Document:

Exhibit 10.11

 

COMPENSATION
POLICY

 

MEMIC
INNOVATIVE SURGERY LTD.

 

Compensation
Policy for Executive Officers and Directors

 

(As
Adopted by the Shareholders on ________, 2022)

 

		A.	Overview
and Objectives

 

		1.	Introduction

 

This
document sets forth the Compensation Policy for Executive Officers and Directors (this “Compensation Policy” or “Policy”)
of Memic Innovative Surgery Ltd. (“Memic” or the “Company”), in accordance with the requirements
of the Companies Law, 5759-1999 (the “Companies Law”).

 

Compensation
is a key component of Memic’s overall human capital strategy to attract, retain, reward, and motivate highly skilled individuals
that will enhance Memic’s value and otherwise assist Memic to reach its business and financial long-term goals. Accordingly, the
structure of this Policy is established to tie the compensation of each officer to Memic’s goals and performance.

 

For
purposes of this Policy, “Executive Officers” shall mean “Office Holders” as such term is defined in Section
1 of the Companies Law, excluding, unless otherwise expressly indicated herein, Memic’s Directors.

 

This
Policy is subject to applicable law and is not intended and should not be interpreted as limiting or derogating from provisions of applicable
law to the extent not permitted.

 

This
Policy shall apply to compensation agreements and arrangements which will be approved after the date on which this Policy is adopted
and shall serve as Memic’s Compensation Policy for three (3) years, commencing as of its adoption, unless amended or terminated
earlier.

 

The
Compensation Committee and the Board of Directors of Memic (the “Compensation Committee” and the “Board”,
respectively) shall review and reassess the adequacy of this Policy from time to time, as required by the Companies Law.

 

		2.	Objectives

 

Memic’s
objectives and goals in setting this Policy are to attract, motivate and retain highly experienced leaders who will contribute to Memic’s
success and enhance shareholder value, while demonstrating professionalism in a highly achievement-oriented culture that is based on
merit and rewards excellent performance in the long term, and embedding Memic’s core values as part of a motivated behavior. To
that end, this Policy is designed, among others:

 

		2.1.	To
                                            closely align the interests of the Executive Officers with those of Memic’s shareholders
                                            in order to enhance shareholder value;

 

		2.2.	To
                                            align a significant portion of the Executive Officers’ compensation with Memic’s
                                            short and long-term goals and performance;

 

		2.3.	To
                                            provide the Executive Officers with a structured compensation package, including competitive
                                            salaries, performance-motivating cash and equity incentive programs and benefits, and to
                                            be able to present to each Executive Officer an opportunity to advance in a growing organization;

 

		2.4.	To
strengthen the retention and the motivation of Executive Officers in the long term;

 

		2.5.	To
provide appropriate awards in order to incentivize superior individual excellency and corporate performance; and

 

		2.6.	To
maintain consistency in the way Executive Officers are compensated.

 

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		3.	Compensation
Instruments

 

Compensation
instruments under this Policy may include the following:

 

		3.1.	Base
salary;

 

		3.2.	Benefits;

 

		3.3.	Cash
bonuses;

 

		3.4.	Equity
based compensation;

 

		3.5.	Change
of control terms; and

 

		3.6.	Retirement
and termination terms.

 

		4.	Overall
Compensation - Ratio Between Fixed and Variable Compensation

 

		4.1.	This
                                            Policy aims to balance the mix of “Fixed Compensation” (comprised of base salary
                                            and benefits) and “Variable Compensation” (comprised of cash bonuses and equity-based
                                            compensation) in order to, among other things, appropriately incentivize Executive Officers
                                            to meet Memic’s short and long-term goals while taking into consideration the Company’s
                                            need to manage a variety of business risks.

 

		4.2.	The
                                            total annual bonus and equity-based compensation of each Executive Officer shall not exceed
                                            95% of the total compensation package of such Executive Officer on an annual basis.

 

		5.	Inter-Company
Compensation Ratio

 

		5.1.	In
                                            the process of drafting and updating this Policy, Memic’s Board and Compensation Committee
                                            have examined the ratio between employer cost associated with the engagement of the Executive
                                            Officers, including directors, and the average and median employer cost associated with the
                                            engagement of Memic’s other employees (including contractor employees as defined in
                                            the Companies Law) (the “Ratio”).

 

		5.2.	The
                                            possible ramifications of the Ratio on the daily working environment in Memic were examined
                                            and will continue to be examined by Memic from time to time in order to ensure that levels
                                            of executive compensation, as compared to the overall workforce will not have a negative
                                            impact on work relations in Memic.

 

		B.	Base
Salary and Benefits

 

		6.	Base
Salary

 

		6.1.	A
                                            base salary provides stable compensation to Executive Officers and allows Memic to attract
                                            and retain competent executive talent and maintain a stable management team. The base salary
                                            varies among Executive Officers, and is individually determined according to the educational
                                            background, prior vocational experience, qualifications, company’s role, business responsibilities
                                            and the past performance of each Executive Officer.

 

		6.2.	Since
                                            a competitive base salary is essential to Memic’s ability to attract and retain highly
                                            skilled professionals, Memic will seek to establish a base salary that is competitive with
                                            base salaries paid to Executive Officers in a peer group of other companies operating in
                                            technology sectors which are similar in their characteristics to Memic’s, as much as
                                            possible, while considering, among others, such companies’ size and characteristics
                                            including their revenues, profitability rate, growth rates, market capitalization, number
                                            of employees and operating arena (in Israel, the United States or globally), the list of
                                            which shall be reviewed and approved by the Compensation Committee at least every two years.
                                            Such list shall include at least 10 companies. To that end, Memic shall utilize as a reference,
                                            comparative market data and practices, which will include a compensation survey that compares
                                            and analyses the level of the overall compensation package offered to an Executive Officer
                                            of Memic with compensation packages in similar positions to that of the relevant officer
                                            in such companies. Such compensation survey may be conducted internally or through an external
                                            independent consultant. Information on such compensation survey shall be included in the
                                            proxy statement published in connection with the annual general meeting of Memic’s
                                            shareholders.

 

		6.3.	The
                                            Compensation Committee and the Board may periodically consider and approve base salary adjustments
                                            for Executive Officers. The main considerations for salary adjustment are similar to those
                                            used in initially determining the base salary, but may also include change of role or responsibilities,
                                            recognition for professional achievements, regulatory or contractual requirements, budgetary
                                            constraints or market trends. The Compensation Committee and the Board will also consider
                                            the previous and existing compensation arrangements of the Executive Officer whose base salary
                                            is being considered for adjustment.

 

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		7.	Benefits

 

		7.1.	The
                                            following benefits may be granted to the Executive Officers in order, among other things,
                                            to comply with legal requirements:

 

		7.1.1.	Vacation
days in accordance with market practice;

 

		7.1.2.	Sick
days in accordance with market practice;

 

		7.1.3.	Convalescence
pay according to applicable law;

 

		7.1.4.	Monthly
                                            remuneration for a study fund, as allowed by applicable law and with reference to Memic’s
                                            practice and the practice in peer group companies;

 

		7.1.5.	Memic
                                            shall contribute on behalf of the Executive Officer to an insurance policy or a pension fund,
                                            as allowed by applicable law and with reference to Memic’s policies and procedures
                                            and the practice in peer group companies (including contributions on bonus payments); and

 

		7.1.6.	Memic
                                            shall contribute on behalf of the Executive Officer towards work disability insurance, as
                                            allowed by applicable law and with reference to Memic’s policies and procedures and
                                            to the practice in peer group companies.

 

		7.2.	Non-Israeli
                                            Executive Officers may receive other similar, comparable or customary benefits as applicable
                                            in the relevant jurisdiction in which they are employed. Such customary benefits shall be
                                            determined based on the methods described in Section 6.2 of this Policy (with the necessary
                                            changes and adjustments).

 

		7.3.	In
                                            events of relocation or repatriation of an Executive Officer to another geography, such Executive
                                            Officer may receive other similar, comparable or customary benefits as applicable in the
                                            relevant jurisdiction in which he or she is employed or additional payments to reflect adjustments
                                            in cost of living. Such benefits shall include reimbursement for out-of-pocket one-time payments
                                            and other ongoing expenses, such as housing allowance, car allowance, and home leave visit,
                                            etc.

 

		7.4.	Memic
                                            may offer additional benefits to its Executive Officers, which will be comparable to customary
                                            market practices, such as, but not limited to: cellular and land line phone benefits, company
                                            car and travel benefits, reimbursement of business travel including a daily stipend when
                                            traveling and other business related expenses, insurances, other benefits (such as newspaper
                                            subscriptions, academic and professional studies), etc., provided, however, that such additional
                                            benefits shall be determined in accordance with Memic’s policies and procedures.

 

		C.	Cash
Bonuses

 

		8.	Annual
Cash Bonuses - The Objective

 

		8.1.	Compensation
                                            in the form of an annual cash bonus is an important element in aligning the Executive Officers’
                                            compensation with Memic’s objectives and business goals. Therefore, a pay-for-performance
                                            element, as payout eligibility and levels are determined based on actual financial and operational
                                            results, as well as individual performance.

 

		8.2.	An
                                            annual cash bonus may be awarded to Executive Officers upon the attainment of pre-set periodical
                                            objectives and individual targets determined by the Compensation Committee (and, if required
                                            by law, by the Board) at the beginning of each calendar year, or upon engagement, in case
                                            of newly hired Executive Officers, considering Memic’s short and long-term goals, as
                                            well as its compliance and risk management policies. The Compensation Committee and the Board
                                            shall also determine applicable minimum thresholds that must be met for entitlement to the
                                            annual cash bonus (all or any portion thereof) and the formula for calculating any annual
                                            cash bonus payout, with respect to each calendar year, for each Executive Officer. In special
                                            circumstances, as determined by the Compensation Committee and the Board (e.g., regulatory
                                            changes, significant changes in Memic’s business environment, a significant organizational
                                            change, a significant merger and acquisition event etc.), the Compensation Committee and
                                            the Board may modify the objectives and/or their relative weights during the calendar year.

 

		8.3.	In
                                            the event the service of an Executive Officer is terminated prior to the end of a fiscal
                                            year, Memic may (but shall not be obligated to) pay such Executive Officer a full annual
                                            cash bonus or a prorated one.

 

		8.4.	The
                                            actual annual cash bonus to be awarded to Executive Officers shall be approved by the Compensation
                                            Committee and the Board.

 

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		9.	Annual
Cash Bonuses - The Formula

 

Executive
Officers other than the CEO

 

		9.1.	The
                                            annual cash bonus of Memic’s Executive Officers, other than the chief executive officer
                                            (the “CEO”), will be based on performance objectives and a discretionary
                                            evaluation of the Executive Officer’s overall performance by the CEO and subject to
                                            minimum thresholds. The performance objectives will be approved by Memic’s CEO at the
                                            commencement of each calendar year (or upon engagement, in case of newly hired Executive
                                            Officers or in special circumstances as indicated in Section 8.2 above) on the basis of,
                                            but not limited to, company, division and individual objectives. The performance measurable
                                            objectives, which include the objectives and the weight to be assigned to each achievement
                                            in the overall evaluation, will be based on overall company performance measures, which are
                                            based on actual financial and operational results, such as revenues, operating income and
                                            cash flow (at least 25% of the annual cash bonus will be based on overall company performance
                                            measures) and may further include, divisional or personal objectives which may include operational
                                            objectives, such as market share, initiation of new markets and operational efficiency, customer
                                            focused objectives, project milestones objectives and investment in human capital objectives,
                                            such as employee satisfaction, employee retention and employee training and leadership programs.

 

		9.2.	Notwithstanding
                                            the aforementioned under section 9.1 above, the annual cash bonus granted to an Executive
                                            Officer, other than the CEO, may be based on a discretionary evaluation of the Executive
                                            Officer’s overall performance, in whole or in part.

 

		9.3.	The
                                            target annual cash bonus that an Executive Officer, other than the CEO, will be entitled
                                            to receive for any given calendar year, will not exceed 100% of such Executive Officer’s
                                            annual base salary.

 

		9.4.	The
                                            maximum annual cash bonus including for overachievement performance that an Executive Officer,
                                            other than the CEO, will be entitled to receive for any given calendar year, will not exceed
                                            200% in of such Executive Officer’s annual base salary.

 

CEO

 

		9.5.	The
                                            annual cash bonus of Memic’s CEO will be mainly based on performance measurable objectives
                                            and subject to minimum thresholds as provided in Section 8.2 above. Such performance measurable
                                            objectives will be determined annually by Memic’s Compensation Committee (and, if required
                                            by law, by Memic’s Board) at the commencement of each calendar year (or upon engagement,
                                            in case of newly hired CEO or in special circumstances as indicated in Section 8.2 above)
                                            on the basis of, but not limited to, company and personal objectives. These performance measurable
                                            objectives, which include the objectives and the weight to be assigned to each achievement
                                            in the overall evaluation, will be based on overall company performance measures, which are
                                            based on actual financial and operational results, such as revenues, sales, operating income,
                                            cash flow or Company’s annual operating plan and long-term plan.

 

		9.6.	The
                                            less significant part of the annual cash bonus granted to Memic’s CEO, and in any event
                                            not more than 25% of the annual cash bonus, may be based on a discretionary evaluation of
                                            the CEO’s overall performance by the Compensation Committee and the Board based on
                                            quantitative and qualitative criteria.

 

		9.7.	The
                                            target annual cash bonus that the CEO will be entitled to receive for any given calendar
                                            year, will not exceed 100% of his or her annual base salary.

 

		9.8.	The
                                            maximum annual cash bonus including for overachievement performance that the CEO will be
                                            entitled to receive for any given calendar year, will not exceed 200% of his or her annual
                                            base salary.

 

		10.	Other
Bonuses

 

		10.1.	Special
                                            Bonus. Memic may grant its Executive Officers a special bonus as an award for special
                                            achievements (such as in connection with mergers and acquisitions, offerings, achieving target
                                            budget or business plan under exceptional circumstances or special recognition in case of
                                            retirement) or as a retention award at the CEO’s discretion (and in the CEO’s
                                            case, at the Board’s discretion), subject to any additional approval as may be required
                                            by the Companies Law (the “Special Bonus”). The Special Bonus will not
                                            exceed 100% of the Executive Officer’s annual base salary.

 

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		10.2.	Signing
                                            Bonus. Memic may grant a newly recruited Executive Officer a signing bonus at the CEO’s
                                            discretion (and in the CEO’s case, at the Board’s discretion), subject to any
                                            additional approval as may be required by the Companies Law (the “Signing Bonus”).
                                            The Signing Bonus will not exceed 200% of the Executive Officer’s annual base salary.

 

		10.3.	Relocation/
                                            Repatriation Bonus. Memic may grant its Executive Officers a special bonus in the event
                                            of relocation or repatriation of an Executive Officer to another geography (the “Relocation
                                            Bonus”). The Relocation Bonus will include customary benefits associated with such
                                            relocation and its monetary value will not exceed 100% of the Executive Officer’s annual
                                            base salary.

 

		10.4.	Discretion
                                            Regarding Reducing a Bonus. The Compensation Committee and the Board of Directors of
                                            Memic shall be entitled, in exceptional cases, at their discretion, to reduce or cancel a
                                            bonus to an Executive Officer.

 

		10.5.	Discretionary
                                            Bonus for the CEO. The aggregate discretionary bonus (based on non-measurable objectives)
                                            of any kind that the CEO will be entitled to receive for any given calendar year will not
                                            exceed the higher of (1) the sum of three (3) times his or her monthly base salary; or (2)
                                            25% of his or her annual cash bonus.

 

		11.	Compensation
Recovery (“Clawback”)

 

		11.1.	In
                                            the event of an accounting restatement, Memic shall be entitled to recover from its Executive
                                            Officers (whether or not they are employed by the Company at the time of restatement) the
                                            bonus compensation or performance-based equity compensation in the amount in which such compensation
                                            exceeded what would have been paid under the financial statements, as restated.

 

		11.2.	The
                                            Compensation Committee shall be entitled to determine the amounts and conditions of such
                                            repayment as stated in section 11.1 above, which may include terms under which:

 

		11.2.1.	Repayment
                                            will be made either on a pre-tax basis or an after-tax basis, unless and to the extent the
                                            Executive Officer was able to recoup tax payments made with respect to the amounts to be
                                            repaid;

 

		11.2.2.	Repayment
                                            payments to Memic shall be made over a period of time no longer than 12 months;

 

		11.2.3.	Repayment
                                            may be carried out in installments or (to the extent permitted under applicable law) as a
                                            set-off against cash compensation paid by Memic to the Executive Officer during such period;

 

		11.2.4.	No
                                            repayment obligation shall arise after the lapse of three years from the date on which the
                                            original payment was due to be made;

 

		11.2.5.	No
                                            repayment obligation shall arise in the event that the reason or basis for the restatement
                                            was due to changes in the applicable law (including generally acceptable accounting principles
                                            or financial reporting standards) or in the event that the Compensation Committee has determined
                                            that Clawback proceedings in the specific case would be impossible, impractical or not commercially
                                            or legally efficient;

 

		11.2.6.	Such
                                            other provisions as determined in each case, subject to applicable law.
                                            

 

		11.3.	Nothing
                                            in this Section 11 shall derogate from any other “Clawback” or similar provisions
                                            imposed on Executive Officers by virtue of applicable law.

 

		D.	Equity
Based Compensation

 

		12.	The
Objective

 

		12.1.	The
                                            equity-based compensation for Memic’s Executive Officers is designed in a manner consistent
                                            with the underlying objectives in determining the base salary and the annual cash bonus,
                                            with its main objectives being to enhance the alignment between the Executive Officers’
                                            interests with the long-term interests of Memic and its shareholders, and to strengthen the
                                            retention and the motivation of Executive Officers in the long term. In addition, since equity-based
                                            awards are structured to vest over several years, their incentive value to recipients is
                                            aligned with longer-term strategic plans.

 

		12.2.	The
                                            equity-based compensation offered by Memic is intended to be in a form of share options and/or
                                            other equity-based awards, such as RSUs, in accordance with the Company’s equity incentive
                                            plan in place as may be updated from time to time.

 

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		12.3.	All
                                            equity-based incentives granted to Executive Officers shall be subject to vesting periods
                                            in order to promote long-term retention of the awarded Executive Officers. Unless determined
                                            otherwise in a specific award agreement approved by the Compensation Committee and the Board,
                                            grants to Executive Officers other than non-employee directors shall vest gradually over
                                            a period in accordance with the terms of Memic’s incentive compensation plan and any
                                            sub-plans thereunder, as may be amended from time to time (collectively, the “Incentive
                                            Plans”), and in any case no less than one (1) year from the date of grant. The
                                            exercise price of options shall be determined in accordance with the Incentive Plans, and
                                            in any case be no less than (1) 100% of the closing price of such share on the applicable
                                            listing market on the previous trading day; and (2) the nominal value of a share on the date
                                            of grant. The maximum term of any equity award (prior to its expiration) shall be ten (10)
                                            years from the date of grant.

 

		12.4.	All
                                            other terms of the equity awards shall be in accordance with Memic’s Incentive Plans
                                            and other related practices and policies. Accordingly, the Board may, following approval
                                            by the Compensation Committee, extend the period of time for which an award is to remain
                                            exercisable and make provisions with respect to the acceleration of the vesting period of
                                            any Executive Officer’s awards, including, without limitation, in connection with a
                                            corporate transaction involving a change of control, subject to any additional approval as
                                            may be required by the Companies Law.

 

		13.	General
Guidelines for the Grant of Awards

 

		13.1.	The
                                            equity-based compensation shall be granted from time to time and be individually determined
                                            and awarded according to the performance, educational background, prior business experience,
                                            qualifications, role and the personal responsibilities of the Executive Officer.

 

		13.2.	In
                                            determining the equity-based compensation granted to each Executive Officer, the Compensation
                                            Committee and Board shall consider the factors specified in Section 13.1 above, and in any
                                            event the total fair market value of an annual equity-based compensation at the time of grant
                                            shall not exceed: (i) with respect to the CEO - the higher of 500% of his or her annual base
                                            salary or 0.5% of the Company’s fair market value; and (ii) with respect to each of
                                            the other Executive Officers - the higher of 300% of his or her annual base salary or 0.35%
                                            of the Company’s fair market value.

 

		13.3.	The
                                            fair market value of the equity-based compensation for the Executive Officers will be determined
                                            according to acceptable valuation practices at the time of grant.

 

		13.4.	The
                                            Board considered the possibility of determining a ceiling for the exercise value of the equity-based
                                            compensation and decided, considering the purpose of the equity-based compensation, not to
                                            set such a ceiling in this Policy.

 

		E.	Retirement
and Termination of Service Arrangements

 

		14.	Advanced
Notice Period

 

Memic
may provide an Executive Officer, other than the CEO, according to his/her seniority in the Company, his/her contribution to the Company’s
goals and achievements and the circumstances of termination (including retirement) and the CEO a prior notice of termination of up to
twelve (12) months in the case of the CEO and six (6) months in the case of other Executive Officers, during which the Executive Officer
may be entitled to all of the compensation elements, and to the continuation of vesting of his/her equity-based compensation (“Advanced
Notice Period”).

 

Memic
shall be entitled to waive the employment or service of an Executive Officer (including the CEO) during the course of the Advanced Notice
Period, in whole or in part, provided that it continues to make all of the payments and provide all benefits s/he is due under his/her
employment agreement and applicable law. Alternatively, Memic shall be entitled to terminate the Executive Officer’s (including
the CEO) service without prior notice provided that the Company pays the officer (including the CEO), on the date of the termination
of his employment, payments that shall not be less than the payments he is owed in lieu of the Advanced Notice Period (and, without limitation
salary, vacation days and all payments and benefits he is due under this employment agreement and applicable law).

 

		15.	Adjustment
Period

 

Memic
may provide an additional adjustment period of up to nine (9) months to the CEO and an additional adjustment period of up to six (6)
months to an Executive Officer, other than the CEO, according to his/her seniority in the Company, his/her contribution to the Company’s
goals and achievements and the circumstances of retirement, during which the Executive Officer may be entitled to all of the compensation
elements, and to the continuation of vesting of his/her equity-based compensation (“Adjustment Period”).

 

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		16.	Additional
Retirement and Termination Benefits

 

Memic
may provide additional retirement and terminations benefits and payments as may be required by applicable law (e.g., mandatory severance
pay under Israeli labor laws), or which will be comparable to customary market practices.

 

		17.	Non-Compete
Grant

 

Upon
termination of service and subject to applicable law, Memic may grant to its Executive Officers a noncompete grant as an incentive to
refrain from competing with Memic for a defined period of time. The terms and conditions of the non-compete grant shall be decided by
the Board and shall not exceed such Executive Officer’s monthly base salary multiplied by twelve (12).

 

		18.	Limitation
Retirement and Termination of Service Arrangements

 

In
addition to the Advanced Notice Period, Memic may provide an adjustment period/retirement payment that will be determined by, among other
things, taking into consideration the Executive Officer’s seniority in the Company, his or her performance during employment, his
or her contribution to Memic achieving its goals and the circumstances of the Executive Officer’s retirement or termination. The
maximum adjustment period/retirement payment that may be paid to each Executive Officer shall be up to twelve (12) monthly base salaries
and may only be granted to Executive Officers who have served in Memic for at least twelve (12) months. The total non-statutory payments
under Section 14-17 above shall not exceed the Executive Officer’s monthly base salary multiplied by eighteen (18).

 

		F.	Exculpation,
Indemnification and Insurance

 

		19.	Exculpation

 

Memic
may exempt its directors and Executive Officers in advance for all or any of his/her liability for damage in consequence of a breach
of the duty of care vis-a-vis Memic, to the fullest extent permitted by applicable law.

 

		20.	Insurance
and Indemnification

 

		20.1.	Memic
                                            may indemnify its directors and Executive Officers to the fullest extent permitted by applicable
                                            law, for any liability and expense that may be imposed on the director or the Executive Officer,
                                            as provided in the indemnity agreement between such individuals and Memic, all subject to
                                            applicable law and the Company’s articles of association.

 

		20.2.	Memic
                                            will provide directors’ and officers’ liability insurance (the “Insurance
                                            Policy”) for its directors and Executive Officers as follows:

 

		20.2.1.	The
                                            limit of liability of the insurer shall not exceed the greater of $100 million or 50% of
                                            the Company’s shareholders equity based on the most recent financial statements of
                                            Memic at the time of approval by the Compensation Committee; and

 

		20.2.2.	The
                                            Insurance Policy, as well as the limit of liability and the premium for each extension or
                                            renewal shall be approved by the Compensation Committee (and, if required by law, by the
                                            Board) which shall determine that the sums are reasonable considering Memic’s exposures,
                                            the scope of coverage and the market conditions and that the Insurance Policy reflects the
                                            current market conditions, and it shall not materially affect the Company’s profitability,
                                            assets or liabilities.

 

		20.3.	Upon
                                            circumstances to be approved by the Compensation Committee (and, if required by law, by the
                                            Board), Memic shall be entitled to enter into a “run off” Insurance Policy of
                                            up to seven (7) years, with the same insurer or any other insurance, as follows:

 

		20.3.1.	The
                                            limit of liability of the insurer shall not exceed the greater of $100 million or 50% of
                                            the Company’s shareholders equity based on the most recent financial statements of
                                            Memic at the time of approval by the Compensation Committee;

 

		20.3.2.	The
                                            Insurance Policy, as well as the limit of liability and the premium for each extension or
                                            renewal shall be approved by the Compensation Committee (and, if required by law, by the
                                            Board) which shall determine that the sums are reasonable considering the Company’s
                                            exposures covered under such policy, the scope of cover and the market conditions, and that
                                            the Insurance Policy reflects the current market conditions and that it shall not materially
                                            affect the Company’s profitability, assets or liabilities.

 

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		20.4.	Memic
                                            may extend the Insurance Policy in place to include cover for liability pursuant to a future
                                            public offering of securities as follows:

 

		20.4.1.	The
                                            Insurance Policy, as well as the additional premium shall be approved by the Compensation
                                            Committee (and if required by law, by the Board) which shall determine that the sums are
                                            reasonable considering the exposures pursuant to such public offering of securities, the
                                            scope of cover and the market conditions and that the Insurance Policy reflects the current
                                            market conditions, and it does not materially affect the Company’s profitability, assets
                                            or liabilities.

 

		G.	Arrangements
upon Change of Control

 

		21.	The
                                            following benefits may be granted to the Executive Officers in addition to the benefits applicable
                                            in the case of any retirement or termination of service upon, or in connection with, a “Change
                                            of Control” as shall be defined in the respective incentive plan or employment or service
                                            agreement:

 

		21.1.	Vesting
                                            acceleration of outstanding options or other equity-based awards;

 

		21.2.	Extension
                                            of the exercising period of equity-based compensation for Memic’s Executive Officer
                                            for a period of up to one (1) year in case of an Executive Officer other than the CEO and
                                            two (2) years in case of the CEO, following the date of service termination; and

 

		21.3.	Up
                                            to an additional nine (9) months of continued base salary and benefits following the date
                                            of service termination (the “Additional Adjustment Period”). For avoidance
                                            of doubt, such Additional Adjustment Period shall be in addition to the Advanced Notice Period
                                            and Adjustment Periods pursuant to Sections 14 and 15 of this Policy, but subject to the
                                            limitation set forth in Section 18 of this Policy, but subject to the limitation set forth
                                            in Section 18 of the Policy.

 

		21.4.	A
                                            cash bonus not to exceed 150% of the Executive Officer’s annual base salary in case
                                            of an Executive Officer other than the CEO and 200% in case of the CEO.

 

		H.	Board
of Directors Compensation

 

		22.	The
following benefits may be granted to Memic’s Board members:

 

		22.1.	All
                                            of Memic’s Board members, excluding the chairman of the Board, may be entitled to an
                                            annual cash fee retainer of up to US$ 40,000, committee membership annual cash fee retainer
                                            of up to US$ 20,000 and committee chairperson annual cash fee retainer of up to US$ 30,000.
                                            The chairperson of Memic’s Board may be entitled to an annual cash fee retainer of
                                            up to US$ 45,000.

 

		22.2.	The
                                            compensation of the Company’s external directors, if elected, shall be in accordance
                                            with the Companies Regulations (Rules Regarding the Compensation and Expenses of an External
                                            Director), 5760-2000, as amended by the Companies Regulations (Relief for Public Companies
                                            Traded in Stock Exchange Outside of Israel), 5760-2000, as such regulations may be amended
                                            from time to time.

 

		22.3.	Notwithstanding
                                            the provisions of Sections 22.1 above, in special circumstances, such as in the case of a
                                            professional director, an expert director or a director who makes a unique contribution to
                                            the Company, such director’s compensation may be different than the compensation of
                                            all other directors and may be greater than the maximal amount allowed under Section 22.1.

 

		22.4.	Each
                                            member of Memic’s Board (excluding the chairman of the Board) may be granted an initial
                                            equity-based award in a value of up to US$ 300,000 and annual grants in a value of up to
                                            US$ 200,000 each. The equity-based awards shall vest annually over a period of between one
                                            (1) to four (4) years.

 

		22.5.	The
                                            chairperson of Memic’s Board may be granted an initial equity-based award in a value
                                            of up to US$ 400,000 and annual grants in a value of up to US$ 250,000 each. The equity-based
                                            awards shall vest annually over a period of between one (1) to four (4) years.

 

		22.6.	In
                                            addition, members of Memic’s Board may be entitled to reimbursement of expenses in
                                            connection with the performance of their duties.

 

		22.7.	It
                                            is hereby clarified that the compensation (and limitations) stated under Section H will not
                                            apply to directors who serve as Executive Officers.

 

    8

     

    

 

		I.	Miscellaneous

 

		23.	Nothing
                                            in this Policy shall be deemed to grant any of Memic’s Executive Officers or employees
                                            or any third party any right or privilege in connection with their employment by the Company.
                                            Such rights and privileges shall be governed by the respective personal employment agreements.
                                            The Board may determine that none or only part of the payments, benefits and perquisites
                                            detailed in this Policy shall be granted, and is authorized to cancel or suspend a compensation
                                            package or part of it.

 

		24.	An
                                            Immaterial Change in the Terms of Employment of an Executive Officer other than the CEO may
                                            be approved by the CEO, provided that the amended terms of employment are in accordance with
                                            this Policy. An “Immaterial Change in the Terms of Employment” means a change
                                            in the terms of employment of an Executive Officer with an annual total cost to Memic not
                                            exceeding an amount equal to three (3) monthly base salaries of such employee.

 

		25.	Any
                                            deviation of up to 10% from the ratios and caps set forth in this Policy shall not be deemed
                                            as a deviation from this Policy.

 

		26.	In
                                            the event that new regulations or law amendment in connection with Executive Officers’
                                            and directors’ compensation will be enacted following the adoption of this Policy,
                                            Memic may follow such new regulations or law amendments, even if such new regulations are
                                            in contradiction to the compensation terms set forth herein.

 

    9Exhibit 10.13

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY
NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

Up to $400,000

Issue Date: January 28, 2022

No. A-2

New York, New York

 

MedTech Acquisition
Corporation, a Delaware corporation (the “Maker”), promises to pay to the order of MedTech Acquisition Sponsor LLC
(the “Payee”) the principal sum of up to FOUR HUNDRED THOUSAND DOLLARS ($400,000) (the “Maximum Principal
Amount”) in lawful money of the United States of America, on the terms and conditions described below.

 

1. Principal. The Payee shall
be obligated to lend to the Maker amounts up to the Maximum Principal Amount. The principal balance of this Note, as reflected on Schedule
A hereto (such Schedule to be updated from time to time by the Maker as amounts are borrowed from the Payee up to the Maximum Principal
Amount), shall be repayable on the date on which Maker consummates a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses (the “Initial Business Combination”). No
amount shall be due under this Note if such Initial Business Combination is not consummated on or before the 24 month anniversary of the
date of the completion of the Maker’s initial public offering (“IPO”).

 

2. Interest. This Note shall
bear no interest.

 

3. Application of Payments.
All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including
(without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of
the unpaid principal balance of this Note.

 

4. Events of Default. Failure by Maker to pay the
principal of, or other payments on, this Note within five (5) business days following the date when due shall constitute an “Event
of Default”.

 

5. Remedies. Upon the occurrence
of an Event of Default, Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount
of this Note, and all other amounts payable under this Note, shall become immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same
to the contrary notwithstanding

 

6. Waivers. Maker and all endorsers
and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest
with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and
all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part
of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon
pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in
part in any order desired by Payee.

 

     

     

    

 

7. Unconditional Liability.
Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this
Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected
in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to
any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other
provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice
to Maker or affecting Maker’s liability hereunder.

 

8. Notices. Any notice called
for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii)
dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by facsimile
or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with
this Section:

 

If to Maker:

MedTech Acquisition Corporation

48 Maple Avenue

Greenwich, CT 06830

Attention: Christopher C. Dewey

Email: ccdewey@gmail.com

 

If to Payee:

MedTech Acquisition Sponsor LLC

48 Maple Avenue

Greenwich, CT 06830

Attention: Christopher C. Dewey

Email: ccdewey@gmail.com

 

Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which
an e-mail transmission was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed delivery
receipt, or (vi) two (2) business days following tender of delivery or dispatch by express mail or delivery service.

 

9. Construction. THIS NOTE SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10. Severability. Any provision
contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11. Trust Waiver. Payee acknowledges
that it has read the Investment Management Trust Agreement, dated as of December 17, 2020, by and between Maker and Continental Stock
Transfer & Trust Company, a New York corporation, and understands that Maker has established the trust account described therein (the
“Trust Account”) for the benefit of Maker’s public shareholders and that disbursements from the Trust Account
are available only in the limited circumstances set forth therein. Payee further acknowledges and agrees that Maker’s sole assets
consist of the cash proceeds of the IPO and private placements of its securities, and that substantially all of these proceeds have been
deposited in the Trust Account for the benefit of its public shareholders. Accordingly, and notwithstanding anything herein to the contrary,
the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution
of the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever.

 

12. Amendment; Waiver. Any amendment
hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

13. Assignment. No assignment
or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without
the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

[Signature Page Follows]

 

    2

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

 

	 	MEDTECH ACQUISITION CORPORATION
	 	 	                             
	 	By:	/s/ Christopher C. Dewey
	 	Name: 	Christopher C. Dewey
	 	Title:	Chief Executive Officer

 

     

     

    

 

Schedule A

 

	Date	Payee	Principal Amount
	January 28, 2022	MedTech Acquisition Sponsor, LLC	$75,000

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