Document:

EX-10.1

 Exhibit 10.1 

SAVARA INC.     

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

This Amended and Restated Executive Employment Agreement (the “Agreement”) is entered into as of December 8, 2020 (the
“Effective Date”) by and between Savara Inc. (the “Company”), and Matthew Pauls (“Executive”). This Agreement amends and restates and supersedes in its entirety the Executive Employment Agreement dated
September 11, 2020, entered into by and between the Executive and the Company (the “Prior Agreement”). 
 WHEREAS, the
Company desires to employ Executive as the Company’s Chairman and CEO pursuant to the terms of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual promises and covenants contained herein, the Company and Executive agree as follows: 

1.    Duties and Scope of Employment. 

(a)    Position and Duties; Term. As of the Effective Date, Executive will serve as the Chairman of the
Company’s Board of Directors (the “Board”) and CEO, reporting to the Board. Executive will be responsible for the overall leadership of the Company, in furtherance of the strategic direction established by the Board. The period of
Executive’s employment under this Agreement is referred to herein as the “Employment Term.” 

(b)    Obligations. During the Employment Term, Executive will perform his duties faithfully and to the best of his
ability and will devote substantially all of his business efforts and time to the Company. As of the Effective Date, Executive holds the following positions outside of the Company (the “Approved Outside Positions”): 

(i)    Non-employee Director (non-Section
16 position) - Zyla Life Sciences subsidiary of Assertio Therapeutics; and 

(ii)    Non-employee Director and Shareholder - Amplo Biotechnology (private
preclinical gene therapy company). 
 For the duration of the Employment Term, Executive agrees not to actively engage in any employment,
occupation or consulting activity for any direct or indirect remuneration, other than the Approved Outside Positions, without the prior approval of the Board. 

2.    At-Will Employment. The parties agree that Executive’s
employment with the Company will be “at-will” employment and may be terminated at any time with or without cause or notice except as noted under the terms of this Agreement. Executive understands and
agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his employment with
the Company. However, as described in this Agreement, Executive may be entitled to severance benefits depending on the circumstances of Executive’s termination of employment with the Company. 

  
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 3.    Compensation. 

(a)    Base Salary. During the Employment Term, the Company will pay Executive an annual salary of $560,000 as
compensation for services (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings. This salary may be adjusted
pursuant to Section 3(c) of this Agreement. 
 (b)    Bonus. Executive will be eligible to receive an annual
performance-based bonus of up to 50% of Executive’s Base Salary upon achievement of performance objectives to be determined by the Board, the Compensation Committee of the Board (the “Compensation Committee”) or the Board’s or
Compensation Committee’s delegate, in its sole discretion (the “Target Bonus”). The amount of the Target Bonus paid to Executive will be determined at the sole discretion of the Board or the Compensation Committee and will be paid in
accordance with the Company’s normal payroll practices, subject to Executive’s continued employment with the Company through the payment date. Executive will be eligible to receive a pro-rated Target
Bonus for fiscal 2020. 
 (c)    Review and Adjustments. Executive’s Base Salary, Target Bonus, and other
compensatory arrangements will be reviewed from time to time by the Board or the Compensation Committee with respect to performance or market-based adjustments. 

(d)    Existing Equity Awards. The options and RSUs with respect to the Company’s Common Stock previously
granted to the Executive will continue to be subject to their existing terms and any additional terms set forth in this Agreement, except as may be mutually agreed to by the parties. 

(e)    Option Grant. Subject to Board approval, Executive will receive a grant of an option to purchase 500,000
shares of the Company’s common stock (the “Stock Option Award”). The Stock Option Award shall vest as to 1/16th of the total number of shares such to the Stock Option Award on each three-month anniversary of the Effective Date, such
that the Stock Option Award will be fully vested on the four year anniversary of the Effective Date, subject to Executive’s continued employment with the Company or service as a member of the Board through each vesting date. The Stock Option
Award will be granted under and subject to the terms of the Company’s 2015 Omnibus Incentive Plan (the “Incentive Plan”) and the related form of option agreement. The exercise price of the Stock Option Award will be equal to the fair
market value of the Company’s common stock on the date of grant. 
 4.    Employee Benefits. During the
Employment Term, Executive will be entitled to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company. The Company reserves the right to cancel
or change the benefit plans and programs it offers to its employees at any time. Executive also will be entitled to paid vacation of three (3) weeks per year in accordance with the Company’s vacation policies, with the timing and duration
of specific hours off mutually and reasonably agreed to by the parties hereto. 

  
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 5.    Expenses. The Company will reimburse Executive for
reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s Business Travel and Expense Policy as in
effect from time to time. 
 6.    Termination of Employment. 

(a)    Termination Outside the Change of Control Period. If, outside the Change of Control Period, (A) the
Company terminates Executive’s employment with the Company without Cause or as a result of Executive’s Disability, (B) Executive’s employment terminates due to Executive’s death, or (c) Executive resigns from such
employment for Good Reason, then, subject to Section 7, Executive will receive the following severance benefits: 

(i)    Cash Severance. Continued payment of monthly Base Salary for twelve (12) months from the date of
Executive’s termination of employment plus a lump sum payment equal to (x) 100% of Executive’s Target Bonus, plus (y) a pro-rated portion of Executive’s Target Bonus based on the number of
days Executive was employed by the Company during the relevant performance period. 
 (ii)    Continued Employee
Benefits. Subject to Section 6(c) below, the Company will reimburse Executive for payments Executive makes for continued healthcare coverage pursuant to COBRA until the earlier of (A) twelve (12) months from the date of
Executive’s termination of employment, or (B) the date upon which Executive and Executive’s eligible dependents become covered under similar plans, provided Executive timely elects and pays for COBRA coverage and remains eligible for
COBRA coverage. 
 (iii)    Acceleration of Vesting; Extended Exercise Period. All of Executive’s
outstanding unvested Company equity awards shall be deemed fully vested upon Executive’s termination of employment and Executive’s outstanding Company stock options will be exercisable through the earlier of (x) the twelve
(12) month anniversary of the termination date, and (y) the original expiration date. 
 For the avoidance of doubt, if
(A) the Company terminates Executive’s employment with the Company other than for Cause, death or Disability or Executive resigns from such employment for Good Reason prior to any Change of Control, which qualifies Executive for severance
benefits pursuant to this Section 6(a) and (B) a Change of Control occurs within the three (3)-month period following such termination, which would otherwise qualify Executive for superior severance benefits under Section 6(b), then
Executive instead will be eligible to receive such superior severance benefits under Section 6(b), which will be reduced by the applicable amount, if any, previously paid under this Section 6(a), and, subject to Section 7, will be
paid in a lump sum on the first payroll date immediately following such Change of Control. 

  
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 (b)    Termination without Cause or Resignation for Good Reason
within the Change of Control Period. If, within the Change of Control Period, the Company terminates Executive’s employment with the Company, other than for Cause, death or Disability, or Executive resigns from such employment for Good
Reason, then, subject to Section 7, Executive will receive the following severance benefits from the Company: 

(i)    Cash Severance. A lump sum severance payment equal to (a) twenty four (24) months of
Executive’s then-current Base Salary, plus a lump sum payment equal to (x) 100% of Executive’s Target Bonus, plus (y) a pro-rated portion of Executive’s Target Bonus based on the number of
days Executive was employed by the Company during the relevant performance period. 
 (ii)    Continued Employee
Benefits. Subject to Section 6(c) below, the Company will reimburse Executive for payments Executive makes for continued healthcare coverage pursuant to COBRA until the earlier of (A) twenty four (24) months from the date of
Executive’s termination of employment, or (B) the date upon which Executive and Executive’s eligible dependents become covered under similar plans, provided Executive timely elects and pays for COBRA coverage and remains eligible for
COBRA coverage. 
 (iii)    Acceleration of Vesting. All of Executive’s outstanding unvested Company equity
awards shall be deemed fully vested upon Executive’s termination of employment and Executive’s outstanding Company stock options will be exercisable through the earlier of (x) the twenty four (24) month anniversary of the
termination date, or (y) the original expiration date. 
 (c)    COBRA Reimbursements. If the Company
determines in its sole discretion that it cannot, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), provide any COBRA reimbursements that otherwise would be due to
Executive under this Section 6, the Company will, in lieu of any such reimbursements to which Executive is entitled under Section 6, provide to Executive a taxable monthly payment over the applicable COBRA reimbursement period in an amount
equal to the monthly COBRA premium that Executive would be required to pay to continue his group health coverage at coverage levels in effect immediately prior to Executive’s termination (which amount will be based on the premium for the first
month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage. 

(d)    Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates
(i) voluntarily by Executive (other than for Good Reason) or (ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the
Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company. 

(e)    Disability; Death. If, within the Change in Control Period, the Company terminates Executive’s
employment as a result of Executive’s Disability, or Executive’s employment terminates due to Executive’s death, then Executive will not be entitled to receive severance or other benefits except that all of Executive’s
outstanding unvested Company Equity Awards shall be deemed fully vested upon Executive’s termination of employment. 

  
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 (f)    Accrued Compensation. For the avoidance of any doubt, in
the event of a termination of Executive’s employment with the Company, Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans,
policies, and arrangements through date of termination. 
 (g)    Exclusive Remedy. In the event of a termination
of Executive’s employment with the Company or its Affiliates, the provisions of this Section 6 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company may otherwise be entitled,
whether at law, tort or contract, in equity. Executive will be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this Section 6. 

7.    Conditions to Receipt of Severance. 

(a)    Separation Agreement and Release of Claims. The receipt of any severance pursuant to Sections 6(a) or 6(b)
will be subject to Executive signing and not revoking a separation agreement and release of claims agreement in the form attached hereto as Exhibit A (the “Release”) and provided that such Release becomes effective and irrevocable no later
than sixty (60) days following the termination date (the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, Executive will forfeit any rights to severance under this Agreement. In no
event will severance payments or benefits be paid or provided until the Release becomes effective and irrevocable. 

(b)    Section 409A. 

(i)    Notwithstanding anything to the contrary in this Agreement, no Deferred Payments will be paid or otherwise provided
until Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to
Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 

(ii)    Any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid
on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by Section 7(b)(iii). Except as required by Section 7(b)(iii),
any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day
following Executive’s separation from service and the remaining payments shall be made as provided in this Agreement. In no event will Executive have discretion to determine the taxable year of payment for any Deferred Payments. 

  
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 (iii)    Notwithstanding anything to the contrary in this Agreement, if
Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments that are payable within the first six (6) months
following Executive’s separation from service, will, to the extent required to be delayed pursuant to Section 409A(a)(2)(B) of the Code, become payable on the date six (6) months and one (1) day following the date of
Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies
following Executive’s separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively
practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to
constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

(iv)    Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule
set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments. 

(v)    Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation
from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments. 

(vi)    The foregoing provisions and all compensation and benefits provided for under this Agreement are intended to
comply with or be exempt from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous
terms herein will be interpreted to be exempt or so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to
avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. In no event will the Company reimburse Executive for any taxes that may be imposed on Executive as a result of
Section 409A. 
 8.    Limitation on Payments. In the event that the severance and other benefits provided
for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this
Section 8, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits under Section 6 will be either: 

(a)    delivered in full, or 

(b)    delivered as to such lesser extent which would result in no portion of such severance benefits being subject to
excise tax under Section 4999 of the Code, 

  
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 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes
and the excise tax imposed by Section 4999 of the Code, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of
such severance benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will
occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change in ownership or control” (within the meaning of Code Section 280G); (iii) cancellation of accelerated
vesting of equity awards; or (iv) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant
of Executive’s equity awards. 
 Unless the Company and Executive otherwise agree in writing, any determination required under this Section 8 will
be made in writing by a nationally recognized certified professional services firm selected by the Company (the “Firm”) whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of
making the calculations required by this Section 8, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and
4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 8. The Company will bear all costs the Firm may
reasonably incur in connection with any calculations contemplated by this Section 8. 
 9.    Definition of
Terms. The following terms referred to in this Agreement will have the following meanings: 
 (a)    Cause.
“Cause” means shall mean the occurrence of: (i) Executive’s willful misconduct or gross negligence in performance of Executive’s duties, including Executive’s refusal to comply in any material respect with the legal
directives of the Board so long as such directives are not inconsistent with Executive’s position and duties, and such refusal to comply is not remedied within ten (10) working days after written notice from the Company, which written
notice shall state that failure to remedy such conduct may result in termination for cause; (ii) Executive’s dishonest or fraudulent conduct, a deliberate attempt to do an injury to the Company or the conviction of a felony; or
(iii) Executive’s breach of the Proprietary Information and Inventions Agreement entered into with the Company. 

(b)    Change of Control. “Change of Control” means the occurrence of any of the following events: 

(i)    A change in the ownership of the Company which occurs on the date that any one person, or more than one person
acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company, except that if
the holders of Company voting stock immediately before the change in ownership continue to retain, immediately after the change in ownership, in substantially the same proportions as their ownership of the

  
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Company’s voting stock immediately prior to the change in ownership, the direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the
Company or of the ultimate parent entity of the Company, such event will not be considered a Change in Control; or 

(ii)    A change in the effective control of the Company which occurs on the date that a majority of members of the Board
is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board who were serving prior to the date of the appointment or election; or 

(iii)    A sale, exchange, or other disposition of all or substantially all of the Company’s assets based on the
fair market value of the Company’s assets. For purposes of this subsection (iii), fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined in good faith by the Board without regard
to any liabilities associated with such assets. 
 Notwithstanding the foregoing under this section, a transaction will not be deemed a
Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A. Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (x) its sole purpose is
to change the jurisdiction of the Company’s incorporation, or (y) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately
before such transaction. 
 (c)    Change of Control Period. “Change of Control Period” means the
period beginning on the date three (3) months prior to the first Change of Control to occur following the Effective Date and ending on the date that is twelve (12) months following such Change of Control. 

(d)    Code. “Code” means the Internal Revenue Code of 1986, as amended. 

(e)    Deferred Payment. “Deferred Payment” means any severance pay or benefits to be paid or provided to
Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits, that in each case, when considered together, are considered deferred compensation under Section 409A.

 (f)    Disability. “Disability” means that the Board determines that Executive is unable to perform
the essential functions of Executive’s duties, even with reasonable accommodation, for a period of more than 90 consecutive days or more than 75% of the business days in any 180 day period due to mental or physical illness or incapacity. 

(g)    Good Reason. “Good Reason” means Executive’s resignation within thirty (30) days
following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s express written consent: (i) a material adverse change in Executive’s position of
employment causing such position to be of materially less stature or of materially less responsibility; (ii) a reduction of more than ten percent (10%) of Executive’s base compensation unless in connection with similar decreases of other
similarly situated employees of the Company; or (iii) Executive refuses to relocate to a facility or 

  
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location more than sixty (60) miles from such Executive’s principal work site. Executive’s resignation will not be deemed to be for Good Reason unless Executive has first provided
the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less
than thirty (30) days following the date the Company receives such notice, and such condition has not been cured during such period. 

(h)    Section 409A. “Section 409A” means Section 409A of the Code and any final regulations
and guidance thereunder and any applicable state law equivalent, as each may be amended or promulgated from time to time. 

(i)    Section 409A Limit. “Section 409A Limit” will mean two (2) times the lesser of:
(i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of Executive’s separation from service as determined
under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a
qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which Executive’s separation from service occurred. 

10.    Reaffirmation. Executive agrees and acknowledge that fulfillment of the obligations contained in
Executive’s Proprietary Information and Inventions Agreement (the “PIIA”) are necessary to protect the Company’s Intellectual Property Rights (as defined in the PIIA) and to preserve the Company’s value and goodwill.
Executive further acknowledges the time, geographic and scope limitations of the obligations not to compete and not to interfere under the PIIA are reasonable, especially in light of the Company’s desire to protect its Proprietary Information,
and that Executive will not be precluded from gainful employment if Executive is obligated not to compete or interfere with the Company pursuant to the terms of the PIIA. 

11.    Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors
and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this
purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the
Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer,
conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 

12.    Notices. All notices, requests, demands and other communications called for hereunder will be in writing and
will be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well-established commercial overnight service, or (iii) four (4) days after being mailed by registered or certified mail,
return receipt requested, prepaid 

  
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and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 

If to the Company: 
 Savara Inc.

 Attn: Chair of the Compensation Committee of the Board of Directors 

6836 Bee Cave Road, Building 3, Suite 200 

Austin, TX 78746 
 If to
Executive: 
 at the last residential address known by the Company. 

13.    Severability. If, but only to the extent that, any provision of this Agreement is declared or found to be
illegal, unenforceable, or void, so that both the Company and the Executive would be relieved of all obligations arising under such provision, it is the agreement of the Company and the Executive that this Agreement shall be deemed amended by
modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent. If such amendment is not possible, another provision that is legal and enforceable and achieves the same objective shall be substituted
therefore. If the remainder of this Agreement is not affected by such declaration or finding and is capable of substantial performance by both the Company and the Executive, then remainder shall be enforced to the extent permitted by law. 

14.    Integration. This Agreement and the PIIA represents the entire agreement and understanding between the
parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including, for avoidance of doubt, the Original Agreement. This Agreement may be modified only by agreement of the parties by a
written instrument executed by the parties that is designated as an amendment to this Agreement. 
 15.    Waiver of
Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 

16.    Headings. All captions and section headings used in this Agreement are for convenient reference only and do
not form a part of this Agreement. 
 17.    Tax Withholding. All payments made pursuant to this Agreement will
be subject to withholding of applicable taxes. 
 18.    Governing Law. This Agreement will be governed by the
laws of the State of Texas (with the exception of its conflict of laws provisions). 
 19.    Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is
knowingly and voluntarily entering into this Agreement. 

  
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 20.    Counterparts. This Agreement may be executed in
counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. 

21.    Mediation. Both parties agree to in good faith attempt to resolve any dispute that may arise under this
Agreement or relating to the Executive’s employment with the Company by discussions between the parties. If such dispute is not resolved by the parties within forty-five (45) days of the date the dispute is first presented in writing to
the other side, either party may submit such dispute(s) for mediation. The term “mediation” refers to a forum in which an impartial person or persons (the “Mediator”, whether one or more) facilitates communication between parties
to promote reconciliation, settlement, or understanding among them. Both parties agree to attempt in good faith to resolve such dispute through mediation. The parties shall mutually select a licensed attorney with mediation experience to mediate
their dispute. The mediation shall take place in Austin, Travis County, Texas unless otherwise agreed by the parties. The cost of mediation shall be shared equally by the parties to the mediation. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year set forth below. 
  

					
	COMPANY:
	
	SAVARA INC.
			
	 /s/ Dave Lowrance
	 		 	Date: 12/8/2020
	Name: Dave Lowrance	 		 	
	Title:   CFO	 		 	
	
	EXECUTIVE:
			
	 /s/ Matthew Pauls
	 		 	Date: 12/8/2020
	Matthew Pauls	 		 	

  
 [SIGNATURE PAGE TO
EXECUTIVE EMPLOYMENT AGREEMENT] 

 EXHIBIT A 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (“Agreement”) is made by and between
                     (“Employee”) and Savara Inc. (the “Company”) (collectively referred to as the “Parties” or
individually referred to as a “Party”). 
 RECITALS 

WHEREAS, Employee was employed by the Company; 

WHEREAS, Employee signed an Executive Employment Agreement with the Company on September     , 2020 (the “Employment
Agreement”); 
 WHEREAS, Employee signed a Proprietary Information and Inventions Assignment Agreement with the Company (the
“Confidentiality Agreement”); 
 WHEREAS, the Company terminated Employee’s employment with the Company effective
[                    ] (the “Termination Date”); and 

[OR] 
 WHEREAS, Employee
voluntarily resigned from employment with the Company effective [Date] the “Separation Date”); and 
 WHEREAS, the Parties wish to
resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Employee may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims
arising out of or in any way related to Employee’s employment with or separation from the Company; 
 NOW, THEREFORE, in consideration
of the mutual promises made herein, the Company and Employee hereby agree as follows: 
 COVENANTS 

1.    Consideration. In consideration of Employee’s execution of this Agreement and Employee’s
fulfillment of all of its terms and conditions, the Company agrees to pay Executive the amounts set forth in Section      of the Employment Agreement. Employee acknowledges that without this Agreement, he is otherwise not
entitled to the consideration listed in this paragraph 1. 
 2.    Payment of Salary and Receipt of All Benefits.
Employee acknowledges and represents that, other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs,
interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee. 

  
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 3.    Benefits. [Except as otherwise provided herein,]
Employee’s participation in all benefits and incidents of employment, including, but not limited to, vesting in stock options, and the accrual of bonuses, vacation, and paid time off, ceased as of the [Termination Date/Separation Date] 

4.    Release of Claims. Employee agrees that the foregoing consideration represents settlement in full of all
outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees,
divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”). Employee, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby
and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether
presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement,
including, without limitation: 
 (a)    any and all claims relating to or arising from Employee’s employment
relationship with the Company and the termination of that relationship; 
 (b)    any and all claims relating to, or
arising from, Employee’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate
law, and securities fraud under any state or federal law; 
 (c)    any and all claims for wrongful discharge of
employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent
or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 

(d)    any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title
VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in
Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the
Immigration Control and Reform Act; the Texas Occupational Safety Act; the Texas Payday Act; Texas Workers’ Compensation Act; and Chapter 21 of the Texas Labor Code (also known as the Texas Commission on Human Rights Act); 

  
 -2- 

 (e)    any and all claims for violation of the federal or any state
constitution; 
 (f)    any and all claims arising out of any other laws and regulations relating to employment or
employment discrimination; 
 (g)    any claim for any loss, cost, damage, or expense arising out of any dispute over
the nonwithholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and 

(h)    any and all claims for attorneys’ fees and costs. 

Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to
the matters released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law, including any Protected Activity (as defined below). This release
does not extend to any right Employee may have to unemployment compensation benefits or workers’ compensation benefits. Employee represents that Employee has made no assignment or transfer of any right, claim, complaint, charge, duty,
obligation, demand, cause of action, or other matter waived or released by this Section. 
 5.    Acknowledgment of
Waiver of Claims under ADEA. Employee acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary.
Employee agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for this waiver and release is in
addition to anything of value to which Employee was already entitled. Employee further acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider this Agreement; (c) he has seven (7) days following his execution of this Agreement to revoke this Agreement; (d) this Agreement shall not be
effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it
impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Employee signs this Agreement and returns it to the Company in less than the 21-day
period identified above, Employee hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Employee acknowledges and understands that revocation must be accomplished by a written
notification to the person executing this Agreement on the Company’s behalf that is received prior to the Effective Date. The parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period. (<< to be modified in accordance with the ADEA, the Older Workers’ Benefit Protection Act, and other applicable law, as necessary and appropriate, including if the separation is part of a
group separation requiring additional consideration periods and disclosures >>) 
 6.    Unknown Claims.
Employee acknowledges that he has been advised to consult with legal counsel and that he is familiar with the principle that a general release does not extend to claims that the releaser does not know or suspect to exist in his favor at the time of
executing the 

  
 -3- 

 
release, which, if known by him, must have materially affected his settlement with the releasee. Employee, being aware of said principle, agrees to expressly waive any rights he may have to that
effect, as well as under any other statute or common law principles of similar effect. 
 7.    No Pending or Future
Lawsuits. Employee represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Employee also represents that he does not intend to
bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other Releasees. 

8.    Application for Employment. Employee understands and agrees that, as a condition of this Agreement, Employee
shall not be entitled to any employment with the Company, and Employee hereby waives any right, or alleged right, of employment or re-employment with the Company. Employee further agrees not to apply for
employment with the Company and not otherwise pursue an independent contractor or vendor relationship with the Company. 

9.    Confidentiality. Employee agrees to maintain in complete confidence the existence of this Agreement, the
contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as “Separation Information”). Except as required by law, Employee may disclose Separation Information only to his
immediate family members, the Court in any proceedings to enforce the terms of this Agreement, Employee’s attorney(s), and Employee’s accountant and any professional tax advisor to the extent that they need to know the Separation
Information in order to provide advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties. Employee agrees that he will not publicize, directly or indirectly, any
Separation Information. 
 10.    Trade Secrets and Confidential Information/Company Property. Employee reaffirms
and agrees to observe and abide by the terms of the Employment Agreement and the Confidentiality Agreement, specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary
information, and the restrictive covenants contained therein. Employee’s signature below constitutes his certification under penalty of perjury that he has returned all documents and other items provided to Employee by the Company, developed or
obtained by Employee in connection with his employment with the Company, or otherwise belonging to the Company. 

11.    No Cooperation. Employee agrees that he will not knowingly encourage, counsel, or assist any attorneys or
their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so or as related directly
to the ADEA waiver in this Agreement. Employee agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court
order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Employee shall state no more than that he cannot
provide counsel or assistance. 

  
 -4- 

 12.    Nondisparagement. Employee agrees to refrain from any
disparagement, defamation, libel, or slander of any of the Releasees, and agrees to refrain from any tortious interference with the contracts and relationships of any of the Releasees. Employee shall direct any inquiries by potential future
employers to the Company’s human resources department. 
 13.    Breach. In addition to the rights provided
in the “Attorneys’ Fees” section below, Employee acknowledges and agrees that any material breach of this Agreement, [unless such breach constitutes a legal action by Employee challenging or seeking a determination in good faith of
the validity of the waiver herein under the ADEA,] or of any provision of the Confidentiality Agreement shall entitle the Company immediately to recover and/or cease providing the consideration provided to Employee under this Agreement and to obtain
damages, [except as provided by law]. 
 14.    No Admission of Liability. Employee understands and acknowledges
that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Employee. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed
to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Employee or to any third party. 

15.    Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in
connection with the preparation of this Agreement. 
 16.    ARBITRATION. THE PARTIES AGREE THAT ANY AND ALL
DISPUTES ARISING OUT OF THE TERMS OF THIS AGREEMENT, THEIR INTERPRETATION, AND ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION IN TRAVIS COUNTY, TEXAS BEFORE JUDICIAL ARBITRATION & MEDIATION SERVICES (“JAMS”),
PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES (“JAMS RULES”). THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH TEXAS
LAW, INCLUDING THE TEXAS RULES OF CIVIL PROCEDURE, AND THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL TEXAS LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO ANY
CONFLICT-OF-LAW PROVISIONS OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH TEXAS LAW, TEXAS LAW SHALL TAKE PRECEDENCE. THE DECISION OF THE
ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE
ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE ARBITRATOR
SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE
FOREGOING, THIS SECTION WILL NOT PREVENT EITHER 

  
 -5- 

 
PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT AND
THE AGREEMENTS INCORPORATED HEREIN BY REFERENCE. SHOULD ANY PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS PARAGRAPH CONFLICT WITH ANY OTHER ARBITRATION AGREEMENT BETWEEN THE PARTIES, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT SHALL
GOVERN. 
 17.    Tax Consequences. The Company makes no representations or warranties with respect to the tax
consequences of the payments and any other consideration provided to Employee or made on his behalf under the terms of this Agreement. Employee agrees and understands that he is responsible for payment, if any, of local, state, and/or federal taxes
on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Company harmless from any claims, demands, deficiencies, penalties, interest,
assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Employee’s failure to pay or delayed payment of federal or state taxes, or (b) damages
sustained by the Company by reason of any such claims, including attorneys’ fees and costs. 

18.    Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of
the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him
to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released
herein. 
 19.    No Representations. Employee represents that he has had an opportunity to consult with an
attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Employee has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement. 

20.    Severability. In the event that any provision or any portion of any provision hereof or any surviving
agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision. 

21.    Attorneys’ Fees. Except with regard to a legal action challenging or seeking a determination in good
faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the
costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. 

22.    Entire Agreement. This Agreement represents the entire agreement and understanding between the Company and
Employee concerning the subject matter of this Agreement and Employee’s employment with and separation from the Company and the events leading thereto and 

  
 -6- 

 
associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and Employee’s relationship with the
Company, with the exception of the surviving portions of the Employment Agreement, except as modified herein, and the Confidentiality Agreement. 

23.    No Oral Modification. This Agreement may only be amended in a writing signed by Employee and the
Company’s Chief Financial Officer following approval by the Company’s Board of Directors. 

24.    Governing Law. This Agreement shall be governed by the laws of the State of Texas, without regard for choice-of-law provisions. Employee consents to personal and exclusive jurisdiction and venue in the State of Texas. 

25.    Effective Date. Employee understands that this Agreement shall be null and void if not executed by him
within twenty one (21) days. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Employee signed this Agreement, so long as it has been signed
by the Parties and has not been revoked by either Party before that date (the “Effective Date”). Employee understands that this Agreement shall be null and void if not executed by Employee within the
twenty-one (21) day period set forth under paragraph 5 above. 

26.    Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and
facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

27.    Protected Activity Not Prohibited. Employee understands that nothing in this Agreement shall in any way
limit or prohibit Employee from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” shall mean filing a charge or complaint, or otherwise communicating, cooperating, or
participating with, any state, federal, or other governmental agency, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, and the National Labor Relations Board. Notwithstanding any restrictions set forth
in this Agreement, Employee understands that he is not required to obtain authorization from the Company prior to disclosing information to, or communicating with, such agencies, nor is Employee obligated to advise the Company as to any such
disclosures or communications. Notwithstanding, in making any such disclosures or communications, Employee agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company
confidential or proprietary information under the Confidentiality Agreement and/or Employment Agreement to any parties other than the relevant government agencies. Employee further understands that “Protected Activity” does not include his
disclosure of any Company attorney-client privileged communications, and that any such disclosure without the Company’s written consent shall constitute a material breach of this Agreement. In addition, pursuant to the Defend Trade Secrets Act
of 2016, Employee is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local
government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other

  
 -7- 

 
proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose
the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to
court order. 
 28.    Voluntary Execution of Agreement. Employee understands and agrees that he executed this
Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of his claims against the Company and any of the other Releasees. Employee acknowledges that:

 (a)    he has read this Agreement; 

(b)    he has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of his
own choice or has elected not to retain legal counsel; 
 (c)    he understands the terms and consequences of this
Agreement and of the releases it contains; and 
 (d)    he is fully aware of the legal and binding effect of this
Agreement. 
 [Remainder of Page Intentionally Blank; Signature Page Follows] 

  
 -8- 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set
forth below. 
  

							
		 		 	[EMPLOYEE NAME], an individual
			
	Dated:	 		 	     

		 		 	[Employee Name]
			
		 		 	SAVARA INC.
				
	Dated:	 		 	By	 	  

		 		 		 	[Officer Name]
		 		 		 	[Officer Title]Exhibit 10.1

     

    

    
      COMPUGEN LTD.

      2021 EMPLOYEE SHARE PURCHASE PLAN

      

      

      1.            Purpose.  The purpose of the Plan is to provide incentive for present and future eligible
          Participants to acquire equity interests (or increase existing equity interests) in the Company through the purchase of Shares in order to promote the interest of the Company. 

        

      2.            Definitions.

       

      (a)          “Applicable Exchange” means the NASDAQ Stock Market or such other securities exchange or
          inter-dealer quotation system as may at the applicable time be the principal market for the Shares.

       

      (b)          “Applicable Percentage” means the percentage specified in Section 6(b), subject to adjustment
          by the Committee as provided in Section 6(b).

       

      (c)          “Board” means the Board of Directors of the Company.

      

      

      (d)          “Committee” means the committee appointed by the Board to administer the Plan as described in Section

            14 or, in the absence of a committee, the Board.

       

      (e)          “Company” means Compugen Ltd., an Israeli company, or any successor thereto.

       

      (f)          “Company Transaction” has the meaning given such term in Section 13(b)(iii).

       

      (g)          “Compensation” means, with respect to each Participant who is an Employee for each pay period:  base
          salary, wages, overtime, and shift premium paid to such Participant by the Company or a Designated Subsidiary.  Except as otherwise determined by the Committee, “Compensation” does not include: (i) any amounts contributed by the Company or a
          Designated Subsidiary to any pension plan, (ii) any automobile, relocation or housing allowances, or reimbursement for any expenses, including automobile, relocation or housing expenses, (iii) any amounts paid as a bonus, including a starting
          bonus, referral fee, annual bonus, relocation bonus, or sales incentives or commissions, (iv) any amounts realized from the exercise of any share options or incentive awards, (v) any amounts paid by the Company or a Designated Subsidiary for
          other fringe benefits, such as health and welfare, hospitalization and group life insurance benefits, disability pay, or perquisites, or paid in lieu of such benefits, or (vi) other similar forms of extraordinary compensation.  “Compensation”
          means, with respect to each Participant who is a Consultant, for each period covered by an invoice or, in respect to Consultants paid on retainer, each period for which such retainer is paid, 80% of all fees and retainers paid to such Participant
          (or a company controlled by him or her), but excluding (i) any reimbursement for any expenses, including automobile, equipment, travel, and the like; (ii) any amounts paid as a bonus, including a starting bonus, referral fee, annual bonus,
          relocation bonus, or sales incentives or commissions, (iii) any amounts realized from the exercise of any share options or incentive awards, (iv) any amounts paid by the Company or a Designated Subsidiary for other fringe benefits, such as health
          and welfare, hospitalization and group life insurance benefits, disability pay, or perquisites, or paid in lieu of such benefits, or (v) other similar forms of extraordinary compensation.

       

      (h)          “Consultant” shall mean any consultant or adviser (including an office holder of the Company)
          engaged to provide services to the Company or any Designated Subsidiary who qualifies as a consultant or advisor under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration Statement.

       

      (i)          “Designated Subsidiary” shall mean Compugen USA, Inc. and any Subsidiary which has been designated
          by the Committee from time to time in its sole discretion as eligible to participate in the Plan. The Committee may designate, or terminate the designation of, a subsidiary as a Designated Subsidiary at any time upon its sole discretion.

       

        

      
        
          

      

      
      (j)          “Effective Date” means November 3, 2020.

       

      (k)          “Employee” means any individual designated as an employee of the Company or a Designated Subsidiary
          on the payroll records thereof. 

       

      (l)          “Entry Date” means the first day of each Offering Period.

       

      (m)         “ESPP Brokerage Account” has the meaning given such term in Section 9(a).

       

      (n)          “Fair Market Value” means, if the Shares are listed on a national securities exchange, as of any
          given date, the closing price for a Share on such date on the Applicable Exchange, or if Shares were not traded on the Applicable Exchange on such measurement date, then on the closest preceding date on which Shares are so traded, all as reported
          by such source as the Committee may select.  If the Shares are not listed on a national securities exchange, the Fair Market Value of a Share shall mean the amount determined by the Board in good faith. 

       

      (o)          “Offering” shall mean an offer under the Plan of an option that may be exercised at the end of an
          Offering Period as further described in Sections 4 and 5. Unless otherwise specified by the Committee, each Offering to the eligible Participants shall be deemed a separate Offering, even if the dates and other terms of the
          applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering.

      

      

      (p)          “Offering Period” means, subject to adjustment as provided in Section 4(b), the approximately
          six (6) month period beginning on each:  (i) June 1 of each year and ending the last day of November of such year, or (ii) December 1 of each year and ending on the last day of May of the following year, until the Plan terminates; provided that

          the first Offering Period shall begin on January 1, 2021.

       

      (q)          “Participant” means an Employee or a Consultant, in each case, who is eligible to participate in the
          Plan under Section 3 and who has elected to participate in the Plan by enrolling as provided in Section 5 hereof.

       

      (r)          “Plan” means the Compugen Ltd. 2021 Employee Share Purchase Plan, including any other sub-plans or
          appendices hereto, as amended and/or restated from time to time.

       

      (s)          “Plan Contributions” means, with respect to each Participant, the after-tax payroll deductions
          withheld from the Compensation of the Participant and contributed to the Plan for the Participant as provided in Section 7 hereof.

       

      (t)          “Purchase Date” means the last day of each Offering Period.

      

      

      (u)          “Purchase Price” means the price per Share offered in a given Offering Period determined as provided
          in Section 6(b).

      

      

      (v)          “Section 409A” shall mean Section 409A of the Code and the Department of Treasury regulations and
          other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance issued after the Effective Date.

       

      (w)         “Share” means an ordinary share, par value NIS 0.01 per share, of the Company (including any new,
          additional or different shares or securities resulting from any change in capitalization pursuant to Section 13(b)).

       

      
        2

        
          

      

      (x)          “Subsidiary” means any corporation of which the Company owns, directly or indirectly, 50% or more of
          the total combined voting power of all classes of stock.

       

      (y)          “Terminating Event” means a Participant ceases to be an Employee or a Consultant under any
          circumstances; provided, however, that, for purposes of the Plan, a Participant’s status as an Employee shall be considered to be continuing intact while such Participant is on military leave, sick leave, or other bona fide leave

          of absence approved by the Committee or the Participant’s supervisor; provided further, however, that if such period of leave of absence exceeds three (3) months, and the Participant’s
          right to reemployment is not provided either by applicable law or by contract, the Participant’s status as an Employee shall be deemed to have terminated on the first day immediately following such three (3)-month period. For purposes of the
          Plan, a Participant’s status as a Consultant shall be considered to be continuing at such events determined by the Committee and also in the event that such Consultant is not entitled to any consideration under Consultant’s contract during a
          specific period of time (even as a result of termination), provided that the Participant has a right to resume his or her right to consideration either by applicable law or by contract executed prior to the time Consultant became ineligible to
          said consideration.  A transfer of a Participant’s employment between or among the Company and/or Designated Subsidiaries (solely Designated Subsidiaries and not all Subsidiaries) shall not be considered a Terminating Event. 

       

      3.            Eligibility.

       

      (a)          General Rule.  Except as otherwise provided herein, all Employees and such Consultants designated by
          the Committee in writing shall be eligible to participate in the Plan.

       

      (b)         Exclusion.  Notwithstanding the provisions of Section 3(a), the Committee may exclude from
          participation in the Plan (i) such Employees and Consultants who have not been employed or engaged by the Company or the Designated Subsidiary, as the case may be, for such continuous period preceding an Offering Period; (ii) temporary Employees;
          (iii) part-time Employees; (iv) Consultants who are entitled to annual Compensation below a certain amount specified by the Committee; and (v) other Employees and Consultants that do not meet other criteria set by the Committee.

       

      4.            Offering Periods.

       

      (a)          In General.  The Plan shall generally be implemented by a series of Offering Periods, each of which
          lasts approximately six (6) months.

       

      (b)         Changes by Committee.  The Committee shall have the authority to make changes to the occurrence,
          duration and/or the frequency of Offering Periods with respect to future Offering Periods if any such change is announced prior to the scheduled beginning of the first Offering Period to be affected by such changes, provided that the duration of an Offering Period may not exceed two (2) years from the Entry Date.

       

      5.            Participation.  Employees and Consultants meeting the eligibility requirements of Section 3 hereof

          may elect to participate in the Plan commencing on any Entry Date for the applicable Offering Period by enrolling online in the manner and through the website designated by the Company during the period beginning on the First Enrollment Date and
          ending at 5:30 pm Israeli time on the Last Enrollment Date that corresponds to the applicable Offering Period set forth below:

      

      

      	
              Offering Period

            	
              First Enrollment Date

            	
              Last Enrollment Date

            
	 	 	 
	
              June 1 – November 30

            	
              May 1

            	
              May 31

            
	
              December 1 – May 31

            	
              November 1

            	
              November 30

            

      

      

      
        ; provided, however, that
          before the Entry Date for any such Offering Period, the Committee may prescribe with respect to all Employees and Consultants meeting the eligibility requirements of Section 3 hereof

          any alternative enrollment period and method for such Offering Period.

         

        Notwithstanding the foregoing, the first Offering Period under this Plan shall begin on January 1, 2021 (and end on May 31, 2021) and the First Enrollment Date for such
          Offering Period shall be December 15, 2020 and December 31, 2020 being the Last Enrollment Date for such Offering Period.

         

        

      

      
        3

        
          

      

      

      6.            Grant of Option.

       

      (a)         Shares Subject to Option.  On a Participant’s Entry Date, the Participant shall be granted an option
          to purchase on the subsequent Purchase Date (at the Purchase Price determined as provided in Section 6(b) below) up to a number of Shares determined by dividing such Participant’s Plan Contributions accumulated during the current Offering
          Period prior to such Purchase Date and retained in the Participant’s account as of such Purchase Date by the Purchase Price; provided that the maximum number of Shares a Participant may purchase during any calendar year shall be that whole
          number of Shares determined by dividing $40,000 by the Purchase Price; provided further that such maximum number of Shares may instead be established by the Committee as a fixed number or a different predetermined formula with
          respect to any Offering Period prior to the Entry Date thereof.  No fractional Shares shall be issued or otherwise transferred upon the exercise of an option under the Plan.

       

      (b)          Purchase Price.  The Purchase Price offered to each Participant in a given Offering Period shall be
          the Applicable Percentage of the Fair Market Value of a Share on the Entry Date or the Purchase Date, whichever is lower.  The Applicable Percentage with respect to each Offering Period shall be 85% unless and until such Applicable Percentage is
          changed by the Committee, in its discretion, provided that any such change in the Applicable Percentage with respect to a given Offering Period must be established prior to the commencement of the enrollment process for such Offering
          Period.

       

      (c)          No Rights as Shareholder.  Until a Participant’s option has been exercised and the Shares have been
          purchased by such Participant in accordance with the provisions of the Plan and have actually been issued to such Participant or to an appointed nominee, such Participant shall (i) have no voting, dividend or other rights and/or privileges of a
          shareholder of the Company in respect of shares purchasable upon exercise of any part of such option, and (ii) shall not be deemed to be a class of shareholders or creditors of the Company under applicable law, including Sections 350 and 351 of
          the Israeli Companies Law - 1999.

       

      (d)         Bookkeeping Accounts Maintained.  Individual bookkeeping account shall be maintained for all Participants.  All Plan Contributions from a Participant’s Compensation shall be credited to such Participants’ Plan
          account.  However, all Plan Contributions made for a Participant shall be deposited in the Company’s or a Designated Subsidiary’s general corporate bank accounts, and no interest shall accrue or be credited with respect to a Participant’s Plan
          Contributions.  All Plan Contributions received or held by the Company or a Designated Subsidiary may be used by the Company or such Designated Subsidiary for any corporate purpose, and neither the Company nor such Designated Subsidiary shall be
          obligated to segregate or otherwise set apart such Plan Contributions from any other corporate funds.

       

      7.            Plan Contributions.

       

      (a)         Contribution by Payroll Deduction.  All contributions to the Plan made by eligible Participants who
          are Employees shall be made only by after-tax payroll deductions by the Company or Designated Subsidiary. All contributions to the Plan made by eligible Participants who are Consultants shall be made only by deductions from Compensation paid by
          the Company or Designated Subsidiary to such Consultants pursuant to the agreement governing the Consultant relationship.  Unless otherwise determined by the Committee, all such contributions shall be paid in the same currency pursuant to which
          the Compensation is payable and if not in United States dollars will be exchanged into United States dollars as determined by the Committee.

       

      
        4

        
          

      

      (b)         Payroll Deduction Election.  At the time a Participant enrolls with respect to an Offering Period in
          accordance with Section 5, the Participant shall authorize payroll, or, solely in respect of Consultants, accounts payable, deductions from his or her Compensation to be made on each payroll, or, solely in respect of Consultants, invoice
          payment, date during the portion of the Offering Period that he or she is a Participant in an amount not less than 1% and not more than 15% of the Participant’s Compensation on each payroll, or, solely in respect of Consultants, invoice payment,
          date during the portion of the Offering Period that he or she is a Participant, subject to any limitations and restrictions pertaining to payroll, or, solely in respect of Consultants, accounts payable, deductions pursuant to applicable law and
          subject further to any decision of the Committee to change the maximum cap of the payroll, or, solely in respect of Consultants, accounts payable, deduction (i.e. 15%) whether in general or in respect of certain Offering Period(s), as determined
          by the Committee.  The amount of payroll, or, solely in respect of Consultants, accounts payable, deductions must be a whole percentage (e.g., 1%, 2%, 3%, etc.) of the Participant’s Compensation. The amount of payroll, or, solely in respect of
          Consultants, accounts payable, deductions may be adjusted to the extent determined necessary or appropriate by the Committee.

       

      (c)         Commencement of Payroll Deductions.  Except as otherwise determined by the Committee, payroll, or,
          solely in respect of Consultants, accounts payable, deductions shall commence with the earliest administratively practicable payroll, or, solely in respect of Consultants, invoice payment, date on or after the Entry Date with respect to which the
          Participant enrolls in accordance with Section 5, or is deemed to have elected continued participation in the Plan with respect to succeeding Offering Periods in accordance with Section 7(d).

       

      (d)         Automatic Continuation of Deductions for Succeeding Offering Periods.  Subject to Section 12(a),
          with respect to each succeeding Offering Period, a Participant shall be deemed (i) to have elected to participate in such immediately succeeding Offering Period (and, for purposes of such Offering Period, the Participant’s “Entry Date”
          shall be the first day of such succeeding Offering Period), and (ii) to have authorized the same payroll, or, solely in respect of Consultants, accounts payable, deduction for such immediately succeeding Offering Period as was in effect for the
          Participant immediately prior to the commencement of such succeeding Offering Period, unless such Participant elects otherwise prior to the Entry Date of such succeeding Offering Period, in accordance with Section 7(e) below or such
          Participant withdraws from the Plan in accordance with Section 12 hereof.

       

      (e)          Change of Deduction Election.  A Participant may not decrease or increase the rate of his or her
          payroll, or, solely in respect of Consultants, accounts payable, deductions during an Offering Period, unless otherwise determined by the Committee.  Using the authorization process designated for this purpose by the Company in accordance with Section

            5 above authorizing a change in the rate of payroll, or, solely in respect of Consultants, accounts payable, deductions, a Participant may decrease or increase the rate of his or her payroll, or, solely in respect of Consultants, accounts
          payable, deductions (within the limitations of Section 7(b) above) commencing with the first Offering Period that begins after the date of such authorization.  Additionally, a Participant may withdraw from an Offering Period as provided
          in Section 12(a) hereof.

       

      (f)          Automatic Changes in Deduction.  The Company may decrease a Participant who is an Employee rate of
          payroll, or, solely in respect of a Participant who is a Consultant, accounts payable, deductions, but not below zero percent, at any time during an Offering Period to the extent necessary to comply with Section 6(a) or, as determined by
          the Committee in its discretion.  Payroll, or, solely in respect of Consultants, accounts payable, deductions shall recommence at the rate provided in the Participant’s enrollment at the beginning of the first Offering Period beginning in the
          following calendar year, unless the Participant’s participation in the Plan terminates as provided in Section 12.

       

      (g)          Other Forms of Contributions Transfer. Notwithstanding any other provisions of the Plan to the
          contrary, where participation in the Plan through payroll, or, solely in respect of Consultants, accounts payable, deductions is prohibited or inapplicable (e.g., leave of absence that does not constitute a Terminating Event), the Committee may
          provide that an eligible Employee or Consultant may elect to participate through contributions to his or her account under the Plan in a form acceptable to the Committee (such as payment by cash, check, wire transfer or otherwise) in lieu of or
          in addition to payroll, or, solely in respect of Consultants, accounts payable, deductions, provided that such contributions are made prior to the Purchase Date of the respective Offering Period.

       

      
        5

        
          

      

      8.           Exercise of Options and Purchase of Shares.

       

      (a)         Exercise of Options.  On each Purchase Date, the option for the purchase of Shares of each
          Participant who has not withdrawn from the Plan shall be automatically exercised to purchase the number of whole Shares determined by dividing (i) the total amount of the accumulated Plan Contributions then credited to the Participant’s account
          under the Plan during the Offering Period and not previously applied toward the purchase of Shares by (ii) the Purchase Price, subject to the limitations in Section 6(a) and any other limitation in the Plan.

       

      (b)          Pro Rata Allocation of Shares.  If the aggregate number of
          Shares to be purchased by all Participants in the Plan on a Purchase Date exceeds the number of Shares available as provided in Section 13, the Company shall make a pro rata allocation of the remaining Shares in as uniform
          manner as practicable and as the Company determines to be equitable. Any fractional Share resulting from such pro rata allocation to any Participant shall be disregarded and shall not be issued.

       

      (c)          Delivery of Shares. As soon as practicable after each Purchase Date but in no event later than
          fourteen (14) days after the applicable Purchase Date, the Company shall arrange the delivery of the Shares purchased by each Participant on such Purchase Date to a broker designated by the Company that will hold such Shares for the benefit of
          each such Participant; provided that the Company may arrange the delivery to a Participant of a certificate representing such Shares. Shares to be delivered to a Participant under the Plan shall be registered in the name of the
          Participant.

       

      (d)          Return of Cash Balance. Any cash balance remaining in a Participant’s Plan account following any
          Purchase Date shall be refunded to the Participant as soon as practicable after such Purchase Date but in no event later than fourteen (14) days after the applicable Purchase Date.  However, if the cash balance to be returned to a Participant
          pursuant to the preceding sentence is less than the amount that would have been necessary to purchase an additional whole Share on such Purchase Date, the Company may arrange for the cash balance to be retained in the Participant’s Plan account
          and applied toward the purchase of Shares in the subsequent Offering Period, as the case may be.

       

      (e)          Tax Withholding. Any tax consequences arising from participation in the Plan, the issuance, sale or
          disposition of Shares or from any other event or act (including, without limitation, by the Company, and/or any Designated Subsidiary or any Participant) hereunder shall be borne solely by the relevant Participant. Without derogating from the
          generality of the foregoing, at the time a Participant’s option is granted or exercised, in whole or in part, or at the time a Participant disposes of some or all of the Shares he or she purchases under the Plan, the Participant shall make
          adequate provision for the federal, state, local, Israeli and other non-United States tax withholding obligations, if any, of the Company and/or the applicable Designated Subsidiary which arise upon grant or exercise of such option or upon such
          disposition of Shares, respectively. The Company and/or applicable Designated Subsidiary may, but shall not be obligated to: (i) pay all applicable federal, state, local, Israeli and other non-United States tax withholding taxes required by law
          to be withheld in respect of the options granted hereunder, by the sale of Shares purchased hereunder, in an amount reasonably determined by the Company to be sufficient to satisfy any such withholding tax required under applicable law; and/or
          (ii) withhold from the Participant’s compensation the amount necessary to meet such withholding obligations as it may deem necessary or appropriate. Furthermore, by receiving any benefit under the Plan, a Participant shall be deemed to agree to
          indemnify the Company and the Designated Subsidiaries and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation liabilities relating to the necessity to withhold,
          or to have withheld, any such tax from any payment or distribution made to such Participant.

       

      
        6

        
          

      

      (f)          Expiration of Option. Any portion of a Participant’s option remaining unexercised after the end of
          the Offering Period to which such option relates shall expire immediately upon the end of such Offering Period.

       

      (g)          Provision of Reports to Participants. Unless otherwise determined by the Committee, each Participant
          who has exercised all or part of his or her option under the Plan shall receive, as soon as practicable after the Purchase Date, a report of such Participant’s Plan account setting forth the total Plan Contributions accumulated prior to such
          exercise, the number of Shares purchased, the Purchase Price for such Shares, the date of purchase and the cash balance, if any, remaining immediately after such purchase that is to be refunded or retained in the Participant’s Plan account
          pursuant to Section 8(d).  The report pursuant to this Section may be delivered in such form and by such means, including by electronic transmission, as the Company may determine.

       

      9.           Deposit of Shares into ESPP Brokerage Account.  Notwithstanding any other provisions of the Plan
          to the contrary, the Company may require that the Shares purchased on behalf of each Participant under the Plan shall be deposited directly into a brokerage account which the Company may establish for the Participant at a Company-designated
          brokerage firm (such an account, the “ESPP Brokerage Account”).  A Participant may sell Shares held in his or her ESPP Brokerage Account at any time.

       

      10.          Designation of Beneficiary.

       

      (a)          Designation.  Unless otherwise determined by the Committee, a Participant may file with the Company
          (or a person or firm designated by the Committee) a written designation (in a form acceptable to the Committee) of a beneficiary who is to receive any Shares and/or cash, if any, otherwise deliverable from the Participant’s Plan account and/or
          ESPP Brokerage Account in the event of the Participant’s death prior to delivery to the Participant thereof, to the extent permitted and recognized by applicable law.

       

      (b)          Change of Designation; Absence of Designated Beneficiary.  A Participant’s beneficiary designation
          may be changed by the Participant at any time in the manner designated by the Company (or a person or firm designated by the Committee).  In the event of the death of a Participant and in the absence of a beneficiary validly designated under the
          Plan in accordance with applicable law who is living at the time of such Participant’s death, the Company (or a person or firm designated by the Committee) shall deliver such Shares and/or cash to the executor or administrator of the estate of
          the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company (or a person or firm designated by the Committee), in its discretion, may deliver such Shares and/or cash to the spouse or
          to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

       

      11.          Transferability.  Unless otherwise determined by the Committee, neither Plan Contributions
          credited to a Participant’s account nor any option or rights to exercise any option or receive Shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will or the laws of descent and
          distribution, or as provided in Section 10).  Any attempted such assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw in accordance with Section
            12(a).

       

      
        7

        
          

      

      12.          Withdrawal; Terminating Event.

       

      (a)          Withdrawal.  A Participant may withdraw from an Offering Period at any time by giving written notice
          to the Company (or a person or firm designated by the Committee) not later than 5:30 pm Israel time on the last withdrawal date that corresponds to the applicable Purchase Date set forth below:

       

      	
              Offering Period

            	
              Purchase Date

            	
              Last Withdrawal Date

            
	 	 	 
	
              June 1 – November 30

            	
              Last day of November

            	
              November 23

            
	
              December 1 – May 31

            	
              Last day of May

            	
              May 24

            

       

      Payroll, or, solely in respect of Consultants, accounts payable, deductions, if any have been authorized, shall cease as soon as administratively practicable after receipt by the
        Company of the Participant’s notice of withdrawal, in a form as prescribed by the Company, and, subject to administrative practicability, no further purchases shall be made for the Participant’s account.  All Plan Contributions credited to such
        Participant’s account, if any, and not yet used to purchase Shares, shall be returned to the Participant as soon as administratively practicable after receipt of the Participant’s notice of withdrawal (but in no event more than fourteen (14) days
        thereafter).  Such Participant’s unexercised options to purchase Shares pursuant to the Plan shall be automatically terminated.  Payroll, or, solely in respect of Consultants, accounts payable, deductions will not resume on behalf of a Participant
        who has withdrawn from the Plan (a “Former Participant”) unless the Former Participant enrolls in a subsequent Offering Period in accordance with Section 5 and subject to the restriction provided in Section 12(b), below.

       

      (b)          Effect of Withdrawal on Subsequent Participation.  A Former Participant who has withdrawn from the
          Plan pursuant to Section 12(a) and who is an eligible Participant pursuant to Section 3, shall be eligible to participate in the Plan at the beginning of the next Offering Period following the date the Former Participant withdrew,
          and the Former Participant must submit a new enrollment in accordance with Section 5 in order to again become a Participant.

       

      (c)          Terminating or Transfer Event.  If a Participant has a Terminating Event, (i) such Participant may
          not make further Plan Contributions, (ii) any amount of cash then credited to his or her Plan account shall be promptly returned to such Participant following the date of such Terminating Event, (iii) the Participant will not be permitted to
          purchase Shares under this Plan on the Purchase Date that follows such Terminating Event, and (iv) all Shares held in such Participant’s ESPP Brokerage Account shall continue to be held in such ESPP Brokerage Account unless the Participant sells
          or transfers such Shares. For the avoidance of doubt, unless determined otherwise by the Committee, in the event that the employment or other service relationship of a Participant is transferred from the Company or a Designated Subsidiary, and
          such Participant becomes an employee or a consultant, of a Designated Subsidiary or the Company, such transfer of the Participant shall not constitute a Terminating Event. The Committee may establish rules to govern transfers of employment
          between the Company and the Designated Subsidiary and vis versa.

       

        

      13.          Shares Issuable under the Plan.

       

      (a)          Number of Shares.  Subject to adjustment as provided in Section 13(b), the maximum number of
          Shares that may be issued under the Plan in the aggregate shall be 600,000.  Such Shares issuable under the Plan may be authorized and unissued shares (which will not be subject to preemptive rights), Shares held in treasury by the Company,
          Shares repurchased by the Company on the open market or by private purchase or any combination of the foregoing.  Any Shares issued under the Plan shall reduce on a Share-for-Share basis the number of Shares available for subsequent issuance
          under the Plan.  If an outstanding option under the Plan for any reason expires or is terminated or cancelled, the Shares allocable to the unexercised portion of such option shall again be available for issuance under the Plan.

       

      (b)          Adjustments Upon Changes in Capitalization; Company Transactions.

       

      i.          If the outstanding Shares are increased or decreased, or are changed into or are exchanged for a different
          number or kind of shares, including as a result of one or more mergers, reorganizations, restructurings, recapitalizations, reclassifications, stock splits, reverse stock splits, stock dividends or the like, or there occurs a separation, spin-off
          or other distribution of stock or property (including any extraordinary dividend, but excluding any ordinary dividends) affecting the Company, then appropriate adjustments shall be made to the number and/or kind of shares available for issuance
          in the aggregate under the Plan and under each outstanding option under the Plan and to the Purchase Price thereof, in each case as determined by the Committee, in its discretion, and the Committee’s determination shall be conclusive.

       

      
        8

        
          

      

      ii.         In the event of any proposed dissolution or liquidation of the Company, immediately prior to the
          consummation of such proposed action, any outstanding Offering Period will terminate, and any Shares held in ESPP Brokerage Accounts, and all Plan Contributions credited to Participant Plan accounts and not used to purchase Shares, shall be
          distributed to each applicable Participant, unless otherwise provided by the Committee.

       

      iii.        In the event of sale of all or substantially all of the Company’s assets, or a merger, amalgamation,
          consolidation, acquisition or sale or exchange of shares or similar event affecting the Company as aforesaid (each, a “Company Transaction”), then, as determined by the Committee, in its discretion, which determination shall be conclusive,
          either:

       

      (A)         each option under the
            Plan shall be assumed or an equivalent option shall be substituted by the Company’s successor corporation or a parent corporation of such successor corporation, unless the Committee determines, in the exercise of its discretion, and in lieu of
            such assumption or substitution, to shorten the Offering Period then in progress by setting a new Purchase Date (the “New Purchase Date”).  If the Committee shortens the Offering Period then in progress in lieu of assumption or substitution in the event of a Company Transaction, the Company shall notify each Participant in writing, prior to the
            New Purchase Date, that the Purchase Date for such Participant’s option has been changed to the New Purchase Date, and that such Participant’s option will be exercised automatically on the New Purchase Date, unless prior to such date the
            Participant has withdrawn from the Plan as provided in Section 12(a).  For purposes of this Section 13(b), an option granted under the Plan shall be deemed to have been assumed if, following the Company
            Transaction, the option confers the right to purchase, for each Share subject to the option immediately prior to the Company Transaction, the consideration (whether shares, cash or other securities or property) received in the Company
            Transaction by holders of Shares for each Share held on the effective date of the Company Transaction (and if such holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
            Shares); provided, that if the consideration received in the Company Transaction was not solely common
            stock or Shares of the successor corporation or its parent corporation, the Committee may, with the consent of the successor corporation, provide for the consideration to be received upon exercise of the option to be solely common stock of the
            successor corporation or its parent corporation equal in fair market value to the per share consideration received by the holders of Shares in the Company Transaction; or

       

      (B)         the Plan shall
            terminate, and any Shares held in ESPP Brokerage Accounts and all the Plan Contributions credited to Participant Plan accounts and not yet used to purchase Shares, shall be distributed to each applicable Participant.

       

      iv.        In all cases, the Committee shall have discretion to exercise any of the powers and authority provided under
          this Section 13, and the Committee’s actions hereunder shall be final and binding on all Participants.  No fractional shares shall be issued under the Plan pursuant to any adjustment authorized under the provisions of this Section 13.

       

      14.          Administration.  The Plan shall be administered by the Committee.  The Committee shall have all
          authority that may be necessary or helpful to enable it to discharge its responsibilities with respect to the Plan.  Without limiting the generality of the foregoing sentences of this Section 14, subject to the express provisions of the
          Plan, the Committee shall have full and exclusive discretionary authority to interpret and construe any and all provisions of the Plan and any agreements, forms, and instruments relating to the Plan; prescribe the forms and manner of any
          agreements, forms, and instruments, and all enrollment, designation or communication, relating to the Plan; determine eligibility to participate in the Plan; adopt rules and regulations for administering the Plan; adjudicate and determine all
          disputes arising under or in connection with the Plan; determine whether a particular item is included in “Compensation;” establish the exchange ratio applicable to amounts withheld in a currency other than United States dollars, retain and
          engage such third parties as it shall determine to assist with the administration of the Plan and make all other determinations necessary or advisable for the administration of the Plan.  All decisions, actions and determinations by the Committee
          with respect to the Plan; any agreement, form or instrument relating to the Plan; or any operation or administration of the Plan shall be final, conclusive and binding on all persons.  Subject to applicable laws, rules, and regulations, the
          Committee may, in its discretion, from time to time, delegate all or any part of its responsibilities and powers under the Plan to any employee or group of employees of the Company or any Subsidiary, and revoke any such delegation. 
          Notwithstanding the foregoing, the Board, in its absolute discretion, may at any time and from time to time exercise any and all rights, duties and responsibilities of the Committee under the Plan, including, but not limited to, establishing
          procedures to be followed by the Committee. 

       

        

      
        9

        
          

      

      15.          Amendment, Suspension, and Termination of the Plan.

       

      (a)          Amendment of the Plan.  The Board or the Committee may at any time, or from time to time, amend the
          Plan in any respect; provided that except as otherwise provided by Section 4(b) or Section 13(b), or to comply with any applicable law, regulation or rule, including rules, regulations and bylaws of any stock exchange on
          which the Company’s shares are listed for trading, any such amendment will become effective immediately following the close of any Offering Period then in effect.

       

      (b)          Suspension of the Plan.  The Board or the Committee may, at any time, suspend the Plan; provided that

          the Company shall provide notice to the Participants prior to the effectiveness of such suspension.  The Board or the Committee may resume the operation of the Plan following any such suspension; provided that the Company shall provide
          notice to the Participants prior to the date of termination of the suspension period.  A Participant shall remain a Participant in the Plan during any suspension period (unless he or she withdraws pursuant to Section 12(a)), however no
          options shall be granted or exercised, and no payroll deductions shall be made in respect of any Participant during the suspension period.

       

      (c)          Termination of the Plan.  The Plan and all rights of Participants hereunder shall terminate on the
          earliest of:

       

      i.          the Purchase Date at which Participants become entitled to purchase a number of Shares greater than the
          number of Shares remaining available for issuance under the Plan pursuant to Section 13;

       

      ii.         such date as is determined by the Board in its discretion; or

       

        

      iii.        the last Purchase Date immediately preceding the tenth (10th) anniversary of the Effective Date.

       

      Notwithstanding the foregoing to the contrary, (i) the Board may at any time, with notice to Participants, terminate an Offering Period then in progress and provide, in its
        discretion, that the outstanding balance of Plan Contributions credited to Participant Plan accounts and not yet used to purchase Shares shall either be (x) used to purchase Shares on an early Purchase Date established by the Board, or (y)
        distributed to the applicable Participants, and (ii) upon any termination of the Plan, any Offering Period then in progress shall be treated as may be determined by the Board in accordance with clause (i) of this sentence, and any Shares held in
        ESPP Brokerage Accounts shall be distributed to the applicable Participants.

       

      16.          Miscellaneous.

       

      (a)          Notices.  All notices or other communications by a Participant to the Company under or in connection
          with the Plan shall be in writing and shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person or agent, designated by the Company for the receipt thereof.

       

      
        10

        
          

      

      (b)          Expenses of the Plan.  All costs and expenses incurred in administering the Plan shall be paid by
          the Company or a Designated Subsidiary, except that any stamp duties or transfer taxes applicable to participation in the Plan may be charged to the account of such Participant by the Company.

       

      (c)          Rights of Participants.

       

      i.          Rights or Claims.  No person shall have any rights or claims under the Plan except in accordance with
          the provisions of the Plan and any applicable agreement thereunder.  The liability of the Company or any Designated Subsidiary under the Plan is limited to the obligations expressly set forth in the Plan, and no term or provision of the Plan may
          be construed to impose any further or additional duties, obligations, or costs on the Company, any Designated Subsidiary or any other affiliate thereof or the Board or the Committee not expressly set forth in the Plan.  The grant of any option
          under the Plan shall not confer any rights upon the Participant holding such option other than such terms, and subject to such conditions, as are specified in the Plan as being applicable to such option, or to all options.  Without limiting the
          generality of the foregoing, neither the existence of the Plan nor anything contained in the Plan or in any agreement thereunder shall be deemed to:

       

      	 	
              (A)

            	
              give any Participant the right to be retained in the service of the Company or any Designated Subsidiary, whether in any
                particular position, at any particular rate of compensation, for any particular period of time or otherwise;

            

       

      	 	
              (B)

            	
              restrict in any way the right of the Company or any Designated Subsidiary to terminate, change or modify any Participant’s employment or
                consulting relationship at any time with or without cause;

            

       

      	 	
              (C)

            	
              constitute a contract of employment between the Company or any Designated Subsidiary and any Employee, nor shall it constitute a right to remain
                in the employ of the Company or any Designated Subsidiary;

            

       

      	 	
              (D)

            	
              give any Employee or Consultant of the Company or any Designated Subsidiary the right to receive any bonus, whether payable in cash or in Shares,
                or in any combination thereof, from the Company and/or a Designated Subsidiary, nor be construed as limiting in any way the right of the Company and/or a Designated Subsidiary to determine, in its discretion, whether or not it shall pay any
                Employee or Consultant bonuses, and, if so paid, the amount thereof and the manner of such payment; or

            

       

      	 	
              (E)

            	
              give any Employee or Consultant any rights whatsoever with respect to any Share options except as specifically provided in the Plan and any
                applicable agreement thereunder.

            

       

      ii.         Options.  Notwithstanding any other provision of the Plan, a Participant’s right or entitlement to
          purchase any Shares under the Plan shall only result from continued employment, or other service relationship, with the Company or any Designated Subsidiary.

       

      iii.        No Effects on Benefits; No Damages.  Any compensation received by a Participant under an option is
          not part of any (1) normal or expected compensation or salary for any purpose, as an employee or otherwise; (2) termination, indemnity, severance, resignation, redundancy, end of service payments; (3) bonuses; (4) long-service awards; (5) pension
          or retirement benefits; or (6) similar payments under any laws, plans, contracts, policies, programs, arrangements or otherwise, in each case, otherwise payable or provided to such Participant.  A Participant shall, by participating in the Plan,
          waive any and all rights to compensation or damages in consequence of termination of employment of such Participant for any reason whatsoever, whether lawfully or otherwise, insofar as those rights arise or may arise from such Participant ceasing
          to have rights under the Plan as a result of such termination of employment, or from the loss or diminution in value of such rights or entitlements, including by reason of the operation of the terms of the Plan or the provisions of any statute or
          law relating to taxation.  No claim or entitlement to compensation or damages arises from the termination of the Plan or diminution in value of any option or Shares purchased under the Plan.

       

      
        11

        
          

      

      iv.        No Effect on Other Plans.  Neither the adoption of the Plan nor anything contained herein shall
          affect any other compensation or incentive plans or arrangements of the Company or any Designated Subsidiary, or prevent or limit the right of the Company or any Designated Subsidiary to establish any other forms of incentives or compensation for
          their employees or grant or assume options or other rights otherwise than under the Plan.

       

      (d)          Participants Deemed to Accept Plan.  By accepting any benefit under the Plan, each Participant and
          each person claiming under or through any such Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the
          Board, the Committee or the Company, in any case in accordance with the terms and conditions of the Plan.

       

      (e)          Uncertificated Shares.  To the extent that the Plan provides for issuance of certificates to reflect
          the transfer of Shares, the transfer of such Shares may nevertheless be affected on an uncertificated basis, to the extent not prohibited by applicable law or the rules, regulations and bylaws of any stock exchange.  Notwithstanding any contrary
          Plan provisions prescribing the manner and form in which share certificates may be issued and/or Shares may be held by or on behalf of Participants, the Company and any affiliate thereof shall have the right to make such alternative arrangements
          as they may, in their discretion, determine, and which may include the transfer of Shares and/or the issue of share certificates to any nominee or trust or other third party arrangement established for the benefit in whole or in part of
          Participants.

       

      (f)          Governing Law. The Plan shall be governed by the laws of the State of Israel, excluding any
          conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.  Participants are deemed to submit to the exclusive jurisdiction and venue of the
          courts in Tel-Aviv, Israel, to resolve any and all issues that may arise out of or relate to the Plan or any related document.

       

      (g)          No Constraint on Corporate Action.  Nothing contained in the Plan shall be construed to prevent the
          Company or any Designated Subsidiary from taking any corporate action (including the Company’s right or power to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge or consolidate, or
          dissolve, liquidate, sell, or transfer all or any part of its business or assets) which is deemed by it to be appropriate, or in its best interest, whether or not such action would have an adverse effect on the Plan, or any rights awarded
          Participants under the Plan.  No employee, consultant, beneficiary, or other person, shall have any claim against the Company or any Designated Subsidiary as a result of any such action.

       

      (h)          Section 16.  The provisions and operation of the Plan are intended to result in no transaction under
          the Plan being subject to (and not exempt from) the rules of Section 16 of the Securities Exchange Act of 1934, as amended, to the extent such rules are or become applicable to the Company.

       

      (i)          Requirements of Law; Limitations on Awards.

       

      i.        The Plan, the granting, acceptance and exercise of options and the issuance of Shares under the Plan and the
          Company’s obligation to sell and deliver Shares upon the exercise of options to purchase Shares shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges
          as may be required.

       

      
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      ii.         If at any time the Committee shall determine, in its discretion, that the listing, registration and/or
          qualification of Shares upon any securities exchange or under any state, Federal or non-United States law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the
          sale or purchase of Shares hereunder, the Company shall have no obligation to allow the grant or exercise of any option under the Plan, or to issue or deliver evidence of title for Shares issued under the Plan, in whole or in part, unless and
          until such listing, registration, qualification, consent and/or approval shall have been effected or obtained, or otherwise provided for, free of any conditions not acceptable to the Committee.

       

      iii.        If at any time counsel to the Company shall be of the opinion that any sale or delivery of Shares pursuant
          to an option is or may be in the circumstances unlawful or result in the imposition of excise taxes on the Company, any Designated Subsidiary or any affiliate respectively thereof under the statutes, rules or regulations of any applicable
          jurisdiction, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the United States Securities Act of 1933, as amended, or otherwise
          with respect to Shares or options, and the right to exercise any option under the Plan shall be suspended until, in the opinion of such counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the
          Company, any Designated Subsidiary or any such affiliate.

       

      iv.        Upon termination of any period of suspension under Section 16(i)(iii), any option affected by such
          suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to the Shares which would otherwise have become available during the period of such suspension, but no
          suspension shall extend the term of any option.

       

      v.         The Committee may require each person receiving Shares in connection with any option under the Plan to
          represent and agree with the Company in writing that such person is acquiring such Shares for investment without a view to the distribution thereof, and/or provide such other representations and agreements as the Committee may prescribe.  The
          Committee, in its absolute discretion, may impose such restrictions on the ownership and transferability of the Shares purchasable or otherwise receivable by any person under any option as it deems appropriate.  Any such restrictions may be set
          forth in the applicable agreement, and the certificates evidencing such shares may include any legend that the Committee deems appropriate to reflect any such restrictions.

       

      (j)          Data Protection.  By participating in the Plan, each Participant consents to the collection,
          processing, transmission and storage by the Company and any Designated Subsidiary, in any form whatsoever, of any data of a professional or personal nature which is necessary for the purposes of administering the Plan.  The Company and any
          Designated Subsidiary may share such information with any affiliate thereof, any trustee, its registrars, brokers, other third-party administrator or any person who obtains control of the Company or any Designated Subsidiary or any affiliate
          respectively thereof, or any division respectively thereof.

       

      (k)          Electronic Delivery.  Any reference in the Plan or any related agreement to an agreement, document,
          statement, instrument or notice, whether written or otherwise, will include any agreement, document, statement, instrument or notice delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the
          Company’s SharePoint (or similar site).

       

      (l)          Drafting Context; Captions.  Except where otherwise indicated by the context, any masculine term
          used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.  The word “Section” herein shall refer to provisions of the Plan, unless expressly indicated otherwise. The words
          “include,” “includes,” and “including” herein shall be deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words of similar import, unless the context otherwise requires.  The headings and
          captions appearing herein are inserted only as a matter of convenience. They do not define, limit, construe, or describe the scope or intent of the provisions of the Plan.

       

      
        13

        
          

      

      (m)         Rules for Israeli and Other Jurisdictions.

       

      i.         With respect to Employees employed in Israel, the Plan may qualify, in the discretion of the Company, under
          any tax route of Section 102 of the Israeli Tax Ordinance (as amended) and/or under any tax ruling given in this matter by the Israeli tax authorities (if any).  Notwithstanding any other provision of the Plan, the grant of options and issuance
          of Shares hereunder is subject to any rules, regulations and limitations of applicable law resulting from the tax route elected by the Company or as promulgated by such tax ruling (if any).  As a condition for grant of options and issuance of
          Shares hereunder, a Participant shall execute any document and assume any obligation required by the Company in order to comply with such rules, regulations and limitations, including any trust arrangement (if applicable).

       

      ii.        The Committee may adopt rules or procedures relating to the operation and administration of the Plan to
          accommodate the specific requirements of local laws and procedures.  Without limiting the generality of the foregoing, the Committee is specifically authorized, in its discretion, to adopt rules and procedures regarding the exclusion of
          particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding
          procedures, establishment of bank or trust accounts to hold payroll deductions or contributions, determination of beneficiary designation requirements, and handling of share certificates which vary with local requirements.  The Committee may also
          adopt sub-plans applicable to particular Designated Subsidiaries, locations or classes of Employees.  The rules of any such sub-plans shall take precedence over other provisions of the Plan, but unless otherwise superseded by the terms of such
          sub-plan, the provisions of the Plan shall govern the operation of such sub-plan.

       

      (n)          Section 409A.  The Plan and the options granted pursuant to Offerings thereunder are intended to
          comply with Section 409A. Notwithstanding any provision of the Plan to the contrary, if the Committee determines that any option granted under the Plan may be or become subject to Section 409A or that any provision of the Plan may cause an option
          granted under the Plan to be or become subject to Section 409A, the Committee may adopt such amendments to the Plan and/or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any
          other actions as the Committee determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, either through compliance with the requirements of Section 409A or with an available exemption therefrom.

      
        

        

        
           

          

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