Document:

Exhibit 10.10

 

BIOHAVEN PHARMACEUTICAL HOLDING COMPANY LTD.

2014 EQUITY INCENTIVE PLAN

 

Share Option Agreement

 

This Share Option Agreement (this “Agreement”), dated as of the Grant Date, is between Biohaven Pharmaceutical Holding Company Ltd., a corporation formed under the laws of the Territory of the British Virgin Islands (the “Company”), and [           ] (the “Optionee”).

 

The Company hereby grants to the Optionee the following option (the “Option”) to purchase Common Shares of the Company in accordance with the terms and conditions of this Agreement and the Biohaven Pharmaceutical Holding Company Ltd. 2014 Equity Incentive Plan (the “Plan”):

 

	
Total Number of Shares Subject to this Option:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Type of Option (ISO or an NQO):
    	
 
    	
NQO
    
	
 
    	
 
    	
 
    
	
Exercise Price per Share:
    	
 
    	
$9.2911
    
	
 
    	
 
    	
 
    
	
Grant Date:
    	
 
    	
December 15, 2016
    
	
 
    	
 
    	
 
    
	
Vesting Schedule:
    	
 
    	
25% on date of grant, 25% next 3 anniversaries of   grant provided that all unvested options shall be immediately 100% vested   upon a Change of Control of the Company
    
	
 
    	
 
    	
 
    
	
Vesting Commencement Date:
    	
 
    	
December 15, 2016
    
	
 
    	
 
    	
 
    
	
Number of Vested Shares on Grant Date:
    	
 
    	
 
    
	
Vesting Period:
    	
 
    	
3 years
    
	
Number of Shares Vesting at end of each Vesting   Period:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Expiration Date:
    	
 
    	
December 14, 2026
    

 

1.                                      Plan. This Agreement, which constitutes an Award Agreement under the Plan, is granted pursuant to and is governed by the Plan, the terms and conditions of which are incorporated into this Agreement by reference. To the extent there is any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan shall control. Unless the context otherwise requires, capitalized terms used herein without definitions shall have the respective meanings assigned to them in the Plan.  By signing this Agreement, the Optionee acknowledges receipt of a copy of the Plan.

 

2.                                      Grant of Option. On the terms and conditions set forth in this Agreement, the Company grants to the Optionee on the Grant Date this Option to purchase, at the Exercise Price Per Share set forth above, the Total Number of Shares Subject to this Option, as set forth above.

 

3.                                      Type of Option.  This Option is intended to qualify either as an ISO or an NQO, as set forth above.  If this Option is intended to qualify as an ISO, it is agreed that the Exercise Price per Share 

 

 

is at least 100% of the Fair Market Value per Share on the Grant Date (110% of Fair Market Value if Section 7.2 of the Plan applies).

 

4.                                      Exercisability Schedule.  The Optionee may exercise this Option for such number of Shares as have become exercisable pursuant to the Vesting Schedule set forth above; provided that upon each vesting date the Optionee is employed with the Company or is otherwise providing services to the Company.

 

5.                                      Exercise of Option. Prior to the Expiration Date (or such earlier date as set forth in Section 6 below), the Optionee may exercise this Option by delivering a Notice of Share Option Exercise in the form attached hereto as Exhibit A (the “Notice”), signed by the Optionee, and received by the Company at its principal office, accompanied by this Agreement and payment in full in the manner provided in the Plan.  The Optionee may purchase less than the number of Shares covered hereby, provided that no partial exercise of this Option may be for any fractional Share or for fewer than ten (10) whole Shares.  The Optionee (or any other person entitled to exercise this Option) shall not be entitled to any rights as a Shareholder of the Company with respect to any Shares issuable upon exercise of this Option until such Shares shall have been registered on the register of members of the Company in the name of the Optionee (or such other person).

 

6.                                      Exercise of Option After Termination of Employment.

 

a.                                      Termination of service.  Except as otherwise determined by the Board, or as may otherwise be expressly provided in any employment agreement between the Company and the Optionee, upon the termination of the service of the Optionee to the Company (or to an Affiliate of the Company), this Option shall expire on the earliest of the following occasions:

 

i.                                          the date that is three (3) months after the voluntary termination of the Optionee’s service or the termination of the Optionee’s service by the Company (or by an Affiliate of the Company) other than for cause;

 

ii.                                       the date of the termination of the Optionee’s service by the Company (or by an Affiliate of the Company) for Cause;

 

iii.                                    the date one (1) year after the termination of the Optionee’s service by reason of Disability;

 

iv.                                   the date one (1) year after the termination of the Optionee’s service by reason of the Optionee’s death; or

 

v.                                      the specified Expiration Date of the Option, as set forth above.

 

vi.                                   Any portion of this Option that is not exercisable on the date of termination of the Optionee’s service with the Company, for any reason, shall terminate immediately and automatically be null and void and of no further force and effect.

 

7.                                      Notice of Premature Disposition.  If this Option is intended to qualify as an ISO, as provided on the first page of this Agreement, then if, within two (2) years from the Grant Date or within one (1) year after the issuance of Shares to the Optionee upon exercise of this Option, the Optionee makes a disposition (as defined in Section 424(c) of the Code) of any Shares, the Optionee shall notify the Treasurer of the Company within ten (10) days after such disposition.

 

8.                                      Restrictions on Transfer.  The Optionee shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise except by will or the laws of descent and distribution, and during the lifetime of the Optionee, this Option shall be exercisable only by the Optionee.

 

 

9.                                      Withholding.  No Shares shall be issued pursuant to the exercise of this Option unless and until the Optionee pays to the Company or makes provision satisfactory to the Company for payment of any federal, state or local withholding taxes required by law to be withheld in respect of this Option.

 

10.                               Shareholders Agreement. The Optionee has received a copy of, and agrees to become a party to, the Shareholders Agreement, subject to all of the terms and provisions of the Shareholders Agreement as a “Holder.” The Optionee shall deliver to the Company a copy of the Joinder Agreement to the Shareholders Agreement attached hereto as Exhibit B (the “Joinder”) concurrently with the delivery of the Notice.

 

11.                               Market “Stand-off” Agreement.  The Optionee hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of its Common Shares or any other equity securities (including, but not limited to, this Optinon) under the Securities Act on a registration statement on Form S-1 (or F-1) or Form S-3 (or F-3), and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, or such other period, not to exceed seventeen (17) days after the expiration of the 180 day period, as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any option held by Optionee, any Common Shares, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Shares held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of any option held by Optionee, any Common Shares, or other securities, in cash, or otherwise.  The foregoing provisions of this Section 11 shall apply only to the intial public offering and shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Optionee or the immediate family of the Optionee, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Optionee only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Shares (after giving effect to conversion into Common Shares of all outstanding Preferred Shares).  The underwriters in connection with such registration are intended third-party beneficiaries of this Section 11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.  The Optionee further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 11 or that are necessary to give further effect thereto.  Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Optionees subject to such agreements, based on the number of shares subject to such agreements. For the avoidance of doubt, this Section 11 shall be of no force or effect upon the execution and delivery by the Optionee of the Joinder to the Company in accordance with Section 10.

 

12.                               Amendment. The Board may at any time or times amend the Plan or this Agreement for the purpose of satisfying the requirements of any changes in applicable laws or regulations or for any other purpose which at the time may be permitted by law.  No termination, amendment of the Plan or amendment of this Agreement shall, without the Optionee’s consent, materially adversely affect the Optionee’s rights under this Agreement.

 

 

13.                               Notices.  All notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid.  Notices to the Company or the Optionee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other.

 

14.                               Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the Brisih Virgin Islands without regard to conflict of law principles.

 

15.                               WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND KNOWINGLY WAIVES (TO THE FULLEST EXTENT PERMITTED BY LAW) ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING (INCLUDING, WITHOUT LIMITATION, ANY COUNTERCLAIM) ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS OR TRANSACTIONS RELATED HERETO OR THERETO, INCLUDING, WITHOUT LIMITATION, ANY ACTION OR PROCEEDING (A) TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR (B) ARISING FROM ANY DISPUTE OR CONTROVERSY IN CONNECTION WITH OR RELATED TO THIS AGREEMENT. EACH PARTY HERETO AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY.

 

16.                               Entire Agreement. This Agreement and the Plan constitutes the full and entire understanding and agreement between the parties with regard the subject hereof and supersedes in their entirety all other or prior agreements between or among the Company and the Optionee regarding the subjects hereof.

 

17.                               CONSENT TO JURISDICTION.

 

a.                                      EACH OF THE PARTIES HERETO HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE TERRITORY OF THE BRITISH VIRGIN ISLANDS, AS WELL AS TO THE JURISDICTION OF ALL COURTS TO WHICH AN APPEAL MAY BE TAKEN FROM SUCH COURTS, FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING, WITHOUT LIMITATION, ANY PROCEEDING RELATING TO ANCILLARY MEASURES IN AID OF ARBITRATION, PROVISIONAL REMEDIES AND INTERIM RELIEF, OR ANY PROCEEDING TO ENFORCE ANY ARBITRAL DECISION OR AWARD.

 

b.                                      EACH PARTY HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS TO BRING ANY SUIT, ACTION OR OTHER PROCEEDING IN OR BEFORE ANY COURT OR TRIBUNAL OTHER THAN THE COURTS OF THE TERRITORY OF THE BRITISH VIRGIN ISLANDS AND COVENANTS THAT IT SHALL NOT SEEK IN ANY MANNER TO RESOLVE ANY DISPUTE OTHER THAN AS SET FORTH IN THIS SECTION OR TO CHALLENGE OR SET ASIDE ANY DECISION, AWARD OR JUDGMENT OBTAINED IN ACCORDANCE WITH THE PROVISIONS HEREOF.

 

c.                                       EACH OF THE PARTIES HERETO HEREBY EXPRESSLY WAIVES ANY AND ALL OBJECTIONS IT MAY HAVE TO VENUE, INCLUDING, WITHOUT LIMITATION, THE INCONVENIENCE OF SUCH FORUM, IN ANY OF SUCH COURTS.  IN ADDITION, EACH OF THE PARTIES CONSENTS TO THE SERVICE OF PROCESS BY 

 

 

PERSONAL SERVICE OR ANY MANNER IN WHICH NOTICES MAY BE DELIVERED HEREUNDER.

 

18.                               Counterparts.  For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

 

[Signature Page Follows]

 

 

The undersigned executed this Agreement as of the date set forth above.

 

	
OPTIONEE
    	
 
    	
Biohaven Pharmaceutical Holding   Company

Ltd.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
Print Name
    	
 
    	
 
    	
Print Name:
    	
Vladimir Coric
    
	
Address:
    	
 
    	
 
    	
Title:
    	
Chief Executive Officer   and Director
    
	
 
    	
 
    
	
E-Mail:
    	
 
    	
 
    

 

[Signature Page to Stock Option Agreement]

 

 

Exhibit A

 

NOTICE OF SHARE OPTION EXERCISE

 

[DATE]

 

[   ]

[INSERT ADDRESS]

Attention: Treasurer

 

Dear Sir or Madam

 

Pursuant to the terms of the share option agreement between myself and Biohaven Pharmaceutical Holding Company Ltd. (the “Company”) dated                  (the “Agreement”), under the Company’s 2014 Equity Incentive Plan, I, [Insert Name]                                    , hereby [Circle One] partially/fully exercise such Option by including herein payment in the amount of $           representing the purchase price for [Fill in number of Underlying Shares]                 Shares.  I have chosen the following form(s) of payment:

 

	
o
    	
1.
    	
Cash
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
o
    	
2.
    	
Certified or bank check   payable to [   ]
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
o
    	
3.
    	
Other (as described in   the Plan (please describe))
    	
 
    

 

.

 

In connection with my exercise of the Option as set forth above, I hereby represent and warrant to the Company as follows:

 

(i)                                     I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act.

 

(ii)                                  I have had such an opportunity as I have deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company.

 

(iii)                               I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase.

 

(iv)                              I can afford a complete loss of the value of the Shares and am able to bear the economic risk of holding such Option Shares for an indefinite period of time.

 

(v)                                 I understand that the Shares have not be registered under the Securities Act (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof).  I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing.

 

 

(vi)                              I understand and agree that the Shares when issued will continue to be subject to the Plan.

 

	
 
    	
Sincerely yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
 

 
    
	
 
    	
 

 
    
	
 
    	
 

 
    

 

 

Exhibit B

 

JOINDER SIGNATURE PAGE

 

The undersigned, by execution below, hereby agrees to become party to the Amended and Restated Biohaven Pharmaceutical Holding Company Ltd. Shareholders’ Agreement (as amended from time to time, the “Shareholders Agreement”), dated as of October 31, 2016, in the capacity as a “Holder” and agrees to be bound by the terms and conditions of said Shareholders’ Agreement in such capacity as of the date below.

 

	
 
    	
HOLDER:
    
	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    

 

Agreed and Acknowledged:

 

	
BIOHAVEN PHARMACEUTICAL HOLDING COMPANY LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
 
    
	
Title:EX-10.1

 Exhibit 10.1 

UroGen Pharma Ltd.
 (the
“Company”) 
 OFFICER INDEMNITY AND EXCULPATION AGREEMENT 

THIS AGREEMENT, dated as of             , is between UroGen Pharma Ltd., a company
incorporated under the laws of the State of Israel (the “Company”), and                     , a director or officer of
the Company (the “Indemnitee”). 
 WHEREAS, the Indemnitee is an Officer (as defined below) of the Company; 

WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation, investigations and other claims being asserted against
Officers of a publically traded company; 
 WHEREAS, the Amended Articles of Association of the Company (the “Articles of
Association”) authorize the Company to indemnify Officers to the greatest extent permitted by law; 
 WHEREAS, in recognition of the
Indemnitee’s need for substantial protection against personal liability in order to assure the Indemnitee’s continued service to the Company in an effective manner and the Indemnitee’s reliance on the aforesaid Articles of Association
and, in part, to provide the Indemnitee with specific contractual assurance that the protection promised by the Articles of Association will be available to the Indemnitee (regardless of, among other things, any amendment to or revocation or any
change in the composition of the Company’s Board of Directors (the “Board of Directors”) or the Company’s management or acquisition of the Company), the Company wishes to provide in this Agreement for the indemnification
of and the advancing of Expenses (as defined below) (whether partial or complete) to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and intending to be legally bound hereby, the parties hereto agree 

 

	1.	Certain Definitions. 

 1.1. “Change of Control” means any merger or
consolidation of the Company with or into another entity, other corporate reorganization, sale of control, or any transaction in which all or substantially all of the assets or shares of the Company are sold. 

1.2. “Companies Law” means the Israeli Companies Law, 5759-1999, as amended. 

1.3. “Expenses” includes any reasonable costs of litigation, including attorney’s fees, expended by the Indemnitee or
for which the Indemnitee has been charged by a court. Expenses shall also include, without limitation and to the fullest extent permitted by applicable law, all expenses reasonably incurred in defending any claim (including investigation and
pre-litigation negotiations), being a witness in or participating in (including on appeal), or preparing to defend, being a witness in or participate in any claim relating to any Indemnifiable Event (as defined below) and any security or bond that
the Indemnitee may be required to post in connection with an Indemnifiable Event. 
 1.4. “Officer” means “Office
Holder” as such term is defined in the Companies Law. 

 1.5. “Securities Law” means the Israeli Securities Law, 5728-1968, as amended.

  

	2.	Indemnification and Advance of Expenses. 

 2.1. The Company hereby undertakes to
indemnify the Indemnitee to the fullest extent permitted by applicable law, for any liability and Expense that may be imposed on the Indemnitee due to an act performed or failure to act by him in his capacity as an Officer of the Company or any
subsidiary of the Company or any entity in which the Indemnitee serves as an Officer at the request of the Company either prior to or after the date hereof for (the following shall be hereinafter referred to as “Indemnifiable
Events”): 
 2.1.1. monetary liability imposed on the Indemnitee in favor of a third party in a court judgment (which third parties
include, without limitation and to the fullest extent permitted by applicable law, any governmental entity), including a settlement or an arbitral award confirmed by a court; and 

2.1.2. reasonable costs of litigation, including attorney’s fees, expended by the Indemnitee as a result of an investigation or
proceeding instituted against the Indemnitee by a competent authority, provided that such investigation or proceeding (i) is concluded without the filing of an indictment against the Indemnitee (as defined in the Companies Law) or the
imposition of any financial liability in lieu of criminal proceedings (as defined in the Companies Law), or (ii) is concluded without the filing of an indictment against the Indemnitee and a financial liability was imposed on the Indemnitee in
lieu of criminal proceedings with respect to a criminal offense in which a proof of criminal intent is not required, or (iii) is in connection with a monetary sanction pursuant to the Companies Law or the Securities Law; and 

2.1.3. reasonable costs of litigation, including attorney’s fees, expended by the Indemnitee or for which the Indemnitee has been charged
by a court, (a) in an action brought against the Indemnitee by or on behalf of the Company or a third party, or (b) in a criminal action in which the Indemnitee was found innocent, or (c) in a criminal offense in which the Indemnitee
was convicted and in which a proof of criminal intent is not required; and 
 2.1.4. a payment which the Office Holder is obligated to make
to an injured party as set forth in Section 52(54)(a)(1)(a) of the Securities Law; and 
 2.1.5. any other circumstances arising under
Israeli law in respect of which the Company may indemnify an Officer of the Company. 
 2.2. The indemnification undertaking made by the
Company pursuant to Section 2.1 above shall be only with respect to such events as are described in Schedule A attached hereto and additional events that the Board of Directors determines from time to time are reasonable under the
circumstances. The maximum amount payable by the Company to the Indemnitee pursuant to Section 2.1.1 above shall be two million five hundred thousand United States dollars (US$ 2,500,000). The indemnification provided herein shall not be
subject to the limitations imposed by this Section 2.2 and Schedule A if and to the extent such limits are no longer required by law. All amounts stated herein in US$, and if paid in NIS, are to be calculated according to the representative
rate of exchange, or any other official rate of exchange that may replace it, published by the Bank of Israel on the date of payment by the Company hereunder. 

2.3. Subject to applicable law and to the other provisions of this Agreement, if so requested by the Indemnitee, the Company shall advance an
amount (or amounts) estimated by the Company to cover the Indemnitee’s reasonable litigation expenses with respect to 

  
 2 

 
which the Indemnitee is entitled to be indemnified under Sections 2.1 and 2.2 above, subject to Section 3, 4 and 5 below. The Company will also make available to the Indemnitee any security or
guarantee that may be required to post in accordance with an interim decision given by a court or an arbitrator in proceedings with respect to which the Indemnitee is entitled to be indemnified under Sections 2.1 and 2.2 above, subject to Section 3,
4 and 5 below, including for the purpose of substituting liens imposed on the Indemnitee’s assets. 
 2.4. The Company’s
obligation to indemnify the Indemnitee and advance expenses in accordance with this Agreement shall be for such period as the Indemnitee shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding or any
inquiry or investigation, whether civil, criminal or investigative, arising out of the Indemnitee’s service in the foregoing positions, whether or not the Indemnitee is still serving in such positions. 

2.5. All amounts paid as indemnification pursuant hereto will be grossed-up to cover any tax payments the Indemnitee may be required to make
if the indemnification payments are taxable to the Indemnitee. 
  

	3.	Insurance 

 3.1. As long as the Indemnitee continues to serve as an Officer, the Company
shall procure directors’ and officers’ liability insurance (which shall include without limitation provisions according to which the insurance shall continue to be in effect following the cessation of the Indemnitee’s position in the
Company with respect to events that occurred prior to such cessation) to the fullest extent permitted by law (“D&O Insurance”), in such amount (per claim and per period) as the Company shall deem appropriate and in accordance to
the provisions of the Companies Law. 
 3.2. Indemnitee shall be covered by the D&O Insurance and by any other insurance policy or
policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at
the request of the Company, in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. 

3.3. At the time of the receipt by the Company of a notice of a claim pursuant to Section 8 hereof, the Company shall give prompt notice of
the commencement of such Proceeding to the D&O Insurance insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all reasonably necessary or desirable action to cause such insurers to
pay, on behalf of the Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. 

3.4. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the
extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, except for the difference, if any, between the amounts actually received by the Indemnitee as aforesaid and the total
Expenses incurred by Indemnitee in connection therewith. 
  

	4.	General Limitations on Indemnification. 

 4.1. Notwithstanding anything to the contrary
in this Agreement, the Company shall not indemnify or advance Expenses to Indemnitee: (i) with respect to a counterclaim made by the Company or in its name in connection with a claim against the Company filed

  
 3 

 
by the Indemnitee; or (ii) if, when and to the extent that the Indemnitee would not be permitted to be so indemnified under Israeli law. The Company shall be entitled to be reimbursed by the
Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid (unless the Indemnitee has commenced legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be
indemnified under applicable law, in which event the Indemnitee shall not be required to so reimburse the Company until a final judicial determination is made with respect thereto as to which all rights of appeal therefrom have been exhausted or
lapsed) and shall not be obligated to indemnify or advance any additional amounts to the Indemnitee (unless there has been a determination by a court of competent jurisdiction that the Indemnitee would be permitted to be so indemnified under this
Agreement). 
 4.2. Advances of expenses given to cover litigation expenses in accordance with Section 2.3 above will be repaid by
Indemnitee to the Company if such investigation or proceeding has ended in a financial liability imposed in lieu of a criminal proceeding for a crime which requires a finding of criminal intent or if Indemnitee is found guilty of a crime that
requires proof of criminal intent, within thirty (30) days of the court’s final decision as to which all rights of appeal therefrom have been exhausted or lapsed. Other advances will be repaid by Indemnitee to the Company within thirty
(30) days from a final determination by a court as to which all rights of appeal therefrom have been exhausted or lapsed that Indemnitee is not entitled to such indemnification. 

4.3. The Company undertakes that in the event of a Change in Control, the Company’s obligations under this Agreement shall continue to be
in effect following such Change in Control, and the Company shall take all necessary actions to ensure that the party acquiring control of the Company shall independently undertake to continue in effect this Agreement, to maintain the provisions of
the Articles of Association allowing indemnification and to indemnify the Indemnitee in the event that the Company shall not have sufficient funds or otherwise shall not be able to fulfill its obligations hereunder. 

5. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights. 
 6. Reimbursement. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against
the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy of the Company or otherwise) of the amounts otherwise indemnifiable hereunder, other than for indemnifiable amounts which are in excess
of the amounts actually paid to the Indemnitee pursuant to any such insurance policy or otherwise. Any amounts paid to the Indemnitee under such insurance policy or otherwise after the Company has indemnified the Indemnitee for such liability or
Expense shall be repaid to the Company promptly upon receipt by the Indemnitee. 
 7. Effectiveness. This agreement shall be in full force and effect
as of the date hereof. 
 8. Notification and Defense of Claim. Promptly after receipt by the Indemnitee of (i) any summons, citation, subpoena,
complaint, indictment, other document or information relating to any proceeding or matter which may be subject to indemnification hereunder or (ii) notice of the commencement of any investigation, action, suit or proceeding, the Indemnitee
will, if a claim in respect thereof is to be made against the Company under this 

  
 4 

 
Agreement, notify the Company of the commencement hereof; provided that failure to notify the Company as aforesaid will not relieve the Company of its indemnification obligations pursuant hereto
except to the extent that it has been actually and materially prejudiced as a result of such failure and provided further that the omission so to notify the Company will not relieve it from any liability which it may have to the Indemnitee otherwise
than under this Agreement. With respect to any such investigation, action, suit or proceeding as to which the Indemnitee notifies the Company of the commencement thereof and without derogating from Section 2.1: 

8.1. The Company will be entitled to participate therein at its own expense; and 

8.2. Except as otherwise provided below, to the extent that it may wish, the Company will be entitled to assume the defense thereof, with
counsel selected by the Company, which counsel is reasonably reputable with experience in the relevant field and reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense
thereof, the Company will not be liable to the Indemnitee under this Agreement for any legal or other expenses subsequently incurred by the Indemnitee in connection with the defense thereof other than reasonable costs of investigation or as
otherwise provided below. The Indemnitee shall have the right to employ his or her own counsel in such action, suit or proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense
thereof shall be at the expense of the Indemnitee, unless: (i) the employment of counsel by the Indemnitee has been authorized in writing by the Company; (ii) the Indemnitee shall have, based on a legal advice of counsel, concluded that
there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such action; or (iii) the Company shall not in fact have employed counsel to assume the defense of such action, within a reasonable
time, in each of which cases the fees and expenses of counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Company or as to which the
Indemnitee shall have reached the conclusion specified in (ii) above. 
 8.3. The Company shall not be liable to indemnify the
Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without its prior written consent. The Company shall have the right to conduct the defense as it sees fit in its sole discretion (provided that the
Company shall conduct the defense in good faith and in a diligent manner), including the right to settle or compromise any claim or to consent to the entry of any judgment against Indemnitee, provided that the Company shall not settle any action or
claim in any manner that would impose any penalty or limitation on the Indemnitee without the Indemnitee’s prior written consent. However, in the case of civil proceedings, the Indemnitee’s consent shall not be required if (i) the
settlement includes a complete release of Indemnitee, (ii) does not contain any admission of wrong-doing by Indemnitee, and (iii) includes monetary sanctions (without any admission of wrong-doing by Indemnitee) only up to the amount
indemnifiable under this Agreement. In the case of criminal proceedings, the Company and/or its legal counsel will not have the right to plead guilty or agree to a plea-bargain in the Indemnitee’s name without the Indemnitee’s prior
written consent. Neither the Company nor the Indemnitee will unreasonably withhold its consent to any proposed settlement. 
 8.4. Without
derogating of any of the Indemnitee’s rights and obligations, the Indemnitee shall use its reasonable efforts to advise the Company concerning all events which the Indemnitee is aware of and that the Indemnitee reasonably suspects would give
rise to the initiation of legal proceedings against the Indemnitee in his capacity as an Officer of the Company. 

  
 5 

 8.5. Indemnitee shall fully cooperate with the Company and shall give the Company all information
and access to documents, files and to his advisors and representatives as shall be within Indemnitee’s power, in every reasonable way as may be required by the Company with respect to any claim which is the subject matter of this Agreement and
in the defense of other claims asserted against the Company (other than claims asserted by Indemnitee), provided that the Company shall cover all reasonable expenses, costs and fees incidental thereto such that the Indemnitee will not be required to
pay or bear such expenses, costs and fees. In addition, at the request of the Company, the Indemnitee shall execute all documents reasonably required to enable the Company or its attorney as aforesaid to conduct the defense in the Indemnitee’s
name, and to represent the Indemnitee in all matters connected therewith, in accordance with the aforesaid, provided that the Company shall cover all costs incidental thereto such that Indemnitee will not be required to pay the same or to finance
the same himself. 
 9. Exculpation. The Company hereby exempts the Indemnitee, to the fullest extent permitted by law, from any liability for
damages caused as a result of the Indemnitee’s breach of the duty of care to the Company while acting in good faith and having reasonable cause to assume that such act or omission would not prejudice the interests of the Company, provided that
the Indemnitee shall not be exempt with respect to any action or omission as to which, under applicable law, the Company is not entitled to exculpate the Indemnitee. 

10. Non-Exclusivity. The rights of the Indemnitee hereunder shall not be deemed exclusive of any other rights the Indemnitee may have under the
Company’s Articles of Association, as amended from time to time, or applicable law or otherwise, and to the extent that during the indemnification period the rights of the then existing Officers are more favorable to such Officers than the
rights provided thereunder or under this Agreement to the Indemnitee, the Indemnitee shall be entitled to the full benefits of such more favorable rights. 

11. Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company, spouses, heirs and personal and legal representatives. This
Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as an Officer of the Company or of any other enterprise at the Company’s request, provided that the claim for indemnification relates to an Indemnifiable
Event. This Agreement is being executed by the Company pursuant to the resolutions adopted by the Board of Directors on             , 2017, and by the shareholders of the
Company on             , 2017. The Board of Directors has determined, based on the current activity of the Company, that the amount stated in Section 2.2 is reasonable
and that the events qualifying as Indemnifiable Event are reasonably anticipated. 
 12. No Modification; No Waiver. No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not
similar) nor shall such waiver constitute a continuing waiver. Any waiver shall be in writing. 

  
 6 

 13. Severability. The provisions of this Agreement shall be severable in the event that any provision
hereof (including any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent
permitted by law. 
 14. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
Israel, without giving effect to the conflicts of law provisions of those laws. The Company and Indemnitee each hereby irrevocably consent to the sole and exclusive jurisdiction and venue of the courts of Tel Aviv—Yaffo, Israel for all purposes
in connection with any action or proceeding which arises out of or relates to this Agreement. 
 15. Entire Agreement; Termination. This Agreement
represents the entire agreement between the parties and supersedes any other agreements, contracts or understandings between the parties, whether written or oral, with respect to the subject matter of this Agreement, including, without limitation
any previous Indemnification Agreement (if any) entered into by the Company and the Indemnitee. No supplement, modification, amendment, termination or cancellation of this Agreement shall be effective unless in writing and signed by both parties
hereto. 
 16. Assignment; No Third Party Rights. Neither party hereto may assign any of its rights or obligations hereunder except with the express
prior written consent of the other party. Nothing herein shall be deemed to create or imply an obligation for the benefit of a third party. Without limitation of the foregoing, nothing herein shall be deemed to create any right of any insurer that
provides directors’ and officers’ liability insurance, to claim, on behalf of Indemnitee, any rights hereunder. 
 17. Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument; it
being understood that parties need not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile or by electronic delivery in PDF (Portable Document Format) shall have the same force and effect as
the delivery of original signatures and shall be sufficient to bind the parties to the terms and conditions of this Agreement, as an original. 
 18.
Headings; Gender. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. Use of the masculine pronoun shall be
deemed to include usage of the feminine pronoun where appropriate. 
 [Remainder of Page Intentionally Left Blank] 

  
 7 

 [Officer Indemnity and Exculpation Agreement—Signature Page] 

IN WITNESS WHEREOF, the parties, each acting under due and proper authority, have executed this Indemnification Agreement as of the date first
mentioned above, in one or more counterparts. 
  

									
	UroGen Pharma Ltd.	 		 		 	  

{signature}

	  
 By:
	 	 	 		 		 
	Title:	 	  
	 		 		 	
					
	By:	 	 	 		 		 	
	Title:	 	  
	 		 		 	

  
 8 

 Schedule A 

1. Negotiations, execution, delivery and performance of agreements on behalf of the Company, whether written or oral. 

2. Anti-competitive acts and acts of commercial wrongdoing. 
 3.
Acts in regard to invasion of privacy including with respect to databases and acts in regard of slander. 
 4. Acts in regard to copyrights, patents,
designs and any other intellectual property rights, and acts in regard to defects in the Company’s products or services, including but not limited to any claim or demand made for actual or alleged infringement, misappropriation or misuse of any
third party’s intellectual property rights by the Company including without limitation confidential information, patents, copyrights, design rights, service marks, trade secrets, copyrights, and misappropriation of ideas by the Company. 

5. Approval of corporate actions including the approval of the acts of the Company’s management, their guidance and their supervision. 

6. Claims of failure to exercise business judgment and a reasonable level of proficiency, expertise and care in regard to the Company’s business. 

7. Claims relating to the offering of securities and claims relating to violations of securities laws of any jurisdiction, including, without limitation,
fraudulent disclosure claims, failure to comply with the Securities Exchange Commission and/or the Israeli Securities Authority rules and other claims relating to relationships with investors and the investment community. 

8. Violations of securities laws of any jurisdiction, including without limitation, fraudulent disclosure claims and other claims relating to relationships
with investors and the investment community. 
 9. Violations of laws requiring the Company to obtain regulatory and governmental licenses, permits and
authorizations in any jurisdiction. 
 10. Claims in connection with publishing or providing any information, including any filings with governmental
authorities, on behalf of the Company in the circumstances required under applicable laws. 
 11. Actions regarding investments by the Company and/or the
acquisition of assets, including the acquisition of companies and/or businesses through merger or otherwise or the investment of funds in tradeable securities and/or in any other manner. 

12. Claims in connection with employment relationships with Company’s employees. 

13. Claims in connection with Company’s liquidation. 
 14.
Any claim or demand made directly or indirectly in connection with complete or partial failure, by the Company or its directors, officers and employees, to pay, report, keep applicable records or otherwise, any state, municipal or foreign taxes or
other mandatory payments of any nature whatsoever, including, without limitation, income, sales, use, transfer, excise, value added, registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock, social
security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty or addition thereto, whether disputed or not. 

15. Actions taken in connection with the approval and execution of financial reports and business reports and the representations made in connection
therewith. 

  
 9 

 16. Occurrences resulting from the Company’s becoming, or its status as, a public company, and/or from the
fact that the Company’s securities were offered to the public and/or are traded on any stock exchange. 
 17. The sale, purchase and holding of
negotiable securities or other investments for or in the name of the Company. 
 18. Actions in connection with the sale of the operations and/or business,
or part thereof, of the Company. 
 19. Without derogating from the generality of the above, actions in connection with the purchase or sale of companies,
legal entities or assets, and the division or consolidation thereof. 
 20. Actions concerning the approval of transactions of the Company, with officers
and/or directors and/or holders of controlling interests in the Company, or any other transaction with a related party. 
 21. Actions in connection with
the testing of products developed by the Company, or in connection with the distribution, sale, license or use of such products. 
 22. Actions taken
pursuant to or in accordance with the policies and procedures of the Company, whether such policies and procedures are published or not. 
 23. Any claim or
demand made by any lenders or other creditors or for moneys borrowed by, or other indebtedness of, the Company. 
 24. Any claim or demand made by any third
party suffering any personal injury and/or bodily injury or damage to business or personal property through any act or omission attributed to the Company, or its employees, agents or other persons acting or allegedly acting on their behalf. 

For the purpose of this Schedule A, “Company” shall include all subsidiaries and affiliates of Company. 

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]