Document:

Exhibit 10.3

 

ZIM INTEGRATED SHIPPING SERVICES LTD.

(the "Company")

 

Date: ___________________

 

Attn:

Mr./Ms. _____________________

 

Letter of Exculpation and Indemnification

 

		WHEREAS	the Company has resolved (by virtue of, and as recommended by a resolution of the
                                                                    Compensation Committee dated November 27, 2020, and approved by a resolution of the Audit Committee dated November 27, 2020,
                                                                    a resolution of the Board of Directors dated November 30, 2020, and a resolution of the Company's Shareholders dated December
                                                                    22, 2020 (collectively referred to as the "Exculpation and Indemnification Resolution") to approve the grant
                                                                    of an advanced exculpation to the Company's Officers as shall be from time to time (while the aforesaid shareholders'
                                                                    resolution concerned the grant of such letters to directors only) from liability arising out of breach of the duty of care
                                                                    towards the Company as well as the grant of an advanced undertaking to indemnify the Company's Officers, for any liability
                                                                    imposed on them in connection with their Actions (as defined below) in the Company and its Subsidiaries (as defined below),
                                                                    committed in their capacity as Officers of the Company to the fullest extent permitted by the Companies Law and pursuant to
                                                                    the terms and subject to the conditions set forth in this letter of exculpation and indemnification (the "Letter of
                                                                    Exculpation and Indemnification", or the "Letter"); and

 

		WHEREAS	you serve and/or have served as an Officer of the Company or fulfilled a position, on the Company's
behalf, in any Subsidiary; and

 

		WHEREAS	the Exculpation and Indemnification Resolution shall apply, subject to any applicable law, also
to Actions committed prior to the date of this Letter of Exculpation and Indemnification (all without derogating from the Company’s
existing letters of indemnifications, provided however that the Company shall not be required to indemnify the Officers twice for
the same event, and provided further that the Maximum Indemnification Amount shall be as set forth in clause 4.1 to this Letter
of Exculpation and Indemnification)

 

The Company herby respectfully advises
you as follows:

 

		1.	Subject to the provisions of the Companies Law, the Company hereby exculpates you in advance, from
any past or future liability towards the Company, for damages caused or that shall be caused to it as a consequence of a breach
of the duty of care towards the Company arising in connection with your Actions, committed in good faith, except for breach of
your duty of care in connection with any Distribution, made in your capacity as an Officer of the Company and/or of any Subsidiary
on the Company's behalf.

 

The undertaking of the Company
to exculpate you in advance will not derogate from the Company's undertaking to indemnify you in accordance with this Letter of
Exculpation and Indemnification.

 

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		2.	Subject to the provisions of the Companies Law and this Letter of Exculpation and Indemnification,
the Company shall indemnify you for any liability or expense, as detailed below, imposed upon you for actions taken (including
actions preceding the date of this Letter) and/or actions that will be taken, by virtue of your service as an Officer of the Company
or an Officer on behalf of the Company in a company controlled by the Company or in which the Company has an interest (such companies
being referred to herein as the "Subsidiaries"), as follows:

  

		2.1.	A financial liability that you incur or that is imposed on you in favor of another person pursuant
to a judgment, including a judgment given in a settlement entered into consistent with the terms of this Letter or a decision of
an arbitrator that is enforceable against you, provided that such acts pertain to one or more of the events set out in the Addendum
hereto (the "Addendum") which the Company's Board of Directors determined
to be events that are likely to occur in light of the operations of the Company;

 

		2.2.	Reasonable litigation expenses, including legal fees that you incur or which you are ordered to
pay by a court in connection with proceedings filed against you by or on behalf of the Company or by a third party, or in a criminal
proceeding in which you are acquitted, or in a criminal proceeding in which you are convicted of a felony but which does not require
criminal intent;

 

		2.3.	Reasonable litigation expenses, including legal fees that you incur in connection with an investigation
or proceeding conducted against you by an authority authorized to conduct such investigation or proceeding and which concluded
without the filing of an indictment against you and without you being subject to a financial obligation as a substitute for a criminal
proceeding, or that concluded without the filing of an indictment against you but with the imposition of a financial obligation
as a substitute for a criminal proceeding relating to an offence which does not require proof of criminal intent, or in connection
with a monetary sanction, all within the meaning of the relevant terms in the Companies Law;

 

		2.4.	A financial liability that you incur for payment to persons or entities harmed as a result of violations
in Administrative Proceedings, as detailed in Section 52.54(a)(1)(a) of the Israeli Securities Law, 1968 (the "Securities
Law"). For this purpose "Administrative Proceeding" shall mean a proceeding pursuant to Chapters H3 (Imposition
of Monetary Sanction by the Israel Securities Authority), H4 (Imposition of Administrative Enforcement Means by the Administrative
Enforcement Committee) or I1 (Settlement for the Avoidance of Commencing Proceedings or Cessation of Proceedings, Conditioned upon
Conditions) of the Securities Law, as shall be amended from time to time;

 

		2.5.	Expenses that you incur in connection with Administrative Proceedings (as defined above) you were
involved in, including reasonable litigation fees and attorneys’ fees;

 

		2.6.	Any other event, occurrence, matter or circumstance under
any law with respect to which the Company may, or will be able to, indemnify you (including, without limitation in accordance with
Section 50P of the Israeli Economic Competition Law of 1988 (the "RTP Law"), if and to the extent applicable).

 

		3.	For the avoidance of doubt, any reference to “expenses” shall include all reasonable
attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements or expenses of the types customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a
witness in, or otherwise participating in, a proceeding enumerated above or an appeal resulting from a proceeding to which you
are a party.

 

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		4.	Amount of Indemnification

 

		4.1.	The total amount of indemnification which the Company shall pay to all the Officers entitled to
indemnification according to all Letters of Exculpation and Indemnification, issued or to be issued by the Company pursuant to
the Exculpation and Indemnification Resolution together, in connection with one or more of the events set forth in the Addendum,
shall not exceed the higher of: (a) in relation to indemnification granted in connection with an offering to the public of
the Company's securities, the aggregate gross amount of proceeds from the sale by the Company and/or any shareholder of the Company
in connection with such public offering; (b) 25% of the Company’s shareholders' equity pursuant to its latest consolidated
financial statements published prior to the time of actual indemnification; (c) a sum in New Israeli Shekels equal to U.S.
$300,000,000 (three hundred million United States dollars) (the "Maximum Indemnification Amount"). All amounts
received by any Officer arising out of an insurance policy and/or in any other manner with respect to the same event shall be deducted
from the actual payment of the indemnification amount. The indemnification payment shall also cover all amounts that are in excess
of the liability covered by the directors' & officers' liability insurance policy, to the extent it exists, including
the deductible amount.

 

		4.2.	The Maximum Indemnification Amount shall not be affected in any way by the existence of, or payment
under, insurance policies. Payment of indemnification shall not affect your right to receive insurance payments, if you receive
the same (either personally or through the Company); however, the Company will not be required to indemnify you for any sums that
were, in fact, already paid to you or paid on your behalf (in each case, without any obligation for you to repay any such amount)
in respect of insurance or any other indemnification obligations made to you or on your behalf by any third party, except with
respect to any excess beyond the amount paid. In the event there is any payment made to you or on your behalf (in each case, without
any obligation for you to repay any such amount) under this Letter and such payment is covered by an insurance policy, the Company
shall be entitled to collect such amount of payment from the insurance proceeds and you shall execute all papers required and take
all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights.

 

		4.3.	If the aggregate indemnification payments which the Company shall be required to pay exceed the
Maximum Indemnification Amount or the balance thereof (as applicable at such time) according to clause 4.1 above, the Maximum Indemnification
Amount or the balance thereof, as the case may be, shall be allocated between the Officers entitled to indemnification, such that
the actual indemnification amount that will be paid to each of these Officers shall be equal to the ratio between the indemnification
amount due to each of these Officers (in accordance with clauses 2 and 3 above) and the actual amount due all of the Officers (in
accordance with clauses 2 and 3 above), in the aggregate, for the same event.

 

		5.	Interim Payments

 

		5.1.	Upon the occurrence of an event with respect to which you may be entitled to indemnification as
aforesaid, the Company shall, from time to time, shall make available to you, on the date on which such amounts are first payable
by you, the funds that will be required to cover the expenses and payments associated with the handling of the legal proceedings
connected with such event (including: attorney’s fees, court fees, securities and bonds which you may be required to post
or deposit), such that you will not be required to fund or pay and/or provide them yourself, all subject to the terms and conditions
of this Letter of Exculpation and Indemnification. Advances shall be unsecured and interest free. Advances shall be made without
regard to your ability to repay the expenses and, subject to clause 6.10 below, without regard to your ultimate entitlement to
indemnification under the provisions of this Letter. The payments of any such amounts shall be made by the Company directly to
you (if you actually made the payment of such amount) or the relevant third party (if you have not yet made payment of such amount),
as soon as practicable, but in any event no later than seven days after written demand by you therefor to the Company, and any
such payment shall be deemed to constitute indemnification hereunder. As part of the aforementioned undertaking, the Company will
make available to you any security or guarantee that you may be required to post in accordance with an interim decision given by
a court, governmental or administrative body, or an arbitrator, including for the purpose of substituting liens imposed on your
assets.

 

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		6.	Without derogating from the foregoing, the indemnification pursuant to this Letter of Exculpation
and Indemnification shall be subject to the following terms:

 

		6.1.	You shall notify the Company in writing of any legal proceedings and/or investigation initiated
against you, or of any possibility or notice that such proceedings and/or investigation may be initiated against you with regard
to any event to which the indemnification pursuant to this Letter of Exculpation and Indemnification may apply (jointly and severally,
the "Proceedings") as promptly as practicable following your first becoming aware of such Proceedings, and you
shall forward to the Company and/or to whomever the Company will instruct you, any document which is in your possession and/or
delivered to you in connection with the Proceedings. If, at the time of receipt of notice from you, the Company has Officers’
liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance
with the procedures set forth in any such policy. The failure to notify the Company pursuant to this clause 6.1 will not relieve
the Company from any liability it may have to you under this Letter unless and only to the extent such failure to provide notice
materially prejudices the Company’s ability to defend such action.

 

		6.2.	The Company, alone or jointly with any other indemnifying party, shall be entitled, in adequate
promptness, to undertake the conduct of your defense in respect of such Proceedings and/or to deliver the handling of the conduct
thereof to any attorney which the Company may appoint for that purpose (except in case that such attorney is not acceptable to
you for reasonable reasons and in such case you will be entitled to appoint your own attorney, subject to the provisions below
as to the attorney's fees). In case that the Company fails to assume the defense of such Proceedings within 30 days of the date
of your notice as set forth above, you shall be entitled to appoint an attorney of your own, and the following rules shall
apply as if an attorney was appointed by the Company, mutatis mutandis, including with regard to the attorney's fees. Notwithstanding
the foregoing, (i) you shall have the right to retain separate counsel in any such Proceeding at your expense; and (ii) if
(A) the retention of separate counsel by you has been previously authorized by the Company, or (B) the Company shall
have in good faith reasonably concluded that there may be a conflict of interest between the Company and you in the conduct of
such defense, or (C) the Company shall cease the retention of such counsel to defend such Proceeding, then the fees and expenses
actually and reasonably incurred by you with respect to retention of separate counsel shall be subject to indemnification hereunder.

 

		6.3.	The Company and/or the said counsel shall have the right to conduct the defense as they see fit
(provided that the Company shall conduct the defense diligently and in good faith). The appointed counsel shall act and shall owe
duty of loyalty to the Company and to you. In the event that the Company decides to settle a monetary obligation by arbitration,
mediation or settlement, the Company shall be entitled to do so, as long as (a) the lawsuit or the threat of a lawsuit against
you shall be fully withdrawn; (b) the amount of such obligation or settlement is fully indemnifiable pursuant to this Letter
and/or applicable law; and (c) any such obligation or settlement does not impose any penalty or limitation on you or require
the admission of wrongdoing by you. In the event that clause (c) is not met, the Company may only settle a monetary obligation
or decide a monetary obligation by arbitration, mediation or settlement after obtaining your prior written consent. Notwithstanding
the aforesaid, in the event of criminal indictment against you, the Company shall not be permitted, without your prior written
consent, to cause the conclusion of any Proceedings by means of settlement and/or arrangement and/or settlement through arbitration,
reconciliation or mediation.

 

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		6.4.	At the Company’s request, you shall sign any document authorizing the Company and/or any
counsel as aforesaid to handle the defense in your name in the said Proceedings and to represent you in connection therewith.

 

You shall cooperate with the
Company and/or with any such counsel as aforesaid, and follow all the instructions of the insurer under any directors' and officers'
liability insurance policy, if such policy applies to the case, in reasonable manner in accordance with the request of each of
the Company or such counsel in connection with their activity relating to such Proceedings (including the execution of power of
attorney to handle and represent you in the Proceedings as well as your signature on petitions, affidavits and any other document),
provided, however, that the Company or the insurer shall procure that all your costs connected with such Proceedings shall be covered
so that you shall not be required to pay or provide funding for the same, all subject to the provisions of clause 4.1 above.

 

		6.5.	It is clarified and emphasized that the provisions relating to the appointment of counsel by you,
are subject to the provisions of the directors' and officers' liability insurance policy and the obligations of the Company or
the Subsidiary pursuant thereto, and therefore, the provisions of this clause 6 concerning the appointment of counsel by you shall
not apply in the event that such appointment shall allow the insurance company to be discharged from its obligations under the
insurance policy or to reduce its obligations thereunder.

 

		6.6.	Your indemnification in connection with the Proceedings against you, as set forth in this Letter,
will not be enforceable in connection with amounts that you shall be required to pay as a result of a settlement, arbitration or
mediation effected without the Company’s prior written consent.

 

		6.7.	In the event the indemnification hereunder is being paid in respect of your service as an Officer
in any Subsidiary, such indemnification will only be paid after all your rights to insurance and indemnification from such Subsidiary
will have been exhausted, if and to the extent they exist.

 

		6.8.	The Company shall not be required to make any payments pursuant to this Letter of Exculpation and
Indemnification, if such payments were actually paid to you or on your behalf or in your stead, in any way whatsoever under an
insurance policy procured by the Company or any Subsidiary, or pursuant to any indemnification undertaking that was made by any
third party other than the Company.

 

If the Company has paid such
amounts, then, upon the Company's demand, you shall assign to the Company all your rights to receive payments from the Subsidiary
and/or the insurer and you shall authorize the Company to collect such amounts on your behalf, to the extent that such authorization
is required for the implementation of this clause. In addition, and without derogating from the aforesaid, it is clarified that
in the event that after the Company has paid you funds in connection with an event pursuant to this Letter of Exculpation and Indemnification,
you receive funds in connection with such event from any source (except the Company) in connection with such event, you shall repay
the Company any and all amounts that will be paid to you which exceed the amount set forth in clause 4.1 above.

 

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		6.9.	Upon your request for payment pursuant to this Letter of Exculpation and Indemnification in connection
with any event, the Company shall take all required actions pursuant to any applicable law to make such payment and shall procure
that any authorization of such payment, if required, will be obtained. If any required authorization connected with such payment
is not obtained, for whatever reason, then such payment or the unauthorized portion thereof shall be subject to the approval of
the court and the Company shall endeavor to obtain such approval.

 

		6.10.	In the event that the Company pays you or on your behalf amounts pertaining to this Letter of Exculpation
and Indemnification in connection with any Proceedings, including interim payments as provided under clause 5 above, and thereafter
it shall be found that you are not entitled to indemnification from the Company for such amounts, such payments shall be considered
as a loan that was granted to you by the Company, which shall bear the minimal interest rate set forth in clause 3(9) of the
Income Tax Ordinance (New Version) of 1961 (the "Income Tax Ordinance"), as may be replaced from time to time
and not deemed taxable benefit, and you shall be required to refund such amounts, together with the applicable VAT calculated on
the interest, as provided by law, upon the Company’s written demand and pursuant to the repayment schedule determined by
the Company. (You must confirm your agreement to this Letter of Exculpation and Indemnification, including to this clause, in writing).

 

		7.	The obligations of the Company according to this Letter shall remain valid even if you have ceased
to be an Officer of the Company, provided that acts for which you are given a commitment of indemnification were performed or shall
be performed during your service as an Officer of the Company. This Letter shall be binding upon the Company and its successors
and assigns. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement
in form and substance satisfactory to you, expressly to assume and agree to perform this Letter in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place.

 

		8.	Definitions

 

In this Letter, the following
terms shall have the meaning ascribed to them below:

 

"Companies Law"
 – the Israeli Companies Law of 1999, as shall be amended from time to time, or any law that will replace it.

 

"Officer" -
any individual who serves from time to time in the Company as Office Holder (in Hebrew - "nos'e misrah") ,as defined
in the Companies Law (including alternate director) and including any Office Holder serving as an Office Holder in any Subsidiary
at the Company’s request.

 

"Action" or
any derivative thereof - including an act, a decision or an omission, or any of their derivatives, and including your Actions before
the date of this Letter of Exculpation and Indemnification that were made during your term of service as an Officer of the Company.

 

This Letter shall be neutral
with regard to gender.

 

		9.	The Company’s undertakings pursuant to this Letter of Exculpation and Indemnification shall
be broadly interpreted and in such manner that shall facilitate their validity, to the extent permitted by applicable law, and
for the purpose for which they were intended. In the event of contradiction between any provision of this Letter of Exculpation
and Indemnification and any provision of applicable law, the provision of the applicable law shall prevail, but shall not limit
or diminish the validity of the remaining provisions of this Letter.

 

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		10.	It is emphasized that this Letter of Exculpation and Indemnification does not constitute a contract
for the benefit of any third party and is not assignable.

 

		11.	The rights of indemnification and to receive advancement as provided by this Letter shall not be
deemed exclusive of any other rights to which you may at any time be entitled under applicable law, the Amended and Restated Articles
of Association of the Company, any agreement, a vote of shareholders or a resolution of directors, or otherwise. To the extent
that a change in Israeli law, whether by statute or judicial decision, permits greater indemnification or advancement than would
be afforded currently under the Amended and Restated Articles of Association of the Company or this Letter, it is the intent of
the parties hereto that you shall enjoy by this Letter the greater benefits so afforded by such change. No right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
right or remedy.

 

		12.	The Addendum to this Letter of Exculpation and Indemnification constitutes an integral part hereof.

 

		13.	This Letter of Exculpation and Indemnification is subject to the provisions of the Third Chapter
of the Sixth Part of the Companies Law.

 

		14.	This Letter of Exculpation and Indemnification shall be governed by the laws of the State of Israel
and the competent court in Haifa shall have the exclusive jurisdiction over any dispute arising out of its implementation.

 

IN WITNESS whereof the Company has
hereunto signed, by means of its duly authorized signatories.

 

 

	 	 
	 	ZIM Integrated Shipping Services Ltd.

 

I hereby acknowledge receipt of this Letter
of Exculpation and Indemnification, and confirm my consent to the terms hereof, including to clause 6.10 above.

 

_______________________________

The Officer

 

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ADDENDUM

 

List of Types of Events

 

		1.	Any issuance of the Company’s securities and/or listing of the Company’s securities
for trading on a stock exchange in the U.S., Israel or any other country, including without limitation, a public offering
pursuant to a prospectus, a private offering, an offer for sale, the issuance of bonus shares or any offer of securities in any
other manner;

 

		2.	An event arising from the Company being a public company or arising from the fact that its shares
were offered to the public or arising from the fact that the Company's shares are traded on a stock exchange in the U.S., Israel
or any other country;

 

		3.	Conducting tender offers and anything related thereto;

 

		4.	Actions connected with a "Transaction", as defined in Section 1 of the Companies
Law, or an arrangement, including negotiations for entering into a transaction, the transfer, payment, receipt of credit, sale
or purchase of assets or liabilities, including, without derogating from the generality of the foregoing: goods, real estate, Securities
or rights, or the grant or receipt of a right to any of the foregoing, including purchase offers of any kind and other transactions
in Securities that the Company or any Subsidiary has issued, all, whether the Company or the Subsidiary are a party thereto or
not, and including disclosure of information and documents with respect to such "Transaction".

 

		5.	Resolutions and/or acts relating to approval of transactions with stakeholders, as such transactions
are defined in Chapter 5 of Part VI of the Companies Law;

 

		6.	Any liability arising under any administrative, regulatory,
judicial or civil actions orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings
or notices of noncompliance or violation of Section 50P of the RTP Law.

 

		7.	Report or notice filed in accordance with any applicable law, including, without derogating from
the generality of the foregoing, the Companies Law and/or the Securities Law, and/or the Income Tax Ordinance and/or the Value
Added Tax Law of 1975, including any regulations or provisions promulgated pursuant thereto or in accordance with laws or provisions
which apply outside of Israel, or report or notice filed by the stock exchange in Israel or outside Israel, including refraining
from filing of such report or notice, and/or an impairment in a disclosure included in such reports and/or in the timing of their
submission and/or violation of the provisions of the laws mentioned above (without derogating from the generality of the foregoing,
including with regard to your personal declarations made in connection with the Company and/or the Subsidiary and their reports,
required by law).

 

		8.	Adoption of the findings of external opinions for the purpose of the issuance of an immediate report,
prospectus, financial statements or any other disclosure document;

 

		9.	Actions which are the result of the Company being a subsidiary of a public company and/or a company
that has a special state share and/or that has issued bonds to institutional investors.

 

		10.	Events that effect or might have material effect on the Company’s and/or the Subsidiary’s
profitability, properties or on their rights or obligations.

 

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		11.	Actions connected with voting rights in held companies.

 

		12.	Actions connected with investments that the Company and/or the Subsidiary perform which are conducted
in stages before and/or after the performance of such investments, for the purpose of entering into a Transaction, the implementation
thereof, development, follow up and supervision thereon, including Actions on behalf of the Company and/or for the Subsidiary as
a director/Officer in the corporation which is the subject matter of such investment is made, and similar Actions.

 

		13.	Actions connected with the purchase or sale of companies, legal entities or assets, and events
directly or indirectly, related to restrictive practices, including, cartel, monopoly, spin-offs or mergers.

 

		14.	Actions connected with your office in the Company having implications on the following events in
the Subsidiary or otherwise related to your position as an Officer:

 

		14.1.	Events related to workplace safety, workplace injuries and product quality including both personal
injuries or damage to property;

 

		14.2.	Events directly or indirectly, related to environmental damage and/or Actions or omissions which
have caused or may cause damage to the environment.

 

		15.	Actions in connection with the restructure of the Company or any Subsidiary, their reorganization
or any decision related thereto, including, without derogating from the generality of the foregoing: merger, spin-off, changes
to the their share capital, their liquidation or sale and allotment or distribution.

 

		16.	Consolidation, change or revision of arrangements between the Company and the shareholders and/or
holders of bonds and/or banks and/or creditors of the Company or of any entities affiliated with the Company, including the preparation
or revision of the trust deeds, bonds and outline and arrangement documents in general;

 

		17.	Actions connected with employment and commercial relations, including with employees, independent
contractors, concessioners, customers, suppliers and service providers of all sorts.

 

		18.	Statements and declarations, including the expression of a position or an opinion made in good
faith in the capacity and by virtue of the office in the Company, including those made in the framework of discussions in organs
of the Company and/or any Subsidiary (including in meetings of the Board of Directors or a committee thereof).

 

		19.	Information, representations, professional opinions, financial statements, report or notice connected
to the operations of the Company or any Subsidiary, given to any third party and/or governmental authority and/or regulatory authority
and/or another entity, in Israel and outside of Israel (including refraining from submitting a report or a notice, and/or an impairment
in a disclosure included in such report or notice, or in the timing of their submission).

 

		20.	Actions taken as part of legal proceedings of the Company or any Subsidiary or against them, including
(without derogating from the generality of the foregoing), any legal or administrative proceedings, in Israel or outside of Israel,
in matters, directly or indirectly, connected to their operations, and, in addition and without derogating from the generality
of the foregoing, any matters connected with restrictive practices (including – cartels, mergers and monopolies) and/or environmental
issues or with other legislative provisions, procedures or standards as they may be in effect in Israel or outside of Israel with
respect to environmental issues and relating, inter alia, to pollution, protection of health, manufacturing procedures,
dissemination, use, handling, storing and transportation of certain materials, including liability for personal injuries, damage
to property and environmental damages.

 

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		21.	Events, directly or indirectly, connected with an Action and/or an omission by the Company and/or
any Subsidiary and/or yourself, in the capacity of your office in the Company or in any Subsidiary as aforesaid, which include
incompliance with, or violation of, any law, whether in Israel or outside of Israel, including (without derogating from the generality
of the foregoing) – statutory provisions (including secondary legislation) such as restrictive practices law, money laundering
prohibition law, the consumer protection law, law for the prevention of air pollution, as well as incompliance and/or violation
by the Company or by yourself of a direction and/or instruction and/or a permission and/or a letter of agreement and/or a judgment
and/or a decree issued by a governmental or regulatory authority and/or any other entity, whether in Israel or abroad.

 

		22.	Events connected to payment or payment demands, to which the Company is subject by virtue of the
law.

 

		23.	Events connected with the issuance or receipt of licenses, permits and approvals in Israel and
abroad, including permits connected with the Company’s holdings of its held companies (including permits granted to the Company
as a condition to its holdings in held companies), and the fulfillment of conditions provided therein, including submission of
information connected to such aforementioned licenses, permits and approvals as well as events connected with the update or change
of any of their conditions.

 

		24.	Actions connected with moneys and financing, including the implementation of financial investments,
financial hedging, transactions with financial institutes or lenders and creditors; as well as any Action concerning the Company’s
financial statements and their approval and the internal controls of the Company, and Actions connected with risk management (including
credit risk, currency, insurance and legal and operational risks) and insurance coverage.

 

		25.	Any Action that is not in compliance with the Company’s or any Subsidiary's resolutions and/or
Articles of Association and/or Memorandum of Association and/or constitutional documents.

 

		26.	Actions related to the shareholders and/or holders of rights in the Company and/or any Subsidiary,
including Actions connected with Distribution (as defined in the Companies Law) to the shareholders of, and/or the holders of rights
in, the Company and/or any Subsidiary.

 

		27.	Delivery of information to the Company’s Interested Parties (as defined in the Securities
Law).

 

		28.	Actions connected to the on-going management of the Company.

 

		29.	Providing guarantees to secure the obligations of the Company and its subsidiaries.

 

In this Letter of Exculpation and Indemnification
the following defined terms shall have the following meaning:

 

"Transaction" and "Securities"
- as defined in Section 1 of the Companies Law

 

Any event in this Letter of Exculpation
and Indemnification which refers to the performance of any Action shall be interpreted as applying also to the failure or refraining
from taking such Action as well to a decision and/or absence of a decision concerning such Action.

 

*          *          *

 

    10Exhibit 10.5

 

 

	 
	ZIM INTEGRATED SHIPPING SERVICES LTD.
	2020 Share Incentive Plan
	 

 

Unless otherwise defined, terms used herein shall have the meaning
ascribed to them in Section 2 hereof.

 

		1.	PURPOSE; TYPES OF AWARDS; CONSTRUCTION

 

1.1                 
Purpose. The purpose of this 2020 Share Incentive Plan (as amended, this “Plan”) is to assist
ZIM Integrated Shipping Services Ltd., an Israeli company (together with any successor corporation thereto, the “Company”),
or any Subsidiary of the Company, which now exists or hereafter is organized or acquired by the Company, in
attracting, retaining, motivating and rewarding certain key employees, officers and directors and other Service Providers of the
Company or any Subsidiary, and incentivizing them to maximize their efforts on behalf of the Company or its Subsidiaries
and to promote the success of the Company's business, by providing
such Service Providers with opportunities to acquire a proprietary interest in the Company by the issuance of Shares or restricted
Shares (“Restricted Shares”) of the Company, and/or by the grant of options to purchase Shares (“Options”),
Restricted Share Units (“RSUs”) and/or other Share-based Awards pursuant to Sections ‎9
through 10 of this Plan. The Company believes that the ownership or increased
ownership of Shares by employees, directors and other Service Providers will further align their interests with those of the Company’s
shareholders and will promote the long-term success of the Company and the creation of long-term shareholder value. 

 

1.2                 
Types of Awards. This Plan is intended to enable the Company to issue Awards under various tax regimes, including:

 

(i)                 
pursuant and subject to the provisions of Section 102 of the Ordinance (or the corresponding provision of any subsequently
enacted statute, as amended from time to time), and all regulations and interpretations adopted by any competent authority, including
the Israeli Income Tax Authority (the “ITA”), including the Income Tax Rules (Tax Benefits in Stock Issuance
to Employees) 5763-2003 or such other rules so adopted from time to time (the “Rules”) (such Awards that are
intended to be (as set forth in the Award Agreement) and which qualify as such under Section 102 of the Ordinance and the Rules,
 “102 Awards”); and

 

(ii)               
pursuant to Section 3(9) of the Ordinance or the corresponding provision of any subsequently enacted statute, as amended
from time to time (such Awards, “3(9) Awards”).

 

In addition to the issuance of Awards under the relevant tax
regime in the State of Israel, and without derogating from the generality of Section ‎21,
this Plan contemplates issuances to Grantees in other jurisdictions or under other tax regimes with respect to which the Board
is empowered to make the requisite adjustments in this Plan and set forth the relevant conditions in an appendix to this Plan or
in the Company’s agreement with the Grantee in order to comply with the requirements of such other tax regimes.

 

1.3                 
Company Status. This Plan contemplates the issuance of Awards by the Company as a public company.

 

1.4                 
Construction. To the extent any provision herein conflicts with the conditions of any relevant tax law, rule
or regulation which are relied upon for tax relief in respect of a particular Award to a Grantee, the Board is empowered, but is
not required, hereunder to determine that the provisions of such law, rule or regulation shall prevail over those of this Plan
and to interpret and enforce such prevailing provisions.

 

    	 

    	 

    

 

		2.	DEFINITIONS

 

2.1                 
Terms Generally. Except when otherwise indicated by the context, (i) the singular shall include the plural
and the plural shall include the singular; (ii) any pronoun shall include the corresponding masculine, feminine and neuter forms;
(iii) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to
any restrictions on such amendments, restatements, supplements or modifications set forth therein or herein), (iv) references
to any law, constitution, statute, treaty, regulation, rule or ordinance, including any section or other part thereof shall refer
to it as amended from time to time and shall include any successor thereof, (v) reference to a “company” or “entity”
shall include a, partnership, corporation, limited liability company, association, trust, unincorporated organization, or a government
or agency or political subdivision thereof, and reference to a “person” shall mean any of the foregoing or an individual,
(vi) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Plan in its entirety, and not to any particular provision hereof, (vii) all references herein to Sections
shall be construed to refer to Sections to this Plan; (viii) the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”; and (ix) use of the term “or” is not
intended to be exclusive.

 

2.2                 
Defined Terms. The following terms shall have the meanings ascribed to them in this Section 2:

 

2.2.1               
“Applicable Law” shall mean any applicable law, rule, regulation, statute, pronouncement, policy,
interpretation, judgment, order or decree of any federal, provincial, state or local governmental, regulatory or adjudicative authority
or agency, of any jurisdiction, and the rules and regulations of any stock exchange, over-the-counter market or trading system
on which the Company's shares are then traded or listed.

 

2.2.2               
“Articles of Association” shall mean the Company’s articles of association and any other governing
document of the Company, as amended from time to time.

 

2.2.3               
“Award” shall mean any Option, Restricted Share, RSUs or any other Share-based award granted under
this Plan.

 

2.2.4               
“Board” shall mean the Board of Directors of the Company.

 

2.2.5                
“Change of Control” shall mean, the occurrence of any of the following on or after the Effective Date:

 

		(a)	Ownership Change. A change in ownership or control of the Company effected through a transaction or series of transactions,
including under Section 2.2.5(b) hereof (other than an offering of Shares to the public, or pursuant to a Non-Control Transaction)
whereby any person directly or indirectly acquires securities of the Company possessing more than fifty percent (50%) of the total
voting power of the Company’s securities outstanding immediately after such acquisition (“Company Voting Securities”)
excluding, however, the following: (A) any acquisition directly from the Company; or (B) any acquisition by the Company or any
of its Subsidiaries; or

 

		(b)	Corporate Transaction. a merger (including, a reverse
merger and a reverse triangular merger), consolidation, amalgamation, share exchange or similar corporate transaction of the Company
with or into another corporation, or in which securities of the Company
are issued (each, a “Corporate Transaction”), unless: 

 

		1.	the shareholders of the Company immediately before such Corporate Transaction will own, directly or indirectly, immediately
following such Corporate Transaction, at least 50% of the total voting power of the outstanding voting securities of (i) the corporation
or other entity resulting from such Corporate Transaction (the “Surviving Company”) or, if applicable (ii) the
ultimate parent corporation that has, directly or indirectly, beneficial ownership of one hundred percent (100%) of the voting
securities of the Surviving Company (the “Ultimate Parent”), and, in each case, such voting power among the
holders thereof is in substantially the same proportion as their ownership of the voting securities of the Company immediately
before such Corporate Transaction; and

 

		2.	the individuals who were members of the Board of Directors immediately prior to the execution of the agreement providing for
such Corporate Transaction constitute at least a majority of the members of the board of directors or equivalent governing body
of the Surviving Company or the Ultimate Parent, as applicable.

 

A Corporate Transaction which satisfies
all of the criteria specified in (1) and (2) above shall be referred to as a “Non-Control Transaction”.

 

    - 2 -

     

    

 

2.2.6               
 “Companies Law” shall mean the Israel Companies Law, 5759-1999, and the regulations promulgated
thereunder, all as amended from time to time.

 

2.2.7               
“Controlling Shareholder” shall have the meaning set forth in Section 32(9) of the Ordinance.

 

2.2.8               
“Disability” shall mean, in the absence
of a Grantee’s employment or service agreement otherwise
defining Disability, the inability of a Grantee to engage in any substantial gainful activity or to perform the major duties
of the Grantee’s position with the Company or its Subsidiaries by reason of any medically determinable physical or mental
impairment, as determined by a qualified doctor acceptable to the Company. In the event there is a Grantee’s employment or
service agreement defining Disability, “Disability” shall have the meaning provided in such agreement.

 

2.2.9               
“Employee” shall mean any person treated as an employee (including an officer or a director who is
also treated as an employee) in the records of the Company or any of its Subsidiaries (and in the case of 102 Awards, subject to
Section ‎7.3); provided, however, that neither service as
a director nor payment of a director’s fee shall be sufficient to constitute employment for purposes of this Plan. The Company
shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee
and the effective date of such individual’s employment or termination of employment, as the case may be.

 

2.2.10              
“Employment”, “Employed” and words of similar import shall be deemed to refer
to the employment of Employees or to the services of any other Service Provider, as the case may be.

 

2.2.11               
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended from time to time,
including rules and regulations thereunder and successor provisions and rules thereto.

 

2.2.12              
“Exercise” “Exercised” and words of similar import, when referring to an Award
that does not require exercise or that is settled upon vesting (such as may be the case with RSUs or Restricted Shares, if so determined
in their terms), shall be deemed to refer to the vesting of such an Award (regardless of whether or not the wording included reference
to vesting of such an Awards explicitly).

 

2.2.13              
“Exercise Period” shall mean the period, commencing on the date of grant of an Award, during which
an Award shall be exercisable, subject to the provisions of Section 6.5.2 hereof, any vesting provisions thereof (including any
acceleration thereof, if any) and subject to the termination provisions hereof.

 

2.2.14              
“Exercise Price” shall mean the exercise price for each Share covered by an Option or the purchase
price for each Share covered by any other Award, which unless determined otherwise by the Board shall be the average closing price
per Share on the stock exchange in which the Shares are principally traded over the thirty (30) day calendar period preceding the
subject date (utilizing all trading days during such 30 calendar day period).

 

2.2.15              
“Grantee” shall mean a person who has been granted an Award(s) under this Plan.

 

2.2.16               
“Insider” shall mean an officer of the Company, a member of the Board or other person whose transactions
in Shares are subject to Section 16 of the Exchange Act.

 

2.2.17              
“Ordinance” shall mean the Israeli Income Tax Ordinance (New Version) 1961, and the regulations and
rules (including the Rules) promulgated thereunder, all as amended from time to time.

 

    - 3 -

     

    

 

2.2.18              
 “Parent” shall mean any company (other than the Company), which now exists or is hereafter organized,
in an unbroken chain of companies ending with the Company if, at the time of granting an Award, each of the companies (other than
the Company) owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one
of the other companies in such chain.

 

2.2.19              
“Retirement” shall mean a Grantee's retirement pursuant to Applicable Law.

 

2.2.20              
“Securities Act” shall mean the U.S. Securities Act of 1933, and the rules and regulations promulgated
thereunder, all as amended from time to time.

 

2.2.21              
“Service Provider” shall mean an Employee, director, officer, consultant and advisor to the Company
or any Subsidiary thereof. Service Providers shall include prospective Service Providers to whom Awards are granted in connection
with written offers of an employment or other service relationship with the Company or any Subsidiary thereof, provided however
that such employment or service shall have actually commenced.

 

2.2.22              
 “Shares” shall mean Ordinary Shares with no par value of the Company (as adjusted for stock split,
reverse stock split, bonus shares, combination or other recapitalization events), or shares of such other class of shares of the
Company as shall be designated by the Board in respect of the relevant Award(s). “Shares” include any securities (including
ADS) or property issued or distributed with respect thereto.

 

2.2.23              
“Subsidiary” shall mean any corporation or other entity , which now exists or is hereafter organized
or acquired by the Company, of which the Company possesses, directly or through one or more intermediaries, 50% or more of the
total combined voting power of such entity. For the purpose of 102 Awards, “Affiliate” shall only mean an “employing
company” within the meaning and subject to the conditions of Section 102(a) of the Ordinance.

 

2.2.24              
“Trustee” shall mean the trustee appointed by the Board to hold the Awards (and, in relation with
102 Awards, approved by the ITA), if so appointed.

 

2.3                 
Other Defined Terms. Other defined terms in this Plan shall have the meaning ascribed to them in the relevant
Sections in the Plan.

 

		3.	ADMINISTRATION

 

3.1                 
To the extent permitted under Applicable Law and the Articles of Association, this Plan shall be administered by the
Board.

 

3.2                 
Subject to the terms and conditions of this Plan, any mandatory provisions of Applicable Law and the Articles of Association,
the Board shall have full and final authority, in its sole discretion, from time to time and at any time, to determine any of the
following:

 

(i)                    
eligible Grantees,

 

(ii)                  
grants of Awards and setting the terms and provisions of Award Agreements and any other agreements or instruments under
which Awards are made, including, but not limited to, the number of Shares underlying each Award,

 

(iii)                 
the time or times at which Awards shall be granted,

 

(iv)                  the
terms, conditions and restrictions applicable to each Award and any Shares acquired upon the exercise or (if applicable)
vesting thereof, including, without limitation, (1) designating the type of Awards; (2) the vesting schedule, the vesting
acceleration and terms and conditions upon which Awards may be exercised or become vested, (3) the Exercise Price, (4) the
method of payment for Shares purchased upon the exercise or (if applicable) vesting of the Awards, (5) the method for
satisfaction of any tax withholding obligation arising in connection with the Awards or such Shares, including by the
withholding or delivery of Shares, (6) the time of the expiration of the Awards, (7) the effect of the Grantee’s
termination of employment with the Company or any of its Subsidiaries, and (8) all other terms, conditions and restrictions
applicable to the Award or the Shares not inconsistent with the terms of this Plan,

 

    - 4 -

     

    

 

(v)                
to accelerate, continue, or extend the exercisability of any Award or the vesting thereof, including with respect to the
period following a Grantee’s termination of employment,

 

(vi)               
the interpretation of this Plan and the meaning, interpretation and applicability of terms referred to in Applicable Laws,

 

(vii)              
policies, guidelines, rules and regulations relating to and for carrying out this Plan, and any amendment, supplement or
rescission thereof, as it may deem appropriate,

 

(viii)             
the tax track (capital gains, ordinary income track or any other track available under the Section 102 of the Ordinance)
for the purpose of 102 Awards,

 

(ix)               
the authorization and approval of conversion, substitution, cancellation or suspension under and in accordance with this
Plan of any or all Awards or Shares,

 

(x)                
the amendment, modification, waiver or supplement of the terms of each outstanding Award (with the consent of the applicable
Grantee, if such amendments adversely affect the terms of such Award, including the increase of the Exercise Price of Awards or
reduction of the number of Shared underlying an Award (but, in each case, other than as a result of an adjustment or exercise of
rights in accordance with Section 11)), unless otherwise provided under the terms of this Plan,

 

(xi)               
without limiting the generality of the foregoing, and subject to the provisions of Applicable Law, to grant to a Grantee
who is the holder of an outstanding Award, in exchange for the cancellation of such Award, a new Award having an Exercise Price
lower than that provided in the Award so canceled and containing such other terms and conditions as the Board may prescribe in
accordance with the provisions of this Plan or to set a new Exercise Price for the same Award lower than that previously provided
in the Award,

 

(xii)               
to correct any defect, supply any omission or reconcile any inconsistency in this Plan or any Award Agreement and all other
determinations and take such other actions with respect to this Plan or any Award as it may deem advisable to the extent not inconsistent
with the provisions of this Plan or Applicable Law, and

 

(xiii)              
any other matter which is necessary or desirable for, or incidental to, the administration of this Plan and any Award thereunder.

 

3.3                 
The authority granted hereunder includes the authority to modify Awards to eligible individuals who are foreign nationals
or are individuals who are employed outside Israel to recognize differences in local law, tax policy or custom, in order to effectuate
the purposes of this Plan but without amending this Plan.

 

3.4                 
The Board shall be free at all times to make such determination and take such actions as they deem fit. The Board need
not take the same action or determination with respect to all Awards, with respect to certain types of Awards, with respect to
all Service Providers or any certain type of Service Providers and actions and determinations may differ as among the Grantees,
and as between the Grantees and any other holders of securities of the Company.

 

3.5                  Subject
to applicable law, all decisions, determinations, and interpretations of the Board under this Plan shall be final and binding
on all Grantees (whether before or after the issuance of Shares pursuant to Awards), unless otherwise determined by the
Board. No member of the Board shall be liable to any Grantee for any action taken or determination made in good faith with
respect to this Plan or any Award granted hereunder.

 

    - 5 -

     

    

 

3.6                 
With respect to participation by Insiders in the Plan, at any time that any class of equity security of the Company is registered
pursuant to Section 12 of the Exchange Act, the Plan must be administered in compliance with the requirements, if any, of
Rule 16b-3 thereof.

 

3.7                 
Any officer of the Company shall have the authority to act on behalf of the Company with respect to any matter, right,
obligation, determination or election which is the responsibility of or which is allocated to the Company herein, provided the
officer has apparent authority with respect to such matter, right, obligation, determination or election.

 

		4.	ELIGIBILITY; NO RIGHT TO BE TREATED UNIFORMLY 

 

4.1                 
Awards may be granted to Service Providers of the Company or any Subsidiary thereof, taking into account the qualification
under each tax regime pursuant to which such Awards are granted. A person who has been granted an Award hereunder may be granted
additional Awards, if the Board shall so determine, subject to the limitations herein. However, eligibility in accordance with
this Section ‎4 shall not entitle any person to be granted
an Award, or, having been granted an Award, to be granted an additional Award.

 

4.2                 
The Company shall not have any obligation to treat Grantees uniformly under this Plan. In furtherance and not in limitation
of the foregoing, Awards may differ in number of Shares covered thereby, the terms and conditions applying to them or on the Grantees
or in any other respect (including, that there should not be any expectation (and it is hereby disclaimed) that a certain treatment,
interpretation or position granted to one shall be applied to the other, regardless of whether or not the facts or circumstances
are the same or similar or whether or not the Grantees are similarly situated).

 

		5.	SHARES

 

5.1                 
The maximum aggregate number of Shares reserved and available for issuance under this Plan shall be such number as the
Board may determine from time to time (the “Pool”).

 

5.2                 
Any Share underlying an Award granted hereunder that has expired or was cancelled, terminated, forfeited or repurchased,
for any reason, without having been exercised, shall, automatically and without any further action on the part of the Company or
any Grantee, again be available for grant of Awards and Shares issued upon exercise or (if applicable) vesting thereof for the
purposes of this Plan (unless this Plan shall have been terminated) or unless the Board determines otherwise. Such Shares may,
in whole or in part, be authorized but unissued Shares, treasury shares (dormant shares) or otherwise Shares that shall have been
or may be repurchased by the Company (to the extent permitted pursuant to the Companies Law). Any Shares under the Pool that are
not subject to outstanding or exercised Awards at the termination of this Plan shall cease to be reserved for the purpose of this
Plan.

 

5.3                 
During the term of this Plan, the Company will at all times reserve and keep available such number of Shares as will be
sufficient to satisfy the requirements of the Plan.

 

		6.	GENERAL TERMS AND CONDITIONS OF AWARDS

 

Each Award granted pursuant to this Plan shall be
evidenced by a written agreement between the Company and the Grantee or a written notice delivered by the Company and signed
by the Grantee (the “Award Agreement”), in substantially such form or forms and containing such terms and
conditions, as the Board shall from time to time approve. The Award Agreement shall comply with and be subject to the
following general terms and conditions and the provisions of this Plan (except for any provisions applying to Awards under
different tax regimes), unless otherwise specifically provided in such Award Agreement, or the terms referred to in other
Sections of this Plan applying to Awards under such applicable tax regimes, or terms prescribed by Applicable Law. Award
Agreements need not be in the same form and may differ in the terms and conditions included therein.

 

    - 6 -

     

    

 

6.1                 
Number of Shares. Each Award Agreement shall state the number of Shares covered by the Award.

 

6.2                 
Type of Award. Each Award Agreement may state the type of Award granted thereunder, provided that the tax treatment
of any Award, whether or not stated in the Award Agreement, shall be as determined in accordance with Applicable Laws.

 

6.3                 
Exercise Price. Each Award Agreement shall state the Exercise Price. The Exercise Price shall also be subject
to adjustments as provided in Section 11 hereof.

 

6.4                 
Manner of Exercise. An Award may be exercised, as to any or all Shares as to which the Award has become exercisable,
by written notice delivered in person or by mail (or such other methods of delivery prescribed by the Company) to the General Counsel
and Corporate Secretary of the Company or to such other person as determined by the Board, or in any other manner as the Board
shall prescribe from time to time, specifying the number of Shares with respect to which the Award is being exercised (which may
be equal to or lower than the aggregate number of Shares that have become exercisable at such time, subject to the last sentence
of this Section), accompanied by payment of the aggregate Exercise Price for such Shares in the manner specified in the following
sentence. The exercise of Options and (if and to the extent applicable) Restricted Share Units shall be made by way of a "cashless"
exercise, such that the number of Shares underlying these Awards shall be calculated in the accordance with the following formula:

 

	A x (B - C)
	B

 

		A =	The number of Options or (if applicable) Restricted Share Units which the Grantee wishes to
exercise as specified in the exercise notice;

 

		B =	The closing price in USD of the Shares on the stock exchange in which the Shares are principally
traded on the date of exercising the Option or (if applicable) the Restricted Share Unit;

 

		C =	Exercise Price in USD per Option or (if applicable) Restricted Share Unit;

 

provided that with respect to 102 Trustee Awards, to
the extent required by Applicable Law, a specific ruling is obtained from the ITA and the cashless procedures comply with the terms
of ITA guidelines. Without derogating from the foregoing, the Company may apply in its sole discretion additional procedures and
requirements in connection with the exercise or sale mechanism of Awards by any Grantee. A Grantee may not exercise Awards unless
the aggregate Exercise Price thereof is equal to or in excess of the lower of: (a) the aggregate Exercise Price for all Shares
as to which the Award has become exercisable at such time; or (b) US$1,000.

 

6.5                 
Term and Vesting of Awards

 

6.5.1                Each
Award Agreement shall provide the vesting schedule for the Award as determined by the Board. The Board shall have the
authority to determine the vesting schedule and accelerate the vesting of any outstanding Award at such time and under such
circumstances as it, in its sole discretion, deems appropriate. Unless otherwise resolved by the Board and stated in the
Award Agreement, and subject to Sections ‎6.6 and ‎6.7
hereof, Awards shall vest and become exercisable under the following schedule: twenty-five percent (25%) of the Shares
covered by the Award, following the first anniversary of the vesting commencement date determined by the Board and 6.25% of
the Shares on the lapse of each three (3) months following the first anniversary of the vesting commencement date determined
by the Board (and in the absence of such determination, of the date on which such Award was granted) such that 100% of the
Awards will vest upon their fourth anniversary of the vesting commencement date,; provided that the Grantee remains a Service
Provider of the Company or its Subsidiaries continuously throughout such vesting period.

 

    - 7 -

     

    

 

6.5.2               
The Exercise Period of an Award will be set forth in the Award Agreement provided however, that the maximum Exercise
Period shall be ten (10) years from the date of grant of the Award, and provided further that the Exercise Period of any Award
shall be subject to the early termination provisions set forth in Sections ‎6.6
and ‎6.7 hereof and the provisions of Section 11.4 hereof.
At the expiration of the Exercise Period, any Award, or any part thereof, that has not been exercised within the term of the Award
and the Shares covered thereby not paid for in accordance with this Plan and the Award Agreement shall terminate and become null
and void, and all interests and rights of the Grantee in and to the same shall expire.

 

6.6                 
Termination

 

6.6.1               
Unless otherwise determined by the Board, and subject to Section ‎6.7
hereof, an Award may not be exercised unless the Grantee is then a Service Provider of the Company or a Subsidiary and unless the
Grantee has remained continuously so employed since the date of grant of the Award and throughout the vesting period.

 

6.6.2               
In the event that the employment or service of a Grantee shall terminate (other than by reason of death, Disability
or Retirement), all Awards of such Grantee that are unvested at the time of such termination shall terminate on the date of such
termination, and all Awards of such Grantee that are vested and exercisable at the time of such termination may be exercised within
three (3) months after the date of such termination (or such different period as the Board shall prescribe), but in any event no
later than the date of expiration of the Award’s term as set forth in the Award Agreement or pursuant to this Plan; provided
however, that if the Company (or the Subsidiary, when applicable) shall terminate the Grantee’s employment or service for
Cause (as defined below) or if at any time during the Exercise Period (whether prior to or after termination of employment or service,
and whether or not the Grantee’s employment or service is terminated by either party as a result thereof), facts or circumstances
arise or are discovered with respect to the Grantee that would have constituted Cause, all Awards theretofore granted to such Grantee
(whether vested or not) shall, to the extent not theretofore exercised, terminate on the date of such termination (or on such subsequent
date on which such facts or circumstances arise or are discovered, as the case may be) unless otherwise determined by the Board.

 

6.6.3               
Notwithstanding anything to the contrary, the Board, in its absolute discretion, may, on such terms and conditions as
it may determine appropriate, extend the periods for which Awards held by any Grantee may continue to vest and be exercisable;
it being clarified that such Awards may lose their entitlement to certain tax benefits under Applicable Law as a result of the
modification of such Awards.

 

6.6.4               
For purposes of this Plan:

 

6.6.4.1         a
termination of employment or service of a Grantee shall not be deemed to occur in case of (i) a transition or transfer of a
Grantee among the Company and its Subsidiaries, (ii) a change in the capacity in which the Grantee is employed or renders
service to the Company or any of its Subsidiaries or a change in the identity of the employing or engagement entity among the
Company and its Subsidiaries, provided, in case of (i) and (ii) above, that the Grantee has remained continuously employed by
and/or in the service of the Company and its Subsidiaries since the date of grant of the Award and throughout the vesting
period; (iii) if the Grantee takes any unpaid leave as set forth in Section ‎6.8(i)
below.

 

    - 8 -

     

    

 

6.6.4.2        
In the case of a Grantee whose principal employer or service recipient is a Subsidiary, the Grantee’s employment
shall also be deemed terminated for purposes of this Section 6.6 as of the date on which such principal employer or service recipient
ceases to be a Subsidiary.

 

6.6.4.3        
The term “Cause” shall mean (irrespective of, and in addition to, any definition included in any
other agreement or instrument applicable to the Grantee) any of the following: (i) any criminal act, theft, fraud, embezzlement,
dishonesty, willful misconduct, falsification of any documents or records of the Company or any of its Subsidiaries, felony or
similar act by the Grantee (in each case, whether or not related to the Grantee’s relationship with the Company); (ii) an
act of moral turpitude by the Grantee, or any act that causes significant injury to, or is otherwise materially adversely affecting,
the reputation, business, assets, operations or business relationship of the Company (or a Subsidiary, when applicable); (iii)
any breach by the Grantee of any material agreement with or of any material duty of the Grantee to the Company or any Subsidiary
thereof (including breach of confidentiality, non-disclosure, non-use non-competition or non-solicitation covenants towards the
Company or any of its Subsidiaries) or material failure to abide by code of conduct or other policies of the Company (including,
without limitation, policies relating to confidentiality and reasonable workplace conduct, sexual harassment and corruption); (iv)
any act which constitutes a breach of a Grantee’s fiduciary duty towards the Company or a Subsidiary; or (v) any circumstances
that constitute grounds for termination for cause under the Grantee’s employment or service agreement with the Company or
a Subsidiary, to the extent applicable. For the avoidance of doubt, the determination as to whether a termination is for Cause
for purposes of this Plan, shall be made in good faith by the Board and shall be final and binding on the Grantee.

 

6.7                 
Death, Disability or Retirement of Grantee.

 

6.7.1               
If a Grantee shall die while employed by, or performing service for, the Company or its Subsidiaries, or within the
three (3) month period after the date of termination of such Grantee's employment or service (or within such different period as
the Board may have provided pursuant to Section ‎6.6 hereof),
or if the Grantee's employment or service shall terminate by reason of Disability, all Awards of such Grantee that are unvested
at the time of such death or termination shall terminate on the date of such death or Disability of the Grantee, and all Awards
theretofore granted to such Grantee may (to the extent otherwise vested and exercisable and unless earlier terminated in accordance
with their terms) be exercised by the Grantee or by the Grantee's estate or by a person who acquired the legal right to exercise
such Awards by bequest or inheritance, or by a person who acquired the legal right to exercise such Awards in accordance with Applicable
Law in the case of Disability of the Grantee, as the case may be, at any time within one (1) year after the death or Disability
of the Grantee, but in any event no later than the date of expiration of the Award’s term as set forth in the Award Agreement
or pursuant to this Plan. In the event that an Award granted hereunder shall be exercised as set forth above by any person other
than the Grantee, written notice of such exercise shall be accompanied by a certified copy of letters testamentary or proof satisfactory
to the Board of the right of such person to exercise such Award.

 

6.7.2               
In the event that the employment or service of a Grantee shall terminate on account of such Grantee's Retirement, all
Awards of such Grantee that are unvested at the time of such termination shall terminate on the date of such termination, and all
Awards of such Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance with their
terms, be exercised at any time within the three (3) month period after the date of such Retirement (or such different period as
the Board shall prescribe).

 

6.8                  Suspension
of Vesting. Unless the Board provides otherwise, vesting of Awards granted hereunder shall be suspended during any unpaid
leave of absence, other than in the case of any (i) leave of absence which was pre-approved by the Company explicitly for
purposes of continuing the vesting of Awards, or (ii) transfers between locations of the Company or any of its Subsidiaries,
or between the Company and any of its Subsidiaries, or any respective successor thereof. For the avoidance of doubt, for
purposes of this Plan, military leave, statutory maternity or paternity leave or sick leave are not deemed unpaid leave of
absence.

 

    - 9 -

     

    

 

6.9                 
Securities Law Restrictions. Except as otherwise provided in the applicable Award Agreement, if the exercise
of an Award following the termination of the Service Provider’s employment or service (other than for Cause) would be prohibited
at any time solely because the issuance of Shares would violate the registration requirements under the Securities Act or equivalent
requirements under equivalent laws of other applicable jurisdictions, then the Award shall remain exercisable and terminate on
the earlier of (i) the expiration of a period of three (3) months after the termination of the Service Provider’s
employment or service during which the exercise of the Award would not be in such violation, or (ii) the expiration of the
term of the Award as set forth in the Award Agreement or pursuant to this Plan. In addition, unless otherwise provided in a Grantee’s
Award Agreement, if the sale of any Shares received upon exercise or (if applicable) vesting of an Award following the termination
of the Grantee's employment or service (other than for Cause) would violate the Company’s insider trading policy, then the
Award shall terminate on the earlier of (i) the expiration of a period equal to the applicable post-termination exercise period
after the termination of the Grantee's employment or service during which the exercise of the Award would not be in violation of
the Company’s insider trading policy, or (ii) the expiration of the term of the Award as set forth in the applicable
Award Agreement or pursuant to this Plan.

 

6.10                 
Other Provisions. The Award Agreement evidencing Awards under this Plan shall contain such other terms and conditions
not inconsistent with this Plan as the Board may determine, at or after the date of grant, including provisions in connection with
the restrictions on transferring the Awards or Shares covered by such Awards, which shall be binding upon the Grantees and any
purchaser, assignee or transferee of any Awards, and other terms and conditions as the Board shall deem appropriate.

 

		7.	102 AWARDS

 

Awards granted pursuant to this Section ‎7
are intended to constitute 102 Awards and shall be granted subject to the following special terms and conditions, the general terms
and conditions specified in Section 6 hereof and other provisions of this Plan, except for any provisions of this Plan applying
to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of
this Section ‎7 and the other terms of this Plan, this Section
‎7 shall prevail.

 

7.1                 
Tracks. Awards granted pursuant to this Section ‎7
are intended to be granted pursuant to Section 102 of the Ordinance pursuant to either (i) Section 102(b)(2) thereof, under the
capital gain track (“102 Capital Gain Track Awards”), or (ii) Section 102(b)(1) thereof under the ordinary income
track (“102 Ordinary Income Track Awards”, and together with 102 Capital Gain Track Awards, “102 Trustee
Awards”). 102 Trustee Awards shall be granted subject to the special terms and conditions contained in this Section ‎7,
the general terms and conditions specified in Section ‎6
hereof and other provisions of this Plan, except for any provisions of this Plan applying to Options under different tax laws or
regulations.

 

7.2                  Election
of Track. Subject to Applicable Law, the Company may grant only one type of 102 Trustee Awards at any given time to all
Grantees who are to be granted 102 Trustee Awards pursuant to this Plan, and shall file an election with the ITA regarding
the type of 102 Trustee Awards it elects to grant before the date of grant of any 102 Trustee Awards (the
 “Election”). Such Election shall also apply to any other securities, including bonus shares, received by
any Grantee as a result of holding the 102 Trustee Awards. The Company may change the type of 102 Trustee Awards that it
elects to grant only after the expiration of at least 12 months from the end of the year in which the first grant was made in
accordance with the previous Election, or as otherwise provided by Applicable Law. Any Election shall not prevent the Company
from granting Awards, pursuant to Section 102(c) of the Ordinance without a Trustee (“102 Non-Trustee
Awards”).

 

    - 10 -

     

    

 

7.3                 
Eligibility for Awards. Subject to Applicable Law, 102 Awards may only be granted to an "employee" within
the meaning of Section 102(a) of the Ordinance (which as of the date of the adoption of this Plan means (i) individuals employed
by an Israeli company being the Company or any of its Subsidiaries, and (ii) individuals who are serving and are engaged personally
(and not through an entity) as “office holders” by such an Israeli company), but may not be granted to a Controlling
Shareholder (“Eligible 102 Grantees”). Eligible 102 Grantees may receive only 102 Awards, which may either be
granted to a Trustee or granted under Section 102 of the Ordinance without a Trustee.

 

7.4                 
102 Award Grant Date.

 

7.4.1              
Each 102 Award will be deemed granted on the date determined by the Board, subject to Section ‎7.4.2,
provided that (i) the Grantee has signed all documents required by the Company or pursuant to Applicable Law, and (ii) with respect
to 102 Trustee Award, the Company has provided all applicable documents to the Trustee in accordance with the guidelines published
by the ITA.

 

7.4.2               
Unless otherwise permitted by the Ordinance, any grants of 102 Trustee Awards that are made on or after the date of
the adoption of this Plan or an amendment to this Plan, as the case may be, that may become effective only at the expiration of
thirty (30) days after the filing of this Plan or any amendment thereof (as the case may be) with the ITA in accordance with the
Ordinance shall be conditional upon the expiration of such 30-day period, and such condition shall be read and is incorporated
by reference into any corporate resolutions approving such grants and into any Award Agreement evidencing such grants (whether
or not explicitly referring to such condition), and the date of grant shall be at the expiration of such 30-day period, whether
or not the date of grant indicated therein corresponds with this Section. In the case of any contradiction, this provision and
the date of grant determined pursuant hereto shall supersede and be deemed to amend any date of grant indicating in any corporate
resolution or Award Agreement.

 

7.5                 
102 Trustee Awards

 

7.5.1               
Each 102 Trustee Award, each Share issued pursuant to the exercise of any 102 Trustee Award, and any rights granted
thereunder, including bonus shares, shall be issued to and registered in the name of the Trustee and shall be held in trust for
the benefit of the Grantee for the requisite period prescribed by the Ordinance (the “Required Holding Period”).
In the event that the requirements under Section 102 of the Ordinance to qualify an Award as a 102 Trustee Award are not met, then
the Award may be treated as a 102 Non-Trustee Award or 3(9) Award, all in accordance with the provisions of the Ordinance. After
the expiration of the Required Holding Period, the Trustee may release such 102 Trustee Awards and any such Shares, provided that
(i) the Trustee has received an acknowledgment from the ITA that the Grantee has paid any applicable taxes due pursuant to the
Ordinance, or (ii) the Trustee and/or the Company and/or its Subsidiary withholds all applicable taxes and compulsory payments
due pursuant to the Ordinance arising from the 102 Trustee Awards and/or any Shares issued upon exercise or (if applicable) vesting
of such 102 Trustee Awards. The Trustee shall not release any 102 Trustee Awards or Shares issued upon exercise or (if applicable)
vesting thereof prior to the payment in full of the Grantee’s tax and compulsory payments arising from such 102 Trustee Awards
and/or Shares or the withholding referred to in (ii) above.

 

7.5.2                Each
102 Trustee Award shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings or
approvals issued by the ITA, which shall be deemed an integral part of the 102 Trustee Awards and shall prevail over any term
contained in this Plan or Award Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any
determinations, rulings or approvals by the ITA not expressly specified in this Plan or Award Agreement that are necessary to
receive or maintain any tax benefit pursuant to Section 102 of the Ordinance shall be binding on the Grantee. A Grantee
granted a 102 Trustee Awards shall comply with the Ordinance and the terms and conditions of the Trust Agreement entered into
between the Company and the Trustee. The Grantee shall execute any and all documents that the Company and/or its Subsidiaries
and/or the Trustee determine from time to time to be necessary in order to comply with the Ordinance and the Rules.

 

    - 11 -

     

    

 

7.5.3               
During the Required Holding Period, the Grantee shall not release from trust or sell, assign, transfer or give as collateral,
the Shares issuable upon the exercise or (if applicable) vesting of a 102 Trustee Awards and/or any securities issued or distributed
with respect thereto, until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release
or other action occurs during the Required Holding Period it may result in adverse tax consequences to the Grantee under Section
102 of the Ordinance and the Rules, which shall apply to and shall be borne solely by such Grantee. Subject to the foregoing, the
Trustee may, pursuant to a written request from the Grantee, but subject to the terms of this Plan, release and transfer such Shares
to a designated third party, provided that both of the following conditions have been fulfilled prior to such release or transfer:
(i) payment has been made to the ITA of all taxes and compulsory payments required to be paid upon the release and transfer of
the Shares, and confirmation of such payment has been received by the Trustee and the Company, and (ii) the Trustee has received
written confirmation from the Company that all requirements for such release and transfer have been fulfilled according to the
terms of the Company’s corporate documents, any agreement governing the Shares, this Plan, the Award Agreement and any Applicable
Law.

 

7.5.4               
If a 102 Trustee Award is exercised or (if applicable) vested, the Shares issued upon such exercise or (if applicable)
vesting shall be issued in the name of the Trustee for the benefit of the Grantee.

 

7.5.5               
Upon or after receipt of a 102 Trustee Award, if required, the Grantee may be required to sign an undertaking to release
the Trustee from any liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation
to this Plan, or any 102 Trustee Awards or Share granted to such Grantee thereunder.

 

7.6                 
102 Non-Trustee Awards. The foregoing provisions of this Section 7 relating to 102 Trustee Awards shall not apply
with respect to 102 Non-Trustee Awards, which shall, however, be subject to the relevant provisions of Section 102 of the Ordinance
and the applicable Rules. The Board may determine that 102 Non-Trustee Awards, the Shares issuable upon the exercise or (if applicable)
vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto, shall be allocated or issued
to the Trustee, who shall hold such 102 Non-Trustee Awards and all accrued rights thereon (if any), in trust for the benefit of
the Grantee and/or the Company, as the case may be, until the full payment of tax arising from the 102 Non-Trustee Awards, the
Shares issuable upon the exercise or (if applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed
with respect thereto. The Company may choose, alternatively, to force the Grantee to provide it with a guarantee or other security,
to the satisfaction of each of the Trustee and the Company, until the full payment of the applicable taxes.

 

7.7                 
Israeli Index Base for 102 Awards. Each 102 Award will be subject to the Israeli index base of the Value of
Benefit, as defined in Section 102(a) of the Ordinance, as determined by the Board in its discretion, pursuant to the Rules, from
time to time. The Board may amend (which amendment may have a retroactive effect) the Israeli index base, pursuant to the Ordinance,
without the Grantee’s consent.

 

7.8                  Written
Grantee Undertaking. To the extent and with respect to any 102 Trustee Award, and as required by Section 102 of the
Ordinance and the Rules, by virtue of the receipt of such Award, the Grantee is deemed to have undertaken and confirm in
writing the following (and such undertaking is deemed incorporated into any documents signed by the Grantee in connection
with the employment or service of the Grantee and/or the grant of such Award). The following written undertaking shall be
deemed to apply and relate to all Awards granted to the Grantee, whether under this Plan or other plans maintained by the
Company, and whether prior to or after the date hereof.

 

    - 12 -

     

    

 

7.8.1               
The Grantee shall comply with all terms and conditions set forth in Section 102 of the Ordinance with regard to the
 “Capital Gain Track” or the “Ordinary Income Track”, as applicable, and the applicable rules and regulations
promulgated thereunder, as amended from time to time;

 

7.8.2               
The Grantee is familiar with, and understand the provisions of, Section 102 of the Ordinance in general, and the tax
arrangement under the “Capital Gain Track” or the “Ordinary Income Track” in particular, and its tax consequences;
the Grantee agrees that the Awards and Shares that may be issued upon exercise or (if applicable) vesting of the Awards (or otherwise
in relation to the Awards), will be held by a trustee appointed pursuant to Section 102 of the Ordinance for at least the duration
of the "Holding Period" (as such term is defined in Section 102) under the "Capital Gain Track" or the “Ordinary
Income Track”, as applicable. The Grantee understands that any release of such Awards or Shares from trust, or any sale of
the Shares prior to the termination of the Required Holding Period, as defined above, will result in taxation at marginal tax rate,
in addition to deductions of appropriate social security, health tax contributions or other compulsory payments; and

 

7.8.3               
The Grantee agrees to the trust deed signed between the Company, his or her employing company and the trustee appointed
pursuant to Section 102 of the Ordinance.

 

		8.	3(9) AWARDS.

 

Awards granted pursuant to this Section 8 are intended
to constitute 3(9) Awards and shall be granted subject to the general terms and conditions specified in Section ‎6
hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards under different tax laws or
regulations. In the event of any inconsistency or contradictions between the provisions of this Section 8 and the other terms of
this Plan, this Section 8 shall prevail.

 

8.1                 
To the extent required by the Ordinance or the ITA or otherwise deemed by the Board to be advisable, the 3(9) Awards
and/or any shares or other securities issued or distributed with respect thereto granted pursuant to this Plan shall be issued
to a Trustee nominated by the Board in accordance with the provisions of the Ordinance. In such event, the Trustee shall hold such
Awards and/or any shares or other securities issued or distributed with respect thereto in trust, until exercised or (if applicable)
vested by the Grantee and the full payment of tax arising therefrom, pursuant to the Company's instructions from time to time as
set forth in a trust agreement, which will have been entered into between the Company and the Trustee. If determined by the Board
or the Board, and subject to such trust agreement, the Trustee shall be responsible for withholding any taxes to which a Grantee
may become liable upon issuance of Shares, whether due to the exercise or (if applicable) vesting of Awards.

 

8.2                 
Shares pursuant to a 3(9) Award shall not be issued, unless the Grantee delivers to the Company payment in cash or by
bank check or such other form acceptable to the Board of all withholding taxes due, if any, on account of the Grantee acquired
Shares under the Award or gives other assurance satisfactory to the Board of the payment of those withholding taxes.

 

		9.	RESTRICTED SHARES

 

The Board may award Restricted Shares to any
eligible Grantee, including under Section 102 of the Ordinance. Each Award of Restricted Shares under this Plan shall be
evidenced by a written agreement between the Company and the Grantee (the “Restricted Share Agreement”),
in such form as the Board shall from time to time approve. The Restricted Shares shall be subject to all applicable terms,
conditions and restrictions of this Plan, which in the case of Restricted Shares granted under Section 102 of the Ordinance
shall include Section 7 hereof, and may be subject to any other terms that are not inconsistent with this Plan. The
provisions of the various Restricted Shares Agreements entered into under this Plan need not be identical. The Restricted
Share Agreement shall comply with and be subject to Section ‎6
and the following terms and conditions, unless otherwise specifically provided in such Agreement and not inconsistent with
this Plan, or Applicable Law:

 

    - 13 -

     

    

 

9.1                 
Purchase Price. Section ‎6.4 shall not
apply. Each Restricted Share Agreement shall state an amount of Exercise Price to be paid by the Grantee, if any, in consideration
for the issuance of the Restricted Shares and the terms of payment thereof.

 

9.2                 
Restrictions. In addition to any other restrictions
set forth in the Plan, Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed
of, except by will or the laws of descent and distribution (in which case they shall be transferred subject to all restrictions
then or thereafter applicable thereto), until such Restricted Shares shall have vested (the period from the date on which the Award
is granted until the date of vesting of the Restricted Share thereunder being referred to herein as the “Restricted Period”).
Certificates for shares issued pursuant to Restricted Share Awards shall bear an appropriate legend referring to such restrictions.
Such certificates may, if so determined by the Board, be held in escrow by an escrow agent appointed by the Board, or, if a Restricted
Share Award is made pursuant to Section 102 of the Ordinance, by the Trustee. To the extent required by the Ordinance or the ITA,
the Restricted Shares issued pursuant to Section 102 of the Ordinance shall be issued to the Trustee in accordance with the provisions
of the Ordinance and the Restricted Shares shall be held for the benefit of the Grantee for such period as may be required by the
Ordinance.

 

9.3                 
Forfeiture. Subject to such exceptions as may be determined by the Board, if the Grantee's continuous employment
with or service to the Company or any Subsidiary thereof shall terminate for any reason prior to the expiration of the Restricted
Period of an Award or prior to the timely payment in full of the Exercise Price of any Restricted Shares, any Shares remaining
subject to vesting or with respect to which the purchase price has not been paid in full, shall thereupon be forfeited for no consideration,
subject to Applicable Laws and the Grantee shall have no further rights with respect to such Restricted Shares.

 

9.4                 
Ownership. Except as otherwise set forth in the Restricted Share Agreement, during the Restricted Period the
Grantee shall possess all incidents of ownership of such Restricted Shares, subject to Section ‎9.2,
including the right to vote and receive dividends with respect to such Shares. Notwithstanding
anything to the contrary herein, dividends, if any, with respect to the Restricted Shares shall be withheld by the Company for
the Grantee’s account (without accruing any interest), and shall be subject to vesting and forfeiture to the same degree
as the Restricted Shares to which such dividends relate. All securities, if any, received by a Grantee with respect to Restricted
Shares as a result of any stock split, stock dividend, combination of shares, or other similar transaction (pursuant to Section
11.3 hereof) shall be subject to the restrictions, vesting and forfeiture applicable to the original Award.

 

		10.	RESTRICTED SHARE UNITS

 

An RSU is an Award covering a number of Shares that
is settled, if vested and (if applicable) exercised, by issuance of those Shares. An RSU may be awarded to any eligible Grantee,
including under Section 102 of the Ordinance. The Award Agreement relating to the grant of RSUs under this Plan (the “Restricted
Share Unit Agreement”), shall be in such form as the Board shall from time to time approve. The RSUs shall be subject
to all applicable terms, conditions and restrictions of this Plan (including Section 6 hereof), which in the case of RSUs granted
under Section 102 of the Ordinance shall include Section ‎7
hereof, and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Restricted
Share Unit Agreements entered into under this Plan need not be identical.

 

10.1               
Exercise Price. No payment of Exercise Price shall be required as consideration for RSUs, unless included in
the Award Agreement or as required by Applicable Law, and Section ‎6.4
shall apply, if applicable.

 

    - 14 -

     

    

 

10.2              
 Shareholders’ Rights. The Grantee shall not possess or own any ownership rights in the Shares underlying
the RSUs and no rights as a shareholder shall exist prior to the actual issuance of Shares in the name of the Grantee.

 

10.3               
Settlements of Awards. Settlement of vested RSUs shall be made in the form of Shares. Distribution to a Grantee
of an amount (or amounts) from settlement of vested RSUs can be deferred to a date after settlement as determined by the Board.
The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents, subject to Applicable
Law and ITA guidelines. Until the grant of RSUs is settled, the number of Shares underlying such RSUs shall be subject to adjustment
pursuant hereto.

 

		11.	EFFECT OF CERTAIN CHANGES

 

11.1                
Cash Dividend. In the event of any payment of a cash dividend by the Company to its shareholders, the Exercise Price
of each outstanding Award shall be automatically reduced by the full (gross) amount of dividend per Share in USD, subject to the
receipt of a specific ruling from the ITA.

 

11.2                
Rights Offering. In the event the Company conducts a rights offering, the Exercise Price of each outstanding Award
shall be automatically reduced by an amount in USD equals to the benefit component to the offerees in the rights offering, subject
to the receipt of a specific ruling from the ITA. For this purpose, the benefit component shall mean the ratio between the closing
price of a Share on the last trading day prior to the ex-date and the base price of the Share on the ex-date.

 

11.3               
Capitalization Events. In the event of a division or subdivision of the outstanding share capital of the Company,
any distribution of bonus shares (stock split), consolidation or combination of share capital of the Company (reverse stock split),
distribution of dividends in any form other than cash, reclassification with respect to the Shares, or any similar recapitalization
events (other than rights offering) , reorganization (which may include a combination or exchange of shares, spin-off, split-up
or other corporate divestiture or division, or other similar occurrences) then (i) the number of Shares reserved and available
for grants of Awards under this Plan, (ii) the number of Shares covered by each outstanding Award and (iii) the Exercise Price
of each outstanding Award, will, in each case, be proportionately and equitably adjusted, as determined in good faith by the Board.
Any fractional shares resulting from any such adjustment shall be rounded to the nearest whole share, and the Company shall have
no obligation to make any cash or other payment with respect to such fractional shares. The adjustments determined by the Board
pursuant to this Section 11.3 (including a determination that no adjustment is to be made) shall be final, binding and conclusive.
Except as expressly provided herein, no issue by the Company of Shares of any class, or securities convertible into Shares of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the Exercise Price or the number of Shares
Covered by each outstanding Award.

 

11.4               
Corporate Events. Upon the occurrence or in anticipation of (i) a sale or disposition, in one or series of related
transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole; or (ii) of a Change
of Control; or upon a resolution of the Company’s shareholders to approve a liquidation or dissolution of the Company (each
such event or transaction, a “Corporate Event”), then, without derogating from the Board’s general authority
and power under this Plan and without the Grantee’s consent :

 

11.4.1               
Automatic Acceleration. All outstanding Awards shall (to the extent not already vested) automatically accelerate
and become fully vested and immediately exercisable. The Board shall notify the applicable Grantees in writing a reasonable time
prior to the consummation of the Corporate Event that all outstanding Awards held by such Grantees shall be exercisable for a designated
period of time which shall begin on the date of such notice and shall end prior to the consummation of the Corporate Event, as
shall be determined by the Board in its sole discretion (the “Designated Period”).

 

    - 15 -

     

    

 

11.4.2             
 Cancelling Unexercised Awards. Any Awards not exercised prior to the expiration of the Designated Period shall be
automatically cancelled (without any additional notice) upon or immediately prior to the closing of the Corporate Event.

 

11.4.3             
 Corporate Transaction. In the event of a Corporate Transaction, each Share issued to a Grantee in connection with
any Award exercised by such Grantee within the Designated Period shall confer on him or her, upon the closing of such Corporate
Transaction, the same rights and privileges provided to the holders of Shares for each Share held on the effective date of the
Corporate Transaction, which may include a consideration for each such Share, whether in cash, stock (of the Company or the successor
corporation in such Corporate Transaction or any parent or Subsidiary thereof) or other securities or property, or any combination
thereof, as shall be determined by the Board. For the avoidance of doubt, any such Grantee shall be subject, for any and all purposes
(in his or her capacity as a holder of Shares), to the definitive agreement(s) in connection with the Corporate Transaction as
applying to other holders of Shares including, such terms, conditions, representations, undertakings, liabilities, limitations,
releases, indemnities, participating in transaction expenses, earn-outs, holdback and escrow arrangement or other contingencies,
in each case, as determined by the Board.

 

11.5      
Neither the authorities and powers of the Board under this Section 11 nor the exercise or implementation thereof or
any consequences resulting therefrom, (i) shall be deemed to constitute a change of the terms of this Plan or an amendment of the
rights of such holder hereunder, and (ii) shall be restricted or limited in any way by any adverse implications (tax or otherwise)
that may result to any Grantee, and, in each case, may be effected without consent of any Grantee and without any liability to
the Company or its Subsidiaries and to their respective officers, directors, employees and representatives and the respective successors
and assigns of any of the foregoing.

 

11.6      
 The Board’s determinations pursuant to this Section 11 shall be conclusive and binding on all Grantees.

 

		12.	NON-TRANSFERABILITY OF AWARDS; SURVIVING BENEFICIARY

 

12.1               
All Awards granted under this Plan by their terms shall not be transferable otherwise than by will or by the laws of
descent and distribution, unless otherwise determined by the Board or under this Plan, provided that with respect to Shares issued
upon exercise or (if applicable) the vesting of Awards the restrictions on transfer shall be the restrictions referred to in Section
13 (Conditions upon Issuance of Shares) hereof. Subject to the above provisions, the terms of such Award, this Plan and
any applicable Award Agreement shall be binding upon the beneficiaries, executors, administrators, heirs and successors of such
Grantee. Any transfer of an Award not permitted hereunder (including transfers pursuant to any decree of divorce, dissolution or
separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse) and any grant of
any interest in any Award to, or creation in any way of any direct or indirect interest in any Award by, any party other than the
Grantee shall be null and void and shall not confer upon any party or person, other than the Grantee, any rights.

 

12.2               
So long as the Shares are held by the Trustee in favor of the Grantee, all rights possessed by the Grantee over the
Shares are personal, and may not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

 

12.3               
The provisions of this Section ‎12 shall apply
to the Grantee and to any purchaser, assignee or transferee of any Shares.

 

    - 16 -

     

    

 

		13.	CONDITIONS UPON ISSUANCE OF SHARES; GOVERNING PROVISIONS

 

13.1               Legal
Compliance. The grant of Awards and the issuance of Shares upon exercise or settlement of Awards shall be subject to
compliance with all Applicable Laws. In addition, no Award may be exercised unless (i) a registration statement under the
Securities Act shall at the time of exercise or settlement of the Award be in effect with respect to the shares issuable upon
exercise of the Award, or (ii) in the opinion of legal counsel to the Company, the shares issuable upon exercise of the Award
may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities
Act. As a condition to the exercise of an Award, the Company may require the person exercising such Award to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with any Applicable Law or regulation and to make
any representation or warranty with respect thereto as may be requested by the Company, including to represent and warrant at
the time of any such exercise that the Shares are being purchased only for investment and without any present intention to
sell or distribute such Shares, all in form and content specified by the Company.

 

13.2               
Provisions Governing Shares. Shares issued pursuant to an Award shall be subject to the Articles of Association
all policies, manuals and internal regulations adopted by the Company from time to time, in each case, as may be amended from time
to time, including any provisions included therein concerning restrictions or limitations on disposition of Shares (such as, but
not limited to, and lock up/market stand-off) or grant of any rights with respect thereto, any provisions concerning restrictions
on the use of inside information and other provisions deemed by the Company to be appropriate in order to ensure compliance with
Applicable Laws. Each Grantee shall execute such separate agreement(s) as may be requested by the Company relating to matters set
forth in this Section ‎13.2. The execution of such separate
agreement(s) may be a condition by the Company to the exercise of any Award.

 

		14.	MARKET STAND-OFF

 

14.1               
In connection with any underwritten public offering of equity securities of the Company pursuant to an effective registration
statement filed under the Securities Act or equivalent law in another jurisdiction, the Grantee shall not directly or indirectly,
without the prior written consent of the Company or its underwriters, (i) lend, offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or
otherwise transfer or dispose of, directly or indirectly, any Shares or other Awards, any securities of the Company (whether or
not such Shares were acquired under this Plan), or any securities convertible into or exercisable or exchangeable (directly or
indirectly) for Shares or securities of the Company and any other shares or securities issued or distributed in respect thereto
or in substitution thereof (collectively, “Securities”), or (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Securities, whether any such
transaction described in clauses (i) or (ii) is to be settled by delivery of Securities, in cash or otherwise. The foregoing provisions
of this Section ‎14.1 shall not apply to the sale of any
shares to an underwriter pursuant to an underwriting agreement to which the Company is a party. Such restrictions (the “Market
Stand-Off”) shall be in effect for such period of time (the “Market Stand-Off Period”): (A) (1) in
the case of the Company’s initial public offering, following the first public filing of the registration statement relating
to the underwritten public offering until the expiration of 180 days following the effective date of such registration statement
relating to the Company’s initial public offering or (2) in the case of any other public offering of the Company's ordinary
shares, from the first date on which a preliminary prospectus (or prospectus supplement) relating to such public offering is filed
under the Securities Act until the expiration of 90 days following the date of the final prospectus (or prospectus supplement)
relating to such public offering; or (B) such other period as shall be requested by the Company or the underwriters. Notwithstanding
anything herein to the contrary, if the underwriter(s) and the Company agree on a termination date of the Market Stand-Off Period
in the event of failure to consummate a certain public offering, then such termination shall apply also to the Market Stand-Off
Period hereunder with respect to that particular public offering.

 

14.2                In
the event of a subdivision of the outstanding share capital of the Company, the distribution of any securities (whether or
not of the Company), whether as bonus shares or otherwise, and whether as dividend or otherwise, a recapitalization, a
reorganization (which may include a combination or exchange of shares or a similar transaction affecting the Company’s
outstanding securities without receipt of consideration), a consolidation, a spin-off or other corporate divestiture or
division, a reclassification or other similar occurrence, any new, substituted or additional securities which are by reason
of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby
become convertible, shall immediately be subject to the Market Stand-Off.

 

    - 17 -

     

    

 

14.3               
In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares
acquired under this Plan until the end of the applicable Market Stand-Off period.

 

14.4               
The underwriters in connection with a registration statement so filed are intended third party beneficiaries of this
Section 14 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each
Grantee shall execute such separate agreement(s) as may be requested by the Company or the underwriters in connection with such
registration statement and in the form required by them, relating to Market Stand-Off (which need not be identical to the provisions
of this Section 14, and may include such additional provisions and restrictions as the underwriters deem advisable) or that are
necessary to give further effect thereto. The execution of such separate agreement(s) may be a condition by the Company to the
exercise of any Award.

 

14.5               
Without derogating from the above provisions of this Section 14 or elsewhere in this Plan, the provisions of this Section
14 shall apply to the Grantee and the Grantee’s heirs, legal representatives, successors, assigns, and to any purchaser,
assignee or transferee of any Awards or Shares.

 

		15.	AGREEMENT REGARDING TAXES; DISCLAIMER

 

15.1               
If the Board shall so require, as a condition of exercise of an Award, the release of Shares by the Trustee or the expiration
of the Restricted Period, a Grantee shall agree that, no later than the date of such occurrence, the Grantee will pay to the Company
(or the Trustee, as applicable) or make arrangements satisfactory to the Board and the Trustee (if applicable) regarding payment
of any applicable taxes and compulsory payments of any kind required by Applicable Law to be withheld or paid.

 

15.2               
TAX LIABILITY. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY AWARDS OR
THE EXERCISE THEREOF, THE SALE OR DISPOSITION OF ANY SHARES GRANTED HEREUNDER OR ISSUED UPON EXERCISE OR (IF APPLICABLE) THE VESTING
OF ANY AWARD, THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF AWARDS OR FROM ANY OTHER ACTION IN CONNECTION WITH
THE FOREGOING (INCLUDING WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS PAYABLE BY THE GRANTEE OR THE COMPANY IN CONNECTION
THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE GRANTEE, AND THE GRANTEE SHALL INDEMNIFY THE COMPANY, ITS SUBSIDIARIES AND THE
TRUSTEE, AND SHALL HOLD THEM HARMLESS FROM AND AGAINST ANY LIABILITY FOR ANY SUCH TAX OR PAYMENT OR ANY PENALTY, INTEREST OR INDEXATION
THEREON. EACH GRANTEE AGREES TO, AND UNDERTAKES TO COMPLY WITH, ANY RULING, SETTLEMENT, CLOSING AGREEMENT OR OTHER SIMILAR AGREEMENT
OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH THE FOREGOING WHICH IS APPROVED BY THE COMPANY.

 

15.3               
NO TAX ADVICE. THE GRANTEE IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING,
EXERCISING OR DISPOSING OF AWARDS HEREUNDER. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE GRANTEE ON SUCH MATTERS,
WHICH SHALL REMAIN SOLELY THE RESPONSIBILITY OF THE GRANTEE.

 

    - 18 -

     

    

 

15.4              
 TAX TREATMENT. THE COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO THE EFFECT THAT ANY
AWARD SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM ANY PARTICULAR
TAX TREATMENT OR TAX ADVANTAGE OF ANY TYPE AND THE COMPANY SHALL BEAR NO LIABILITY IN CONNECTION WITH THE MANNER IN WHICH ANY AWARD
IS EVENTUALLY TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE AWARD WAS GRANTED OR WAS INTENDED TO QUALIFY UNDER ANY PARTICULAR
TAX REGIME OR TREATMENT. THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION
OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW. THE COMPANY DOES NOT UNDERTAKE AND
SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN ORDER TO QUALIFY THE AWARD WITH THE REQUIREMENT OF ANY PARTICULAR TAX TREATMENT AND
NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT ANY AWARD IS INTENDED TO QUALIFY FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING.
NO ASSURANCE IS MADE BY THE COMPANY OR ANY OF ITS SUBSIDIARIES THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT WILL CONTINUE
TO EXIST OR THAT THE AWARD WOULD QUALIFY AT THE TIME OF EXERCISE OR DISPOSITION THEREOF WITH ANY PARTICULAR TAX TREATMENT. THE
COMPANY AND ITS SUBSIDIARIES SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE EVENT THAT AN AWARD DOES NOT QUALIFY
FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS OF WHETHER THE COMPANY COULD HAVE OR SHOULD HAVE TAKEN ANY ACTION TO CAUSE SUCH QUALIFICATION
TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE GRANTEE. THE COMPANY DOES
NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN OR UNWRITTEN) OF ANY TAX AUTHORITIES,
INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT. IF THE
AWARDS DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT THIS COULD RESULT IN ADVERSE TAX CONSEQUENCES TO THE GRANTEE.

 

15.5               
The Company or any Subsidiary may take such action as it may deem necessary or appropriate, in its discretion, for the
purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Company or any Subsidiary
is required by any Applicable Law to withhold in connection with any Awards (collectively, “Withholding Obligations”).
Such actions may include (i) requiring a Grantees to remit to the Company in cash an amount sufficient to satisfy such Withholding
Obligations and any other taxes and compulsory payments, payable by the Company in connection with the Award or the exercise or
(if applicable) the vesting thereof; (ii) subject to Applicable Law, allowing the Grantees to provide Shares to the Company, in
an amount that at such time, reflects a value that the Board determines to be sufficient to satisfy such Withholding Obligations;
(iii) withholding Shares otherwise issuable upon the exercise of an Award at a value which is determined by the Board to be sufficient
to satisfy such Withholding Obligations; or (iv) any combination of the foregoing. The Company shall not be obligated to allow
the exercise of any Award by or on behalf of a Grantee until all tax consequences arising from the exercise of such Award are resolved
in a manner acceptable to the Company.

 

15.6              
Each Grantee shall notify the Company in writing promptly and in any event within ten (10) days after the date on which
such Grantee first obtains knowledge of any tax bureau inquiry, audit, assertion, determination, investigation, or question relating
in any manner to the Awards granted or received hereunder or any Shares issued thereunder and shall continuously inform the Company
of any developments, proceedings, discussions and negotiations relating to such matter, and shall allow the Company and its representatives
to participate in any proceedings and discussions concerning such matters. Upon request, a Grantee shall provide to the Company
any information or document relating to any matter described in the preceding sentence, which the Company, in its discretion, requires.

 

15.7               
With respect to 102 Non-Trustee Options, if the Grantee ceases to be employed by the Company or any Subsidiary, the
Grantee shall extend to the Company and/or its Subsidiary with whom the Grantee is employed a security or guarantee for the payment
of taxes due at the time of sale of Shares, all in accordance with the provisions of Section 102 of the Ordinance and the Rules.

 

    - 19 -

     

    

15.8              
 For the purpose hereof “tax(es)” means (a) all federal, state, local or foreign taxes, charges, fees, imposts,
levies or other assessments, including all income, capital gains, transfer, withholding, payroll, employment, social security,
national security, health tax, wealth surtax, stamp, registration and estimated taxes, customs duties, fees, assessments and charges
of any similar kind whatsoever, (b) all interest, indexation differentials, penalties, fines, additions to tax or additional amounts
imposed by any taxing authority in connection with any item described in clause (a), (c) any transferee or successor liability
in respect of any items described in clauses (a) or (b) payable by reason of contract, assumption, transferee liability, successor
liability, operation of Applicable Law, or as a result of any express or implied obligation to assume Taxes or to indemnify any
other person.

 

 

 

		16.	RIGHTS AS A SHAREHOLDER; VOTING AND DIVIDENDS

 

16.1               
Subject to Section ‎9.4, a Grantee shall have
no rights as a shareholder of the Company with respect to any Shares covered by an Award until the Grantee shall have exercised
the Award or the Award has been settled, paid the Exercise Price therefor, to the extent applicable, and becomes the record holder
of the subject Shares. In the case of 102 Awards or 3(9) Awards (if such Awards are being held by a Trustee), the Trustee shall
have no rights as a shareholder of the Company with respect to the Shares covered by such Award until the Trustee becomes the record
holder for such Shares for the Grantee’s benefit, and the Grantee shall not be deemed to be a shareholder and shall have
no rights as a shareholder of the Company with respect to the Shares covered by the Award until the date of the release of such
Shares from the Trustee to the Grantee and the transfer of record ownership of such Shares to the Grantee (provided however that
the Grantee shall be entitled to receive from the Trustee any cash dividend or distribution made on account of the Shares held
by the Trustee for such Grantee’s benefit, subject to any tax withholding and compulsory payment).

 

16.2               
With respect to all Awards issued in the form of Shares hereunder or upon the exercise or (if applicable) the vesting
of Awards hereunder, the Grantee shall be entitled to receive dividends distributed with respect to such Shares, subject to the
provisions of the Articles of Association, and subject to any Applicable Law.

 

16.3               
The Company may, but shall not be obligated to, register or qualify the sale of Shares under any applicable securities
law or any other Applicable Law.

 

16.4               
The grant of Awards and issuance of Shares underlying an Award under this Plan shall not restrict or prejudice the Company
in any way regarding future creation of additional and/or other classes of Shares, including classes of Shares which are or may
become preferred over the currently existing Shares underlying Awards under this Plan.

 

		17.	NO RETENTION RIGHTS; ONE TIME BENEFIT 

 

		17.1	Nothing in this Plan, any Award Agreement or in any Award granted or agreement entered into pursuant
hereto shall confer upon any Grantee the right to continue to be employed, or be in the service of the Company or any Subsidiary
thereof as a Service Provider or to be entitled to any remuneration or benefits not set forth in this Plan or such agreement, or
to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate such Grantee's employment or
service for any reason at any time or to increase or decrease the compensation of such Grantee.

 

		17.2	The Awards granted under this Plan are extraordinary, one-time benefits granted to the Grantees
and are not and shall not be deemed a salary component for any purpose whatsoever, including, in connection with calculating severance
compensation under any applicable law.

 

    - 20 -

     

    

 

		18.	PERIOD DURING WHICH AWARDS MAY BE GRANTED

 

Awards may be granted pursuant to this Plan from time
to time until its termination pursuant to Section 23 hereof. From and after such date of termination no grants of Awards may be
made and this Plan shall continue to be in full force and effect with respect to Awards or Shares issued thereunder that remain
outstanding.

 

		19.	AMENDMENT OF THIS PLAN

 

The Board at any time and from time to time may modify
or amend this Plan, whether retroactively or prospectively. Any amendment effected in accordance with this Section 19 shall be
binding upon all applicable Grantees and all Awards, whether granted prior to or after the date of such amendment, provided however,
that the rights under any Award shall not be impaired by any such amendment unless the Grantee consents in writing, it being understood
that no action taken by the Board that is expressly permitted under the Plan, including, without limitation, any actions or decisions
described in Section 11 hereof, shall constitute an amendment of an Award for such purpose.

 

		20.	APPROVAL

 

20.1              
This Plan shall take effect upon its adoption by the Board (the “Effective Date”).

 

20.2               
102 Awards are conditional upon the filing with or approval by the ITA, if required, as set forth in Section ‎7.4.
Failure to so file or obtain such approval shall not in any way derogate from the valid and binding effect of any grant of an Award,
which is not a 102 Award.

 

		21.	RULES PARTICULAR TO SPECIFIC COUNTRIES

 

Notwithstanding anything herein to the contrary, the
terms and conditions of this Plan may be supplemented or amended with respect to a particular country or tax regime by means of
an appendix to this Plan, and to the extent that the terms and conditions set forth in any appendix conflict with any provisions
of this Plan, the provisions of such appendix shall govern. Terms and conditions set forth in such appendix shall apply only to
Awards granted to Grantees under the jurisdiction of the specific country or such other tax regime that is the subject of such
appendix.

 

		22.	GOVERNING LAW; JURISDICTION

 

This Plan and all determinations made and actions
taken pursuant hereto shall be governed by the laws of the State of Israel, except with respect to matters that are subject to
tax laws, regulations and rules of any specific jurisdiction, which shall be governed by the respective laws, regulations and rules
of such jurisdiction. The competent courts located in Haifa, Israel shall have exclusive jurisdiction over any dispute arising
out of or in connection with this Plan and any Award granted hereunder. By signing any Award Agreement or any other agreement relating
to an Award, each Grantee irrevocably submits to such exclusive jurisdiction.

 

		23.	TERMINATION OR SUSPENSION OF THE PLAN 

 

The Board may suspend or terminate
this Plan at any time and without any advance notice. Unless sooner terminated, this Plan shall automatically terminate on the
10th anniversary of the Effective Date. Termination of this Plan shall have no effect on any Awards granted pursuant to the Plan
prior to its termination and the terms of the Plan shall continue to apply to any such Awards.

 

    - 21 -

     

    

 

		24.	MISCELLANEOUS

 

24.1               
Survival. The Grantee shall be bound by and the Shares issued upon exercise or (if applicable) the vesting of
any Awards granted hereunder shall remain subject to this Plan after the exercise or (if applicable) the vesting of Awards, in
accordance with the terms of this Plan, whether or not the Grantee is then or at any time thereafter employed or engaged by the
Company or any of its Subsidiaries.

 

24.2               
Additional Terms. Each Award awarded under this Plan may contain such other terms and conditions not inconsistent
with this Plan as may be determined by the Board, in its sole discretion. This Plan together with the applicable Award Agreement(s)
constitute the entire agreement and understanding between the Company and a Grantee in connection with the grant of Awards to such
Grantee.

 

24.3                
Fractional Shares. No fractional Share shall be issuable upon exercise or vesting of any Award and the number
of Shares to be issued shall be rounded down to the nearest whole Share, with in any Share remaining at the last vesting date due
to such rounding to be issued upon exercise at such last vesting date.

 

24.4               
Severability. If any provision of this Plan, any Award Agreement or any other agreement entered into in connection
with an Award shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions
hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable
in any other jurisdiction. In addition, if any particular provision contained in this Plan, any Award Agreement or any other agreement
entered into in connection with an Award shall for any reason be held to be excessively broad as to duration, geographic scope,
activity or subject, it shall be construed by limiting and reducing such provision as to such characteristic so that the provision
is enforceable to fullest extent compatible with Applicable Law as it shall then appear.

 

24.5               
Captions and Titles. The use of captions and titles in this Plan or any Award Agreement or any other agreement
entered into in connection with an Award is for the convenience of reference only and shall not affect the meaning or interpretation
of any provision of this Plan or such agreement.

 

***

 

    - 22 -

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