Document:

Exhibit 4.11

 

THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE BEING ACQUIRED SOLELY FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR COMPARABLE SECURITIES
LAW OF A NON-U.S. JURISDICTION AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL STATING THAT SUCH SALE, OFFER, PLEDGE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT AND OF ANY OTHER APPLICABLE STATE OR COMPARABLE SECURITIES LAW
OF A NON-U.S. JURISDICTION. HOLDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME. 

 

WARRANT
TO PURCHASE SERIES D-1 PREFERRED SHARES of Memic Innovative Surgery Ltd. 

 

warrant
number ____

 

This
Warrant (this “Warrant”) is issued
on _______, 2020 (the “Warrant Issue Date”) to [________] (the “Holder”) by Memic Innovative Surgery
Ltd., a company incorporated under the laws of the State of Israel (the “Company”), in connection with the aggregate
investment of between US$45,000,000 and US$100,000,000 (the “Investment”) initiated during August 2020. This Warrant
is one of a series of Warrants being issued in connection with the Investment.

 

1. Purchase
Shares. Subject to the terms and conditions hereinafter set forth, the Holder is entitled to purchase from the Company up to [_____]
fully paid and non-assessable Series D-1 Preferred Shares of the Company, nominal value NIS 0.01 each (the “Shares”).
The number of the Shares issuable pursuant to this Section 1 may be adjusted from time to time pursuant to the terms hereof.

 

2. Exercise
Price. The purchase price for each Share purchasable under this Warrant, as may be adjusted from time to time pursuant to the terms
hereof shall be US$2.226 (the “Exercise Price”).

 

3. Exercise
Period. This Warrant shall be exercisable, at any time, as of the Warrant Issue Date until the earlier to occur of: (i) [date
5 years from the date of the Initial Closing] (the “5 Year Anniversary”); (ii) the consummation of a sale of the
Company’s Ordinary Shares to the public in a bona fide, underwritten, public offering pursuant to a registration statement under
the Securities Act of 1933, the Israeli Securities Law or similar securities laws of another jurisdiction (an “IPO”);
or (iii) a Deemed Liquidation Event (as defined in the Company’s Articles of Association on the date hereof) (the “Exercise
Period”). This Warrant shall, to the extent not previously exercised, at the end of the Exercise Period, be exercised automatically
in accordance with Paragraph 5 below. In any of the events described in (ii) and (iii) above, the Company shall provide the Holder with
prior written notice thereof at least 5 business days prior to the occurrence of such event.

 

     

     

    

 

4. Method
of Exercise. At any time during the Exercise Period the Holder may exercise this Warrant, in whole or in part, on one or more occasions.
Such exercise shall be effected by the surrender of this Warrant, together with a duly executed copy of the form of Notice of Exercise
attached hereto, to the chief executive officer of the Company at its principal offices and the payment to the Company of an amount equal
to the aggregate of the Exercise Price for all of the Shares being purchased, in immediately available cash funds in US dollars. Notice
of exercise of this Warrant (i) in connection with an IPO may be made conditional upon closing of such public offering, and (ii) in connection
with a Deemed Liquidation Event may be made conditional upon closing of such event.

 

5. Exercise
on Net Issuance Basis. Unless the Holder elects to exercise this Warrant pursuant to Section 4 above, this Warrant will be deemed
exercised, without the payment by the Holder of any additional consideration, upon the earlier of: (i) the consummation of an IPO; (ii)
the consummation of a Deemed Liquidation Event, (iii) the 5 Year Anniversary, or (iv) the written request of Holder to exercise this
Warrant in whole or in part on a net issuance basis, into the number of Shares that to be calculated pursuant to the following formula:

 

X
= Y (A-B)

A

 

Where:

 

X
= the number of Shares to be issued to the Holder pursuant to this Section 5.

 

Y
= the number of Shares purchasable under this Warrant (as adjusted to the date of such calculation,
but excluding those Shares already issued under this Warrant).

 

A
= the Fair Market Value (as defined below) of one Share as at the time the exercise is deemed
made pursuant to this Section 5.

 

B
= the Exercise Price.

 

For
purposes of the above calculation, “Fair Market Value” of one Share shall be (a) in the event of an exercise
occurring in connection with the consummation of the IPO, the per share offering price to the public of one ordinary share into which
a Series D-1 Preferred Shares of the Company, nominal value NIS 0.01 each (the “Preferred D-1 Share”) has been or
will be converted; (b) in the event of an exercise occurring in connection with the consummation of a Deemed Liquidation Event, the per
share consideration payable to holders of Preferred D-1 Shares for each such share in connection with such transaction or (c) as determined
in good faith by the Board of Directors of the Company if exercised in another circumstance (not in connection with an IPO or a Deemed
Liquidation Event).

 

6. Issuance
of Shares on Exercise. The Company agrees that following an exercise as provided in Sections 4 and 5 above, the Shares so purchased
shall be issued and the Holder shall be deemed the record owner of such Shares as of the close of business on the date on which the last
of the actions required to exercise the Warrant as provided in Sections 4 and 5 above has been completed.

 

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7. Certificates
for Shares: New Warrant. Upon the exercise of the purchase rights evidenced by this Warrant, the Company shall issue a share certificate
for the number of Shares so purchased as soon as practicable thereafter. Prior to the expiration of the Exercise Period, following any
partial exercise of the Warrant hereunder, the Company shall issue to the Holder a new Warrant representing the right of the Holder to
purchase the remaining Shares under this Warrant not yet purchased.

 

8. Authorization
and Reservation of Shares. During the Exercise Period, the Company will at all times have authorized, and hold in reserve for issuance
upon exercise of this Warrant, a sufficient number of Preferred D-1 Shares to provide for the exercise of the rights represented by this
Warrant, and a sufficient number of Ordinary Shares of the Company, par value NIS 0.01 each (the “Ordinary Shares”),
into which the Shares are convertible. The Company represents and warrants that the Shares, when issued, sold and delivered pursuant
to the exercise of this Warrant for the consideration expressed herein, and the Ordinary Shares issuable upon conversion of such Shares,
will be duly and validly issued, fully paid and non assessable and free and clear of any preemptive rights. The Company shall pay all
charges that may be payable in connection with the preparation and delivery of share certificates pursuant to Section 6 in the name of
the Holder. The Company further agrees that it will not, by amendment of its Articles of Association or through reorganization, consolidation,
merger, dissolution or sale of assets, or by any other voluntary act, avoid or seek to avoid the observance or performance of any of
the covenants, stipulations or conditions to be observed or performed hereunder by the Company. The Company hereby represents and warrants
to Holder that this Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company
enforceable in accordance with its terms. The Company further represents and warrants that the grant of this Warrant and the issuance
of the Shares and the Ordinary Shares issued upon conversion of the Shares in accordance herewith shall not entitle any third party,
including any shareholders of the Company, to any pre-emptive rights, anti-dilution rights, or other benefits.

 

9. Adjustment
of Exercise Price and Number of Shares The number of and kind of securities purchasable upon exercise of this Warrant and the Exercise
Price shall be subject to adjustment from time to time as follows:

 

(i) Subdivisions
and Combinations. If the Company shall at any time prior to the expiration of the Exercise Period subdivide its Preferred D-1 Shares,
by share split or otherwise, or combine its Preferred D-1 Shares, then the number of Shares issuable on the exercise of this Warrant
shall forthwith, be proportionately increased in the case of a share split, subdivision or share dividend, or proportionately decreased
in the case of a combination or similar action. Appropriate adjustments shall also be made to the Exercise Price payable, but the Exercise
Price payable for the total number of Shares purchasable under this Warrant, as adjusted, shall remain the same as it was prior to the
aforesaid adjustments and further provided that the Exercise Price cannot be reduced lower than NIS 0.01. Any adjustment under this Section 9(i)
shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

(ii) Adjustment
for Dividends or Distributions of Securities or Property. In the event the Company shall, prior to the end of the Exercise Period,
make or issue, or shall fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution
payable in securities of the Company, then this Warrant shall represent the right to acquire, in addition to the number of Shares indicated
above, and without payment of any additional consideration therefor, the securities of the Company to which such Holder would have been
entitled upon such date if such Holder had exercised this Warrant in full on the date hereof and had thereafter, during the period from
the date hereof to and including the date of such exercise, retained such Shares and all other additional securities of the Company during
such period giving effect to all adjustments called for by this Section 9.

 

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(iii) Reclassification,
Reorganization, Merger and Consolidation. In case of any reclassification, capital reorganization, or change in the share capital
of the Company (other than as a result of the events provided for in Section 9(i) and (ii) above) or any merger or consolidation
of the Company with or into another corporation that is not a Deemed Liquidation Event, then as a condition of such reclassification,
reorganization, change, merger or consolidation, lawful provision shall be made, and duly executed documents evidencing the same from
the Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration
of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares
or other securities receivable in connection with such reclassification, reorganization, change, merger or consolidation by a holder
of the same number of Shares as were purchasable by the Holder if this Warrant had been exercised immediately prior to such reclassification,
reorganization, change, merger or consolidation. In any such case appropriate provisions shall be made with respect to the rights and
interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares or other securities deliverable
upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price payable hereunder, provided that the aggregate
purchase price shall remain the same.

 

(iv) Notice
of Adjustment. When any adjustment is required to be made in the number or kind of securities purchasable upon exercise of the Warrant,
or in the Exercise Price, the Company shall notify the Holder, in writing, of such event and of the number of Preferred D-1 Shares or
other securities thereafter purchasable upon exercise of this Warrant.

 

(v) Notice
of Record Date. In the event of any taking by the Company of a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend (including a cash dividend) or other distribution, any right
to subscribe for, purchase or otherwise acquire any shares of any class or any other securities or property, or to receive any other
right, the Company shall send to the Holder a notice, which shall be sent simultaneously with the notice sent to other shareholders of
the Company, specifying the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and
the amount and character of such dividend, distribution or right. 

 

10. Fractional
Shares. No fractional shares shall be issued upon the exercise of this Warrant, and the number of Shares issued shall be rounded
to the nearest whole number.

 

11. Shareholder
Rights. Prior to an exercise under this Warrant, except as set forth in this Warrant, the Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder in the Company including (without limitation) the right to vote such Shares, receive dividends
or other distributions thereon, exercise preemptive rights or be notified of shareholder meetings. Without limiting the foregoing or
any remedies available to the Holder, the Holder will be entitled to specific performance of the obligations hereunder.

 

12. Registration
Rights. All Shares issuable upon exercise of this Warrant shall be “Registrable Securities,” and the Holder will be deemed
for all purposes a “Holder” and an “Investor” under the terms of the Third Amended and Restated Investors’
Rights Agreement, or any amending or replacing agreement for all purposes.

 

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13. Successors
and Assigns. This Warrant may not be assigned or transferred in any way by the Company without the prior written consent of the Holder.
The terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors
and administrators of the Company and the Holder hereof. This Warrant may not be Transferred (as such term is defined in the Company’s
Articles of Association) by the Holder other than to a Permitted Transferee (as such term is defined in the Company’s Articles
of Association) or as otherwise approved by the Company in writing.

 

14. Amendments
and Waivers. This Warrant and all other Warrants issued in connection with the Investment and outstanding as of the date of any amendment
or waiver, may be amended and provisions may be waived only by written consent of the Company and holders of majority in interest of
such Warrants.

 

15. Notices,
etc. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by first class
mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, overnight courier or by messenger addressed:

 

(a) if
to a Holder, at the Holder’s address, facsimile number or electronic mail address as shown in the Company’s records, as may
be updated in accordance with the provisions hereof.

 

(b)
if to the Company, one copy should be sent to Memic Innovative Surgery Ltd., at 6 Yoni Netanyahu Street, Or Yehuda 6037604, Israel, Attn:
CEO, or at such other address as the Company shall have furnished to the Holder, with a copy to Tadmor Levy & Co., 132 Begin Road,
Azrieli Center Square Tower, 34th Floor, Tel Aviv 6701101, Israel, Attn: Elie Sprung, Adv., E-mail: elie@tadmor-levy.com.

 

A
notice delivered personally shall be deemed received upon its delivery. A Notice sent by facsimile transmission or by electronic mail
shall be deemed received on the business day following the day on which it was sent. A Notice sent by mail shall be deemed received by
a party whose address is in Israel, three (3) days after its delivery to the post office or; if the address of a party is outside of
Israel, within seven (7) days after the notice is delivered to a post office in Israel and sent by air mail.

 

16. Delays
or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party
to this Warrant upon any breach or default of any other party under this Warrant shall impair any such right, power or remedy of such
non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in
any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any party of any breach or default under this Warrant, or any waiver on the part of any party of any provisions or conditions of this
Warrant, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under
this Warrant or by law or otherwise afforded to any party to this Warrant, shall be cumulative and not alternative.

 

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17. Severability.
If any provision of this Warrant becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions
of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and such court will
replace such illegal, void or unenforceable provision of this Warrant with a valid and enforceable provision that will achieve, to the
extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this
Warrant shall be enforceable in accordance with its terms.

 

18. Counterparts.
This Warrant may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such
counterparts, and all of which together shall constitute one instrument.

 

19. Titles
and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing
or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise provided, refer
to sections and paragraphs hereof and exhibits attached hereto.

 

20. Electronic
Execution and Delivery. A facsimile, digital or other reproduction of this Warrant may be executed by one or more parties hereto
and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf
of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request
of any party hereto, all parties hereto agree to execute and deliver an original of this Warrant as well as any facsimile, telecopy or
other reproduction hereof.

 

21. Lost
Stolen Warrants. Etc. In case this Warrant or any replacement thereof shall be mutilated, lost, stolen or destroyed, the Company
shall issue a new Warrant of like date, tenor, and denomination and deliver the same in exchange and substitution for and upon surrender
and cancellation of any mutilated Warrant, or in lieu of any Warrant lost, stolen or destroyed, upon receipt by the Company of written
notice of such loss, theft or destruction and an indemnification undertaking by the Holder in form and substance reasonably satisfactory
to the Company.

 

22. Attorneys’
Fees. If any action of law or equity is necessary to enforce or interpret the terms of this Warrant, the prevailing party shall be
entitled to its reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which it may be entitled.

 

23. Governing
Law and Jurisdiction. This Warrant and any controversy arising out of or relating to this Warrant shall be governed by, and construed
in accordance with, the Israeli Law, and such matters shall be resolved exclusively by the competent courts of Tel Aviv - Jaffa, Israel.

 

[Signature
Page Follows]

 

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SIGNATURE
PAGE OF WARRANT NO. [____]

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by a duly authorized officer.

 

	MEMIC INNOVATIVE SURGERY LTD.	 
	 	 
	By:	 	
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

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INVESTOR
SIGNATURE PAGE OF WARRANT NO. ____

 

	Agreed and Accepted:	 
	 	 
	[_________]	 
	 	 
	By:	 	
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

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NOTICE
OF EXERCISE

 

		To:	Me-mic
Innovative Surgery Ltd.

 

The
undersigned hereby (check the applicable box):

 

		☐	elects
to purchase ______ Preferred D-1 Shares of the Company (the “Shares”), pursuant to the terms of the attached Warrant.
The aggregate Exercise Price with respect to such purchase in the amount of US$ _____________ shall be paid forthwith in immediately
available cash funds.

 

		☐	elects
the Net Issue Basis option pursuant to Section 5 of the Warrant, and accordingly requests delivery of a net of ______________ of
such securities, according to the terms of Section 5 of the Warrant.

 

	By:	 		 	 
	 	 	 	 	 
	Name:	 	 	 	 
	 	 	 	 	 
	Title:	 	 	 	 
	 	 	 	Address:	 
	 	 	 	 	 
	 	 	 	Date:	 

 

    9Exhibit 10.8

 

Memic
Innovative Surgery Ltd. 2015 Equity Incentive Plan

 

PREFACE

 

This
plan, as may be amended from time to time, shall be known as the “Memic Innovative Surgery Ltd. 2015 Equity Incentive Plan”
(the “Plan”). 

 

		1.	PURPOSE
                                            OF THE PLAN

 

The
purpose of this Plan is to foster and promote the long-term financial success of the Company and its Affiliates and increase shareholder
value by:

 

		1.1.	motivating
                                            superior performance by means of performance-related incentives;

 

		1.2.	encouraging
                                            and providing for the acquisition of an ownership interest in the Company by eligible Employees,
                                            directors, consultants, service providers and any other entity which the Board shall decide
                                            their services are considered valuable to the Company and/or its Affiliates; and

 

		1.3.	enabling
                                            the Company and its Affiliates to attract and retain the services of outstanding management
                                            team and other qualified and dedicated employees, directors, consultants, service providers
                                            upon whose judgment, interest and special effort the successful conduct of its operations
                                            is largely dependent.

 

		2.	DEFINITIONS

 

For
purposes of this Plan and related documents, including the Grant Letter, the following definitions shall apply:

 

		2.1.	“102
                                            Award” means any Approved 102 Award or Unapproved 102 Award granted to an Employee
                                            pursuant to Section 102

 

		2.2.	“102
                                            Restricted Period” as defined in Section ‎6.1 below.

 

		2.3.	“3(i)
                                            Award” means any Award that is either specifically granted pursuant to Section
                                            3(i) of the Ordinance to any person who is a Non-Employee or that does not contain terms
                                            that will cause such Award to qualify under Section 102.

 

		2.4.	“Affiliate”
                                            means any company eligible to be qualified as an “employing company”, with respect
                                            to the Company, within the meaning of Section 102(a) of the Ordinance.

 

		2.5.	“Approved
                                            102 Award” means an Award granted pursuant to Section 102(b) of the Ordinance and
                                            held in trust by a Trustee for the benefit of the Grantee, pursuant to Section 102. Approved
                                            102 Awards may either be classified as Capital Gains Track Awards or Ordinary Income Track
                                            Awards.

 

		2.6.	“Articles
                                            of Association” means the Articles of Association of the Company as in effect from
                                            time to time.

 

		2.7.	“Award”
                                            means an Option a Restricted Share or any other equity based award granted pursuant to this
                                            Plan.

 

		2.8.	“Board”
                                            means the Board of Directors of the Company.

 

		2.9.	“Capital
                                            Gains Track Award” as defined in Section ‎5.4 below.

 

     

     

    

 

		2.10.	“Cause”
                                            means, (I) with respect to an Employee (i) as such term is defined in the individual employment
                                            agreement or other engagement agreement between the Employee and the Company or its Affiliate,
                                            as applicable, or (ii) if no such agreement is in place, then “Cause” shall mean
                                            any one of the following: (a) conviction of any felony involving moral turpitude or affecting
                                            the Company; (b) any failure to carry out, as an employee of the Company or its Affiliates,
                                            a reasonable directive of the chief executive officer, the Board or the Grantee’s direct
                                            supervisor, which involves the business of the Company or its Affiliates and which was capable
                                            of being lawfully performed by Grantee; (c) embezzlement or theft of funds of the Company
                                            or any of its Affiliates; (d) any breach of the Grantee’s fiduciary duties or duties
                                            of care to the Company or any of its Affiliates; including, without limitation, self-dealing,
                                            prohibited disclosure of confidential information of, or relating to, the Company or any
                                            of its Affiliates, or engagement in any business competitive to the business of the Company
                                            or of its Affiliates; (e) any conduct (other than conduct in good faith) reasonably determined
                                            by the Board to be materially detrimental to the Company; and (f) any other circumstances
                                            under which the Company is entitled to terminate Grantee’s employment with the Company
                                            without paying Grantee severance pay under applicable law; and (II) with respect to a Non-Employee
                                            (i) as such term is defined in the individual engagement agreement between the Grantee and
                                            the Company or its Affiliate, as applicable, or (ii) if no such agreement is in place, then
                                            ‘Cause’ shall mean any one of the circumstances set forth in (I)(ii)(a) through
                                            and including (f) herein, as applicable to such Non-Employee.

 

		2.11.	“Chairman”
                                            means the chairman of the Committee.

 

		2.12.	“Committee”
                                            means an equity awards committee appointed by the Board, which shall consist of no fewer
                                            than two members of the Board, and if no such equity awards committee is appointed, then
                                            the Board.

 

		2.13.	“Company”
                                            means Memic Innovative Surgery Ltd., a company incorporated under the laws of the State of
                                            Israel, corporate registration number 51-480966-4.

 

		2.14.	“Companies
                                            Law” means the Israeli Companies Law, 5759-1999, including any rules and regulations
                                            promulgated thereunder.

 

		2.15.	“Controlling
                                            Shareholder” shall have the meaning ascribed to it in Section 32(9) of the Ordinance.

 

		2.16.	“Cut-Off
                                            Date” as defined in Section ‎12.3.3 below.

 

		2.17.	“Date
                                            of Grant” means the date of grant of an Award, as determined by the Board and set
                                            forth in the Grantee’s Grant Letter, and in any event not earlier than the first date
                                            on which the Company is permitted to effect Award grants under this Plan and the provisions
                                            of the Ordinance.

 

		2.18.	“Disability”
                                            shall have the meaning ascribed thereto in the individual employment or engagement agreement
                                            between the Grantee and the Company or any of its Affiliates, as applicable and if no such
                                            definition exists, then “Disability” shall mean Grantee’s inability
                                            to perform his/her duties to the Company, or to any of its Affiliates, for a consecutive
                                            period of at least 180 days, by reason of any medically determinable physical or mental impairment.

 

		2.19.	“Election”
                                            as defined in Section ‎5.6 below.

 

		2.20.	“Employee”
                                            means a person who is employed by the Company or any of its Affiliates, including an individual
                                            who is serving as a director or an office holder, but excluding any Controlling Shareholder,
                                            all as determined by Section 102.

 

		2.21.	“Event”
                                            as defined in Section ‎12.2 below.

 

		2.22.	“Expiration
                                            Date” means the date upon which an Award shall expire, as set forth in this Plan.

 

		2.23.	“Fair
                                            Market Value” means as of any date, the value of a Share determined as follows:

 

		2.23.1.	If
                                            the Shares are listed on any established stock exchange or a national market system, including
                                            without limitation the Tel Aviv Stock Exchange, NASDAQ National Market system, or the NASDAQ
                                            SmallCap Market of the NASDAQ Stock Market, the Fair Market Value shall be the closing sales
                                            price for such Shares (or the closing bid, if no sales were reported), as quoted on such
                                            exchange or system for the last market trading day prior to time of determination, as reported
                                            in the Wall Street Journal, or such other source as the Board deems reliable;

 

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		2.23.2.	Without
                                            derogating from the above, solely for the purpose of determining the tax liability pursuant
                                            to Section 102(b)(3) of the Ordinance, if at the Date of Grant the Company’s shares
                                            are listed on any established stock exchange or a national market system or if the Company’s
                                            shares will be registered for trading within ninety (90) days following the Date of Grant,
                                            the Fair Market Value of a Share at the Date of Grant shall be determined in accordance with
                                            the average value of the Company’s shares on the thirty (30) trading days preceding
                                            the Date of Grant or on the thirty (30) trading days following the date of registration for
                                            trading, as the case may be;

 

		2.23.3.	If
                                            the Shares are regularly quoted by a recognized securities dealer but selling prices are
                                            not reported, the Fair Market Value shall be the mean between the high bid and low asked
                                            prices for the Shares on the last market trading day prior to the day of determination; or

 

		2.23.4.	In
                                            the absence of an established market for the Shares, the Fair Market Value thereof shall
                                            be determined in good faith by the Committee.

 

		2.24.	“Grant
                                            Letter” means the grant letter given by the Company to the Grantee and signed by
                                            the Company and the Grantee, and which sets out the terms and conditions of an Award.

 

		2.25.	“Grantee”
                                            means a person who receives or holds an Award.

 

		2.22	“ILS”
                                            means New Israeli Shekels.

 

		2.26.	“IPO”
                                            means the underwritten initial public offering of the Company’s shares pursuant to
                                            a registration statement filed with and declared effective under the Israeli Securities Law,
                                            5728-1968, under the U.S. Securities Act of 1933, as amended, or under any similar law of
                                            any other jurisdiction.

 

		2.27.	“ITA”
                                            means the Israeli Tax Authority.

 

		2.28.	“Non-Employee”
                                            means a consultant, advisor, service provider or a Controlling Shareholder of the Company
                                            prior to the issuance of the relevant Award or as a result thereof, or any other person who
                                            is not an Employee.

 

		2.29.	“Notice”
                                            as defined in Section ‎13.2.2 below.

 

		2.30.	“Notice
                                            Period” as defined in Section ‎13.2.3 below.

 

		2.31.	“Ordinary
                                            Income Track Award” as defined in Section ‎5.5 below.

 

		2.32.	“Option”
                                            means an option to purchase one or more Shares of the Company granted pursuant to this Plan.

 

		2.33.	“Ordinance”
                                            means the Israeli Income Tax Ordinance [New Version] 5721-1961 including any and all rules
                                            and regulations promulgated thereunder, as now in effect or as hereafter amended or adopted.

 

		2.34.	“Plan”
                                            as defined in the preface hereto.

 

		2.35.	“Proposed
                                            Transferee” as defined in Section 13.2.3 below.

 

		2.36.	“Proposing
                                            Holders” as defined in Section ‎13.4 below.

 

		2.37.	“Proxy”
                                            as defined in Section ‎7.2 below.

 

		2.38.	“Proxy
                                            Holder” as defined in Section ‎7.2 below.

 

		2.39.	“Purchase
                                            Price” means the purchase price for each Share underlying an Award, as determined
                                            in Section ‎8 below.

 

		2.40.	“Representative”
                                            as defined in Section ‎9.2 below.

 

		2.41.	“Repurchaser(s)”
                                            as defined in Section ‎13.2.1 below.

 

		2.42.	“Restricted
                                            Period” as defined in Section ‎10.3 below.

 

		2.43.	“Restricted
                                            Shares” means a grant to a Grantee of Shares under the Plan that are subject to
                                            restrictions as set forth in the applicable Grant Letter.

 

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		2.44.	“Sale”
                                            as defined in Section ‎13.2 below.

 

		2.45.	“Section
                                            102” means Section 102 of the Ordinance.

 

		2.46.	“Share”
                                            means an Ordinary Share of the Company, nominal value ILS 0.01 each.

 

		2.47.	“Successor
                                            Company” means any entity into or with which the Company is merged or by which,
                                            the Company is acquired, pursuant to a Transaction in which the Company is not the surviving
                                            entity.

 

		2.48.	“Transaction”
                                            means (i) a merger, acquisition or reorganization of the Company with one or more other entities
                                            in which the Company is not the surviving entity, (ii) a sale of all or substantially all
                                            of the assets or shares of the Company, or (iii) a Deemed Liquidation Event (if and to the
                                            extent such term or similar term is defined in the Articles of Association).

 

		2.49.	“Trustee”
                                            means any individual or entity appointed by the Company to serve as a trustee and who has
                                            been approved by the ITA, all in accordance with the provisions of Section 102(a) of the
                                            Ordinance.

 

		2.50.	“Unvested
                                            Award” means any Award that has not yet vested and in the case of Options not yet
                                            exercisable according to its Vesting Dates or otherwise.

 

		2.51.	“US$”
                                            means dollars of the United States of America.

 

		2.52.	“Vested
                                            Award” means any Award that has already become vested and in the case of an Option,
                                            exercisable, according to its Vesting Dates or otherwise (e.g. acceleration upon certain
                                            events).

 

		2.53.	“Vesting
                                            Dates” means, with respect to any Option, the date(s) as of which the Grantee shall
                                            be entitled to exercise all or part of such Option, and with respect to any Restricted Shares,
                                            the date(s) as of which all or part of such Restricted Shares are released from the Restriction
                                            Period, each as set forth in the Grantee’s individual Grant Letter, and if no such
                                            date(s) are specified in Grantee’s individual Grant Letter, then as set out in Section
                                            10.2 hereof.

 

		2.54.	“Unapproved
                                            102 Award” means an Award granted pursuant to Section 102(c) of the Ordinance and
                                            not held in trust by a Trustee.

 

		3.	ADMINISTRATION
                                            OF THIS PLAN

 

		3.1.	Administration.
                                            This Plan shall be administered by the Board. The Board shall have the authority in its sole
                                            discretion, subject to and not inconsistent with the express provisions of this Plan, to
                                            administer this Plan and to exercise all the powers and authorities specifically granted
                                            to it under this Plan as necessary and advisable in the administration of this Plan.

 

		3.2.	Delegation
                                            of Powers. The Board may delegate its powers and authorities granted to it under this
                                            Plan to the Committee to the extent it is entitled to do so by the Articles of Association
                                            and applicable law. The Committee shall have the responsibility of construing and interpreting
                                            this Plan and of establishing and amending such rules and regulations, as it deems necessary
                                            or desirable for the proper administration of this Plan.

 

		3.3.	Chairman.
                                            The Committee shall select one of its members as its Chairman and shall hold its meetings
                                            at such times and places, as the Chairman shall determine or otherwise in accordance with
                                            the Articles of Association. The Committee shall keep records of its meetings and shall make
                                            such rules and regulations for the conduct of its business, as it may deem advisable.

 

		3.4.	Committee
                                            Authority. Subject to the provisions of this Plan, the Articles of Association, the applicable
                                            laws and the specific duties delegated by the Board to the Committee, and subject to the
                                            approval of any relevant authorities, the Committee shall have the authority, in its discretion:

 

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		3.4.1.	To
                                            construe and interpret the terms of this Plan and any Awards granted pursuant hereto;

 

		3.4.2.	To
                                            designate the Employees and Non-Employees to whom Awards may from time to time be granted
                                            hereunder;

 

		3.4.3.	To
                                            determine the number of Shares to be covered by each such Award granted hereunder;

 

		3.4.4.	To
                                            prescribe forms of agreements and/or Grant Letters for use under this Plan;

 

		3.4.5.	To
                                            determine the terms of any Award granted hereunder;

 

		3.4.6.	To
                                            determine the Purchase Price of any Award granted hereunder;

 

		3.4.7.	To
                                            determine the Fair Market Value of Shares pursuant to Section ‎2.23.4 above;

 

		3.4.8.	To
                                            prescribe, amend and rescind rules and regulations relating to this Plan, provided that any
                                            such amendment or rescindment that would adversely affect the rights of a Grantee that has
                                            received or been granted an Award shall not be made without the Grantee’s written consent;

 

		3.4.9.	To
                                            cancel or suspend Awards, as necessary;

 

		3.4.10.	To
                                            take all other action and make all other determinations necessary for the administration
                                            of this Plan; and

 

		3.4.11.	To
                                            determine the total number of Shares within the pool allocated for the purpose of this Plan
                                            from time to time, and or any additional awards hereafter, subject to this Plan.

 

		3.5.	Committee
                                            Decisions. Subject to the Articles of Association and applicable law, all decisions and
                                            selections made by the Board or the Committee pursuant to the provisions of this Plan shall
                                            be made by a majority of its members. Any decision reduced to writing shall be executed in
                                            accordance with the provisions of the Articles of Association.

 

		3.6.	Decisions
                                            Conclusive. Any decision or action taken or to be taken by the Committee, arising out
                                            of or in connection with the construction, administration, interpretation and effect of this
                                            Plan and of its rules and regulations, shall, to the maximum extent permitted by applicable
                                            law, be within its absolute discretion (except as otherwise specifically provided herein)
                                            and shall be conclusive and binding upon all Grantees and any person claiming under or through
                                            any Grantee.

 

		3.7.	No
                                            Liability. No member of the Board or the Committee shall be liable for any action taken
                                            or determination made in good faith, with respect to this Plan or any Award granted hereunder.

 

		3.8.	No
                                            Prevention of Eligibility. Any member of the Board or Committee shall be eligible to
                                            receive Awards under this Plan while serving on the Board or Committee, unless otherwise
                                            specified herein. No person shall be eligible to be a member of the Committee if that person’s
                                            membership would prevent this Plan from complying with exemptions provided under applicable
                                            laws.

 

		4.	DESIGNATION
                                            OF GRANTEES

 

		4.1.	Eligible
                                            Grantees. The persons eligible for participation in this Plan as Grantees shall include
                                            any Employees and/or Non-Employees of the Company or of any Affiliate thereof; provided,
                                            however, that (i) Employees may only be granted 102 Awards; and (ii) Non-Employees may only
                                            be granted 3(i) Awards.

 

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		4.2.	Grant
                                            Letter. Each Award granted pursuant to this Plan shall be evidenced by a Grant Letter,
                                            substantially in such form that the Board or the Committee shall approve in accordance with
                                            this Plan. Each Grant Letter shall state, among other matters, the type of grant whether
                                            Option, Share or Restricted Share, the number of Shares to which the Award relates, the type
                                            of Award granted thereunder (whether a Capital Gains Track Award, Ordinary Income Track Award,
                                            Unapproved 102 Award or a 3(i) Award), the Vesting Dates, if any, the Purchase Price, the
                                            Expiration Date and such other terms and conditions that the Committee or the Board in their
                                            discretion may prescribe, provided in all cases that they are consistent with this Plan.
                                            The Grant Letter shall be delivered to the Grantee and executed by the Company and the Grantee
                                            and shall incorporate the terms of this Plan by reference and specify the terms and conditions
                                            thereof and any rules applicable thereto.

 

		4.3.	No
                                            Obligation of Continued Service. Neither this Plan nor any Grant Letter nor any offer
                                            of an Award to a Grantee shall impose any obligation on the Company or any Affiliate to continue
                                            to employ or to engage the services of any Grantee, and nothing in this Plan or in any Award
                                            granted pursuant thereto shall give any Grantee any right to continued employment, service
                                            with or engagement by the Company or any Affiliate or restrict the right of the Company or
                                            such Affiliate, as applicable, to terminate such employment, services or engagement at any
                                            time. Further, the Company and each Affiliate expressly reserves the right at any time to
                                            dismiss a Grantee free from any liability, or any claim under this Plan, except as provided
                                            herein or in any agreement entered into with respect to an Award.

 

		4.4.	No
                                            Obligation of Additional Grant. The grant of an Award hereunder shall neither entitle
                                            the Grantee to participate nor disqualify the Grantee from participating in, any other grant
                                            of Awards pursuant to this Plan or any other option or share plan of the Company or any of
                                            its Affiliates.

 

		4.5.	Compliance
                                            with Companies Law. Notwithstanding anything in the Plan to the contrary, all grants
                                            of Awards to directors and office holders shall be authorized and implemented in accordance
                                            with the provisions of the Companies Law.

 

		5.	DESIGNATION
                                            OF AWARDS PURSUANT TO SECTION 102

 

		5.1.	Designation
                                            of Awards. The Company may designate Awards granted to Employees pursuant to Section
                                            102 as Approved 102 Awards or Unapproved 102 Awards.

 

		5.2.	Approved
                                            102 Award Grant. The grant of Approved 102 Awards under this Plan shall be made in accordance
                                            with the provisions herein, including the provisions of Section ‎6 below, and shall be
                                            conditioned upon the approval of this Plan by the ITA.

 

		5.3.	Classification.
                                            An Approved 102 Award may be classified as either a Capital Gains Track Award or an Ordinary
                                            Income Track Award.

 

		5.4.	Capital
                                            Gains Track. An Approved 102 Award elected and designated by the Company to qualify under
                                            the capital gain tax treatment in accordance with the provisions of Section 102(b)(2) shall
                                            be referred to herein as a “Capital Gains Track Award”.

 

		5.5.	Ordinary
                                            Income Track. An Approved 102 Award elected and designated by the Company to qualify
                                            under the ordinary income tax treatment in accordance with the provisions of Section 102(b)(1)
                                            shall be referred to herein as an “Ordinary Income Track Award”.

 

		5.6.	Election
                                            of Track. The Company’s election of the type of Approved 102 Awards as Capital
                                            Gains Track Awards or Ordinary Income Track Awards to be granted to Employees (the “Election”)
                                            shall be appropriately filed with the ITA before the first Date of Grant of an Approved 102
                                            Award under such Election. Such Election shall become effective beginning on the first Date
                                            of Grant of an Approved 102 Award under such Election and shall remain in effect until changed,
                                            but in any case not earlier than the end of the year following the year during which the
                                            Company first granted Approved 102 Awards under such Election. The Election shall obligate
                                            the Company to grant only the type of Approved 102 Award it has elected, and shall apply
                                            to all Grantees who were granted Approved 102 Awards during the period indicated herein,
                                            all in accordance with the provisions of Section 102(g) of the Ordinance. For the avoidance
                                            of doubt, such Election shall not prevent the Company from granting Unapproved 102 Awards
                                            simultaneously.

 

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		5.7.	Trust.
                                            All Approved 102 Awards must be held in trust by the Trustee, as described in Section ‎6
                                            below.

 

		5.8.	Designation
                                            Subject to Section 102. For the avoidance of doubt, the designation of Approved 102 Awards
                                            and Unapproved 102 Awards shall be subject to the terms and conditions set forth in Section
                                            102.

 

		5.9.	No
                                            Liability. The Company shall have no liability to a Grantee, or to any other party, if
                                            an Award (or any part thereof), which is intended to be a 102 Award, does not eventually
                                            qualify as a 102 Award.

 

		6.	TRUSTEE

 

		6.1.	102
                                            Restriction Period. Approved 102 Awards which are granted under this Plan and/or any
                                            Shares allocated or issued upon exercise of such Approved 102 Awards and/or other Shares
                                            received subsequently following any realization of rights, including, without limitation,
                                            bonus shares, shall be allocated or issued to the Trustee (and registered in the Trustee’s
                                            name in the Company’s shareholders’ register) and held by the Trustee for the
                                            benefit of the Grantees to whom such Approved 102 Awards were granted for such period of
                                            time as required by Section 102 (the “102 Restricted Period”). All certificates
                                            representing Shares issued to the Trustee under this Plan shall be deposited with the Trustee,
                                            and shall be held by the Trustee until such time that such Shares are released from the aforesaid
                                            trust as herein provided. If the requirements for Approved 102 Awards are not met, then the
                                            Approved 102 Awards may be treated as Unapproved 102 Awards, all in accordance with the provisions
                                            of Section 102.

 

		6.2.	Payment
                                            of Liabilities. Notwithstanding anything to the contrary herein, the Trustee shall not
                                            release any Shares that are Approved 102 Awards, including any Shares allocated or issued
                                            upon exercise of Approved 102 Awards prior to the full payment of the Grantee’s tax
                                            liabilities arising from the grant of the Approved 102 Awards, which were granted to such
                                            Grantee and/or the exercise of such Awards and the sale of the Shares allocated or issued
                                            upon exercise of such Approved 102 Awards if any.

 

		6.3.	No
                                            Release. With respect to any Approved 102 Award, subject to the provisions of Section
                                            102, a Grantee shall not sell or release from trust any Share received upon the exercise
                                            of an Approved 102 Award or released from restrictions (in the case of a Restricted Share)
                                            and/or any share received subsequently following any realization of rights, including without
                                            limitation, bonus shares, until the lapse of the 102 Restricted Period required under Section
                                            102. Notwithstanding the above, if any such sale or release occurs during the 102 Restricted
                                            Period, the sanctions under Section 102 shall apply to, and shall be borne by, such Grantee.

 

		6.4.	Undertaking.
                                            Upon receipt of an Approved 102 Award, the Grantee will sign an undertaking to release the
                                            Trustee from any liability in respect of any action or decision duly taken and bona fide
                                            executed in relation with this Plan, any Approved 102 Award or Share issued to such Grantee
                                            upon the exercise of the Approved 102 Award. Such release may be incorporated into the Grant
                                            Letter.

 

		6.5.	3(i)
                                            Award and Trustee. 3(i) Awards which shall be granted under the Plan, may, but need not,
                                            be issued to the Trustee, and if so issued to the Trustee, shall be held for the benefit
                                            of the Grantee. The Trustee shall hold such Awards and the Shares issued upon the exercise
                                            thereof (in the event of an exercise of an Award that is an Option) pursuant and subject
                                            to Section 3(i) of the Ordinance. Anything to the contrary notwithstanding, the Trustee shall
                                            not release any 3(i) Awards held by it and which were not already exercised into Shares by
                                            the Grantee, nor shall the Trustee release any Shares issued upon the exercise of 3(i) Awards
                                            nor any Restricted Shares that are 3(i) Awards, prior to the full payment of the relevant
                                            Grantee’s tax liabilities arising from those 3(i) Awards which were granted to the
                                            Grantee and, if applicable, any Shares issued upon the exercise of such 3(i) Awards.

 

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		7.	SHARES
RESERVED FOR THE PLAN; RESTRICTIONS THEREON

 

		7.1.	Reservation
                                            of Shares. The Company shall from time to time reserve, out of its authorized but un-issued
                                            share capital, such number of Shares as the Board deems appropriate (subject to the Articles
                                            of Association) for the purposes of this Plan, subject to adjustment as set forth in Section
                                            ‎12 below. Any Shares which remain un-issued or that are forfeited and which are not
                                            subject to then-outstanding Awards at the termination or expiration of this Plan shall cease
                                            to be reserved for the purpose of this Plan, but may continue to be reserved for other share
                                            option plans then in effect, and in any event, until termination of this Plan the Company
                                            shall at all times reserve a sufficient number of Shares to meet the requirements of any
                                            then-outstanding Awards. Should any Award for any reason expire or be canceled prior to its
                                            exercise or vesting or relinquishment in full, as applicable, the Shares subject to such
                                            Award may again be subjected to a new Award under this Plan; provided, however, that Shares
                                            that have actually been issued under this Plan, and in the case of Restricted Shares, released
                                            from the Restriction Period, shall not be returned to the pool under this Plan and shall
                                            not become available for future distribution under this Plan.

 

		7.2.	Proxy.
                                            The Company, at its sole discretion, may require that, until the consummation of an IPO,
                                            any Shares (including Shares issued upon exercise of Options, and securities of the Company
                                            issued with respect thereto) and any Restricted Shares shall be voted by an irrevocable proxy
                                            (the “Proxy”), in the form attached to each Grant Letter, designated by
                                            the Board from time to time (the “Proxy Holder”) who may act, instead
                                            of the Grantee and on its behalf, with respect to any and all aspects of the Grantee’s
                                            shareholdings in the Company. The Proxy Holder shall vote the Shares and/or execute any written
                                            instruments relating to the Shares in the same manner and in the same proportions as the
                                            outstanding votes of the shareholders of the Company present and voting at the applicable
                                            meeting, or with respect to the applicable action. The Proxy may be contained in the individual
                                            Grantee’s Grant Letter or otherwise as the Committee determines. If contained in the
                                            Grant Letter, no further document shall be required to implement such Proxy, and the signature
                                            of the Grantee on the Grant Letter shall indicate approval of the Proxy thereby granted.
                                            The Proxy Holder shall, to the extent permitted by applicable law, be indemnified and held
                                            harmless by the Company against any cost or expense (including counsel fees) reasonably incurred
                                            by him/her, and any liability (including any sum paid in settlement of a claim with the approval
                                            of the Company) arising out of any act or omission to act in connection with the voting of
                                            such Proxy unless arising out of the Proxy Holder’s own fraud or bad faith. Such indemnification
                                            shall be in addition to any rights of indemnification the Proxy Holder may have as a director
                                            or otherwise under the Articles of Association, any agreement, any vote of shareholders or
                                            disinterested directors, insurance policy or otherwise. Without derogating from the above,
                                            with respect to Shares issuable upon exercise of Approved 102 Awards, such Shares shall be
                                            voted in accordance with the provisions of Section 102 and of any rules, regulations or orders
                                            promulgated thereunder.

 

		8.	PURCHASE
PRICE

 

		8.1.	Purchase
                                            Price. The Purchase Price of each Share subject to an Award shall be equal to the Share’s
                                            Fair Market Value or as otherwise determined by the Committee in its sole and absolute discretion
                                            in accordance with applicable law, subject to any guidelines as may be determined by the
                                            Board from time to time. Each Grant Letter will contain the Purchase Price determined for
                                            each Award covered thereby (which in any event shall not be less than the nominal value of
                                            the Share issuable upon exercise thereof).

 

		8.2.	Payment
                                            of Purchase Price. The total consideration to be paid for the Shares to be issued upon
                                            exercise of an Option, or to be issued as Restricted Shares, including the method of payment,
                                            shall be determined by the Committee and may consist entirely of (1) cash, (2) check,
                                            (3) if approved by the Committee, other Shares that have a Fair Market Value on the date
                                            of surrender equal to the aggregate exercise price of the Shares as to which the Option is
                                            exercised or to the aggregate issued Restricted Shares, or (4) any combination of the
                                            foregoing methods of payment.

 

		8.3.	Denomination.
                                            The Purchase Price shall be denominated in ILS or US$ or otherwise as determined by the Committee.

 

    8

     

    

 

		9.	OPTIONS

 

		9.1.	Vesting.
                                            Subject to the provisions of this Plan, each Option shall vest and become exercisable commencing
                                            on the Vesting Date and for the number of Shares as shall be provided in the Grant Letter.
                                            However, no Option shall be exercisable after the Expiration Date. The vesting provisions
                                            of individual Options may vary, and may not be subject to vesting. Unless otherwise stated
                                            in the Grantee’s Grant Letter, all Options granted pursuant to this Plan, shall vest
                                            quarterly, in equal portions, over a 4-year period, subject to a one year cliff.

 

		9.2.	Exercise.
                                            Options shall be exercised by the Grantee by giving written notice to the Company and/or
                                            to any third party designated by the Company (the “Representative”), in
                                            such form and method set forth in the Grant Letter or as may be determined by the Committee
                                            and when applicable, by the Trustee in accordance with the requirements of Section 102, which
                                            exercise shall be effective upon receipt of such notice by the Company and/or the Representative
                                            and the full payment of the Purchase Price for the number of Shares with respect to which
                                            the Option is being exercised, at the Company’s or the Representative’s principal
                                            office which payment may consist of any consideration and method of payment authorized by
                                            the Committee and permitted by the Grant Letter and the Plan. The written notice shall specify
                                            the number of Shares with respect to which the Option is being exercised.

 

		9.3.	Times
                                            for Exercise. The Options may be exercised by the Grantee in whole at any time or in
                                            part from time to time, to the extent that the Options become vested and exercisable, prior
                                            to the Expiration Date, and provided that, subject to the provisions of Section ‎9.10
                                            below, the Grantee who is an Employee is employed by or providing services to the Company
                                            or any of its Affiliates (including, without limitation, as a director or an office holder),
                                            at all times during the period beginning with the granting of the Option and ending upon
                                            the date of exercise.

 

		9.4.	Issuance
                                            in Name of Trustee. Shares issued upon exercise of an Option (excluding Shares underlying
                                            an Approved 102 Award, which Shares shall be issued in the name of the Trustee) shall be
                                            issued in the name of the Grantee or, if requested by the Grantee, in the name of the Grantee
                                            and his or her spouse. The Company shall issue (or cause to be issued) such Shares promptly
                                            after the Option is exercised. No adjustment will be made for a dividend or other right for
                                            which the record date is prior to the date the Shares are issued, except as provided in Section
                                            ‎12‎ below.

 

		9.5.	Effect
                                            of Exercise. Exercise of an Option in any manner shall result in a decrease in the number
                                            of Shares thereafter available, both for purposes of the Plan and for sale under the Option,
                                            by the number of Shares as to which the Option is exercised.

 

		9.6.	No
                                            Fractional Shares. An Option may not be exercised for fractional Shares. Any such fraction
                                            will be rounded down to the nearest whole Share.

 

		9.7.	Issuance
                                            Subject to Law. Shares shall not be issued pursuant to the exercise of an Option unless
                                            the exercise of such Option, the method of payment and the issuance and delivery of such
                                            Shares shall comply with applicable laws and this Plan.

 

		9.8.	Termination
                                            of Options. Options, to the extent not previously exercised, shall terminate forthwith
                                            upon the earlier of: (i) the date set forth in the Grant Letter, (ii) ten (10) years from
                                            the respective Date of Grant or (iii) the expiration of any extended period in any of the
                                            events set forth in Section ‎9.10 below.

 

		9.9.	Cessation
                                            of Vesting. Subject to the provisions of Section ‎9.10 below, in the event of termination
                                            of Grantee’s employment or services, with the Company or any of its Affiliates, all
                                            Options granted to such Grantee that are at the time of termination non-vested will immediately
                                            expire. For the avoidance of doubt, in case of such termination of employment or service,
                                            the unvested portion of the Grantee’s Option shall not vest and shall not become exercisable
                                            and any unvested portion of the Grantee’s Option shall revert to the pool of reserved
                                            Shares under this Plan or that of other share option plans then in effect.

 

    9

     

    

 

		9.10.	Exceptions
                                            to Cessation of Vesting. Notwithstanding anything to the contrary herein and unless otherwise
                                            determined in the Grantee’s Grant Letter, an Option may be exercised after the date
                                            of termination of Grantee’s employment or service with the Company or any Affiliates
                                            during an additional period of time beyond the date of such termination, but only with respect
                                            to the number of Vested Awards at the time of such termination according to the Vesting Dates,
                                            as follows:

 

		9.10.1.	Without
                                            Cause. If termination is without Cause, then any Vested Award still in force and
                                            un-expired may be exercised within a period of ninety (90) days after the date of such termination.

 

		9.10.2.	Death;
                                            Disability. If termination is the result of death, or Disability (as defined below)
                                            of the Grantee, then any Vested Award still in force and un-expired may be exercised within
                                            a period of twelve (12) months after the date of such termination.

 

		9.10.3.	Extension
                                            of Period. With respect to (i) and (ii) above, prior to the expiration of the periods
                                            set out therein (i.e., the ninety (90) days period in (i) above, and the 12-month period
                                            in (ii) above), the Committee may authorize an extension of the terms of exercise post-termination
                                            of all or part of the Vested Awards beyond the date of such termination for a period not
                                            to exceed the period during which the Awards by their terms would otherwise have been exercisable.

 

		9.10.4.	With
                                            Cause. For avoidance of any doubt, notwithstanding anything herein to the contrary,
                                            if termination of employment or service is for Cause: (a) any outstanding unexercised Option
                                            (whether vested or non-vested), will immediately expire and terminate, and the Grantee shall
                                            not have any right in connection to such outstanding Options; and (b) all Shares issued upon
                                            exercise of Options prior to the date of termination of employment or service for Cause shall
                                            be subject to repurchase against payment by the Repurchaser(s) of the total Purchase Price
                                            paid by such Grantee to the Company for all Shares issued upon exercise of the Option, provided
                                            however that in no case shall the Company provide financial assistance to any other
                                            party to purchase the Shares if doing so is prohibited by law. If the Repurchaser(s) exercise
                                            the right of repurchase of such Shares in accordance with the provisions of Section ‎13.2,
                                            and the Grantee (whose employment or engagement with the Company was terminated for Cause),
                                            fails to transfer his/her/its Shares as aforesaid, the Company, at the decision of the Board,
                                            shall be entitled to forfeit such Grantee’s Shares and to authorize any person to execute
                                            on behalf of the Grantee any instrument or document necessary to effect such transfer and
                                            to make the appropriate inscription in the Company’s records. Each Grantee, upon executing
                                            a Grant Letter, shall be deemed to have authorized and granted the Company and each of its
                                            officers an irrevocable power of attorney to execute on his/her/its behalf such instruments
                                            and documents that are necessary to give full effect to the repurchase provisions set forth
                                            herein. In this respect, each of the Company and its shareholders shall be deemed to be third
                                            party beneficiaries of this Section with rights to enforce the same against the Grantees.

 

		9.10.5.	Retirement.
                                            If a Grantee should retire, he/she may, subject to the approval of the Committee, continue
                                            to enjoy such rights, if any, under the Plan and on such terms and conditions, with such
                                            limitations and subject to such requirements as the Committee in its sole discretion may
                                            determine at the time of such retirement or at any time thereafter.

 

		10.	RESTRICTED
                                            SHARES

 

		10.1.	Payment.
                                            Unless otherwise determined by the Committee, payment of the Purchase Price, if any, for
                                            the Restricted Shares shall be made as a condition to the issuance thereof.

 

		10.2.	Vesting.
                                            Subject to the provisions of this Plan, each Restricted Share shall vest and be released
                                            from the Restricted Period commencing on the Vesting Date and for the number of Restricted
                                            Shares as shall be provided in the Grant Letter. The vesting provisions of individual Restricted
                                            Shares may vary, and may not be subject to vesting. Unless otherwise stated in the Grantee’s
                                            Grant Letter, all Options Restricted Shares issued pursuant to this Plan, shall vest quarterly,
                                            in equal portions, over a 4-year period, subject to a one year cliff.

 

    10

     

    

 

		10.3.	Restrictions.
                                            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 of the Award until the
                                            date of vesting of the Restricted Share thereunder being referred to herein as the “Restricted
                                            Period”). The Committee may also impose such additional or alternative restrictions
                                            and conditions on the Restricted Shares, as it deems appropriate, including the satisfaction
                                            of performance criteria. Certificates for Restricted Shares shall bear an appropriate legend
                                            referring to such restrictions, and any attempt to dispose of any such shares in contravention
                                            of such restrictions shall be null and void and without effect. Such certificates may, if
                                            so determined by the Committee, be held in escrow by an escrow agent appointed by the Committee,
                                            or, if issued pursuant to Section 102, by the Trustee.

 

		10.4.	Forfeiture.
                                            Each Restricted Share shall be released from the restrictions set forth in Section ‎10.2,
                                            to the extent such Restricted Share has vested and provided that in the event of termination
                                            of the Grantee’s employment or services, with the Company or any of its Affiliates
                                            prior to the expiration of the Restricted Period for all Restricted Shares, subject to Section
                                            ‎9.10 which shall apply to Restricted Shares, mutatis mutandis, all Restricted
                                            Shares that remain subject to vesting, shall thereupon be forfeited and shall be deemed transferred
                                            to, or cancelled by, as the case may be, the Company or (if the Company so desires) an Affiliate
                                            at no cost to the Company, subject to all applicable laws. Upon forfeiture of the Restricted
                                            Shares, the Grantee shall have no further rights with respect to such Restricted Shares.
                                            For the avoidance of doubt, in case of such termination of employment or service, the unvested
                                            portion of the Restricted Shares forfeited to the Company shall revert to the pool of Shares
                                            under this Plan or that of other share option plans then in effect.

 

		10.5.	Ownership.
                                            During the Restricted Period the Grantee shall possess all incidents of ownership of such
                                            Restricted Shares, subject to Sections ‎7.2 and as otherwise set forth in this Section
                                            ‎10, including the right to vote and receive dividends with respect to such Shares. All
                                            distributions, if any, received by a Grantee with respect to Restricted Shares as a result
                                            of any share split, share dividend, bonus share issuance, combination or any other reclassification,
                                            reorganization or recapitalization or change of the Company’s share capital (where
                                            the Company’s shareholders retain their proportionate holdings in the Company) shall
                                            be subject to the restrictions applicable to the original Award, including Section 102.

 

		11.	ADDITIONAL
PROVISIONS FOR OPTIONS AND RESTRICTED SHARES

 

		11.1.	Continuous
                                            Service. Anything in this Plan to the contrary notwithstanding, but subject to the provisions
                                            of Section 102, if a Grantee ceases to be an Employee or other service provider of the Company
                                            or any Affiliate thereof, but continues to provide services to the Company or any Affiliate
                                            thereof, such Grantee will be deemed to have continuously remained a service provider of
                                            the Company during such term, and his or her Awards shall vest pursuant to their original
                                            terms.

 

		11.2.	Not
                                            a Shareholder or Class. Notwithstanding anything herein to the Contrary, a Grantee shall
                                            not be deemed an owner of the Shares issuable upon the exercise of Options and shall not
                                            have any of the rights or privileges of a shareholder of the Company in respect of any Shares
                                            purchasable upon the exercise of any Option, nor shall Grantees be deemed to be a class of
                                            creditors of the Company for any purpose whatsoever, or a class of shareholders of the Company
                                            for any purpose, including but not limited for the purpose of the operation of Sections 350
                                            and 351 of the Companies Law or any successor to such section, whether prior to or following
                                            the exercise of the Option or prior to or following the release of the Restricted Shares
                                            from the Restricted Period or upon issuance of the Shares.

 

		11.3.	Additional
                                            Provisions. The form of Grant Letter customarily used by the Company in connection with
                                            the grant of Awards, provided it is consistent with the provisions of this Plan, may contain
                                            such other provisions, as the Committee or the Board may, from time to time, deem advisable.

 

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		11.4.	Release
                                            from Liability. The inability of the Company to obtain authority from any regulatory
                                            body having jurisdiction, which authority is deemed by the Company’s counsel to be
                                            necessary for the lawful issuance and sale of any Shares hereunder, shall relieve the Company
                                            of any liability in respect of the failure to issue or sell such Shares as to which such
                                            requisite authority shall not have been obtained. Furthermore, the Company shall have no
                                            liability to a Grantee, or to any other party, if an Award (or any part thereof), which is
                                            intended to be a 102 Award, does not eventually qualify as a 102 Award.

 

		11.5.	Guarantee
                                            for Tax Payment. With respect to Unapproved 102 Awards, if the Grantee ceases to be employed
                                            by the Company or any Affiliate, the Grantee shall extend to the Company and/or its Affiliate
                                            a security or guarantee for the payment of tax due at the time of sale of Shares, all in
                                            accordance with the provisions of Section 102. In respect of any employer’s tax liability
                                            for the purpose of employment taxes such as in the case of social taxes, the provisions of
                                            Section ‎22 shall apply.

 

		12.	ADJUSTMENTS

 

		12.1.	Changes
                                            in Capitalization. Subject to any required action by the shareholders of the Company,
                                            the number of Shares covered by each outstanding Award, the number of Shares which have been
                                            reserved for issuance under this Plan, as well as the Purchase Price covered by each such
                                            outstanding Award, shall be proportionately adjusted for any increase or decrease resulting
                                            from any event of share combination or subdivision, share splits, share dividends, bonus
                                            share issuance, combination or any other reclassification, reorganization or recapitalization
                                            or change of the Company’s share capital where the Company’s shareholders retain
                                            their proportionate holdings in the Company, on an as converted basis. The adjustments described
                                            herein shall be made by the Committee, whose determination in that respect shall be final,
                                            binding and conclusive. Except as expressly provided herein, no issuance 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 number or the price of
                                            Shares subject to an Award. If the Awards or the Shares issued upon the exercise of such
                                            Awards (to the extent an Award is an Option) will be deposited with a Trustee, as determined
                                            by the Committee, all of the Shares formed by these adjustments also will be deposited with
                                            the Trustee on the same terms and conditions as the original Options or Shares. No fractional
                                            Shares will be issued under this Plan on account of any such adjustment.

 

		12.2.	Dissolution
                                            or Liquidation. In the event of any dissolution or liquidation of the Company, whether
                                            voluntary or involuntary that is not made pursuant to a Transaction (the “Event”),
                                            the Committee shall notify each Grantee as soon as practicable prior to the effective date
                                            of such Event. The Award holders shall then have fifteen (15) days to exercise any unexercised
                                            Vested Awards held by them at that time, in accordance with the exercise procedure set forth
                                            herein. Upon the expiration of such 15-day period, all remaining outstanding Awards will
                                            (subject to the completion of the Event) terminate immediately and in the case of Restricted
                                            Shares, the portion that have not yet vested and are still subject to the Restricted Period
                                            shall be forfeited and the provisions of Section ‎10.4 shall apply, mutatis mutandis.

 

		12.3.	Transaction.

 

		12.3.1.	Assumption.
                                            In the event of a Transaction, and to the extent possible by the terms of the Transaction,
                                            including the agreement of the Successor Company, each outstanding Option and each outstanding
                                            Restricted Share not vested and subject to the Restricted Period shall be assumed or substituted
                                            for an equivalent option or right or share substituted by the Successor Company or a parent
                                            or subsidiary of the Successor Company. In the case of such assumption and/or substitution
                                            of Awards, and subject to the determination of the Board, in its sole discretion, which determination
                                            shall be final, appropriate adjustments shall be made to the Purchase Price in order to reflect
                                            such action, and all other terms and conditions of the Grant Letters shall remain unchanged,
                                            including but not limited to the vesting schedule. The Company shall notify the Grantee of
                                            the Transaction in such form and method as it deems applicable, at least ten (10) days prior
                                            to the effective date of such Transaction.

 

    12

     

    

 

		12.3.2.	Possible
                                            Acceleration. The Board may determine that the vesting periods defined in the Grant
                                            Letters shall be fully accelerated, in whole or in part. In this event, the Committee shall
                                            notify each Grantee in writing or electronically, if and to what extent the Board has approved
                                            the acceleration of an Award, and as to each Award that is an Option that has been accelerated,
                                            the period of time during which accelerated Option may be exercised by the Grantee. The determination
                                            as to acceleration of any then Unvested Awards and the duration during which any Vested Awards
                                            that are Options may be exercised in connection with a Transaction shall be in the sole and
                                            absolute discretion of the Board. Subject to Section ‎12.3.3, any Vested Awards that
                                            are Options shall be fully exercisable for such period as determined by the Board, where
                                            any unvested or Vested but un-exercised Options shall terminate upon the expiration of such
                                            period (subject to the completion of the initial closing of the Transaction). Any accelerated
                                            Vested Award that is a Restricted Share shall be released from the Restricted Period.

 

		12.3.3.	Termination
                                            of Options. In any event, any Vested Award that is an Option which is not exercised
                                            by the date determined by the Board (the “Cut-Off Date”), and any Unvested
                                            Awards on such Cut-Off Date, shall (subject to the completion of the initial closing of the
                                            Transaction) immediately terminate and no longer be exercisable by the Grantee as of the
                                            Cut-Off Date and if such Unvested Award are Restricted Shares, then the portion that have
                                            not yet vested and are still subject to the Restricted Period shall be forfeited and the
                                            provisions of Section ‎10.4 shall apply, mutatis mutandis.

 

		12.3.4.	Exchange.
                                            Without derogating from the provisions of Sections ‎12.3.2 and ‎12.3.3, if as a condition
                                            precedent to a Transaction, all Grantees are required to sell or exchange their Vested Options
                                            and/or any Shares issued upon exercise thereof or Restricted Shares as part of the Transaction,
                                            then each Grantee shall be obligated to sell or exchange, as the case may be, any Vested
                                            Options and/or Shares such Grantee holds or purchased under this Plan, in accordance with
                                            the instructions of the Board, at its sole and absolute discretion, in connection with the
                                            Transaction, and on the same terms as shall be determined to all the holders of Ordinary
                                            Shares in the Company. For the avoidance of doubt, on the Cut-Off Date, any Vested Awards
                                            that are Options not sold or exchanged and any Unvested Awards that are Options shall terminate
                                            and expire as of the Cut-Off Date and any Unvested Awards that are Restricted Shares shall
                                            be forfeited and the provisions of Section ‎10.4 shall apply, mutatis mutandis
                                            (in each case subject to the completion of the initial closing of the Transaction) and no
                                            consideration shall be paid with respect to such termination or forfeiture, as applicable.

 

		12.3.5.	Definition
                                            of Assumed. For the purposes of this Section ‎12.3, an Award shall be considered
                                            assumed or substituted if, following the Transaction, the assumed Award shall confer the
                                            right, subject to such Award’s original vesting schedule, to purchase or receive for
                                            each Share subject to the Award immediately prior to the Transaction, the consideration (whether
                                            shares, options, cash, or other securities or property) received in the Transaction by the
                                            holders of Ordinary Shares of the Company for each Share held on the effective date of the
                                            Transaction (and if such holders were offered a choice of consideration, the type of consideration
                                            chosen by the holders of a majority of the outstanding Shares); provided, however, that if
                                            such consideration received in the Transaction is not solely consisted of Ordinary Shares
                                            (or their equivalent) of the Successor Company or its parent or subsidiary, the Board may,
                                            with the consent of the Successor Company, provide for the consideration to be received upon
                                            the exercise of the Option to be solely consisted of Ordinary Shares (or their equivalent)
                                            of the Successor Company or its parent or subsidiary, equal in Fair Market Value to the per
                                            Share consideration received in the Transaction by the holders of Ordinary Shares; and provided
                                            further that the Board may determine, in its sole discretion, that in lieu of such assumption
                                            or substitution of Awards for equity awards of the Successor Company or its parent or subsidiary,
                                            such Awards will be substituted for any other type of asset or property including cash which
                                            is fair under the circumstances.

 

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		12.4.	Necessary
                                            Changes. No changes will be made to the terms of the Awards upon the consummation of
                                            a Transaction, except as the Board determines to be necessary or desired to effect such Transaction.

 

		12.5.	Termination
                                            if No Assumption. In the event of a Transaction, if the Successor Company does not agree
                                            to assume or substitute the unexercised Options and/or Restricted Shares subject to the Restricted
                                            Period then outstanding under the Plan, and unless determined otherwise by the Board, all
                                            unexercised Options and all Unvested Awards that are Options shall expire and terminate and
                                            all Unvested Awards that are still subject to the Restricted Period shall be forfeited and
                                            the provisions of Section ‎10.4 shall apply, mutatis mutandis; all upon the closing
                                            of the Transaction.

 

		12.6.	Share
                                            Dividend, Bonus Shares, Share Split.

 

		12.6.1.	Adjustment.
                                            If the outstanding shares of the Company shall at any time be changed or exchanged by an
                                            event of share combination or subdivision, share split, share dividend, bonus share issuance,
                                            combination or any other reclassification, reorganization or recapitalization or change of
                                            the Company’s share capital (where the Company’s shareholders retain their proportionate
                                            holdings in the Company), and as often as the same shall occur, then the number, class and
                                            kind of the Shares subject to this Plan or subject to any Awards therefor granted, and the
                                            Purchase Prices, shall be appropriately and equitably adjusted so as to maintain the proportionate
                                            number of Shares without changing the aggregate Purchase Price, provided, however, that the
                                            Purchase Price shall not be less than the nominal value of the Share underlying any Award,
                                            and provided further, that no adjustment shall be made by reason of the distribution of subscription
                                            rights (rights offering) on outstanding shares. Upon the occurrence of any of the foregoing,
                                            the class and aggregate number of Shares issuable pursuant to this Plan, in respect of which
                                            Options have not yet been exercised, shall be appropriately adjusted, all as will be determined
                                            by the Board whose determination shall be final.

 

		12.6.2.	No
                                            Affect of Other Issuance. Except as expressly provided herein, no issuance 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 number or
                                            price of Shares subject to an Option or any Restricted Share.

 

		12.6.3.	Dividends.
                                            With respect to any cash dividends distributable by the Company, should the determination
                                            date for such cash dividends be prior to the exercise date of any outstanding Option, including
                                            with respect to any then Options that have not vested, then the Purchase Price of all then
                                            outstanding Options shall be adjusted and reduced so as to reflect the net amount paid by
                                            the Company as a cash dividend on account of its Ordinary Shares, with respect to each Share
                                            underlying an Option; provided however that the Purchase Price shall not be less than the
                                            nominal value of the Share underlying any Award.

 

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		13.	SHARES
                                            SUBJECT TO RIGHT OF FIRST REFUSAL AND BRING ALONG

 

All
Shares subject to outstanding Options, whether exercised or not, and all Restricted Shares, even following the completion of the Restriction
Period shall be subject to the restrictions and limitations contained in the Articles of Association.

 

		13.1.	No
                                            Right for Grantees. Notwithstanding anything to the contrary in the Articles of Association,
                                            none of the Grantees shall have a right of first refusal in relation with any Sale (as hereinafter
                                            defined) of shares in the Company.

 

		13.2.	Right
                                            of First Refusal. Sale, transfer, assignment, encumbrance or other disposal (collectively,
                                            the “Sale”) of Shares issuable upon the exercise of an Option or issued
                                            as Restricted Shares shall be subject to the right of first refusal of other shareholders
                                            of the Company, as set forth in the Articles of Association or in any agreement among the
                                            Company and all or substantially all of its shareholders. In the event that neither the Articles
                                            of Association nor any such agreement shall provide for applicable rights of first refusal,
                                            then, unless otherwise determined by the Committee or the Board, until such time as the Company
                                            shall complete an IPO, the Sale by a Grantee of Shares issuable upon the exercise of an Option
                                            or issued as Restricted Shares, shall be subject to a right of first refusal on the part
                                            of the Repurchaser(s), as follows:

 

		13.2.1.	Repurchaser.
                                            “Repurchaser(s)” means: (i) the Company, if permitted by applicable law;
                                            (ii) if the Company is not permitted by applicable law, then any Affiliate of the Company
                                            designated by the Committee and to the extent permitted by applicable law; or (iii) if no
                                            decision is reached by the Committee or if an Affiliate is not permitted to be a Repurchaser
                                            according to applicable law, then the Company’s existing shareholders (save, for the
                                            avoidance of doubt, for other Grantees who already exercised their Options), holding at least
                                            five percent (5%) of the share capital of the Company on a fully diluted basis, pro rata
                                            in accordance with their respective shareholdings in the Company’s issued and outstanding
                                            share capital.

 

		13.2.2.	Notice.
                                            The Grantee shall give a notice of sale (hereinafter the “Notice”) to
                                            the Company in order to offer the Shares to the Repurchaser(s). The Company will forward
                                            the Notice to the applicable Repurchaser(s).

 

		13.2.3.	Content
                                            of Notice. The Notice shall specify the name of each proposed purchaser or other
                                            transferee (hereinafter the “Proposed Transferee”), the number of Shares
                                            offered for Sale, the price per Share and the payment terms. The Repurchaser(s) will be entitled,
                                            for twenty-one (21) days from the day of receipt of the Notice (hereinafter the “Notice
                                            Period”), to purchase all or part of the offered Shares (if the Repurchaser(s)
                                            are shareholders of the Company, then such entitlement shall be on a pro rata basis, based
                                            on their respective holdings in the Company’s issued and outstanding share capital).

 

		13.2.4.	Permitted
                                            Sale. If, by the end of the Notice Period, not all of the offered Shares have been
                                            purchased by the Repurchaser(s), the Grantee shall be entitled to Sell to the Proposed Transferee
                                            any remaining un-sold Shares, at any time during the ninety (90) days following the end of
                                            the Notice Period on terms not more favorable to the Proposed Transferee than those set out
                                            in the Notice, provided that the Proposed Transferee agrees in writing that the provisions
                                            of this Section ‎13 shall continue to apply to the Shares in the hands of such Proposed
                                            Transferee. Any Sale of Shares issued under this Plan by the Grantee that is not made in
                                            accordance with this Plan or the Grant Letter shall be null and void.

 

		13.2.5.	Consideration.
                                            If the consideration to be paid for the Shares is not cash, the value of the consideration
                                            shall be determined in good faith by the Board, and if the Company cannot for any reason
                                            pay for the Shares in the form of non-cash consideration, the Company may pay the cash equivalent
                                            thereof, as determined by the Board.

 

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		13.3.	Board
                                            Approval Prior to an IPO, and in addition to the right of first refusal, any transfer
                                            of Shares by a Grantee shall require the approval of the Board as to the identity of the
                                            transferee and as may be required under the Articles of Association. The Board may refuse
                                            to approve the transfer of Shares by a Grantee to any other person or entity that the Board
                                            determines, in its discretion, may be detrimental to the Company, including without limitation
                                            to a competitor of the Company.

 

		13.4.	Bring
                                            Along. Notwithstanding anything herein to the contrary, the Grantees shall be bound by
                                            the “bring along” provisions of the Articles of Association and/or any agreement
                                            among the Company and all or substantially all of its shareholders, as in effect from time
                                            to time, to the effect that if, prior to the completion of the IPO, shareholders holding
                                            a certain percentage of the Company’s share capital (as set forth in the Articles of
                                            Association or in any such agreement) (“Proposing Holders”), elect to
                                            sell all of their equity securities in the Company to a third party, or agree to merge or
                                            consolidate the Company with or into another entity, and such sale or merger is conditioned
                                            upon the sale of all remaining shares of the Company to such third party, or to the agreement
                                            of all of the shareholders, the Grantees shall be required, if so demanded by the Proposing
                                            Holders, to sell or transfer all of their equity securities in the Company to such third
                                            party as stipulated in the Articles of Association or such other shareholders agreement referred
                                            to herein. If no specific percentage of Proposing Holders is stipulated in the Articles of
                                            Association or such a shareholders agreement, then the percentage for the purposes of this
                                            Section ‎13.4 and for the purposes of Section 341 of the Companies Law shall be seventy
                                            percent (70%).

 

		13.5.	Obligation
                                            to Sell. Notwithstanding anything herein to the contrary, if prior to the completion
                                            of the IPO, a Transaction is consummated pursuant to which, all or substantially all of the
                                            shares of the Company are sold, or exchanged for securities of another Company, then each
                                            Grantee shall be obligated to sell or exchange, as the case may be, any Shares such Grantee
                                            purchased under this Plan (in accordance with the value of the Grantee’s Shares pursuant
                                            to the terms of the Transaction), and perform any action and/or execute any document necessary
                                            or desired in order to effectuate such Transaction, all in accordance with the instructions
                                            issued by the Board in connection with the Transaction, whose determination shall be final
                                            and binding.

 

		14.	PURCHASE
                                            FOR INVESTMENT; LIMITATIONS UPON IPO; REPRESENTATIONS

 

		14.1.	Conditions
                                            to Issuance. The Company’s obligation to issue Shares upon exercise of an Option
                                            granted under this Plan and to issue Restricted Shares as Awards is expressly conditioned
                                            upon: (I) the Company’s completion of any registration or other qualifications of such
                                            Shares under all applicable laws, rules and regulations; and (II) representations and undertakings
                                            by the Grantee (or his/her legal representative, heir or legatee, in the event of the Grantee’s
                                            death) to assure that the sale of the Shares complies with any registration exemption requirements
                                            which the Company in its sole discretion shall deem necessary or advisable. Such required
                                            representations and undertakings may include representations and agreements that such Grantee
                                            (or his/her legal representative, heir, or legatee, in the event of the Grantee’s death):
                                            (a) is purchasing such Shares for investment and not with any present intention of selling
                                            or otherwise disposing thereof; and (b) agrees to have placed upon the face and reverse of
                                            any certificates evidencing such Shares a legend setting forth, among others, (i) any representations
                                            and undertakings which such Grantee has given to the Company or a reference thereto, and
                                            (ii) that, prior to effecting any sale or other disposition of any such Shares, the Grantee
                                            must furnish to the Company an opinion of counsel, satisfactory to the Company, that such
                                            sale or disposition will not violate the applicable laws, rules, and regulations, whether
                                            of the State of Israel or of any other State having jurisdiction over the Company and the
                                            Grantee.

 

		14.2.	Additional
                                            Limitations. The Grantee acknowledges that in the event that the Company’s shares
                                            shall be registered for trading in any public market, Grantee’s rights to sell the
                                            Shares may be subject to certain limitations (including a lock-up period), as will be requested
                                            by the Company or its underwriters, and the Grantee unconditionally agrees and accepts any
                                            such limitations.

 

		14.3.	No
                                            Public Offer. If any Shares shall be registered under the United States Securities Act
                                            of 1933, no public offering, other than through a national securities exchange (as defined
                                            in the United States Securities Exchange Act of 1934, as amended), of any Shares shall be
                                            made by the Grantee (or any other person) under such circumstances that he/she (or such other
                                            person) may be deemed an underwriter, as defined in the United States Securities Act of 1933.

 

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		14.4.	Grantee
                                            Representations. Upon the grant of Options to a Grantee and/or the issuance of Shares
                                            upon the exercise thereof and/or issuance of Restricted Shares, the Company shall obtain
                                            from the Grantee the representations and undertakings as follows, and any other representations
                                            and warranties that the Committee may deem advisable, and providing such representations
                                            and warranties by the Grantee shall be a condition precedent to Grantee’s right to
                                            receive the Option and/or be issued the Shares upon exercise thereof and/or receive the Restricted
                                            Shares:

 

		14.4.1.	That
                                            the Grantee knows that there is no certainty that the exercise of the Options or purchase
                                            of Shares will be financially worthwhile. The Grantee undertakes not to have any claim against
                                            the Company or any of its directors, employees, stockholders or advisors if it emerges, at
                                            the time of exercising the Options or receipt of the Restricted Shares, that the Grantee’s
                                            investment in the Company’s Shares was not worthwhile, for any reason whatsoever.

 

		14.4.2.	That
                                            the Grantee knows and understands that his/her/its rights regarding the Awards are subject
                                            for all intents and purposes to the provisions of the Company’s Articles of Association
                                            and to the agreements of the shareholders in the Company.

 

		14.4.3.	That
                                            the Grantee knows that in addition to the allocations to the Grantee, the Company has allocated
                                            and may allocate Options and Shares to other employees and other people, and the Grantee
                                            shall have no claim regarding such allocations, their quantity, the relationship among them
                                            and/or between them and the other shareholders in the Company, exercising of the Options,
                                            receiving Restricted Shares or any matter related to or stemming from therefrom.

 

		14.4.4.	That
                                            the Grantee knows that neither this Plan nor the grant of Option or Shares hereunder shall
                                            impose any obligation on the Company or its Affiliates, as applicable, to continue the engagement
                                            of the Grantee, and nothing in this Plan or in any Option or Shares granted pursuant thereto
                                            shall confer upon any Grantee any right to continue being engaged by the Company, or its
                                            Affiliates, as applicable, or restrict the right of the Company, or its Affiliates, as applicable,
                                            to terminate such engagement at any time.

 

		15.	DIVIDENDS

 

With
respect to all Shares (including Shares issued upon the exercise of Options, but excluding any unexercised Options) issued upon the exercise
of Options purchased by the Grantee or issued to the Grantee as Restricted Shares, and held by a Grantee or by the Trustee, as the case
may be, the Grantee shall be entitled to receive dividends in accordance with the quantity of such Shares, subject to the provisions
of the Articles of Association and subject to any applicable taxation on distribution of dividends, and, when applicable, subject to
the provisions of Section 102.

 

		16.	RESTRICTIONS
                                            ON ASSIGNABILITY AND SALE OF OPTIONS AND SHARES

 

		16.1.	No
                                            Transfer. No Option, Share or any right with respect thereto, purchasable hereunder,
                                            whether fully paid or not, shall be assignable, transferable or given as collateral or any
                                            right with respect to it given to any third party whatsoever, except as specifically allowed
                                            under this Plan and the Articles of Association, and during the lifetime of the Grantee,
                                            each and all of such Grantee’s rights to purchase Shares hereunder shall be exercisable
                                            only by the Grantee.

 

		16.2.	Actions
                                            Null. Any action made directly or indirectly, contrary to the above, shall be null and
                                            void.

 

		16.3.	Personal
                                            Rights. So long as Options and/or Shares are held by the Trustee on behalf of the Grantee,
                                            all rights of the Grantee over the Options and/or Shares, as applicable, are personal, cannot
                                            be transferred, assigned, pledged or mortgaged, other than by will or pursuant to the laws
                                            of descent and distribution.

 

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		17.	EFFECTIVE
                                            DATE AND DURATION OF THE PLAN

 

This
Plan shall be effective as of the day it was adopted by the Board and shall terminate at the end of ten (10) years from such adoption
date, unless terminated earlier in accordance with Section ‎18 below.

 

		18.	AMENDMENTS
OR TERMINATION

 

The
Board may at any time, but when applicable, after consultation with the Trustee, amend, alter, suspend or terminate this Plan. No amendment,
alteration, suspension or termination of this Plan shall impair the rights of any Option granted to a Grantee or Restricted Shares or
Shares issued to a Grantee prior to such amendment, alteration, suspension or termination of this Plan unless mutually agreed otherwise
between the Grantee and the Company, which agreement must be in writing and signed by the Grantee and the Company. Termination of this
Plan shall not affect the Committee’s ability to exercise the powers granted to it hereunder with respect to Awards granted under
this Plan prior to the date of such termination.

 

		19.	GOVERNMENT
                                            REGULATIONS

 

This
Plan, and the grant and exercise of Options and issuance of Restricted Shares hereunder, and the obligation of the Company to sell and
deliver Shares under Options and release and forfeiture of Restricted Shares, shall be subject to all applicable laws, rules, and regulations,
whether of the State of Israel any other State having jurisdiction over the Company and the Grantee, including, without limitation, the
United States Securities Act of 1933, the Companies Law, the Securities Law, 5728-1968, and the Ordinance, and to such approvals by any
governmental agencies or national securities exchanges as may be required. Nothing herein shall be deemed to require the Company to register
the Shares under the securities laws of any jurisdiction.

 

		20.	GOVERNING
                                            LAW & JURISDICTION

 

This
Plan shall be governed by and construed and enforced in accordance with the laws of the State of Israel applicable to contracts made
and to be performed therein, without giving effect to the principles of conflict of laws. The competent courts of Tel Aviv district,
Israel shall have sole and exclusive jurisdiction in any matters pertaining to this Plan and any Grant Letters effected hereunder.

 

		21.	INTEGRATION
                                            OF SECTION 102 AND TAX COMMISSIONER’S PERMIT

 

		21.1.	Subject
                                            to Section 102. With regards to Approved 102 Awards, the provisions of this Plan and
                                            the Grant Letter shall be subject to the provisions of Section 102 and the ITA Commissioner’s
                                            permit, and the said provisions and permit shall be deemed an integral part of this Plan
                                            and of the individual Grant Letters with each Grantee.

 

		21.2.	Section
                                            102 Binding. Any provision of Section 102 and/or the said permit which is necessary in
                                            order to receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly
                                            specified in this Plan or the individual Grant Letter of the Grantees, shall be considered
                                            binding upon the Company and the Grantees.

 

		22.	TAX
CONSEQUENCES

 

		22.1.	Grantee
                                            to Bear Tax Consequences. Any tax consequences arising from the grant under this Plan
                                            or exercise of any Option, grant or release of any Restricted Share or issuance of any Share,
                                            from the payment of the Purchase Price or from any other event or act with respect thereto
                                            (of the Company and/or its Affiliates, the Trustee or the Grantee), shall be borne solely
                                            by the Grantee, subject to Section ‎22.5 below. The Company and/or its Affiliates and/or
                                            the Trustee shall withhold taxes according to the requirements of any applicable laws, rules,
                                            and regulations, including withholding taxes at source. Furthermore, the Grantee shall indemnify
                                            the Company, its Affiliates and the Trustee and hold them harmless against and from any and
                                            all liability for any such tax, interest or penalty thereon, including without limitation,
                                            liabilities relating to the necessity to withhold, or to have withheld, any such tax from
                                            any payment made to the Grantee.

 

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		22.2.	No
                                            Release. The Company and, when applicable, the Trustee shall not be required to release
                                            any Share or share certificate representing such Shares to a Grantee until all required payments
                                            have been fully made.

 

		22.3.	Withholding.
                                            Each of the Company and the Trustee may withhold any taxes required to be withheld under
                                            applicable law, including by withholding Shares from the Shares otherwise issuable to the
                                            Grantee as a result of the exercise or acquisition of Shares under an Option in an amount
                                            not to exceed the amount of tax required to be withheld by law. Furthermore, each of the
                                            Company and the Trustee shall have the right to deduct from all amounts payable to a Grantee
                                            in cash (whether under this Plan or otherwise) any taxes required by law to be withheld in
                                            respect of any Awards granted and Shares issued (including upon exercise of any Option) under
                                            this Plan. In the case of issuance of any Shares as a result of the exercise of any Option,
                                            and in the case of the issuance of any Restricted Shares, no Shares shall be issued unless
                                            and until arrangements satisfactory to the Committee shall have been made to satisfy any
                                            withholding tax obligations applicable with respect to such Option or Share, as applicable..
                                            Without limiting the generality of the foregoing and subject to such terms and conditions
                                            as the Committee may impose, the Company and the Trustee shall have the right to retain,
                                            or the Committee may, subject to such terms and conditions as it may establish from time
                                            to time, permit Grantees to elect to tender, Shares or cash to satisfy, in whole or in part,
                                            the amount required to be withheld.

 

		22.4.	Guarantee.
                                            With respect to Unapproved 102 Awards, if the Grantee ceases to be employed by the Company
                                            or any Affiliate, the Grantee shall extend to the Company and/or its Affiliate a security
                                            or guarantee for the payment of tax due at the time of sale of Shares, all in accordance
                                            with the provisions of Section 102.

 

		23.	NON-EXCLUSIVITY
                                            OF THIS PLAN

 

		23.1.	No
                                            Effect on Other Plans. The adoption of this Plan by the Board shall not be construed
                                            as amending, modifying or rescinding any previously approved incentive arrangements if any
                                            or as creating any limitations on the power of the Board to adopt such other incentive arrangements
                                            as it may deem desirable, including, without limitation, the granting of options to purchase
                                            shares of the Company otherwise than under this Plan, and such arrangements may be either
                                            applicable generally or only in specific cases.

 

		23.2.	No
                                            Grant. For the avoidance of doubt, prior grant of options or other equity incentives
                                            to Employees and/or Non-Employees of the Company under their employment agreements or other
                                            engagement agreements, and not in the framework of any previous option plan, shall not be
                                            deemed an approved incentive arrangement for the purpose of this Section ‎23.

 

		24.	MULTIPLE
                                            AGREEMENTS

 

The
terms of each Award may differ from the terms of other Awards granted under this Plan at the same time, or at any other time. The Board
may also grant more than one Award to a given Grantee during the term of this Plan, either in addition to, or in substitution for, one
or more Awards previously granted to that Grantee.

 

		25.	DISPUTES;
                                            HEADINGS

 

Any
dispute or disagreement which may arise under or as a result of or pursuant to this Plan or the individual Grant Letters shall be determined
by the Board in its sole discretion and any interpretation made by the Board of the terms of this Plan or the individual Grant Letters
shall be final, binding and conclusive. Any headings set forth in this Plan are solely for convenience or reference and do not constitute
a part of this Plan, nor do they affect the meaning, construction or effect of this Plan.

 

		26.	RULES
                                            PARTICULAR TO SPECIFIC COUNTRIES

 

Notwithstanding
anything herein to the contrary, the terms and conditions of the Plan may be adjusted with respect to a particular country by means of
adopting an appendix to the Plan (the “Appendix”), and to the extent that the terms and conditions set forth in the
Appendix conflict with any provisions of the Plan, the provisions of the Appendix shall govern. Terms and conditions set forth in the
Appendix shall apply only to Awards granted to Grantees under the jurisdiction of the specific country that is subject of the Appendix
and shall not apply to Awards granted to any other Grantee.

 

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