Document:

Exhibit 10.6

 

	 
	Gamida Cell Ltd.
	2017 Share Incentive Plan
	(as amended and restated July 1, 2020)

 

Unless
otherwise defined, terms used herein shall have the meaning ascribed to them in Section 2 hereof.

 

1.
PURPOSE; TYPES OF AWARDS; CONSTRUCTION.

 

1.1.
Purpose. The purpose of this 2017 Share Incentive Plan (as amended, this “Plan”) is to afford an incentive
to Service Providers of Gamida Cell Ltd., an Israeli company(together with any successor corporation thereto, the “Company”),
or any Affiliate of the Company, which now exists or hereafter is organized or acquired by the Company or its Affiliates, to continue
as Service Providers, to increase their efforts on behalf of the Company or its Affiliates and to promote the success of the Company’s
business, by providing such Service Providers with opportunities to acquire a proprietary interest in the Company by the issuance of
Shares or restricted Shares (“Restricted Shares”) of the Company, and by the grant of options to purchase Shares (“Options”),
Restricted Shares Units (“RSUs”) and other Share-based Awards pursuant to Sections 11 through 13 of this Plan.

 

1.2.
Types of Awards. This Plan is intended to enable the Company to issue Awards under various tax regimes, including:

 

(i)
pursuant and subject to the provisions of Section 102 of the Ordinance (or the corresponding provision of any subsequently enacted
statute, as amended from time to time), and all regulations and interpretations adopted by any competent authority, including the Israel
Tax Authority (the “ITA”), including the Income Tax Rules (Tax Benefits in Stock Issuance to Employees) 5763-2003
or such other rules so adopted from time to time (the “Rules”) (such Awards that are intended to be (as set forth
in the Award Agreement) and which qualify as such under Section 102 of the Ordinance and the Rules, “102 Awards”);

 

(ii)
pursuant to Section 3(i) of the Ordinance or the corresponding provision of any subsequently enacted statute, as amended from time
to time (such Awards, “3(i) Awards”);

 

(iii)
Incentive Stock Options within the meaning of Section 422 of the Code, or the corresponding provision of any subsequently enacted
United States federal tax statute, as amended from time to time, to be granted to Employees who are deemed to be residents of the United
States, for purposes of taxation, or are otherwise subject to U.S. Federal income tax (such Awards that are intended to be (as set forth
in the Award Agreement) and which qualify as an incentive stock option within the meaning of Section 422(b) of the Code, “Incentive
Stock Options”); and

 

(iv)
Awards not intended to be (as set forth in the Award Agreement) or which do not qualify as an Incentive Stock Option (“Nonqualified
Stock Options”).

 

In
addition to the issuance of Awards under the relevant tax regimes in the United States of America and the State of Israel, and without
derogating from the generality of Section 25, this Plan contemplates issuances to Grantees in other jurisdictions or under other
tax regimes with respect to which the Committee is empowered, but is not required, to make the requisite adjustments in this Plan and
set forth the relevant conditions in an appendix to this Plan or in the Company’s agreement with the Grantee in order to comply
with the requirements of such other tax regimes.

 

1.3.
Company Status. This Plan contemplates the issuance of Awards by the Company, both as a private and public company.

 

    

     

    

 

1.4.
Construction. To the extent any provision herein conflicts with the conditions of any relevant tax law, rule or regulation which
are relied upon for tax relief in respect of a particular Award to a Grantee, the Committee is empowered, but is not required, hereunder
to determine that the provisions of such law, rule or regulation shall prevail over those of this Plan and to interpret and enforce such
prevailing provisions. With respect to 102 Awards, if and to the extent any action or the exercise or application of any provision hereof
or authority granted hereby is conditioned or subject to obtaining a ruling or tax determination from the ITA, to the extent required
by applicable law, then the taking of any such action or the exercise or application of such section or authority with respect to 102
Awards shall be conditioned upon obtaining such ruling or tax determination, and, if obtained, shall be subject to any condition set
forth therein; it being clarified that there is no obligation to apply for any such ruling or tax determination (which shall be in the
sole discretion of the Committee) and no assurance is made that if applied any such ruling or tax determination will be obtained (or
the conditions thereof).

 

2.
DEFINITIONS.

 

2.1.
Terms Generally. Except when otherwise indicated by the context, (i) the singular shall include the plural and the plural shall
include the singular; (ii) any pronoun shall include the corresponding masculine, feminine and neuter forms; (iii) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other
document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments,
restatements, supplements or modifications set forth therein or herein), (iv) references to any law, constitution, statute, treaty, regulation,
rule or ordinance, including any section or other part thereof shall refer to it as amended from time to time and shall include
any successor thereof, (v) reference to a “company” or “entity” shall include a, partnership, corporation, limited
liability company, association, trust, unincorporated organization, or a government or agency or political subdivision thereof, and reference
to a “person” shall mean any of the foregoing or an individual, (vi) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Plan in its entirety, and not to any particular
provision hereof, (vii) all references herein to Sections shall be construed to refer to Sections to this Plan; (viii) the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”; and (ix) use of the term “or” is not intended to be exclusive.

 

2.2.
Defined Terms. The following terms shall have the meanings ascribed to them in this Section 2:

 

2.3.
“Affiliate” shall mean, (i) with respect to any person, any other person that, directly or indirectly through one
or more intermediaries, controls, is controlled by, or is under common control with, such person (with the term “control”
or “controlled by” within the meaning of Rule 405 of Regulation C under the Securities Act), including, without limitation,
any Parent or Subsidiary, or (ii) Employer.

 

2.4.
“Applicable Law” shall mean any applicable law, rule, regulation, statute, pronouncement, policy, interpretation,
judgment, order or decree of any federal, provincial, state or local governmental, regulatory or adjudicative authority or agency, of
any jurisdiction, and the rules and regulations of any stock exchange, over-the-counter market or trading system on which the Company’s
shares are then traded or listed.

 

2.5.
“Award” shall mean any Option, Restricted Share, RSUs or any other Share-based award granted under this Plan.

 

2.6.
“Board” shall mean the Board of Directors of the Company.

 

2.7.
Reserved.

 

2.8.
“Code” shall mean the United States Internal Revenue Code of 1986, and any applicable regulations promulgated thereunder,
all as amended.

 

2.9.
“Committee” shall mean a committee established or appointed by the Board to administer this Plan, subject to Section 3.1.
To the extent required to comply with the provisions of Rule 16b-3 of the Exchange Act, it is intended that each member of the Committee
will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3 of the Exchange Act, a “non-employee
director” within the meaning of Rule 16b-3 of the Exchange Act; however, a Committee member’s failure to qualify as a “non-employee
director” within the meaning of Rule 16b-3 of the Exchange Act will not invalidate any Award granted by the Committee that is otherwise
validly granted under the Plan.

 

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2.10.
“Companies Law” shall mean the Israel Companies Law, 5759-1999, and the regulations promulgated thereunder, all as
amended from time to time.

 

2.11.
“Controlling Shareholder” shall have the meaning set forth in Section 32(9) of the Ordinance.

 

2.12.
“Disability” shall mean (i) the inability of a Grantee to engage in any substantial gainful activity or to perform
the major duties of the Grantee’s position with the Company or its Affiliates by reason of any medically determinable physical
or mental impairment which has lasted or can be expected to last for a continuous period of not less than 12 months (or such other period
as determined by the Committee), as determined by a qualified doctor acceptable to the Company, (ii) if applicable, a “permanent
and total disability” as defined in Section 22(e)(3) of the Code or Section 409A(a)(2)(c)(i) of the Code, as amended
from time to time, or (iii) as defined in a policy of the Company that the Committee deems applicable to this Plan, or that makes reference
to this Plan, for purposes of this definition.

 

2.13.
“Employee” shall mean any person treated as an employee (including an officer or a director who is also treated as
an employee) in the records of the Company or any of its Affiliates (and in the case of 102 Awards, subject to Section 9.3 or in
the case of Incentive Stock Options, who is an employee for purposes of Section 422 of the Code); provided, however,
that neither service as a director nor payment of a director’s fee shall be sufficient to constitute employment for purposes of
this Plan. The Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased
to be an Employee and the effective date of such individual’s employment or termination of employment, as the case may be. For
purposes of a person’s rights, if any, under this Plan as of the time of the Company’s determination, all such determinations
by the Company shall be final, binding and conclusive, notwithstanding that the Company or any court of law or governmental agency subsequently
makes a contrary determination.

 

2.14.
“Employer” means, for purpose of a 102 Trustee Award, the Company or an Affiliate, Subsidiary or Parent thereof, which
is an “employing company” within the meaning and subject to the conditions of Section 102(a) of the Ordinance.

 

2.15.
“employment”, “employed” and words of similar import shall be deemed to refer to the employment
of Employees or to the services of any other Service Provider, as the case may be.

 

2.16.
“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and all regulations, guidance and
other interpretative authority issued thereunder.

 

2.17.
“exercise”, “exercised” and words of similar import, when referring to an Award that does not require
exercise or that is settled upon vesting (such as may be the case with RSUs or Restricted Shares, if so determined in their terms), shall
be deemed to refer to the vesting of such an Award (regardless of whether or not the wording included reference to vesting of such an
Awards explicitly).

 

2.18.
“Exercise Period” shall mean the period, commencing on the date of grant of an Award, during which an Award shall
be exercisable, subject to any vesting provisions thereof (including any acceleration thereof, if any) and subject to the termination
provisions hereof.

 

2.19.
“Exercise Price” shall mean the exercise price for each Share covered by an Option or the purchase price for each
Share covered by any other Award.

 

2.20.
“Fair Market Value” shall mean, as of any date, the value of a Share or other securities, property or rights as determined
by the Board, in its discretion, subject to the following: (i) if, on such date, the Shares are listed on any securities exchange, the
closing sales price per Share on which the Shares are principally traded on such date, or if no sale occurred on such date, the last
day preceding such date during which a sale occurred, as reported in The Wall Street Journal or such other source as the Company deems
reliable; (ii) if, on such date, the Shares are then quoted in an over-the-counter market, the average of the closing bid and asked prices
for the Shares in that market on such date, or if there are no bid and asked prices on such date, the last day preceding such date on
which there are bid and asked prices, as reported in The Wall Street Journal or such other source as the Company deems reliable; or (iii)
if, on such date, the Shares are not then listed on a securities exchange or quoted in an over-the-counter market, or in case of any
other securities, property or rights, such value as the Committee, in its sole discretion, shall determine, with full authority to determine
the method for making such determination and which determination shall be conclusive and binding on all parties, and shall be made after
such consultations with outside legal, accounting and other experts as the Committee may deem advisable; provided, however,
that, if applicable, the Fair Market Value of the Shares shall be determined in a manner that is intended to satisfy the applicable requirements
of and subject to Section 409A of the Code, and with respect to Incentive Stock Options, in a manner that is intended to satisfy
the applicable requirements of and subject to Section 422 of the Code, subject to Section 422(c)(7) of the Code. The Committee
shall maintain a written record of its method of determining such value. If the Shares are listed or quoted on more than one established
stock exchange or over-the-counter market, the Committee shall determine the principal such exchange or market and utilize the price
of the Shares on that exchange or market (determined as per the method described in clauses (i) or (ii) above, as applicable) for the
purpose of determining Fair Market Value.

 

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2.21.
“Grantee” shall mean a person who has been granted an Award(s) under this Plan.

 

2.22.
“Ordinance” shall mean the Israeli Income Tax Ordinance (New Version) 5271-1961, and the regulations and rules (including
the Rules) promulgated thereunder, all as amended from time to time.

 

2.23.
“Parent” shall mean any company (other than the Company), which now exists or is hereafter organized, (i) in an unbroken
chain of companies ending with the Company if, at the time of granting an Award, each of the companies (other than the Company) owns
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other companies
in such chain, or (ii) if applicable and for purposes of Incentive Stock Options, that is a “parent corporation” of the Company,
as defined in Section 424(e) of the Code.

 

2.24.
“Retirement” shall mean a Grantee’s retirement pursuant to Applicable Law or in accordance with the terms of
any tax-qualified retirement plan maintained by the Company or any of its Affiliates in which the Grantee participates or is subject
to.

 

2.25.
“Securities Act” shall mean the U.S. Securities Act of 1933, and the rules and regulations promulgated thereunder,
all as amended from time to time.

 

2.26.
“Service Provider” shall mean an Employee, director, officer, consultant, advisor and any other person or entity who
provides services to the Company or any Parent, Subsidiary or other Affiliate thereof. Service Providers shall include prospective Service
Providers to whom Awards are granted in connection with written offers of an employment or other service relationship with the Company
or any Parent, Subsidiary or any other Affiliates thereof, provided, however, that such employment or service shall have
actually commenced. Notwithstanding the foregoing, unless otherwise determined by the Committee, each Service Provider shall be an “employee”
as defined in the General Instructions to Form S-8 Registration Statement under the Securities Act (or any successor form thereto).

 

2.27.
“Share(s)” shall mean Ordinary Share(s), nominal value NIS 0.01 each, of the Company (as adjusted for stock split,
reverse stock split, bonus shares, combination or other recapitalization events), or shares of such other class of shares of the Company
as shall be designated by the Board in respect of the relevant Award(s). “Shares” include any securities or property
issued or distributed with respect thereto.

 

2.28.
“Subsidiary” shall mean any company (other than the Company), which now exists or is hereafter organized or acquired
by the Company, (i) in an unbroken chain of companies beginning with the Company if, at the time of granting an Award, each of the companies
other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power
of all classes of stock in one of the other companies in such chain, or (ii) if applicable and for purposes of Incentive Stock Options,
that is a “subsidiary corporation” of the Company, as defined in Section 424(f) of the Code.

 

2.29.
“tax(es)” shall mean (a) all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments,
including all income, capital gains, alternative or add-on minimum, transfer, value added tax, real and personal property, withholding,
payroll, employment, escheat, social security, disability, national security, health tax, wealth surtax, stamp, registration and estimated
taxes, customs duties, fees, assessments and charges of any similar kind whatsoever (including under Section 280G of the Code) or other
tax of any kind whatsoever, (b) all interest, indexation differentials, penalties, fines, additions to tax or additional amounts imposed
by any taxing authority in connection with any item described in clause (a), (c) any transferee or successor liability in respect of
any items described in clauses (a) or (b) payable by reason of contract, assumption, transferee liability, successor liability, operation
of Applicable Law, or as a result of any express or implied obligation to assume Taxes or to indemnify any other person, and (d) any
liability for the payment of any amounts of the type described in clause (a) or (b) payable as a result of being a member of an affiliated,
consolidated, combined, unitary or aggregate or other group for any taxable period, including under U.S. Treasury Regulations Section
1.1502-6(a) (or any predecessor or successor thereof of any analogous or similar provision under Applicable Law) or otherwise.

 

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2.30.
“Ten Percent Shareholder” shall mean a Grantee who, at the time an Award is granted to the Grantee, owns shares possessing
more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or any Parent or Subsidiary, within
the meaning of Section 422(b)(6) of the Code.

 

2.31.
“Trustee” shall mean the trustee appointed by the Committee to hold the Awards (and, in relation with 102 Trustee
Awards, approved by the ITA), if so appointed.

 

2.32.
Other Defined Terms. The following terms shall have the meanings ascribed to them in the Sections set forth below:

 

	Term	 	Section
	102
    Awards	 	1.2(i)
	102
    Capital Gains Track Awards	 	9.1
	102
    Non-Trustee Awards	 	9.2
	102
    Ordinary Income Track Awards	 	9.1
	102
    Trustee Awards	 	9.1
	3(i)
    Awards	 	1.2(ii)
	Award
    Agreement	 	6
	Cause	 	6.6.4.4
	Company	 	1.1
	Effective
    Date	 	24.1
	Election	 	9.2
	Eligible
    102 Grantees	 	9.3.1
	Incentive
    Stock Options	 	1.2(iii)
	Information	 	16.4
	ITA	 	1.1(i)
	Market
    Stand-Off	 	17.1
	Market
    Stand-Off Period	 	17.1
	Merger/Sale	 	14.2
	Nonqualified
    Stock Options	 	1.2(iv)
	Plan	 	1.1
	Pool	 	5.1
	Recapitalization	 	14.1
	Required
    Holding Period	 	9.5
	Restricted
    Period	 	11.2
	Restricted
    Share Agreement	 	11
	Restricted
    Share Unit Agreement	 	12
	Restricted
    Share	 	1.1
	RSUs	 	1.1
	Rules	 	1.1(i)
	Securities	 	17.1
	Successor
    Corporation	 	14.2.1
	Withholding
    Obligations	 	18.5

 

3.
ADMINISTRATION.

 

3.1.
To the extent permitted under Applicable Law, the Company’s Articles of Association and any other governing document of the Company,
this Plan shall be administered by the Committee. In the event that the Board does not appoint or establish a committee to administer
this Plan, this Plan shall be administered by the Board and, accordingly, any and all references herein to the Committee shall be construed
as references to the Board. In the event that an action necessary for the administration of this Plan is required under Applicable Law
to be taken by the Board without the right of delegation, or if such action or power was explicitly reserved by the Board in appointing,
establishing and empowering the Committee, then such action shall be so taken by the Board. In any such event, all references herein
to the Committee shall be construed as references to the Board. Even if such a Committee was appointed or established, the Board may
take any actions that are stated to be vested in the Committee, and shall not be restricted or limited from exercising all rights, powers
and authorities under this Plan or Applicable Law.

 

3.2.
The Board shall appoint the members of the Committee, may from time to time remove members from, or add members to, the Committee, and
shall fill vacancies in the Committee, however caused, provided that the composition of the Committee shall at all times be in compliance
with any mandatory requirements of Applicable Law, the Articles of Association and any other governing document of the Company. The Committee
may select one of its members as its Chairman and shall hold its meetings at such times and places as it shall determine. The Committee
may appoint a Secretary, who shall keep records of its meetings, and shall make such rules and regulations for the conduct of its business
as it shall deem advisable and subject to mandatory requirements of Applicable Law.

 

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3.3.
Subject to the terms and conditions of this Plan, any mandatory provisions of Applicable Law and any provisions of any Company policy
required under mandatory provisions of Applicable Law, and in addition to the Committee’s powers contained elsewhere in this Plan,
the Committee shall have full authority, in its discretion, from time to time and at any time, to determine any of the following, or
to recommend to the Board any of the following if it is not authorized to take such action according to Applicable Law:

 

(i)
eligible Grantees,

 

(ii)
grants of Awards and setting the terms and provisions of Award Agreements (which need not be identical) and any other agreements or instruments
under which Awards are made, including, the number of Shares underlying each Award and the class of Shares underlying each Award (if
more than one class was designated by the Board),

 

(iii)
the time or times at which Awards shall be granted,

 

(iv)
the terms, conditions and restrictions applicable to each Award (which need not be identical) and any Shares acquired upon the exercise
or (if applicable) vesting thereof, including, (1) designating Awards under Section 1.2; (2) the vesting schedule, the acceleration
thereof and terms and conditions upon which Awards may be exercised or become vested, (3) the Exercise Price, (4) the method of payment
for Shares purchased upon the exercise or (if applicable) vesting of the Awards, (5) the method for satisfaction of any tax withholding
obligation arising in connection with the Awards or such Shares, including by the withholding or delivery of Shares, (6) the time of
the expiration of the Awards, (7) the effect of the Grantee’s termination of employment with the Company or any of its Affiliates,
and (8) all other terms, conditions and restrictions applicable to the Award or the Shares not inconsistent with the terms of this Plan,

 

(v)
to accelerate, continue, extend or defer the exercisability of any Award or the vesting thereof, including with respect to the period
following a Grantee’s termination of employment or other service,

 

(vi)
the interpretation of this Plan and any Award Agreement and the meaning, interpretation and applicability of terms referred to in Applicable
Law, 

 

(vii)
policies, guidelines, rules and regulations relating to and for carrying out this Plan, and any amendment, supplement or rescission thereof,
as it may deem appropriate,

 

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(viii)
to adopt supplements to, or alternative versions of, this Plan, including, without limitation, as it deems necessary or desirable to
comply with the laws of, or to accommodate the tax regime or custom of, foreign jurisdictions whose citizens or residents may be granted
Awards,

 

(ix)
the Fair Market Value of the Shares or other securities property or rights,

 

(x)
the tax track (capital gains, ordinary income track or any other track available under the Section 102 of the Ordinance) for the
purpose of 102 Awards,

 

(xi)
the authorization and approval of conversion, substitution, cancellation or suspension under and in accordance with this Plan of any
or all Awards or Shares,

 

(xii)
unless otherwise provided under the terms of this Plan, the amendment, modification, waiver or supplement of the terms of any outstanding
Award (including reducing the Exercise Price of an Award), provided, however, that if such amendments increase the Exercise Price of
an Award or reduce the number of Shared underlying an Award, then such amendments shall require the consent of the applicable Grantee,
unless such amendment is made pursuant to the exercise of rights or authorities in accordance with Section 14,

 

(xiii)
without limiting the generality of the foregoing, and subject to the provisions of Applicable Law, to grant to a Grantee, who is the
holder of an outstanding Award, in exchange for the cancellation of such Award, a new Award having an Exercise Price lower than that
provided in the Award so canceled and containing such other terms and conditions as the Committee may prescribe in accordance with the
provisions of this Plan or to set a new Exercise Price for the same Award lower than that previously provided in the Award,

 

(xiv)
to correct any defect, supply any omission or reconcile any inconsistency in this Plan or any Award Agreement and all other determinations
and take such other actions with respect to this Plan or any Award as it may deem advisable to the extent not inconsistent with the provisions
of this Plan or Applicable Law, and

 

(xv)
any other matter which is necessary or desirable for, or incidental to, the administration of this Plan and any Award thereunder.

 

3.4.
The authority granted hereunder includes the authority to modify Awards to eligible individuals who are foreign nationals or are individuals
who are employed outside the State of Israel or the United States of America, to recognize differences in local law, tax policy or custom,
in order to effectuate the purposes of this Plan but without amending this Plan.

 

3.5.
The Board and the Committee shall be free at all times to make such determinations and take such actions as they deem fit. The Board
and the Committee need not take the same action or determination with respect to all Awards, with respect to certain types of Awards,
with respect to all Service Providers or any certain type of Service Providers and actions and determinations may differ as among the
Grantees, and as between the Grantees and any other holders of securities of the Company.

 

3.6.
All decisions, determinations, and interpretations of the Committee, the Board and the Company under this Plan shall be final and binding
on all Grantees (whether before or after the issuance of Shares pursuant to Awards), unless otherwise determined by the Committee, the
Board or the Company, respectively. The Committee shall have the authority (but not the obligation) to determine the interpretation and
applicability of Applicable Law to any Grantee or any Awards. No member of the Committee or the Board shall be liable to any Grantee
for any action taken or determination made in good faith with respect to this Plan or any Award granted hereunder.

 

3.7.
Any officer or authorized signatory of the Company shall have the authority to act on behalf of the Company with respect to any matter,
right, obligation, determination or election which is the responsibility of or which is allocated to the Company herein, provided such
person has apparent authority with respect to such matter, right, obligation, determination or election. Such person or authorized signatory
shall not be liable to any Grantee for any action taken or determination made in good faith with respect to this Plan or any Award granted
hereunder.

 

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4.
ELIGIBILITY.

 

Awards
may be granted to Service Providers of the Company or any Affiliate thereof, taking into account, at the Committee’s discretion
and without an obligation to do so, the qualification under each tax regime pursuant to which such Awards are granted, subject to the
limitation on the granting of Incentive Stock Options set forth in Section 8.1. A person who has been granted an Award hereunder
may be granted additional Awards, if the Committee shall so determine, subject to the limitations herein. However, eligibility in accordance
with this Section 4 shall not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional
Award.

 

Awards
may differ in number of Shares covered thereby, the terms and conditions applying to them or on the Grantees or in any other respect
(including, that there should not be any expectation (and it is hereby disclaimed) that a certain treatment, interpretation or position
granted to one shall be applied to the other, regardless of whether or not the facts or circumstances are the same or similar).

 

5.
SHARES.

 

5.1.
The maximum aggregate number of Shares that may be issued pursuant to Awards under this Plan (the “Pool”) shall be
the sum of (a) 4,862,994 Shares plus (and without the need to further amend the Plan) (b) on January 1st, 2021 and
on January 1st of each calendar year thereafter during the term of the Plan (i.e., until January 1st, 2027, inclusive), a
number of Shares equal to the lesser of: (i) four percent (4.0%) of the total number of Shares outstanding as of the end of the last
day of the immediately preceding year, and (ii) such smaller amount of Shares as is determined by the Board, if so determined prior to
the January 1st of the calendar year in which the increase will occur (in each case, without the need to amend the Plan in
case of such determination); in all events subject to adjustment as provided in Section 14.1. Notwithstanding the foregoing, the total
number of Shares that may be issued pursuant to Incentive Stock Options granted under this Plan shall be 16,983,585 subject to adjustment
as provided in Section 14.1. The Board may, at its discretion, reduce the number of Shares that may be issued pursuant to Awards under
this Plan, at any time (provided that such reduction does not derogate from any issuance of Shares in respect of Awards then outstanding).

 

5.2.
Any Shares (a) underlying an Award granted hereunder that has expired, or was cancelled, terminated, forfeited, or settled in cash in
lieu of issuance of Shares, for any reason, without having been exercised; (b) if permitted by the Company, tendered to pay the Exercise
Price of an Award or withholding tax obligations with respect to an Award; or (c) if permitted by the Company, subject to an Award that
are not delivered to a Grantee because such Shares are withheld to pay the Exercise Price of such Award, or withholding tax obligations
with respect to such Award; shall automatically, and without any further action on the part of the Company or any Grantee, again be available
for grant of Awards and for issuance upon exercise or (if applicable) vesting thereof for the purposes of this Plan (unless this Plan
shall have been terminated), unless the Board determines otherwise. Such Shares may be, in whole or in part, authorized but unissued
Shares, (and, subject to obtaining a ruling as it applies to 102 Awards) treasury shares (dormant shares) or otherwise Shares that shall
have been or may be repurchased by the Company (to the extent permitted pursuant to the Companies Law).

 

5.3.
Any Shares under the Pool that are not subject to outstanding or exercised Awards at the termination of this Plan shall cease to be reserved
for the purpose of this Plan.

 

5.4.
From and after the Effective Date, no further grants or awards shall be made under any prior equity incentive plans of the Company; however,
Awards made under any prior equity incentive plan of the Company before the Effective Date shall continue in effect in accordance with
their terms.

 

    8

     

    

 

6.
TERMS AND CONDITIONS OF AWARDS.

 

Each
Award granted pursuant to this Plan shall be evidenced by a written or electronic agreement between the Company and the Grantee or a
written or electronic notice delivered by the Company (the “Award Agreement”), in substantially such form or forms
and containing such terms and conditions, as the Committee shall from time to time approve. The Award Agreement shall comply with and
be subject to the following general terms and conditions and the provisions of this Plan (except for any provisions applying to Awards
under different tax regimes), unless otherwise specifically provided in such Award Agreement, or the terms referred to in other Sections of
this Plan applying to Awards under such applicable tax regimes, or terms prescribed by Applicable Law. Award Agreements need not be in
the same form and may differ in the terms and conditions included therein.

 

6.1.
Number of Shares. Each Award Agreement shall state the number of Shares covered by the Award.

 

6.2.
Type of Award. Each Award Agreement may state the type of Award granted thereunder, provided that the tax treatment of any Award,
whether or not stated in the Award Agreement, shall be as determined in accordance with Applicable Law.

 

6.3.
Exercise Price. Each Award Agreement shall state the Exercise Price, if applicable. Unless otherwise set forth in this Plan, an
Exercise Price of an Award of less than the nominal value of the Shares (if shares bear a nominal value) shall comply with Section 304
of the Companies Law. Subject to Sections 3, 7.2 and 8.2 and to the foregoing, the Committee may reduce the Exercise Price of any outstanding
Award, on terms and subject to such conditions as it deems advisable. The Exercise Price shall also be subject to adjustment as provided
in Section 14 hereof. . The Exercise Price of any Award granted to a Grantee who is subject to U.S. federal income tax shall be determined
in accordance with Section 409A of the Code.

 

6.4.
Manner of Exercise.

 

6.4.1
An Award may be exercised, as to any or all Shares as to which the Award has become exercisable, (a) by written notice delivered in person
or by mail (or such other methods of delivery prescribed by the Company) to the Chief Financial Officer of the Company or, if no such
officer is then incumbent, to the Chief Executive Officer of the Company or to such other person as determined by the Committee, (b)
by way of an exercise order submitted via the online service operated and maintained by the Trustee, or (c) or in any other manner as
the Committee shall prescribe from time to time, specifying the number of Shares with respect to which the Award is being exercised (which
may be equal to or lower than the aggregate number of Shares that have become exercisable at such time, subject to the last sentence
of this Section), accompanied by payment of the aggregate Exercise Price for such Shares in the manner specified in the following sentence.
The Exercise Price shall be paid in full with respect to each Share, at the time of exercise, either (i) in cash, (ii) if the Company’s
shares are listed for trading on any securities exchange or over-the-counter market, and if the Committee so determines, all or part
of the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction
to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company or the
Trustee, (iii) if the Company’s shares are listed for trading on any securities exchange or over-the-counter market, and if the
Committee so determines, all or part of the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed
by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security for
a loan, and to deliver all or part of the loan proceeds to the Company or the Trustee, (iv) by applying the Cashless Exercise Mechanism
set forth in Section 6.4.2 below, or (v) in such other manner as the Committee shall determine, which may include procedures for cashless
exercise.

 

    9

     

    

 

6.4.2
The application of Cashless Exercise Mechanism with respect to (i) any 102 Awards shall be subject to obtaining a ruling from the ITA,
to the extent required by Applicable Law, and (ii) any Incentive Stock Options, may result in such Options being treated as Nonqualified
Stock Options.

 

6.4.3
Unless otherwise determined by the Committee, any and all Options may be exercised using a cashless exercise mechanism, in which case
the number of the Shares to be issued by the Company upon such exercise shall be calculated pursuant to the following formula (the “Cashless
Exercise Mechanism”):

 

X
= Y * (A – B)

A

 

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

 

		Y
                                            =	the
                                            number of Shares, as adjusted to the date of such calculation, underlying the number of Options
                                            being exercised.

 

		A
                                            =	the
                                            Fair Market Value of one Share at the exercise date.

 

		B
                                            =	the
                                            Exercise Price of the Options being exercised.

 

Upon
the completion of the calculation, if X is a negative number, then X shall be deemed to equal 0 (zero).

 

6.5.
Term and Vesting of Awards.

 

6.5.1
Each Award Agreement shall provide the vesting schedule for the Award as determined by the Committee. The Committee shall have the authority
to determine the vesting schedule and accelerate the vesting of any outstanding Award at such time and under such circumstances as it,
in its sole discretion, deems appropriate. Unless otherwise resolved by the Committee and stated in the Award Agreement, and subject
to Sections 6.6 and 6.7 hereof, Awards shall vest and become exercisable under the following schedule: twenty-five percent (25%)
of the Shares covered by the Award, on the first anniversary of the vesting commencement date determined by the Committee (and in the
absence of such determination, of date on which such Award was granted), and six and one-quarter percent (6.25%) of the Shares covered
by the Award at the end of each subsequent three-month period thereafter over the course of the following three (3) years; provided that
the Grantee remains continuously as a Service Provider of the Company or its Affiliates throughout such vesting dates.

 

6.5.2
The Award Agreement may contain performance goals and measurements (which, in case of 102 Trustee Awards, may, if then required, be subject
to obtaining a specific tax ruling or determination from the ITA), and the provisions with respect to any Award need not be the same
as the provisions with respect to any other Award. Such performance goals may include, but are not limited to, sales, earnings before
interest and taxes, return on investment, earnings per share, any combination of the foregoing or rate of growth of any of the foregoing,
as determined by the Committee. The Committee may adjust performance goals pursuant to Awards previously granted to take into account
changes in law and accounting and tax rules and to make such adjustments as the Committee deems necessary or appropriate to reflect the
inclusion or the exclusion of the impact of extraordinary or unusual items, events or circumstances.

 

6.5.3
The Exercise Period of an Award will be ten (10) years from the date of grant of the Award, unless otherwise determined by the Committee
and stated in the Award Agreement, but subject to the vesting provisions described above and the early termination provisions set forth
in Sections 6.6 and 6.7 hereof. At the expiration of the Exercise Period, any Award, or any part thereof, that has not been exercised
within the term of the Award and the Shares covered thereby not paid for in accordance with this Plan and the Award Agreement shall terminate
and become null and void, and all interests and rights of the Grantee in and to the same shall expire.

 

    10

     

    

 

6.6.
Termination.

 

6.6.1
Unless otherwise determined by the Committee, and subject to this Section 6.6 and Section 6.7 hereof, an Award may not be exercised
unless the Grantee is then a Service Provider of (i) the Company or an Affiliate thereof or, (ii) in the case of an Incentive Stock Option,
of the Company, of a Parent or Subsidiary, or of a company (or a parent or subsidiary company of such company) issuing or assuming an
Option of such Grantee in a transaction to which Section 424(a) of the Code applies, and unless the Grantee has remained continuously
so employed since the date of grant of the Award and throughout the vesting dates.

 

6.6.2
In the event that the employment or service of a Grantee shall terminate (other than by reason of death, Disability or Retirement), such
that Grantee is no longer a Service Provider of neither the Company nor any Affiliate thereof), all Awards of such Grantee that are unvested
at the time of such termination shall terminate on the date of such termination, and all Awards of such Grantee that are vested and exercisable
at the time of such termination may be exercised within up to three (3) months after the date of such termination (or such different
period as the Committee shall prescribe), but in any event no later than the date of expiration of the Award’s term as set forth
in the Award Agreement or pursuant to this Plan; provided, however, that if the Company (or its Subsidiary or other Affiliate
thereof, as applicable) shall have terminated the Grantee’s employment or service for Cause (as defined below) (whether the facts
or circumstances that constitute such Cause occur prior to or after termination of employment or service), facts or circumstances arise
or are discovered with respect to the Grantee that would have constituted Cause, then all Awards theretofore granted to such Grantee
(whether vested or not) shall terminate and be subject to recoupment by the Company on the date of such termination (or on such subsequent
date on which such facts or circumstances arise or are discovered, as the case may be) unless otherwise determined by the Committee,
and any Shares issued upon exercise or (if applicable) vesting of Awards (including other Shares or securities issued or distributed
with respect thereto, and including the gross amount of any proceeds, gains or other economic benefit the Grantee actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award), whether held by the Grantee
or by the Trustee for the Grantee’s benefit, shall be deemed to be irrevocably offered for sale to the Company, any of its Affiliates
or any person designated by the Company to purchase, at the Company’s election and subject to Applicable Law, either for no consideration,
for the nominal value of such Shares (if such Shares bear a nominal value) or against payment of the Exercise Price previously received
by the Company for such Shares upon their issuance, as the Committee deems fit, upon written notice to the Grantee at any time prior
to, at or after the Grantee’s termination of employment or service. Such Shares or other securities shall be sold and transferred
within 30 days from the date of the Company’s notice of its election to exercise its right. If the Grantee fails to transfer such
Shares or other securities to the Company, the Company, at the decision of the Committee, shall be entitled to forfeit or repurchase
such Shares and to authorize any person to execute on behalf of the Grantee any document necessary to effect such transfer, whether or
not the share certificates are surrendered. The Company shall have the right and authority to effect the above either by: (i) repurchasing
all of such Shares or other securities held by the Grantee or by the Trustee for the benefit of the Grantee, or designate the purchaser
of all or any part of such Shares or other securities, for the Exercise Price paid for such Shares, the nominal value of such Shares
(if such Shares bear a nominal value) or for no payment or consideration whatsoever, as the Committee deems fit; (ii) forfeiting all
or any part of such Shares or other securities; (iii) redeeming all or any part of such Shares or other securities, for the Exercise
Price paid for such Shares, the nominal value of such Shares (if such Shares bear a nominal value) or for no payment or consideration
whatsoever, as the Committee deems fit; (iv) taking action in order to have all or any part of such Shares or other securities converted
into deferred shares entitling their holder only to their nominal value (if such Shares bear a nominal value) upon liquidation of the
Company; or (v) taking any other action which may be required in order to achieve similar results; all as shall be determined by the
Committee, at its sole and absolute discretion, and the Grantee is deemed to irrevocably empower the Company or any person which may
be designated by it to take any action by, in the name of or on behalf of the Grantee to comply with and give effect to such actions
(including, voting such shares, filling in, signing and delivering share transfer deeds, etc.).

 

    11

     

    

 

6.6.3
Notwithstanding anything to the contrary, the Committee, in its absolute discretion, may, on such terms and conditions as it may determine
appropriate, extend the periods for which Awards held by any Grantee may continue to vest and be exercisable; it being clarified that
such Awards may lose their entitlement to certain tax benefits under Applicable Law (including, without limitation, qualification of
an Award as an Incentive Stock Option) as a result of the modification of such Awards and/or in the event that the Award is exercised
beyond the later of: (i) three (3) months after the date of termination of the employment or service relationship; or (ii) the applicable
period under Section 6.7 below with respect to a termination of the employment or service relationship because of the death, Disability
or Retirement of Grantee.

 

6.6.4
For purposes of this Plan:

 

6.6.4.1.
A termination of employment or service of a Grantee shall not be deemed to occur (except to the extent required by the Code with respect
to the Incentive Stock Option status of an Option) in case of (i) a transition or transfer of a Grantee among the Company and its Affiliates,
(ii) a change in the capacity in which the Grantee is employed or renders service to the Company or any of its Affiliates or a change
in the identity of the employing or engagement entity among the Company and its Affiliates, provided, in case of the foregoing
clauses (i) and (ii) above, that the Grantee has remained continuously employed by and/or in the service of the Company and its Affiliates
since the date of grant of the Award and throughout the vesting period; or (iii) if the Grantee takes any unpaid leave as set forth in
Section 6.8 below.

 

6.6.4.2.
An entity or an Affiliate thereof assuming an Award or issuing in substitution thereof in a transaction to which Section 424(a)
of the Code applies or in a Merger/Sale in accordance with Section 14 shall be deemed as an Affiliate of the Company for purposes
of this Section 6.6, unless the Committee determines otherwise.

 

6.6.4.3.
In the case of a Grantee whose principal employer or service recipient is a Subsidiary or other Affiliate thereof, the Grantee’s
employment shall also be deemed terminated for purposes of this Section 6.6 as of the date on which such principal employer or service
recipient ceases to be a Subsidiary or other Affiliate thereof.

 

6.6.4.4.
The term “Cause” shall mean (irrespective of, and in addition to, any definition included in any other agreement or
instrument applicable to the Grantee, and unless otherwise determined by the Committee) any of the following: (i) any theft, fraud, embezzlement,
dishonesty, willful misconduct, breach of fiduciary duty for personal profit, falsification of any documents or records of the Company
or any of its Affiliates, felony or similar act by the Grantee (whether or not related to the Grantee’s relationship with the Company);
(ii) an act of moral turpitude by the Grantee, or any act that causes significant injury to, or is otherwise adversely affecting, the
reputation, business, assets, operations or business relationship of the Company (or a Subsidiary or other Affiliate thereof, when applicable);
(iii) any breach by the Grantee of any material agreement with or of any material duty of the Grantee to the Company or any Subsidiary
or other Affiliate thereof (including breach of confidentiality, non-disclosure, non-use non-competition or non-solicitation covenants
towards the Company or any of its Affiliates) or failure to abide by code of conduct or other policies (including, without limitation,
policies relating to confidentiality and reasonable workplace conduct); (iv) any act which constitutes a breach of a Grantee’s
fiduciary duty towards the Company or a Subsidiary or other Affiliate thereof, including disclosure of confidential or proprietary information
thereof or acceptance or solicitation to receive unauthorized or undisclosed benefits, irrespective of their nature, or funds, or promises
to receive either, from individuals, consultants or corporate entities with whom the Company or a Subsidiary or other Affiliate thereof
conducts business; (v) the Grantee’s unauthorized use, misappropriation, destruction, or diversion of any tangible or intangible
asset or corporate opportunity of the Company or any of its Affiliates (including, without limitation, the improper use or disclosure
of confidential or proprietary information); or (vi) any circumstances that constitute grounds for termination for cause under the Grantee’s
employment or service agreement with the Company or Affiliate, to the extent applicable. For the avoidance of doubt, the determination
as to whether a termination is for Cause for purposes of this Plan, shall be made in good faith by the Committee and shall be final and
binding on the Grantee.

 

    12

     

    

 

6.7.
Death, Disability or Retirement of Grantee.

 

6.7.1
If a Grantee shall die while employed by, or performing service for, the Company or any of its Affiliates, or within the three (3) month
period (or such longer period of time as determined by the Board, in its discretion) after the date of termination of such Grantee’s
employment or service (or within such different period as the Committee may have provided pursuant to Section 6.6 hereof), or if
the Grantee’s employment or service with the Company or any of its Affiliates shall terminate by reason of Disability, all Awards
theretofore granted to such Grantee may (to the extent otherwise vested and exercisable and unless earlier terminated in accordance with
their terms) be exercised by the Grantee or by the Grantee’s estate or by a person who acquired the legal right to exercise such
Awards by bequest or inheritance, or by a person who acquired the legal right to exercise such Awards in accordance with applicable law
in the case of Disability of the Grantee, as the case may be, at any time within one (1) year (or such longer period of time as determined
by the Committee, in its discretion) after the death or Disability of the Grantee (or such different period as the Committee shall prescribe),
but in any event no later than the date of expiration of the Award’s term as set forth in the Award Agreement or pursuant to this
Plan. In the event that an Award granted hereunder shall be exercised as set forth above by any person other than the Grantee, written
notice of such exercise shall be accompanied by a certified copy of letters testamentary or proof satisfactory to the Committee of the
right of such person to exercise such Award.

 

6.7.2
In the event that the employment or service of a Grantee shall terminate on account of such Grantee’s Retirement, all Awards of
such Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance with their terms, be exercised
at any time within the three (3) month period after the date of such Retirement (or such different period as the Committee shall prescribe).

 

6.8.
Suspension of Vesting. Unless the Committee provides otherwise, vesting of Awards granted hereunder shall be suspended during
any unpaid leave of absence, other than in the case of any (i) leave of absence which was pre-approved by the Company explicitly for
purposes of continuing the vesting of Awards, or (ii) transfers between locations of the Company or any of its Affiliates, or between
the Company and any of its Affiliates, or any respective successor thereof. For clarity, for purposes of this Plan, military leave, statutory
maternity or paternity leave or sick leave are not deemed unpaid leave of absence, unless otherwise determined by the Committee.

 

6.9.
Securities Law Restrictions. Except as otherwise provided in the applicable Award Agreement or other agreement between the Service
Provider and the Company, if the exercise of an Award following the termination of the Service Provider’s employment or service
(other than for Cause) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements
under the Securities Act or equivalent requirements under equivalent laws of other applicable jurisdictions, then the Award shall remain
exercisable and terminate on the earlier of (i) the expiration of a period of three (3) months (or such longer period of time as determined
by the Board, in its discretion) after the termination of the Service Provider’s employment or service during which the exercise
of the Award would not be in such violation, or (ii) the expiration of the term of the Award as set forth in the Award Agreement or pursuant
to this Plan. In addition, unless otherwise provided in a Grantee’s Award Agreement, if the sale of any Shares received upon exercise
or (if applicable) vesting of an Award following the termination of the Grantee’s employment or service (other than for Cause)
would violate the Company’s insider trading policy, then the Award shall terminate on the earlier of (i) the expiration of a period
equal to the applicable post-termination exercise period after the termination of the Grantee’s employment or service during which
the exercise of the Award would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term
of the Award as set forth in the applicable Award Agreement or pursuant to this Plan.

 

    13

     

    

 

6.10.
Voting Proxy. Until immediately after the listing for trading on a stock exchange or market or trading system of the Company’s
(or the Successor Corporation’s) shares, the Shares subject to an Award or to be issued pursuant to an Award or any other Securities,
shall, unless otherwise determined by the Committee, be subject to an irrevocable proxy and power of attorney by the Grantee or the Trustee
(if so requested from the Trustee), as the case may be, to the Company, which shall designate such person or persons (with a right of
substitution) from time to time as determined by the Committee (and in the absence of such determination, the Chief Executive Officer
of the Company or the Chairman of the Board, ex officio (or, in no Chairman is in office, any other member designated by the Board)).
The Trustee is deemed to be instructed by the Grantee to sign such proxy, as requested by the Company. The proxy shall entitle the holder
thereof to receive notices, vote and take such other actions in respect of the Shares or other Securities. Any person holding or exercising
such voting proxies shall do so solely in his capacity as the proxy holder and not individually. All Awards granted hereunder shall be
conditioned upon the execution of such irrevocable proxy in substantially the form prescribed by the Committee from time to time. So
long as any such Shares are subject to such irrevocable proxy and power of attorney or held by a Trustee (and unless a proxy was given
by the Trustee as aforesaid), (i) in any shareholders meeting or written consent in lieu thereof, such Shares shall be voted by the proxy
holder (or the Trustee, as applicable), unless directed otherwise by the Board, in the same proportion as the result of the vote at the
shareholders’ meeting (or written consent in lieu thereof) in respect of which the Shares are being voted (whether an extraordinary
or annual meeting, and whether of the share capital as one class or of any class thereof), and (ii) or in any act or consent of shareholders
under the Company’s Articles of Association or otherwise, such Shares shall be cast by the proxy holder (or the Trustee, as applicable),
unless directed otherwise by the Board, in the same proportion as the result of the shareholders’ act or consent. The provisions
of this Section shall apply to the Grantee and to any purchaser, assignee or transferee of any Shares.

 

6.11.
Other Provisions. The Award Agreement evidencing Awards under this Plan shall contain such other terms and conditions not inconsistent
with this Plan as the Committee may determine, at or after the date of grant, including provisions in connection with the restrictions
on transferring the Awards or Shares covered by such Awards, which shall be binding upon the Grantees and any purchaser, assignee or
transferee of any Awards, and other terms and conditions as the Committee shall deem appropriate.

 

7.
NONQUALIFIED STOCK OPTIONS.

 

Awards
granted pursuant to this Section 7 are intended to constitute Nonqualified Stock Options and shall be subject to the general terms
and conditions specified in Section 6 hereof and other provisions of this Plan, except for any provisions of this Plan applying
to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this
Section 7 and the other terms of this Plan, this Section 7 shall prevail. However, if for any reason the Awards granted pursuant
to this Section 7 (or portion thereof) does not qualify as an Incentive Stock Option, then, to the extent of such non-qualification,
such Option (or portion thereof) shall be regarded as a Nonqualified Stock Option granted under this Plan. In no event will the Board,
the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other
person) due to the failure of the Option to qualify for any reason as an Incentive Stock Option.

 

7.1.
Certain Limitations on Eligibility for Nonqualified Stock Options. Nonqualified Stock Options may not be granted to a Service
Provider who is deemed to be a resident of the United States for purposes of taxation or who is otherwise subject to United States federal
income tax unless the Shares underlying such Options constitute “service recipient stock” under Section 409A of the
Code or unless such Options comply with the payment requirements of Section 409A of the Code.

 

7.2.
Exercise Price. The Exercise Price of a Nonqualified Stock Option shall not be less than 100% of the Fair Market Value of a Share
on the date of grant of such Option unless the Committee specifically indicates that the Awards will have a lower Exercise Price and
the Award complies with Section 409A of the Code. Notwithstanding the foregoing, a Nonqualified Stock Option may be granted with
an exercise price lower than the minimum exercise price set forth above if such Award is granted pursuant to an assumption or substitution
for another option in a manner qualifying under the provisions of that complies with Section 424(a) of the Code and 1.409A-1(b)(5)(v)(D)
of the U.S. Treasury Regulations or any successor guidance.

 

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8.
INCENTIVE STOCK OPTIONS. 

 

Awards
granted pursuant to this Section 8 are intended to constitute Incentive Stock Options and shall be granted subject to the following
special terms and conditions, the general terms and conditions specified in Section 6 hereof and other provisions of this Plan,
except for any provisions of this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency
or contradictions between the provisions of this Section 8 and the other terms of this Plan, this Section 8 shall prevail.

 

8.1.
Eligibility for Incentive Stock Options. Incentive Stock Options may be granted only to Employees of the Company, or to Employees
of a Parent or Subsidiary, determined as of the date of grant of such Options. An Incentive Stock Option granted to a prospective Employee
upon the condition that such person become an Employee shall be deemed granted effective on the date such person commences employment,
with an exercise price determined as of such date in accordance with Section 8.2.

 

8.2.
Exercise Price. The Exercise Price of an Incentive Stock Option shall not be less than one hundred percent (100%) of the Fair
Market Value of the Shares covered by the Awards on the date of grant of such Option or such other price as may be determined pursuant
to the Code. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than the minimum exercise
price set forth above if such Award is granted pursuant to an assumption or substitution for another option in a manner that complies
with the provisions of Section 424(a) of the Code.

 

8.3.
Date of Grant. Notwithstanding any other provision of this Plan to the contrary, no Incentive Stock Option may be granted under
this Plan after 10 years from the date this Plan is adopted, or the date this Plan is approved by the shareholders, whichever is earlier.

 

8.4.
Exercise Period. No Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the effective date
of grant of such Award, subject to Section 8.6. No Incentive Stock Option granted to a prospective Employee may become exercisable
prior to the date on which such person commences employment.

 

8.5.
$100,000 Per Year Limitation. The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted)
of the Shares with respect to which all Incentive Stock Options granted under this Plan and all other “incentive stock option”
plans of the Company, or of any Parent or Subsidiary, become exercisable for the first time by each Grantee during any calendar year
shall not exceed one hundred thousand United States dollars ($100,000) with respect to such Grantee. To the extent that the aggregate
Fair Market Value of Shares with respect to which such Incentive Stock Options and any other such incentive stock options are exercisable
for the first time by any Grantee during any calendar year exceeds one hundred thousand United States dollars ($100,000), such options
shall be treated as Nonqualified Stock Options. The foregoing shall be applied by taking options into account in the order in which they
were granted. If the Code is amended to provide for a different limitation from that set forth in this Section 8.5, such different
limitation shall be deemed incorporated herein effective as of the date and with respect to such Awards as required or permitted by such
amendment to the Code. If an Option is treated as an Incentive Stock Option in part and as a Nonqualified Stock Option in part by reason
of the limitation set forth in this Section 8.5, the Grantee may designate which portion of such Option the Grantee is exercising.
In the absence of such designation, the Grantee shall be deemed to have exercised the Incentive Stock Option portion of the Option first.
Separate certificates representing each such portion may be issued upon the exercise of the Option.

 

8.6.
Ten Percent Shareholder. In the case of an Incentive Stock Option granted to a Ten Percent Shareholder, notwithstanding the foregoing
provisions of this Section8, (i) the Exercise Price shall not be less than one hundred and ten percent (110%) of the Fair Market Value
of a Share on the date of grant of such Incentive Stock Option, and (ii) the Exercise Period shall not exceed five (5) years from the
effective date of grant of such Incentive Stock Option.

 

8.7.
Payment of Exercise Price. Each Award Agreement evidencing an Incentive Stock Option shall state each alternative method by which
the Exercise Price thereof may be paid.

 

    15

     

    

 

8.8.
Leave of Absence. Notwithstanding Section 6.8, a Grantee’s employment shall not be deemed to have terminated if the
Grantee takes any leave as set forth in Section 6.8(i); provided, however, that if any such leave exceeds three (3)
months, on the day that is three (3) months following the commencement of such leave any Incentive Stock Option held by the Grantee shall
cease to be treated as an Incentive Stock Option and instead shall be treated thereafter as a Nonqualified Stock Option, unless the Grantee’s
right to return to employment is guaranteed by statute or contract.

 

8.9.
Exercise Following Termination. Notwithstanding anything else in this Plan to the contrary, Incentive Stock Options that are not
exercised within three (3) months following termination of the Grantee’s employment with the Company or its Parent or Subsidiary
or with a corporation (or a parent or subsidiary of such corporation) issuing or assuming an Option of such Grantee in a transaction
to which Section 424(a) of the Code applies, or within one year in case of termination of the Grantee’s employment with the
Company or its Parent or Subsidiary due to a Disability (within the meaning of Section 22(e)(3) of the Code), shall be deemed to
be Nonqualified Stock Options.

 

8.10.
Notice to Company of Disqualifying Disposition. Each Grantee who receives an Incentive Stock Option must agree to notify the Company
in writing immediately after the Grantee makes a Disqualifying Disposition of any Shares received pursuant to the exercise of Incentive
Stock Options. A “Disqualifying Disposition” is any disposition (including any sale) of such Shares before the later
of (i) two years after the date the Grantee was granted the Incentive Stock Option, or (ii) one year after the date the Grantee acquired
Shares by exercising the Incentive Stock Option. If the Grantee dies before such Shares are sold, these holding period requirements do
not apply and no disposition of the Shares will be deemed a Disqualifying Disposition.

 

9.
102 AWARDS.

 

Awards
granted pursuant to this Section 9 are intended to constitute 102 Awards and shall be granted subject to the following special terms
and conditions, the general terms and conditions specified in Section 6 hereof and other provisions of this Plan, except for any
provisions of this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions
between the provisions of this Section 9 and the other terms of this Plan, this Section 9 shall prevail.

 

9.1.
Tracks. Awards granted pursuant to this Section 9 are intended to be granted pursuant to Section 102 of the Ordinance
pursuant to either (i) Section 102(b)(2) or (3) thereof (as applicable), under the capital gain track (“102 Capital Gain
Track Awards”), or (ii) Section 102(b)(1) thereof under the ordinary income track (“102 Ordinary Income
Track Awards”, and together with 102 Capital Gain Track Awards, “102 Trustee Awards”). 102 Trustee Awards
shall be granted subject to the special terms and conditions contained in this Section 9, the general terms and conditions specified
in Section 6 hereof and other provisions of this Plan, except for any provisions of this Plan applying to Options under different
tax laws or regulations.

 

9.2.
Election of Track. Subject to Applicable Law, the Company may grant only one type of 102 Trustee Awards at any given time to all
Grantees who are to be granted 102 Trustee Awards pursuant to this Plan, and shall file an election with the ITA regarding the type of
102 Trustee Awards it elects to grant before the date of grant of any 102 Trustee Awards (the “Election”). Such Election
shall also apply to any other securities, including bonus shares, received by any Grantee as a result of holding the 102 Trustee Awards.
The Company may change the type of 102 Trustee Awards that it elects to grant only after the expiration of at least 12 months from the
end of the year in which the first grant was made in accordance with the previous Election, or as otherwise provided by Applicable Law.
Any Election shall not prevent the Company from granting Awards, pursuant to Section 102(c) of the Ordinance without a Trustee (“102
Non-Trustee Awards”).

 

9.3.
Eligibility for Awards.

 

9.3.1
Subject to Applicable Law, 102 Awards may only be granted to an “employee” within the meaning of Section 102(a) of the
Ordinance (which as of the date of the adoption of this Plan means (i) individuals employed by an Israeli company being the Company or
any of its Affiliates, and (ii) individuals who are serving and are engaged personally (and not through an entity) as “office holders”
by such an Israeli company), but may not be granted to a Controlling Shareholder (“Eligible 102 Grantees”). Eligible
102 Grantees may receive only 102 Awards, which may either be granted to a Trustee or granted under Section 102 of the Ordinance
without a Trustee.

 

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9.4. 102
Award Grant Date.

 

9.4.1 Each
102 Award will be deemed granted on the date determined by the Committee, subject to Section 9.4.2, provided that (i) the
Grantee has signed all documents required by the Company or pursuant to Applicable Law, and (ii) with respect to 102 Trustee Award, the
Company has provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA, and if an agreement
is not signed and delivered by the Grantee within 90 days from the date determined by the Committee (subject to Section 9.4.2),
then such 102 Trustee Award shall be deemed granted on such later date as such agreement is signed and delivered and on which the Company
has provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA. In the case of any contradiction,
this provision and the date of grant determined pursuant hereto shall supersede and be deemed to amend any date of grant indicated in
any corporate resolution or Award Agreement.

 

9.4.2 Unless
otherwise permitted by the Ordinance, any grants of 102 Trustee Awards that are made on or after the date of the adoption of this Plan
or an amendment to this Plan, as the case may be, that may become effective only at the expiration of thirty (30) days after the filing
of this Plan or any amendment thereof (as the case may be) with the ITA in accordance with the Ordinance shall be conditional upon the
expiration of such 30-day period, such condition shall be read and is incorporated by reference into any corporate resolutions approving
such grants and into any Award Agreement evidencing such grants (whether or not explicitly referring to such condition), and the date
of grant shall be at the expiration of such 30-day period, whether or not the date of grant indicated therein corresponds with this Section.
In the case of any contradiction, this provision and the date of grant determined pursuant hereto shall supersede and be deemed to amend
any date of grant indicated in any corporate resolution or Award Agreement.

 

9.5. 102
Trustee Awards.

 

9.5.1 Each
102 Trustee Award, each Share issued pursuant to the exercise of any 102 Trustee Award, and any rights granted thereunder, including
bonus shares, shall be issued to and registered in the name of the Trustee and shall be held in trust for the benefit of the Grantee
for the requisite period prescribed by the Ordinance (the “Required Holding Period”) or such longer period as set
by the Committee. In the event that the requirements under Section 102 of the Ordinance to qualify an Award as a 102 Trustee Award
are not met, then the Award may be treated as a 102 Non-Trustee Award or 3(9) Award, all in accordance with the provisions of the Ordinance.
After expiration of the Required Holding Period, the Trustee may release such 102 Trustee Awards and any such Shares, provided
that (i) the Trustee has received an acknowledgment from the ITA that the Grantee has paid any applicable taxes due pursuant to the Ordinance,
or (ii) the Trustee and/or the Company and/or the Employer withholds all applicable taxes and compulsory payments due pursuant to the
Ordinance arising from the 102 Trustee Awards and/or any Shares issued upon exercise or (if applicable) vesting of such 102 Trustee Awards.
The Trustee shall not release any 102 Trustee Awards or Shares issued upon exercise or (if applicable) vesting thereof prior to the payment
in full of the Grantee’s tax and compulsory payments arising from such 102 Trustee Awards and/or Shares or the withholding referred
to in (ii) above.

 

9.5.2 Each
102 Trustee Award shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings or approvals issued
by the ITA, which shall be deemed an integral part of the 102 Trustee Awards and shall prevail over any term contained in this Plan or
Award Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any determinations, rulings or approvals
by the ITA not expressly specified in this Plan or Award Agreement that are necessary to receive or maintain any tax benefit pursuant
to Section 102 of the Ordinance shall be binding on the Grantee. Any Grantee granted a 102 Trustee Awards shall comply with the
Ordinance and the terms and conditions of the trust agreement entered into between the Company and the Trustee. The Grantee shall execute
any and all documents that the Company and/or its Affiliates and/or the Trustee determine from time to time to be necessary in order
to comply with the Ordinance and the Rules.

 

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9.5.3 During
the Required Holding Period, the Grantee shall not release from trust or sell, assign, transfer or give as collateral, the Shares issuable
upon the exercise or (if applicable) vesting of a 102 Trustee Awards and/or any securities issued or distributed with respect thereto,
until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release or other action occurs during
the Required Holding Period it may result in adverse tax consequences to the Grantee under Section 102 of the Ordinance and the
Rules, which shall apply to and shall be borne solely by such Grantee. Subject to the foregoing, the Trustee may, pursuant to a written
request from the Grantee, but subject to the terms of this Plan, release and transfer such Shares to a designated third party, provided
that both of the following conditions have been fulfilled prior to such release or transfer: (i) payment has been made to the ITA
of all taxes and compulsory payments required to be paid upon the release and transfer of the Shares, and confirmation of such payment
has been received by the Trustee and the Company, and (ii) the Trustee has received written confirmation from the Company that all requirements
for such release and transfer have been fulfilled according to the terms of the Company’s corporate documents, any agreement governing
the Shares, this Plan, the Award Agreement and any Applicable Law.

 

9.5.4 If
a 102 Trustee Award is exercised or (if applicable) vested, the Shares issued upon such exercise or (if applicable) vesting shall be
issued in the name of the Trustee for the benefit of the Grantee.

 

9.5.5 Upon
or after receipt of a 102 Trustee Award, if required, the Grantee may be required to sign an undertaking to release the Trustee from
any liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation to this Plan, or
any 102 Trustee Awards or Share granted to such Grantee thereunder.

 

9.6. 102
Non-Trustee Awards. The foregoing provisions of this Section 9 relating to 102 Trustee Awards shall not apply with respect to
102 Non-Trustee Awards, which shall, however, be subject to the relevant provisions of Section 102 of the Ordinance and the applicable
Rules. The Committee may determine that 102 Non-Trustee Awards, the Shares issuable upon the exercise or (if applicable) vesting of a
102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto, shall be allocated or issued to the Trustee,
who shall hold such 102 Non-Trustee Awards and all accrued rights thereon (if any), in trust for the benefit of the Grantee and/or the
Company, as the case may be, until the full payment of tax arising from the 102 Non-Trustee Awards, the Shares issuable upon the exercise
or (if applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto. The Company
may choose, alternatively, to force the Grantee to provide it with a guarantee or other security, to the satisfaction of each of the
Trustee and the Company, until the full payment of the applicable taxes.

 

9.7. Written
Grantee Undertaking. To the extent and with respect to any 102 Trustee Award, and as required by Section 102 of the Ordinance
and the Rules, by virtue of the receipt of such Award, the Grantee is deemed to have provided, undertaken and confirmed the following
written undertaking (and such undertaking is deemed incorporated into any documents signed by the Grantee in connection with the employment
or service of the Grantee and/or the grant of such Award), which undertaking shall be deemed to apply and relate to all 102 Trustee Awards
granted to the Grantee, whether under this Plan or other plans maintained by the Company, and whether prior to or after the date hereof.

 

9.7.1 The
Grantee shall comply with all terms and conditions set forth in Section 102 of the Ordinance with regard to the “Capital Gain
Track” or the “Ordinary Income Track”, as applicable, and the applicable rules and regulations promulgated thereunder,
as amended from time to time;

 

9.7.2 The
Grantee is familiar with, and understands the provisions of, Section 102 of the Ordinance in general, and the tax arrangement under
the “Capital Gain Track” or the “Ordinary Income Track” in particular, and its tax consequences; the Grantee
agrees that the 102 Trustee Awards and Shares that may be issued upon exercise or (if applicable) vesting of the 102 Trustee Awards (or
otherwise in relation to the 102 Trustee Awards), will be held by the Trustee appointed pursuant to Section 102 of the Ordinance
for at least the duration of the “Holding Period” (as such term is defined in Section 102) under the “Capital
Gain Track” or the “Ordinary Income Track”, as applicable. The Grantee understands that any release of such 102 Trustee
Awards or Shares from trust, or any sale of the Share prior to the termination of the Holding Period, as defined above, will result in
taxation at marginal tax rate, in addition to deductions of appropriate social security, health tax contributions or other compulsory
payments; and

 

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9.7.3 The
Grantee agrees to the trust agreement signed between the Company, the Employer and the Trustee appointed pursuant to Section 102
of the Ordinance.

 

10. 3(i)
AWARDS.

 

Awards
granted pursuant to this Section 10 are intended to constitute 3(9) Awards and shall be granted subject to the general terms and
conditions specified in Section 6 hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards
under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this Section 10
and the other terms of this Plan, this Section 10 shall prevail.

 

10.1. To
the extent required by the Ordinance or the ITA or otherwise deemed by the Committee to be advisable, the 3(i) Awards and/or any shares
or other securities issued or distributed with respect thereto granted pursuant to this Plan shall be issued to a Trustee nominated by
the Committee in accordance with the provisions of the Ordinance or the terms of a trust agreement, as applicable. In such event, the
Trustee shall hold such Awards and/or other securities issued or distributed with respect thereto in trust, until exercised or (if applicable)
vested by the Grantee and the full payment of tax arising therefrom, pursuant to the Company’s instructions from time to time as
set forth in a trust agreement, which will have been entered into between the Company and the Trustee. If determined by the Board or
the Committee, and subject to such trust agreement, the Trustee will also hold the shares issuable upon exercise or (if applicable) vesting
of the 3(i) Awards, as long as they are held by the Grantee. If determined by the Board or the Committee, and subject to such trust agreement,
the Trustee shall be responsible for withholding any taxes to which a Grantee may become liable upon issuance of Shares, whether due
to the exercise or (if applicable) vesting of Awards.

 

10.2. Shares
pursuant to a 3(9) Award shall not be issued, unless the Grantee delivers to the Company payment in cash or by bank check or such other
form acceptable to the Committee of all withholding taxes due, if any, on account of the Grantee acquired Shares under the Award or gives
other assurance satisfactory to the Committee of the payment of those withholding taxes.

 

11. RESTRICTED
SHARES.

 

The
Committee may award Restricted Shares to any eligible Grantee, including under Section 102 of the Ordinance. Each Award of Restricted
Shares under this Plan shall be evidenced by a written agreement between the Company and the Grantee (the “Restricted Share
Agreement”), in such form as the Committee shall from time to time approve. The Restricted Shares shall be subject to all applicable
terms of this Plan, which in the case of Restricted Shares granted under Section 102 of the Ordinance shall include Section 9
hereof, and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Restricted Shares
Agreements entered into under this Plan need not be identical. The Restricted Share Agreement shall comply with and be subject to Section 6
and the following terms and conditions, unless otherwise specifically provided in such Agreement and not inconsistent with this Plan
or Applicable Law:

 

11.1. Purchase
Price. Section 6.4 shall not apply. Each Restricted Shares Agreement shall state an amount of Exercise Price to be paid by the
Grantee, if any, in consideration for the issuance of the Restricted Shares and the terms of payment thereof, which may include payment
in cash or, subject to the Committee’s approval, by issuance of promissory notes or other evidence of indebtedness on such terms
and conditions as determined by the Committee.

 

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11.2. Restrictions.
Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws
of descent and distribution (in which case they shall be transferred subject to all restrictions then or thereafter applicable thereto),
until such Restricted Shares shall have vested (the period from the date on which the Award is granted until the date of vesting of the
Restricted Shares thereunder being referred to herein as the “Restricted Period”). The Committee may also impose such
additional or alternative restrictions and conditions on the Restricted Shares, as it deems appropriate, including the satisfaction of
performance criteria (which, in case of 102 Trustee Awards, may be subject to obtaining a specific tax ruling or determination from the
ITA). Such performance criteria may include, but are not limited to, sales, earnings before interest and taxes, return on investment,
earnings per share, any combination of the foregoing or rate of growth of any of the foregoing, as determined by the Committee or pursuant
to the provisions of any Company policy required under mandatory provisions of Applicable Law. Certificates for shares issued pursuant
to Restricted Shares Awards, if issued, shall bear an appropriate legend referring to such restrictions, and any attempt to dispose of
any such shares in contravention of such restrictions shall be null and void and without effect. Such certificates may, if so determined
by the Committee, be held in escrow by an escrow agent appointed by the Committee, or, if a Restricted Shares Award is made pursuant
to Section 102 of the Ordinance, by the Trustee. In determining the Restricted Period of an Award the Committee may provide that
the foregoing restrictions shall lapse with respect to specified percentages of the awarded Restricted Shares on successive anniversaries
of the date of such Award. To the extent required by the Ordinance or the ITA, the Restricted Shares issued pursuant to Section 102
of the Ordinance shall be issued to the Trustee in accordance with the provisions of the Ordinance and the Restricted Shares shall be
held for the benefit of the Grantee for at least the Required Holding Period.

 

11.3. Forfeiture;
Repurchase. Subject to such exceptions as may be determined by the Committee, if the Grantee’s continuous employment with or
service to the Company or any Affiliate thereof shall terminate (such that Grantee is no longer a Service Provider of neither the Company
nor any Affiliate thereof) for any reason prior to the expiration of the Restricted Period of an Award or prior to the timely payment
in full of the Exercise Price of any Restricted Shares, any Restricted Shares remaining subject to vesting or with respect to which the
purchase price has not been paid in full, shall thereupon be forfeited, transferred to, and redeemed, repurchased or cancelled by, as
the case may be, in any manner as set forth in Section 6.6.2(i) through (v), subject to Applicable Law and the Grantee shall have
no further rights with respect to such Restricted Shares.

 

11.4. Ownership.
During the Restricted Period the Grantee shall possess all incidents of ownership of such Restricted Shares, subject to Section 6.10
and Section 11.2, including the right to vote and receive dividends with respect to such Shares. All securities, if any, received
by a Grantee with respect to Restricted Shares as a result of any stock split, stock dividend, combination of shares, or other similar
transaction shall be subject to the restrictions applicable to the original Award.

 

12. RESTRICTED
SHARE UNITS.

 

An
RSU is an Award covering a number of Shares that is settled, if vested and (if applicable) exercised, by issuance of those Shares. An
RSU may be awarded to any eligible Grantee, including under Section 102 of the Ordinance. The Award Agreement relating to the grant
of RSUs under this Plan (the “Restricted Share Unit Agreement”), shall be in such form as the Committee shall from
time to time approve. The RSUs shall be subject to all applicable terms of this Plan, which in the case of RSUs granted under Section 102
of the Ordinance shall include Section 9 hereof, and may be subject to any other terms that are not inconsistent with this Plan.
The provisions of the various Restricted Share Unit Agreements entered into under this Plan need not be identical. RSUs may be granted
in consideration of a reduction in the recipient’s other compensation.

 

12.1. Exercise
Price. No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award Agreement or as required
by Applicable Law (including, Section 304 of the Companies Law), and Section 6.4 shall apply, if applicable.

 

12.2. Shareholders’
Rights. The Grantee shall not possess or own any ownership rights in the Shares underlying the RSUs and no rights as a shareholder
shall exist prior to the actual issuance of Shares in the name of the Grantee.

 

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12.3. Settlements
of Awards. Settlement of vested RSUs shall be made in the form of Shares. Distribution to a Grantee of an amount (or amounts) from
settlement of vested RSUs can be deferred to a date after vesting as determined by the Committee. The amount of a deferred distribution
may be increased by an interest factor or by dividend equivalents. Until the grant of RSUs is settled, the number of Shares underlying
such RSUs shall be subject to adjustment pursuant hereto.

 

12.4. Section 409A
Restrictions. Notwithstanding anything to the contrary set forth herein, any RSUs granted under this Plan that are not exempt from
the requirements of Section 409A of the Code shall contain such restrictions or other provisions so that such RSUs will comply with
the requirements of Section 409A of the Code, if applicable to the Company. Such restrictions, if any, shall be determined by the
Committee and contained in the Restricted Share Unit Agreement evidencing such RSU. For example, such restrictions may include a requirement
that any Shares that are to be issued in a year following the year in which the RSU vests must be issued in accordance with a fixed,
pre-determined schedule.

 

13. OTHER
SHARE OR SHARE-BASED AWARDS.

 

13.1. The
Committee may grant other Awards under this Plan pursuant to which Shares (which may, but need not, be Restricted Shares pursuant to
Section 11 hereof), cash (in settlement of Share-based Awards) or a combination thereof, are or may in the future be acquired or
received, or Awards denominated in stock units, including units valued on the basis of measures other than market value.

 

13.2. The
Committee may also grant stock appreciation rights without the grant of an accompanying option, which rights shall permit the Grantees
to receive, at the time of any exercise of such rights, cash equal to the amount by which the Fair Market Value of the Shares in respect
to which the right was granted is so exercised exceeds the exercise price thereof. The exercise price of any such stock appreciation
right granted to a Grantee who is subject to U.S. federal income tax shall be determined in compliance with Section 7.2.

 

13.3. Such
other Share-based Awards as set forth above may be granted alone, in addition to, or in tandem with any Award of any type granted under
this Plan (without any obligation or assurance that that such Share-based Awards will be entitled to tax benefits under Applicable Law
or to the same tax treatment as other Awards under this Plan).

 

14. EFFECT
OF CERTAIN CHANGES.

 

14.1. General.
In the event of a division or subdivision of the outstanding share capital of the Company, any distribution of bonus shares (stock split),
consolidation or combination of share capital of the Company (reverse stock split), reclassification with respect to the Shares or any
similar recapitalization events (each, a “Recapitalization”), a merger (including, a reverse merger and a reverse
triangular merger), consolidation, amalgamation or like transaction of the Company with or into another corporation, a reorganization
(which may include a combination or exchange of shares, spin-off or other corporate divestiture or division, or other similar occurrences,
the Committee shall make, without the need for a consent of any holder of an Award, such adjustments as determined by the Committee to
be appropriate, in its discretion, in order to adjust (i) the number and class of shares reserved and available for grants of Awards,
(ii) the number and class of shares covered by outstanding Awards, (iii) the Exercise Price per share covered by any Award, (iv) the
terms and conditions concerning vesting and exercisability and the term and duration of the outstanding Awards, and (v) the type or class
of security, asset or right underlying the Award (which need not be only that of the Company, and may be that of the surviving corporation
or any affiliate thereof or such other entity party to any of the above transactions), and (vi) any other terms of the Award that in
the opinion of the Committee should be adjusted. Any fractional shares resulting from such adjustment shall be treated as determined
by the Committee, and in the absence of such determination shall be rounded to the nearest whole share, and the Company shall have no
obligation to make any cash or other payment with respect to such fractional shares. No adjustment shall be made by reason of the distribution
of subscription rights or rights offering to outstanding shares or other issuance of shares by the Company, unless the Committee determines
otherwise. The adjustments determined pursuant to this Section 14.1 (including a determination that no adjustment is to be made)
shall be final, binding and conclusive.

 

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14.2. Merger/Sale
of Company. In the event of (i) a sale of all or substantially all of the assets of the Company, or a sale (including an exchange)
of all or substantially all of the shares of the Company, to any person, or a purchase by a shareholder of the Company or by an Affiliate
of such shareholder, of all the shares of the Company held by all or substantially all other shareholders or by other shareholders who
are not Affiliated with such acquiring party; (ii) a merger (including, a reverse merger and a reverse triangular merger), consolidation,
amalgamation or like transaction of the Company with or into another corporation; (iii) a scheme of arrangement for the purpose of effecting
such sale, merger, consolidation, amalgamation or other transaction; (iv) approval by the shareholders of the Company of a complete liquidation
or dissolution of the Company, or (v) such other transaction or set of circumstances that is determined by the Board, in its discretion,
to be a transaction subject to the provisions of this Section 14.2 excluding any of the foregoing transactions in clauses (i) through
(v) if the Board determines that such transaction should be excluded from the definition hereof and the applicability of this Section 14.2
(each of the foregoing transactions, a “Merger/Sale”), then, without derogating from the general authority and power
of the Board or the Committee under this Plan, without the Grantee’s consent and action and without any prior notice requirement,
the Committee may make, in its sole and absolute discretion, any determination as to the treatment of Awards, as provided herein:

 

14.2.1 Unless
otherwise determined by the Committee, any Award then outstanding shall be assumed or be substituted by the Company, or by the successor
corporation in such Merger/Sale or by any parent or Affiliate thereof, as determined by the Committee in its discretion (the “Successor
Corporation”), under terms as determined by the Committee or the terms of this Plan applied by the Successor Corporation to
such assumed or substituted Awards.

 

For
the purposes of this Section 14.2.1, the Award shall be considered assumed or substituted if, following a Merger/Sale, the Award
confers on the holder thereof the right to purchase or receive, for each Share underlying an Award immediately prior to the Merger/Sale,
either (i) the consideration (whether shares or other securities, cash or other property, or rights, or any combination thereof) distributed
to or received by holders of Shares in the Merger/Sale for each Share held on the effective date of the Merger/Sale (and if holders were
offered a choice or several types of consideration, the type of consideration as determined by the Committee, which need not be the same
type for all Grantees), or (ii) regardless of the consideration received by the holders of Shares in the Merger/Sale, solely shares or
any type of Awards (or their equivalent) of the Successor Corporation at a value to be determined by the Committee in its discretion,
or a certain type of consideration (whether shares or other securities, cash or other property, or rights, or any combination thereof)
as determined by the Committee. Any of the consideration referred to in the foregoing clauses (i) and (ii) shall be subject to the same
vesting and expiration terms of the Awards applying immediately prior to the Merger/Sale, unless determined by the Committee in its discretion
that the consideration shall be subject to different vesting and expiration terms, or other terms, and the Committee may determine that
it be subject to other or additional terms. The foregoing shall not limit the Committee’s authority to determine, that in lieu
of such assumption or substitution of Awards for Awards of the Successor Corporation, such Award will be substituted for shares or other
securities, cash or other property, or rights, or any combination thereof, including as set forth in Section 14.2.2 hereof.

 

14.2.2 Regardless
of whether or not Awards are assumed or substituted, the Committee may (but shall not be obligated to):

 

14.2.2.1. provide
for the Grantee to have the right to exercise the Award in respect of Shares covered by the Award which would otherwise be exercisable
or vested, under such terms and conditions as the Committee shall determine, and the cancellation of all unexercised Awards (whether
vested or unvested) upon or immediately prior to the closing of the Merger/Sale, unless the Committee provides for the Grantee to have
the right to exercise the Award, or otherwise for the acceleration of vesting of such Award, as to all or part of the Shares covered
by the Award which would not otherwise be exercisable or vested, under such terms and conditions as the Committee shall determine;

 

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14.2.2.2. provide
for the cancellation of each outstanding Award at or immediately prior to the closing of such Merger/Sale, and if and to what extent
payment shall be made to the Grantee of an amount in, shares or other securities of the Company, the acquirer or of a corporation or
other business entity which is a party to the Merger/Sale, in cash or other property, in rights, or in any combination thereof, as determined
by the Committee to be fair in the circumstances, and subject to such terms and conditions as determined by the Committee. The Committee
shall have full authority to select the method for determining the payment (being the intrinsic (“spread”) value of the option,
Black-Scholes model or any other method). Inter alia, and without limitation of the following determination being made in other
circumstances, the Committee’s determination may provide that payment shall be set to zero if the value of the Shares is determined
to be less than the Exercise Price, or in respect of Shares covered by the Award which would not otherwise be exercisable or vested,
or that payment may be made only in excess of the Exercise Price; and/or

 

14.2.2.3. provide
that the terms of any Award shall be otherwise amended, modified or terminated, as determined by the Committee to be fair in the circumstances.

 

14.2.3 The
Committee may, determine: (i) that any payments made in respect of Awards shall be made or delayed to the same extent that payment of
consideration to the holders of the Shares in connection with the Merger/Sale is made or delayed as a result of escrows, indemnification,
earn outs, holdbacks or any other contingencies or conditions; (ii) the terms and conditions applying to the payment made or payable
to the Grantees, including participation in escrow, indemnification, releases, earn-outs, holdbacks or any other contingencies; and (iii)
that any terms and conditions applying under the applicable definitive transaction agreements shall apply to the Grantees (including,
appointment and engagement of a shareholders or sellers representative, payment of fees or other costs and expenses associated with such
services, indemnifying such representative, and authorization to such representative within the scope of such representative’s
authority in the applicable definitive transaction agreements).

 

14.2.4 The
Committee may, determine to suspend the Grantee’s rights to exercise any vested portion of an Award for a period of time prior
to the signing or consummation of a Merger/Sale transaction.

 

14.2.5 Without
limiting the generality of this Section ‎14, if the consideration in exchange for Awards in a Merger/Sale includes any securities
and due receipt thereof by any Grantee (or by the Trustee for the benefit of such Grantee) may require under applicable law (i) the registration
or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (ii) the provision
to any Grantee of any information under the Securities Act or any other securities laws, then the Committee may determine that the Grantee
shall be paid in lieu thereof, against surrender of the Shares or cancellation of any other Awards, an amount in cash or other property,
or rights, or any combination thereof, as determined by the Committee to be fair in the circumstances, and subject to such terms and
conditions as determined by the Committee. Nothing herein shall entitle any Grantee to receive any form of consideration that such Grantee
would be ineligible to receive as a result of such Grantee’s failure to satisfy (in the Committee’s sole determination) any
condition, requirement or limitation that is generally applicable to the Company’s shareholders, or that is otherwise applicable
under the terms of the Merger/Sale, and in such case, the Committee shall determine the type of consideration and the terms applying
to such Grantees.

 

14.2.6 Neither
the authorities and powers of the Committee under this Section 14.2, nor the exercise or implementation thereof, shall (i) be restricted
or limited in any way by any adverse consequences (tax or otherwise) that may result to any holder of an Award, and (ii) as, inter
alia, being a feature of the Award upon its grant, be deemed to constitute a change or an amendment of the rights of such holder
under this Plan, nor shall any such adverse consequences (as well as any adverse tax consequences that may result from any tax ruling
or other approval or determination of any relevant tax authority) be deemed to constitute a change or an amendment of the rights of such
holder under this Plan, and may be effected without consent of any Grantee and without any liability to the Company or its Affiliates
or to its or their respective officers, directors, employees and representatives and the respective successors and assigns of any of
the foregoing. The Committee need not take the same action with respect to all Awards or with respect to all Service Providers. The Committee
may take different actions with respect to the vested and unvested portions of an Award. The Committee may determine an amount or type
of consideration to be received or distributed in a Merger/Sale which may differ as among the Grantees, and as between the Grantees and
any other holders of shares of the Company.

 

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14.2.7 The
Committee may determine that upon a Merger/Sale any Shares held by Grantees (or for Grantee’s benefit) are sold in accordance with
instructions issued by the Committee in connection with such Merger/Sale, which shall be final, conclusive and binding on all Grantees.

 

14.2.8 All
of the Committee’s determinations pursuant to this Section 14 shall be at its sole and absolute discretion, and shall be final,
conclusive and binding on all Grantees (including, for clarity, as it relates to Shares issued upon exercise or vesting of any Awards
or that are Awards, unless otherwise determined by the Committee) and without any liability to the Company or its Affiliates, or to their
respective officers, directors, employees, shareholders and representatives, and the respective successors and assigns of any of the
foregoing, in connection with the method of treatment, chosen course of action or determinations made hereunder.

 

14.2.9 If
determined by the Committee, the Grantees shall be subject to the definitive agreement(s) in connection with the Merger/Sale as applying
to holders of Shares including, such terms, conditions, representations, undertakings, liabilities, limitations, releases, indemnities,
appointing and indemnifying shareholders/sellers representative, participating in transaction expenses, shareholders/sellers representative
expense fund and escrow arrangement, in each case as determined by the Committee. Each Grantee shall execute (and authorizes any person
designated by the Company to so execute, as well as (if applicable) the Trustee holding any Shares for the Grantee’s behalf) such
separate agreement(s) or instruments as may be requested by the Company, the Successor Corporation or the acquirer in connection with
such in such Merger/Sale or otherwise under or for the purpose of implementing this Section ‎14.2, and in the form required by them.
The execution of such separate agreement(s) may be a condition to the receipt of assumed or substituted Awards, payment in lieu of the
Award, the exercise of any Award or otherwise to be entitled to benefit from shares or other securities, cash or other property, or rights,
or any combination thereof, pursuant to this Section ‎14.2 (and the Company (and, if applicable, the Trustee) may exercise its authorization
above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such agreements). Without limitation
of the foregoing, the proxy pursuant to Section ‎6.10 includes an authorization of the holder of such proxy to sign, by and on behalf
of any Grantee, such documents and agreements required to be signed under this Section ‎14.2.

 

14.3. Reservation
of Rights. Except as expressly provided in this Section 14 (if any), the Grantee of an Award hereunder shall have no rights
by reason of any Recapitalization of shares of any class, any increase or decrease in the number of shares of any class, or any dissolution,
liquidation, reorganization (which may include a combination or exchange of shares, spin-off or other corporate divestiture or division,
or other similar occurrences), Merger/Sale. Any issue by the Company of shares of any class, or securities convertible into shares of
stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number, type or price of
shares subject to an Award. The grant of an Award pursuant to this Plan shall not affect in any way the right or power of the Company
to make adjustments, reclassifications, reorganizations or changes of its capital or business structures or to merge or to consolidate
or to dissolve, liquidate or sell, or transfer all or part of its business or assets or engage in any similar transactions.

 

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15. NON-TRANSFERABILITY
OF AWARDS; SURVIVING BENEFICIARY.

 

15.1. All
Awards granted under this Plan by their terms shall not be transferable other than by will or by the laws of descent and distribution,
unless otherwise determined by the Committee or under this Plan, provided that with respect to Shares issued upon exercise of Awards,
Shares issued upon the vesting of Awards or Awards that are Shares, the restrictions on transfer shall be the restrictions referred to
in Section 16 (Conditions upon Issuance of Shares) hereof. Subject to the above provisions, the terms of such Award, this Plan and
any applicable Award Agreement shall be binding upon the beneficiaries, executors, administrators, heirs and successors of such Grantee.
Awards may be exercised or otherwise realized, during the lifetime of the Grantee, only by the Grantee or by his guardian or legal representative,
to the extent provided for herein. Any transfer of an Award not permitted hereunder (including transfers pursuant to any decree of divorce,
dissolution or separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse) and any
grant of any interest in any Award to, or creation in any way of any direct or indirect interest in any Award by, any party other than
the Grantee shall be null and void and shall not confer upon any party or person, other than the Grantee, any rights. A Grantee may file
with the Committee a written designation of a beneficiary, who shall be permitted to exercise such Grantee’s Award or to whom any
benefit under this Plan is to be paid, in each case, in the event of the Grantee’s death before he or she fully exercises his or
her Award or receives any or all of such benefit, on such form as may be prescribed by the Committee and may, from time to time, amend
or revoke such designation. If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee’s estate
shall be deemed to be the Grantee’s beneficiary. Notwithstanding the foregoing, upon the request of the Grantee and subject to
Applicable Law the Committee, at its sole discretion, may permit the Grantee to transfer the Award to a trust whose beneficiaries are
the Grantee and/or the Grantee’s immediate family members (all or several of them).

 

15.2. Notwithstanding
any other provisions of the Plan to the contrary, no Incentive Stock Option may be sold, transferred, pledged, assigned or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution or in accordance with a beneficiary designation
pursuant to Section 15.1. Further, all Incentive Stock Options granted to a Grantee shall be exercisable during his or her lifetime
only by such Grantee.

 

15.3. As
long as the Shares are held by the Trustee in favor of the Grantee, all rights possessed by the Grantee over the Shares are personal,
and may not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

 

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15.4. If
and to the extent a Grantee is entitled to transfer an Award and/or Shares underlying an Award in accordance with the terms of the Plan
and any other applicable agreements, such transfer shall be subject (in addition, to any other conditions or terms applying thereto)
to receipt by the Company from such proposed transferee of a written instrument, on a form reasonably acceptable to the Company, pursuant
to which such proposed transferee agrees to be bound by all provisions of the Plan and any other applicable agreements, including without
limitation, any restrictions on transfer of the Award and/or Shares set forth herein (however, failure to so deliver such instrument
to the Company as set forth above shall not derogate from all such provisions applying on any transferee).

 

15.5. The
provisions of this Section 15 shall apply to the Grantee and to any purchaser, assignee or transferee of any Shares.

 

16. CONDITIONS
UPON ISSUANCE OF SHARES; GOVERNING PROVISIONS.

 

16.1. Legal
Compliance. The grant of Awards and the issuance of Shares upon exercise or settlement of Awards shall be subject to compliance with
all Applicable Law as determined by the Company, including, applicable requirements of federal, state and foreign law with respect to
such securities. The Company shall have no obligations to issue Shares pursuant to the exercise or settlement of an Award and Awards
may not be exercised or settled, if the issuance of Shares upon exercise or settlement would constitute a violation of any Applicable
Law as determined by the Company, including, applicable federal, state or foreign securities laws or other law or regulations or the
requirements of any stock exchange or market system upon which the Shares may then be listed. In addition, no Award may be exercised
unless (i) a registration statement under the Securities Act or equivalent law in another jurisdiction shall at the time of exercise
or settlement of the Award be in effect with respect to the shares issuable upon exercise of the Award, or (ii) in the opinion of legal
counsel to the Company, the shares issuable upon exercise of the Award may be issued in accordance with the terms of an applicable exemption
from the registration requirements of the Securities Act or equivalent law in another jurisdiction. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, if any, deemed by the Company to be necessary to the lawful issuance and sale
of any Shares hereunder, and the inability to issue Shares hereunder due to non-compliance with any Company policies with respect to
the sale of Shares, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such
requisite authority or compliance shall not have been obtained or achieved. As a condition to the exercise of an Award, the Company may
require the person exercising such Award to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with
any Applicable Law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company,
including to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without
any present intention to sell or distribute such Shares, all in form and content specified by the Company.

 

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16.2. Provisions
Governing Shares. Shares issued pursuant to an Award shall be subject to this Plan (unless otherwise determined by the Committee),
and shall be subject to the Articles of Association of the Company, any limitation, restriction or obligation included in any shareholders
agreement applicable to all or substantially all of the holders of shares (regardless of whether or not the Grantee is a formal party
to such shareholders agreement), any other governing documents of the Company, all policies, manuals and internal regulations adopted
by the Company from time to time, in each case, as may be amended from time to time, including any provisions included therein concerning
restrictions or limitations on disposition of Shares (such as, but not limited to, right of first refusal and lock up/market stand-off)
or grant of any rights with respect thereto, forced sale and bring along/drag along provisions, any provisions concerning restrictions
on the use of inside information and other provisions deemed by the Company to be appropriate in order to ensure compliance with Applicable
Law. Each Grantee shall execute (and authorizes any person designated by the Company to so execute, as well as (if applicable) the Trustee
holding any Shares for the Grantee’s behalf) such separate agreement(s) as may be requested by the Company relating to matters
set forth in or otherwise for the purpose of implementing this Section 16.2. The execution of such separate agreement(s) may be
a condition by the Company to the exercise of any Award and the Company may exercise its authorization above and sign such agreement
on behalf of the Grantee or subject the Grantee to the provisions of such agreements.

 

16.3. Share
Purchase Transactions; Forced Sale. In the event that the Board approves a Merger/Sale effected by way of a forced or compulsory
sale (whether pursuant to the Company’s Articles of Association or pursuant to Section 341 of the Companies Law or any Shareholders
Agreement or otherwise) or in the event of a transaction for the sale of all shares of the Company, then, without derogating from such
provisions and in addition thereto, the Grantee shall be obligated, and shall be deemed to have agreed to the offer to effect the Merger/Sale
(and the Shares held by or for the benefit of the Grantee shall be included in the shares of the Company approving the terms of such
Merger/Sale for the purpose of satisfying the required majority), and shall sell all of the Shares held by or for the benefit of the
Grantee on the terms and conditions applying to the holders of Shares, in accordance with the instructions then issued by the Board,
whose determination shall be final. No Grantee shall contest, bring any claims or demands, or exercise any appraisal or dissenters’
rights related to any of the foregoing. Each Grantee shall execute (and authorizes any person designated by the Company to so execute,
as well as (if applicable) the Trustee holding any Shares for the Grantee’s behalf) such documents and agreements, as may be requested
by the Company relating to matters set forth in or otherwise for the purpose of implementing this Section‎16.3. The execution of
such separate agreement(s) may be a condition by the Company to the exercise of any Award and the Company (and, if applicable, the Trustee)
may exercise its authorization above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such
agreements. Without limitation of the foregoing, the proxy pursuant to Section 6.10 includes an authorization of the holder of such proxy
to sign, by and on behalf of any Grantee, such documents and agreements as are required to affect the sale of Shares in connection with
such Merger/Sale and waivers of any contest, claims or demands, or any appraisal or dissenters’ rights.

 

16.4. Data
Privacy; Data Transfer. Information related to Grantees and Awards hereunder, as shall be received from Grantee or others, and/or
held by, the Company or its Affiliates from time to time, and which information may include sensitive and personal information related
to Grantees (“Information”), will be used by the Company or its Affiliates (or third parties appointed by any of them,
including the Trustee) to comply with any applicable legal requirement, or for administration of the Plan as they deems necessary or
advisable, or for the respective business purposes of the Company or its Affiliates (including in connection with transactions related
to any of them). The Company and its Affiliates shall be entitled to transfer the Information among the Company or its Affiliates, and
to third parties for the purposes set forth above, which may include persons located abroad (including, any person administering the
Plan or providing services in respect of the Plan or in order to comply with legal requirements, or the Trustee, their respective officers,
directors, employees and representatives, and the respective successors and assigns of any of the foregoing), and any person so receiving
Information shall be entitled to transfer it for the purposes set forth above. The Company shall use commercially reasonable efforts
to ensure that the transfer of such Information shall be limited to the reasonable and necessary scope. By receiving an Award hereunder,
Grantee acknowledges and agrees that the Information is provided at Grantee’s free will and Grantee consents to the storage and
transfer of the Information as set forth above.

 

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17. MARKET
STAND-OFF.

 

17.1. In
connection with any underwritten public offering of equity securities of the Company pursuant to an effective registration statement
filed under the Securities Act or equivalent law of another jurisdiction, the Grantee shall not directly or indirectly, without the prior
written consent of the Company or its underwriters, (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly
or indirectly, any Shares or other Awards, any securities of the Company (whether or not such Shares were acquired under this Plan),
or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Shares or securities of the Company and
any other shares or securities issued or distributed in respect thereto or in substitution thereof (collectively, “Securities”),
or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Securities, whether any such transaction described in clauses (i) or (ii) is to be settled by delivery of Securities,
in cash or otherwise. The foregoing provisions of this Section 17.1 shall not apply to the sale of any shares to an underwriter
pursuant to an underwriting agreement. Such restrictions (the “Market Stand-Off”) shall be in effect for such period
of time (the “Market Stand-Off Period”): (A) following the first public filing of the registration statement relating
to the underwritten public offering until the expiration of 180 days following the effective date of such registration statement relating
to the Company’s initial public offering or 90 days following the effective date of such registration statement relating to any
other public offering, in each case, provided, however, that if (1) during the last 17 days of the initial Market Stand-Off
Period, the Company releases earnings results or announces material news or a material event or (2) prior to the expiration of the initial
Market Stand-Off Period, the Company announces that it will release earnings results during the 15-day period following the last day
of the initial Market Stand-Off Period, then in each case the Market Stand-Off Period will be automatically extended until the expiration
of the 18-day period beginning on the date of release of the earnings results or the announcement of the material news or material event;
or (B) such other period as shall be requested by the Company or the underwriters. Notwithstanding anything herein to the contrary, if
the underwriter(s) and the Company agree on a termination date of the Market Stand-Off Period in the event of failure to consummate a
certain public offering, then such termination shall apply also to the Market Stand-Off Period hereunder with respect to that particular
public offering.

 

17.2. In
the event of a subdivision of the outstanding share capital of the Company, the distribution of any securities (whether or not of the
Company), whether as bonus shares or otherwise, and whether as dividend or otherwise, a recapitalization, a reorganization (which may
include a combination or exchange of shares or a similar transaction affecting the Company’s outstanding securities without receipt
of consideration), a consolidation, a spin-off or other corporate divestiture or division, a reclassification or other similar occurrence,
any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject
to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off.

 

17.3. In
order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired under this
Plan until the end of the applicable Market Stand-Off period.

 

17.4. The
underwriters in connection with a registration statement so filed are intended third party beneficiaries of this Section 17 and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Grantee shall execute
such separate agreement(s) as may be requested by the Company or the underwriters in connection with such registration statement and
in the form required by them, relating to Market Stand-Off (which need not be identical to the provisions of this Section 17, and
may include such additional provisions and restrictions as the underwriters deem advisable) or that are necessary to give further effect
thereto. The execution of such separate agreement(s) may be a condition by the Company to the exercise of any Award.

 

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17.5. Without
derogating from the above provisions of this Section 17 or elsewhere in this Plan, the provisions of this Section 17 shall
apply to the Grantee and the Grantee’s heirs, legal representatives, successors, assigns, and to any purchaser, assignee or transferee
of any Awards or Shares.

 

18. AGREEMENT
REGARDING TAXES; DISCLAIMER.

 

18.1. If
the Company shall so require, as a condition of exercise or (if applicable) vesting of an Award, the release of Shares by the Trustee
or the vesting or settlement of an Award, a Grantee shall agree that, no later than the date of such occurrence, the Grantee will pay
to the Company (or the Trustee, as applicable) or make arrangements satisfactory to the Company and the Trustee (if applicable) regarding
payment of any applicable taxes and compulsory payments of any kind required by Applicable Law to be withheld or paid.

 

18.2. TAX
LIABILITY. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY AWARDS OR THE EXERCISE OR (IF APPLICABLE)
VESTING THEREOF, THE SALE OR DISPOSITION OF ANY SHARES GRANTED HEREUNDER OR ISSUED UPON EXERCISE OR (IF APPLICABLE) THE VESTING OF ANY
AWARD, THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF AWARDS OR FROM ANY OTHER ACTION IN CONNECTION WITH THE FOREGOING
(INCLUDING WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS, SUCH AS SOCIAL SECURITY OR HEALTH TAX PAYABLE BY THE GRANTEE OR THE
COMPANY IN CONNECTION THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE GRANTEE, AND THE GRANTEE SHALL INDEMNIFY THE COMPANY, ITS SUBSIDIARIES
AND AFFILIATES AND THE TRUSTEE, AND SHALL HOLD THEM HARMLESS AGAINST AND FROM ANY LIABILITY FOR ANY SUCH TAX OR PAYMENT OR ANY PENALTY,
INTEREST OR INDEXATION THEREON. EACH GRANTEE AGREES TO, AND UNDERTAKES TO COMPLY WITH, ANY RULING, SETTLEMENT, CLOSING AGREEMENT OR OTHER
SIMILAR AGREEMENT OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH THE FOREGOING WHICH IS APPROVED BY THE COMPANY.

 

18.3. NO
TAX ADVICE. THE GRANTEE IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING, EXERCISING OR
DISPOSING OF AWARDS HEREUNDER. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE GRANTEE ON SUCH MATTERS, WHICH SHALL REMAIN
SOLELY THE RESPONSIBILITY OF THE GRANTEE.

 

18.4. TAX
TREATMENT. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO
THE EFFECT THAT ANY AWARD SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM
ANY PARTICULAR TAX TREATMENT OR TAX ADVANTAGE OF ANY TYPE AND THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL BEAR NO LIABILITY
IN CONNECTION WITH THE MANNER IN WHICH ANY AWARD IS EVENTUALLY TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE AWARD WAS GRANTED
OR WAS INTENDED TO QUALIFY UNDER ANY PARTICULAR TAX REGIME OR TREATMENT. THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION
INDICATED IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW.
THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN ORDER TO QUALIFY
ANY AWARD WITH THE REQUIREMENT OF ANY PARTICULAR TAX TREATMENT AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT ANY AWARD IS INTENDED
TO QUALIFY FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE
TO REPORT FOR TAX PURPOSES ANY AWARD IN ANY PARTICULAR MANNER, INCLUDING IN ANY MANNER CONSISTENT WITH ANY PARTICULAR TAX TREATMENT.
NO ASSURANCE IS MADE BY THE COMPANY OR ANY OF ITS AFFILIATES (INCLUDING THE EMPLOYER) THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF
GRANT WILL CONTINUE TO EXIST OR THAT THE AWARD WOULD QUALIFY AT THE TIME OF EXERCISE, VESTING OR DISPOSITION THEREOF WITH ANY PARTICULAR
TAX TREATMENT. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE
EVENT THAT AN AWARD DOES NOT QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY COULD HAVE OR SHOULD HAVE TAKEN
ANY ACTION TO CAUSE SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK
OF THE GRANTEE. THE COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN
OR UNWRITTEN) OF ANY TAX AUTHORITIES, INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING TO
PARTICULAR TAX TREATMENT. IF THE AWARDS DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT IT COULD RESULT IN ADVERSE TAX CONSEQUENCES
TO THE GRANTEE.

 

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18.5. The
Company or any Subsidiary or other Affiliate thereof (including the Employer) may take such action as it may deem necessary or appropriate,
in its discretion, for the purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Company
or any Subsidiary or other Affiliate thereof (including the Employer) (or any applicable agent thereof) is required by any Applicable
Law to withhold in connection with any Awards, including, without limitations, any income tax, social benefits, social insurance, health
tax, pension, payroll tax, fringe benefits, excise tax, payment on account or other tax-related items related to the Participant’s
participation in the Plan and applicable by law to the Participant (collectively, “Withholding Obligations”). Such
actions may include (i) requiring a Grantees to remit to the Company or the Employer in cash an amount sufficient to satisfy such Withholding
Obligations and any other taxes and compulsory payments, payable by the Company or the Employer in connection with the Award or the exercise
or (if applicable) the vesting thereof; (ii) subject to Applicable Law, allowing the Grantees to surrender Shares to the Company, in
an amount that at such time, reflects a value that the Committee determines to be sufficient to satisfy such Withholding Obligations;
(iii) withholding Shares otherwise issuable upon the exercise of an Award at a value which is determined by the Company to be sufficient
to satisfy such Withholding Obligations; (iv) allowing Grantees to satisfy all or part of the Withholding Obligations by the delivery
(on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to
deliver all or part of the sales proceeds to the Company or the Trustee; or (iv) any combination of the foregoing. The Company shall
not be obligated to allow the exercise or vesting of any Award by or on behalf of a Grantee until all tax consequences arising therefrom
are resolved in a manner acceptable to the Company.

 

18.6. Each
Grantee shall notify the Company in writing promptly and in any event within ten (10) days after the date on which such Grantee first
obtains knowledge of any tax authority inquiry, audit, assertion, determination, investigation, or question relating in any manner to
the Awards granted or received hereunder or Shares issued thereunder and shall continuously inform the Company of any developments, proceedings,
discussions and negotiations relating to such matter, and shall allow the Company and its representatives to participate in any proceedings
and discussions concerning such matters. Upon request, a Grantee shall provide to the Company any information or document relating to
any matter described in the preceding sentence, which the Company, in its discretion, requires.

 

18.7. With
respect to 102 Non-Trustee Options, if the Grantee ceases to be employed by the Company, Parent, Subsidiary or any Affiliate (including
the Employer), the Grantee shall extend to the Company and/or the Employer a security or guarantee for the payment of taxes due at the
time of sale of Shares, all in accordance with the provisions of Section 102 of the Ordinance and the Rules.

 

18.8. If
a Grantee makes an election under Section 83(b) of the Code to be taxed with respect to an Award as of the date of transfer of Shares
rather than as of the date or dates upon which the Grantee would otherwise be taxable under Section 83(a) of the Code, such Grantee
shall deliver a copy of such election to the Company upon or prior to the filing such election with the U.S. Internal Revenue Service.
Neither the Company nor any Affiliate (including the Employer) shall have any liability or responsibility relating to or arising out
of the filing or not filing of any such election or any defects in its construction.

 

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19. RIGHTS
AS A SHAREHOLDER; VOTING AND DIVIDENDS.

 

19.1. Subject
to Section 11.4, a Grantee shall have no rights as a shareholder of the Company with respect to any Shares covered by an Award until
the Grantee shall have exercised or (as applicable) vests in the Award, paid any Exercise Price therefor and becomes the record holder
of the subject Shares. In the case of 102 Awards, the Trustee shall have no rights as a shareholder of the Company with respect to the
Shares covered by such Award until the Trustee becomes the record holder for such Shares for the Grantee’s benefit, and the Grantee
shall not be deemed to be a shareholder and shall have no rights as a shareholder of the Company with respect to the Shares covered by
the Award until the date of the release of such Shares from the Trustee to the Grantee and the transfer of record ownership of such Shares
to the Grantee (provided, however, that the Grantee shall be entitled to receive from the Trustee any cash dividend or
distribution made on account of the Shares held by the Trustee for such Grantee’s benefit, subject to any tax withholding and compulsory
payment). No adjustment shall be made for dividends (ordinary or extraordinary, whether in shares or other securities, cash or other
property, or rights, or any combination thereof) or distribution of other rights for which the record date is prior to the date on which
the Grantee or Trustee (as applicable) becomes the record holder of the Shares covered by an Award, except as provided in Section 14
hereof.

 

19.2. With
respect to all Awards issued in the form of Shares hereunder or upon the exercise or (if applicable) the vesting of Awards hereunder,
any and all voting rights attached to such Shares shall be subject to Section ‎6.10, and the Grantee shall be entitled to receive
dividends distributed with respect to such Shares, subject to the provisions of the Company’s Articles of Association, as amended
from time to time, and subject to any Applicable Law.

 

19.3. The
Company may, but shall not be obligated to, register or qualify the sale of Shares under any applicable securities law or any other Applicable
Law.

 

20. NO
REPRESENTATION BY COMPANY.

 

By
granting the Awards, the Company is not, and shall not be deemed as, making any representation or warranties to the Grantee regarding
the Company, its business affairs, its prospects or the future value of its Shares and such representations and warranties are hereby
disclaimed. The Company shall not be required to provide to any Grantee any information, documents or material in connection with the
Grantee’s considering an exercise of an Award. To the extent that any information, documents or materials are provided, the Company
shall have no liability with respect thereto. Any decision by a Grantee to exercise an Award shall solely be at the risk of the Grantee.

 

21. NO
RETENTION RIGHTS.

 

Nothing
in this Plan, any Award Agreement or in any Award granted or agreement entered into pursuant hereto shall confer upon any Grantee the
right to continue in the employ of, or be in the service of the Company or any Subsidiary or other Affiliate thereof as a Service Provider
or to be entitled to any remuneration or benefits not set forth in this Plan or such agreement, or to interfere with or limit in any
way the right of the Company or any such Subsidiary or other Affiliate thereof to terminate such Grantee’s employment or service
(including, any right of the Company or any of its Affiliates to immediately cease the Grantee’s employment or service or to shorten
all or part of the notice period, regardless of whether notice of termination was given by the Company or its Affiliates or by the Grantee).
Awards granted under this Plan shall not be affected by any change in duties or position of a Grantee, subject to Sections 6.6 through
6.8. No Grantee shall be entitled to claim and the Grantee hereby waives any claim against the Company or any Subsidiary or other Affiliate
thereof that he or she was prevented from continuing to vest Awards as of the date of termination of his or her employment with, or services
to, the Company or any Subsidiary or other Affiliate thereof. No Grantee shall be entitled to any compensation in respect of the Awards
which would have vested had such Grantee’s employment or engagement with the Company (or any Subsidiary or other Affiliate thereof)
not been terminated.

 

    31

     

    

 

22. PERIOD
DURING WHICH AWARDS MAY BE GRANTED.

 

Awards
may be granted pursuant to this Plan from time to time within a period of ten (10) years from the Effective Date, which period may be
extended from time to time by the Board. From and after such date (as extended) no grants of Awards may be made and this Plan shall continue
to be in full force and effect with respect to Awards or Shares issued thereunder that remain outstanding.

 

23. AMENDMENT
OF THIS PLAN AND AWARDS.

 

23.1. The
Board at any time and from time to time may suspend, terminate, modify or amend this Plan, whether retroactively or prospectively. Any
amendment effected in accordance with this Section shall be binding upon all Grantees and all Awards, whether granted prior to or
after the date of such amendment, and without the need to obtain the consent of any Grantee. No termination or amendment of this Plan
shall affect any then outstanding Award unless expressly provided by the Board.

 

23.2. Subject
to changes in Applicable Law that would permit otherwise, without the approval of the Company’s shareholders, there shall be (i)
no increase in the maximum aggregate number of Shares that may be issued under this Plan as Incentive Stock Options (except by operation
of the provisions of Section 14.1), (ii) no change in the class of persons eligible to receive Incentive Stock Options, and (iii)
no other amendment of this Plan that would require approval of the Company’s shareholders under any Applicable Law. Unless not
permitted by Applicable Law, if the grant of an Award is subject to approval by shareholders, the date of grant of the Award shall be
determined as if the Award had not been subject to such approval. Failure to obtain approval by the shareholders shall not in any way
derogate from the valid and binding effect of any grant of an Award that is not an Incentive Stock Option.

 

23.3. The
Board or the Committee at any time and from time to time may modify or amend any Award theretofore granted, including any Award Agreement,
whether retroactively or prospectively.

 

24. APPROVAL.

 

24.1. This
Plan shall take effect upon its adoption by the Board (the “Effective Date”).

 

24.2. Solely
with respect to grants of Incentive Stock Options, this Plan shall also be subject to shareholders’ approval, within one year of
the Effective Date, by a majority of the votes cast on the proposal at a meeting or a written consent of shareholders (however, if the
grant of an Award is subject to approval by shareholders, the date of grant of the Award shall be determined as if the Award had not
been subject to such approval). Failure to obtain such approval by the shareholders within such period shall not in any way derogate
from the valid and binding effect of any grant of an Award, except that any Options previously granted under this Plan may not qualify
as Incentive Stock Options but, rather, shall constitute Nonqualified Stock Options. Upon approval of this Plan by the shareholders of
the Company as set forth above, all Incentive Stock Options granted under this Plan on or after the Effective Date shall be fully effective
as if the shareholders of the Company had approved this Plan on the Effective Date.

 

24.3. 102
Awards are conditional upon the filing with or approval by the ITA, if required, as set forth in Section 9.4. Failure to so file
or obtain such approval shall not in any way derogate from the valid and binding effect of any grant of an Award, which is not a 102
Award.

 

25. RULES
PARTICULAR TO SPECIFIC COUNTRIES; SECTION 409A.

 

25.1. Notwithstanding
anything herein to the contrary, the terms and conditions of this Plan may be supplemented or amended with respect to a particular country
or tax regime by means of an appendix to this Plan, and to the extent that the terms and conditions set forth in any appendix conflict
with any provisions of this Plan, the provisions of such appendix shall govern. Terms and conditions set forth in such appendix shall
apply only to Awards granted to Grantees under the jurisdiction of the specific country or such other tax regime that is the subject
of such appendix and shall not apply to Awards issued to a Grantee not under the jurisdiction of such country or such other tax regime.
The adoption of any such appendix shall be subject to the approval of the Board or the Committee, and if determined by the Committee
to be required in connection with the application of certain tax treatment, pursuant to applicable stock exchange rules or regulations
or otherwise, then also the approval of the shareholders of the Company at the required majority.

 

    32

     

    

 

25.2. This
Section 25.2 shall only apply to Awards granted to Grantees who are subject to United States Federal income tax.

 

25.2.1 It
is the intention of the Company that no Award shall be deferred compensation subject to Section 409A of the Code unless and to the
extent that the Committee specifically determines otherwise as provided in Section 25.2.2, and the Plan and the terms and conditions
of all Awards shall be interpreted and administered accordingly.

 

25.2.2 The
terms and conditions governing any Awards that the Committee determines will be subject to Section 409A of the Code, including any
rules for payment or elective or mandatory deferral of the payment or delivery of Shares or cash pursuant thereto, and any rules regarding
treatment of such Awards in the event of a Change in Control, shall be set forth in the applicable Award Agreement and shall be intended
to comply in all respects with Section 409A of the Code, and the Plan and the terms and conditions of such Awards shall be interpreted
and administered accordingly.

 

25.2.3 The
Company shall have complete discretion to interpret and construe the Plan and any Award Agreement in any manner that establishes an exemption
from (or compliance with) the requirements of Section 409A of the Code. If for any reason, such as imprecision in drafting, any
provision of the Plan and/or any Award Agreement does not accurately reflect its intended establishment of an exemption from (or compliance
with) Section 409A of the Code, as demonstrated by consistent interpretations or other evidence of intent, such provision shall
be considered ambiguous as to its exemption from (or compliance with) Section 409A of the Code and shall be interpreted by the Company
in a manner consistent with such intent, as determined in the discretion of the Company. If, notwithstanding the foregoing provisions
of this Section 25.2.3, any provision of the Plan or any such agreement would cause a Grantee to incur any additional tax or interest
under Section 409A of the Code, the Company may reform such provision in a manner intended to avoid the incurrence by such Grantee
of any such additional tax or interest; provided that the Company shall maintain, to the extent reasonably practicable, the original
intent and economic benefit to the Grantee of the applicable provision without violating the provisions of Section 409A of the Code.
For the avoidance of doubt, no provision of this Plan shall be interpreted or construed to transfer any liability for failure to comply
with the requirements of Section 409A from any Grantee or any other individual to the Company or any of its affiliates, employees or
agents.

 

25.2.4 Notwithstanding
any other provision in the Plan, any Award Agreement, or any other written document establishing the terms and conditions of an Award,
if any Grantee is a “specified employee,” within the meaning of Section 409A of the Code, as of the date of his or her
“separation from service” (as defined under Section 409A of the Code), then, to the extent required by Treasury Regulation
Section 1.409A-3(i)(2) (or any successor provision), any payment made to such Grantee on account of his or her separation from service
shall not be made before a date that is six months after the date of his or her separation from service. The Committee may elect any
of the methods of applying this rule that are permitted under Treasury Regulation Section 1.409A-3(i)(2)(ii) (or any successor provision).

 

25.2.5 Notwithstanding
any other provision of this Section 25.2 to the contrary, although the Company intends to administer the Plan so that Awards will
be exempt from, or will comply with, the requirements of Section 409A of the Code, the Company does not warrant that any Award under
the Plan will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local,
or non-United States law. The Company shall not be liable to any Grantee for any tax, interest, or penalties the Grantee might owe as
a result of the grant, holding, vesting, exercise, or payment of any Award under the Plan.

 

26. GOVERNING
LAW; JURISDICTION.

 

This
Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Israel, except with
respect to matters that are subject to tax laws, regulations and rules of any specific jurisdiction, which shall be governed by the respective
laws, regulations and rules of such jurisdiction. Certain definitions, which refer to laws other than the laws of such jurisdiction,
shall be construed in accordance with such other laws. The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive jurisdiction
over any dispute arising out of or in connection with this Plan and any Award granted hereunder. By signing any Award Agreement or any
other agreement relating to an Award, each Grantee irrevocably submits to such exclusive jurisdiction.

 

    33

     

    

 

27. NON-EXCLUSIVITY
OF THIS PLAN.

 

The
adoption of this Plan shall not be construed as creating any limitations on the power or authority of the Company to adopt such other
or additional incentive or other compensation arrangements of whatever nature as the Company may deem necessary or desirable or preclude
or limit the continuation of any other plan, practice or arrangement for the payment of compensation or fringe benefits to employees
generally, or to any class or group of employees, which the Company or any Affiliate now has lawfully put into effect, including any
retirement, pension, savings and stock purchase plan, insurance, death and disability benefits and executive short-term or long-term
incentive plans.

 

28. MISCELLANEOUS.

 

28.1. Survival.
The Grantee shall be bound by and the Shares issued upon exercise or (if applicable) the vesting of any Awards granted hereunder shall
remain subject to this Plan after the exercise or (if applicable) the vesting of Awards, in accordance with the terms of this Plan, whether
or not the Grantee is then or at any time thereafter employed or engaged by the Company or any of its Affiliates.

 

28.2. Additional
Terms. Each Award awarded under this Plan may contain such other terms and conditions not inconsistent with this Plan as may be determined
by the Committee, in its sole discretion.

 

28.3. Fractional
Shares. No fractional Share shall be issuable upon exercise or vesting of any Award and the number of Shares to be issued shall be
rounded down to the nearest whole Share, with in any Share remaining at the last vesting date due to such rounding to be issued upon
exercise at such last vesting date.

 

28.4. Severability.
If any provision of this Plan, any Award Agreement or any other agreement entered into in connection with an Award shall be determined
to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable
and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. In addition, if
any particular provision contained in this Plan, any Award Agreement or any other agreement entered into in connection with an Award
shall for any reason be held to be excessively broad as to duration, geographic scope, activity or subject, it shall be construed by
limiting and reducing such provision as to such characteristic so that the provision is enforceable to fullest extent compatible with
Applicable Law as it shall then appear.

 

28.5. Captions
and Titles. The use of captions and titles in this Plan or any Award Agreement or any other agreement entered into in connection
with an Award is for the convenience of reference only and shall not affect the meaning or interpretation of any provision of this Plan
or such agreement.

 

28.6. Prohibition
on Executive Officer Loans. Notwithstanding any other provision of the Plan to the contrary, no Grantee who is a member of the Board
or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make
payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to such payment, with a loan
from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.

 

28.7. Clawback
Provisions. All Awards (including the gross amount of any proceeds, gains or other economic benefit the Grantee actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to recoupment
by the Company to the extent required to comply with Applicable Law or any policy of the Company (subject to Applicable Law) providing
for the reimbursement of incentive compensation, whether or not such policy was in place at the time of grant of an Award.

 

*     *     *

 

 

34Exhibit 10.15

 

November 20, 2017

 

Dr. Julian Adams

673 Boylston St.

Boston, MA 02116

 

Dear Julian,

 

On behalf of Gamida Cell Inc. (the “Company”),
I am pleased to offer you the position of Chief Executive Officer. The Company’s offer, as set forth in this letter agreement, is
contingent upon your presentation to the Company of proof of your authorization to work in the United States and the approval of
applicable corporate organs.

 

The terms of your new position with the Company
are as set forth below:

 

1.     Position.

 

a.     You
will be the Chief Executive Officer (“CEO”), responsible for managing the business affairs of the Company and its affiliates,
reporting directly to the Company’s Board of Directors (the “Board”).

 

b.     Your
duties and responsibilities shall include those normally associated with role of a CEO of a privately held biotech company. Until the
establishment of the Company’s US East Coast Office, you will work from your home office, or at a location as otherwise agreed
by you and the Company, in the Commonwealth of Massachusetts. It is understood that this position will require you to travel regularly
within the United States, and periodically to the headquarters of the Company’s parent company, Gamida Cell Ltd. (the “Parent”).

 

c.     You
agree to the best of your ability and experience that you will at all times loyally and conscientiously perform all of the duties and
obligations required of and from you pursuant to the express and implicit terms hereof, and to the reasonable satisfaction of the Board.
It is understood that by signing this letter agreement you confirm that you are not bound by an agreement, whether formal or informal,
oral or written, which conflicts with the terms of this letter agreement. You further agree that during the term of your employment with
the Company, you will devote all of your business time and attention to the business of the Company. Nothing in this letter agreement
will prevent you from accepting speaking or presentation engagements in exchange for honoraria, or from serving on boards of charitable
organizations, provided that such activities do not materially interfere with your obligations to the Company as described above.

 

2.     Start
Date. Subject to fulfillment of any conditions imposed by this letter agreement, you are expected to commence this position
with the Company on November 20, 2017 (as applicable, the “Start Date”).

 

3.     Compensation.
You will be paid a monthly gross salary of $41,667, which is equivalent to a gross salary of $500,000 on an annualized basis, and
such compensation shall be paid to you less required and authorized deductions and withholdings (the “Base Salary”).
The Base Salary will be reviewed annually as part of the Company’s normal salary review process.

 

4.     Incentive
Bonus. Effective as of January 1, 2018, for each full calendar year of employment, you will be eligible to receive a cash
incentive target gross bonus equal to 40% of your annual gross Base Salary (the “Incentive Bonus”). The Incentive Bonus
will be based on the attainment of performance goals and milestones as shall be determined by the Company’s Board of Directors
and set forth in writing.

 

     

     

    

 

6. Stock
Options.

 

a.     Initial
Option Grant. The Board of Directors of Gamida Cell Ltd. (the “Parent Board”), has adopted a Share Incentive
Plan (the “Plan”). The Parent Board will grant you options to purchase 596,574 Ordinary Shares of the Parent (“Options”).
The exercise price of these Options will be determined by the Board and will be equal to the fair market value on the date of the grant.
50% of these Options will vest on the 2-year anniversary of your employment Start Date, with the balance of the Options vesting at the
rate of 1/8th per quarter over the next 24 months following such 2-year anniversary. Vesting will depend on your continued
employment with the Company. The Options will be incentive stock options to the maximum extent allowed by the United States Internal Revenue
Code of 1986 and will be subject to the terms and conditions of a relevant stock option plan and of an Option Agreement, in the form set
forth by Parent Board and entered into between you and the Company.

 

b.     Subsequent
Option Grants. Subject to the sole discretion of the Parent Board, you may be eligible to receive additional grants of stock options
from time to time in the future, on such new terms and subject to such conditions as the Parent Board shall determine as of the date
of any such grant.

 

7.     Benefits.

 

a.     Paid-time-off.
You will be entitled to take three weeks of paid time off in the form of vacation days per calendar year, prorated for partial years of
employment. Please note that accrued but unused vacation time may be carried over from one year into the following year, but at no time
may you accrue more than four weeks of vacation. In addition to such vacation days, the following Company-designated holidays shall
be paid days off: New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Eve, Christmas Day
and New Year’s Eve, as well as 5 floating holidays of your choice in coordination with the Company. In addition to vacation
days and holidays, you will be entitled to take off sick time in accordance with Massachusetts law. Accrued but unused sick time
may be carried over from one calendar year into the following calendar year, and you may use up to a maximum of 40 hours per calendar
year.

 

b.     401K
Plan- You will have the option to participate in a Company-sponsored 401k plan in accordance with the terms of such plan, as may
be updated and amended from time to time.

 

c.     Health
Insurance. Upon the Company’s adoption of a health care plan, you will be eligible to participate in such plan in accordance
with the terms available to similarly situated employees. It is agreed that the Company’s plan shall be comparable to Blue Cross/
Blue Shield PPO coverage.

 

d.     Disability
Coverage. You will be eligible for disability coverage in accordance with the terms of the Company’s applicable plan.

 

    2

     

    

 

e.     Business
Expenses. The Company shall reimburse you for necessary and customary business out-of-pocket expenses incurred by you, including
but not limited to approved home office expenses, in accordance with the Company’s business expense policy, as may be amended from
time to time. Please note that the Company will cover the cost of economy class for domestic travel, and business class for
tran-Atlantic flights, in each case as coordinated with the Company.

 

8.     Any
compensation to which you are entitled hereunder shall be paid to you less required and authorized deductions and withholdings.

 

9.     Confidential
Information and Invention Assignment Agreement. Your acceptance of this offer and commencement of employment with the Company
is contingent upon the execution, and delivery to me by no later than the Start Date, of the Company’s Confidentiality, Unfair Competition,
and Ownership of Inventions Undertaking, a copy of which is attached to this letter agreement as Schedule A (the “Confidentiality/IP
Undertaking”).

 

10.     Term
of Employment. Your employment with the Company will be for an unspecified period of time. The Company and you acknowledge and
agree that your employment is and shall continue to be at-will, and that notwithstanding any other obligation under this letter agreement,
your employment with the Company may be terminated for any reason by either you or the Company at any time, upon one month’s
written notice. It is understood that the Company shall have the right to determine whether or not you will actively work for the Company
during any relevant notice period. Notwithstanding the foregoing to the contrary, the Company shall have the right to terminate your
employment immediately without notice for Cause. For purposes of this letter agreement, “Cause” shall be defined as:
your (i) commission of fraud, embezzlement, gross negligence, malfeasance, an act or acts constituting a felony under the laws of the
United States or any state thereof, or a willful or negligent act or omission which results in an assessment of a civil or criminal penalty
against you, the Company or its affiliates; (ii) willful or continued failure to substantially perform your CEO duties pursuant to this
letter agreement, after having received written notice of such failure to perform, and (if curable) the opportunity to cure such failure
for a period of at least 30 days; or (iii) violation of the terms of this letter agreement or of the Confidentiality/IP Undertaking
attached as Schedule A.

 

11.     Post-Termination
Severance Pay and Continued Health Coverage. Upon your termination of employment, you will be entitled to the benefits below
(i) for a period of eight months following the date on which your employment is terminated, if such termination is by the Company
without Cause, or if you resign from the Company on account of Good Reason (as defined below), and (ii) for a period of three months following
the date on which your employment is terminated, if you resign not for Good Reason after the one year anniversary of the Start Date:

 

		(a)	your annual cash incentive target gross bonus (pro-rated for the portion of that year until wyour last
day of employment), and

 

		(b)	monthly payments equal to (x) the monthly rate of your Base Salary, and (y) the monthly rate of your health
insurance premium (including medical, dental and vision coverage, as applicable) and disability benefit premiums, in each case as
in effect on the date of your termination of employment (both such payments, collectively,
the “Severance Pay”).

 

It is hereby clarified that you shall not be entitled
to the Severance Pay in the event that the Company terminates your employment for Cause or if you resign not for Good Reason on or prior
to the one year anniversary of the Start Date. Your entitlement to the Severance Pay shall be dependent upon your properly executing (and
not revoking) a Separation and Release Agreement in a form set forth by the Board.

 

    3

     

    

 

12.     Change
of Control.

 

a.     In
the event of a Change of Control of the Company: if your employment is terminated by the Company at any time without Cause, or if you
resign on account of Good Reason, in each case within the 12 months following the closing of such Change in Control, then you will
be entitled to a bonus payment in a gross amount equal to your target annual bonus, to be paid to you within 30 days of your termination
of employment, as well as to accelerated vesting of any options previously granted to you as of such date of Change in Control. For purposes
of this letter agreement, “Good Reason” shall take place if, within 30 days of a material reduction in your duties
and obligations at the Company, you notify the Company of such circumstances qualifying as Good Reason, the Company fails to cure such
circumstances within 30 days of receiving such written notice from you, and you resign within 30 days following the deadline for the Company
to cure such failure.

 

b.     For
purposes of this letter agreement, a “Change of Control” shall mean a sale of all or substantially all of the shares
or assets of the Company or a merger, consolidation or similar event pursuant to a transaction or series of related transactions in which
a third party acquires more than fifty percent (50%) of the voting power of the Company outstanding immediately prior to such event, and
the stockholders of the Company immediately prior to such event do not retain a majority of the voting power in the surviving corporation
or in the parent company of the surviving entity (other than the reincorporation of the Company and other than a direct equity investment
in the Company resulting in a Change of Control).

 

c.     Section
409A of the Internal Revenue Code of 1986, as amended. It is affirmed that with respect to any and all payments and benefits under
this letter agreement, the intent is that such payments and benefits either: (i) do not constitute “nonqualified deferred compensation”
within the meaning of Section 409A of the Internal Revenue Code (“Section 409A”), and therefore are exempt from Section
409A, (ii) are subject to a “substantial risk of forfeiture” and are exempt from Section 409A under the “short−term
deferral rule” set forth in Treasury Regulation §1.409A−1(b)(4), or (iii) are in compliance with the requirements
of Section 409A. In any event, it is further confirmed that the intent is to have all provisions of this letter agreement construed, interpreted
and administered in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.

 

13.     Arbitration.
Any dispute, controversy or claim arising under or in connection with this Agreement or breach hereof, aside from with respect to the
Confidentiality/IP Undertaking attached as Schedule A, shall be settled via employment arbitration administered under Delaware law
by the American Arbitration Association (“AAA”) located in the State of Delaware, and conducted in accordance with the
AAA’s Employment Arbitration Rules. It is agreed that in such arbitration, the Company and you shall mutually agree upon a single
arbitrator who (i) shall not amend or modify the terms of this letter agreement or of any Company policy, and (ii) shall render a decision
within ten (10) business days from the closing statements or submission of post-hearing briefs by the parties to such arbitration. It
is understood that (a) the arbitration award shall be final and binding, (b) any state or federal court shall have jurisdiction to
enter a judgment on such award, and (c) the prevailing party shall be entitled to fees and costs to be paid for by the non-prevailing
party. By signing this letter agreement, you and the Company confirm that the parties understand that they are waiving any right to a
trial by jury, and are forfeiting any right to bring claims related to your employment at the Company in a court of law (other than
as set forth in Schedule A), regardless of whether such claims would be based on federal, state or local law or regulations.

 

    4

     

    

 

We are all delighted to be able to extend you
this offer and look forward to working with you in your new capacity.

 

To indicate your acceptance of the Company’s
offer, please sign and date this letter agreement in the space provided below and return it to me, along with a signed and dated copy
of the Confidentiality/IP Undertaking. This letter agreement, together with the Confidentiality/IP Undertaking, sets forth the terms of
our proposal for your employment with the Company, and supersedes any prior representations, proposals or agreements, whether written
or oral.

 

	 	Very truly yours,
	 	 
	 	/s/ Yael Margolin
	 	Yael Margolin
	 	President, Gamida Cell Inc.

 

	ACCEPTED AND AGREED:	 
	 	 	 
	 	/S/
    Julian Adams	
	 	Dr. Julian Adams	 
	Date: 

	12/06/2017	 

 

    5

     

    

 

SCHEDULE A: CONFIDENTIALITY, UNFAIR COMPETITION,
AND OWNERSHIP OF INVENTIONS UNDERTAKING

 

This CONFIDENTIALITY, UNFAIR
COMPETITION, AND OWNERSHIP OF INVENTIONS UNDERTAKING (“Undertaking”) is made and given as of November 20, 2017,
by Dr. Julian Adams, an individual residing at 673 Boylston Street, Boston, MA 02116, email: julian@gamida-cell.com (the “Employee”).

 

WHEREAS, the Employee wishes
to be employed with and provide services that are of particular and special value to Gamida Cell, Inc. (together with its direct
or indirect parent, subsidiary and affiliated companies, and its and their respective successors and assigns – the “Company”);
and WHEREAS, it is critical for the Company to preserve and protect its Confidential Information, and its rights in Inventions and in
all related intellectual property rights; NOW, THEREFORE, as a condition to Employee’s engagement with the Company, Employee hereby
undertakes and warrants towards the Company as follows:

 

		1.	Confidentiality.

 

1.1     Employee
acknowledges that during the term of the Employee’s engagement with the Company, and including any period during which the Employee
provided services to any Company entity at any time prior to the date hereof, the Employee may have (or may have had) access to information
that relates to the Company, its business, assets, financial condition, affairs, activities, plans and projections, customers, suppliers,
partners, and other third parties with whom the Company agreed or may agree, from time to time, to hold information of such parties in
confidence (the “Confidential Information”). Confidential Information shall include, without limitation, information,
whether or not marked or designated as confidential, concerning technology, products, research and development, patents, copyrights, Inventions,
trade secrets (as defined by the Defend Trade Secrets Act, 18 U.S.C. § 1833(b) and any applicable state law), test results, formulae,
processes, data, know-how, marketing, promotion, business and financial plans, policies, practices, strategies, surveys, analyses and
forecasts, financial information, customer lists, agreements, transactions, undertakings and data concerning employees, consultants, officers,
directors, and shareholders. Confidential Information includes information in any form or media, whether documentary, written, oral, magnetic,
electronically transmitted, through presentation or demonstration or computer generated. Confidential Information shall not include
information that has become part of the public domain not as a result of a breach of any obligation owed to the Company by Employee or
any third party.

 

1.2     Employee
acknowledges and understands that the engagement of the Employee with the Company and the access to Confidential Information creates
a relationship of confidence and trust with respect to such Confidential Information.

 

1.3     During
the term of Employee ’s engagement with the Company and at any time after termination or expiration thereof, for whatever reason,
subject to Section 1.4 below, Employee shall keep in strict confidence and trust, shall safeguard, and shall not disclose to any
person or entity, nor use for the benefit of any party other than the Company, any Confidential Information, other than with the prior
express consent of the Company, unless the Employee has an independent right or obligation to make such disclosure pursuant to applicable
local, state or federal law, provided, that Employee gives the Company prompt notice of such requirement to disclose so that the
Company may seek a protective order or other appropriate remedy, and provided further, that Employee shall furnish only that portion
of the Confidential Information which is legally required to be disclosed, and shall exercise all reasonable efforts to obtain confidential
treatment for such information.

 

    6

     

    

 

1.4     Notice
of Immunity: Employee acknowledges that via this paragraph the Company is providing the Employee with written notice that the Defend
Trade Secrets Act, 18 U.S.C. § 1833(b), provides immunity for the disclosure of a trade secret for the purpose of reporting a suspected
violation of law and/or in an anti-retaliation lawsuit, in that (i) an individual shall not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating
a suspected violation of law, or where such disclosure is made via a complaint or other document filed in a lawsuit or other proceeding,
as long as such filing is made under seal, and (ii) an individual who files a lawsuit for retaliation by an employer or contracting party
on account of the individual having reporting a suspected violation of law, may disclose the relevant trade secret to the individual’s
attorney and may use such trade secret information in the applicable court proceeding, as long as any document containing such trade secret
is filed under seal, and as long as the individual does not disclose such trade secret, except pursuant to court order.

 

1.5     All
right, title and interest in and to Confidential Information are and shall remain the exclusive property solely of the Company or the
property of the third party providing such Confidential Information to the Company, as the case may be. Without limitation of the foregoing,
Employee agrees and acknowledges that all memoranda, books, notes, records, email transmissions, charts, formulae, specifications, lists
and other documents (contained on any media whatsoever) made, reproduced, compiled, received, held or used by Employee in connection with
the engagement with the Company or that otherwise relates to any Confidential Information (the “Confidential Materials”),
shall be the exclusive property solely of the Company and shall be deemed to be Confidential Information. All originals, copies, reproductions
and summaries of the Confidential Materials shall be delivered by Employee to the Company upon termination or expiration of Employee’s
engagement with the Company for any reason, or at any earlier time at the request of the Company, without Employee retaining any copies
thereof.

 

1.6     During
the term of Employee’s engagement with the Company, Employee shall not remove from the Company’s offices or premises any Confidential
Materials unless and to the extent necessary in connection with the duties and responsibilities of the Employee and permitted pursuant
to the then applicable policies and regulations of the Company. In the event that any such Confidential Materials are duly removed from
the Company’s offices or premises, Employee shall take all actions necessary in order to secure the safekeeping and confidentiality
of such Confidential Materials and return the Confidential Materials to their proper files or location as promptly as possible after such
use.

 

1.7     During
the term of Employee’s engagement with the Company, Employee will not improperly use or disclose any Confidential Information, and
will not bring onto the premises of the Company any unpublished documents or any property, in each case belonging to any former employer
or any other party to whom Employee has an obligation of confidentiality and/or non-use (including, without limitation, any academic institution
or any entity related thereto), unless generally available to the public or consented to by such third party in a writing addressed
to the Company.

 

    7

     

    

 

		2.	Unfair Competition and Solicitation.

 

2.1     Employee
undertakes that during the term of engagement with the Company and for a period of twelve (12) months thereafter, Employee shall not,
directly or on behalf of any other third party: (i) engage in or establish or otherwise become involved in, either as an employee, owner,
partner, agent, shareholder, director, consultant or otherwise, any business, occupation, work or any other activity which competes
with the business of the Company as conducted during the term of engagement or planned, during such term, to be conducted, or which will
have the likely effect of reducing the business volume or monetary profits of the Company; (ii) solicit, hire or retain as an employee,
consultant or otherwise, any employee of the Company or induce or attempt to induce any such employee to terminate or reduce the scope
of such employee’s employment with the Company; and (iii) solicit or induce, or attempt to solicit or induce, any employee, consultant,
service provider, agent, distributor, supplier or customer of the Company, or any third party with respect to which the Company took substantial
steps to engage as an employee or as any of the foregoing capacities during the period of Employee’s engagement with the Company,
to terminate, reduce or modify the scope of its or their engagement with the Company or work for, in any capacity, a competitor of the
Company. By signing this Agreement, Employee represents and confirms that the restrictions set forth in this paragraph are not unduly
burdensome, financially or otherwise, for the Employee.

 

2.2     Employee
acknowledges that in light of Employee’s position with the Company and in view of Employee’s exposure to, and involvement
in, the Company’s sensitive and valuable proprietary information, intellectual property and technologies, Confidential Information
and Confidential Materials (the “Company’s Material Assets”), the provisions of this Section 2 are reasonable
and necessary to legitimately protect the Company’s Material Assets, and are being undertaken by Employee as a condition to the
engagement of Employee by the Company. Employee confirms that Employee has carefully reviewed the provisions of this Section 2, fully
understands the consequences thereof and has assessed the respective advantages and disadvantages to Employee of entering into this Undertaking
and, specifically, Section 2 hereof.

 

		3.	Ownership of Inventions.

 

3.1     Employee
will notify and disclose in writing to the Company, or any persons designated by the Company from time to time, all information, improvements,
inventions, trademarks, works, designs, trade secrets, formulae, processes, techniques, know-how and data, whether or not patentable or
registerable under copyright or any similar laws, made or conceived or reduced to practice or learned by Employee, either alone or jointly
with others, during Employee’s engagement with the Company (including after hours, on weekends or during vacation time) (all such
information, improvements, inventions, trademarks, works, designs, trade secrets, formulae, processes, techniques, know-how, and
data are hereinafter referred to as the “Invention(s)”) immediately upon discovery, receipt or invention as applicable.

 

3.2     Employee
agrees that all of the Inventions are, upon creation, considered Inventions of the Company, shall be the exclusive property solely of
the Company and its assignees, and the Company and its assignees shall be the sole owner of all patents, copyrights, trade secrets
and all other rights of any kind or nature, including moral rights, in connection with such Inventions. Employee hereby irrevocably and
unconditionally assigns to the Company all the following with respect to any and all Inventions: (i) title, rights and interest in and
to such Inventions, (ii) title, rights and interest in and to any patents, patent applications, and patent rights, including any and all
continuations or extensions thereof; (iii) rights associated with works of authorship, including copyrights and copyright applications,
Moral Rights (as defined below) and mask work rights; (iii) rights relating to the protection of trade secrets and confidential information;
(v) design rights and industrial property rights; (vi) any other proprietary rights relating to intangible property including trademarks,
service marks and applications therefor, trade names and packaging and all goodwill associated with the same; and (vii) all rights to
sue for any infringement of any of the foregoing rights and the right to all income, royalties, damages and payments with respect to any
of the foregoing rights. Employee also hereby forever waives and agrees never to assert any and all Moral Rights Employee may have in
or with respect to any Inventions, even after termination of Employee’s engagement with the Company. “Moral Rights”
means any right to claim authorship of a work, any right to object to any distortion or other modification of a work, and any similar
right, existing under the law of any country in the world, or under any treaty. The Employee further acknowledges and agrees that all
copyrightable works included in the Inventions shall be “works made for hire” within the meaning of the Copyright Act
of 1976, as amended (17 U.S.C. §101) (the “Act”), and that the Company shall be the “author” within
the meaning of the Act.

 

    8

     

    

 

3.3     Employee
represents that there are no information, improvements, inventions, formulae, processes, techniques, know-how and data, whether or not
patentable or registerable under copyright or any similar laws, and whether or not reduced to practice, original works of authorship and
trade secrets made or conceived by or belonging to Employee (whether made solely by the Employee or jointly with others) that: (i) were
developed by the Employee prior to Employee’s engagement with the Company, (ii) relate to the Company’s actual or proposed
business, products or research and development, and (iii) are not assigned to the Company hereunder.

 

3.4     Employee
further agrees to perform, during and after Employee’s engagement with the Company, all acts deemed reasonably necessary or desirable
by the Company to permit and assist it, at the Company’s expense, in obtaining, maintaining, defending and enforcing the Inventions
in any and all countries. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in
legal proceedings. Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents, as Employee’s
agents and attorneys-in-fact to act for and on Employee’s behalf and instead of Employee, to execute and file any documents and
to do all other lawfully permitted acts to further the above purposes with the same legal force and effect as if executed by Employee.

 

3.5     Employee
shall not be entitled, with respect to any and all of the above, to any monetary consideration or any other consideration except as explicitly
set forth in the engagement agreement between Employee and the Company. Without limitation of the foregoing, Employee irrevocably confirms
that the consideration explicitly set forth in Employee’s engagement agreement with the Company is in lieu of any rights for compensation
that may arise in connection with the Inventions under applicable law and waives any right to claim royalties or other consideration with
respect to any Invention, including under Section 134 of the Israeli Patent Law, 1967 (or any successor or equivalent law in any jurisdiction).
With respect to any and all of the above, any oral understanding, communication or agreement not memorialized in writing and duly signed
by an authorized officer of the Company, shall be void.

 

    9

     

    

 

		4.	General.

 

4.1     Employee
represents that the performance of all the terms of this Undertaking and of all of Employee’s duties and services to the Company
does not and will not breach any invention assignment, proprietary information, non-compete, confidentiality or similar agreements with,
or rules, regulations or policies of, any former employer or other party (including, without limitation, any academic institution
or any entity related thereto). Employee acknowledges that the Company is relying upon the truthfulness and accuracy of such representations
in engaging Employee.

 

4.2     Employee
acknowledges that the provisions of this Undertaking serve as an integral part of the terms of Employee’s engagement with the
Company and reflect the reasonable requirements of the Company in order to protect its legitimate interests with respect to the subject
matter hereof. The Employee hereby explicitly acknowledges that the restrictions set forth in this Undertaking are not greater than required
and do not unduly burden the Employee.

 

4.3     It
is agreed and understood that if a court of law finds that the Employee has violated Section 2 of this Undertaking, then the restrictions
set forth in such section shall automatically be extended for any period of time for which the court finds that the Employee violated
such restrictions.

 

4.4     Employee
recognizes and acknowledges that in the event of a breach or threatened breach of this Undertaking by Employee, the Company may suffer
irreparable harm or damage and that under such circumstances monetary remedies would be inadequate to protect against any actual
or threatened breach of this Undertaking. Without prejudice to any other rights and/or remedies otherwise available to the Company, it
is therefore agreed that the Company will be entitled to the granting of equitable relief, including but not limited to injunctive relief
and specific performance, in favor of the Company without proof of actual damages to remedy or prevent any breach of this Undertaking
(without limitation to any other remedy at law or in equity).

 

4.5     This
Undertaking shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any
conflict of laws principles which may result in the application of the laws of any other jurisdiction. Any and all disputes in connection
with this Undertaking shall be submitted to the exclusive jurisdiction of the competent courts or tribunals, as applicable, located
in the State of Delaware. It is agreed that each party irrevocably consents to the exercise of personal jurisdiction over such party by
such court, agrees that venue shall be proper in such court, and irrevocably waives and releases any and all defenses based on lack
of personal jurisdiction, improper venue or Forum non conveniens.

 

4.6     If
any provision of this Undertaking is determined by any court of competent jurisdiction to be invalid, illegal or unenforceable in any
respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision
cannot be so enforced, such provision shall be stricken from this Undertaking only with respect to such jurisdiction in which such clause
or provision cannot be enforced, and the remainder of this Undertaking shall be enforced as if such invalid, illegal or unenforceable
clause or provision had (to the extent not enforceable) never been contained in this Undertaking. In addition, if any particular provision
contained in this Undertaking shall for any reason be held to be excessively broad as to duration, geographical scope, activity or
subject, it shall be construed by limiting and reducing the scope of such provision so that the provision is enforceable to the fullest
extent compatible with applicable law.

 

    10

     

    

 

4.7     The
provisions of this Undertaking shall continue and remain in full force and effect following the termination or expiration of the engagement
between the Company and Employee, for whatever reason. This Undertaking shall not serve in any manner so as to derogate from any of Employee’s
obligations and liabilities under any applicable law.

 

4.8     This
Undertaking constitutes the entire agreement between Employee and the Company with respect to the subject matter hereof and supersedes
all prior agreements, proposals, understandings and arrangements, if any, whether oral or written, with respect to the subject matter
hereof. No amendment, waiver or modification of any obligation under this Undertaking will be enforceable unless set forth in a writing
signed by an authorized officer of the Company. No delay or failure to require performance of any provision of this Undertaking shall
constitute a waiver of that provision as to that or any other instance. No waiver granted under this Undertaking as to any one provision
herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver
of any performance other than the actual performance specifically waived.

 

4.9     All
notices and other communications under this Undertaking shall be in writing and shall be given in person, by fax, electronic or certified
or registered mail, and shall be deemed to have been duly given twenty-four (24) hours after transmission of a fax or electronic email,
three (3) days after sending a notice by certified or registered mail, or immediately upon delivery in person or explicit confirmation
of receipt.

 

4.10     This
Undertaking, the rights of the Company hereunder, and the obligations of Employee hereunder, will be binding upon and inure to the benefit
of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may assign any of its
rights under this Undertaking. Employee may not assign, whether voluntarily or by operation of law, any of its obligations under this
Undertaking, except with the prior written consent of an authorized officer of the Company.

 

IN WITNESS WHEREOF, the undersigned
has executed and delivered this CONFIDENTIALITY, UNFAIR COMPETITION, AND OWNERSHIP OF INVENTIONS UNDERTAKING effective as of the date
first mentioned above.

 

	Employee:
	 
		
	Date:12/06/2017
	 	 	 
	By:	/S/ Julian
    Adams	 
	 	Dr. Julian Adams	 

 

 

11

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