Document:

EX-10.9

 Exhibit 10.9 
 SECOND AMENDED AND RESTATED INDEMNIFICATION AND 
 EXEMPTION AGREEMENT

 This Second Amended and Restated Indemnification Agreement (“Agreement”) is effective as of
                        , by and between Evogene Ltd., a company incorporated under the laws of the State of Israel, with its
principal offices at 13 Gad Finstein Street, Rehovot, Israel (the “Company”), and                         
(“Indemnitee”), residing at the address set forth beneath Indemnitee’s signature to this Agreement. 
 WHEREAS, the
Company and Indemnitee recognize the difficulty in obtaining full and adequate liability insurance for directors and other office holders, as such term is defined in the Israeli Companies Law, 1999, as may be amended from time to time (the
“Companies Law”) (collectively “Office Holders”), the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance; 

WHEREAS, the Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting Office Holders to expensive
litigation risks at the same time as the availability and coverage of liability insurance have been severely limited; 
 WHEREAS, the Company
desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and, in part, in order to induce Indemnitee to continue to provide services to the Company, wishes to provide for the
indemnification and advancement of expenses to Indemnitee and to exempt Indemnitee from liability to the Company, to the extent permitted by law; and 
 WHEREAS, in view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and exempted by the Company, all as set forth herein; 

NOW, THEREFORE, the Company and Indemnitee hereby agree as follows: 
  

	1.	UNDERTAKING TO INDEMNIFY 

The Company shall indemnify Indemnitee, subject to applicable law and subject to the limitations and terms set forth herein, if Indemnitee
becomes a party to: (i) any action or suit (whether civil, criminal, administrative) or proceeding (other than events detailed in clause (ii) hereof) or alternative dispute resolution mechanism (each hereinafter a “Suit”);
or (ii) any hearing, inquiry or investigation (whether 

 
criminal or administrative) held by a competent governmental authority (each an “Inquiry Procedure”) which Indemnitee, in good faith, believes might lead to the institution of a
Suit (a Suit or an Inquiry Procedure hereinafter a “Claim”), by reason of any Indemnifiable Event (as defined below) against any and all: 
 (w) court judgments in favor of a third party (excluding the Company or a subsidiary of the Company, directly or by way of a derivative action), including such judgments confirming arbitration awards, and
amounts paid to a third party (excluding the Company or a subsidiary of the Company, directly or by way of a derivative action) in settlement, whether by way of mediation or otherwise (provided that such settlement or arbitration award is confirmed
by a court decision); 
 (x) reasonable expenses, including attorneys’ fees, actually incurred by Indemnitee or charged
against Indemnitee by a court of law in connection with defending, or preparing to defend, any civil Suit initiated against Indemnitee by the Company (including by way of derivative action) or a third party, or in defending or preparing to defend
against a criminal charge from which Indemnitee was acquitted, or against a criminal charge which does not require proof of criminal thought (“Mens Rea”) of which Indemnitee was convicted; 

(y) reasonable expenses, including attorneys’ fees, actually incurred by Indemnitee in connection with an Inquiry Procedure which
has Terminated Without the Filing of an Indictment (as such term is defined in the Companies Law) and without the Imposition on the Indemnitee of a Monetary Obligation in Lieu of a Criminal Prosecution (as such term is defined in the Companies Law),
or which has Terminated Without the Filing of an Indictment (as such term is defined in the Companies Law) and with the Imposition on the Indemnitee of a Monetary Obligation in Lieu of a Criminal Prosecution (as such term is defined in the Companies
Law) of a felony which does not require proof of criminal thought (“Mens Rea”) or in connection with a monetary penalty; and 
 (z) payments which Indemnitee is obligated to make to an injured party as set forth in Section 52(54)(a)(1)(a) of the Israeli Securities Law, 1968, as may be amended from time to time (the
“Securities Law”), and expenses incurred by Indemnitee in connection with a proceeding under Chapters H’3, H’4, or I’1 of the Securities Law, or under Sign D in Chapter 4 of the 9th Part of the Companies Law, including reasonable litigation expenses,
including attorneys’ fees. 
 Indemnifiable expenses under Sections 1(x), (y) and (z) above are collectively referred
to as “Expenses.” Expenses and indemnifiable amounts under Sections 1(w) and 1(z) are collectively referred to as the “Indemnification Amount”. 

Such payments of an Indemnification Amount, excluding any Expense Advances in accordance with Section 4 below, shall be made by the
Company as soon as practicable but in any event no later than thirty (30) days after written demand by Indemnitee therefor is presented to the Company, accompanied by reasonable written evidence that Indemnitee is being asked to pay such
Indemnification Amount. 
  

	2.	INDEMNIFIABLE EVENTS 

 For the purpose of this Agreement, an “Indemnifiable Event” shall mean any event or occurrence falling within any one or more of the categories set forth in Annex A to this
Agreement and related to any action or inaction on the part of Indemnitee in his capacity as an Office Holder of the Company, including any occurrence as aforesaid related to the Office Holder serving or having served, at the request of the Company,
as an employee, consultant, agent, director or other Office Holder of any subsidiary of the Company. 

  

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	3.	LIMIT AMOUNT 

 Any indemnification hereunder shall be made by the Company, provided that the total amount of indemnification that the Company undertakes towards all the Company’s directors, observers and
officers whom the Company has resolved to indemnify from time to time (the “Indemnifiable Persons”), jointly and in the aggregate, shall not exceed an amount equal to 25% (twenty five percent) of the Company’s
Shareholder’s Equity, as shall be set forth in the most recently published financial statements of the Company prior to the date of payment (the “Limit Amount”). If the Limit Amount is insufficient to cover all the
Indemnification Amounts payable with respect to all Indemnifiable Persons, then such amount shall be allocated to such Indemnifiable Persons pro rata according to the respective percentages of their culpability, as finally determined by a court in
the relevant Claim, or, absent such determination or in the event such persons are parties to different Claims, based on an equal pro rata allocation among such Indemnifiable Persons. 

 

	4.	ADVANCEMENT OF EXPENSES 

Subject to applicable law and to the other provisions of this Agreement, including the provisions of Section 3 above, the Company shall
advance all reasonable Expenses incurred by Indemnitee in connection with a Claim relating to an Indemnifiable Event (an “Expense Advance”). Any Expense Advance to be made hereunder shall be paid by the Company to Indemnitee as soon
as practicable, but in any event not later than thirty (30) days following Indemnitee’s written demand to the Company, setting forth in reasonable detail the facts of the Claim in connection with which such indemnification is sought and
accompanied by appropriate reasonable written evidence that Indemnitee is being asked to pay such Expenses. As part of the aforementioned undertaking, the Company will make available to Indemnitee any security or guarantee that Indemnitee may be
required to post in accordance with an interim decision given by a court or an arbitrator in connection with a Claim relating to an Indemnifiable Event, including for the purpose of substituting liens imposed on Indemnitee’s assets; such
security or guarantee amount to be deemed included within the Limit Amount, for as long as it is outstanding. 
 The obligation
of the Company to make an Expense Advance pursuant to this Section 4 shall be subject to the condition that, in the event that any such Expense Advance should not have been advanced to Indemnitee under applicable law, the terms and conditions of
this Agreement and/or the Company’s Articles of Association, then in effect, Indemnitee shall reimburse the Company in respect of all such amounts theretofore paid, within sixty (60) days of receipt of a written demand by the Company to
such an effect and Indemnitee hereby agrees and undertakes to reimburse the Company for all such amounts as aforesaid. 

  

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	5.	REVIEWING PARTY 

 Subject to applicable law, the Company’s determination to make indemnification hereunder, in each specific case, shall be made (1) by a majority vote of the directors of the Company’s Board
of Directors who are not parties to the particular Claim for which Indemnitee is seeking indemnification and are not otherwise prohibited from participating in such determination (the “Disinterested Directors”); (2) by a
committee of Disinterested Directors designated by majority vote of the Disinterested Directors; (3) in the event that a quorum for a determination by members of the Company’s Board of Directors does not exist, by such number of
Disinterested Directors (or Disinterested Director), and such determination shall be deemed as an act of a committee of the Company’s Board of Directors, which committee has been established by virtue of the approval of this Agreement by the
Company’s Board of Directors, or such an act shall be deemed a delegation of powers by the Board of Directors to a Board committee, appointed by virtue of such approval; (4) if there are no Disinterested Directors, by the then serving
Chief Executive Officer of the Company, provided that he or she is not a party to the particular Claim for which Indemnitee is seeking indemnification or otherwise prohibited from participating in such determination, and such determination
shall be deemed as a delegation of powers by the Board of Directors to a Board committee, appointed by virtue of such approval; (5) if the then serving Chief Executive Officer is prohibited as aforesaid from making such determination, by the
shareholders (any of the directors of the Company or the then serving Chief Executive Officer shall be entitled to convene a General Meeting of the shareholders of the Company to that effect); or (6) at the shareholders’ discretion, by a
committee of up to three (3) members who are not parties to the particular Claim for which Indemnitee is seeking indemnification or otherwise prohibited from participating in such determination, designated by the shareholders in accordance with
clause (5) hereof. 
 Indemnitee does not, for the removal of doubt, waive or limit any right he may have to be indemnified
hereunder even if the Company decides, by said procedure, that Indemnitee is not entitled to be indemnified hereunder. 
  

	6.	NOTICE; COOPERATION BY INDEMNITEE 

Indemnitee shall have the right and duty to defend and contest any Claim. Indemnitee shall, as a condition precedent to Indemnitee’s
right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which Indemnification will or could be sought under this Agreement; provided, however,
that any failure to provide such notice shall not affect Indemnitee’s rights to indemnification hereunder unless and to the extent such failure to provide notice prejudices the Company’s right to defend against such action. Notice to the
Company shall be directed to the Chief Executive Officer of the Company at the address shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee), or if Indemnitee is then the Chief
Executive Officer of the Company, such notice shall be directed to the Chairman of the Company’s Board of Directors, at the same address. In addition, Indemnitee shall give the Company all information and full cooperation as it may reasonably
require and as shall be within Indemnitee’s power. Without derogating 

  

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from the Company’s right to take over the defense of any Claim under Section 8 below, and except in connection with a Claim made by the Company directly or by way of a derivative action, the
Company shall have the right to effectively associate with Indemnitee in the defense and settlement of any Claim that indemnification hereunder is likely to be sought therefor, including but not limited to the right to select a counsel and to
effectively associate in the negotiations of any settlement. 
 The Company will have no liability or obligation pursuant to
this Agreement to pay any Indemnification Amount for any amount expended or financial obligation incurred by Indemnitee pursuant to any compromise or settlement agreement reached in any civil suit, demand or other proceeding as aforesaid without the
Company’s consent to such compromise or settlement. 
  

	7.	NOTICE TO INSURERS 

If at the time Indemnitee learns of any Claim or has reasonable grounds to believe that such Claim might be filed against him, the Company
has liability insurance in effect which may cover such Claim, the Company shall give notice of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company and Indemnitee shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Claim in accordance with the terms of such policies. 

 

	8.	SELECTION OF COUNSEL 

Except in connection with a Claim made by the Company directly or by way of a derivative action, in the event that the Company shall be
obligated hereunder to pay any Indemnification Amounts, the Company shall be entitled to assume the defense or negotiations, as the case may be, of such Claim upon the delivery to Indemnitee of written notice of its election to do so. After delivery
of such notice, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Claim. The Company shall have the right to conduct such defense as it sees fit in
its sole and absolute discretion, including the right to settle any claim against Indemnitee without the consent of Indemnitee; provided that any such settlement shall (i) include a complete release and discharge of Indemnitee;
(ii) not contain any admittance of wrongdoing by Indemnitee; (iii) not impose any unindemnified amount upon Indemnitee and (iv) impose a monetary penalty only. 

 

	9.	SCOPE 

 In the event of any change after the date of this Agreement of any applicable law, statute or rule which narrows the right to indemnify an Office Holder, such change, to the extent not otherwise required
by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 

  

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	10.	NO DUPLICATION OF PAYMENTS 

The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the
extent Indemnitee has otherwise actually received payment (under any insurance policy, payment made by a subsidiary of the Company, the Articles of Association of the Company, as amended, the plaintiff or otherwise) of the amounts otherwise
Indemnifiable hereunder (such amounts “Additional Payments”), except for the difference, if any, between the Additional Payments and the total Indemnification Amount incurred by Indemnitee in connection with such Claim. To the
extent that Indemnitee has received any Additional Payment, subsequent to receipt of an Indemnification Amount from the Company in accordance with this Agreement, Indemnitee shall immediately and in any event no later than seven (7) days
subsequent to receipt of the Additional Payment, advise the Company of its receipt. For the avoidance of doubt, Indemnitee shall promptly reimburse the Company for all Indemnification Amounts which, in accordance with this Section 10, the Company is
not liable for, whether such amounts were paid to Indemnitee prior or after receipt by Indemnitee of any Additional Payments. For the avoidance of doubt, the provisions of this Section 10 shall not derogate from any right the Company may have under
any insurance policy providing coverage to Indemnitee and/or the Company upon the occurrence of an Indemnifiable Event. 
  

	11.	PARTIAL INDEMNIFICATION 

 If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of the Indemnification Amounts accrued in connection with any Claim, but not, however, for
the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such amount to which Indemnitee is entitled. 
  

	12.	EXEMPTION 

 Without derogating from any exemption made, if made, by the Company prior to the date this Agreement becomes effective (the “Effective Date”), subject to applicable law and subject to the
limitations set forth herein, the Company hereby exempts and releases Indemnitee from any and all liability to the Company related to any breach by Indemnitee of his duty of care to the Company from the Effective Date and thereafter, except however
that the aforesaid exception shall not apply to the breach by Indemnitee of his duty to exercise care in connection with a Distribution, as such term is defined in the Companies Law. 

 

	13.	EXCEPTIONS 

 Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement: 

 

	 	13.1.	 Excluded Acts and Omissions. To indemnify or exempt Indemnitee from or against any liability arising out of (i) Indemnitee’s breach of
fiduciary duty to the Company, except, to the extent permitted by law, 

  

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for a breach of Indemnitee’s duty of loyalty towards the Company or any subsidiary thereof while acting in good faith and having reasonable basis to assume that such action would not
prejudice the best interests of the Company or any subsidiary thereof; (ii) intentional or reckless breach by Indemnitee of his duty of care (the aforesaid exception not to include in any event – negligence of the Indemnitee); (iii) an action
taken with the intention to unlawfully gain a personal profit or advantage; (iv) any fine, civil fine, monetary penalty or administrative pecuniary punishment (“kofer”) imposed on Indemnitee; and (v) the commitment of any
fraudulent act as may be established through a final judgment or any admission by Indemnitee that the fraudulent event did in fact occur; 

  

	 	13.2.	Claims Initiated by Indemnitee. To indemnify Indemnitee with respect to Claims initiated or brought by Indemnitee, including any counter Claim brought by
Indemnitee against the Company or a subsidiary of the Company; 

  

	 	13.3.	Claims Under Section 16(b). To indemnify Indemnitee for expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities
in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, to the extent such Section shall apply to the Company, or any similar successor or Israeli statute; or 

 

	 	13.4.	Monetary Penalty pursuant to the Israeli Securities Law. To indemnify Indemnitee for any monetary penalty imposed on Indemnitee pursuant to the Securities Law.

  

	14.	COUNTERPARTS 

 This Agreement may be executed in one or more counterparts, each of which shall constitute an original. 
  

	15.	BINDING EFFECT; SUCCESSORS AND ASSIGNS 

This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors,
assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall
require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. In order to remove any doubt,
Indemnitee hereby irrevocably consents to the assignment of this Agreement to such successor. 

  

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	16.	NOTICE 

 All notices and other communications required or permitted hereunder shall be (1) in writing; (2) addressed, if to Indemnitee, at Indemnitee’s address as set forth beneath Indemnitee’s
signature to this Agreement and if to the Company, at the address of its principal corporate offices or at such other address as such party may designate by ten (10) days’ advance written notice to the other party hereto; and
(3) effective when given and shall in any event be deemed to be given: (i) when actually tendered, if hand delivered; (ii) forty-eight (48) hours (seven (7) business days if sent internationally) after deposit with the
applicable postal service (or when actually received by the addressee if sooner); or (iii) if sent by facsimile or electronic mail, twenty-four (24) hours after it has been transmitted during the business day of the recipient, if not then
the next business day of the recipient; provided that sender has obtained confirmation of transmission from the transmitting facsimile or electronic mail system. For the avoidance of doubt, a notice that is defectively addressed or that
otherwise fails to comply with the provisions of this Section 16 shall nevertheless be deemed to have been served if and when actually received by the addressee. 
  

	17.	SEVERABILITY 

 The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision (including any provision within a single section, paragraph or sentence) shall not affect
the validity or enforceability of the other provisions hereof. If any provision of this Agreement (including any provision within a single section, paragraph or sentence), or the application thereof to any person or any circumstance, is held by a
court of competent jurisdiction to be invalid, void or otherwise unenforceable, then the remaining provisions shall remain enforceable, to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this
Agreement (including, without limitations, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the
intent manifested by the provision held invalid, illegal or unenforceable. 
  

	18.	CHOICE OF LAW 

 This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of the State of Israel, as applied to contracts between Israeli residents, entered into and to be
performed entirely within the State of Israel, without regard to the conflict of laws principles thereof or of any other jurisdiction. 
  

	19.	ARBITRATION; CONSENT TO JURISDICTION 

All disputes arising under this Agreement shall be resolved between the parties in good faith; however, if these efforts fail, the dispute
shall be resolved by arbitration by a sole arbitrator. The arbitrator shall be chosen by agreement of the parties hereto. If they fail so to agree within twenty (20) days after a party shall have requested such Arbitration, the arbitrator shall
be appointed by the President of the Israel Bar. The 

  

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Arbitration proceedings will take place in Tel-Aviv, Israel and shall be confidential. The arbitrator shall not be bound by any judicial rules of evidence or procedure but he/she shall be bound
by the substantive law of Israel and he/she will have to elaborate the grounds of his/her decision. The arbitral award shall be final and binding upon the parties, and judgment upon the award may be entered in any court having jurisdiction, or
application may be made to such court for a judicial acceptance of the award or for an order of enforcement, as the case may be. Subject to the abovementioned arbitration provisions, the exclusive jurisdiction for disputes arising under this
Agreement shall be vested with the courts of Israel. The provisions of this Section 19 constitute an arbitration agreement between the parties hereto within the meaning of such expression in the Israeli Arbitration Law, 5728-1968. 

 

	20.	SUBROGATION 

 In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. For the avoidance of doubt, the provisions of this Section 20 shall not derogate from any right the
Company may have under any insurance policy providing coverage to Indemnitee and/or the Company upon the occurrence of an Indemnifiable Event. 
  

	21.	TERM 

 The effectiveness of this Agreement and the obligations of the Company hereunder are subject to certain corporate approvals thereof in accordance with the provisions of the Israeli Companies Law and the
Company’s Articles of Association, as amended. This Agreement shall remain in effect for an indefinite period of time and shall pertain, subject to the terms hereof, to any Claim made against Indemnitee, whether during his service with the
Company as an Office Holder or thereafter. 
  

	22.	AMENDMENT AND WAIVER 

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

 

	23.	INTEGRATION AND ENTIRE AGREEMENT 

Without derogating from the provisions of Section 12 above, this Agreement sets forth the entire understanding between the parties hereto
and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto, including without limitation any Indemnification and Exemption
Agreement previously entered into between the Company and the Indemnitee; provided, however, the Company shall be entitled to retroactively indemnify Indemnitee in accordance with the provisions of the Companies Law and the
Company’s Articles of Association, as amended. 

  

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	24.	INTERPRETATION 

 Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained in the employ or otherwise in the service of the Company or any of its subsidiaries. The Annex and
preamble to this Agreement are an integral part hereof. The Section headings herein are for convenience only, are not a part of this Agreement and shall not effect its interpretation. This Agreement shall not be interpreted as granting any rights to
any third party, including for the avoidance of doubt any insurer of an Indemnifiable Event. 
 [This space is intentionally left
blank] 

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated Indemnification
Agreement as of the date first written above. 
  

			
	EVOGENE LTD.
		
	By:	 	  

 AGREED TO AND ACCEPTED AS OF THE DATE FIRST WRITTEN ABOVE: 

 

			
	  

	Name of Indemnitee:
		
	Address:	 	  

			
	  

	  

	Telecopier No.	 	  

			
	E-Mail:	 	  

  

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 Annex A 
 INDEMNIFIABLE EVENTS 
 Solely for the avoidance of doubt, it is hereby clarified, that unless
otherwise explicitly stated in the Agreement, any reference below to a claim or demand made shall be deemed to include a claim or demand made by way of a derivative action, and shall further be deemed to include any claim or demand made by any
person acting in a capacity of a: (i) liquidator; (ii) receiver or (iii) trustee. 
 Indemnifiable Event

  

	1.	Any claim or demand made by customers, suppliers, contractors or other third parties transacting any form of business with the Company or its subsidiaries, relating to
the negotiations or performance of such transactions, representations or inducements provided in connection thereto or otherwise. 

  

	2.	Any claim relating to occurrences in connection with investments the Company or any subsidiary thereof make in other entities, whether before or after the investment is
made, entering into any transaction and the execution, development and monitoring thereof, including actions taken by Indemnitee in the name of the Company or any subsidiary thereof, as a director, officer, employee or a board observer of the entity
which is the subject of the transaction and any similar matter. 

  

	3.	Any claim or demand made, pertaining to the Company or its subsidiaries, in connection with: (i) any Merger, Tender Offer, Forced Sale of Shares, Arrangement and
Compromise, within the meaning of such terms under the Companies Law; (ii) any reorganization, merger or consolidation of whatever kind or nature within the meaning of any law applicable to such claim or demand; or (iii) the sale, lease,
purchase, acquisition or any other form of disposition, of any assets, business, securities, companies or other corporate entities. 

  

	4.	Any claim or demand made by employees, consultants, agents or other individuals or entities employed by or providing services to the Company relating to compensation
owed to them or damages or liabilities suffered by them in connection with such employment or service. 

  

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	5.	Any claim of demand made against a director of the Company in regards to such director’s participation and/or non-participation at the Company’s Board
meetings, bona fide expression of opinion and/or voting and/or abstention from voting at the Company’s Board meetings. 

  

	6.	Any claim or demand made under any securities laws or by reference thereto, or related to the failure to disclose any information in the manner or time such information
is required to be disclosed pursuant to such laws, or related to inadequate or improper disclosure of information to shareholders, or prospective shareholders, or related to the purchase, holding or disposition of securities of the Company or any
other investment activity involving or effected by such securities, including, for the removal of doubt, any offering of the Company’s securities to private investors or to the public, and listing of such securities, in any jurisdiction,
including, without limitation, in Israel or the United States, or the offer by the Company to purchase securities from the public or from private investors or other holders, and any undertakings, representations, warranties and other obligations
related to any such offering, listing or offer or to the Company’s status as a public company or as an issuer of securities. Without derogating from the generality of any of the foregoing, any claim or demand related to the offering of the
Company’s securities to the public (i) on the Tel-Aviv Stock Exchange during the year 2007 on the basis of the Company’s annual financial statements for the year ending December 31, 2006 or on the basis of the Company’s
quarterly financial statements for the quarter ending March 31, 2007, and (ii) in the United States, during the year 2013, for listing on the New York Stock Exchange or NASDAQ Stock Market, including, without limitation, any claim or
demand relating to the prospectus or any other document pertaining to either such offering. 

  

	7.	Any claim or demand made in connection with the intellectual property of the Company or any subsidiary thereof and its protection, including the registration thereof,
and including for actual or alleged infringement, misappropriation or misuse of any third party’s intellectual property rights by the Company or its subsidiaries. 

 

	8.	Any claim or demand made by any lenders or other creditors or for monies borrowed by, or other indebtedness of, the Company or its subsidiaries.

  

	9.	Any claim or demand made by any third party suffering any personal injury or damage to business or personal property through any act or omission attributed to the
Company or its subsidiaries, or their respective employees, agents or other persons acting or allegedly acting on their behalf. 

  

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	10.	Any claim or demand made directly or indirectly in connection with complete or partial failure, by the Company or any subsidiary thereof, or their respective directors,
officers and employees, to pay, report, keep applicable records or otherwise, any state, municipal or foreign taxes or other mandatory payments of any nature whatsoever, including, without limitation, income, sales, use, transfer, excise, value
added, registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty or
addition thereto, whether disputed or not. 

  

	11.	Any claim or demand made by purchasers, holders, lessors or other users of products of the Company, or individuals treated with or exposed to such products, for damages
or losses related to such use or treatment. 

  

	12.	Any administrative, regulatory or judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices
of noncompliance or violation by any governmental entity, including the Office of the Chief Scientist or the Investment Center of the Israeli Ministry of Industry and Commerce, the Israeli Antitrust Authority or the Israel Securities Authority, or
other person alleging the failure to comply with any statute, law, ordinance, rule, regulation, order or decree of any governmental entity applicable to the Company or any of its subsidiaries, or any of their respective businesses or operations.

  

	13.	Any claim relating to the testing of products developed or marketed by the Company or any subsidiary thereof, or in connection with the purchase, distribution,
marketing and sale, license or use of such products or any marketing plans or any publication with respect thereto. 

  

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 Exhibit 10.11 
 EVOGENE LTD. 
  

 

KEY EMPLOYEE SHARE INCENTIVE PLAN, 2003 

 
  

I. Name, Purpose and Definitions 
 1. Name 
 This plan, as amended from time to time, shall be known as
the Evogene Ltd. Key Employee Share Incentive Plan, 2003 or the Plan. 
 2. Purpose 

2.1. The purpose and intent of the Plan is to provide incentives to the Israeli employees and directors of Evogene Ltd. by giving them the
opportunity to purchase Ordinary Shares, pursuant to an incentive plan approved by the Board of Directors of the Company and the Israeli tax authorities, which is designed to benefit from tax benefits available to employees under Section 102 of
the Income Tax Ordinance, and the rules and regulations promulgated thereunder. 
 2.2. This Plan is designed to comply with the
“Capital Gain Track”

 under Section 102 of the Income Tax Ordinance; i.e. Options granted hereunder shall be subject to Section 102(b)(2) of the Income Tax Ordinance, as may be amended from time to time. 

3. Definitions 

As used in this Plan, the following terms shall have the meanings assigned to them in this Section 3. 

“Board” shall mean the board of directors of the Company. 

“Company” shall mean Evogene Ltd. 
 “Companies Law” shall mean the Israeli Companies Law, 1999. 

“Controlling Shareholder” shall mean any person that holds, directly or indirectly, alone or together with such
person’s Relative, either: (i) 10% or more of the Company’s issued share capital or voting power; (ii) the right to hold 10% or more of the Company’s issued share capital or voting power or to acquire the same;
(iii) the right to receive 10% or more of the Company’s profits; or (iii) the right to appoint at least one Director. 
 “Date of Grant” shall have the meaning set forth in Section 9.2. 
 “Director” shall mean a member of the Board. 

“Disability” shall mean the inability, due to illness, injury or mental condition to engage in any gainful occupation for
which an individual is qualified by education, training or experience, and such condition continues for at least six (6) months. 

 “Employee” shall mean an Israeli employee of the Company, including an
Israeli Director or other Officer of the Company, excluding, however, a Controlling Shareholder. 
 “Exercise
Price” shall mean the price required to be paid by a Grantee in connection with the exercise of an Option. 

“Fair Market Value” shall mean, as of any date, the value of an Ordinary Share, which shall be determined as follows:
(i) if the Ordinary Shares are listed or quoted on any established stock exchange or a national market system, including without limitation the NASDAQ National Market system, or the NASDAQ SmallCap Market of the NASDAQ Stock Market, the Fair
Market Value shall be the closing sales price for such Ordinary Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market trading day prior to time of determination, as reported in the Wall
Street Journal, or such other source as the Board deems reliable; or (ii) in the absence of an established market for the Shares, the Fair Market Value thereof as determined in good faith by the Board. 

“Grantee” an Employee to whom Options are granted under this Plan. 

The “Income Tax Ordinance” shall mean the Israeli Income Tax Ordinance [New Version], 1961, as amended. 

“M&A Transaction” shall mean a merger, acquisition or reorganization of the Company with one or more other entities
in which the Company is not the surviving entity. 
 “Notice of Grant” shall have the meaning set forth in
Section 9.3. 
 “Officer” shall mean an office holder in the Company – “Nose Misra”

, as such term is defined in the Companies Law, excluding, however, a Director. 

“Option” shall mean an Option to purchase one (1) Ordinary Share. 

“Ordinary Share” shall mean an Ordinary Share of the Company, NIS 0.01 par value. 

“Relative” shall mean a spouse, sibling, parent, grand-parent, descendant, a spouse’s descendant and a spouse of any
of the foregoing. 
 “Release Date” shall have the meaning set forth in Section 10.2. 

“Subsidiary” shall mean a present or future company that is controlled by the Company. 

“Successor Corporation” shall mean the surviving entity in a M&A Transaction. 

“Trustee” shall mean a trustee designated by the Board and approved by the Income Tax Authorities. 

  
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 II. General Terms and Conditions of the Plan 

4. Administration 

4.1. The Plan will be administered by the Board. The Board shall have the full authority in its sole and absolute discretion, from time to
time and at any time, to determine: 
 (a) the identity of the Grantees; 

(b) the number of Options to be granted to each Grantee; 
 (c) the time or times at which the same shall be granted; 
 (d) the Exercise Price,
vesting schedule and terms and conditions relating to the exercise of such Options; 
 (e) the schedule and conditions on which
the Options and/or Ordinary Shares issued upon exercise of Options shall be released from the Trustee; and/or 
 (f) any other
matter that, in the Board’s sole and absolute discretion, is necessary or desirable for, or incidental to, the administration of the Plan. Without derogating from the above, in determining the number of Options to be granted to each Grantee,
the Board may consider, among other things, the Grantee’s salary, the duration of the Grantee’s employment by the Company, and the Grantee’s contribution to the Company. 

4.2. The Board may, from time to time, adopt such rules and regulations for carrying out the Plan as it may deem necessary. No member of
the Board shall be liable for any act or determination made in good faith with respect to the Plan or any Option granted hereunder. 
 4.3. Subject to and in accordance with the provisions of the Companies Law, the Board shall be entitled to delegate its power hereunder to a compensation committee that shall be comprised of members of
the Board. 
 4.4. The interpretation and construction by the Board of any provision of the Plan or of any Option thereunder
shall be final and conclusive unless otherwise determined by the Board. 
 5. Limitations on Grant of Options & Shares

 5.1. The Board shall be entitled to grant to certain Employees shares of the Company instead of Options, as it may deem
desirable. The provisions of the Plan shall apply to such grant of shares mutatis mutandis. 
 5.2. No shares, and/or options to
purchase shares, of the Company may be granted to any Employee of the Company other than under the terms of the Plan, or of another plan that shall be adopted by the Board under the terms of Section 102 of the Income Tax Ordinance. In any
event, the Board may not adopt a new share incentive plan for the grant of shares and/or options to purchase shares to Employees prior to January 2005. 

  
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 6. Eligible Grantees 
 6.1. The Board, at its discretion, may grant Options to any Employee, provided, however that all grants of Options to directors and other Officers of the Company shall be authorized and implemented only
in accordance with the provisions of the Companies Law. 
 6.2. The grant of an Option to a Grantee hereunder, shall neither
entitle such Grantee to participate, nor disqualify him from participating, in any other grant of Options pursuant to this Plan or any other share options incentive plan of the Company, or any parent or subsidiary company of the Company. 

7. Subsidiaries 

Notwithstanding anything to the contrary in this Plan, the Board may resolve that this Plan shall apply to all or part of the Subsidiary
of the Company. In such event, the employees and directors of such Subsidiaries shall be deemed to be “Employees”, for all intent and purpose under this Plan and all the provisions of this Plan shall apply to such Subsidiaries mutatis
mutandis. 
 8. Reserved Shares 
 The Board may from time to time reserve certain amounts of authorized but unissued Ordinary Shares for the purpose of granting Options and/or Ordinary Shares under the Plan. If an Option granted under the
Plan expires or becomes unexercisable, the Ordinary Share covered by such Option shall become available for future grants under the Plan, unless the Plan has terminated. 
 9. Grant of Options 
 9.1. Options may be granted at any time after
the passage of thirty (30) days following the delivery by the Company to the Israeli income tax authorities of this Plan for their approval. 
 9.2. The Date of Grant of an Option shall be the date specified by the Board in its determination relating to the award of such Option. 

9.3. The Board shall remit to each Grantee a Notice of Grant, which shall include the number of Options granted to such Grantee, the
vesting schedule, the terms of exercise of such Options and such other terms and conditions as the Board, at its discretion, may prescribe. 

10. Trust 
 10.1.
All Options granted under the Plan to Grantees shall be granted by the Company to the Trustee, who shall hold each such Option and the Ordinary Shares issued upon exercise thereof in trust for the benefit of the Grantee in respect of whom such
Option was granted. All certificates representing Ordinary Shares issued to the Trustee under the Plan shall be deposited with the Trustee, and shall be held by the Trustee until such time that such Ordinary Shares are released from the trust as
herein provided. 

  
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 10.2. Anything herein to the contrary notwithstanding, the Release Date of an Option shall
be the later of: (i) upon expiration of the “Capital Gain Track”’ holding period that is applicable to such Option, pursuant to Section 102 of the Income Tax Ordinance or any regulations, rules or orders or procedures
promulgated thereunder, as amended from time to time (the “Holding Period”); (ii) the vesting of such Option, provided, however, that if the tax authorities permit the release of Options prior to the lapse of the Holding
Period, the Release Date of an Option shall be the vesting of such Option. 
 10.3. After the Release Date, Options granted,
and/or Ordinary Shares issued to the Trustee shall continue to be held by the Trustee, on behalf of the Grantee. 
 10.4. From
the Release Date and thereafter, upon the written request of a Grantee, the Trustee shall release Options, and/or the Ordinary Shares issued upon the exercise thereof, from the trust. However, the Trustee shall not release any such Options and/or
Ordinary Shares to a Grantee unless the latter provides the Trustee with evidence, satisfactory in form and substance to the Trustee, that all taxes, if any, required to be paid upon such release have, in fact, been paid. 

10.5. Alternatively, from and after the Release Date, upon the written instructions of the Grantee to sell any Ordinary Shares issued upon
exercise of Options, the Trustee shall use its best efforts to effect such sale and shall transfer such shares to the purchaser thereof concurrently with the receipt, or after having made suitable arrangements to secure the payment of the proceeds,
of the purchase price in such transaction. The Trustee shall withhold from such proceeds any and all taxes required to be paid in respect of such sale, shall remit the amount so withheld to the appropriate tax authorities, and shall pay the balance
thereof directly to the Grantee (after deducting its costs as provided hereunder), reporting to such Grantee and to the Company the amount so withheld and paid to said tax authorities. 

Should the Trustee sell Ordinary Shares at the request of the Grantee, the Grantee shall pay the Trustee for its services and expenses
incurred with respect to such sale of shares, and the Trustee will be entitled to withhold such amounts and pay the balance thereof to said Grantee. 
 11. Dividends and Voting Rights; Rights as Shareholders 
 11.1. All
Ordinary Shares issued upon the exercise of Options granted under the Plan shall entitle the Grantee to all the rights attached to the Ordinary Shares of the Company, including the right to receive dividends with respect thereto and to vote the same
at any meeting of the shareholders of the Company, subject however to the provisions of Sections 11.2 and 11.4. 
 11.2. For as
long as Ordinary Shares are held by the Trustee on behalf of a Grantee, cash dividends or dividends in kind or assets shall paid or distributed directly to the Grantee. However, all share dividends and/or bonus shares

  
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and/or securities of the Company issued and/or distributed to the Grantee with respect to Ordinary Shares held by the Trustee on behalf of a Grantee shall be remitted to the Trustee, which shall
hold the same for the benefit of such Grantee until the Release Date, and such share dividends, bonus shares or securities of the Company shall be subject to the provisions of Section 102 of the Income Tax Ordinance. 

11.3. Until the closing of an initial public offering of equity securities of the Company, Ordinary Shares issued upon the exercise of
Options granted under the Plan shall be voted by an irrevocable proxy to the Chairman of the Board of Directors of the Company. On each and every issue brought before the shareholders of the Company for their resolution, the Chairman of the Board of
Directors of the Company shall vote in accordance with the resolution that would have been adopted by all shareholders of the Company actually voting on such issue other than the shareholders represented by such proxy. Each Grantee shall authorize
the Trustee to sign such a proxy with respect to his or her Shares. 
 11.4. For the avoidance of any doubt, the Grantees shall
not be deemed for any purpose whatsoever to be shareholders of the Company before the exercise of the Options granted to them and shall have no rights or privileges as shareholders of the Company, nor shall they be deemed to be a class of
shareholders, or creditors, of the Company for purpose of, inter alia, the operation of sections 341, 350, 351 of the Companies Law and the approvals of mergers thereunder. In addition, and without derogating from the foregoing, Sections 184 and 185
of the Companies Law shall not apply to the Grantees in respect of unexercised Options. 
 12. Vesting and Term of Options

 Without derogating from the rights and powers of the Board under Section 4.1 hereof, unless otherwise specified in
the Notice of Grant, each Option shall be exercisable for a term of ten (10) years and the schedule pursuant to which such Options shall vest, and the Grantee thereof shall be entitled to pay for, and acquire, the Ordinary Shares, shall be as
follows: 
  

	 	12.1.	 In the case of a first-time grant to a new Employee:
(i)  1/4 of the Options granted to such Employee shall vest at the first anniversary of such Employee’s employment with the Company; and (ii) 1/48 of the Options granted to such Employee shall vest at
the end of each calendar month after the first anniversary of his/her employment with the Company. 

  

	 	12.2.	In the case of additional grants to a continuing Employee: 1/48 of the Options granted to such continuing Employee under such additional grant shall vest at the end of
each calendar month after such date of grant. 

  
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 13. Exercise Price 
 Without derogating from the rights and powers of the Board under Section 4.1 hereof, the Exercise Price per Ordinary Share covered by each Option shall not be less than the par value of the Ordinary
Shares. 
 14. Exercise of Options 
 14.1. Options shall be exercisable pursuant to the terms under which they were awarded and subject to the terms and conditions of the Plan. 

14.2. The exercise of an Option shall be made by a written notice of exercise delivered by the Grantee to the Company at its principal
executive office specifying the number of Options to be exercised and accompanied by the payment therefor, and containing such other terms and conditions as the Board shall prescribe from time to time. 

14.3. Anything herein to the contrary notwithstanding, but without derogating from the provisions of Section 15 hereof, if any Option
has not been exercised within ten (10) years after the Date of Grant (or any shorter period set forth in the Notice of Grant), such Option shall terminate, all interests and rights of the Grantee in and to the same shall ipso facto expire, and,
in the event that in connection therewith any Options are still held in trust as aforesaid, the trust with respect thereto shall ipso facto expire. 
 14.4. Each payment for Ordinary Shares shall be in respect of a whole number of Ordinary Shares, and shall be effected in cash or by a cashier’s check payable to the order of the Company, or such
other method of payment acceptable to the Company. 
 15. Termination of Employment 

In the event that a Grantee ceases to be employed by the Company for any reason, all Options previously granted to such Grantee shall
terminate as follows: 
 15.1. If the Grantee’s termination of employment is due to such Grantee’s death or Disability,
such Options (to the extent exercisable at the time of the Grantee’s termination of employment) shall be exercisable by the Grantee’s legal representative, estate manager or any other person to whom the Grantee’s rights are
transferred by will or by laws of descent or distribution, or the Grantee, as the case might be, for a period of twelve (12) months following such termination of employment or provision of services (but in no event after the expiration date of
such Options), and shall thereafter terminate. 
 15.2. If the Grantee’s termination of employment is due to, or connected
with, one of the following instances, the trust with respect to said Grantee’s options shall ipso facto expire and the Grantee shall not be entitled to exercise any of the Options, even if such Options had already vested at that time. The said
instances are as follows: 
 (a) The Grantee acts dishonestly or breaches his fiduciary duties or duty of loyalty towards the
Company and/or its subsidiaries; 

  
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 (b) The Grantee is grossly negligent in fulfilling his duties towards the Company and/or its
subsidiaries; 
 (c) The Grantee breaches intentionally in a material way the terms of his employment agreement, or other
agreement with the Company and/or its subsidiaries. 
 15.3. If the Grantee’s termination of employment is for any reason
other than those described in sub-sections 15.1 or 15.2 above, such Options (to the extent exercisable at the time of the Grantee’s termination of employment or provision of services) shall be exercisable for a period of ninety (90) days
following such termination of employment or provision of services, and shall thereafter terminate. 
 15.4. Options that have not
vested at the time of the Grantee’s termination of employment shall expire immediately upon the termination of such employment. 
 15.5. Notwithstanding the foregoing provisions of this Section 15, the Board may provide, either at the time an Option is granted or thereafter, that such Option may be exercised after the periods
provided for in Sections 15.1, 15.3 or 15.4, but in no event beyond the term of the Option. 
 For the purpose of this
Section 15, the transfer of an Employee from the employ of the Company to the employ of a Subsidiary or between Subsidiaries shall not be deemed to be a termination of Employment. 
 16. Adjustment Upon Changes in Capitalization, M&A Transaction or Restructuring 
 16.1. Subject to any required action by the shareholders of the Company, the number of outstanding Options as well as the Exercise Price of each such outstanding Option, shall be proportionately adjusted
for any increase or decrease in the number of issued Ordinary Shares resulting from a share split, reverse share split, bonus share issue, any other securities dividend, combination of the Ordinary Shares or any other increase or decrease in the
number of issued Ordinary Shares effected without receipt of any consideration by the Company, provided, however, that the conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration”. Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of outstanding Options and Exercise Price thereof. 

16.2. In the event of a M&A Transaction, then upon the consummation of such M&A Transaction, each outstanding Option shall be
substituted by an 

  
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equivalent security the Successor Corporation, and each Grantee shall be entitled to purchase, subject to the conditions herein stated, such Successor Corporation’s replacement securities,
as were exchangeable for the number of Ordinary Shares, which such Grantee would have been entitled to purchase except for such M&A Transaction, and the appropriate adjustments in the Exercise Price of such Options shall be made in order to
reflect such exchange. 
 16.3. In addition, subject to any applicable law, the Board shall have full power and authority to
determine that, in connection with a proposed M&A Transaction, the vesting of all, or part of, the Options outstanding and unvested at that time shall be accelerated so that any unvested Option or any portion thereof shall be vested immediately
prior to closing of the M&A Transaction. 
 16.4. Notwithstanding the above and subject to any applicable law, the Board
shall have full power and authority to determine that, in connection with a M&A Transaction, if the Successor Company does not agree to assume or substitute the Options, any vested (including pursuant to Section 16.3 above) and unexercised
Option shall be automatically exercised by way of a Net Exercise immediately prior to the closing of the M&A Transaction. 

For the purpose of this Section 16.4 the term “Net Exercise” shall mean the exercise of an Option for a number of
Ordinary Shares that shall be computed using the following formula: 
  

							
	 X
	 	=	 	A-B	  	
		 		 	A	  	

 Where  X = the number of Ordinary Shares to be issued to the Grantee. 

             A = the Fair Market Value of one Ordinary Share. 

             B = the Exercise Price. 

No fractional Ordinary Shares shall be issued in connection with a Net Exercise hereunder, but in lieu of such fractional shares, the
Company shall make a cash payment therefor upon the basis of the Fair Market Value of such Ordinary Shares. 
 16.5. If the
Company is voluntarily liquidated, the Company shall notify, in writing, all Grantees who hold unexercised Options of such liquidation and such Grantees shall then be entitled to exercise such Options within fourteen (14) days. Any Option that
remains unexercised at the end of such fourteen-day period shall immediately expire. 
 16.6. In the event of a restructuring of
the Company’s capital, that is not regulated under this Section 16, then upon the consummation of such restructuring, each Grantee shall be entitled to purchase, subject to the conditions herein stated, such number of the Company’s
replacement securities, as were exchangeable for, or have come in the stead of, the number of Ordinary Shares, which such Grantee would have been entitled to purchase except for such restructuring, and the appropriate adjustments shall be made to
reflect such action. 

  
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 17. Non-Transferability 

17.1. No Option shall be assignable or transferable by the Grantee to whom granted otherwise than by will or the laws of descent and
distribution, and an Option may be exercised during the lifetime of the Grantee only by such Grantee or by such Grantee’s guardian or legal representative. The terms of such Option shall be binding upon the beneficiaries, executors,
administrators, heirs and successors of such Grantee. 
 17.2. Subject to all conditions and terms set out in the Articles of
Association of the Company and subject to all conditions and terms set out in this Plan, each Grantee shall be entitled to transfer to any third party any Ordinary Shares purchased pursuant to the exercise of Options granted to him/her. 

18. Lock-Up 

After the Company’s initial public offering in any stock exchange, all shares held by the Grantee shall be subject to any legal
restrictions on the sale of shares of the Company and/or to any restrictions on the sale of shares of the Company required by the underwriters in such public offering, and the Grantee shall be required to cooperate with the Company and sign any
document that may be required by the underwriters. 
 19. Amendment of the Plan 

Subject to Section 5.2, the Board may, at any time and from time to time, terminate or amend the Plan in any respect. Subject to
Section 16, in no event an action of the company shall alter or impair the rights of a Grantee, without his consent, under any Option previously granted to him. 
 20. Tax Consequences 
 All tax consequences arising from the grant or
exercise of any Option, from the payment for, or the subsequent disposition of, Shares covered thereby or from any other event or act (of the Company or the Grantee) hereunder, shall be borne solely by the Grantee, and the Grantee shall indemnify
the Company and the Trustee, and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon. 

21. Continuance of Employment 
 Neither this Plan nor the grant of an Option hereunder shall impose any obligation on the Company to continue the employment of any Grantee, or to use services of any Grantee, and nothing in the Plan or
in any Option granted 

  
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pursuant thereto shall confer upon any Grantee any right to continue in the employ of the Company, or restrict the right of the Company to terminate such employment or provision of services at
any time. 
 22. Governing Law 
 The Plan and all instruments issued thereunder or connection therewith, shall be governed by, and interpreted in accordance with the laws of the State of Israel. 

23. Application of Funds 
 The proceeds received by the Company from the issuance of Shares pursuant to Options granted under the Plan will be used for general corporate purposes of the Company, or as otherwise determined by the
Board. 
 24. Multiple Agreements 
 The terms of each Option may differ from other Options granted under the Plan at the same time, or at any other time. The Board may also grant more than one Option to a given Grantee during the term of
the Plan, either in addition to, or in substitution for, one or more Options previously granted to that Grantee. The grant of multiple Options may be evidenced by a single Notice of Grant or multiple Notices of Grant, as determined by the Board.

 25. Non-Exclusivity of the Plan 
 Unless otherwise agreed to in writing by the Grantee, or otherwise specifically stated in the Notice of Grant, the adoption of the Plan by the Board shall not be construed as amending, modifying or
rescinding any previously approved incentive arrangement or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable. 

  
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