Document:

Exhibit 10.11

 

INDEMNIFICATION AGREEMENT

 

This Agreement, made and entered
into effective as of ________, 2022 (“Agreement”), by and between CorpHousing Group Inc., a Delaware corporation (“Company”),
and the undersigned indemnitee (“Indemnitee”).

 

WHEREAS, the adoption of the
Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential for liability of officers
and directors; and

 

WHEREAS, the Board of Directors
of the Company (“Board”) has determined that the ability to attract and retain such persons is in the best interests of the
Company’s stockholders; and

 

WHEREAS, it is reasonable,
prudent and necessary for the Company to obligate itself contractually to indemnify such persons to the fullest extent permitted by applicable
law so that such persons will serve or continue to serve the Company free from undue concern that they will not be adequately indemnified;
and

 

WHEREAS, this Agreement is
a supplement to and in furtherance of Article VII of the Bylaws of the Company, and Article Eighth of the Certificate of Incorporation
of the Company and any resolutions adopted pursuant thereto and shall neither be deemed to be a substitute therefor nor to diminish or
abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee is willing
to serve on behalf of the Company on the condition that he or she be indemnified according to the terms of this Agreement;

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

1. Definitions. For purposes of this
Agreement:

 

1.1 “Change in Control”
means a change in control of the Company occurring after the date hereof of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under
the Securities Exchange Act of 1934, as amended (“Exchange Act”), whether or not the Company is then subject to such reporting
requirement provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if after the date hereof
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a person who is an officer
or director of the Company on the date hereof (and any of such person’s affiliates), is or becomes “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the
combined voting power of the then outstanding securities of the Company without the prior approval of at least two-thirds of the members
of the Board in office immediately prior to such person attaining such percentage interest; (ii) the Company is a party to a merger, consolidation,
sale of assets or other reorganization, or a proxy contest, as a consequence of which (A) members of the Board in office immediately prior
to such transaction or event constitute less than a majority of the Board thereafter or (B) the voting securities of the Company outstanding
immediately prior to such transaction do not continue to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding
immediately after such transaction with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity; or (iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the
Board (including for this purpose any new director whose election or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period or whose election
or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board.

 

1.2 “Corporate
Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any
other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving
at the request of the Company. In addition, service at the actual request of the Company, for purposes of this Agreement, Indemnitee
shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, agent or fiduciary
of any other enterprise if Indemnitee is or was serving as a director, officer, employee, agent or fiduciary of such enterprise and
(A) such enterprise is or at the time of such service was an affiliate of the Company, (B) such enterprise is or at the time of such
service was an employee benefit plan (or related trust) sponsored or maintained by the Company or an affiliate of the Company or (C)
the Company or an affiliate of the Company directly or indirectly caused Indemnitee to be nominated, elected, appointed, designated,
employed, engaged or selected to serve in such capacity

 

     

     

    

 

1.3 “Disinterested Director”
means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

1.4 “Expenses”
means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state,
local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, appealing,
preparing to appeal, investigating, or being or preparing to be a witness in a Proceeding.

 

1.5 “Independent Counsel”
means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past
five years has been, retained to represent: (i) the Company or Indemnitee in any other matter material to either such party, or (ii) any
other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
Except as provided in the first sentence of Section 9.3 hereof, Independent Counsel shall be selected by (a) the Disinterested Directors
or (b) a committee of the Board consisting of two or more Disinterested Directors or if (a) and (b) above are not possible, then by a
majority of the full Board.

 

1.6 “Proceeding”
means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding,
, whether conducted by or on behalf of the Company or any other party, whether civil, criminal, administrative or investigative, except
one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.

 

2. Services by Indemnitee.

 

Indemnitee agrees to serve
as a director, officer or employee of the Company. Indemnitee may at any time and for any reason resign from such position (subject to
any other contractual obligation or any obligation imposed by operation of law).

 

3. Indemnification - General.

 

Except with respect to actions
finally adjudicated to be a result of actual fraud or intentional misconduct of the Indemnitee, the Company shall indemnify, and, subject
to Section 26 hereof, advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable law
in effect on the date hereof and to such greater extent as any amendment to or interpretation of applicable law may thereafter from time
to time permit. The rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights
set forth in the other Sections of this Agreement.

 

4. Proceedings Other Than Proceedings
by or in the Right of the Company.

 

Indemnitee shall be entitled
to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he is, was or is threatened to be made,
a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this
Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid
in settlement actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter
therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company,
and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful.

 

     

     

    

 

5. Proceedings by or in the Right of the
Company.

 

Indemnitee shall be entitled
to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he was or is threatened to be made,
a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against amounts paid in settlement and Expenses
actually and reasonably incurred by him or on his behalf in connection with the defense or settlement of any such Proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the
foregoing, no indemnification under this paragraph shall be made in respect of (1) a threatened or pending Proceeding which is settled
or otherwise disposed of, or (2) any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company,
unless and only to the extent that the court in which such Proceeding shall have been brought, was brought or is pending, shall determine,
upon application, that Indemnitee is fairly and reasonably entitled to indemnity for such portion of the settlement amount and Expenses
as the court deems proper.

 

6. Indemnification for Expenses of Party
Who is Wholly or Partly Successful.

 

Notwithstanding any other
provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a party
to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses (and, when eligible
hereunder, amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses (and, when eligible hereunder, amount
paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the term “successful, on the merits or otherwise,” includes, but is not limited
to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against the Indemnitee without any express
finding of liability or guilt against him, and (ii) the expiration of 90 days after the making of any claim or threat of a Proceeding
without the institution of the same and without any promise or payment made to induce a settlement.

 

7. Indemnification for Expenses as a Witness.

 

Notwithstanding any other
provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a witness
in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

8. Advancement of Expenses and Other Amounts.

 

Subject to Section 26 hereof,
the Company shall advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement, incurred
by or on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement
or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding. Such statement or statements shall reasonably evidence the Expenses, judgments, penalties, fines and amounts paid in settlement,
incurred by Indemnitee and shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to repay any Expenses,
judgments, penalties, fines and amounts paid in settlement advanced if it shall ultimately be determined that Indemnitee is not entitled
to be indemnified against such Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement. In connection
with any request for advancement of Expenses, judgments, penalties, fines and amounts paid in settlement, Indemnitee shall not be required
to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client
privilege. The Company’s obligation in respect of the advancement of Expenses, judgments, penalties, fines and amounts paid in settlement
in connection with a criminal Proceeding in which Indemnitee is a defendant shall terminate at such time as Indemnitee pleads guilty or
is convicted after trial and such conviction becomes final and no longer subject to appeal. Advances shall be unsecured and interest free.
Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate
entitlement to indemnification under the other provisions of this Agreement.

 

     

     

    

 

9. Procedure for Determination of Entitlement
to Indemnification.

 

9.1 To obtain indemnification
under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee shall submit to the Company a written
request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably
necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly
upon receipt of any such request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

9.2 Upon written request
by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall be made in such case: (i) if a Change in Control shall have occurred, by Independent Counsel (unless Indemnitee
shall request that such determination be made by the Board or the stockholders, in which case in the manner provided for in clauses (ii)
or (iii) of this Section 9.2) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; (ii) if a Change of
Control shall not have occurred, at the election of the Company, (A) by the Board by a majority vote of a quorum consisting of Disinterested
Directors, or (B) if a quorum of the Board consisting of Disinterested Directors is not obtainable, by a majority of a committee of the
Board consisting of two or more Disinterested Directors, or (C) by Independent Counsel in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee, or (D) by the stockholders of the Company, by a majority vote of a quorum consisting of stockholders
who are not parties to the proceeding, or if no such quorum is obtainable, by a majority vote of stockholders who are not parties to such
proceeding; or (iii) as provided in Section 10.2 of this Agreement. If it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons
or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including
attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

9.3 If a Change of Control
shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made
by the Board), and Indemnitee (or the Board, as the case may be) shall give written notice to the other party advising it of the identity
of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within seven days after such
written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to
such selection. Such objection may be asserted only on the ground that Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the
factual basis of such assertion. If such written objection is made, Independent Counsel so selected may not serve as Independent Counsel
unless and until a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written
request for indemnification pursuant to Section 9.1 hereof, no Independent Counsel shall have been selected and not objected to, either
the Company or Indemnitee may petition a court of competent jurisdiction, for resolution of any objection which shall have been made by
the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a
person selected by such court or by such other person as such court shall designate, and the person with respect to whom an objection
is so resolved or the person so appointed shall act as Independent Counsel under Section 9.2 hereof. The Company shall pay any and all
reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its actions pursuant to this
Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 9.3, regardless of the
manner in which such Independent Counsel was selected or appointed. Upon the due commencement date of any judicial proceeding pursuant
to Section 11.1(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing).

 

     

     

    

 

10. Presumptions and Effects of Certain
Proceedings.

 

10.1 In making a
determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for
indemnification in accordance with Section 9.1 of this Agreement, and the Company shall have the burden of proof to overcome that
presumption by clear and convincing evidence in connection with the making by any person, persons or entity of any determination
contrary to that presumption.

 

10.2 If the person, persons
or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled to indemnification shall
not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i)
a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) prohibition of such indemnification under applicable
law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if
the person, persons or entity making the determination with respect to entitlement to indemnification in good faith require(s) such additional
time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, however, that the foregoing
provisions of this Section 10.2 shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 9.2 of this Agreement and if (A) within 15 days after receipt by the Company of the request for such determination
the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held
within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within 15
days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having
been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a stockholder determination will
be made, the Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee. The Company shall
afford the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification in any Company
proxy statement relating to such stockholder determination. Subject to the fiduciary duties of its members under applicable law, the Board
will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal to indemnify or reimburse
the Indemnitee.

 

10.3 The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere
or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be
in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause
to believe that his conduct was unlawful.

 

10.4 Reliance as Safe
Harbor.

 

For purposes of this Agreement,
the Indemnitee shall be deemed to have acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe his conduct was unlawful,
if his action is based on (i) the records or books of account of the Company, or another enterprise, including financial statements, (ii)
information supplied to him by the officers of the Company or another enterprise in the course of their duties, (iii) the advice of legal
counsel for the Company or another enterprise, or of an independent certified public accountant or an appraiser or other expert selected
with reasonable care by the Company or another enterprise. The term “another enterprise” as used in this Section shall mean
any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which the Indemnitee is or
was serving at the request of the Company as a director, officer, partner, trustee, employee or agent. The provisions of this Section
shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the
applicable standard of conduct set forth herein. Whether or not the foregoing provisions of this Section 10.4 are satisfied, it shall
in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe Indemnitee’s
conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence.

 

     

     

    

 

11. Remedies of Indemnitee.

 

11.1 In the event that
(i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement,
(ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination of indemnification is
to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall not have been made and delivered
in a written opinion within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 7 of this Agreement within thirty (30) days after receipt by the Company of a written request therefor,
or (v) payment of indemnification is not made within thirty (30) days after a determination has been made that Indemnitee is entitled
to indemnification or such determination is deemed to have been made pursuant to Section 9 or 10 of this Agreement, Indemnitee shall be
entitled to an adjudication in an appropriate court of the State of New York, or in any other court of competent jurisdiction, of his
entitlement to such indemnification or advancement of Expenses, judgments, penalties, fines or, when eligible hereunder, amounts paid
in settlement. The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

11.2 In the event that
a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall
not be prejudiced by reason of that adverse determination.

 

11.3 If a determination
shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) prohibition of such indemnification under applicable law.

 

11.4 The Company shall
be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions
of this Agreement.

 

11.5 In the event that
Indemnitee, pursuant to this Section, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement
or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the certificate
of incorporation or by-laws of the Company now or hereafter in effect, or for recovery under directors’ and officers’ liability
insurance policies maintained by the Company, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the
Company against, any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably incurred by him in
such judicial adjudication, but only if he prevails therein. If it shall be determined in such judicial adjudication that Indemnitee is
entitled to receive less than all of the indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in connection
with such judicial adjudication shall be appropriately prorated. In addition, the Company shall, if so requested by Indemnitee, advance
the foregoing expenses to Indemnitee, subject to and in accordance with Section 8.

 

12. Procedure Regarding Indemnification.

 

With respect to any
Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Company as to the
procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any settlement or compromise
of the Proceeding without the written consent of the Company (which consent may not be unreasonably withheld or delayed). The
Company shall be entitled to participate in defending, settling or compromising any Proceeding and to assume the defense of such
Proceeding with counsel of its choice and shall assume such defense if requested by the Indemnitee. Notwithstanding the election by,
or obligation of, the Company to assume the defense of a Proceeding, the Indemnitee shall have the right to participate in the
defense of such Proceeding and to employ counsel of Indemnitee’s choice, but the fees and expenses of such counsel shall be at
the expense of the Indemnitee unless (i) the employment of such counsel has been authorized in writing by the Company, or (ii) the
Indemnitee has reasonably concluded that there may be defenses available to him which are different from or additional to those
available to the Company (in which latter case the Company shall not have the right to direct the defense of such Proceeding on
behalf of the Indemnitee), in either of which events the fees and expenses of not more than one additional firm of attorneys
selected by the Indemnitee shall be borne by the Company. If the Company assumes the defense of a Proceeding, then counsel for the
Company and Indemnitee shall keep Indemnitee reasonably informed of the status of the Proceeding and promptly send to Indemnitee
copies of all documents filed or produced in the Proceeding, and the Company shall not compromise or settle any such Proceeding
without the written consent of the Indemnitee (which consent may not be unreasonably withheld or delayed) if the relief provided
shall be other than monetary damages and shall promptly notify the Indemnitee of any settlement and the amount thereof.

 

     

     

    

 

13. Non-Exclusivity; Survival of Rights;
Insurance; Subrogation; Contribution.

 

13.1 The rights of indemnification
and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the certificate of incorporation or by-laws of the Company, any agreement, a vote of
stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or any provision hereof
shall be effective as to any Indemnitee with respect to any action taken or omitted by such Indemnitee in his Corporate Status prior to
such amendment, alteration or repeal.

 

13.2 To the extent that
the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries
of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person
serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary under such policy or policies.

 

13.3 In the event of
any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee,
who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are
reasonably necessary to enable the Company to bring suit to enforce such rights.

 

13.4 The Company shall
not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee
has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

13.5 If a determination
is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor, under this Agreement,
then in respect of any threatened, pending or completed Proceeding in which the Company is jointly liability with the Indemnitee (or would
be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement
by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and
the Indemnitee on the other hand from the transaction from which Proceeding arose, and (ii) the relative fault of the Company on the one
hand and of the Indemnitee on the other hand in connection with the events that resulted in such Expenses, judgments, fines or amounts
paid in settlement, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the
Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or amounts paid in
settlement. The Company agrees that it would not be just and equitable if contribution pursuant to this Section were determined by pro
rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations. The determination
as to the amount of the contribution, if any, shall be made by: (i) a court of competent jurisdiction upon the application of both the
Indemnitee and the Company (if the Proceeding had been brought in, and final determination had been rendered by such court); (ii) the
Board by a majority vote of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not obtainable
for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so directs.

 

     

     

    

 

14. Duration of Agreement.

 

This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a
director and/or officer of the Company, or (b) the final termination of all pending Proceedings in respect of which Indemnitee is
granted rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder
and or any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs, executors, personal
representatives and administrators. 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 Indemnitee, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

15. Severability.

 

If any provision or provisions
of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability
of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any
way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid,
illegal or unenforceable.

 

16. Entire Agreement.

 

This Agreement constitutes
the entire agreement between the Company and the Indemnitee with respect to the subject matter hereof and supersedes all prior agreements,
understanding, negotiations and discussion, both written and oral, between the parties hereto with respect to such subject matter (the
 “Prior Agreements”); provided, however, that if this Agreement shall ever be held void or unenforceable for any reasons whatsoever,
and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall not be deemed to have superseded any Prior Agreements;
(ii) all of such Prior Agreements shall be deemed to be in full force and effect notwithstanding the execution of this Agreement; and
(iii) the Indemnitee shall be entitled to maximum indemnification benefits provided under any Prior Agreements, as well as those provided
under applicable law, the certificate of incorporation or by-laws of the Company, a vote of stockholders or resolution of directors.

 

17. Exception to Right of Indemnification
or Advancement of Expenses.

 

17.1 Except as provided
in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses, judgments, penalties, fines and amounts
paid in settlement under this Agreement with respect to any Proceeding, or any claim therein, brought or made by him against the Company.

 

17.2 Indemnitee shall
not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim therein,
arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or Company similar successor
statute.

 

18. Covenant Not to Sue; Limitation of
Actions; Release of Claims.

 

No legal action shall be brought
and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Indemnitee, his spouse,
heirs, executors, personal representatives or administrators after the expiration of two (2) years from the date of accrual of such cause
of action and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished and deemed released unless
asserted by the filing of a legal action within such two (2) year period; provided, however, that if any shorter period of limitation
is otherwise applicable to any such cause of action, such shorter period shall govern.

 

19. Identical Counterparts.

 

This Agreement may be executed
in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement.

 

     

     

    

 

20. Headings.

 

The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

 

21. Modification and Waiver.

 

No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

 

22. Notice by Indemnitee.

 

Indemnitee agrees promptly
to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments, penalties, fines or amounts
paid in settlement covered hereunder. The failure to notify the Company on a timely basis shall not constitute a waiver of Indemnitee’s
rights under this Agreement, except to the extent that such failure or delay (i) causes the amounts paid or to be paid by the Company
to be greater than they otherwise would have been, (ii) adversely affects the Company’s ability to obtain for itself or Indemnitee
coverage or proceeds under any insurance policy available to the Company or Indemnitee, or (iii) otherwise results in prejudice to the
Company.

 

23. Notices.

 

All notices, requests, demands
and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted
for by the party to whom such notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so mailed:

 

If to Indemnitee, to the address specified on the signature
page hereto.

 

If to the Company, to:

 

CorpHousing Group Inc.

2125 Biscayne Blvd

Suite 253

Miami, Florida 33137

 

or to such other address or such other person
as Indemnitee or the Company shall designate in writing in accordance with this Section, except that notices regarding changes in notices
shall be effective only upon receipt.

 

24. Governing Law.

 

The parties agree that this
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable to contracts
made and performed in that state without giving effect to the principles of conflicts of laws. The Company and Indemnitee each hereby
irrevocably consents to the jurisdiction of the courts of the State of New York and the federal courts within the State for all purposes
in connection with any action or proceeding that arises out of or relates to this Agreement and agrees that any action instituted under
this Agreement shall be brought only in the United States District Court for the Southern District of New York and any New York State
court within that District.

 

     

     

    

 

25. Mutual Acknowledgment.

 

Both the Company and
Indemnitee acknowledge that, in certain instances, Federal law or applicable public policy may prohibit the Company from
indemnifying its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company
has undertaken or may be required in the future in certain circumstances to undertake with the Securities and Exchange Commission to
submit the question of indemnification to a court for a determination of the Company’s right under public policy to indemnify
Indemnitee.

 

26. Waiver of Claims to Trust Account.

 

Notwithstanding anything herein
to the contrary, Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”)
in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of
the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising
out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

 

27. Miscellaneous.

 

Use of the masculine pronoun
shall be deemed to include usage of the feminine pronoun where appropriate.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement on the day and year first above written.

 

	 	CORPHOUSING GROUP INC.
	 	 
	 	By:	 
	 	 
	 	 
	 	Signature
	 	 
	 	Name:
	 	 
	 	Titles:
	 	 
	 	Address:Exhibit 4.1

 

Execution Version

 

DEBENTURE

 

This
Debenture (this “Debenture”) is made and entered
into as of January 27, 2022 (the “Effective Date”) by and between On Track Innovations
Ltd., a company organized under the laws of the State of Israel with registration no. 520042862 (the “Company”),
and Nayax Ltd., a company organized under the laws of the State of Israel with registration no. 513639013 (the “Lender”).

 

WHEREAS,
the Company and the Lender entered into that certain Senior Secured Convertible Loan Agreement, dated as of the same date herewith (the
“Loan Agreement”); Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Loan Agreement;

 

WHEREAS,
in order to secure the full and punctual payment and performance when due of the Secured Sums (as defined below), the Company has agreed
to charge and pledge, by way of a first ranking floating charge (subject to Section 1.6 of the Loan Agreement), all of the Company’s
assets as of the date hereof or hereafter acquired, in favor of the Lender, in accordance with the terms hereof; and

 

WHEREAS,
the board of directors of the Company has determined that the entering into this Debenture is in the best interest of the Company;

 

NOW,
THEREFORE, it has been agreed that the Company shall secure the repayment of the Loan Amount (as defined
under the Loan Agreement) in connection with the Loan Agreement, all in accordance with the terms hereinafter contained.

 

		1.	NATURE OF THE DEBENTURE

 

This
Debenture and the Security Interests (as defined below) created hereby are made to secure the full and punctual payment of all the sums
due and to become due to the Lender from the Company in connection with the Loan Agreement including, without limitation, in connection
with the Company’s obligations pursuant to the Loan Agreement or any amendment thereof, whether due from the Company alone or jointly
with others, whether the Company may have incurred or will incur liability with respect thereto in the future, as obligor and/or as guarantor
and/or as endorser or otherwise, now due or becoming due in the future, which are payable prior to the realization of the collateral security
to which this Debenture is applicable or subsequent thereto, whether due absolutely or contingently, directly or indirectly, unlimited
in amount together with interest, commissions, charges, fees and reasonable expenses of whatever nature, including costs of realizing
the collateral security, reasonable lawyers’ fees, insurance, stamp duty and any other payments arising from this Debenture and
together with any nature of linkage differences due and becoming due from the Company to the Lender in any manner whatsoever in respect
of linked principal and interest and any other linked sum (all the foregoing sums being jointly and severally hereinafter referred to
as the “Secured Sums”).

 

     

     

    

 

		2.	THE CHARGE

 

		2.1	As collateral security
for the full and punctual payment of all of the Secured Sums (whether at stated maturity, acceleration or otherwise), and without derogating
from any other security, the Company hereby absolutely and unconditionally charges in favor of the Lender and its successors by way of
a first ranking floating charge (subject to Section 1.6 of the Loan Agreement) all
of the Company’s property, assets and rights, now or at any time belonging to or acquired by the Company and the profits and benefits
derived therefrom, including without derogating from the generality of the aforementioned, the property, assets and rights set
forth below, (hereinafter together, the “Charged Assets”):

 

		(a)	All the Company’s assets, monies, property and rights thereto of any kind whatsoever without exception,
whether now or hereafter at any time in the future owned by or in the possession of the Company in any manner or way whatsoever (including,
for the avoidance of any doubt, and without limitation, all accounts, license and royalty fees and other revenues, proceeds, or income
arising out of or relating to any Intellectual Property);

 

		(b)	All the stocks, shares, debentures, bonds, notes, instruments, bills drawn or made by others, securities
and other documents or instruments of any kind owned by the Company and/or which the Company has any right in connection thereto or is
entitled to give instructions to sell now and at any time in the future held by the Lender and/or by others and/or any rights in respect
thereof;

 

		(c)	All rights in land and/or all contractual rights under agreements between the Company and any third party
now and hereafter existing at any time whatsoever;

 

		(d)	All present and future rights to compensation, indemnity, insurance proceeds, warranty or guaranty accruing
to the Company by reason of the loss of, damage to or expropriation of, or any other event or circumstance with respect to, such Charged
Assets and all proceeds and benefits deriving from such Charged Assets as listed herein (including, without limitation, those received
upon any collection, exchange, sale or other disposition of such Charged Assets and any property into which such Charged Assets are converted,
whether cash or non-cash);

 

		(e)	All present and future rights, claims and remedies of the Company under and in respect of (i) all contracts
and policies of insurance executed and/or issued in relation to the Charged Assets, from time to time; (ii) all payments to the Company
in relation to sub-section (i); and (iii) all claims, rights and remedies of the Company arising from sub-sections (i) and/or (ii) and
any monies paid or payable pursuant thereto whether held in or for the benefit of any trust or other account relative thereto or otherwise;

 

		(f)	All present and future rights, claims and remedies of the Company including without limitation any right
to exemptions, relief, or reduction under and deriving from Income Tax Ordinance [New Version], 5721-1961, the Property Tax and Compensation
Fund Law, 5721-1961, Land Appreciation Tax Law, 5723-1963 as in force from or at any relevant time, and under any other applicable law
arising in connection with the Charged Assets;

 

		(g)	The uncalled and/or called but unpaid share capital of the Company and its reputation; and

 

		(h)	All such securities, documents and instruments, bills drawn or made by others which the Company has delivered
or may deliver to the Lender from time to time whether for collection, safekeeping or otherwise.

 

In
addition, to the extent required by applicable law to create and perfect a first ranking floating charge over the Charged Assets, the
Company also assigns such Charged Assets to the Lender by way of first ranking floating charge and pledge.

 

    2

     

    

 

For the avoidance
of doubt, the Charged Assets shall include the Intellectual Property as defined in Annex A of this Debenture. However, since
a certain portion of the Intellectual Property was funded by the Israeli Innovation Authority (the “IIA” and the “Funded
IP”, respectively), the charges and pledges of such Funded IP in favor of the Lender hereunder, shall be subject to the approval
of the IIA, and this Debenture shall be deemed to apply to such Funded IP only following the IIA’s approval. The Company shall take
all necessary actions to obtain such approval. In addition, the realization of charges and pledges with respect to Funded IP shall be
in accordance with provisions of the Encouragement of Research, Development and Technological Innovation in the Industry Law, 5744-1984,
and the applicable procedures of the IIA.

 

The
pledge and charge created by operation of this Debenture shall apply to all and any rights to compensation or indemnity which may accrue
to the Company by reason of the loss of, damage to or appropriation of the Charged Assets.

 

		2.2	First Ranking. The Company specifically acknowledges that all of the Security Interests created
by the Company under Section 2 of this Debenture shall rank in priority to any other Security Interests created by the Company, (subject
to Section 1.6 of the Loan Agreement).

 

For
the purposes hereof, “Security Interest” shall mean (i) any mortgage, charge, pledge, lien, hypothecation, assignment
by way of security, security interest, title retention or other encumbrance of any kind securing, or any right securing, any obligation
of any person, or any other agreement or arrangement having a similar effect; and/or (ii) any other type of preferential arrangement having
similar effect.

 

		3.	COMPANY REPRESTNATIONS

 

The
Company hereby declares as follows:

 

		3.1	The Charged Assets is not charged, pledged or attached in favor of
any other persons or parties other than Bank Leumi and the Jerry L. Ivy, Jr. Descendants’ Trust (the “Secured Lenders”).

 

		3.2	The Charged Assets is, in its entirety, in the exclusive possession
and ownership of the Company, subject to Section 3.1 above.

 

		3.3	There are no restriction or condition of law or any agreement exists
or applies to the ability of the Company to transfer or charge the Charged Assets, other than as set forth in Section 2.1 herein and subject
to Section 1.6 of the Loan Agreement.

 

		3.4	The Company is capable of and entitled to charge the Charged Assets,
other than as set forth in Section 2.1 herein and subject to Section 1.6 of the Loan Agreement.

 

		3.5	No assignment of rights or other disposition has occurred derogating
from the value of the Charged Assets.

 

		3.6	The Company is not aware of any party claiming that the transactions
set forth herein or in the Loan Agreement were not duly approved. 

 

		4.	COVENANTS OF THE COMPANY 

 

The
Company hereby covenants as follows:

 

		4.1	To hold the Charged Assets in accordance with the provisions of the
Loan Agreement and this Debenture;

 

    3

     

    

 

		4.2	To use and deal with the Charged Assets with the utmost care and to
notify the Lender of any case of material disrepair, damage, loss, fault or defect affecting same and to remedy any material disrepair,
damage, fault or defect affecting the Charged Assets due to use or for any other reason, and to be liable towards the Lender for any material
disrepair, damage, fault or defect as aforesaid;

 

		4.3	To allow any representative of the Lender, at any reasonable time
and upon prior notice, to inspect and examine the condition of the Charged Assets wherever the Charged Assets may be situated;

 

		4.4	[Reserved]

 

		4.5	Other than in the ordinary course of the Company’s business,
consistent with past practice, not to sell, assign, dispose of, hire out, let, lease or transfer any of the Charged Assets and not to
allow any person to do any of the foregoing acts, without the prior written consent of the Lender, except as specifically permitted under
the Loan Agreement; 

 

		4.6	Other than in the ordinary course of the Company’s business,
consistent with past practice, not to sell, assign, transfer, let, lease, surrender, dispose of, relinquish or waive, in whole or in part,
any present or future asset, claim or right of the Company, constituting Charged Assets hereunder, except as specifically permitted under
the Loan Agreement;

 

		4.7	To notify Lender forthwith of the levying of any attachment on the
Charged Assets, to forthwith notify the attachor of the charge in favor of the Lender and to take at the Company’s own expense immediately
and without delay all such measures as are required for discharging such attachment;

 

		4.8	Not to charge or pledge in any manner or way the Charged Assets by
conferring any rights ranking pari-passu, prior to or deferred to the rights of the Lender and not to make any assignment of any right
which the Company may have in the Charged Assets without receiving the prior written consent of the Lender;

 

		4.9	To be liable towards the Lender for any defect in the Company’s
title to the Charged Assets and/or any default thereunder and to bear the responsibility for the authenticity, regularity and correctness
of all the signatures, endorsements and particulars of any documents, instruments and securities which have been or may be delivered to
the Lender by way of collateral security;

 

		4.10	To pay when due all taxes and compulsory payments levied against the
Charged Assets and/or the income accruing thereon under any law and to furnish the Lender, at its request, with all the receipts for such
payments. If the Company fails to make such payments when due, the Lender may pay the same for the account of the Company and debit the
Company with the payment thereof coupled with expenses, and interest at the Step-up Rate. Such payments shall be secured by this Debenture;

 

		4.11	Not to wind up, liquidate or dissolve, sell, exchange, lease, transfer
or otherwise dispose of all or substantially all its properties or other assets;

 

		4.12	That no structural change is or will be effected in the Company and/or
that no change of control in the Company will occur, except as specifically permitted under the Loan Agreement;

 

		4.13	Not to create, incur, assume, allow, or suffer to be created or exist
any lien, pledge, charge encumbrance, hypothecation or similar arrangements or other third party rights of any kind, on any of its assets
or property, or permit any collateral not to be subject to the first priority security interest granted in the Loan Agreement, or the
charges granted hereunder, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Lender)
with any person or entity which directly or indirectly prohibits or has the effect of prohibiting Company or any of its subsidiaries from
assigning, mortgaging, pledging, granting a security interest or charge in, over or upon, or encumbering any of Company’s and/or
any of its subsidiaries’ Intellectual Property, except as specifically permitted under the Loan Agreement.

 

    4

     

    

 

		4.14	The Company undertakes to notify the Lender forthwith: 

 

		(a)	of any of the events enumerated in Section 6.4 hereof;

 

		(b)	of any material reduction in value of any collateral security granted or which may be granted by the Company;

 

		(c)	of any application filed for the winding-up of the Company’s affairs or for the appointment of a
receiver over the Company’s assets as well as any resolution regarding any structural change in the Company or any intention to
do so;

 

		(d)	of any change of address of the Company.

 

		4.15	To keep the Charged Assets insured at all times for full value and
comply with the terms of such insurance policies.

 

		4.16	To ensure the Lender’s rights in connection with the Charged
Assets, immediately following the execution of this Debenture, the Company shall (a) ensure the Secured Lenders Repayment and release
of the pledges registered in favor of the Secured Lenders in accordance with Section 1.6 of the Loan Agreement, and (b) in parallel, the
Company shall register the Security Interests created by this Debenture with the Israeli Registrar of Companies, and shall file such registration
within three (3) business days from the Effective Date and shall deliver to the Lender original certificates issued by the Israeli Registrar
of Companies, evidencing the registration of this Debenture promptly following receipt of such certificates.

 

		5.	INTEREST

 

The
Lender shall be entitled to calculate interest on the Secured Sums at such rate as has been agreed (or may be agreed upon from time to
time between the Lender and the Company) according to the terms of the Loan Agreement.

 

		6.	REPAYMENT

 

		6.1	The Company hereby undertakes to pay the Lender all and any of the
Secured Sums promptly on the Maturity Date or any other date on which the Secured Sums become due and payable by the Company to the Lender
in accordance with the Loan Agreement.

 

		6.2	The Lender may decline to accept any prepayment of the Secured Sums
or pay part thereof prior to the date of maturity thereof and the Company shall not be entitled to redeem all or any of the Charged Assets
by discharging the Secured Sums and/or any part thereof prior to their prescribed maturity dates.

 

		6.3	Neither the Company nor any person having a right liable to be affected
by the pledges and charges hereby created or the realization thereof shall have any right under Section 13(b) of the Pledge Law, 5727-1967,
or any other statutory provisions in substitution therefor.

 

    5

     

    

 

		6.4	Without derogating from the generality of the provisions of this Debenture,
the Lender shall be entitled to demand the immediate payment of the Secured Sums and to debit any account of the Company with the amount
thereof in any one of the events enumerated below, in which case the Company undertakes to pay the Lender all of the Secured Sums, and
the Lender shall be entitled to take whatever steps it sees fit for the collection of the Secured Sums and in particular to crystallize
the floating charge on the Charged Assets as provided in Section 7 hereof and to realize, at the Company’s expense, the collateral
securities by any means allowed by law;

 

		(a)	The Company is in breach of any of its obligations, undertakings, representations or warranties under
this Debenture (the foregoing shall not derogate from any right, under any law or the Loan Agreement, granted to the Lender in respect
of any other breach); and/or;

 

		(b)	There occurs and continues to subsist an event which gives the Lender right to demand payment, under any
document signed between the Company and the Lender, (including, inter alia, under the Loan Agreement), provided that any period
(if any) given to the Company to effect such payment under such document shall have elapsed and as long as such payment is not actually
effected.

 

		7.	RIGHTS OF THE LENDER

 

		7.1	The Lender shall have the right of possession, lien, set-off and charge
over all the charges and pledges granted under this Debenture. 

 

		7.2	Without derogating from the other provisions contained in this Debenture,
any waiver, extension, concession, acquiescence or forbearance (hereinafter: “waiver”) on the Lender’s part as
to the non-performance, partial performance or incorrect performance of any of the Company’s obligations pursuant to this Debenture,
such waiver shall not be treated as a waiver on the part of the Lender of any rights but as a limited consent given in respect of the
specific instance.

 

		7.3	In any of the events enumerated in Section 6.4 hereof; 

 

		(a)	the Lender shall be entitled to notify the Company of the crystallization immediately or on a date specified
by the Lender of the floating charge over the Charged Assets or any part thereof and to adopt all the measures it deems fit in order to
recover the Secured Sums and realize all of its rights hereunder, including the realization of the Charged Assets, in whole or in part,
and to apply the proceeds thereof to the Secured Sums without the Lender first being required to realize any other guarantees or collateral
securities, if such be held by the Lender.

 

		(b)	Should the Lender decide to realize securities and other negotiable instruments, in accordance with Section
4(2) of the Pledge Law 5727-1967, then three (3) business days’ advance notice regarding the steps that the Lender intends to take
shall be deemed to be reasonable advance notice for the purpose of Section 19(b) of the Pledge Law, 5727-1967, or any other statutory
provisions in substitution therefor.

 

		(c)	As long as the Secured Sums are not paid in full, the Lender may, as attorney-in-fact of the Company (and,
for the purpose hereof, the Company irrevocably appoints the Lender to be its attorney-in-fact), sell all or any of the Charged Assets
by public auction or otherwise, by itself or through others, for cash or instalments thereof or otherwise, at a price and on such terms
as the Lender in its absolute discretion shall deem fit, and likewise the Lender may of its own accord or through the court or an execution
office, realize the Charged Assets or any other property, inter alia, by appointing a receiver or receiver and manager on behalf
of the Lender (a “Receiver”), who shall be empowered, inter alia, to:

 

		(i)	call in all or any part of the Charged Assets.

 

		(ii)	carry on or to participate in the management of the business of the Company, as they see
fit.

 

    6

     

    

 

		(iii)	sell or agree to the sale of the Charged Assets, in whole or in part, to dispose of same or agree to dispose
of same in such other manner on such terms as they deem fit.

 

		(iv)	make such other arrangement regarding the Charged Assets or any part thereof as they deem fit.

 

		(d)	All income to be received by the receiver or the receiver and manager from the Charged Assets as well
as any proceeds to be received by the Lender and/or by the receiver or receiver and manager from the sale of the Charged Assets or any
part thereof shall be applied in such order as Lender shall determine in its sole discretion.

 

		7.4	Should the payment date of the Secured Sums or any part thereof not
yet have fallen due at the time of the sale of the Charged Assets, or the Secured Sums be due to the Lender contingently only, then the
Lender shall be entitled to recover out of the proceeds of the sale an amount sufficient to cover the Secured Sums and the amount so recovered
shall be charged to the Lender as security for, and be held by the Lender until the discharge in full of, the Secured Sums.

 

		8.	NATURE OF THE COLLATERAL SECURITY

 

		8.1	The collateral securities which have been or may be given to the Lender
under this Debenture shall be continuing and revolving securities and shall remain in force until all Secured Sums have been fully discharged
and the Lender has certified in writing that this Debenture is terminated.

 

		8.2	All collateral securities and guarantees which have been or may be
given to the Lender for payment of the Secured Sums shall be independent of one another.

 

		8.3	The nature and effect of the collateral securities to which this Debenture
is applicable shall not be affected nor shall the validity of any of the securities and obligations of the Company hereunder be impaired
or affected by any compromise, concession, granting of time or other like release consented to by the Lender with respect to the Company
and/or any of its subsidiaries or by any variation in the Company’s and/or the subsidiary’s obligations towards the Lender
in connection with the Secured Sums or by any release or waiver by the Lender of any other collateral security or guarantees.

 

		8.4	The Lender may deposit all or any of the collaterals given or which
may be given pursuant to this Debenture with a bailee of its own choosing, at its discretion and at the Company’s expense, and may
substitute such bailee with another from time to time. The Lender may register all or any of such collaterals with any competent authority
in accordance with any law and/or in any public register.

 

		9.	RIGHT OF ASSIGNMENT

 

The
Lender may at any time, at its own discretion and without the Company’s consent being required, assign this Debenture and its rights
arising thereunder, including the collaterals in whole or in part and any assignee may also reassign the said rights without any further
consent being required from the Company to any entity controlled by, controlling (directly or indirectly), or under common control of
the Lender (the term ‘control’ shall be as defined under the Securities Law of 1968). Such assignment may be effected by endorsement
on this Debenture or in any other way the Lender or any subsequent assignor deems fit. Lender shall use reasonable efforts to provide
Company with a written notice of such assignment.

 

    7

     

    

 

		10.	NOTICE OF OBJECTION

 

The
Company undertakes to notify the Lender in writing of any objection or contention it may have regarding any statement of account, extract
thereof, certificate or notice received by it from the Lender including information received through any automatic terminal facility.
Where no such objection or contention is received by the Lender, then the Company will be deemed to have confirmed the correctness thereof.

 

		11.	EXPENSES

 

All
the expenses in connection with this Debenture and all and any expenses involved in the realization of the collateral security and institution
of proceedings for collection (including fees of the Lender’s lawyers), insurance, safe-keeping, maintenance and repair of the Charged
Assets shall be paid by the Company to the Lender on its first demand, together with interest at the Step-up Rate from the date such demand
was made until payment in full, and until payment in full, all the above expenses together with interest thereon shall be secured by this
Debenture. The Lender may debit the Company with the aforesaid expenses, together with interest thereon.

 

		12.	LIABILITY; INDEMNIFICATION

 

		12.1	Neither the Lender nor the Receiver, nor any of their respective partners,
managers, agents, directors, officers, employees, delegates, advisers or representatives of any of them, as the case may be, shall be
liable for any loss, damage, claim, demand, liability, cost or expense arising from the exercise or the attempted or purported exercise
or the failure to exercise any of their respective rights, powers and discretions under this Debenture, or shall be under any duty to
exercise any of their respective rights, powers and discretions under this Debenture.

 

		12.2	No claim shall be made by Company against the Lender or its partners,
managers, agents, directors, officers, employees, delegates, advisers or representatives, for any special, indirect, consequential or
punitive damages in respect of any claim for breach of contract or under any other theory of liability arising out of or related to the
transactions contemplated by this Debenture, or any act, omission or event occurring in connection therewith.

 

		12.3	The Company waives, releases and agrees not to sue upon any claim
for such loss, claim, demand, liability, cost, expense or damages, whether or not accrued and whether or not known or suspected to exist
in its favor.

 

		12.4	To the extent permitted by applicable law, the Company hereby waives
any requirements, except as otherwise required by this Debenture, with respect to notice, form or the terms of the exercise by the Lender,
the Receiver, or any of their respective partners, managers, agents, directors, officers, employees, delegates, advisers or representatives
of any of them, as the case may be, of their respective rights and discretions under this Debenture.

 

		12.5	The Lender and/or the Receiver and their respective partners, managers,
agents, directors, advisors, officers, consultants, service providers and employees (the “Indemnified Persons”) shall
be entitled to be indemnified out of the Charged Assets in respect of any loss, cost or liability incurred by such Indemnified Person
as a direct result of: (i) the taking, holding, protection or enforcement of the Security Interest created or purported to be created
under this Debenture; (ii) the exercise (or failure to exercise) of any of the rights, powers, discretions and remedies vested in
any Indemnified Person under, or in accordance with, this Debenture or by applicable law, (iii) any failure by the Company to comply with
its obligations under this Debenture, provided that in all such events the Company shall not be obliged to indemnify an Indemnified Person
for any loss, cost or liability of such Indemnified Person as a consequence of the fraud, willful misconduct, or gross negligence thereof.

 

    8

     

    

 

		12.6	Any amount payable under Section 12.5 above, that is not paid by the
Company within ten (10) days from its due date, shall bear interest at the annual rate of 1.5% (compounded on a monthly basis) for the
period commencing from the date on which the Company should have paid such amount until the date of actual payment of the same; such interest
shall form part of the Secured Sums.

 

		12.7	All the reasonable fees, costs and expenses incurred by the Lender
or any Receiver in connection with the enforcement of this Debenture and realization of the Charged Assets, and all filing fees payable
in respect of this Debenture, shall be paid by the Company to the Lender or any Receiver, as applicable, upon first demand and shall be
an integral part of the Secured Liabilities.

 

		13.	INTERPRETATION; AMENDMENT 

 

		13.1	Any of the representations, warranties and covenants made by Company
hereunder shall be in addition to, and shall not derogate in any manner from, any representations, warranties and covenants made by Company
under the Loan Agreement.

 

		13.2	In this Debenture – (a) the singular includes the plural and
vice versa; (b) the masculine gender includes the feminine gender and vice versa; (c) the headings are only indicative and are not to
be used in construing this Debenture; (d) the recitals hereto form an integral part hereof.

 

		13.3	Any term of this Debenture may be amended and the observance of any
term hereof may be waived (either prospectively or retroactively and either generally or in a particular instance) with the written consent
of both parties only.

 

		13.4	To the extent required, this Debenture may be translated into Hebrew
for the sole purpose of the registration and filing of this Debenture with the Israeli Registrar of Companies and/or any other relevant
Israeli official registrations. Notwithstanding the aforesaid, the executed English version of this Debenture shall prevail and supersede
for all purposes and for all respects, in the event of any discrepancy or inconsistency between the English version and the translation.

 

		14.	NOTICES AND WARNINGS

 

		14.1	Each communication to be made under this Debenture shall be made in
writing and, unless otherwise stated, may be made also by telex or facsimile transmission or by electronic mail.

 

Each
communication or document to be made or delivered by each party to another pursuant to this Debenture shall (unless that other party has
by written notice, specified another address) be made or delivered to that party, addressed as follows:

 

		(a)	If to the Company: On Track Innovations Ltd.
	 	 	C/o Amir Eilam,
Chief Executive Officer
	 	 	Hatnufa 5, Yokneam Industrial
Zone
	 	 	Box 372, Yokneam, Israel
	 	 	amir_e@otiglobal.com

 

    9

     

    

 

With a copy to:  Gornitzky &
Co.

  20 Haharash St.

  Tel Aviv 6761310, Israel

  Fax: +972-3-560-6555

  Attn: Shy S. Baranov, Adv.

  E-mail:baranov@gornitzky.com

 

		(b)	If to the Lender: Nayax Ltd.

  Arik Einstein St
3

  Herzliya 465907,
Israel

 

With a copy to: Herzog
Fox & Neeman,

Herzog Tower,
6 Yitzhak Sadeh St.

Tel Aviv 6777506,
Israel

Attn.: Nir
Dash; dashn@herzoglaw.co.il

    Ron Ben-Menachem;
ron@herzoglaw.co.il

 

and shall be deemed
to have been made or delivered (a) upon the earlier of actual receipt and five (5) business days after deposit in regular mail, first
class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic
mail or facsimile transmission with receipt confirmation; (c) one (1) business day after deposit with a reputable overnight courier with
all charges prepaid; or (d) when delivered, if hand-delivered by messenger.

 

		15.	GOVERNING LAW AND PLACE OF JURISDICTION

 

		15.1	This Debenture shall be construed in accordance with the laws of the
State of Israel.

 

		15.2	The exclusive place of jurisdiction for the purpose of this Debenture
is hereby established as the competent court of law in Israel situated in Tel Aviv-Jaffa.

 

[SIGNATURE PAGE FOLLOWS]

 

    10

     

    

 

IN WITNESS WHEREOF, THE PARTIES
HAVE CAUSED THIS DEBENTURE OF FLOATING CHARGE TO BE SIGENED ON THE DATE FIRST ABOVE WRITTEN.

 

	COMPANY	 	 
	 	 	 	 	 
	On Track Innovations Ltd.	 	 
	 	 	 	 	 
	By: 	/s/ Amir Eilam	 	/s/ Assaf Cohen	 
	Title: 	Chief Executive Officer	 	Chief Financial Officer 	 
	 	 	 	 	 

 

	LENDER	 	 
	 	 	 	 	 
	Nayax Ltd.	 	 
	 	 	 	 	 
	By:	/s/ Yair Nechmad	 	/s/ David Ben Avi 	 
	Title: 	Chief Executive Officer	 	Cofounder and Chief Technology Officer	 

 

[SIGNATURE
PAGE TO DEBENTURE (FLOATING CHARGE)]

 

 

11

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