Document:

Exhibit 10.5

 

Intec Pharma Ltd.

(the “Company”)

 

Date: ______________

To:

Mr./Ms. _______________

______________________

 

Dear Sir/Madam,

 

Re: Letter of Indemnification

 

		Whereas	You are serving or have served as a director and/or officer, as such term is defined in the Companies
Law, 5759-1999 (“Officer” and the “Companies Law”), of Intec Pharma Ltd. (the “Company”);
and

 

		Whereas	On _______________, the board of directors of the Company resolved that the Company shall indemnify
and shall provide an advance indemnification undertaking to the Company’s Officers, as shall be determined from time to time
by the Company, pursuant to this Letter of Indemnification; and

 

		Whereas	On ______________ 2007, the Company’s general meeting approved the indemnification resolution
at the majority required under law, we hereby notify you that as you are serving or have served and/or may serve as an Officer
of the Company and/or of subsidiary and/or affiliated companies of the Company and/or you are employed and/or were employed and/or
may be employed by the Company and/or subsidiary and/or affiliated companies of the Company.

 

The Company confirms and undertakes toward
you, subject to the provisions of any law and the provisions of this Letter of Indemnification below:

 

		1.	In your capacity as an Officer of the Company, the Company hereby undertakes to indemnify you for
any liability or expense as detailed in this Section below, which shall be imposed upon you or which you shall expend as a result
of action/s which you took in your capacity of Officer of the Company (including actions preceding the date of this Letter of Indemnification)
and/or which you will take in your capacity of Officer of the Company and/or its representative and at its request in another corporation
in which the Company holds rights, directly or indirectly, or in which it is an interested party (“Other Company”):

 

    	 

    	 

    

 

		1.1.	Monetary liability that shall be imposed on you in favor of another person according to a judgment,
including a judgment which was issued in a settlement or an arbitration decision which was approved by a court, and provided that
such monetary liability is related, directly or indirectly, to one or more of the types of the events or any part thereof or anything
related thereto, that are detailed in Schedule A to this Letter of Indemnification, constituting an integral part thereof (the
“Schedule”).

 

		1.2.	Reasonable litigation expenses, including attorneys' fees, expended by you as a result of an investigation
or proceeding instituted against you by an authority that is authorized to hold an investigation or proceeding, which investigation
or proceeding has not ended in a criminal charge against you and without you being charged with a monetary liability in lieu of
a criminal proceeding, or has ended in imposing upon you a monetary liability in lieu of a criminal proceeding for an offence that
does not require proof of criminal intent. In this sub-section, "proceeding that has not ended in a criminal charge"
and "monetary liability in lieu of a criminal proceeding" shall have the meaning as defined in Section 260(a1) of the
Companies Law, 1999), as amended from time to time.

 

		1.3.	Reasonable litigation expenses, including attorneys’ fees, expended by you or charged to
you by a court in a proceeding instituted against you by the Company or on its behalf or by another person, or in a criminal prosecution
from which you were acquitted, or in a criminal prosecution in which you were convicted of an offense that does not require proof
of criminal intent.

 

In this Section “another person”
– including in the event of a claim instituted against the Officer by way of a derivative suit.

 

		1.4.	Expenses expended by or charged to the Officer in connection with an administrative enforcement
proceeding conducted in respect of the Officer, including reasonable litigation expenses, and including attorneys’ fees.
In this sub-section –

 

		(a)	“administrative enforcement proceeding” – an administrative enforcement proceeding
pursuant to the provisions of any law, including the Streamlining of Enforcement Procedures
Law and the Securities Law, 5728-1968 (the “Securities Law”), including an administrative petition or appeal
in respect of such proceeding;

 

		(b)	The “Streamlining of Enforcement Procedures Law”
– the Streamlining of Enforcement Procedures Law at the Israel Securities Authority (Legislation Amendments), 5771-2011,
as updated from time to time.

 

    	 

    	 

    

 

		1.5.	Payment to an injured party as set forth in Section 52(54) of the Securities Law, as amended by
the Streamlining of Enforcement Procedures Law.

 

		1.6.	Any other legally indemnifiable liability or expense.

 

		2.	Amount of the Indemnification

 

		2.1.	The aggregate amount of the indemnification which the Company shall owe to each Officer of the
Company under all letters of indemnification issued to them by the Company from time to time (the “Letters of Indemnification”),
shall not exceed an amount equal to 25% (twenty five percent) of the Company's equity according to its last audited or reviewed
annual financial statements that were known as of the date of actual indemnification payment (the “Maximal Indemnification
Amount"). It is hereby clarified that the payment of such indemnification amount shall not derogate from your right to
receive insurance payments from the insurance company for types of events specified in the Schedule, in the framework of any directors’
and officers’ liability insurance policy.

 

		2.2.	For the avoidance of doubt it shall be clarified, that the Maximal Indemnification Amount under
this Letter of Indemnification shall apply over and above any amount paid to you (if and to the extent so paid) in the framework
of insurance and/or indemnification under a directors’ and officers’ policy of the Company, provided that you shall
not be compensated twice for a liability or expense that is indemnifiable under Section 1.1 above, and in the event that you shall
receive indemnification from an insurer of the Company under a directors’ and officers’ liability insurance policy
for the indemnifiable matter, the Company shall indemnify you for the difference between the amount of monetary liability imposed
on you and legal expenses, and the amount received under an insurance policy for same matter, provided that the amount of indemnification
incurred by the Company shall not exceed the Maximal Indemnification Amount as set forth in Section 2.1 above.

 

		2.3.	If and to the extent the aggregate indemnification amounts per occurrence that the Company shall
be required to pay at any time, in addition to the aggregate sum of all indemnification amounts paid by the Company up to such
date under the Letters of Indemnification, shall exceed the Maximal Indemnification Amount, the Maximal Indemnification Amount
shall be divided such that the indemnification amount actually received by each of the relevant Officers of the Company, shall
be computed pursuant to the ratio between the amount of indemnification due to each Officer and the aggregate indemnification amount
due to all of the Officers for same matter, had there been no limitation on the indemnification amount.

 

    	 

    	 

    

 

		2.4.	If the Company paid indemnification amounts to Officers of the Company in a sum that is equal to
the Maximal Indemnification Amount, the Company shall not incur additional indemnification amounts unless the payment of the additional
indemnification amounts is approved by the Company organs that are authorized to approve such increase under applicable law at
the date of payment of the additional indemnification amounts and subject to a change in the Company’s articles of association,
to the extent necessary under applicable law.

 

		3.	Interim Payments

 

		3.1.	Upon the occurrence of an event for which you may be entitled to indemnification under the provisions
hereof, the Company shall make available to you, from time to time, the amounts required to cover the expenses and other various
payments involved in handling such legal proceeding against you that is related to the same event, including in investigation proceedings,
such that you shall not be required to pay for or finance them yourself, and all subject to the provisions of this Letter of Indemnification.

 

In the event that the Company pays
you or on your behalf any amounts in respect of this Letter of Indemnification in connection with such legal proceeding, and subsequently
it shall be discovered that you are not entitled to indemnification from the Company for those same amounts, the provisions of
Section 4.7 below shall apply.

 

		4.	Terms of the Indemnification

 

Without derogating from the aforesaid,
indemnification under this Letter of Indemnification is subject to the following terms:

 

		4.1.	Indemnification Notice

 

You shall notify the Company of any
legal proceeding instituted against you or any written notice or suspected or threatened institution of such proceeding against
you in connection with any event for which the indemnification may apply (collectively and severally: a "Legal Proceeding"),
promptly after you are first made aware thereof (the “Indemnification Notice”), and you shall provide any document
delivered to you in connection with such proceeding to the Company or to a person as notified by the Company. Failure to provide
an Indemnification Notice in accordance with the foregoing shall not release the Company from its undertakings under this Letter
of Indemnification, other than in the event where failure to provide such Notice of Indemnification shall materially prejudice
the Company rights to defend the claim on its own behalf (in the event that it is also sued in such proceeding) and/or on your
behalf.

 

    	 

    	 

    

 

		4.2.	Handling the Defense

 

		4.2.1.	The Company shall assume the handling of your defense in such Legal Proceeding and/or shall hand
over such handling to any attorney chosen by the Company for such purpose. The Company and/or such attorney shall act in such framework
towards bringing such proceeding to a close, shall deliver to you ongoing reports of the progression of the proceeding and shall
consult with you as to the manner of handling thereof. An attorney who is appointed by the Company as aforesaid shall act and shall
owe a duty of loyalty to the Company and to you. Where you or the attorney believed that a suspected conflict of interest emerged
between you and the Company in your defense against such Legal Proceeding and/or if the Officer’s objection to the attorney
appointed by the Company is based on other reasonable grounds, you shall so notify the Company and/or such attorney shall notify
you of such conflict of interests, as the case may be, and you shall be entitled to appoint an attorney on your behalf to handle
your defense and the provisions of this Letter of Indemnification shall apply to the expenses you shall incur in connection with
the appointment of said attorney.

 

		4.2.2.	Unless your prior written consent for the compromise to be submitted was obtained, the Company
shall not be entitled to end such Legal Proceeding by way of compromise and/or settlement as a result of which you shall be required
to pay amounts for which you shall not be indemnified for under to this Letter of Indemnification and further will not be paid
for in the framework of the officers’ liability insurance purchased or which shall be purchased by the Company. In addition,
the Company shall not be entitled to bring the dispute which is the subject matter of the Legal Proceeding for resolution by way
of arbitration or conciliation or mediation, except with your prior written consent; provided that you shall not refuse to render
such consent other than on the basis reasonable grounds which shall be provided to the Company in writing. For the avoidance of
doubt, it is hereby clarified that even if the dispute in the Legal Proceeding is brought for resolution by way of arbitration
or conciliation or mediation or any other manner, the Company shall bear the expenses related thereto in the framework of the expenses
of this Letter of Indemnification.

 

    	 

    	 

    

 

		4.2.3.	The aforesaid notwithstanding, the Company shall not be entitled to bring such Legal Proceeding
to an end by way of conciliation and/or settlement and/or to bring the dispute which is the subject matter of the Legal Proceeding
for resolution by way of arbitration or conciliation or mediation in the case of criminal allegations against you, unless you render
your prior written consent therefor. You will be entitled to refuse to render the consent contemplated by this sub-section at your
exclusive discretion and without you being required to explain your refusal.

 

		4.2.4.	At the Company’s request, you shall execute any document authorizing any such attorney to
handle your defense on your behalf and to represent you in anything related therewith, in accordance with the foregoing. If the
Company did not notify you within 14 days of receipt of the Notice of Indemnification as aforesaid that it assumed the handling
of your defense in such Legal Proceeding, or if you shall object to your representation by the Company’s attorneys on the
basis reasonable grounds or due to a suspected conflict of interests, you shall be entitled to appoint an attorney on your behalf
and all provisions of this Letter of Indemnification shall apply, mutatis mutandis, including the expenses that you shall
incur for appointing such attorney.

 

		4.2.5.	It shall be noted that to the extent that the Company and/or the Officer may be entitled to indemnification
in the framework of officers’ insurance in connection with the proceeding, such appointment of attorney shall take into consideration
the insurer’s right to determine the identity of the attorney representing the Officer in the proceeding, and the Company’s
obligations in respect thereof under such insurance, particularly if under the terms of the insurance the insurer is entitled to
determine the identity of the attorney representing the Officer in the proceeding, such that otherwise the insurer may be released
from its undertaking to indemnify or such undertaking may be minimized. In any event, the Company shall exert best efforts, in
the framework of the terms of the insurance and subject thereto, to influence the choice of attorney according to the Officer’s
wishes.

 

    	 

    	 

    

 

		4.3.	Cooperation with the Company

 

You with cooperate with the Company
and/or any such attorney as aforesaid and shall fulfil all of the insurers' instructions according to any officers' liability policy
that the Company shall maintain in connection with the defense of a Legal Proceeding, in any reasonable manner required from you
by any of the foregoing in the framework of their handling of the Legal Proceeding, and provided that the Company shall provide
for the coverage of all expenses involved therein such that you shall not be required to pay for them or finance them yourself,
and all subject to the provisions of this Letter of Indemnification.

 

		4.4.	Coverage of Liabilities 

 

Whether or not the Company acts according
to the provisions of this Section above, the Company shall ensure the coverage of all such liabilities and expenses, such that
you shall not be required to pay for them or to finance them yourself; provided that the foregoing shall not derogate from the
indemnification to which you are entitled according to this Letter of Indemnification and subject to its terms.

 

		4.5.	Inapplicability of Indemnification in Cases of Compromise or Admission

 

Indemnification in regards to a Legal
Proceeding against you as stated in this Letter of Indemnification shall not apply to any amount which you shall owe the plaintiff
as a result of a conciliation or arbitration, unless the Company agreed in writing to such conciliation or to the holding of such
arbitration, as applicable, provided however, that the Company shall not refrain from rendering its consent except on the basis
of reasonable grounds. In addition, the indemnification shall not apply in the event that you gave a confession in a criminal prosecution
that does not require proof of criminal intent, unless your confession received the Company's prior written consent

 

		4.6.	Indemnification in the Event of Indemnification or Insurance from a Third Party

 

The Company shall not be required to
pay any amounts for any event according to this Letter of Indemnification, to the extent that such amounts were actually paid to
you or for you or in your stead in any manner whatsoever in the framework of an officers’ liability insurance policy of the
Company.

 

    	 

    	 

    

 

		4.7.	Payment of the Indemnification

 

Upon your request for any payment whatsoever
in respect of any event in accordance with this Letter of Indemnification, the Company shall pursue any actions legally required
for making such payment, and shall pursue any approval required therefor, to the extent required, including court approval, if
and to the extent required.

 

		4.8.	Repayment of Indemnification Amounts Paid

 

In the event that the Company paid
any amounts to you or in your stead in the framework of this Letter of Indemnification in connection with such Legal Proceeding,
and subsequently it shall be discovered that you are not entitled to be indemnified by the Company for such amounts, such amounts
shall be considered a loan remitted to you by the Company bearing interest at the minimal rate prescribed from time to time by
applicable law, linked to the consumer price index, and you will be obligated to repay such amounts to the Company when it so requires
in writing in writing and pursuant to a payments arrangement determined by the Company.

 

		4.9.	In respect of the Company’ indemnification undertaking for an action taken or that will be
taken by you in your capacity of an Officer and/or an employee of a subsidiary and/or affiliated company of the Company and/or
of another corporation (collectively and severally, the “Owing Corporation”), the following provisions
shall apply:

 

		4.9.1.	The Company shall not be required to pay amounts under this Letter of Indemnification that you
will be entitled to receive and will actually receive from the Owing Corporation in the framework of an insurance policy maintained
by the Owing Corporation and/or pursuant to an advance indemnification undertaking or pursuant to an indemnification permit provided
by the Owing Corporation.

 

		4.9.2.	If your demand to receive indemnification and/or insurance coverage for an action you took in the
capacity of your position in the Owing Corporation and which may be indemnifiable under this Letter of Indemnification, will be
dismissed by the Owing Corporation or its insurance company, as the case may be, the Company shall pay you, under this Letter of
Indemnification, the amounts that you shall be entitled to hereunder, if any, and you shall assign to the Company your rights to
receive amounts from the Owing Corporation and/or under the Owing Corporation’s insurance policy and shall empower the Company
to collect such amounts on your behalf to the extent that such consent is required to give effect to the provisions of this Section.
For such purpose, you undertake to execute any document required by the Company for assigning your aforesaid rights and empowering
the Company to collect such amounts on your behalf.

 

    	 

    	 

    

 

		4.9.3.	For the avoidance of doubt it is clarified, that nothing in this Letter of Indemnification serves
to grant the Owing Corporation and/or any other third party any rights whatsoever toward the Company, including, but without derogating
from the generality of the foregoing, a right to claim and/or demand any payment from the Company as participation in the indemnification
and/or the insurance coverage provided to you by the Owing Corporation for an action you took in the capacity of your position
at the Owing Corporation.

 

		4.10.	Term of indemnification. The Company’s undertakings under this Letter of Indemnification
shall remain in force toward you or (god forbid) your estate indefinitely, also after termination of your service as Officer of
the Company or of the Other Company, as defined above, as the case may be, provided that the indemnifiable actions took place during
the term of your service as Officer of the Company and/or the Other Company and/or during the term of your employment with the
Company, notwithstanding the date of discovery of the event for which you are entitled to indemnification hereunder.

 

		5.	The indemnification undertaking set forth in Section 1 above shall not apply in any of the
following cases:

 

		5.1.	Breach of the fiduciary duty to the Company or its subsidiary or associated company or other entity,
unless the Officer acted in good faith and had reasonable cause to assume that such action would not prejudice the interests of
the Company or its subsidiary or associated company or other entity.

 

		5.2.	Intentional or reckless breach of duty of care, other than in case it such breach was brought forth
negligently.

 

		5.3.	An action with the intention of generating unlawful personal gain.

 

		5.4.	A penalty or fine imposed upon the Officer.

 

		6.	Miscellaneous

 

		6.1.	Expressions importing the masculine gender shall implicitly include the feminine gender.

 

    	 

    	 

    

 

		6.2.	The Company's undertakings according to this Letter of Indemnification shall be interpreted broadly
and in the manner designed for their fulfilment, to the extent permitted by law, for the purpose for which they were intended.
In the event of a contradiction between any provision of this Letter of Indemnification and the provision of any law that may not
be stipulated, modified or supplemented, said provision of law shall prevail, but this shall not impair or derogate from the validity
of the remaining provisions of this Letter of Indemnification.

 

		6.3.	It is emphasized that this indemnification undertaking does not constitute a contract in favor
of any third party including any insurer, and it is not assignable, and the insurer shall not have the right to demand the Company’s
participation in a payment which the insurer is obligated to pay according to the insurance agreement made therewith, other that
the deductible specified therein.

 

		6.4.	Noting in this Letter of Indemnification serves to limit the Company or prevent it from increasing
the Maximal Indemnification Amount for indemnifiable events, whether due to a reduction in the insurance amounts under the officers’
liability insurance policy or due to the Company’s inability to purchase officers’ insurance that will cover the indemnifiable
events upon reasonable terms or due to any other reason; provided that such resolution shall be adopted in the manner prescribed
therefor by the Companies Law.

 

		6.5.	The Company shall be entitled, at its exclusive discretion and at any time, to cancel its undertakings
to indemnify according to this Letter of Indemnification, or to reduce the Maximal Indemnification Amount thereunder, or to reduce
the types of events to which it applies, whether in respect of all Officers or any part of them, to the extent that it addresses
events which shall occur after the date of the amendment; provided however that the Officer was provided prior written notice of
such intention at least 30 days prior to the date on which such resolution shall take effect. For the avoidance of doubt it is
hereby clarified, that any such decision which may deteriorate the terms of this Letter of Indemnification or cancel it, shall
not take any retroactive effect of any type whatsoever, and the Letter of Indemnification as in effect prior to its amendment or
cancellation, as applicable, shall continue to apply and remain in force for all intents and purposes in relation to any event
that occurred prior to the amendment or cancellation, even if the proceeding in respect therewith was filed against the Officer
after the amendment or cancellation of the Letter of Indemnification. It is clarified that the amendment or modification of the
Letter of Indemnification as aforesaid shall not be deemed a deterioration of employment terms where employment relations exist
between the Officer and the Company; provided that the foregoing shall not constitute any statement or interpretation as to the
existence of such employment relations.

 

    	 

    	 

    

 

		6.6.	No waiver, delay, failure to act or grant of an extension by the Company or by you, shall be interpreted
under any circumstances as a waiver of rights under this Letter of Indemnification and under any law, and shall not prevent the
Company or yourself from taking any legal or other steps required in order to realize said rights.

 

		6.7.	The Schedule to this Letter of Indemnification constitutes an integral part hereof.

 

		6.8.	This Letter of Indemnification expresses the entire and exhaustive letter of indemnification between
the Company and yourself on the issues and matters contemplated thereby, and replaces and cancels any representation, memorandum
of understandings, offers, discussion summaries, letters of intent and/or undertaking, agreement, letter of undertaking and/or
any other document that prevailed or was exchanged, in writing or orally, on such issues and matters between the Company and yourself,
prior to the execution of this Letter of Indemnification.

 

In witness whereof this Letter of Indemnification
is executed by the Company by signatories lawfully empowered therefor.

 

____________________________________

 

Intec Pharma Ltd.

 

I confirm acceptance of this Letter of Indemnification,
and confirm my consent to all of its terms in their entirety.

 

	Name: 		 

 

	Signature: 		 

 

	Date: 	 	 

 

    	 

    	 

    

 

Schedule A

Types of Events

 

		1.	Any claim or demand filed in connection with a transaction (including an irregular transaction)
as defined in Section 1 of the Companies Law, whether or not in the ordinary course of business of the Company, and including negotiations
to engage in a transaction, transfer, sale, acquisition, lease or pledge of assets or obligations (including real property, securities
or rights) or the receipt or grant or a right in any of the foregoing and/or of different rights, including a merger of the Company
with another entity and including the acquisition of activity and its merger into the activity of the Company and any action involved
directly or indirectly in such transaction.

 

		2.	Any transaction or arrangement, including the transfer, sale or acquisition or lease of assets
or obligations, including, without derogating from the generality of the foregoing, goods, real property, securities or rights
or the receipt or grant of a right in any of the foregoing.

 

		3.	Any claim or demand in connection with an action related directly or indirectly to the Company’s
commercial relations, including negotiations and engagements in agreements of any type and kind whatsoever, including the delivery
and/or termination thereof, with external contractors, agents, distributors, customers, suppliers, service providers and the like.

 

		4.	Any claim or demand in connection with the grant or receipt of credit, pledging of assets and obligations
and the grant or receipt of securities, including the engagement in financing agreements with banks and/or other financial entities
for the purpose of financing transactions or engagements performed, directly and/or indirectly, by the Company and any action involved
in such matters.

 

		5.	Any claim and/or demand in connection with the issuance of securities, including, but without derogating
from the generality of the foregoing, a public offering of securities to the public pursuant to a prospectus, private placement,
issuance of stock dividends, or offering of the Company’s securities of any type whatsoever and in any other manner, and
other actions relating to the Company’s capital.

 

		6.	Any claim or demand in connection with actions and/or events stemming from the Company being a
public company and/or from the fact that its securities have been offered to the public and/or are traded on the Tel Aviv Stock
Exchange Ltd., including from rendering notices and/or reports and/or avoiding from filing any such report or notice.

 

		7.	Events that materially affected or that may have a material effect on the Company’s profitability
or its property or rights or obligations.

 

    	 

    	 

    

 

		8.	Any claim or demand regarding the non-disclosure or failure to provide any type of information
at the time prescribed therefor by law, or regarding an erroneous or inadequate disclosure of information as aforesaid to third
parties, including the Israel Tax Authority, the National Insurance Institute, the Investment Center, local municipalities, the
Ministry of Environmental Protection, holders of the Company’s securities, and any other governmental or institutional entity,
including in anything relating to the issuance, allocation, distribution, purchase, holding or link to securities of the Company
or any other investment activity involving or influenced by the Company’s securities.

 

		9.	Any claim or demand in connection with the provision of information, representations, opinions,
financial statements, reports or notices to any competent authority (including the Registrar of Companies, Israel Securities Authority,
the Tel Aviv Stock Exchange Ltd.) under any law, including, but without derogating from the generality of the foregoing, the Companies
Law and the Securities Law, including regulations promulgated thereunder, or pursuant to rules or guidelines that are customary
at the Tel Aviv Stock Exchange Ltd. or pursuant to the taxation law provisions which apply to the Company.

 

		10.	Any claim or demand in connection with actions related to submitting offers to tenders and/or franchises
and/or licenses, of any type or kind whatsoever.

 

		11.	Actions in the framework of legal proceedings of the Company and/or against it, including minority
claims.

 

		12.	Any claim or demand in connection with actions or resolutions relating to the issuance and receipt
of licenses and permits (including business permits and licenses and approvals required to manage the Company’s business).

 

		13.	Negotiation, engagement and performance of contracts of any type and kind whatsoever with suppliers,
distributors, agents, human resources contractors, service contractors and the like.

 

		14.	Any claim or demand in connection with the distribution of dividends to the Company’s shareholders.

 

		15.	Any claim or demand filed by employees, consultants, agents or other individuals or entities employed
or providing services to the Company regarding compensation owed to them or damage or liabilities suffered thereby upon their employment
by the Company or their engagement with the Company, and including events related to employment terms of employees and employment
relations including the promotion of employees, negotiation of employment terms or their termination, handling pension arrangements,
insurance, providence or savings funds, loans to employees, grant of securities and other benefits.

 

    	 

    	 

    

 

		16.	Any claim or demand in connection with any action or resolution in issues relating, directly or
indirectly, to safety at work, the environment or the applicable provisions of law, procedures or standards in Israel or abroad,
contemplating safety at work or the environment and which relate, inter alia, to pollution, protection of health, manufacturing
processes, distribution, use, handling, storage and transportation of certain materials or products and including for bodily injuries
and property and environmental damages.

 

		17.	Any claim or demand filed by a third party suffering bodily injury or damage to business or to
personal property, including loss of use thereof, within any action or omission attributed to the Company or, respectively, to
its employees, agents or other persons acting on its behalf or purporting to do so.

 

		18.	Any claim and/or demand filed directly or in respect of an omission, in whole or part, by the Company
and/or by the Officers, managers and/or employees of the Company, in connection with the payment, reporting or documentation, of
one of the State’s authorities, foreign entity, municipal entity and/or any other payment required under the laws of the
State of Israel, including payment of income taxes, value added taxes, stamp duty, customs, national insurance payments, salaries
and/or salary withholding and/or other delays, including any type of interest and additions for linkage.

 

		19.	Any claim or demand in connection with an action or resolution, in issues relating, directly or
indirectly, to antitrust matters including restrictive arrangements and/or mergers and/or monopolies.

 

		20.	Any claim or demand filed by a customer, supplier, contractor or other third party engaging in
any form of business with the Company.

 

		21.	Any claim or demand referring to a change in the structure of the Company or its reorganization
or any resolution pertaining thereto, including, but without derogating from the generality of the foregoing, an acquisition, merger,
division, change in the Company's equity, arrangement between the Company and its shareholders or companies under their control,
establishment of subsidiaries or affiliated companies, their liquidation or sale, issuance or distribution.

 

		22.	Any claim or demand referring to remarks or statements including expression of a position or opinion,
which were made in good faith by an Officer in the course of performing his duties and by virtue of his position, including in
the framework of meetings of the board of directors or one of its committees.

 

    	 

    	 

    

 

		23.	Any claim or demand filed by purchasers of the Company’s products for damage or loss related
to such assets or products.

 

		24.	Any claim or demand referring to a resolution or activity of the Company or of the Officer in the
framework of his position in the Company, after the appropriate examinations and consultations for such type of resolution or activity
were carried out, including resolutions adopted by the board of directors of the Company or one of its committees.

 

		25.	Any provision included in this Schedule above which contemplates the performance of a certain action,
shall be construed as including reference also to non-performance or avoidance from performing such action, unless the context
of a certain provision cannot support such interpretation.Exhibit 10.6

 

INTEC PHARMA LTD.

 

2005 SHARE OPTION PLAN

 

		1.	Purpose

 

The purpose of this Share Option
Plan is to secure for Intec Pharma Ltd. and its shareholders the benefits arising from ownership of share capital by employees,
officers, directors and consultants of the Company and its Affiliates (as defined below), who are expected to contribute to the
Company’s future growth and success.

 

		2.	Definitions

 

		2.1	Defined
                                         Terms

 

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

 

	“Administrator”	means the Board of Directors of the Company, or a committee or any other person or persons, to which the Board of Directors shall have delegated power to act on its behalf with respect to the Plan.
	 	 
	“Affiliate(s)”	means a present or future company that either (i) Controls Intec Pharma Ltd. or is Controlled by Intec Pharma Ltd.; or (ii) is Controlled by the same person or entity that Controls Intec Pharma Ltd..
	 	 
	“Allocate” or
    “Allocated”	with respect to Options, means the allocation of Options by the Company to the Trustee on behalf of a Participant.
	 	 
	“Cause”	means, when used in connection with the termination of a Participant's employment with, or service to the Company or an Affiliate, as a result of a basis for termination, including, but not limited to: dishonesty toward the Company or Affiliate, insubordination, substantial malfeasance or nonfeasance of duty, unauthorized disclosure of confidential information, and conduct substantially prejudicial to the business of the Company or Affiliate; or, any substantial breach by the Participant of (i) his or her employment or service agreement or (ii) any other obligations toward Company or Affiliate.
	 	 
	“Code”	means the United States Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder.

 

    	 

    	 

    

 

	“Commencement Date”	means the date of commencement of the vesting schedule with respect to a Grant of Options which, unless otherwise determined by the Administrator, shall be the date on which such Grant of Options shall be Allocated.
	 	 
	“Company”	means Intec Pharma Ltd., a company incorporated under the laws of the State of Israel.
	 	 
	“Consultant”	means an Israeli resident who is not entitled to receive Options under Section 102, on behalf of whom an Option is Granted under Section 3i.
	 	 
	“Control” or “Controlled”	shall have the meaning ascribed thereto in Section 102.
	 	 
	“Disability”	means physical or mental impairment or sickness of a Participant, making it impossible for the Participant to continue such Participant’s employment with or service to the Company or Affiliate.
	 	 
	“Exercise Price”	means, the price determined by the Administrator in accordance with Section 7.1 below which is to be paid to the Company in order to exercise a Granted Option and convert such Option into an Underlying Share.
	 	 
	“Grant Letter”	means a letter from the Company or Affiliate to a Participant in which the Participant is notified of the decision to Grant to the Participant Options according to the terms of the Plan. The Grant Letter shall specify (i) the Tax Provision under which the Option is Granted; (ii) the Tax Track that the Company chose according to Section 11 of the Plan (if applicable); (iii) the Exercise Price; (iv) the number of Options Granted to the Participant; and (v) the vesting schedule.
	 	 
	“Grant of Options”	with respect to Options, means the grant of Options by the Company to a Participant pursuant to a Letter of Grant
	 	 
	“Holding Period”	means with regard to Options Granted under Section 102, the period in which the Allocated Options granted to a Participant or, upon exercise thereof the Underlying Shares, are to be held by the Trustee on behalf of the Participant, in accordance with Section 102, and pursuant to the Tax Track which the Company selects.
	 	 
	“Incentive Stock Options”	means Options Granted to Non-Israeli Participants, in accordance with the provisions of section 422 of the Code.

 

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	“IPO”	means the initial public offering of shares of the Company and the listing of such shares for trading on any recognized stock exchange or over-the-counter or computerized securities trading system.
	 	 
	“Israeli Participant”	means an Israeli resident who is an employee, officer or director of the Company or any Affiliate (provided that such person does not Control the Company as such term is defined in the Tax Ordinance), on behalf of whom an Option is Granted pursuant to Section 102.
	 	 
	“Law”	means the laws of the State of Israel as are in effect from time to time and any US law applicable to Options Granted to Non-Israeli Participants.
	 	 
	“Merger Transaction”	(i) a sale of all or substantially all of the assets of the Company; or (ii) a sale (including an exchange) of all or substantially all of the shares of the capital stock of the Company; or (iii) a merger, consolidation or like transaction of the Company with or into another corporation.
	 	 
	“Notice of Exercise”	shall have the meaning set forth in Section 7.4 below.
	 	 
	“Option”	means an option to purchase one Share of the Company.
	 	 
	“Non-Israeli Participant”	means a non-Israeli resident, on behalf of whom an Option is Granted pursuant to the Code.
	 	 
	“Non-Qualified Israeli Participant”	means an Israeli resident  is not qualified to receive Options under the provisions of Section 102, on behalf of whom an Option is Granted pursuant to Section 3i.
	 	 
	“Participant”	means an Israeli Participant, or a Non-Qualified Israeli Participant, or a Non-Israeli Participant, or a Consultant.
	 	 
	“Plan” or “Option Plan”	means this Share Option Plan, as may be amended from time to time.
	 	 
	“Retirement”	means the termination of a Participant's employment as a result of his or her reaching the earlier of (i) the age of retirement as defined by Law; or (ii) the age of retirement specified in the Participant’s  employment agreement.
	 	 
	“Section 102”	means Section 102 of the Tax Ordinance.

 

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	“Section 102 Rules”	means the Income Tax Rules (Tax Relief for Issuance of Shares to Employees), 2003.
	 	 
	“Section 3(i)” or “Section 3(i) Rules”	means section 3(i) of the Israeli Tax Ordinance and the applicable rules thereto or under applicable regulations.
	 	 
	“Share(s)”	means an ordinary share of the Company, having a par value of NIS 0.01.
	 	 
	“Subsidiary”	means a subsidiary of the Company as defined in the Code.
	 	 
	“Tax Ordinance”	means the Israeli Income Tax Ordinance [New Version], 1961, as amended, and any regulations, rules, orders or procedures promulgated thereunder.
	 	 
	“Tax Track”	means one of the three tax tracks described under Section 102, specifically: (1) the “Capital Gains Track Through a Trustee”; (2) “Income Tax Track Through a Trustee”; or (3) the “Income Tax Track Without a Trustee”; each as defined in Sections 11.1-11.2 of this Plan, respectively.
	 	 
	“Tax Provision”	means, with respect to the Grant of Options,  the provisions of one of the three Tax Tracks in Section 102, or the provisions of 3i, or the provisions of the Code.
	 	 
	“Term of the Options”	means, with respect to Granted but
    unexercised Options, the time period set forth in Section 9 below.
	 	 
	“Trustee”	means a Trustee appointed by the Company to hold in trust, Allocated Options and the Underlying Shares issued upon exercise of such Options, on behalf of Participants.
	 	 
	“Underlying Shares”	means Shares issued or to be issued upon exercise of Granted Options all in accordance with the Plan.

 

		2.2	General

 

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

 

		3.	Shares
                                         Available For Options

 

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

 

    	4

    	 

    

 

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

 

		4.	Adjustments

 

In the event that any dividend
or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the
Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available
under the Plan, may (in its sole discretion) adjust the number and class of Shares that may be delivered under the Plan and/or
the number, class, and price of Shares covered by each outstanding Option or Share Purchase Right. Upon the occurrence of any such
adjustment, references in this Plan to Shares and Underlying Shares shall be construed to mean the Shares of the Company subject
to the Plan as so determined by the Administrator, following such adjustment.

 

If the Change in Capitalization
is the distribution of a cash dividend, the Company shall transfer to the Trustee the amount of dividend resulting from the Underlying
Shares held by the Trustee for the benefit of Participants in accordance with the provisions of this Plan. The Trustee shall deduct
all applicable taxes from the dividend amount and transfer the remaining dividend amount to such Participants.

 

		5.	Administration
                                         Of The Plan

 

		5.1	Power

 

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

 

		(A)	to determine:

 

		(i)	the Participants in the Plan, and the number of Options to be Granted for each Participant’s benefit
(subject to the approval of the Board of Directors if such approval
is required by Law);

 

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

 

		(iii)	the Exercise Price for any Granted Option;

 

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

 

		(v)	any terms and conditions in addition to those specified in the Plan under which an Option may
                                                                                                          be Granted; and

 

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

 

		(B)	to interpret the provisions of the Plan and to take all
actions resulting therefrom including without limitation;

 

		(i)	subject to Section 7, to accelerate the date on which any Allocated Option under the
Plan becomes exercisable;

 

		(ii)	to waive or amend Plan provisions relating to exercise of Options, including
exercise of Options after termination of employment, for any reason; and

 

		(iii)	to amend any of the terms of the Plan, or any prior determinations
of the Administrator;

 

		5.2	Limitations

 

Notwithstanding the provisions of Section 5.1 above, no interpretations,
determinations or actions of the Administrator shall contradict the provisions of applicable Law.

 

		6.	Grant
                                         And Allocation Of Options

 

		6.1	Conditions
                                         For Grant Of Options

 

Options may be Granted at any time after:

 

		(A)	the grant has been approved by the necessary corporate
bodies of the Company; and

 

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

 

		6.2	Conditions
                                         For Allocation Of Options

 

Options may be Allocated at any time after:

 

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

 

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

 

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

 

		6.3	Date
                                         Of Grant Or Allocation

 

		(a)	The date on which Options shall be deemed Granted under the Plan shall be the date on which the
Company shall notify the Participant in a Grant Letter that such Options have been Granted to the Participant (“Date of Grant”).

 

		(b)	The date on which Options shall be deemed Allocated under
the Plan shall be the date on which the Company shall notify the Trustee that such Options have been Allocated in the name of
the Trustee on behalf of a Participant (“Date of Allocation”).

 

		7.	Exercise
                                         Of Options

 

		7.1	Exercise
                                         Price

 

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

 

Notwithstanding the above, the
exercise price of an Incentive Stock Options Granted to a Non-Israeli Participant shall not be less than 100% of the Fair Market
Value of the Share as defined bellow. If an Incentive Stock Option is Granted to a Non-Israeli Participant owning more that
ten percent of the shares of the Company or of a Subsidiary, or possessing at the time of the Grant more than ten percent of the
total combined voting power of all classes of shares of the Company (or of its Subsidiary), then the Exercise Price shall be no
less then 110% of the Fair Market Value of the Share at the time of Grant.

 

Notwithstanding the foregoing, Incentive Stock Options
may be Granted with an Exercise Price other than as required above, pursuant to a Merger Transaction.

 

“Fair Market Value”
means, as of any date, the value of the Shares determined as follows:

 

		(1)	if the Shares are listed on any established stock exchange or a national market system, including without limitation the 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 according to any other source the Administrator
deems reliable;

			

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

 

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		(3)	in the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by
the Administrator.

 

		7.2	Vesting
                                         Schedule

 

Unless otherwise determined
by the Administrator, all Options Granted on a certain date shall, subject to continued employment with or service to the Company
or Affiliate by the Participant, become vested and exercisable in accordance with the vesting schedule specified in the Grant Letter.

 

		7.3	Minimum
                                         Exercise

 

An Option may not be exercised for fractional shares
or for less than twenty five (25) Shares.

 

The exercise of a portion of
the Options Granted shall not cause the expiration, termination or cancellation of the remaining unexercised Options held by the
Trustee on behalf of the Participant.

 

		7.4	Manner
                                         Of Exercise

 

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

 

		(A)	Notice of Exercise

 

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

 

		(B)	Exercise Price

 

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

 

		(C)	Allocation of Shares

 

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

 

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		(D)	Expenses

 

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

 

		8.	Waiver
                                         Of Option Rights

 

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

 

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

 

		9.	Term
                                         Of The Options

 

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

 

		10.	Termination
                                         Of Employment

 

		10.1	Termination
                                         Of Employment

 

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

 

All other Granted Options for the benefit of Participant
shall expire upon the date of Termination of Employment.

 

		10.2	Termination
                                         For Cause

 

In the event of Termination of Employment of a Participant
for Cause, the Participant's right to exercise any unexercised Options, Granted to such Participant, whether vested or not on the
date of Termination of Employment, shall cease as of such date of Termination of Employment, and the Options shall thereupon expire.

 

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

 

    	9

    	 

    

  

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

 

		10.3	Termination
                                         By Reason Of Death, Retirement, Or Disability

 

In the event of Termination
of Employment of a Participant by reason of death, Retirement, or Disability, any vested but unexercised Options shall be exercisable
in the case of death, by his or her estate, personal representative or beneficiary, or in the case of Retirement or Disability,
by the Participant or his or her personal representative (as the case may be), until the earlier of (i) 12 months after the date
of Termination of Employment; or (ii) the Term of the Options.

 

All other Granted Options for the benefit of Participant
shall expire upon the date of Termination of Employment.

 

		10.4	Exceptions

 

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

 

		10.5	Transfer
                                         Of Employment Or Service

 

Subject to the receipt of appropriate
approvals from the Israeli Tax Authorities, if applicable, a Participant’s right to Options or the exercise thereof that
were Granted to him or her under this Plan, shall not be terminated or expire solely as a result of the fact that the Participant’s
employment or service as an employee, officer, director or Consultant changes from the Company to an Affiliate or vice versa.

 

		11.	Options
                                         And Tax Provisions

 

All Options under this Plan shall be Granted in accordance
with one of the Tax Provisions as follows:

 

		·	The Company may Grant Options to Israeli Participants in accordance
with the provisions of Section 102 and the Rules.

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

	 	 	 
		·	The Company may Grant Stock Incentive Options to Non-Israeli Participants
under the Provisions of the Section 422 of the Code.

 

		11.1	Tax
                                         Provision Selection

 

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

 

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		11.2	Section
                                         102 Trustee Tax Tracks

 

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

 

The Holding Period for the Options will be as follows:

 

		(A)	The Capital Gains Tax Track Through a Trustee – if the Company elects to Allocate the Options according to
                                                                                  the provisions of this track, then the Holding Period will be: (1) until 1.1.2006 24 months from the end of the tax year in
                                                                                  which the Options were Allocated to the Trustee on behalf of the Israeli Participant; or (2) 24 months from the date of
                                                                                  Allocation; or (3) such period as may be legislated by any amendment of Section 102.

 

		(B)	Income Tax Track Through a Trustee – if the Company elects to Allocate Options
                                                                                  according to the provisions of this track, then the Holding Period will be (1) until 1.1.2006 12 months from the end of the
                                                                                  tax year in which the Options were Allocated to the Trustee on behalf of the Israeli Participant; or (2) 12 months from the
                                                                                  date of Allocation; or (3) such period as may be legislated by any amendment of Section 102.

 

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

 

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

 

		11.3	Income
                                         Tax Track Without A Trustee

 

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

 

    	11

    	 

    

 

		11.4	Concurrent
                                         Conditions

 

The Holding Period of Section
102, if any, is in addition to the vesting period as specified in Section 7.2 of the Plan. The Holding Period and vesting period
may run concurrently, but neither is a substitute for the other, and each are independent terms and conditions for Options Granted.

 

		11.5	Trust
                                         Agreement

 

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

 

		11.6	Incentive
                                         Stock Options

 

If the Option Granted is
an Incentive Stock Option, and if the Non-Israeli Participant sells or otherwise disposes of any of the Underlying Shares on
or before the later of (i) the end of two years following the Date of Grant; and (ii) the end of one year following the
transfer of such Underlying Shares to the Non-Israeli Participant upon exercise of the Option (“the Code Holding
Period”), then the Non-Israeli Participant shall immediately notify the Company of such disposition of the Underlying
Shares.

 

Any disposition of the Underlying
Shares before the end of the Code Holding Period, may impose income tax withholding liabilities on the Company or Subsidiary as
the case may be, and may impose other tax liabilities on the compensation income recognized from the such disposition.

 

		12.	Term
                                         Of Shares Held In Trust

 

No Underlying Shares or Additional
Rights issued by the Company to the Trustee, shall be held by the Trustee on behalf of the Israeli Participant for a period longer
than ten (10) years after the end of the Term of the Options. The Administrator shall instruct the Trustee as to the transfer of
these Shares.

 

		13.	Rights
                                         As A Shareholder

 

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

 

		14.	No
                                         Special Employment Rights

 

Nothing contained in this Plan
shall confer upon any Participant any right with respect to the continuation of employment by or service to the Company or Affiliate
or to interfere in any way with the right of the Company or Affiliate, to terminate such employment or service or to increase or
decrease the compensation of the Israeli Participant.

 

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		15.	Restrictions
                                         On Sale Of Options And Shares

 

		15.1	Options

 

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

 

		15.2	Shares

 

Unless otherwise
determined by the Administrator, prior to the Company’s IPO, the Shares may not be sold assigned, transferred, pledged,
hypothecated or otherwise disposed of, except as stated below in this Section 15. Unless otherwise determined by the
Administrator, any Underlying Shares issued upon exercise of Options, Granted under any of the tax tracks detailed in Section
11 above, will be held by the Trustee until the earlier to occur of a Merger, as detailed in Section 15.3 below, or an
IPO.

 

		15.3	Mergers

 

In the event of a Merger Transaction,
then, subject to obtaining the applicable approvals of the Israeli Tax Authorities, the Board of Directors in its sole discretion,
shall decide:

 

		(A)	if and how unvested Options shall be canceled, replaced
or accelerated;

 

		(B)	if and how vested Options (including Options with respect
to which the vesting period has been accelerated according to Section 15.3.(a) shall be exercised, replaced and/or sold by the
Trustee or the Company (as the case may be) on the behalf of Israeli Participants; and

 

		(C)	how Underlying Shares issued upon exercise of the Options
and held by the Trustee on behalf of Israeli Participants shall be replaced and/or sold by the Trustee on behalf of the Israeli
Participant.

 

		15.4	Acceleration
                                         Provision

 

The Administrator, in its sole
discretion, may decide to add a provision in certain Grant Letters, according to which in case of a Merger, all or some of the
unvested Options, shall automatically accelerate.

 

		15.5	Lock
                                         Up

 

Notwithstanding the Holding Period, following the
Company’s IPO, at the request of the underwriter, the Administrator may determine that the Underlying Shares issued pursuant
to the exercise of Options may be subject to a lock-up period of up to180 days, or such longer period of time as may be recommended
by the Company’s Board of Directors, during which time Participants shall not be allowed to sell Shares.

 

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		16.	Voting

 

Until consummation of the Company’s
IPO, Shares issued to a Participant or to the Trustee for the benefit of a Participant, shall be voted by an irrevocable proxy
assigned to the CFO of the Company, who has been appointed by the Company’s Board of Directors as a representative (the “Representative”).

 

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

 

		(B)	Shares subject to proxy shall be voted by the Representative
on any issue or resolution brought before the shareholders of the Company in accordance with instructions of the Board of Directors
of the Company.

 

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

 

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

 

		17.	Tax
                                         Matters

 

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

 

If the Company elects to Allocate
Options according to the provisions of the Income Tax Track Without a Trustee (Section 11.3 of this Plan), and if prior to the
exercise of any and/or all of these Options, such Israeli Participant ceases to be an employee, director, or officer of the Company
or Affiliate, the Israeli Participant shall deposit with the Company a guarantee or other security as required by law, in order
to ensure the payment of applicable taxes upon the Exercise of such Options.

 

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		18.	Withholding
                                         Taxes

 

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

 

With regard to Options Granted
to Israeli Participants - until all taxes have been paid in accordance with Rule 7 of the Section 102 Rules, Options and/or Underlying
Shares may not be sold, transferred, assigned, pledged, encumbered, or otherwise willfully hypothecated or disposed of, and no
power of attorney or deed of transfer, whether for immediate or future use may be validly given. Notwithstanding the foregoing,
the Options and/or Underlying Shares may be validly transferred in accordance with Section 20 below, provided that the transferee
thereof shall be subject to the provisions of Section 102 and the Section 102 Rules as would have been applicable to the deceased
Israeli Participant were he or she to have survived.

 

		19.	No
                                         Transfer Of Options

 

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

 

		20.	Transfer
                                         Of Rights Upon Death

 

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

 

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

 

		(B)	A written consent by the transferee to pay any amounts
in connection with the Options and Underlying Shares any payment due according to the provisions of the Plan and otherwise abide
by all the terms of the Plan; and (C) any such other evidence as the Administrator may deem necessary to establish the right to
the transfer of the Option or Underlying Share issued upon the exercise thereof and the validity of the transfer.

 

    	15

    	 

    

 

 

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

 

		21.	No
                                         Right Of Others To Options

 

Subject to the provisions of the Plan, no person
other than the Participant shall have any right with respect to Options Granted to the Participant’s under the Plan.

 

		22.	Expenses
                                         And Receipts

 

The expenses incurred in connection
with the administration and implementation of the Plan (including any applicable stamp duty) shall be borne by the Company. Any
proceeds received by the Company in connection with the exercise of any Option may be used for general corporate purposes.

 

		23.	Required
                                         Approvals

 

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

 

		24.	Applicable
                                         Law

 

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

 

		25.	Treatment
                                         Of Participants

 

There is no obligation for uniformity of treatment
of Participants.

 

		26.	No
                                         Conflicts

 

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

 

		27.	Participant
                                         Undertakings

 

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

 

    	16

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