
 (c)     agrees to accept as binding,
conclusive and final all decisions or interpretations of the board upon any questions relating to the Plan and this Notice. 
 (d)
    declares that she/he is familiar with Section 102 and the regulations and rules promulgated thereunder, including without limitations the provisions of the applicable tax route, and agrees to comply with such provisions,
as amended from time to time. 
 (e)     agrees to the terms and conditions of the trust deed signed between the Trustee
and the Company and/or the applicable Affiliate, attached hereto as Exhibit [—] including but not limited to the control of the Options and/or Exercise Shares by the Trustee. 

(f)     acknowledges that releasing the Options and/or Exercise Shares from the control of the Trustee prior to the
termination of the Holding Period constitutes a violation of the terms of Section 102 and agrees to bear the relevant sanctions. 
 (g)
    authorizes the Company to provide the Trustee with any information required for the purpose of executing its obligations under the Ordinance, the trust deed and the trust agreement, including without limitation information
about his/her Options and/or Exercise Shares, income tax rates, salary bank account, contact details and identification number. 
 (h)
    declares that he/she is a resident of the state of Israel for tax purposes on the date of allocation and agrees to notify the Company upon any change in the residence address indicated above and acknowledges that if he/she
ceases to be an Israeli resident or if his/her engagement with the Company is terminated, the Options and/or Exercise Shares shall remain subject to Section 102, the trust agreement, the Plan and this Notice. 

(i)    The Offeree warrants and undertakes that at the time of grant of the Options herein, or as a consequence of the
grant, the Offeree is not and will not become a holder of a “controlling interest” in the Company, as such term is defined in Section 32(9) of the Ordinance. 

By your signature and the signature of the Company’s representative below, you and the Company agree that the Options are granted under and governed
by the terms and conditions of the Plan and this Notice of Share Option Grant. 
  

					
	OFFEREE	 	Applied Immune Technologies Ltd. Ltd.
			
	    I.D./ Passport
No.                                        
                     	 	By:	 	                                     
                
		
	    Date:                     	 	Date:                     

  

	
	  

This notice shall enter into force only upon the approval of the Plan by the Israeli Income Tax Authorities in accordance with the 102 provisions and at the
date on which the Company will notify you of such approval, and from that date only. The Options will be issued at the name of the Trustee on or after such approval shall be granted.

 

  
 22

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