Document:

Exhibit
10.3

 

FORM
OF THIRD AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

This
THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), effective as of April 11,
2020 (the “Effective Date”), is between Corbus Pharmaceuticals Holdings, Inc. (the “Company”)
and Sean Moran (the “Executive”).

 

WITNESSETH:

 

WHEREAS,
the Executive has been employed by the Company as its Chief Financial Officer pursuant to the terms of a second amended and restated
employment agreement dated April 11, 2018, as amended (the “Prior Employment Agreement”);

 

WHEREAS,
the Company desires to continue to employ the Executive as its Chief Financial Officer, and the Executive desires to accept such
continued employment, on the terms and conditions set forth in this Agreement; and

 

WHEREAS,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace
the Prior Employment Agreement.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

 

	1.	EMPLOYMENT.
    Subject to the terms and conditions set forth herein, the Company hereby employs the Executive, and the Executive hereby accepts
    such employment by the Company commencing on the Effective Date.
	 	 
	2.	SCOPE
    OF EMPLOYMENT. During the term of this Agreement, Executive shall hold the position of Chief Financial Officer and
    shall have those duties and responsibilities customarily associated with the title of Chief Financial Officer plus any additional
    duties as may reasonably be assigned to him from time to time by the Company. The Executive shall report directly to the Chief
    Executive Officer and work closely with other members of the management team. The Executive will devote his full time and
    best efforts to the business and affairs of the Company. The Executive shall be subject to and comply with the Company’s
    policies, procedures and approval practices as generally in effect at any time and from time to time.
	 	 
	3.	PREVIOUS
    OBLIGATIONS. The Executive represents that his employment by the Company and the performance of his duties on behalf
    of the Company does not, and shall not, breach any agreement that obligates the Executive to keep in confidence any trade
    secrets or confidential or proprietary information of any other party or to refrain from competing, directly or indirectly,
    with the business of any other party. The Executive shall not disclose to the Company any trade secrets or confidential or
    proprietary information of any other party.
	 	 
	4.	COMPENSATION.
    As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate
    the Executive as follows.

 

	 	4.1	Base
    Salary. The Company shall pay the Executive a base salary (the “Base Salary”) at the annualized
    rate of $400,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal
    installments in accordance with the Company’s customary payroll practices in place from time to time. The Executive’s
    Base Salary shall be subject to review on at least an annual basis. The foregoing annualized rate will be effective for fiscal
    year 2020 and may be reevaluated by the Company’s Board of Directors for fiscal year 2021.

 

    	 	 	 

    	 	 	 

    

 

	 	4.2	Annual
    Bonus.

 

	 	(a)	The
    Executive will be eligible to participate in an annual executive bonus plan pursuant to which he may earn a bonus (“Bonus”)
    equal to up to 40% of his Base Salary (such maximum bonus may be referred to as the “Target Bonus”).
	 	 	 
	 	(b)	Prior
    to the commencement of each calendar year the Company’s Board of Directors (the “Board”) will
    establish and approve the Target Bonus for such calendar year. Achievement of the Target Bonus will be based on the Executive
    meeting individual objectives and the Company meeting Company-wide objectives (collectively, the “Performance
    Criteria”).
	 	 	 
	 	(c)	The
    Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded.
	 	 	 
	 	(d)	Following
    the close of each calendar year but in no event later than January 30th, the Board will meet and determine the extent to which
    the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment
    of the Bonus (if any) shall be made by March 15th.
	 	 	 
	 	(e)	Notwithstanding
    the foregoing to the contrary (including all Performance Criteria being met), payment of the Bonus shall be at the sole and
    absolute discretion of the Board, based on, among other things, the financial condition of the Company.

 

	 	4.3	Stock
    Option Grants. During the Term (as defined below), subject to the terms of the Corbus Pharmaceuticals Holdings, Inc.
    2014 Equity Compensation Plan (the “2014 Plan”) or any successor equity compensation plan as may
    be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to
    time additional stock options or other awards in amounts, if any, to be approved by the Board or the Compensation Committee
    in its discretion.
	 	 	 
	 	4.4	Benefits.
    During his employment and subject to any contribution therefore generally required of employees of the Company, the Executive
    shall be entitled to participate in any and all employee benefit plans from time to time in effect for executive employees
    of the Company generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally
    applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided
    for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time
    as it, in its sole judgment, deems appropriate.
	 	 	 
	 	4.5	Vacations
    and Holidays. During the term of his employment, the Executive shall be entitled to 15 paid days off per calendar
    year (none of which may be carried over from one year to the next, except as otherwise required by applicable law) as well
    as those paid public holidays provided for in the Company’s standard policies, as they may be amended from time to time.
	 	 	 
	 	4.6	Changes
    to Compensation. The Company may, at its sole discretion, change the terms and conditions of Executive’s employment,
    including without limitation, the terms of the Executive’s compensation (other than the terms and conditions of outstanding
    options or other awards under the 2014 Plan which shall continue to be governed by the applicable award agreements and the
    2014 Plan). After completion of the Term (as defined below), the Company shall give the Executive at least 14 days’
    prior written notice of any changes to Executive’s compensation.

 

	5.	EXPENSES.
    The Executive shall be entitled to reimbursement by the Company for all necessary and reasonable travel, entertainment and
    other business expenses incurred by him in connection with his duties hereunder. The Company shall reimburse the Executive
    for all such expenses upon presentation of an itemized account and appropriate supporting documentation, all in accordance
    with the Company’s generally applicable policies as in effect from time to time.

 

    	 	-2-	 

    	 	 	 

    

 

	6.	CONFIDENTIALITY.

 

	 	6.1	Definition.
    During the term of his employment, the Executive will have access to the Company’s confidential business information
    (the “Confidential Information”). Confidential Information means all trade secrets, know-how, show-how,
    theories, technical, operating, financial and other business information relating to the Company, its affiliates and each
    of their respective businesses or potential businesses, whether or not reduced to writing or other medium, and whether or
    not marked or labeled confidential, proprietary or the like, specifically including, without limitation, the following: inventions
    (including, without limitation, Work Product (as defined below)), designs, data, computer code, works of authorship, formulas,
    compounds, indications, techniques, ideas, discoveries, products and services under development, investor, customer and vendor
    information of any kind, marketing and business plans, pricing and profit margins, memoranda, notes, records, files, reports
    and other documentation, processes, business methods, improvements, modifications and creations, methodology, concepts, research,
    specifications, data processes, operations procedures, computer systems and software; provided, however, that Confidential
    Information shall not include information that is or becomes generally available to the public, unless such information has
    become generally available as a result of the Executive’s direct or indirect act or omission or as a result of the disclosure
    by any other person in violation of any contractual, legal or fiduciary obligation.
	 	 	 
	 	6.2	Use
    of Confidential Information. Subject to the other provisions of this Agreement, the Executive shall use Confidential
    Information only in the performance of the Executive’s duties for the Company.  Subject to the other provisions
    of this Agreement, the Executive shall not use Confidential Information at any time (during or after the Executive’s
    employment) for the Executive’s personal benefit or in any manner adverse to the interests of the Company, its affiliates,
    or any of their respective investors and clients. 
	 	 	 
	 	6.3	Protection
    and Non-Disclosure of Confidential Information. The Executive shall safeguard the Confidential Information by all
    reasonable steps and abide by all policies and procedures of the Company in effect from time to time regarding storage, copying,
    destroying, publication or posting, and handling of such Confidential Information, in whatever medium or format that Confidential
    Information takes. At all times during and after his employment by the Company, the Executive shall not, unless the Company
    expressly consents in advance in writing or unless otherwise permitted by this Agreement, disclose Confidential Information
    at any time except (i) to authorized Company personnel, or (ii) when required to do so by a court of law, a governmental agency,
    or an administrative or legislative body (each with jurisdiction to order the Executive to divulge, disclose or make accessible
    such information); provided that, the Executive shall give prompt written notice to the Company of such requirement and reasonably
    cooperate with any attempt by the Company and/or its affiliates to obtain a protective order or similar treatment.  Notwithstanding
    the foregoing, nothing in this Agreement prohibits, limits, or otherwise interferes with the Executive’s protected rights
    under federal, state or local law to, without notice to the Company, (i) communicate or file a charge with a government regulator;
    (ii) participate in an investigation or proceeding conducted by a government regulator; or (iii) receive an award paid by
    a government regulator for providing information.    
	 	 	 
	 	6.4	Return
    of Confidential Information. Upon request of the Company, the Executive will promptly (i) deliver to the Company all
    documents and other tangible media in the Executive’s possession or control that evidence, contain or reflect Confidential
    Information (including all copies, reproductions, digests, abstracts, analyses, and notes) and (ii) destroy any intangible
    materials that evidence, contain or reflect Confidential Information on equipment or media not owned by the Company.
	 	 	 
	 	6.5	Other
    Agreements.  The Executive shall execute and abide by all confidentiality agreements which the Company reasonably
    requests the Executive to sign or abide by, whether those agreements are for the benefit of the Company, an affiliate of the
    Company, or an actual or a potential client thereof.

 

    	 	-3-	 

    	 	 	 

    

 

	 	6.6	Defend
    Trade Secrets. The Executive acknowledges that the Executive shall not be held criminally or civilly liable under
    any federal or state trade secret law for the disclosure of a trade secret if (i) the Executive makes such disclosure in confidence
    to a federal, State, or local government official, either directly or indirectly, or to an attorney and such disclosure is
    made solely for the purpose of reporting or investigating a suspected violation of law, or (ii) the Executive makes such disclosure
    in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.    Further,
    an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the
    employer's trade secrets to the attorney and use the trade secret information in the court proceeding if the individual: (i)
    files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to
    court order.  Nothing contained herein will waive, limit or affect any rights of the Company under any applicable
    trade secrets laws, including Defend Trade Secrets Act of 2016, which will be enforceable separate and apart from this Agreement.

 

	7.	ASSIGNMENT
    OF WORK PRODUCT.

 

	 	7.1	Definitions.
    The following capitalized terms shall have the meanings assigned to them below:

 

“Intellectual
Property” means collectively all Work Product and all Intellectual Property Rights relating to all Work Product.

 

“Intellectual
Property Rights” means all copyrights, copyright registrations and copyright applications, trademarks, service marks,
trade dress, trade names, trademark registrations and trademark applications, patents and patent applications, trade secret rights,
and all other intellectual property rights and intellectual property interests existing, created or protectable under any intellectual
property or other law of any nation.

 

“Work
Product” means any and all inventions, discoveries, works of authorship, developments, improvements, formulas,
compounds, indications, techniques, concepts, data and ideas (whether or not patentable or registerable under patent,
copyright, or similar statute) made, conceived, prepared, created, discovered, or reduced to practice by the Executive,
either alone or jointly with others, during the period of his employment, that (i) result or relate to work performed by the
Executive for the Company, (ii) are made by use of the equipment, supplies, facilities or Confidential Information of the
Company, or are made, conceived or completed, wholly or in part, during hours in which the Executive is working for the
Company, or (iii) are related to the business of the Company or the actual or demonstrably anticipated business of the
Company.

 

	 	7.2	Property
    of the Company. All Intellectual Property is and will be the sole property of the Company.
	 	 	 
	 	7.3	Copyrights;
    Assignment. The Executive agrees that all copyrightable materials that fall within the definition of Work Product,
    will be, to the maximum extent permitted by law, works-made-for-hire for the Company under copyright law, and to the extent
    not works-made-for-hire, the Executive hereby irrevocably assigns to the Company, without royalty or further consideration
    to the Executive, all right, title, and interest he may have, or may acquire, in and to all Intellectual Property.
	 	 	 
	 	7.4	Disclosure.
    The Executive will promptly disclose in writing all Work Product to the Company. The Executive agrees to keep adequate and
    current written records of all such Work Product, in the form of notes, sketches, drawings, electronic records and/or other
    reports, which records are, and will remain, the sole property of the Company and will be available to the Company at all
    times.

 

    	 	-4-	 

    	 	 	 

    

 

	 	7.5	Execution
    of Documents. Whenever requested by the Company, both during the period of the Executive’s employment and thereafter,
    the Executive will promptly sign and deliver to the Company any and all applications, assignments and other documents that
    the Company considers necessary or desirable in order to: (a) assign, apply for, obtain, and maintain any Intellectual Property
    Rights in the United States and for other countries relating to any Work Product, (b) assign and convey to the Company or
    its designee the sole and exclusive right, title, and interest in and to all Intellectual Property, (c) provide evidence regarding
    the Intellectual Property that the Company considers necessary or desirable, and (d) confirm the Company’s ownership
    of the Intellectual Property, all without royalty or any other further consideration to the Executive.
	 	 	 
	 	7.6	Assistance
    to the Company. Whenever requested by the Company, both during the period of the Executive’s employment and
    thereafter, the Executive will assist the Company in assigning, obtaining, maintaining, defending, registering and from time
    to time enforcing, in any and all countries, the Company’s right to the Intellectual Property. This assistance may include,
    without limitation, testifying in a suit or other proceeding. If the Company requires assistance from the Executive after
    termination of his employment, other than assistance as set forth in Section 7.5, the Executive will be compensated for time
    actually spent in providing assistance at an hourly rate equivalent to his compensation at the time his employment was terminated
    together with his reasonable, actual out-of-pocket expenses incurred in providing such assistance, to the extent permitted
    by applicable law and/or court rules.
	 	 	 
	 	7.7	Power
    of Attorney. For use in the case that the Company cannot obtain the Executive’s signature on any document that
    the Company considers necessary or desirable in order to assign, apply for, prosecute, obtain, or enforce any Intellectual
    Property, whether due to the Executive’s non-cooperation, unavailability, or any other reason, the Executive hereby
    irrevocably designates and appoints the Company and each of its duly authorized officers and agents as his agent and attorney-in-fact
    to act for, and on the Executive’s behalf, to execute and file any such document and to do all other lawfully permitted
    acts to further the assignment, transfer to the Company, application, registration, prosecution, issuance, and enforcement
    of all Intellectual Property, with the same force and effect as if executed and delivered by the Executive.
	 	 	 
	 	7.8	Prior
    Inventions. The Executive represents that any inventions, prior works of authorship, discoveries, concepts or ideas,
    if any, to which the Executive presently has any right, title or interest, and which were previously conceived either wholly
    or in part by the Executive, and that the Executive desires to exclude from the operation of this Agreement are identified
    on Schedule A of this Agreement (each a “Prior Invention”). The Executive represents that
    the list contained in Schedule A is complete to the best of his knowledge. If during the Executive’s retention
    with the Company, the Executive incorporates a Prior Invention into a Company product, process or service or its use, the
    Executive shall be deemed to have automatically granted to the Company a nonexclusive, royalty-free, irrevocable, perpetual,
    worldwide license to make, have made, modify, display, perform sell and otherwise use such Prior Invention as part of or in
    connection with any Company product, process or service. The Executive shall not incorporate a Prior Invention into a Company
    product, process or service or its use without the Company’s prior written consent.

 

	8.	NON-COMPETITION;
    NON-SOLICITATION.

 

	 	8.1	Non-competition.
    To protect the Company’s legitimate interests in, among other things, the Company’s Confidential Information,
    trade secrets, and goodwill, during the Employment Period and the Restricted Period (as defined below), the Executive shall
    not, in any geographic location where within the two years prior to cessation of employment with the Company the Executive
    provided services to the Company or had a material presence or influence, directly or indirectly, whether as a partner, principal,
    shareholder, licensor, licensee, employee, officer, director, manager, agent, representative, advisor, promoter, associate,
    investor, or otherwise, assist in or engage in providing any services that the Executive provided to the Company during the
    prior two years, to a Competitive Business (as defined below).  The geographic limitation as set forth in this Section
    8.1 does not apply during the Employment Period, during which there is no geographic limitation to the restrictions as set
    forth in this Section 8.1.

 

    	 	-5-	 

    	 	 	 

    

 

	 	 	In
    furtherance of the foregoing, the Company will provide the Executive with the following:

 

	 	(a)	Subject
    to Sections 11.5 and 11.6, in the event that the Executive’s employment with the Company is terminated by the Company
    without Cause or by the Executive for Good Reason, during the Term (as defined below) other than during the Change in Control
    Period (as defined in subsection 8.1(b)), the Company shall pay to the Executive an amount equal to twelve months of his then
    current Base Salary under Section 4.1 above (less applicable withholdings and authorized deductions), to be paid in equal
    installments bimonthly in accordance with the Company’s customary payroll practices, commencing sixty (60) days following
    the date of termination of employment.
	 	 	 
	 	(b)	Subject
    to Sections 11.5 and 11.6, in the event that the Executive’s employment is terminated by the Company without Cause or
    by the Executive for Good Reason, during the Term and within the 3 months immediately preceding or the 12 months immediately
    following a Change in Control (as defined in Section 11.4) (each, the “Change in Control Period”),
    then in lieu of the payments set forth in subsection 8.1(a) above, the Company shall pay to the Executive an amount equal
    to eighteen (18) months of his then current Base Salary under Section 4.1 above (less applicable withholdings and authorized
    deductions), to be paid in equal installments bimonthly in accordance with the Company’s customary payroll practices,
    commencing sixty (60) days following the date of termination of employment.  For avoidance of doubt, if such termination
    precedes a Change in Control and any payments or benefits have commenced pursuant to subsection 8.1(a), such payments or benefits
    shall be taken into account for purposes of this subsection 8.1(b).

 

The
Executive has the right to consult with counsel prior to signing this Agreement, including this Section 8.1.

 

The
Executive shall not provide any services to any other person, company, entity or firm while the Executive is employed by the Company
without the Company’s written consent and may not do anything that may result in an actual or perceived conflict of interest
to the Company.

 

During
the Restricted Period, the Executive shall, upon the Company’s request, honestly, accurately, and completely provide the
Company with the name of any prospective new employer or hiring entity that follows the Executive’s separation from the
Company. During the Employment Period and the Restricted Period, the Executive shall, upon the Company’s request, provide
a copy of this Agreement to any person, company, entity or firm.

 

	 	8.2	Certain
    Definitions. The following capitalized terms shall have the meanings assigned to them below:

 

“Competitive
Business” means any business that is developing or has developed a cannabinoid agonist for the treatment of scleroderma,
cystic fibrosis or other inflammatory or fibrotic diseases.

 

“Employment
Period” means the period commencing on the Effective Date and continuing through and including the date of cessation
of the Executive’s employment with the Company.

 

“Restricted
Period” means the 12 months from the date of cessation of the Executive’s employment with the Company.

 

    	 	-6-	 

    	 	 	 

    

 

	 	8.3	Non-Solicitation.
    During the Employment Period and the Restricted Period, the Executive shall not, directly or indirectly, whether on behalf of
    himself or anyone else: (i) induce or attempt to induce a business associate of the Company to refrain from doing business
    with the Company; (ii) use for his benefit or disclose the name and/or requirements of any such business associate to any
    other person or persons, natural or corporate; or (iii) solicit any of the employees of the Company to leave the employ of
    the Company or hire anyone who is an employee of the Company or has worked for the Company during the previous 12 months. The
    Restricted Period shall be extended by the length of any period during which the Executive is in breach of the terms and
    conditions of this Section 8.3.
	 	 	 
	 	8.4	Separate
    Covenants. The Executive acknowledges and agrees that the covenants set forth in this Section 8 are an essential element
    of this Agreement and the transactions contemplated hereby and that, but for the agreement of the Executive to comply with
    such covenants, the Company would not have entered into this Agreement. 
	 	 	 
	 	8.5	Blue
    Pencil Provision. The parties hereby expressly agree that the duration, scope and geographic area of restriction set
    forth in this Section 8 are reasonable and necessary to protect the legitimate business interests of the Company.  If
    any provision of this Agreement should be found by any court of competent jurisdiction to be unenforceable for any reason,
    including but not limited to being too broad as to duration, scope, or area of restriction, then, and in that event, such
    provision will nonetheless remain valid and fully effective, but will be considered to be amended so that the duration, scope,
    and/or area of restriction set forth will be changed to be the maximum duration, scope, or area of restriction, as the case
    may be, that would be found enforceable by such court.

 

	9.	INJUNCTIVE
    RELIEF. The Executive acknowledges that the Company shall not have an adequate remedy in the event that the Executive
    breaches Section 6, 7, 8 or 12 of this Agreement and that the Company will suffer irreparable damage and injury in such event.
    The Executive agrees that the Company, in addition to any other available rights and remedies, shall be entitled to seek an
    injunction (without the necessity of posting a bond) restraining the Executive from committing or continuing any violation
    of Section 6, 7, 8 or 12 of this Agreement.
	 	 
	10.	TERM;
    TERMINATION

 

	 	10.1.	Term.
    Unless earlier terminated in accordance with the provisions of this Section 10, the term of this Agreement shall continue
    for a period of (2) years from the Effective Date (the “Term”).  If the Company continues
    to employ the Executive after the expiration of the Term without a written extension of the term, such employment shall continue
    on an AT-WILL basis and the Company shall have the right to terminate the Executive’s employment for any reason or no
    reason, with or without written notice.
	 	 	 
	 	10.2.	Death.
    Upon the death of the Executive, the Executive’s employment with the Company shall  terminate.
	 	 	 
	 	10.3.	Disability.
    If the Executive is unable to perform the essential functions of the Executive’s employment with the Company for
    more than twelve weeks (unless a longer period is required by state or federal law), the Company shall have the right to terminate
    the Executive’s employment upon prior written notice.
	 	 	 
	 	10.4	Termination
    by the Executive. The Executive may terminate this Agreement and his employment hereunder with or without Good Reason
    (as defined below) upon 30 days prior written notice to the Company.
	 	 	 
	 	10.5	Termination
    by the Company. The Company may terminate this Agreement and the Executive’s employment hereunder (i) without
    Cause immediately upon written notice to the Executive or (ii) immediately for Cause.
	 	 	 
	 	10.6	Certain
    Definitions. The following capitalized terms shall have the meanings assigned to them below:

 

    	 	-7-	 

    	 	 	 

    

 

“Cause”
means: (i) the Executive’s chronic failure to perform those material duties assigned to him pursuant to Section 2 above
to the reasonable satisfaction of the Board after written notice thereof and a reasonable opportunity to respond and/or cure of
not less than 30 days; (ii) the Executive’s gross negligence or misconduct (including but not limited to acts of fraud or
theft or the violation of applicable laws) in connection with the performance of his duties; (iii) the Executive’s material
breach of Section 6, 7 or 8 above; (iv) the Executive’s commission of an act of moral turpitude; (v) the Executive being
dependent on or addicted to alcohol or drugs; or (vi) the Executive’s conviction of or plea of nolo contendere to a felony.

 

“Good
Reason” means the voluntary termination by the Executive within thirty (30) days following: (i) a requirement that
the Executive physically relocates to another office that is more than 75 miles from the office location that the Executive reported
to on the Effective Date; (ii) a reduction in the Executive’s rate of compensation, potential incentive compensation, or
general benefits (other than general changes, in each case, affecting all similarly situated employees to substantially the same
extent); or (iii) a material adverse change in the Executive’s job description or a significant reduction of the scope of
the Executive’s authority or responsibilities.

 

	11.	EFFECT
    OF TERMINATION

 

	 	11.1	Payments
    Upon Termination. In the event that the Executive’s employment with the Company is terminated for any reason,
    the Executive shall have the right to receive (i) the compensation and reimbursable expenses then accrued and/or earned and
    unpaid under Sections 4.1 and 5 of this Agreement through the date of termination, (ii) payment for unused vacation days accrued
    through the date of termination and (iii) any benefits required by the Consolidated Omnibus Budget Reconciliation Act of 1985.
	 	 	 
	 	11.2	No
    Other Payments or Benefits. The Executive acknowledges and agrees that upon the termination of his employment, no
    other benefits, compensation or remuneration of any kind is owed by the Company to the Executive other than as set forth in
    Sections 8.1 and 11 or as set forth in the agreements pertaining to stock options granted to the Executive by the Company.
	 	 	 
	 	11.3	Survival.
    Notwithstanding anything to the contrary set forth herein, Sections 6, 7, 8, 9 and 11-19 of this Agreement and any remedies
    for the breach thereof, shall survive the termination of this Agreement under the terms hereof. Termination of this Agreement
    shall not relieve or release either party from any rights, liabilities or obligations which it/he has accrued prior to the
    effective date of such termination.
	 	 	 
	 	11.4	Additional
    Payments.  (a) Subject to Sections 11.5 and 11.6, in the event that the Executive’s employment with
    the Company is terminated by the Company without Cause or by the Executive for Good Reason, during the Term other than during
    the Change in Control Period (as defined in subsection 11.4(b)), (A) if the Executive then participates in the Company’s
    medical and/or dental plans and the Executive timely elects to continue and maintain group health plan coverage pursuant to
    COBRA, the Company shall reimburse the Executive for the cost of health insurance under COBRA for a period of twelve months;
    provided, however, that if and to the extent that the Company may not provide such COBRA reimbursement without
    incurring tax penalties or violating any requirement of the law, the Company shall use its commercially reasonable best efforts
    to provide substantially similar assistance in an alternative manner, provided that the cost of doing so does not exceed the
    cost that the Company would have incurred had the COBRA reimbursement been provided in the manner described above or cause
    a violation of Section 409A (as defined below), and (B) if the Executive is entitled to a Bonus, subject to the Board’s
    discretion and approval as set forth in Section 4.2 above, the Company shall pay such Bonus in accordance with the terms of
    the applicable plan and on the same basis as other participants in the plan except that the Bonus amount shall be prorated
    (based on the percentage of days the Executive was employed relative to the total number of days in the bonus earning period).

 

    	 	-8-	 

    	 	 	 

    

 

(b)
Subject to Sections 11.5 and 11.6, in the event that the Executive’s employment is terminated by the Company without Cause
or by the Executive for Good Reason, during the Term and within the 3 months immediately preceding or the 12 months immediately
following a Change in Control (as defined below) (each, the “Change in Control Period”), then in lieu
of the payments set forth in subsection 11.4(a) above, the Company shall (A) if the Executive then participates in the Company’s
medical and/or dental plans and the Executive timely elects to continue and maintain group health plan coverage pursuant to COBRA,
the Company shall reimburse the Executive for the cost of health insurance under COBRA for a period of eighteen (18) months; provided,
however, that if and to the extent that the Company may not provide such COBRA reimbursement without incurring tax penalties
or violating any requirement of the law, the Company shall use its commercially reasonable best efforts to provide substantially
similar assistance in an alternative manner, provided that the cost of doing so does not exceed the cost that the Company would
have incurred had the COBRA reimbursement been provided in the manner described above or cause a violation of Section 409A (as
defined below), (B) pay the current year Bonus at the Target Bonus level, which payment shall be made by March 15th of the following
calendar year, and (C) fully accelerate vesting of all of the Executive’s outstanding stock options, restricted stock and
other equity incentive awards upon the later of (x) the Change in Control or (y) the Executive’s termination of employment
with the Company. For avoidance of doubt, if such termination precedes a Change in Control and any payments or benefits have commenced
pursuant to subsection 11.4(a), such payments or benefits shall be taken into account for purposes of this subsection 11.4(b).

 

As
used in this Agreement, “Change in Control” means (x) a change in ownership of the Company under clause (i)
below or (y) a change in the ownership of a substantial portion of the assets of the Company under clause (ii) below:

 

(i)
Change in the Ownership of the Company. A change in the ownership of the Company shall occur on the date that any one person,
or more than one person acting as a group (as defined in clause (iii) below), acquires ownership of capital stock of the Company
that, together with capital stock held by such person or group, constitutes more than 50 percent of the total fair market value
or total voting power of the capital stock of the Company. However, if any one person or more than one person acting as a group,
is considered to own more than 50 percent of the total fair market value or total voting power of the capital stock of the Company,
the acquisition of additional capital stock by the same person or persons shall not be considered to be a change in the ownership
of the Company. An increase in the percentage of capital stock owned by any one person, or persons acting as a group, as a result
of a transaction in which the Company acquires capital stock in the Company in exchange for property will be treated as an acquisition
of stock for purposes of this paragraph.

 

(ii)
Change in the Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial
portion of the Company’s assets shall occur on the date that any one person, or more than one person acting as a group (as
defined in clause (iii) below), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition
by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 80 percent
of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets. There is no Change in Control under this clause
(ii) when there is a transfer to an entity that is controlled by the shareholders of the Company immediately after the transfer,
as provided below in this clause (ii). A transfer of assets by the Company is not treated as a change in the ownership of such
assets if the assets are transferred to (a) a shareholder of the Company (immediately before the asset transfer) in exchange for
or with respect to its capital stock, (b) an entity, 50 percent or more of the total value or voting power of which is owned,
directly or indirectly, by the Company, (c) a person, or more than one person acting as a group, that owns, directly or indirectly,
50 percent or more of the total value or voting power of all the outstanding capital stock of the Company, or (d) an entity, at
least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in clause
(ii)(c) of this paragraph. For purposes of this clause (ii), a person's status is determined immediately after the transfer of
the assets.

 

    	 	-9-	 

    	 	 	 

    

 

(iii)
Persons Acting as a Group. For purposes of clauses (i) and (ii) above, persons will not be considered to be acting as a
group solely because they purchase or own capital stock or purchase assets of the Company at the same time. However, persons will
be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or
acquisition of assets or capital stock, or similar business transaction with the Company. If a person, including an entity, owns
stock in both corporations that enter into a merger, consolidation, purchase or acquisition of assets or capital stock, or similar
transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only with respect
to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest
in the other corporation. For purposes of this paragraph, the term “corporation” shall have the meaning assigned such
term under Treasury Regulation section 1.280G-1, Q&A-45.

 

(iv)
Each of clauses (i) through (iii) above shall be construed and interpreted consistent with the requirements of Section 409A and
any Treasury Regulations or other guidance issued thereunder.

 

	 	11.5	Release
    Agreement.  In order to receive the payments and benefits set forth in Sections 8.1 and 11.4, as applicable,
    (collectively referred to herein as the “Severance Payments”), the Executive must timely execute
    (and not revoke) a separation agreement and general release (the “Release Agreement”) in a customary
    form as is determined to be reasonably necessary by the Company in its good faith and reasonable discretion and which form
    will include a non-compete provision.  If the Executive is eligible for Severance Payments pursuant to Sections
    8.1 and 11.4, the Company will deliver the Release Agreement to the Executive within seven (7) calendar days following the
    date of termination of employment.  The Severance Payments are subject to the Executive’s execution and delivery
    of such Release Agreement within 45 days of the Executive’s receipt of the Release Agreement and the Executive’s
    non-revocation of such Release Agreement.
	 	 	 
	 	11.6	Post-Termination
    Breach.  Notwithstanding anything to the contrary contained in this Agreement, the Company’s obligation
    to provide the Severance Payments will immediately cease if the Executive breaches any of the provisions of Sections 6, 7
    or 8, the Release Agreement or any other Agreement the Executive has with the Company.

 

 

	12.	RETURN
    OF COMPANY PROPERTY; EXIT INTERVIEW. Upon termination of the Executive’s employment with the Company for any
    reason, the Executive will promptly:

 

	 	(a)	Deliver
    to the Company all documents and other tangible media in the Executive's possession or control that evidence, contain or reflect
    (A) Confidential Information or (B) Work Product, in each case whether prepared by the Executive or otherwise coming into
    the Executive’s possession or control;
	 	 	 
	 	(b)	Destroy
    any intangible materials that evidence, contain or reflect Confidential Information or Work Product on equipment or media
    not owned by the Company, unless otherwise directed by the Company; and
	 	 	 
	 	(c)	Return
    to the Company all equipment, files, software programs and other personal property belonging to the Company.

 

    	 	-10-	 

    	 	 	 

    

 

Upon
termination of the Executive’s employment with the Company for any reason, the Executive will attend an exit interview with
a representative of the Company to review the Executive’s continuing obligations under this Agreement.

 

	13.	ENTIRE
    AGREEMENT. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
    hereof and supersedes all contemporaneous and prior agreements and understandings between them as to such subject matter.
    Not in limitation of the foregoing, this Agreement supersedes the Prior Employment Agreement. Except as otherwise expressly
    provided herein, this Agreement may not be amended except by an instrument in writing executed by the Company and the Executive.  Subject
    to the other provisions of this Agreement, any subsequent change or changes in the Executive’s duties, salary, or compensation
    will not affect the validity or scope of this Agreement, including the validity or scope of Section 8.   
	 	 
	14.	ASSIGNMENT.
    The Executive shall not be permitted to assign this Agreement or any rights or obligations hereunder without the prior written
    consent of the Company.
	 	 
	15.	GOVERNING
    LAW; JURISDICTION. This Agreement shall be construed and enforced in accordance with and governed by the laws of the
    Commonwealth of Massachusetts without giving effect to the principles of conflicts of laws thereof. The parties hereby consent
    and submit to the exclusive jurisdiction and venue of the courts located in Suffolk County, Massachusetts in connection with
    any actions or proceedings brought against either of them (or each of them) arising out of or relating to this Agreement.
	 	 
	16.	MISCELLANEOUS.
    No waiver by either party of any term or condition of this Agreement, whether by conduct or otherwise, in any one or more
    instance, shall be deemed a continuing waiver of any such term or condition, or a waiver of any other term or condition of
    this Agreement. Headings set forth in this Agreement are solely for the convenience of the parties and have no legal effect.
    If any provision of this Agreement shall be found to be invalid by any court having competent jurisdiction, the invalidity
    of such provision shall not affect the validity of the remaining provisions hereof. This Agreement shall be (i) binding upon,
    and will inure to the benefit of, the parties and their permitted respective successors and assigns, (ii) construed without
    presumption of any rule requiring construction to be made against the party causing it to be drafted and (iii) executed in
    any number of counterparts, each of which will for all purposes be deemed to be an original, and all of which are identical.
	 	 
	17.	TAX
    WITHHOLDING. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder,
    the amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take
    such other action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding
    taxes. The Executive will be solely responsible for all taxes assessed against him with respect to the compensation and benefits
    described in this Agreement, other than typical employer-paid taxes such as FICA, and the Company makes no representations
    as to the tax treatment of such compensation and benefits.
	 	 
	18.	SECTION
    409A COMPLIANCE. All payments under this Agreement are intended to comply with or be exempt from the requirements
    of Section 409A of the Code and regulations promulgated thereunder (“Section 409A”). As used in this Agreement,
    the “Code” means the Internal Revenue Code of 1986, as amended. To the extent permitted under applicable
    regulations and/or other guidance of general applicability issued pursuant to Section 409A, the Company reserves the right
    to modify this Agreement to conform with any or all relevant provisions regarding compensation and/or benefits so that such
    compensation and benefits are exempt from the provisions of 409A and/or otherwise comply with such provisions so as to avoid
    the tax consequences set forth in Section 409A and to assure that no payment or benefit shall be subject to an “additional
    tax” under Section 409A. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section
    409A, or to the extent any provision in this Agreement must be modified to comply with Section 409A, such provision shall
    be read in such a manner so that no payment due to the Executive shall be subject to an “additional tax” within
    the meaning of Section 409A(a)(1)(B) of the Code. If necessary to comply with the restriction in Section 409A(a)(2)(B) of
    the Code concerning payments to “specified employees,” any payment on account of the Executive’s separation
    from service that would otherwise be due hereunder within six (6) months after such separation shall be delayed until the
    first business day of the seventh month following the date of termination of employment and the first such payment shall include
    the cumulative amount of any payments (without interest) that would have been paid prior to such date if not for such restriction.
    Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A. In no
    event may the Executive, directly or indirectly, designate the calendar year of payment. All reimbursements provided under
    this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable,
    the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter
    period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year
    may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible
    expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and
    (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. Notwithstanding anything contained
    herein to the contrary, the Executive shall not be considered to have terminated employment with the Company for purposes
    of Section 11.2 unless the Executive would be considered to have incurred a “termination of employment” from the
    Company within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii). In no event whatsoever shall the Company be liable
    for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to
    comply with Section 409A.

 

    	 	-11-	 

    	 	 	 

    

 

	19.	280G
    MODIFIED CUTBACK.

 

	 	(a)	If
    any payment, benefit or distribution of any type to or for the benefit of the Executive, whether paid or payable, provided
    or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the
    “Parachute Payments”) would subject the Executive to the excise tax imposed under Section 4999 of the Code
    (the “Excise Tax”), the Parachute Payments shall be reduced so that the maximum amount of the Parachute
    Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Parachute Payments to be
    subject to the Excise Tax; provided that the Parachute Payments shall only be reduced to the extent the after-tax value of
    amounts received by the Executive after application of the above reduction would exceed the after-tax value of the amounts
    received without application of such reduction. For this purpose, the after-tax value of an amount shall be determined taking
    into account all federal, state, and local income, employment and excise taxes applicable to such amount. Unless the Executive
    shall have given prior written notice to the Company to effectuate a reduction in the Parachute Payments if such a reduction
    is required, which notice shall be consistent with the requirements of Section 409A to avoid the imputation of any tax, penalty
    or interest thereunder, then the Company shall reduce or eliminate the Parachute Payments by first reducing or eliminating
    accelerated vesting of stock options or similar awards, then reducing or eliminating any cash payments (with the payments
    to be made furthest in the future being reduced first), then by reducing or eliminating any other remaining Parachute Payments;
    provided, that no such reduction or elimination shall apply to any non-qualified deferred compensation amounts (within the
    meaning of Section 409A) to the extent such reduction or elimination would accelerate or defer the timing of such payment
    in a manner that does not comply with Section 409A.
	 	 	 
	 	(b)	An
    initial determination as to whether (x) any of the Parachute Payments received by the Executive in connection with the occurrence
    of a change in the ownership or control of the Company or in the ownership of a substantial portion of the assets of the Company
    shall be subject to the Excise Tax, and (y) the amount of any reduction, if any, that may be required pursuant to the previous
    paragraph, shall be made by an independent accounting firm selected by the Company (the “Accounting Firm”)
    prior to the consummation of such change in the ownership or effective control of the Company or in the ownership of a substantial
    portion of the assets of the Company. The Executive shall be furnished with notice of all determinations made as to the Excise
    Tax payable with respect to the Executive’s Parachute Payments, together with the related calculations of the Accounting
    Firm, promptly after such determinations and calculations have been received by the Company.
	 	 	 
	 	(c)	For
    purposes of this Section 19, (i) no portion of the Parachute Payments the receipt or enjoyment of which the Executive shall
    have effectively waived in writing prior to the date of payment of the Parachute Payments shall be taken into account; (ii)
    no portion of the Parachute Payments shall be taken into account which in the opinion of the Accounting Firm does not constitute
    a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the Parachute Payments shall
    be reduced only to the extent necessary so that the Parachute Payments (other than those referred to in the immediately preceding
    clause (i) or (ii)) in their entirety constitute reasonable compensation for services actually rendered within the meaning
    of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion of the auditor
    or tax counsel referred to in such clause (ii); and (iv) the value of any non-cash benefit or any deferred payment or benefit
    included in the Parachute Payments shall be determined by the Company’s independent auditors based on Sections 280G
    and 4999 of the Code and the regulations for applying those sections of the Code, or on substantial authority within the meaning
    of Section 6662 of the Code.

 

    	 	-12-	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Employment Agreement as of the Effective Date.

 

	 	CORBUS
    PHARMACEUTICALS HOLDINGS, INC.
	 	 	 
	 	By:	
	 	Name:	Yuval
    Cohen, Ph.D.
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	By:	
	 	Name:	Sean
    Moran
	 	Address:	[*]

 

    	 	-13-	 

    	 	 	 

    

 

Schedule
A

 

Executive
Statement Regarding Prior Inventions

 

Except
as set forth below, the Executive acknowledges that at this time he does not have any right, title or interest in or to any Prior
Inventions (as defined in Section 7.8 of this Agreement) except those (if any) listed below:

 

[List
any applicable Prior Inventions or write “None”.]

 

[If
you need more space please attach a separate continuation sheet]

 

The
Executive certifies that the foregoing is true, accurate and complete.

 

	The
    Executive’s Name:		 
	 	 	 
	Date:	 	 
	 	 	 
	Signature:		 

 

    	 	-14-Exhibit 4.23

    

     

    COMPENSATION POLICY

     

    OPTIBASE LTD.

     

    Compensation Policy for Executive Officers and Directors

     

    (As Adopted by the Shareholders on February 14, 2019 and as amended on February 18, 2020 )

     

    
      
        

    

    
    

    

    Table of Contents

     

    
      	 	 	
              Page

               

                

            
	
              A.

            	
              Overview and Objectives

            	
              A - 3

            
	
              B.

            	
              Base Salary and Benefits

            	
              A - 4

            
	
              C.

            	
              Cash Bonuses

            	
              A - 5

            
	
              D.

            	
              Equity-Based Compensation

            	
              A - 7

            
	
              E.

            	
              Retirement and Termination of Service Arrangements

            	
              A - 7

            
	
              F.

            	
              Exemption, Indemnification and Insurance

            	
              A - 8

            
	
              G.

            	
              Arrangements upon Change of Control

            	
              A - 9

            
	
              H.

            	
              Board of Directors Compensation

            	
              A - 10

            
	
              I.

            	
              Miscellaneous

            	
              A - 10

            

    

  

  
    A - 2

    
      

  

  

    A. Overview and Objectives

     

    
      
        	

              	1.	
                Introduction

              

      

    

     

    This document sets forth the Compensation Policy for Executive Officers and Directors (this "Compensation Policy" or "Policy") of Optibase Ltd. ("Optibase" or the "Company"), in accordance with the
      requirements of the Companies Law of 1999 (the "Companies Law").

     

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

     

    For purposes of this Policy, "Executive Officers" shall mean "Office Holders" as such term is defined in Section 1 of the Companies Law,
      excluding, unless otherwise expressly indicated herein, Optibase's directors; and "Directors" shall mean the Optibase's directors, as shall be from time to time, including the Executive Chairperson, unless
      otherwise expressly indicated herein.

     

    This Compensation Policy shall serve as Optibase’s Compensation Policy for three (3) years, commencing as of its adoption.

     

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

     

    
      
        	

              	2.	
                Objectives

              

      

    

     

    Optibase's objectives and goals in setting this Compensation Policy are to attract, motivate and retain highly experienced personnel who will provide leadership for Optibase's
      success and enhance shareholder value, while supporting a performance culture that is based on merit, and rewards excellent performance in the long term, while recognizing Optibase's core values. To that end, this Policy is designed, among others:

     

    
      
        	

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

              

      

    

     

    
      
        	

              	2.2.	
                To provide the Executive Officers with a structured compensation package, putting the emphasis on a proper balance between the fixed components, i.e., the base salaries and benefits, and on the
                  variable compensation, such as bonuses and equity-based compensation in order to minimize potential conflicts between the interests of Executive Officers and those of Optibase;

              

      

    

     

    
      
        	

              	2.3.	
                To strengthen the retention and the motivation of Executive Officers in the long term.

              

      

    

     

    
      
        	

              	3.	
                Compensation structure and instruments

              

      

    

     

    Compensation instruments under this Compensation Policy may include the following:

     

    
      
        	

              	•	
                Base salary;

              

      

    

     

    
      
        	

              	•	
                Benefits;

              

      

    

     

    
      
        	

              	•	
                Cash bonuses;

              

      

    

     

    
      
        	

              	•	
                Equity based compensation; and

              

      

    

     

    
      
        	

              	•	
                Retirement and termination of service arrangements.

              

      

    

     

    
      A - 3

      
        

    

     

    

    
      
        	

              	4.	
                Overall Compensation - Ratio Between Fixed and Variable Compensation

              

      

    

     

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

     

    The total Variable Compensation of each Executive Officer (as well as the Executive Chairman of the Board ("Executive Chairman")) shall
      not exceed 60% of the total compensation package of such Executive Officer (and the Executive Chairman) on an annual basis. The Compensation Committee and Board believe that such range expresses the appropriate compensation mix in the event that all
      performance objectives are achieved and assumes that all compensation elements are granted with respect to a given year.

     

    
      
        	

              	5.	
                Intra-Company Compensation Ratio

              

      

    

     

    In the process of drafting this Policy, Optibase’s Board and Compensation Committee have examined the ratio between employer cost, as such term is defined in the Companies Law,
      associated with the engagement of the Executive Officers (as well as the Executive Chairman) and the average and median employer cost associated with the engagement of the other employees of Optibase (the "Ratio").

      The Compensation Committee and Board believe that the current Ratio does not adversely impact the work environment in Optibase.

     

    B. Base Salary and Benefits

     

    
      
        	

              	6.	
                Base Salary

              

      

    

     

    
      
        	

              	6.1.	
                The base salary varies between Executive Officers (among themselves) and the Executive Chairman of the Board, and is individually determined by the Compensation Committee and the Board (unless other approvals are required under any
                  applicable law) according to the educational background, prior vocational experience, qualifications, role, business responsibilities, past performance and previous compensation arrangements of
                  such Executive Officer and Executive Chairman of the Board.

              

      

    

     

    
      
        	

              	6.2.	
                The maximum monthly base salary for each of the following roles shall be as follows:

              

      

    

     

    
      
        	

              	(i)	
                Chief Executive Officer ("CEO") – up to NIS 100,000 for a full time position

              

      

    

     

    
      
        	

              	(ii)	
                CEO of the Company's subsidiary ("Subsidiary CEO") – up to NIS 90,000 for a full time position;

              

      

    

     

    
      
        	

              	(iii)	
                Executive Officer who is not a director, CEO or Subsidiary CEO – up to NIS 50,000 for a full time position

              

      

    

     

    Such amounts may be linked to increases in the Israeli Consumer Price Index ("Israeli CPI") or to the representative rate of exchange of the US dollar, as the case may be.

     

    
      
        	

              	6.3.	
                The Executive Chairman may be paid management fee in amount that shall not exceed NIS 50,000 per month.

              

      

    

     

    
      
        	

              	7.	
                Benefits

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

              	 •	
                Vacation days in accordance with market practice and applicable law;

              

      

    

     

    
      
        	

              	 •	
                Sick days in accordance with market practice and applicable law;

              

      

    

     

    
      
        	

              	 •	
                Convalescence pay according to applicable law;

              

      

    

     

    
      A - 4

      
        

    

     

    

    
      
        	

              	 •	
                Monthly remuneration for a study fund, as allowed by applicable tax law and with reference to Optibase’s practice and common market practice;

              

      

    

     

    
      
        	

              	 •	
                Contribution by Optibase on behalf of the Executive Officer to an insurance policy or a pension fund, as allowed by applicable tax law and with reference to Optibase’s policies and procedures and common market practice; and

              

      

    

     

    
      
        	

              	 •	
                Contribution by Optibase on behalf of the Executive Officer towards work disability insurance, as allowed by applicable tax law and with reference to Optibase’s policies and procedures and common market practice.

              

      

    

     

    
      
        	

              	7.2.	
                Optibase may offer additional benefits to its Executive Officers, including but not limited to: communication, company car and travel benefits, insurances, other benefits (such as newspaper
                  subscriptions, academic and professional studies), etc., including their gross up.

              

      

    

     

    
      
        	

              	7.3.	
                Optibase may reimburse its Executive Officers and its Executive Chairman for reasonable work-related expenses incurred as part of their activities, including without limitations, meeting participation expenses, reimbursement of
                  business travel including a daily stipend when traveling and accommodation expenses. Optibase may provide advance payments to its Executive Officers in connection with work-related expenses.

              

      

    

     

    
      
        	

              	7.4.	
                Non-Israeli Executive Officers may receive other similar, comparable or customary benefits as applicable in the relevant jurisdiction in which they are employed.

              

      

    

     

    
      
        	

              	8.	
                Signing Bonus

              

      

    

     

    At the Compensation Committee’s and Board’s discretion, Optibase may grant a newly recruited Executive Officer a signing bonus. The signing bonus shall not exceed two (2)
      monthly base salaries of such Executive Officer.

     

    C. Cash Bonuses

     

    
      
        	

              	9.	
                Annual Bonuses

              

      

    

     

    
      
        	

              	9.1.	
                The payment of annual bonuses to the Executive Chairman and any Executive Officer for any particular fiscal year shall be subject to the fulfillment (in addition to the fulfillment of the applicable objectives set forth below as the
                  case may be) of any one of the two following criteria: (a) that Optibase's EBITDA was at least USD $10 million (on a consolidated basis) during such fiscal year; or (b) that Optibase's net profit for such fiscal year was at least USD
                  $500,000, net of equity gains or losses, and net of non-recurring expenses related to the purchase or disposal of real estate investments.

              

      

    

     

    
      
        	

              	9.2.	
                The Compensation Committee and Board may decide, at their sole discretion, to grant annual bonuses to the Executive Chairman and the Executive Officers, subject to the fulfillment of the pre-conditions for payment of bonuses as
                  detailed in section 9.1 above.

              

      

    

     

    
      
        	

              	9.3.	
                The annual bonus to the Executive Chairman and the CEO will be based on measurable criteria. The measurable criteria and their relative weight shall be determined by the Compensation Committee and the Board in respect of each calendar
                  year. These measurable criteria may include, inter alia, objectives relating to the annual income, annual profit (net profit, pre tax profit), budget, annual EBITDA, acquisition and/or disposal of
                  assets, financing, re-financing and fundraising.

              

      

    

     

    
      
        	

              	9.4.	
                In addition, the Company may grant the CEO a bonus of up to three (3) monthly base salaries, at the sole discretion of the Compensation Committee and Board, based on the CEO's contribution to the Company.

              

      

    

     

    
      
        	

              	9.5.	
                The Company may also grant, subject to the approval of the Compensation Committee and the Board, an annual bonus to its Executive Officers (other than the CEO) for their contribution to the Company. Such grants may be based in whole or
                  in part on discretion, provided that they do not exceed the ceiling specified in section 9.6 below.

              

      

    

     

    
      A - 5

      
        

    

     

    

    
      
        	

              	9.6.	
                The annual bonus that may be paid to the Executive Officers for any fiscal year shall not exceed six (6) monthly base salaries to the CEO, and three (3) monthly base salaries to any other Executive Officer (excluding the CEO). The
                  annual bonus that may be paid to the Executive Chairman for any fiscal year shall not exceed two (2) monthly payments of management fee.

              

      

    

     

    
      
        	

              	9.7.	
                The Board, following the recommendation of the Compensation Committee, shall be entitled to decrease the annual bonus to be paid to the Executive Chairman and/or Executive Officers based on measurable criteria (if such criteria were
                  determined) or cancel such grant of bonuses altogether in its sole discretion, even in the event measurable criteria were determined and met..

              

      

    

     

    
      
        	

              	10.	
                Special Bonuses

              

      

    

     

    In addition to the annual bonus, Optibase may grant its Executive Chairman and Executive Officers (other than the CEO) a special bonus as an award for special achievements (such
      as in connection with mergers and acquisitions, offerings, achieving target budget or business plan under exceptional circumstances or, regarding the Executive Officers, special recognition in case of retirement) at the discretion of the Compensation
      Committee and Board which shall not exceed three (3) monthly base salaries for any Executive Officer (other than the CEO) and two (2) monthly payments of management fee for the Executive Chairman.

     

    
      
        	

              	11.	
                Pro Rata Payment

              

      

    

     

    Should the employment or service of the Executive Chairman or any Executive Officer terminate prior to the end of a fiscal year, Optibase may pay the Executive Chairman or the
      Executive Officer his or her pro rata share of that fiscal year’s bonus, based on the period the Executive Chairman or such Executive Officer was employed by the Company or has served in the Company.

     

    
      
        	

              	12.	
                Compensation Recovery ("Clawback")

              

      

    

     

    
      
        	

              	12.1.	
                In the event of an accounting restatement, Optibase shall be entitled to recover from its Executive Chairman or Executive Officers the bonus compensation in the amount in which such bonus exceeded what would have been paid under the
                  financial statements, as restated, provided that a claim is made by Optibase prior to the third anniversary of fiscal year end of the restated financial statements.

              

      

    

     

    
      
        	

              	12.2.	
                Notwithstanding the aforesaid, the compensation recovery will not be triggered in the following events:

              

      

    

     

    
      
        	

              	 •	
                The financial restatement is required due to changes in the applicable financial reporting standards; or

              

      

    

     

    
      
        	

              	 •	
                The Compensation Committee has determined that clawback proceedings in the specific case would be impossible, impractical or not commercially or legally efficient; or

              

      

    

     

    
      
        	

              	 •	
                The amount to be paid under the clawback proceedings is less than 10% of the relevant bonus received by the Executive Chairman or Executive Officer.

              

      

    

     

    
      
        	

              	12.3.	
                Nothing in this Section 12 derogates from any other "clawback" or similar provisions regarding disgorging of profits imposed on the Executive Chairman and Executive Officers by virtue of applicable securities laws.

              

      

    

     

    
      A - 6

      
        

    

     

    

    D. Equity-Based Compensation

     

    
      
        	

              	13.	
                General and Objectives

              

      

    

     

    
      
        	

              	13.1.	
                The Compensation Committee and Board may grant from time to time equity-based compensation which will be individually determined and awarded according to the performance, educational background, prior business experience,
                  qualifications, role and the personal responsibilities of the Executive Officer. Equity-based compensation may also be awarded to the Directors, subject to the provisions of the Companies Law and the regulations thereunder and the receipt
                  of all additional approvals that may be required under the Companies Law.

              

      

    

     

    
      
        	

              	13.2.	
                The main objectives of the equity-based compensation is to enhance the alignment between the Executive Officers' and Directors' interests with the long term interests of Optibase and its shareholders, and to strengthen the retention
                  and the motivation of Executive Officers in the long term. In addition, since equity-based awards are structured to vest over several years, their incentive value to recipients is aligned with longer-term strategic plans.

              

      

    

     

    
      
        	

              	13.3.	
                The equity based compensation offered by Optibase is intended to be in a form of share options, restricted shares and/or other equity based awards, such as RSUs, in accordance with the Company's incentive plan in place as may be
                  updated from time to time.

              

      

    

     

    
      
        	

              	14.	
                Fair Market Value

              

      

    

     

    The fair market value of the equity-based compensation for each Executive Officer and each Director shall not exceed USD $200,000, as shall be determined according to acceptable
      valuation practices at the time of grant.

     

    
      
        	

              	15.	
                Additional Terms

              

      

    

     

    
      
        	

              	15.1.	
                Subject to any applicable law, Optibase may determine, at the Compensation Committee and the Board’s discretion, the tax regime under which equity-based compensation may be granted, including a tax regime which will maximize the
                  benefit to the Executive Officers and Directors.

              

      

    

     

    
      
        	

              	15.2.	
                All equity-based incentives granted to Executive Officers and Directors shall be subject to vesting periods in order to promote long-term retention of such recipients. Unless otherwise determined in a specific award agreement approved
                  by the Compensation Committee and the Board, grants to Executive Officers shall vest gradually over a period of at least two years.

              

      

    

     

    
      
        	

              	15.3.	
                All other terms of the equity awards shall be in accordance with Optibase's incentive plans and other related practices and policies. Accordingly, the Board may, following approval by the Compensation Committee, extend the period of
                  time for which an award is to remain exercisable and make provisions with respect to the acceleration of the vesting period of any Executive Officer's or Director's awards, including, without limitation, in connection with a corporate
                  transaction involving a change of control, subject to any additional approval as may be required by the Companies Law.

              

      

    

     

    E. Retirement and Termination of Service Arrangements

     

    
      
        	

              	16.	
                Advanced Notice Period

              

      

    

     

    
      
        	

              	16.1.	
                Optibase may provide each Executive Officer, according to his or her seniority in the Company, his or her contribution to the Company’s goals and achievements and the circumstances of retirement, a prior notice of termination of up to
                  three (3) months, except for the CEO whose prior notice may be of up to six (6) months. During such advance notice period, the Executive Officer may be entitled to all of the compensation elements, and to the continuation of vesting of
                  his or her options, restricted shares or RSUs.

              

      

    

     

    
      
        	

              	16.2.	
                Optibase may waive the Executive Officer’s services to the Company during the advance notice period and pay the amount payable in lieu of notice, plus the value of benefits.

              

      

    

     

    
      A - 7

      
        

    

     

    

    
      
        	

              	17.	
                Adjustment Period/Retirement Bonus

              

      

    

     

    In addition to the advance notice period, the Compensation Committee and Board may provide an additional adjustment period/retirement bonus that will be determined, among other
      things, taking into consideration the Executive Officer's seniority in the Company, performance during employment, contribution to Optibase achieving its goals and the circumstances of retirement or termination. The maximum adjustment
      period/retirement bonus that may be paid to each Executive Officer is as follows:

     

    
      
        	

              	17.1.	
                CEO – for seniority of up to 5 years – the CEO will not be entitled to any Adjustment Period; seniority between 5 to 10 years – up to 4 monthly base salaries; and seniority of 10 years or more – up to 8 monthly base salaries.

              

      

    

     

    
      
        	

              	17.2.	
                Executive Officer (except the CEO) – for seniority of up to 5 years – such Executive Officer will not be entitled to any Adjustment Period; seniority between 5 to 10 years – up to 2 monthly base salary; and seniority of 10 years or
                  more – up to 4 monthly base salaries.

              

      

    

     

    The amounts for the adjustment period and the retirement bonus to be granted to an Executive Officer shall be calculated on the Executive Officer’s gross base salary without
      benefits, bonuses or grants which were granted to him or her during the Executive Officer's employment.

     

    
      
        	

              	18.	
                Additional Retirement and Termination Benefits

              

      

    

     

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

     

    
      
        	

              	19.	
                Non-Compete Grant

              

      

    

     

    Upon termination of employment and subject to applicable law, Optibase may grant to its Executive Officers a non-compete grant as an incentive to refrain from competing with
      Optibase for a defined period of time. The terms and conditions of the Non-Compete grant shall be decided by the Board and shall not exceed such Executive Officer's monthly base salary multiplied by six (6).

     

    F. Exemption, Indemnification and Insurance

     

    
      
        	

              	20.	
                Exemption

              

      

    

     

    Optibase may exempt in advance and retroactively its directors and Executive Officers, from any liability to the Company, in whole or in part, for damages in consequence of his
      or her duty of care vis-a-vis the Company, to the fullest extent permitted by law and subject to the provisions of the Company’s articles.

     

    
      
        	

              	21.	
                Indemnification

              

      

    

     

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

     

    
      
        	

              	22.	
                Insurance

              

      

    

     

    
      
        	

              	22.1.	
                Optibase will provide "Directors’ and Officers’ Liability Insurance" (the "Insurance Policy") for its directors and Executive Officers as follows:

              

      

    

     

    
      
        	

              	 •	
                The annual premium to be paid by the Optibase shall not exceed 5% of the aggregate coverage of the Insurance Policy;

              

      

    

     

    
      A - 8

      
        

    

     

    

    
      
        	

              	 •	
                The limit of liability of the insurer shall not exceed the greater of $25 million or 25% of the Company’s shareholders equity (based on the most recent financial statements of the Company at the time of approval by the Compensation
                  Committee) per incident and insurance period (for a one-year period) in addition to reasonable litigation expenses;

              

      

    

     

    
      
        	

              	 •	
                The purchase of each Insurance Policy shall be approved by the Compensation Committee (and, if required by law, by the Board) which shall determine that the Insurance Policy reflects the current market conditions, and it shall not
                  materially affect the Company's profitability, assets or liabilities.

              

      

    

     

    
      
        	

              	22.2.	
                Upon circumstances to be approved by the Compensation Committee (and, if required by law, by the Board), Optibase shall be entitled to enter into a "run off" Insurance Policy of up to seven (7) years, with the same insurer or any other
                  insurer, as follows:

              

      

    

     

    
      
        	

              	 •	
                The limit of liability of the insurer shall not exceed the greater of $25 million or 25% of the Company’s shareholders equity (based on the most recent financial statements of the Company at the time of approval by the Compensation
                  Committee) per incident and insurance period (for a one-year period) in addition to reasonable litigation expenses;

              

      

    

     

    
      
        	

              	 •	
                The annual premium shall not exceed 500% of the last paid annual premium; and

              

      

    

     

    
      
        	

              	 •	
                The purchase of such Insurance Policy shall be approved by the Compensation Committee (and, if required by law, by the Board) which shall determine that the Insurance Policy reflects the current market conditions, and that it shall not
                  materially affect the Company's profitability, assets or liabilities.

              

      

    

     

    
      
        	

              	22.3.	
                Optibase may extend the Insurance Policy in place to include cover for liability pursuant to a future public offering of securities as follows:

              

      

    

     

    
      
        	

              	 •	
                The additional premium for such extension of liability coverage shall not exceed 50% of the last paid annual premium; and

              

      

    

     

    
      
        	

              	 •	
                The purchase of such Insurance Policy shall be approved by the Compensation Committee (and if required by law, by the Board) which shall determine that the Insurance Policy reflects the current market conditions, and it does not
                  materially affect the Company's profitability, assets or liabilities.

              

      

    

     

    G. Arrangements upon Change of Control

     

    
      
        	

              	23.	
                The following benefits may be granted to the Directors and/or Executive Officers in addition to the benefits applicable in the case of any retirement or termination of service upon a "Change of Control" following of which the
                  employment of the Executive Officer is terminated or adversely adjusted in a material way:

              

      

    

     

    
      
        	

              	23.1.	
                Vesting acceleration of outstanding options or restricted shares.

              

      

    

     

    
      
        	

              	23.2.	
                Extension of the exercising period of options or restricted shares for Optibase’s Executive Officers for a period of up to one (1) year and two (2) years, respectively, following the date of termination of employment.

              

      

    

     

    
      
        	

              	23.3.	
                For Executive Officers only - up to an additional six (6) months of continued base salary and benefits following the date of employment termination (the "Additional Adjustment Period"). For
                  avoidance of doubt, such additional Adjustment Period shall be in addition to the advance notice and adjustment periods pursuant to Sections 14 and 15 of this Compensation Policy.

              

      

    

     

    
      
        	

              	23.4.	
                For Executive Officers only - a cash bonus not to exceed together with the annual cash bonus, up to eighteen (18) monthly base salaries, in the case of the CEO, and nine (9) monthly base salaries, in the case of other Executive
                  Officers (excluding the CEO).

              

      

    

     

    
      A - 9

      
        

    

     

    

    H. Board of Directors Compensation

     

    
      
        	

              	24.	
                All the Directors, excluding the Executive Chairman, shall be entitled to an equal annual and per-meeting compensation.

              

      

    

     

    
      
        	

              	25.	
                The compensation of the Directors (including external directors and independent directors, but excluding the Executive Chairman) shall not exceed the maximum amounts provided in the Companies Regulations (Rules Regarding the
                  Compensation and Expenses of an External Director) of 2000, as amended by the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel) of 2000, as such regulations may be amended from time to time ("Compensation of Directors Regulations").

              

      

    

     

    
      
        	

              	26.	
                Directors may be granted equity-based compensation in accordance with the principles detailed in this Policy, and subject to the provisions of the Companies Law and the regulations thereunder.

              

      

    

     

    
      
        	

              	27.	
                Optibase's external and independent Directors may be entitled to reimbursement of expenses in accordance with the Compensation of Directors Regulations. Optibase’s Directors, excluding external and independent Directors, may be
                  entitled to reimbursement of work-related expenses, including meeting participation expenses, reimbursement of business travel including a daily stipend when traveling and accommodation expenses. Optibase may provide advance payments to
                  its Directors in connection with work-related expenses.

              

      

    

     

    I. Miscellaneous

     

    
      
        	

              	28.	
                This Policy is designed solely for the benefit of Optibase. Nothing in this Compensation Policy shall be deemed to grant any of Optibase’s Executive Officers, Directors or employees or any third party any right or privilege in
                  connection with their employment by the Company. Such rights and privileges shall be governed by the respective personal employment agreements.

              

      

    

     

    
      
        	

              	29.	
                This Policy is subject to applicable law and is not intended, and should not be interpreted as limiting or derogating from, provisions of applicable law to the extent not permitted, nor should it be interpreted as limiting or
                  derogating from the Company’s articles of association.

              

      

    

     

    
      
        	

              	30.	
                This Policy is not intended to affect current agreements nor affect obligating customs (if applicable) between the Company and its Executive Officers or Directors as such may exist prior to the approval of this Compensation Policy.

              

      

    

     

    
      
        	

              	31.	
                In the event of amendments made to the Companies Law or any regulations promulgated thereunder providing relief in connection with Optibase’s compensation to its Executive Officers and Directors, Optibase may elect to act pursuant to
                  such relief without regard to any contradiction with this Policy.

              

      

    

     

    
      
        	

              	32.	
                The Compensation Committee and Board may determine that none or only part of the payments, benefits and perquisites shall be granted, and is authorized to cancel or suspend a compensation package or part of it.

              

      

    

    

    

    A - 10

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