Document:

Exhibit
10.6

 

Cellect Biomed LTD.

 

THE 2014 GLOBAL INCENTIVE OPTION SCHEME

 

     

     

    

  

Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

DEFINITIONS

 

For purposes of the Global Incentive Option
Scheme and related documents, including without limited, the Grant Notification Letter, the following definitions shall apply:

 

		(a)	“Board” - the Board of Directors of the Company.

 

		(b)	“Cause” - any of the following:

 

		(i)	conviction of any felony involving moral turpitude or affecting the Company or any of its affiliates;

 

		(ii)	any refusal to carry out a reasonable directive of the chief executive officer, the Board or the
Grantee’s direct supervisor, which involves the business of the Company or any of its affiliates and was capable of being
lawfully performed;

 

		(iii)	embezzlement of funds of the Company or any of its affiliates;

 

		(iv)	any breach of the Grantee’s fiduciary duties or duties of care of the Company or any of its
affiliates; including without limitation disclosure of confidential information of the Company or any of its affiliates;

 

		(v)	any conduct (other than conduct in good faith), including without limitation, any act or omission,
reasonably determined by the Board to be materially detrimental to the Company or any of its affiliates; and/or

 

		(vi)	if and as such term is or may be defined under the Grantee’s employment agreement, service
agreement or any other engagement agreement with the Company or any of its affiliates; and/or

 

		(vii)	should circumstances arise as a result of which the Grantees’ employment with the Company
and/or any of its affiliates is or may be terminated without severance pay.

 

For the avoidance of any doubt, it
is hereby clarified that in any event of conflict between the definition of the term “Cause” in this Scheme and the
definition of the term “Cause” in a certain employment agreement, the definition in this Scheme shall prevail in connection
with the Option, with the Grant Notification Letter and with this Scheme.

 

		(c)	“Chairman” - the chairman of the Committee.

 

		(d)	“Committee” - a compensation committee appointed by the Board, which shall consist
of no fewer than two members of the Board.

 

		(e)	“Company” -Cellect Biomed Ltd., an Israeli company.

 

		(f)	“Date of Grant” - the date of grant of an Option, as determined by the Board
or the Committee and set forth in the Grantee’s Grant Notification Letter.

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		(g)	“Employee” - a person who is employed by the Company or any affiliate.

 

		(h)	“Expiration Date” - the date upon which an Option shall expire, as set forth
in Section 7.2 of the Scheme.

 

		(i)	“Fair Market Value” - as of any date, the value of a Share determined as follows:

 

		(i)	If the Shares arc listed on any established Share exchange or a national market system, including
without limitation the Tel-Aviv Stock Exchange, the NYSE MKT system, the NASDAQ National Market system, or the NASDAQ SmallCap
Market of the NASDAQ Share Market, the Fair Market Value shall be the closing sales price for such Shares (or the closing bid,
if no sales were reported), as quoted on such exchange or system for the last market trading day prior to time of determination,
as reported in the Wall Street Journal, or such other source as the Board deems reliable;

 

		(ii)	If the Shares are regularly quoted by a recognized securities dealer but selling prices are not
reported, the Fair Market Value shall be the mean between the high bid and low asked prices for the Shares on the last market trading
day prior to the day of determination, or;

 

		(iii)	In the absence of an established market for the Shares, the Fair Market Value thereof shall be
determined in good faith by the Board.

 

		(j)	“Grantee” - a person who receives or holds an Option under the Scheme.

 

		(k)	“Grant Notification Letter” - a document to be signed between the Company and
a Grantee that sets out and inform the Grantee with respect to the terms and conditions of the grant of an Option.

 

		(l)	“Non-Employee” - a director, consultant, advisor, service provider of the Company
or any affiliate, or any other person who is not an Employee.

 

		(m)	“Option” - an option to purchase one or more Shares of the Company pursuant
to the Scheme.

 

		(n)	“Purchase Price” - the price for each Share subject to an Option.

 

		(o)	“Scheme” - this 2014 Global Incentive Option Scheme.

 

		(p)	“Share” - the ordinary shares, without nominal value par value each, of the
Company.

 

		(q)	“Successor Company” - any entity the Company is merged to or is acquired by,
in which the Company is not the surviving entity.

 

		(r)	“Transaction” –

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		(i)	Merger, acquisition or reorganization of the Company with one or more other entities in which the
Company is not the surviving entity;

 

		(ii)	A sale of all or substantially all of the assets of the Company.

 

		(s)	“Vested Option” - any Option, which has already been vested according to the
Vesting Dates.

 

		(t)	“Vesting Dates” - as determined by the Board or by the Committee, the date as
of which the Grantee shall be entitled to exercise the Options or part of the Options, as set forth in Section 10 of the Scheme
and in the Grantee’s Grant Notification Letter.

 

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THE SCHEME

 

This scheme, as amended from time to time,
shall be known as Collect Biomed Ltd. 2014 Global Incentive Option Scheme.

 

		1.	PURPOSE OF THE SCHEME

 

The Scheme is intended to provide
an incentive to retain, in the employ of the Company and its affiliates, persons of training, experience, and ability, to attract
new employees, directors, consultants, service providers and any other entity which the Board shall decide their services are considered
valuable to the Company, to encourage the sense of proprietorship of such persons, and to stimulate the active interest of such
persons in the development and financial success of the Company by providing them with opportunities to purchase shares in the
Company, pursuant to the Scheme.

 

Incentives under the Scheme shall
only be issued to Grantees subject to the applicable law in their respective country of residence for tax purposes or any other
purposes, as the case may be.

 

		2.	ADMINISTRATION OF THE SCHEME

 

		2.1	The Board shall have the power to administer the Scheme either directly or upon the recommendation
of the Committee, all as provided by applicable law and in the Company’s Articles of Association. Notwithstanding the above,
the Board shall automatically have residual authority if no Committee shall be constituted or if such Committee shall cease to
operate for any reason.

 

		2.2	The Committee shall select one of its members as its Chairman and shall hold its meetings at such
times and places as the Chairman shall determine. The Committee shall keep records of its meetings and shall make such rules and
regulations for the conduct of its business as it shall deem advisable.

 

		2.3	The Board and/or the Committee, if applicable subject to the approval of the Board, to the extent
required under applicable law (and subject further to applicable laws) shall have the full power arid authority to:

 

		(i)	designate participants;

 

		(ii)	determine the terms and provisions of the respective Grant Notification Letters, including, but
not limited to, the number of Options to he granted to each Grantee, the number of Shares to be covered by each Option, provisions
concerning the time and the extent to which the Options may be exercised and the nature and duration of restrictions as to the
transferability or restrictions constituting substantial risk of forfeiture and to cancel or suspend awards, as necessary:

 

		(iii)	determine the Fair Market Value of the Shares covered by each Option;

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		(iv)	designate the type of Options;

 

		(v)	alter any restrictions and conditions of any Options or Shares subject to any Options;

 

		(vi)	interpret the provisions and supervise the administration of the Scheme;

 

		(vii)	accelerate the right of a Grantee to exercise in whole or in part, any previously granted Option;

 

		(viii)	determine the Purchase Price of the Option;

 

		(ix)	prescribe, amend and rescind rules and regulations relating to the Scheme; and

 

		(x)	make all other determinations deemed necessary or advisable for the administration of the Scheme.

 

		2.4	The Board or the Committee shall have the authority to grant, at its discretion, to the holder
of an outstanding Option, in exchange for the surrender and cancellation of such Option, a new Option having a purchase price equal
to, lower than or higher than the Purchase Price of the original Option so surrendered and canceled and containing such other terms
and conditions, or to change the Purchase Price as the Board or the Committee may prescribe in accordance with the provisions of
the Scheme.

 

		2.5	Subject to the Company’s Articles of Association, all decisions and selections made by the
Board or the Committee pursuant to the provisions of the Scheme shall be made by a majority of its members except that no member
of the Board or the Committee shall vote on, or be counted for quorum purposes, with respect to any proposed action of the Board
or the Committee relating to any Option to be granted to that member. Any decision reduced to writing shall be executed in accordance
with the provisions of the Company’s Articles of Association, as the same may be in effect from time to time.

 

		2.6	The interpretation and construction by the Committee of any provision of the Scheme or of any Grant
Notification Letter there under shall be final and conclusive unless otherwise determined by the Board.

 

		2.7	Subject to the Company’s Articles of Association and the Company’s decision, and to
all approvals legally required, including, but not limited to the provisions of any applicable law, each member of the Board or
the Committee shall be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably
incurred by him, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out
of any act or omission to act in connection with the Scheme unless arising out of such member’s own fraud or bad faith, to
the extent permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification the member may
have as a director or otherwise under the Company’s Articles of Association, any agreement, any vote of shareholders or disinterested
directors, insurance policy or otherwise.

 

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Cellect Biomed Ltd. – 2014 Global
Incentive Option Scheme

 

		3.	DESIGNATION OF PARTICIPANTS

 

The persons eligible for participation
in the Scheme as Grantees shall include any Employees and/or Non-Employees of the Company or of any affiliate.

 

The grant of an Option hereunder
shall neither entitle the Grantee to participate nor disqualify the Grantee from participating in, any other grant of Options pursuant
to the Scheme or any other option or share plan of the Company or any of its affiliates.

 

		4.	SHARES RESERVED FOR THE SCHEME; RESTRICTION THEREON

 

		4.1	The Company has reserved 3,412,097 authorized but unissued Shares, for the purposes of the Scheme
and for the purposes of any other share option plans which may be adopted by the Company in the future, subject to adjustment as
set forth in Section 6 below. Any Shares which remain unissued and which are not subject to the outstanding Options at the termination
of the Scheme shall cease to be reserved for the purpose of the Scheme, but until termination of the Scheme the Company shall at
all times reserve sufficient number of Shares to meet the requirements of the Scheme. Should any Option for any reason expire or
be canceled prior to its exercise or relinquishment in full, the Shares subject to such Option may again be subjected to an Option
under the Scheme or under the Company’s other share option plans.

 

		4.2	Each Option granted pursuant to the Scheme, shall be evidenced by a written Grant Notification
Letter between the Company and the Grantee, in such form as the Board or the Committee shall from time to time approve. Each Grant
Notification Letter shall state, among other matters, the number of Shares to which the Option relates, the type of Option granted
thereunder, the Vesting Dates, the Purchase Price per share, the Expiration Date and such other terms and conditions as the Committee
or the Board in its discretion may prescribe, provided that they are consistent with this Scheme.

 

		5.	PURCHASE PRICE

 

		5.1	The Purchase Price of each Share subject to an Option shall be determined by the Board and/or the
Committee in its sole and absolute discretion in accordance with applicable law, subject to any guidelines as may be determined
by the Board from time to time. Each Grant Notification Letter will contain the Purchase Price determined for each Grantee.

 

		5.2	Without derogating from the above and in addition thereto, the Purchase Price of each Share subject
to an Option shall be payable upon the exercise of an Option in the following acceptable forms of payment:

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		(i)	cash, check or wire transfer;

 

		(ii)	at the discretion of the Committee, through delivery of Share (including other Share subject to
the Options being exercised) having a Fair Market Value equal as of the date of exercise to the Purchase Price of the Share purchased
and acquired upon the exercise of the Option, or by a different form of cashless exercise method through a third party broker as
approved by the Committee;

 

		(iii)	at the discretion of the Committee, any combination of the methods of payment permitted by any
paragraph of this Section 5.2.

 

		5.3	The Purchase Price shall he denominated in the currency of the primary economic environment of,
either the Company or the Grantee (that is the functional currency of the Company or the currency in which the Grantee is paid)
as determined by the Company.

 

		6.	ADJUSTMENTS

 

Upon the occurrence of any of the
following described events, Grantee’s rights to purchase Shares under the Scheme shall be adjusted as hereafter provided:

 

		6.1	In the event of Transaction, the unexercised Options then outstanding under the Scheme shall be
assumed or substituted for an appropriate number of shares of each class of shares or other securities of the Successor Company
(or a parent or subsidiary of the Successor Company) as were distributed to the shareholders of the Company in connection and with
respect to the Transaction. In the case of such assumption and/or substitution of Options, appropriate adjustments shall be made
to the Purchase Price so as to reflect such action and all other terms and conditions of the Grant Notification Letters shall remain
unchanged, including but not limited to the vesting schedule, all subject to the determination of the Committee or the Board, which
determination shall be in their sole discretion and final. The Company shall notify the Grantee of the Transaction in such form
and method as it deems applicable at least 7 days prior to the effective date of such Transaction.

 

		6.2	Notwithstanding the above and subject to any applicable law, the Board or the Committee shall have
full power and authority to determine that in certain Grant Notification Letters there shall be a clause instructing that, if in
any such Transaction as described in Section 6.1 above, the Successor Company (or parent or subsidiary of the Successor Company)
does not agree to assume or substitute for the Options, the Vesting Dates shall be accelerated so that any unvested Option or any
portion thereof shall he immediately vested as of the date which is 7 days prior to the effective date of the Transaction.

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		6.3	For the purposes of Section 6.1 above, an Option shall be considered assumed or substituted if,
following the Transaction, the Option confers the right to purchase or receive, for each Share underlying an Option immediately
prior to the Transaction, the consideration (whether shares, options, cash, or other securities or property) received in the Transaction
by holders of shares held on the effective date of the Transaction (and if such holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration
received in the Transaction is not solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary,
the Committee may, with the consent of the Successor Company, provide for the consideration to be received upon the exercise of
the Option to be solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary equal in Fair
Market Value to the per Share consideration received by holders of a majority of the outstanding shares in the Transaction; and
provided further that the Committee may determine, in its discretion, that in lieu of such assumption or substitution of Options
for options of the Successor Company or its parent or subsidiary, such Options will be substituted for any other type of asset
or property including cash which is fair under the circumstances.

 

		6.4	The Board or the Committee shall have full power and authority to determine that in certain Grant
Notification Letters there shall be a clause instructing that, if the Company is voluntarily liquidated or dissolved while unexercised
Options remain outstanding under the Scheme, the Company shall immediately notify all unexercised Option holders of such liquidation,
and the Option holders shall then have 7 days to exercise any unexercised Vested Option held by them at that time, in accordance
with the exercise procedure set forth herein. Upon the expiration of such 7 days period, all remaining outstanding Options will
terminate immediately.

 

		6.5	If the outstanding shares of the Company shall at any time be changed or exchanged by declaration
of a cash dividend, share dividend (bonus shares), distribution of subscription rights, share split, combination or exchange of
shares, recapitalization, spin-off or any other like event by or of the Company, and as often as the same shall occur, then the
number, class and kind of the Shares subject to the Scheme or subject to any Options therefore granted, and the Purchase Prices,
shall be appropriately and equitably adjusted so as to maintain the proportionate number of Shares without changing the aggregate
Purchase Price. Upon happening of any of the foregoing, the class and aggregate number of Shares issuable pursuant to the Scheme
(as set forth in Section 6 hereof), in respect of which Options have not yet been exercised, shall be appropriately adjusted, all
as will he determined by the Board whose determination shall be final.

 

		6.6	Notwithstanding, according to the Tel-Aviv Stock Exchange regulations, exercise of Options shall
not be executed on the record date for the distribution of bonus shares, offer by way of rights, dividend distribution, capital
consolidation, split capital or capital decrease (all of the above shall be referred as “Company Event”), and such
an exercise, shall be postponed to following trading day. Additionally, if the Ex-Date of a Company Event applies before the record
date of the Company Event (as such terms are defined in the TASE Articles), no exercise of Options on the Ex-Date stated shall
be executed and such an exercise shall be postponed to following trading day.

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		7.	TERM AND EXERCISE OF OPTIONS

 

		7.1	Options shall be exercised by the Grantee by giving written notice to the Company and/or to any
third party designated by the Company (the: “Representative”), in such form and method as may be determined
by the Company, which exercise shall be effective upon receipt of such notice by the Company and/or the Representative and the
payment of the Purchase Price at the Company’s or the Representative’s principal office. The notice shall specify the
number of Shares with respect to which the Option is being exercised.

 

		7.2	Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of:
(i) the date set forth in the Grant Notification Letter; (ii) the expiration of any extended period in any of the events
set forth in Section 7.5 below, or (iii) ten (10) years from their Date of Grant.

 

		7.3	The Options may be exercised by the Grantee in whole at any time or in part from time to time,
to the extent that the Options become vested and exercisable, prior to the Expiration Date, and provided that, subject to the provisions
of Section 7.5 below, the Grantee is employed by or providing services to the Company or any of its affiliates, at all times during
the period beginning with the granting of the Option and ending upon the date of exercise.

 

		7.4	Subject to the provisions of Section 7.5 below, in the event of termination of Grantee’s
employment or services, with the Company or any of its affiliates, all Options granted to such Grantee will immediately expire.
A notice of termination of employment or service shall be deemed to constitute termination of employment or service. For the avoidance
of doubt, in case of such termination of employment or service, the unvested portion of the Grantee’s Option shall not vest
and shall not become exercisable and the Grantee shall have no claim against the Company and/or its affiliate that his/her Options
were prevented from continuing to vest as of such termination. Notwithstanding anything to the contrary mentioned above, a Grantee
shall not cease to he an Employee only due to the transfer of such Employee’s employment among the Company and its affiliates.

 

		7.5	Notwithstanding anything to the contrary hereinabove and unless otherwise determined in the Grantee’s
Grant Notification Letter, an Option may be exercised after the date of termination of Grantee’s employment or service with
the Company or any affiliates during an additional period of time beyond the date of such termination, but only with respect to
the number of Vested Options at the time of such termination according to the Vesting Dates, if:

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		(i)	termination is without Cause, in which event any Vested Option still in force and unexpired may
be exercised within a period of ninety (90) days after the date of such termination; or-

 

		(ii)	termination is the result of death or disability of the Grantee, in which event any Vested Option
still in force and unexpired may he exercised within a period of twelve (12) months after the date of such termination; or-

 

		(iii)	prior to the date of such termination, the Committee shall authorize an extension of the terms
of all or part of the Vested Options beyond the date of such termination for a period not to exceed the period during which the
Options by their terms would otherwise have been exercisable.

 

For avoidance of any doubt, if termination
of employment or service is for Cause, any outstanding unexercised Option (whether vested or non-vested), will immediately expire
and terminate, and the Grantee shall not have any right in connection to such outstanding Options.

 

		7.6	Any form of Grant Notification Letter authorized by the Scheme may contain such other provisions
as the Committee may, from time to time, deem advisable.

 

		7.7	The Options and any underlying Shares are extraordinary, one-time benefits granted to the Grantee
and are not and shall not be deemed a salary component for any purpose whatsoever, including in connection with calculating severance
compensation tinder applicable law.

 

		7.8	Neither the Grantee nor any other person, as the case may be, shall have any claim to be granted
any Options, and there is no obligation by the Company for uniformity of treatment of Grantees or their beneficiaries (if applicable).
The terms and conditions of the Options granted under this Scheme and any of the hoard’s determinations and interpretations
with respect thereto need not be the same with respect to each Grantee (whether or not such Grantees are similarly situated).

 

		8.	VESTING OF OPTIONS

 

		8.1	Subject to the provisions of the Scheme, each Option shall vest following the Vesting Dates and
for the number of Shares as shall be provided in the Grant Notification Letter. However, no Option shall be exercisable after the
Expiration Date.

 

		8.2	An Option may be subject to such other terms and conditions on the time or times when it may be
exercised, as the Committee may deem appropriate. The vesting provisions of individual Options may vary.

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		9.	DIVIDENDS

 

With respect to all Shares (but excluding,
for avoidance of any doubt, any unexercised Options) allocated or issued upon the exercise of Options purchased by the Grantee
and held by the Grantee or by the Trustee, as the case may be, the Grantee shall be entitled to receive dividends in accordance with the quantity of such Shares,
subject to the provisions of the Company’s Articles of Association (and all amendments thereto) and subject to any applicable
taxation on distribution of dividends.

 

		10.	PURCHASE FOR INVESTMENT

 

The Company’s obligation to
issue or allocate Shares upon exercise of an Option granted under the Scheme is expressly conditioned upon:

 

		(i)	the Company’s completion of any registration or other qualifications of such Shares under
all applicable laws, rules and regulations, or;

 

		(ii)	representations and undertakings by the Grantee (or his legal representative, heir or legatee,
in the event of the Grantee’s death) to assure that the sale of the Shares complies with any registration exemption requirements
which the Company in its sole discretion shall deem necessary or advisable.

 

Such required representations and
undertakings may include representations and agreements that such Grantee (or his legal representative, heir, or legatee):

 

		(i)	is purchasing such Shares for investment and not with any present intention of selling or otherwise
disposing thereof; and;

 

		(ii)	agrees to have placed upon the face and reverse of any certificates evidencing such Shares a legend
setting forth (a) any representations and undertakings which such Grantee has given to the Company or a reference thereto, and
(b) that, prior to effecting any sale or other disposition of any such Shares, the Grantee must furnish to the Company an opinion
of counsel, satisfactory to the Company, that such sale or disposition will not violate the applicable laws, rules and regulations
of the United States or any other state having jurisdiction over the Company and the Grantee.

 

		11.	RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS

 

No Option or any right with respect
thereto, purchasable hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral or any right
with respect to it given to any third party whatsoever, other than by will or by laws of decent and distribution, or as specifically
otherwise allowed under the Scheme, except as specifically allowed under the Scheme, and during the lifetime of the Grantee each
and all of such Grantee’s rights to purchase Shares hereunder shall be exercisable only by the Grantee.

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

Any such action made directly or
indirectly, for an immediate validation or for a future one, shall be void.

 

		12.	EFFECTIVE DATE, DURATION, AMENDMENTS OR TERMINATION OF THE SCHEME

 

		12.1	The Scheme shall be effective as of the day it was adopted by the Board and shall terminate at
the end of ten (10) years from such day of adoption (the: ‘‘Termination Date”).

 

		12.2	The Company shall obtain the approval of the Company’s shareholders for the adoption of this
Scheme and/or the Annexes thereto, or for any amendment to this Scheme and/or the Annexes thereto, if shareholders’ approval
is required under any applicable law including without limitation the U.S. securities law or the securities laws of other jurisdiction
applicable to Options granted to Grantees under this Scheme and/or the Annexes thereto, or if shareholders’ approval is required
by any authority or by any governmental agencies or national securities exchanges including without limitation the U.S. Securities
and Exchange Commission.

 

		12.3	The Board may at any time, subject to the provisions of Section 12.2 above and all applicable law,
amend, alter, suspend or terminate the Scheme, provided, however, that

 

		(i)	the Board may not extend the term of the Scheme specified in Section 12.1 above and;

 

		(ii)	no amendment, alteration, suspension or termination of the Scheme shall impair the rights of any
Grantee, unless mutually agreed otherwise by the Grantee and the Company, which agreement must be in writing and signed by the
Grantee and the Company.

 

Earlier termination of the Scheme prior
to the Termination Date shall not affect the Board’s ability to exercise the powers granted to it hereunder with respect
to Options granted under the Scheme prior to the date of such earlier termination.

 

		13.	SIIAREHOLDERS RIghTS AND VOTING RIGHTS

 

		13.1	Rights as Shareholder: Unless stated otherwise in the Scheme, the Grantee shall not have
any rights as a shareholder in relation to Options granted to him under this Scheme, and that is until the registration of the
Grantee, or the Trustee on behalf of the Grantee, as a shareholder in the register of shareholders of the Company.

 

		13.2	Voting Rights: As long as the exercised Shares are held by the Trustee for the benefit of
Grantee, the Grantee is entitled to vote with respect of the exercised Shares. The company will send notices of general meetings
of the Company to the Trustee, and the Trustee shall transfer such notices to the Grantee. Grantee wishing to attend general meetings
of the Company or to exercise his right to vote in respect to the exercised shares held on his behalf by the Trustee, the Grantee
shall approach the Trustee in writing at least four days prior to the meeting, and the Trustee shall transfer to the Grantee the
power of attorney to attend the general meeting and to vote in respect of the exercised Shares held for the benefit of the Grantee
with the Trustee, all- subject to the mechanism established by the Company to all its shareholders.

 

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Cellect Biomed Ltd. – 2014 Global Incentive
Option Scheme

 

		14.	GOVERNMENT REGULATIONS

 

The Scheme, and the granting and
exercise of Options hereunder, and the obligation of the Company to sell and deliver Shares under such Options, shall be subject
to all applicable laws, rules, and regulations, whether of the State of Israel or of the United States or any other State having
jurisdiction over the Company and the Grantee, including the registration of the Shares under the United States Securities Act
of 1933, and the Ordinance and to such approvals by any governmental agencies or national securities exchanges as may be required.
Nothing herein shall be deemed to require the Company to register the Shares under the securities laws of any jurisdiction.

 

		15.	CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES

 

Neither the Scheme nor the Grant
Notification Letter with the Grantee shall impose any obligation on the Company or an Affiliate thereof, to continue any Grantee
in its employ or service, and nothing in the Scheme or in any Option granted pursuant thereto shall confer upon any Grantee any
right to continue in the employ or service of the Company or an Affiliate thereof or restrict the right of the Company or an Affiliate
thereof to terminate such employment or service at any time.

 

		16.	GOVERNING LAW & JURISDICTION

 

The Scheme shall be governed by and
construed and enforced in accordance with the laws of the State of Israel applicable to contracts made and to he performed therein,
without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole Jurisdiction
in any matters pertaining to the Scheme.

 

		17.	TAX CONSEQUENCES

 

		17.1	Any tax consequences to any Grantee arising from the grant or exercise of any Option, from the
payment for Shares covered thereby or from any other event or act (of the Company and/or its affiliates, or the Grantee) hereunder
shall be borne solely by the Grantee. The Company and/or its affiliates shall withhold taxes according to the requirements under
the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the Grantee shall agree to indemnify
the Company and/or its affiliates and hold them harmless against and from any and all liability for any such tax or interest or
penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such
tax from any payment made to the Grantee.

 

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Cellect Biomed Ltd. – 2014 Global Incentive Option Scheme

 

		17.2	The Company shall not be required to release any Share certificate to a Grantee until all required
payments have been fully made.

 

		18.	NON-EXCLUSIVITY OF THE SCHEME

 

The adoption of the Scheme by the
Board shall not be construed as amending, modifying or rescinding any previously approved incentive arrangements or as creating
any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without
limitation, the granting of Options otherwise than under the Scheme, and such arrangements may be either applicable generally or
only in specific cases.

 

For the avoidance of doubt, prior
grant of options to Grantees of the Company under their employment agreements, and not in the framework of any previous option
scheme, shall not be deemed an approved incentive arrangement for the purpose of this Section.

 

		19.	MULTIPLE AGREEMENTS

 

The terms of each Option may differ
from other Options granted under the Scheme at the same time, or at any other time. The Board may also grant more than one Option
to a given Grantee during the term of the Scheme, either in addition to, or in substitution for, one or more Options previously
granted to that Grantee.

 

		20.	RULES PARTICULAR TO SPECIFIC COUNTRIES

 

Notwithstanding anything herein to
the contrary, the terms and conditions of the Scheme may be adjusted with respect to a particular country by means of an addendum
to the Scheme in the form of an annex (the: “Annex”), and to the extent that the terms and conditions set forth
in the Annex conflict with any provisions of the Scheme, the provisions of the Annex shall govern. Terms and conditions set forth
in the Annex shall apply only to Options issued to Grantees under the jurisdiction of the specific country that is subject of the
Annex and shall not apply to Options issued to any other Grantee. The adoption of any such Annex shall he subject to the approval
of the Board and if required the approval of the shareholders of the Company.

 

********

 

    	 	15	 

     

    

  

CELLECT BIOMED
LTD.

 

ANNEX A – ISRAEL

TO THE 2014 GLOBAL INCENTIVE OPTION SCHEME

 

    	 		 

     

    

  

Cellect Biomed Ltd. – Israeli Annex

 

DEFINITIONS

 

For purposes of this Annex and the Grant Notification
Letter, the following definitions shall apply:

 

		(a)	“Affiliate” - any “employing company” within the meaning of Section
102(a) of the Ordinance.

 

		(b)	“Approved 102 Option” - an Option granted pursuant to Section 102(b) of the
Ordinance and held in ;rust by a Trustee for the benefit of the Grantee.

 

		(c)	“Capital Gain Option (CGO)” - an Approved 102 Option elected and designated
by the Company to qualify under the capital gain tax treatment in accordance with the provisions of Section 102(b)(2) of the Ordinance.

 

		(d)	“Controlling Shareholder” - shall have the meaning ascribed to it in Section
32(9) of the Ordinance,

 

		(e)	“Employee” - a person who is employed by the Company or its Affiliates, including
an individual who is serving as a director or an office holder, but excluding any Controlling Shareholder, all as determined in
Section 102 of the Ordinance.

 

		(f)	“ITA” - the Israeli Tax Authorities.

 

		(g)	“Non-Employee” - a consultant, adviser, service provider, Controlling Shareholder
or any other person who is not an Employee.

 

		(h)	“Ordinary Income Option (OIO)” - an Approved 102 Option elected and designated
by the Company to qualify under the ordinary income tax treatment in accordance with the provisions of Section 102(b)(1) of the
Ordinance.

 

		(i)	“102 Option” - any Option granted to Employees pursuant to Section 102 of the
Ordinance.

 

		(j)	“3(i) Option” - all Option granted pursuant to Section 3(i) of the Ordinance
to any person who is a Non-Employee.

 

		(k)	“Ordinance” - the Israeli Income Tax Ordinance [New Version] 1961 as now in
effect or as hereafter amended.

 

		(l)	“Section 102” - Section 102 of the Ordinance and any regulations, rules, orders
or procedures promulgated thereunder as now in effect or as hereafter amended.

 

		(m)	“Trustee” - any individual or entity appointed by the Company to serve as a
trustee and approved by the ITA, all in accordance with the provisions of Section I 02(a) of the Ordinance.

 

    	 	1	 

     

    

  

Cellect Biomed Ltd. – Israeli Annex

 

		(n)	“Unapproved 102 Option” - an Option granted pursuant to Section 102(c) of the
Ordinance and not held in trust by a Trustee.

 

For the avoidance of any doubt, it is hereby
clarified that any capitalized terms not specifically defined in this Annex shall be construed according to the interpretation
given to it in the Scheme.

 

    	 	2	 

     

    

  

Cellect Biomed Ltd. – Israeli Annex

 

ANNEX A -
ISRAEL

 

		1.	GENERAL

 

		1.1	This Annex (the: “Annex”) shall apply only to Grantees who are residents of
the state of Israel at the Date of Grant or those who are deemed to be residents of the state of Israel for the payment of tax
at the Date of Grant. The provisions specified hereunder shall form an integral part of the 2014 Global Incentive Option Scheme
of Cellect Riot/led Ltd. (hereinafter: the “Scheme”), which applies to the issuance of options to purchase Shares
of Cellect Biomed Ltd. (hereinafter: the “Company”). According to the Scheme, options to purchase the Company’s
Shares may be issued to employees, directors, consultants and service provides of the Company or its affiliates.

 

		1.2	This Annex is effective with respect to Options granted following Amendment no. 132 of the
Ordinance, which entered into force on January 1, 2003.

 

		1.3	This Annex is to be read as a continuation of the Scheme and only modifies options granted to Israeli
Grantees so that they comply with the requirements set by the Israeli law in general, and in particular with the provisions of
Section 102 (as specified herein), as may be amended or replaced from time to time. For the avoidance of doubt, this Annex does
not add to or modify the Scheme in respect of any other category of Grantees.

 

		1.4	The Scheme and this Annex are complimentary to each other and shall be deemed as one. In any case
of contradiction, whether explicit or implied, between the provisions of this Annex and the Scheme, the provisions set out in the
Annex shall prevail.

 

		2.	ISSUANCE OF OPTIONS

 

		2.1	The persons eligible for participation in the Scheme as Grantees shall include any Employees and/or
Non-Employees of the Company or of any Affiliate; provided, however, that (i) Employees may only be granted 102 Options; and
(ii) Non-Employees and/or Controlling Shareholders may only be granted 3(i) Options.

 

		2.2	The Company may designate Options granted to Employees pursuant to Section 102 as Unapproved
102 Options or Approved 102 Options.

 

		2.3	The grant of Approved 102 Options shall be made tinder this Annex adopted by the Board, and shall
be conditioned upon the approval of this Annex by the ITA.

 

		2.4	Approved 102 Options may either be classified as Capital Gain Options (“CGOs”)
or Ordinary income Options (“OIOs”).

 

    	 	3	 

     

    

  

Cellect Biomed Ltd. – Israeli Annex

 

		2.5	No Approved 102 Options may be granted under this Annex to any eligible Employee, unless and until,
the Company’s election of the type of Approved 102 Options as CGO or 010 granted to Employees (the: “Election”),
is appropriately filed with the ITA. Such Election shall become effective beginning the first date of grant of an Approved 102
Option under this Annex and shall remain in effect at least until the end of the year following the year during which the Company
first granted Approved 102 Options. The Election shall obligate the Company to grant only the type of Approved 102 Option it has
elected, and shall apply to all Grantees who were granted Approved 102 Options during the period indicated herein, all in accordance
with the provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the Company
from granting Unapproved 102 Options simultaneously.

 

		2.6	All Approved 102 Options must be held in trust by a Trustee, as described in Section 3 below.

 

		2.7	For the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options
shall be subject to the terms and conditions set forth in Section 102.

 

		2.8	Implementation of the mechanisms set out in Sections 2.4 and 5.2(ii) of the Scheme shall require
the obtaining of a tax ruling from ITA.

 

		3.	TRUSTEE

 

		3.1	Approved 102 Options which shall be granted under this Annex and/or any Shares allocated or issued
upon exercise of such Approved 102 Options and/or other shares received subsequently following any realization of rights, including
without limitation bonus shares, shall be allocated or issued to the Trustee and held for the benefit of the Grantees for such
period of time as required by Section 102 or any regulations, rules or orders or procedures promulgated thereunder (the: “Holding
Period”). In the case the requirements for Approved 102 Options are not met, the Approved 102 Options may be regarded
as Unapproved 102 Options, all in accordance with the provisions of Section 102.

 

		3.2	Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or
issued upon exercise of Approved 102 Options prior to the full payment of the Grantee’s tax liabilities arising from Approved
102 Options which were granted to him and/or any Shares allocated or issued upon exercise of such Options.

 

		3.3	With respect to any Approved 102 Option, subject to the provisions of Section 102 and any
rules or regulation or orders or procedures promulgated thereunder, a Grantee shall not sell or release from trust any Share received
upon the exercise of an Approved 102 Option and/or any share received subsequently following any realization of rights, including
without limitation, bonus shares, until the lapse of the Holding Period required under Section 102 of the Ordinance. Notwithstanding
the above, if any such sale or release occurs during the Holding Period, the sanctions under Section 102 of the Ordinance and under
any rules or regulation or orders or procedures promulgated thereunder shall apply to and shall be borne by such Grantee.

 

    	 	4	 

     

    

  

Cellect Biomed Ltd. – Israeli Annex

 

		3.4	Upon receipt of Approved 102 Option, the Grantee will sign an undertaking in which he or she will
give his or her consent to the grant of the Option under Section 102, and will undertake to comply with the terms of Section 102
and the trust agreement between the Company and the Trustee.

 

		4.	THE OPTIONS

 

The terms and conditions, upon which
the Options shall be issued and exercised, shall be as specified in the Grant Notification Letter to be executed pursuant to the
Scheme and to this Annex. Each Grant Notification Letter shall state, inter alia, the number of Shares to which the Option relates,
the type of Option granted thereunder (whether a CGO, OIO, Unapproved 102 Option or a 3(i) Option), the vesting provisions and
the Purchase Price.

 

		5.	FAIR MARKET VALUE

 

Without derogating from the definition
of “Fair Market Value” enclosed in the Scheme and solely for the purpose of determining the tax liability
pursuant to Section 102(b)(3) of the Ordinance, if at the date of grant the Company’s shares are listed on any established
stock exchange or a national market system or if the Company’s shares will be registered for trading within ninety (90) days
following the date of grant of the CGOs, the fair market value of the Shares at the date of grant shall be determined in accordance
with the average value of the Company’s shares on the thirty (30) trading days preceding the date of grant or on the thirty
(30) trading days following the date of registration for trading, as the case may be.

 

		6.	EXERCISE OF OPTIONS

 

		6.1	Options shall be exercised by the Grantee by giving a written notice to the Company and/or to any
third party designated by the Company (the: “Representative”), in such form and method as may be determined
by the Company and, when applicable, by the Trustee, in accordance with the requirements of Section 102, which exercise shall be
effective upon receipt of such notice by the Company and/or the Representative and the payment of the Purchase Price for the number
of Shares with respect to which the option is being exercised, at the Company’s or the Representative’s principal office.
The notice shall specify the number of Shares with respect to which the option is being exercised.

 

		6.2	Without derogating from Section 4.2 of the Scheme, and in addition thereto, with respect to Approved
102 Options, any shares of Common Stock allocated or issued upon the exercise of an Approved 102 Option, shall be voted in accordance
with the provisions of Section 102 and any rules, regulations or orders promulgated thereunder.

 

    	 	5	 

     

    

  

Cellect Biomed Ltd. – Israeli Annex

 

		7.	ASSIGNABILITY AND SALE OF OPTIONS

 

		7.1	Notwithstanding any other provision of the Scheme, no Option or any right with respect thereto,
purchasable hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral or any right with respect
to them given to any third party whatsoever, and during the lifetime of the Grantee each and all of such Grantee’s rights
to purchase Shares hereunder shall be exercisable only by the Grantee.

 

Any such action made directly or indirectly,
for an immediate validation or for a future one, shall be void.

 

		7.2	As long as Options or Shares purchased pursuant to thereto are held by the Trustee on behalf of
the Grantee, all rights of the Grantee over the shares are personal, can not be transferred, assigned, pledged or mortgaged, other
than by will or laws of descent and distribution.

 

		8.	INTEGRATION OF SECTION 102 AND TAX ASSESSING OFFICER’S
PERMIT

 

		8.1	With regards to Approved 102 Options, the provisions of the Scheme and/or the Annex and/or the
Grant Notification Letter shall be subject to the provisions of Section 102 and the Tax Assessing Officer’s permit,
and the said provisions and permit shall be deemed an integral part of the Scheme and of the Annex and of the Grant Notification
Letter.

 

		8.2	Any provision of Section 102 and/or the said permit which is necessary in order to receive and/or
to keep any tax benefit pursuant to Section 102, which is not expressly specified in the Scheme or the Annex or the Grant Notification
Letter, shall be considered binding upon the Company and the Grantees.

 

		9.	DIVIDEND

 

Subject to the Company’s Articles
of Association, with respect to all Shares (but excluding, for avoidance of any doubt, any unexercised options) allocated or issued
upon the exercise of Options and held by the Grantee or by the Trustee as the case may be, the Grantee shall be entitled to receive
dividends in accordance with the quantity of such shares, and subject to any applicable taxation on distribution of dividends,
and when applicable subject to the provisions of Section 102 and the rules, regulations or orders promulgated thereunder.

 

		10.	TAX CONSEQUENCES

 

		10.1	Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares
covered thereby or from any other event or act (of the Company, and/or its Affiliates, and the Trustee or the Grantee), hereunder,
shall be borne solely by the Grantee. The Company and/or its Affiliates, and/or the Trustee shall withhold taxes according to the
requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the Grantee
shall agree to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all
liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity
to withhold, or to have withheld, any such tax from any payment made to the Grantee.

 

    	 	6	 

     

    

  

Cellect Biomed Ltd. – Israeli Annex

 

		10.2	The Company and/or, when applicable, the Trustee shall not be required to release any share certificate
to a Grantee until all required payments have been fully made.

 

		10.3	With respect to Unapproved 102 Option, if the Grantee ceases to be employed by the Company or any
Affiliate. The Grantee shall extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the
time of sale of Shares, all in accordance with the provisions of Section 102 and the rules, regulation or orders promulgated thereunder.

 

		11.	GOVERNING LAW & JURISDICTION

 

This Annex shall be governed by and
construed and enforced in accordance with the laws of the State of Israel applicable to contracts made and to be performed therein,
without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole jurisdiction
in any matters pertaining to this Annex.

 

    	 	7Exhibit
10.7

 

joint product
development agreement

 

THIS JOINT PRODUCT DEVELOPMENT AGREEMENT (“Agreement”),
effective as of the 17th day of June, 2015 (“Effective Date”), is made and entered into by and between CELLECT
BIOMED LTD., an Israeli corporation with its principal office located at 10 Hataas Street, Kfar Saba, Israel (“Cellect”),
and ENTEGRIS, INC., a Delaware corporation with its principal office located at 129 Concord Road Billerica, MA 01821 (“Entegris”).
Each of Cellect and Entegris are sometimes hereinafter referred to as a “Party” and collectively as the “Parties”.

 

Recitals

 

		A.	Cellect has expertise in developing products that facilitate
functional allocation, selection, and use of stem cells.

 

		B.	Entegris has expertise in developing packaging solutions
for a variety of industries, including the pharmaceutical industry.

 

		C.	Cellect and Entegris have signed a Letter of Intent dated
_________ (the “LOI”) to perform a preliminary analysis to focus on selection of a polymer film that ultimately
will be used in a medical device.

 

		D.	Cellect and Entegris now wish to collaborate in a joint
development program (“Program”) for development of a medical device and the Parties wish to document the requirements,
deliverables and remaining milestones for accomplishing the Program objectives with respect to such medical device, on the terms
and subject to the conditions set forth herein.

 

NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties intending to be legally bound hereby agree as follows:

 

Agreement

 

		1.	DEFINITIONS. As used in this Agreement, the following
capitalized terms shall have the following meanings:

 

1.1         “Affiliate”
means, with respect to a Party, any person or entity that controls, is controlled by, or is under common control with such Party,
where “control” means the possession, directly or indirectly, through one or more intermediaries, of the power to direct
or cause the direction of the management or policies of a person or entity, whether by ownership, agreement, or otherwise. For
purposes of this definition, a person shall be deemed to “control” any Party if it owns or controls a sufficient interest
in the voting equity (or other comparable ownership if the Party is not a corporation) such that it can direct, order or control
the actions of such Party and the ownership of 50% or more of the voting equity (or other comparable ownership if the Party is
not a corporation) shall be conclusive evidence of control.

 

     

     

    

  

1.2         “Background
Intellectual Property” or “BIP” means, with respect to a Party, any IP that is (i) pre-existing IP
that is owned or controlled by such Party as of the date of this Agreement, (ii) created, conceived or first reduced to practice
by such Party alone or in conjunction with any third party (i.e., any party other than the other Party), without inventive contribution
from the other Party, or (iii) created, conceived or first reduced to practice by such Party other than in the course of the work
performed under this Agreement.

 

1.3         “Change
in Control” means, with respect to a Party, the occurrence of either one of the following events: (i) any one person,
entity or more than one person or entity acting as a group, in each case, acquires an ownership interest in such Party that, together
with the ownership interest already owned, directly or indirectly, by such person, entity or group, constitutes more than fifty
percent (50%) of the total fair market value or total voting power of all of the outstanding shares, units of ownership or equity
interests of such Party; or (ii) the sale, transfer or exchange of substantially all of the assets of a Party to any one person,
entity or more than one person or entity acting as a group within any twelve (12) month period ending on the date of the most recent
acquisition of such Party assets by such person, entity or group.

 

1.4         “Deliverables”
means the specific work product defined in a Statement of Work.

 

1.5         “Foreground
IP” means all Intellectual Property created, conceived or first reduced to practice during the course or as a result
of the work performed under the Program, including without limitation all such Foreground IP embodied at any time in any Product
and all improvements, enhancements or modifications made to a Product which are regarded as IP.

 

1.6         “Intellectual
Property” or “IP” means all intellectual property rights throughout the world, whether existing now
or in the future, including without limitation: (i) all patent rights and other rights in useful inventions and ornamental designs;
(ii) all copyrights and other rights in works of authorship, software, mask works, databases, compilations, and collections of
information; (iii) all rights in know-how and trade secrets, but excluding (iv) all rights in trademarks, service marks, and other
proprietary trade designations.

 

1.7         “Mutual
Confidentiality Agreement” means that certain Non-Disclosure Agreement dated as of October 29, 2013 between Cellect and
Entegris.

 

1.8         “Product”
means a medical device for the treatment of disease which is anticipated to utilize selective apoptosis of mature cells and that
is developed under the Program.

 

1.9         “Specifications”
means the functional specifications in the form attached to the applicable SOW, as such specifications may be amended from time
to time as herein provided.

 

1.10         “Territory”
means North America (USA and Canada).

 

    	Joint Product Development Agreement – Page 2/12

     

    

 

		2.	JOINT DEVELOPMENT PROGRAM.

 

2.1         Statement
of Work. The Parties mutually agree pursuant to this Agreement to complete one or more Statements of Work (“Statement
of Work” or “SOW”) in the form attached hereto as Exhibit A. Each SOW shall set forth the terms
for undertaking the applicable project phase of the Program, including the scope and objectives, estimated timetable, key activities
and work streams, responsibilities of each Party, Milestones and Deliverables, and the cost and time estimates for each Milestone.
Each SOW, when signed by both Parties, shall automatically, without any further action by the Parties be deemed to be incorporated
herein by reference and be made a part of this Agreement. Neither Party shall have any obligation to commence work on any project
phase of the Program unless and until the Parties have completed and executed a corresponding SOW. With respect to each SOW that
is entered into, Cellect and Entegris shall use reasonable commercial efforts to perform their respective tasks and responsibilities
in accordance with this Agreement.

 

2.2         Fees
and Expenses. Except as otherwise expressly provided herein or in the applicable SOW, Entegris will bear all costs related
to the development, design, engineering, and manufacture of polymer systems which enable attachment of the active chemistry to
enable the Product. Except as otherwise expressly provided herein or in the applicable SOW, Cellect will bear all remaining costs
related to the pre-clinical development of the Product including the testing of the biological activity of the products through
the development stages.

 

2.3         Technical
Representative. Each Party shall designate a single technical representative for the purpose of this Agreement (the “Technical
Representative”). The Technical Representative shall act as the main contact person and project administrator for his/her
respective Party, responsible for overseeing and directing the execution of each project phase and monitoring overall progress
toward achievement of project objectives. Either Party may appoint a different Technical Representative by providing written notice
to the other Party. The initial Technical Representatives shall be:

 

	(a)	Cellect Technical Representative:	[Tal Almog]
	 	 	Office phone: +972 9 9741 444
	 	 	Mobile phone: +972 54 318 7538
	 	 	E-mail: tal@celllectbio.com
	 	 	 
	(b)	Entegris Technical Representative:	[Eric Isberg]
	 	 	Office phone: +1 952 556 1817
	 	 	Mobile phone: +1 612 910 7918
	 	 	E-mail: eric_isberg@entegris.com

 

In the event that during the course
of performing a SOW either Party believes that the SOW, as written, needs to be modified as a result of a change in scope, Specifications,
or performance objectives, the Parties shall negotiate reasonable modifications to the SOW, including, for example, changes in
the estimated time and/or development costs. A modification to the SOW shall only be effective if it is in writing and signed by
both Parties.

 

    	Joint Product Development Agreement – Page 3/12

     

    

  

2.4         Cooperation.
During the performance of the development work hereunder, each Party shall cooperate and proactively provide the other Party with
such technical information as the providing Party may deem to be necessary for the other Party’s performance of its responsibilities
under this Agreement and each SOW, subject to Section 5 (Confidentiality) hereof; and provided, however that the other Party
shall be excused in meeting any Milestones under the applicable SOW based on any delay attributable to the providing Party’s
failure or delay in providing such technical information. Each of the Parties agrees to make available its facilities and equipment,
subject to Section 5 (Confidentiality) hereof, as reasonably necessary for the performance of the work in accordance with each
SOW.

 

2.5         Review
of Deliverables. At such time as a Party believes it has completed a milestone set forth in the SOW (each, a “Milestone”),
such Party will deliver to the receiving Party the corresponding Deliverable under the SOW. As soon as reasonably possible after
receiving each Deliverable from such Party, the receiving Party shall promptly review and evaluate such Deliverable to determine
whether it meets the applicable requirements in the SOW (the “Deliverable Requirements”). If the receiving Party
believes that the Deliverable does not comply in all material respects with the applicable Deliverable Requirements, the receiving
Party shall promptly notify the delivering Party in writing of such objection (each, an “Objection Notice”)
describing in reasonable detail the reasons therefore, and the delivering Party shall attempt to modify the Deliverable so as to
comply with the applicable Deliverable Requirements. If the receiving Party fails to deliver an Objection Notice to the delivering
Party within ten (10) days after receiving the Deliverable, then the receiving Party shall be deemed to have approved such Deliverable.

 

2.6         Production
of the Product. Following the successful development of the Product under the Program, the Parties shall perform economic and
feasibility tests in order to examine, in good faith, possible manufacture of the Product by Entegris, and following such tests,
enter into good faith negotiations for the exclusive manufacturing of the Product by Entegris.

 

		3.	INTELLECTUAL PROPERTY.

 

		3.1	Ownership and Control of Background IP.

 

		(a)	Notwithstanding anything herein to the contrary, (i) Cellect
shall continue to exclusively own and retain all right, title and interest in and to, and to control, all Cellect BIP, without
the need to account to or obtain consent from Entegris, including but not limited to the right and sole discretion of using patent
counsel of its choice to (x) prepare, file, prosecute, and maintain throughout the world patent, copyright, trade secret and/or
other protection for Cellect BIP, (y) retain, license, sell, or otherwise dispose of or exploit Cellect BIP, and (z) enforce or
defend any rights in Cellect BIP; and (ii) Entegris shall continue to exclusively own and retain all right, title and interest
in and to, and to control, all Entegris BIP, without the need to account to or obtain consent from Cellect, including but not
limited to the right and sole discretion of using patent counsel of its choice to (xx) prepare, file, prosecute, and/or maintain
throughout the world patent, copyright, trade secret or other protection for Entegris BIP, (w) retain, license, sell, or otherwise
dispose of or exploit Entegris BIP, and (zz) enforce or defend any rights in Entegris BIP.

 

    	Joint Product Development Agreement – Page 4/12

     

    

  

		(b)	Each Party agrees to grant and does hereby grant to the
other Party during the term of this Agreement, solely for development in accordance with the Program and not for commercial purposes,
a non-exclusive, nontransferable, royalty-free license to use its respective BIP for the sole purpose of enabling, and only to
the extent necessary to enable, the other Party to perform its responsibilities under each Statement of Work. The foregoing licenses
shall terminate automatically upon the termination or expiration of the applicable SOW or this Agreement. Except as expressly
provided in this Section 3.1(b), neither Party acquires any rights nor licenses, express or implied, under the BIP of the other
Party.

 

3.2         Ownership
and Control of Foreground IP. Regardless of inventorship, the Parties mutually agree to jointly own all Foreground IP developed
under the Program. Except as otherwise provided in this Section 3.2, the Parties shall mutually agree on all decisions relating
to the prosecution, maintenance, defense and enforcement of Foreground IP.

 

		(a)	The Parties shall consult with each other regarding whether
an application or applications for patent or other IP rights should be filed, prosecuted, and/or maintained for any Foreground
IP. If both Parties wish to take part in such applications, the applications shall be prepared and prosecuted by a mutually acceptable
patent attorney and the legal fees, costs and expenses of preparation, prosecution and maintenance shall be shared equally between
the Parties. If either Party elects not to participate in the preparation, filing, prosecution, and/or maintenance of an application
and any resulting patents by contributing half of such legal fees, costs and expenses (the “Non-Prosecuting Party”),
the other Party (the “Prosecuting Party”) shall have the right (but not the obligation) to prosecute, file
and maintain such application and any resulting patents using counsel of its choice and shall control the process at its own expense
and sole discretion and in the name of the Non-Prosecuting Party, and the ownership and the rights of the Parties in such application
or patent shall remain unchanged. However, if the Non-Prosecuting Party elects not to participate in any country in the world,
then the Non-Prosecuting Party shall assign its rights to the patent or patent application, as the case may be, to the Prosecuting
Party. The Non-Prosecuting Party, though not actively participating in the process, shall provide all information and assistance
reasonably requested by the Prosecuting Party in connection with the preparation, filing, prosecution and maintenance of such
application and any resulting patents. Regardless of the participation of either Party, each Party shall be afforded the right
to review all patent applications being prepared to ensure that no Confidential Information of that Party has been included in
such patent applications. If Confidential Information of a Party has been revealed within any patent application, the Party owning
such Confidential Information shall have the right to prohibit filing of such patent application until such Confidential Information
is removed.

 

    	Joint Product Development Agreement – Page 5/12

     

    

  

		(b)	In the event that any Foreground IP is infringed or misappropriated
by a third party or is subject to a declaratory judgment action, or is the subject of an interference, derivation, re-examination,
reissue, post-grant review, inter parties review, or opposition proceeding, the Party becoming aware thereof shall promptly notify
the other Party. The Parties shall consult with each other and if both Parties wish to take part in the enforcement of such Foreground
IP or the defense of any the foregoing claims or actions, the Parties shall engage a mutually acceptable patent attorney for that
purpose. The Parties shall cooperate in good faith with respect to the defense or enforcement of Foreground IP, including voluntarily
joining as a party to such suit or defense where necessary or desirable. The costs of the foregoing proceedings shall be paid
first with any amounts recovered, with the remaining costs being shared equally by the Parties, unless otherwise agreed by the
Parties in writing. In the event that a Party elects not to take part in the defense or enforcement, as applicable, of the Foreground
IP, the other Party shall have the right (but not the obligation) to enforce or defend, as the case may be, the Foreground IP
at the enforcing Party’s sole expense using counsel of its choice, including sole control over all litigation and settlement
discussions and shall be entitled to all damages awarded and other payment received in connection therewith. In that case, the
non-enforcing Party shall cooperate in good faith and provide all information and assistance reasonably requested by the enforcing
Party in connection with the defense or enforcement action or proceeding, at the enforcing Party’s sole expense. Upon the
enforcing Party’s request, the non-enforcing Party shall voluntarily join as a party to such suit or defense where necessary
or desirable, unless the non-enforcing Party has a reasonable business justification for not cooperating (e.g., the alleged infringer
is a customer or competitor of such Party).

 

		(c)	Each Party agrees to grant and does hereby grant to the
other Party, a non-exclusive, transferable, royalty-free license to use its respective rights under the Foreground BIP for the
sole purpose of enabling, and only to the extent necessary to enable, the other Party to develop, sell, market, manufacture or
otherwise commercialize the Product developed under the Program. Except as expressly provided in this Section 3.1(c), neither
Party acquires any rights nor licenses, express or implied, under the Foreground BIP of the other Party.

 

    	Joint Product Development Agreement – Page 6/12

     

    

 

		4.	TERM AND TERMINATION.

 

4.1         Term.
Unless earlier terminated in accordance with the provisions hereof, the term of this Agreement shall commence on the Effective
Date and shall continue for a period of five (5) years (the “Initial Term”), and thereafter, shall automatically
renew on a yearly basis (each, a “Renewal Term”). The Initial Term and any Renewal Terms are referred to collectively
as the “Term”.

 

4.2         Termination
for Cause. A Party may terminate this Agreement and/or any or all SOW’s upon written notice to the other Party if the
other Party materially breaches this Agreement and/or the SOW and fails to cure such breach within thirty (30) days after receiving
written notice of the breach from the non-breaching Party, provided that with respect to monetary breaches, the cure period shall
be ten (10) days. Any such notice of breach shall describe the breach in reasonable detail as well as the steps reasonably requested
to be taken to cure such breach, if curable.

 

4.3         Termination
Upon Bankruptcy or Insolvency. Either Party may terminate this Agreement and/or any or all of the SOW’s immediately upon
written notice to the other Party if the Other Party becomes unable to pay its debts in the ordinary course as they become due,
becomes or is declared insolvent, makes a general assignment for the benefit of creditors, suffers a receiver to be appointed for
it, enters into an agreement for the composition, extension, or readjustment of all or substantially all of its obligations, files
a voluntary petition in bankruptcy, or has an involuntary petition in bankruptcy filed against it, which petition is not dismissed
with prejudice within sixty (60) days after the filing thereof.

 

4.4         Effects
of Termination. Upon the expiration or termination of this Agreement for any reason, (a) all amounts not disputed in good faith
that are owed by terminating Party to the other Party under a Statement of Work which accrued before such expiration or termination
will be immediately due and payable, and (b) each Party shall return or destroy, as requested, the other Party’s Confidential
Information in accordance with the provisions of Section 5.6.

 

4.5         Survival.
Sections 1 (Definitions), 2.6 (Consideration), 3 (Intellectual Property), 4 (Term and Termination), 5 (Confidentiality), 6 (Limitations
on Liability) and 7.1 (Default) and any provisions of an SOW which by their terms or nature are intended or expressly stated to
survive the expiration or termination of this Agreement and/or the SOW shall survive the expiration or termination of this Agreement
and/or the SOW for any reason, and shall bind the parties, their successors and permitted assigns.

 

    	Joint Product Development Agreement – Page 7/12

     

    

 

		5.	CONFIDENTIALITY.

 

5.1         Confidential
Information. Subject to the exceptions set forth in Section 5.2 for purposes of this Agreement, the “Confidential Information”
of a Party (“Disclosing Party”) shall mean any and all information and materials of such Party disclosed to
or accessed, received or observed by the other Party (“Receiving Party”) in connection with this Agreement,
including without limitation all business, financial, technical, sales and marketing information, all contracts, financial statements,
business plans and assets, all trade secrets, know-how, ideas, and inventions (whether or not patentable), all customer and employee
information, including customer lists, and all other information that a reasonable person familiar with Disclosing Party’s
business and industry would consider confidential or proprietary under the circumstances, in each case regardless of whether received
from Disclosing Party, its Affiliates, or any other source, whether in oral, written, visual, electronic or other form, and regardless
of whether marked or identified as “confidential” or “proprietary” at the time of disclosure.

 

5.2         Exceptions.
Any particular item of information shall not be considered Confidential Information for purposes of this Agreement at such time,
and to the extent, such information: (i) was known to Receiving Party prior to any disclosure by or on behalf of Disclosing Party,
as evidenced by documents predating the time of disclosure; (ii) is rightfully acquired by Receiving Party on a non-confidential
basis from a third party that is legally entitled to disclose such information; (iii) is independently developed by Receiving Party,
without reference to or reliance on the Confidential Information of Disclosing Party; or (iv) is or becomes generally available
to the public through no wrongful act or fault of Receiving Party. For purposes of this Agreement, the Confidential Information
of Disclosing Party shall not be deemed generally available to the public merely because it may be embraced by more general disclosures,
or may be derived from combinations of disclosures that are in the public domain, but nonetheless shall be deemed confidential
if collected and combined in a form which is not generally available to the public.

 

5.3         Restrictions
on Disclosure and Use. Receiving Party shall at all times during the Term of this Agreement and for a period of five (5) years
thereafter (or in the case of trade secrets, the longer of 5 years or for so long as such Confidential information constitutes
a trade secret under applicable law) hold the Confidential Information of Disclosing Party in trust and in confidence, and shall
protect such Confidential Information with at least the same degree of care, but no less than reasonable care, which Receiving
Party uses to protect its own Confidential Information of a similar nature. Except as expressly authorized in writing by the other
Party, neither Party shall access, use or disclose any Confidential Information of the other Party for any purpose whatsoever,
whether for its own benefit or the benefit of any third party, other than for the limited purpose of exercising its rights and
performing its obligations under this Agreement.

 

5.4         Permitted
Disclosures. Except as expressly authorized in writing by Disclosing Party, or for the agreed-to purpose and in the course
of pursuing, maintaining or enforcing Foreground IP in accordance with Section 3, Receiving Party shall not disclose or otherwise
reveal any Confidential Information of Disclosing Party to any person or entity other than its directors, officers, employees,
agents, subcontractors, Affiliates, auditors and financial and legal advisers having a need to know the Confidential Information
and, in each case, who are under a duty of confidentiality and nondisclosure with respect to such Confidential Information consistent
with the provisions of this Section 5. Each Party will ensure that any of its directors, officers, employees, agents, Affiliates,
auditors and financial and legal advisers who have access to any Confidential Information of the other Party received under this
Agreement are aware of, understand, and abide by this Agreement.

 

    	Joint Product Development Agreement – Page 8/12

     

    

 

5.5         Legally
Required Disclosures. If Receiving Party is requested to disclose any Confidential Information of Disclosing Party under applicable
law or in any judicial or administrative proceeding, then, except as otherwise required to comply with applicable law, Receiving
Party shall promptly notify Disclosing Party of such request, describing in reasonable detail the Confidential Information to be
disclosed, so that Disclosing Party may resist such disclosure or seek an appropriate protective order, and shall provide all information
and assistance reasonably requested by Disclosing Party in connection therewith. If Receiving Party is nonetheless compelled to
disclose any Confidential Information of Disclosing Party, Receiving Party shall limit its disclosure to that which is required
under applicable law or by the relevant judicial or administrative body.

 

5.6         Return
or Destruction. Upon the expiration or termination of this Agreement for any reason, or Disclosing Party’s earlier demand,
Receiving Party shall, at the election of Disclosing Party, promptly return or destroy all Confidential Information of Disclosing
Party (including copies and summaries thereof), and upon Disclosing Party’s request, promptly certify to Disclosing Party
that it has purged its records and files of and no longer has access to such Confidential Information. Receiving Party’s
confidentiality obligations under this Agreement, and rights and remedies related thereto, shall survive the expiration or termination
of this Agreement for any reason.

 

6.             LIMITATIONS
ON LIABILITY. IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE FOR ANY INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE,
SPECIAL, INDIRECT, OR SIMILAR DAMAGES (INCLUDING LOST REVENUE OR PROFITS) ARISING OUT OF OR RELATED TO THIS AGREEMENT. THE LIMITATIONS
ON LIABILITY IN THIS SECTION SHALL APPLY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, REGARDLESS OF THE CAUSE OF ACTION OR
BASIS OF LIABILITY (WHETHER IN CONTRACT, TORT, OR OTHERWISE). THESE LIMITATIONS ON LIABILITY ARE AN ESSENTIAL PART OF THIS AGREEMENT
AND SHALL BE VALID AND BINDING EVEN IF ANY REMEDY IS DEEMED TO FAIL OF ITS ESSENTIAL PURPOSE. EACH OF THE PARTIES IS PROVIDING
THE CONFIDENTIAL INFORMATION AND DELIVERABLES AND OTHER WORK PRODUCT TO THE OTHER PARTY UNDER THIS AGREEMENT “AS IS”
WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE USEFULNESS, ACCURACY, NON-INFRINGEMENT OR COMPLETENESS
THEREOF.

 

		7.	MISCELLANEOUS.

 

7.1         Default.
Following the successful development of the Product under the Program, Entegris shall supply the polymer systems of the Product
to Cellect in amounts and price/profit margin that shall be agreed between the Parties at such time. If Entegris defaults on this
obligation, Cellect may find an alternate party for manufacturing the polymer systems in which case Entegris would receive a royalty
of five percent (5%) of the Product final sales, payable by Cellect on a quarterly basis, until the aggregate amount payable hereunder
is equal to the amounts paid by Entegris on account of the Collaboration and Exclusivity Payment. If mutually agreed, Entegris
or its supply chain partners may manufacture the Product in addition to the polymer systems.

 

    	Joint Product Development Agreement – Page 9/12

     

    

  

7.2         Terms
and Conditions of Sale. The supply of polymer systems of the Product and of any other products sold to Cellect shall be upon
the commercial terms and conditions specified on Appendix A attached hereto, which terms and conditions shall prevail over
any inconsistent or conflicting terms which may be set forth on purchase orders or other forms.

 

7.3         Governing
Law. This Agreement shall be governed and interpreted for all purposes by the laws of England and Wales, without giving effect
to any conflict of laws principles that would require the application of the laws of a different jurisdiction, and with respect
to the intellectual property matters contained herein, in accordance with the federal patent statute and other intellectual property
laws of the USA. Notwithstanding the foregoing, questions affecting the construction and effect of any patent claim shall be determined
by the law of the country in which the patent shall have, been granted.

 

7.4         Notices.
All notices under this Agreement shall be in writing, and shall be delivered personally, by certified mail or via express courier
service, return receipt requested. Notice shall be directed to the addresses set forth below the signature block, and shall be
deemed effective upon receipt (or if delivery is refused, on the date of such refusal). Either Party may change its address for
notices from time to time by providing written notice of such change to the other Party.

 

7.5         Assignment.
Neither Party may assign or otherwise transfer this Agreement or delegate any of its rights or obligations hereunder, in whole
or in part, by operation of law or otherwise, without the prior written consent of the other Party. Any attempted assignment, delegation
or transfer in violation of the foregoing shall be null and void from the beginning and without effect. Notwithstanding the foregoing,
either Party may assign this Agreement, without the prior consent of the other Party, to an Affiliate. For the purposes of this
provision, any form of Change in Control of a Party shall be deemed an impermissible transfer, whether or not such Change in Control
would otherwise be deemed a transfer under applicable law, and shall be null and void from the beginning and without effect.

 

7.6         Equitable
Relief. Each Party acknowledges, on behalf of itself and its Affiliates, that a Party’s breach of its confidentiality
obligations under Section 5 would cause irreparable harm to the other Party, the extent of which is difficult to quantify, and
that monetary damages would of be an adequate remedy for such breach. Therefore, in addition to recovery of monetary damage and
all other rights and remedies available at law or in equity, in the event of any such breach by a Party, the other Party shall
be entitled to seek injunctive and other equitable relief in any court of competent jurisdiction, without the necessity for posting
bond or first proving actual damages.

 

    	Joint Product Development Agreement – Page 10/12

     

    

 

7.7         Relationship.
The Parties hereto are independent contractors and each will conduct its business hereunder as a principal for its own account.
Nothing in this Agreement shall create any agency, employment, partnership, fiduciary or joint venture relationship between the
Parties. Neither Party is or shall be construed to be an employee of the other Party under the meaning or application of any applicable
law. Neither Party shall have, nor shall it represent to any third party that it has, the power or authority to represent, act
for, bind or otherwise create or assume any obligation for or on behalf of the other Party.

 

7.8         Amendment;
Waiver. No amendment to or waiver of the provisions of this Agreement shall be effective unless in writing and signed by a
duly authorized representative of each Party. No provision of this Agreement shall be waived by any act, omission or knowledge
of a Party. Any waiver on one occasion shall not constitute a waiver of any other or subsequent duty or breach.

 

7.9         Severability.
If any provision of this Agreement is determined to be invalid or unenforceable under applicable law, the provision shall be amended
and interpreted by a court of competent jurisdiction to accomplish the objectives of such provision to the greatest extent possible
under applicable law, and the remaining provisions of this Agreement shall continue in full force and effect.

 

7.10         Construction.
The Section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement. The term “including” as used herein means “including without limitation.” The terms “herein”
and “hereunder” refer to this Agreement as a whole, rather than to any particular Section.

 

7.11         Entire
Agreement. This Agreement, including all of the Exhibits and Appendices and each Statement of Work that is entered into between
the Parties sets forth the entire agreement of the parties with regard to the subject matter hereof, and supersedes all prior and
contemporaneous negotiations and agreements, written or oral. For the avoidance of doubt, this Agreement is not intended and shall
not be construed to rescind the Mutual Confidentiality Agreement. The terms of this Agreement shall govern any Confidential Information
disclosed pursuant to this Agreement, and the Mutual Confidentiality Agreement shall continue to govern Confidential Information
(as defined therein) that was disclosed prior to the Effective Date under the Mutual Confidentiality Agreement. This Agreement,
and any amendment hereto or waiver hereof, may be signed in counterparts, each of which shall constitute an original and all of
which together shall constitute one and the same instrument. Any signature may be delivered by facsimile or .pdf, which shall have
the same effect as an original signature.

 

[The Next Page Is The Signature Page]

 

    	Joint Product Development Agreement – Page 11/12

     

    

  

IN WITNESS WHEREOF, the Parties, intending
to be legally bound, have executed this Joint Product Development Agreement as of the Effective Date by the undersigned duly authorized
representatives.

 

	Cellect Biomed Ltd.	 	Entegris, Inc.
	 	 	 	 	 
	By:	/s/ Shai Yarkoni	 	By:	/s/ James O’Neill
	Name:	Shai Yarkoni	 	Name:	James O’Neill
	Title:	CEO	 	Title:	Chief Technology Officer
	 	 	 	 	 
	 	Address for Notices:

Cellect Biomed Ltd.

Attn:

10 Hataas Street

Kfar Saba

Israel	 	 	Address for Notices:

Entegris, Inc.

Attn:  General Counsel

129 Concord Road

Billerica, MA  01821

United States of America

 

    	Joint Product Development Agreement – Page 12/12

     

    

  

Exhibit A

 

Statement of Work

 

THIS STATEMENT OF WORK (“Statement
of Work”) is entered into as of the [17] day of [June], 2015, between Cellect Biomed Ltd. (“Cellect”)
and Entegris, Inc. (“Entegris”) pursuant and subject to the terms and conditions of that certain Joint Product
Development Agreement (“Agreement”) dated as of [June 17th], 2015 between Cellect and Entegris. The terms and
conditions of the Agreement are incorporated herein by reference. All capitalized terms used in this Statement of Work but not
otherwise defined herein shall have the meaning given to such terms in the Agreement.

 

The statement of work is attached as Attachment
A (PDF).

 

IN WITNESS WHEREOF, the parties hereto have
caused this Statement of Work to and year first above written.

 

	Cellect Biomed Ltd.	 	Entegris, Inc.
	 	 	 
	By:	/s/ Shai Yarkoni	 	By:	/s/ James O’Neill 
	Name:	 	 	Name:	James O’Neill
	Title: 	 	 	Title:	CTO

 

     

     

    

  

 

     

     

    

  

 

     

     

    

  

 

     

     

    

 

Appendix A

 

Entegris Standard Sales Terms and Conditions

 

These Terms and Conditions May Change

Entegris reserves the right to update or modify
these Terms and Conditions at any time without prior notice.

 

Governing Terms

All products and services offered for sale
by Entegris, Inc. (“Entegris”) are sold subject to the terms and conditions stated herein. These terms and conditions
shall apply to the sale of the products and/or services described in the Entegris Quotation Sales Order, Invoice, or other contract
documentation to which these terms and conditions are attached or incorporated by reference. Except as expressly agreed by an authorized
representative of Entegris in writing, no other terms and conditions, including any terms and conditions attached to, or contained
within, Buyer’s request for quotation, acknowledgment, purchase order or other contract documentation shall apply. Buyer’s
acceptance of the products or services delivered by Entegris shall constitute an affirmation by Buyer that the terms and conditions
set forth herein govern the purchase and sale of the goods or services. THE TERMS OF THESE TERMS AND CONDITIONS SHALL SUPERSEDE
ANY ADDITIONAL, DIFFERENT OR CONFLICTING TERMS PROPOSED BY BUYER OR CONTAINED ON BUYER’S PURCHASE ORDER OR ANY DOCUMENT OR
INSTRUMENT SUBMITTED BY BUYER.

 

Prices, Taxes and Payment

All prices are firm unless otherwise agreed
to in writing. Entegris reserves the right to change the prices and specifications of its products at any time without notice.
Any tax, duty, custom or other fee of any nature imposed upon this transaction by any federal, state or local governmental authority
shall be paid by Buyer in addition to the price quoted or invoiced. In the event Entegris is required to prepay any such tax, Buyer
will reimburse Entegris. Payment terms shall be net 30 days after shipment by Entegris. An interest charge equal to 11⁄2%
per month (18% per year) will be added to invoices outstanding beyond 30 days after shipment. In addition Entegris reserves the
right to require pre-paid payment terms from any Buyer whose account is overdue for a period of more than 60 days or who has an
unsatisfactory credit or payment record. Entegris may also refuse to sell to any person until overdue accounts are paid in full.

 

Delivery and Shipment

Entegris will make every effort to ship the
products or provide the services hereunder in accordance with the requested delivery date, provided that Entegris accepts no liability
for any losses or for general, special or consequential damages arising out of delays in delivery. All shipment costs shall be
paid by Buyer, and if prepaid by Entegris, the amount thereof shall be reimbursed to Entegris.

 

Title

Title to the products shall remain with Entegris
until the occurrence of the following events: a) when the point of origin of the shipment is within the country of destination,
upon the shipment of the products from the Entegris facility; b) when the point of origin of the shipment is not within the country
of destination, upon the arrival of the products at the Port of Entry of the destination country.

 

     

     

    

 

Risk of Loss

The risk of loss or damage to the products
shall be assumed by Buyer upon the occurrence of the following events: a) when the point of origin of the shipment is within the
country of destination, upon the shipment of the products from the Entegris facility: b) when the point of origin of the shipment
is not within the country of destination, upon the arrival of the products at the Port of Entry of the destination country.

 

Inspection

Buyer shall be responsible for inspecting all
products shipped hereunder prior to acceptance, provided, that if, Buyer shall not have given Entegris written notice of rejection
within 30 days following shipment to Buyer, the products shall be deemed to have been accepted by Buyer.

 

Disclaimer of Express and Implied Warranties

The products shall be covered by the applicable
Entegris standard warranty. NO OTHER EXPRESS OR IMPLIED WARRANTY IS MADE WITH RESPECT TO THE PRODUCTS. ENTEGRIS EXPRESSLY EXCLUDES
THE IMPLIED WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE. Any model or sample furnished to the Buyer
is merely illustrative of the general type and quality of goods and does not represent that the products will conform to the model
or sample. Buyer’s remedies under Entegris’ warranty shall be limited to repair or replacement of the product or component
thereof which failed to conform to Entegris’ warranty.

 

Returned Goods

No products shipped under these Terms and Conditions
may be returned without the express prior authorization of Entegris. All returns of products are subject to a restocking charge.
No returns will be authorized after 60 days following shipment to Buyer.

 

Technical Advice

Entegris may, at Buyer’s request, furnish
technical assistance, advice and information with respect to the products, if and to the extent that such advice, assistance and
information is conveniently available. It is expressly agreed that there is no obligation to provide such information which is
provided without charge at the Buyer’s risk, and which is provided subject to the disclaimers set forth in paragraph 7 above.

 

Agents, etc.

No agent, employee or other representative
has the right to modify or expand Entegris’ standard warranty applicable to the product(s) or to make any representations
as to the product(s) other than those set forth in Entegris’ product literature and any such affirmation, representation
or warranty, if made, should not be relied upon by Buyer and shall not form a part of these Terms and Conditions.

 

Exports

Buyer represents that it will not knowingly
export, either directly or indirectly, any product or service to any country for which approval is required, without the prior
written approval of the office of Export Administration of the U.S. Dept. of Commerce or any other applicable U.S. Government Agency.

     

     

    

  

Equal Employment Opportunity

Entegris is an Equal Opportunity Employer.
It does not discriminate in any phase of the employment process against any person because of race, color, creed, religion, national
origin, sex, age, veteran or handicapped status. The Entegris Equal Opportunity Certificate, which is mailed annually to all vendors
and vendees, is incorporated into this contract by reference.

 

Modifications, Waiver, Termination

This Contract may be modified, and any breach
hereunder may be waived only by a writing signed by the party against whom enforcement thereof is sought.

 

Governing Law

This Contract shall be governed by and construed
in accordance with the laws (other than those relating to conflict of laws questions) of the State of Delaware. The United Nations
Convention on Contracts for the International sale of Goods shall not apply to these Terms and Conditions, and is hereby specifically
excluded.

 

Arbitration

Any and all disputes or controversies arising
under, out of or in connection with these terms and Conditions or the sale or performance of the products or services shall be
resolved by final and binding arbitration in Boston, Massachusetts under the rules of the American Arbitration Association then
obtaining. The arbitrators shall have no power to add to, subtract from or modify any of the terms or conditions of these Terms
and Conditions. Any award rendered in such arbitration may be enforced by either party in either the courts of the Commonwealth
of Massachusetts or in the United States District Court for the Eastern District of Massachusetts, to whose jurisdiction for such
purposes Entegris and Buyer each hereby irrevocably consent and submit.

 

Limitation Of Liability

In no event shall Entegris (including its affiliates
and subsidiaries) be liable for anticipated or lost profits or for special, punitive, indirect, incidental, or consequential damages.
Entegris’ total liability on any claim of any kind for arty loss or damage whatsoever arising out of or in connection with
or resulting from these Terms and Conditions or from the performance or breach thereof shall in no case exceed the price allocable
to the products or services or units thereof which gives rise to the claim.

 

Assignment

Buyer shall not assign its rights or its obligations
under these Terms and Conditions without the written consent of Entegris.

 

Cancellation Prior to Shipment

In the event Buyer requests that an order for
products or services which it has plated with Entegris be cancelled prior to shipment, and with which request Entegris agrees,
Buyer shall be liable to Entegris for all costs incurred by Entegris as a result of such cancellation, including but not limited
to, cancellation costs to suppliers and unreimbursed advances on goods, if any, together with any specifically identifiable incidental
and consequential expenses.

 

     

     

    

 

Performance

Unless otherwise agreed to in writing, Entegris
reserves the right to make design changes which Entegris believes will improve its products. Entegris may also satisfy customer
purchase orders by shipping 90-105% of ordered quantities for nonstandard products depending on actual yield from such nonstandard
product runs Entegris shall only charge Buyer for actual quantities shipped. Entegris’ performance shall be excused in the
event of strikes, accidents, fires, unavailability of materials and all other causes beyond the control of Entegris.

 

Tool Ownership

All tools, dies, and patterns produced by or
at the request of Entegris, or otherwise utilized by Entegris in the production of any products sold to Buyer, shall remain the
exclusive property of Entegris. Entegris reserves the right to advertise and/or sell any of the foregoing items and any of its
products produced therewith, unless otherwise specifically agreed to in writing by an authorized representative of Entegris.

 

General Provisions

The failure of Entegris to enforce at any time
any of the provisions of these Terms and Conditions, to exercise any election or option provided herein, or to require at any time
performance by Buyer of any of the provisions herewith shall in no way be construed to be a waiver of any such provisions, or the
right of Entegris thereafter to enforce each and every such provision. These Terms and Conditions contains the complete and exclusive
statement of the agreement between the parties in connection with the subject products and/or services and supersedes any previous
understandings, communications, commitments, or agreements, oral or written. Buyer warrants that it has not offered or given and
will not offer or give to any employee, agent or representative of Entegris any gratuity with a view toward influencing such person
with respect to the terms, conditions or performance of these Terms and Conditions or any contracts with Entegris. Entegris and
Buyer are independent contractors: neither is an agent or employee of the other or has any authority to assume or create any obligation
or liability of any kind on behalf of the other. Any provision of these Terms and Conditions that is invalid or unenforceable under
applicable laws with respect to a particular party or circumstance will be severed from this Contract with respect to such party
or circumstance without invalidating the remainder of these Terms and Conditions or the application of such provision to other
persons or circumstances. The headings used in these Terms and Conditions have no legal effect.

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