Document:

Exhibit
10.5

 

REE
Automotive Ltd.

2021
Share Incentive Plan 

 

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

 

		1.	PURPOSE;
                                            TYPES OF AWARDS; CONSTRUCTION.

 

1.1.
Purpose. The purpose of this 2021 Share Incentive Plan (as amended, this “Plan”) is to afford an incentive
to Service Providers (as defined below) of REE Automotive Ltd., an Israeli company (together with any successor corporation thereto,
the “Company”), or any Affiliate of the Company, which now exists or hereafter is organized or acquired by the Company
or its Affiliates, to continue as Service Providers, to increase their efforts on behalf of the Company or its Affiliates and to promote
the success of the Company’s business, by providing such Service Providers with opportunities to acquire a proprietary interest
in the Company by the issuance of Shares or restricted Shares (“Restricted Shares”) of the Company, and by the grant
of options to purchase Shares (“Options”), including, for the avoidance of doubt, Incentive Stock Options and Nonqualified
Stock Options, Restricted Share Units (“RSUs”), stock appreciation rights (“SARs”), other Cash-Based
Awards, and other Share-Based Awards pursuant to Sections 11 through 13 of this Plan.

 

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

 

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

 

(ii) pursuant to Section 3(9) of the Ordinance or the corresponding provision of any subsequently enacted statute, as amended from time to
time (such Awards, “3(9) Awards”);

 

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

 

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

 

		(v)	SARs;
                                            and

 

		(vi)	Restricted
                                            Shares, RSUs and other forms of Cash-Based and other Share-Based Awards.

 

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

 

     

     

    

 

1.3.
Construction. To the extent any provision herein conflicts with the conditions of any relevant tax law, rule or regulation which
are relied upon for tax relief in respect of a particular Award to a Grantee, the Committee is empowered, but is not required, hereunder
to determine that the provisions of such law, rule or regulation shall prevail over those of this Plan and to interpret and enforce such
prevailing provisions. With respect to 102 Awards, if and to the extent any action or the exercise or application of any provision hereof
or authority granted hereby is conditioned or subject to obtaining a ruling or tax determination from the ITA, to the extent required
by Applicable Law, then the taking of any such action or the exercise or application of such section or authority with respect to 102
Awards shall be conditioned upon obtaining such ruling or tax determination, and, if obtained, shall be subject to any condition set
forth therein; it being clarified that there is no obligation to apply for any such ruling or tax determination (which shall be in the
sole discretion of the Committee) and no assurance is made that if applied any such ruling or tax determination will be obtained (or
the conditions thereof).

 

		2.	DEFINITIONS.

 

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

 

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

 

“Affiliate”
shall mean, (i) with respect to any person, any other person that, directly or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such person (with the term “control” or “controlled by” within
the meaning of Rule 405 of Regulation C under the Securities Act), including, without limitation, any Parent or Subsidiary, or (ii) for
the purpose of 102 Awards, “Affiliate” shall only mean an “employing company” within the meaning and subject
to the conditions of Section 102(a) of the Ordinance.

 

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

 

“Award”
shall mean any Option, Restricted Share, RSUs, Shares, SARs, any other Cash-Based, or any other Share-Based award granted under this
Plan.

 

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

 

“Change
in Board Event” shall mean any time at which individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming
a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved
by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were
a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board.

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act.

 

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

 

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

 

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

 

“Strike
Price” means (i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in
the case of a SAR granted independent of an Option, the Fair Market Value on the date of grant. The strike price of any such SAR granted
to a Grantee who is subject to U.S. federal income tax shall be determined in compliance with Section 7.2.

 

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

 

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

 

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

 

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

 

    5

     

    

 

2.3.
Other Defined Terms. The following terms shall have the meanings ascribed to them in the Sections set forth below:

 

	Term	 	Section
	102
    Awards	 	1.2(i)
	102
    Capital Gains Track Awards	 	9.1
	102
    Non-Trustee Awards	 	9.2
	102
    Ordinary Income Track Awards	 	9.1
	102
    Trustee Awards	 	9.1
	3(9)
    Awards	 	1.2(ii)
	Award
    Agreement	 	6
	Cause	 	6.6.4.4
	Company	 	1.1
	Effective
    Date	 	24.1
	Election	 	9.2
	Eligible
    102 Grantees	 	9.3.1
	Incentive
    Stock Options	 	1.2(iii)
	Information	 	17.4
	ITA	 	1.2(i)
	Merger/Sale	 	14.2
	Nonqualified
    Stock Options	 	1.2(iv)
	Plan	 	1.1
	Pool	 	5.1
	Prior
    Plan	 	5.2
	Recapitalization	 	15.1
	Required
    Holding Period	 	9.5
	Restricted
    Period	 	12.2
	Restricted
    Share Agreement	 	11
	Restricted
    Share Unit Agreement	 	12
	Restricted
    Shares	 	1.1
	RSUs	 	1.1
	Rules	 	1.2(i)
	Securities	 	18.1
	Successor
    Corporation	 	15.2.1
	SARs	 	1.1
	SAR
    Period	 	11.3
	Withholding
    Obligations	 	18.5

 

		3.	ADMINISTRATION.

 

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

 

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

 

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

 

(i)
eligible Grantees,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xii)
the amendment, modification, waiver or supplement of the terms of each outstanding Award (with the consent of the applicable Grantee,
if such amendments refers to the increase of the Exercise Price of Awards or reduction of the number of Shares underlying an Award (but,
in each case, other than as a result of an adjustment or exercise of rights in accordance with Section 15)) unless otherwise provided
under the terms of this Plan,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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		4.	ELIGIBILITY.

 

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

 

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

 

		5.	SHARES.

 

5.1.
The maximum aggregate number of Shares that may be issued pursuant to Awards under this Plan (the “Pool”) shall
initially be the sum of (a) [●] Shares1 plus (and without the need to further amend this Plan) (b) on January
1st, 2022 and on January 1st of each calendar year thereafter during the term of this Plan, a number of Shares equal to the lesser of:
(i) 5% of the total number of Shares outstanding as of the end of the last day of the immediately preceding calendar year, and (ii) such
smaller amount of Shares as is determined by the Board, if so determined prior to the January 1st of the calendar year in which the increase
will occur (in each case, without the need to amend this Plan in case of such determination); in all events subject to adjustment as
provided in Section 15.1. The Board may, at its discretion, reduce the number of Shares that may be issued pursuant to Awards under
this Plan, at any time (provided that such reduction does not derogate from any issuance of Shares in respect of Awards then outstanding).

 

5.2.
Any Shares (a) underlying an Award granted hereunder or an award granted under the Company’s 2011 Key Employee Share Incentive
Plan, as amended (the “Prior Plan”) that has expired, or was cancelled, terminated, forfeited, or settled in cash
in lieu of issuance of Shares, for any reason, after the Effective Date; (b) if permitted by the Company, tendered to pay the Exercise
Price of an Award (or the exercise price or other purchase price of any option or other award under any Prior Plan), or withholding tax
obligations with respect to an Award (or any awards under any Prior Plan); or (c) if permitted by the Company, subject to an Award (or
any award under the Prior Plan) that are not delivered to a Grantee because such Shares are withheld to pay the Exercise Price of such
Award (or any award under the Prior Plan), or withholding tax obligations with respect to such Award (or such award); shall automatically,
and without any further action on the part of the Company or any Grantee, again be available for grant of Awards and for issuance upon
exercise or (if applicable) vesting thereof for the purposes of this Plan (unless this Plan shall have been terminated), unless the Board
determines otherwise. Such Shares may be, in whole or in part, authorized but unissued Shares, treasury shares (dormant shares) or otherwise
Shares that shall have been or may be repurchased by the Company (to the extent permitted pursuant to the Companies Law).

 

5.3.
Any Shares (a) underlying an Award granted hereunder that has expired, or was cancelled, terminated, forfeited or settled in cash in
lieu of issuance of Shares, for any reason, without having been exercised; (b) if permitted by the Company, tendered to pay the
Exercise Price of an Award, or withholding tax obligations with respect to an Award; or (c) if permitted by the Company, subject to
an Award that are not delivered to a Grantee because such Shares are withheld to pay the Exercise Price of such Award, or
withholding tax obligations with respect to such Award; shall automatically, and without any further action on the part of the
Company or any Grantee, again be available for grant of Awards and Shares issued upon exercise of (if applicable) vesting thereof
for the purposes of this Plan (unless this Plan shall have been terminated) or unless the Board determines otherwise. Such Shares
may, in whole or in part, be authorized but unissued Shares, treasury shares (dormant shares) or Shares otherwise that shall have
been or may be repurchased by the Company (to the extent permitted pursuant to the Companies Law).

 

 

 

		1	NTD: Number of shares to be equal to 10% of our estimated Company
ordinary shares outstanding immediately following the Closing of the Transactions.

 

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5.4.
Any Shares under the Pool that are not subject to outstanding or exercised Awards at the termination of this Plan shall cease to be reserved
for the purpose of this Plan.

 

5.5.
From and after the Effective Date, no further grants or awards shall be made under any Prior Plan; however, Awards made under a Prior
Plan before the Effective Date shall continue in effect in accordance with their terms.

 

		6.	TERMS
                                            AND CONDITIONS OF AWARDS.

 

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

 

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

 

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

 

6.3.
Exercise Price. Each Award Agreement shall state the Exercise Price, if applicable. Unless otherwise set forth in this Plan, an
Exercise Price of an Award of less than the par value of the Shares (if shares bear a par value) shall comply with Section 304 of the
Companies Law. Subject to Sections 3, 7.2 and 8.2 and to the foregoing, the Committee may reduce the Exercise Price of any outstanding
Award, on terms and subject to such conditions as it deems advisable. The Exercise Price shall also be subject to adjustment as provided
in Section 15 hereof. The Exercise Price of any Award granted to a Grantee who is subject to U.S. federal income tax shall be determined
in accordance with Section 409A of the Code.

 

6.4.
Manner of Exercise. An Award may be exercised, as to any or all Shares as to which the Award has become exercisable, (a) by written
notice delivered in person or by mail (or such other methods of delivery prescribed by the Company) to the Chief Executive Officer of
the Company or to such other person as determined by the Committee, (b) by way of an exercise order submitted via the online service
operated and maintained by the Company or any of its service providers, or (c) or in any other manner as the Committee shall prescribe
from time to time, specifying the number of Shares with respect to which the Award is being exercised (which may be equal to or lower
than the aggregate number of Shares that have become exercisable at such time, subject to the last sentence of this Section), accompanied
by payment of the aggregate Exercise Price for such Shares in the manner specified in the following sentence. The Exercise Price shall
be paid in full with respect to each Share, at the time of exercise, either in (i) cash, (ii) if the Company’s shares are listed
for trading on any securities exchange or over-the-counter market, and if the Committee so determines, all or part of the Exercise Price
and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities
broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company or the Trustee, (iii) if
the Company’s shares are listed for trading on any securities exchange or over-the-counter market, and if the Committee so determines,
all or part of the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable
direction to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver all or part
of the loan proceeds to the Company or the Trustee, (iv) in lieu of payment of the exercise price, by one of the other payment methods
set forth in this Section 6.4, by cashless exercise such that the number of Shares issuable upon exercise shall be the result of a fraction:
(A) the numerator of which is (i) the number of Shares that would otherwise have been issued upon exercise of the Award
by the cash payment of the Exercise Price (or such lesser number of Shares as grantee may designate in the case of a partial exercise
of the Award), multiplied by (ii) the difference between (a) the Fair Market Value of one Share at the time
the cashless exercise hereunder is made, and (b) the Exercise Price of the Award, and (B) the denominator of which is the
Fair Market Value of one Share at the time the cashless exercise hereunder is made, or (v) in such other manner as the Committee shall
determine. The application of cashless exercise with respect to any 102 Awards shall be subject to obtaining a ruling from the ITA, to
the extent required by Applicable Law. As a condition to the issuance of Shares of the Company pursuant to Options, the Grantee agrees
to remit to the Company (through the procedure described in the above paragraph) at the time of any exercise of the Options any taxes
required to be withheld by the Company under federal, state, or local law as a result of the exercise of the Options.

 

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6.5.
Term and Vesting of Awards.

 

6.5.1.
 Each Award Agreement shall provide the vesting schedule for the Award as determined by the Committee. The
Committee shall have the authority to determine the vesting schedule and accelerate the vesting of any outstanding Award at such
time and under such circumstances as it, in its sole discretion, deems appropriate.

 

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

 

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

 

6.6.
Termination.

 

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

 

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6.6.2.
 In the event that the employment or service of a Grantee shall terminate (other than by reason of death,
Disability or Retirement), such that Grantee is no longer a Service Provider, all Awards of such Grantee that are unvested at the
time of such termination shall terminate on the date of such termination, and all Awards of such Grantee that are vested and
exercisable at the time of such termination may be exercised within up to three (3) months after the date of such termination (or
such different period as the Committee shall prescribe), but in any event no later than the date of expiration of the Award’s
term as set forth in the Award Agreement or pursuant to this Plan; provided, however, that if the Company (or its
Subsidiary or other Affiliate thereof, as applicable) shall have terminated the Grantee’s employment or service for Cause (as
defined below) (whether the facts or circumstances that constitute such Cause occur prior to or after termination of employment or
service), or if facts or circumstances arise or are discovered with respect to the Grantee that would have constituted Cause, then
all Awards theretofore granted to such Grantee (whether vested or not) shall terminate and be subject to recoupment by the Company
on the date of such termination (or on such subsequent date on which such facts or circumstances arise or are discovered, as the
case may be) unless otherwise determined by the Committee, and any Shares issued upon exercise or (if applicable) vesting of Awards
(including other Shares or securities issued or distributed with respect thereto, and including the gross amount of any proceeds,
gains or other economic benefit the Grantee actually or constructively receives upon receipt or exercise of any Award or the receipt
or resale of any Shares underlying the Award), whether held by the Grantee or by the Trustee for the Grantee’s benefit, shall
be deemed to be irrevocably offered for sale to the Company, any of its Affiliates or any person designated by the Company to
purchase, at the Company’s election and subject to Applicable Law, either for no consideration, for the par value of such
Shares (if such Shares bear a par value) or against payment of the Exercise Price previously received by the Company for such Shares
upon their issuance, as the Committee deems fit, upon written notice to the Grantee at any time prior to, at or after the
Grantee’s termination of employment or service. Such Shares or other securities shall be sold and transferred within 30 days
from the date of the Company’s notice of its election to exercise its right. If the Grantee fails to transfer such Shares or
other securities to the Company, the Company, at the decision of the Committee, shall be entitled to forfeit or repurchase such
Shares and to authorize any person to execute on behalf of the Grantee any document necessary to effect such transfer, whether or
not the share certificates are surrendered. The Company shall have the right and authority to affect the above either by: (i)
repurchasing all of such Shares or other securities held by the Grantee or by the Trustee for the benefit of the Grantee, or
designate the purchaser of all or any part of such Shares or other securities, for the Exercise Price paid for such Shares, the par
value of such Shares (if shares bear a par value) or for no payment or consideration whatsoever, as the Committee deems fit; (ii)
forfeiting all or any part of such Shares or other securities; (iii) redeeming all or any part of such Shares or other securities,
for the Exercise Price paid for such Shares, the par value of such Shares (if shares bear a par value) or for no payment or
consideration whatsoever, as the Committee deems fit; (iv) taking action in order to have all or any part of such Shares or other
securities converted into deferred shares entitling their holder only to their par value (if shares bear a par value) upon
liquidation of the Company; or (v) taking any other action which may be required in order to achieve similar results; all as shall
be determined by the Committee, at its sole and absolute discretion, and the Grantee is deemed to irrevocably empower the Company or
any person which may be designated by it to take any action by, in the name of or on behalf of the Grantee to comply with and give
effect to such actions (including, voting such shares, filling in, signing and delivering share transfer deeds, etc.).

 

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

 

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6.6.4.
For purposes of this Plan:

 

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

 

6.6.4.2. An entity or an Affiliate thereof assuming an Award or issuing in substitution thereof in a transaction to which Section 424(a) of the
Code applies or in a Merger/Sale in accordance with Section 15 shall be deemed as an Affiliate of the Company for purposes of this Section
6.6, unless the Committee determines otherwise.

 

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

 

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

 

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6.7. 
Death, Disability or Retirement of Grantee.

 

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

 

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

 

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

 

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

 

6.10. 
Other Provisions. The Award Agreement evidencing Awards under this Plan shall contain such other terms and conditions not
inconsistent with this Plan as the Committee may determine, at or after the date of grant, including provisions in connection with the
restrictions on transferring the Awards or Shares covered by such Awards, which shall be binding upon the Grantees and any purchaser,
assignee or transferee of any Awards, and other terms and conditions as the Committee shall deem appropriate.

 

		7.	NONQUALIFIED STOCK OPTIONS.

 

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

 

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

 

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

 

		8.	INCENTIVE STOCK OPTIONS.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

8.10. 
Adjustments to Incentive Stock Options. Any Award Agreement providing for the grant of Incentive Stock Options shall indicate
that adjustments made pursuant to this Plan with respect to Incentive Stock Options could constitute a “modification” of such
Incentive Stock Options (as that term is defined in Section 424(h) of the Code) or could cause adverse tax consequences for the holder
of such Incentive Stock Options and that the holder should consult with his or her tax advisor regarding the consequences of such “modification”
on his or her income tax treatment with respect to the Incentive Stock Option.

 

8.11. 
Notice to Company of Disqualifying Disposition. Each Grantee who receives an Incentive Stock Option must agree to notify
the Company in writing immediately after the Grantee makes a Disqualifying Disposition of any Shares received pursuant to the exercise
of Incentive Stock Options. A “Disqualifying Disposition” is any disposition (including any sale) of such Shares before the
later of (i) two years after the date the Grantee was granted the Incentive Stock Option, or (ii) one year after the date the
Grantee acquired Shares by exercising the Incentive Stock Option. If the Grantee dies before such Shares are sold, these holding period
requirements do not apply and no disposition of the Shares will be deemed a Disqualifying Disposition.

 

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		9.	102 AWARDS.

 

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

 

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

 

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

 

9.3. 
Eligibility for Awards.

 

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

 

9.4. 
102 Award Grant Date.

 

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

 

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

 

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9.5. 
102 Trustee Awards.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

9.7.3. 
The Grantee agrees to the trust deed signed between the Company, his employing company and the trustee appointed pursuant to Section
102 of the Ordinance.

 

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		10.	3(9) AWARDS.

 

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

 

10.1. 
To the extent required by the Ordinance or the ITA or otherwise deemed by the Committee to be advisable, the 3(9) Awards and/or
any shares or other securities issued or distributed with respect thereto granted pursuant to this Plan shall be issued to a Trustee nominated
by the Committee in accordance with the provisions of the Ordinance. In such event, the Trustee shall hold such Awards and/or any shares
or other securities issued or distributed with respect thereto in trust, until exercised or (if applicable) vested by the Grantee and
the full payment of tax arising therefrom, pursuant to the Company’s instructions from time to time as set forth in a trust agreement,
which will have been entered into between the Company and the Trustee. If determined by the Board or the Committee, and subject to such
trust agreement, the Trustee shall be responsible for withholding any taxes to which a Grantee may become liable upon issuance of Shares,
whether due to the exercise or (if applicable) vesting of Awards.

 

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

 

		11.	STOCK APPRECIATION RIGHTS OR SARs.

 

11.1. 
Generally. Each SAR granted under this Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject
to the conditions set forth in this Section 11 and to such other conditions not inconsistent with this Plan as may be reflected in the
applicable Award Agreement. Any Option granted under this Plan may include tandem SARs. The Committee also may award SARs to Grantees
independent of any Option.

 

11.2. 
Strike Price. The Strike Price per Share for each SAR shall not be less than 100% of the Fair Market Value of such share
determined as of the date of grant.

 

11.3.  Vesting
and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same
vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become
exercisable and shall expire in such manner and on such date or dates determined by the Committee (including, if applicable, the
attainment of any performance goals, as shall be determined by the Committee in the applicable Award Agreement) and shall expire
after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”);
provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion,
accelerate the exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with
respect to exercisability. In the event of any termination of employment or service with the Company and its Affiliates thereof of a
Grantee who has been granted one of more SARs, the SARs shall be exercisable at the time or times and subject to the terms and
conditions as set forth in the Award Agreement (or in the underlying Option Award Agreement, as may be applicable). If the SAR would
expire at a time when the exercise of the SAR would violate applicable securities laws, the expiration date applicable to the SAR
will be automatically extended to a date that is 30 calendar days following the date such exercise would no longer violate
applicable securities laws (so long as such extension shall not violate Section 409A of the Code); provided, that, in no event
shall such expiration date be extended beyond the expiration of the SAR Period; and provided further that no extension will be made
if the exercise price of such SAR at the date the initial term would otherwise expire is above the Fair Market Value on such
date.

 

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11.4. 
Method of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise
to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs
were awarded.

 

11.5. 
Payment. Upon the exercise of a SAR, the Company shall pay to the Grantee an amount equal to the number of shares subject
to the SAR that are being exercised, multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over
the Strike Price, less an amount equal to any taxes required to be withheld or paid. The Company shall pay such amount in cash, in Shares
having a Fair Market Value equal to such amount, or any combination thereof, as determined by the Committee. No fractional Shares shall
be issued or delivered pursuant to this Plan or any Award, and the Committee shall determine whether cash, other securities or other property
shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled,
terminated or otherwise eliminated.

 

		12.	RESTRICTED SHARES.

 

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

 

12.1. 
Purchase Price. Section 6.4 shall not apply. Each Restricted Share Agreement shall state an amount of Exercise Price to
be paid by the Grantee, if any, in consideration for the issuance of the Restricted Shares and the terms of payment thereof, which may
include payment in cash or, subject to the Committee’s approval, by issuance of promissory notes or other evidence of indebtedness
on such terms and conditions as determined by the Committee.

 

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

 

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12.3. 
Forfeiture; Repurchase. Subject to such exceptions as may be determined by the Committee, if the Grantee’s continuous
employment with or service to the Company or any Affiliate thereof shall terminate for any reason prior to the expiration of the Restricted
Period of an Award or prior to the timely payment in full of the Exercise Price (if applicable) of any Restricted Shares, any Restricted
Shares remaining subject to vesting or with respect to which the purchase price has not been paid in full, shall thereupon be forfeited,
transferred to, and redeemed, repurchased or cancelled by, as the case may be, in any manner as set forth in Section 6.6.2(i) through
(v), subject to Applicable Law and the Grantee shall have no further rights with respect to such Restricted Shares.

 

12.4. 
Ownership. During the Restricted Period the Grantee shall possess all incidents of ownership of such Restricted Shares,
subject to Section 12.2, including the right to vote and receive dividends with respect to such Shares. All securities, if any, received
by a Grantee with respect to Restricted Shares as a result of any stock split, stock dividend, combination of shares, or other similar
transaction shall be subject to the restrictions applicable to the original Award.

 

		13.	RESTRICTED SHARE UNITS.

 

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

 

13.1. 
Exercise Price. No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award Agreement
or as required by Applicable Law (including, Section 304 of the Companies Law), and Section 6.4 shall apply, if applicable.

 

13.2. 
Shareholders’ Rights. The Grantee shall not possess or own any ownership rights in the Shares underlying the RSUs
and no rights as a shareholder shall exist prior to the actual issuance of Shares in the name of the Grantee.

 

13.3. 
Settlements of Awards. Settlement of vested RSUs shall be made in the form of Shares or cash (in case of 102 Trustee Awards,
the settlement shall be made in the form of shares only). Distribution to a Grantee of an amount (or amounts) from settlement of vested
RSUs can be deferred to a date after vesting as determined by the Committee. The amount of a deferred distribution may be increased by
an interest factor or by dividend equivalents. Until the grant of RSUs is settled, the number of Shares underlying such RSUs shall be
subject to adjustment pursuant hereto.

 

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

 

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		14.	OTHER CASH-BASEDOR SHARE-BASED AWARDS.

 

14.1. 
The Committee may grant other Awards under this Plan pursuant to which Shares (which may, but need not, be Restricted Shares pursuant
to Section 12 hereof), cash or a combination thereof, are or may in the future be acquired or received, or Awards denominated in stock
units, including units valued on the basis of measures other than market value. The terms and conditions of such Awards shall be consistent
with this Plan and set forth in the Award Agreement and need not be uniform among all such Awards or all Grantees receiving such Awards.

 

14.2. 
Such other Cash-Based or other Share-Based Awards as set forth above may be granted alone, in addition to, or in tandem with any
Award of any type granted under this Plan (without any obligation or assurance that that such Share-Based Awards will be entitled to tax
benefits under Applicable Law or to the same tax treatment as other Awards under this Plan).

 

14.3. 
Payment, if any, with respect to an other Cash-Based or other Share-Based Award shall be made in accordance with the terms of the
Award, as set forth in the Award Agreement, in cash, Shares or a combination of cash and Shares, as the Committee determines.

 

		15.	EFFECT OF CERTAIN CHANGES.

 

15.1. 
General.

 

15.1.1. 
In the event of a division or subdivision of the outstanding share capital of the Company, any distribution of bonus shares (stock
split), consolidation or combination of share capital of the Company (reverse stock split), reclassification with respect to the Shares
or any similar recapitalization events (each, a "Recapitalization"), a merger (including, a reverse merger and a reverse
triangular merger), consolidation, amalgamation or like transaction of the Company with or into another corporation, a reorganization
(which may include a combination or exchange of shares, spin-off or other corporate divestiture or division, or other similar occurrences,
the Committee shall have the authority to make, without the need for a consent of any holder of an Award, such adjustments as determined
by the Committee to be appropriate, in its discretion, in order to adjust (i) the number and class of shares reserved and available for
grants of Awards, (ii) the number and class of shares covered by outstanding Awards, (iii) the Exercise Price per share covered by any
Award, (iv) the terms and conditions concerning vesting and exercisability and the term and duration of the outstanding Awards, (v) the
type or class of security, asset or right underlying the Award (which need not be only that of the Company, and may be that of the surviving
corporation or any affiliate thereof or such other entity party to any of the above transactions), and (vi) any other terms of the Award
that in the opinion of the Committee should be adjusted. Any fractional shares resulting from such adjustment shall be treated as determined
by the Committee, and in the absence of such determination shall be rounded to the nearest whole share, and the Company shall have no
obligation to make any cash or other payment with respect to such fractional shares. No adjustment shall be made by reason of the distribution
of subscription rights or rights offering to outstanding shares or other issuance of shares by the Company, unless the Committee determines
otherwise. The adjustments determined pursuant to this Section 15.1 (including a determination that no adjustment is to be made) shall
be final, binding and conclusive.

 

15.1.2.  Notwithstanding
anything to the contrary included herein, and subject to Applicable Law, in the event of a distribution of an extraordinary cash
dividend by the Company to all holders of Shares, the Committee shall have the authority to determine, without the need for a
consent of any holder of an Award, that the Exercise Price of any Award, which is outstanding and unexercised on the record date of
such distribution, shall be reduced by an amount equal to the per Share gross dividend amount distributed by the Company, and the
Committee may determine that the Exercise Price following such reduction shall be not less than the par value of a Share. The
application of this Section with respect to any 102 Awards shall be subject to obtaining a ruling from the ITA, to the extent
required by Applicable Law and subject to the terms and conditions of any such ruling.

 

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15.2. 
Merger/Sale of Company. In the event of (i) a sale of all or substantially all of the assets of the Company, or a sale (including
an exchange) of all or substantially all of the shares of the Company, to any person, or a purchase by a shareholder of the Company or
by an Affiliate of such shareholder, of all the shares of the Company held by all or substantially all other shareholders or by other
shareholders who are not Affiliated with such acquiring party; (ii) a merger (including, a reverse merger and a reverse triangular merger),
consolidation, amalgamation or like transaction of the Company with or into another corporation; (iii) a scheme of arrangement for the
purpose of effecting such sale, merger, consolidation, amalgamation or other transaction; (iv) approval by the shareholders of the Company
of a complete liquidation or dissolution of the Company, (v) Change in Board Event, or (iv) such other transaction or set of circumstances
that is determined by the Board, in its discretion, to be a transaction subject to the provisions of this Section 15.2 excluding any of
the foregoing transactions in clauses (i) through (v) if the Board determines that such transaction should be excluded from the definition
hereof and the applicability of this Section 15.2 (such transaction, a “Merger/Sale”), then, without derogating from
the general authority and power of the Board or the Committee under this Plan, without the Grantee’s consent and action and without
any prior notice requirement, the Committee may make any determination as to the treatment of Awards, in its sole and absolute discretion,
as provided herein:

 

15.2.1. 
Unless otherwise determined by the Board, any Award then outstanding shall be assumed or be substituted by the Company, or by the
successor corporation in such Merger/Sale or by any parent or Affiliate thereof, as determined by the Board in its discretion (the “Successor
Corporation”), under terms as determined by the Board or the terms of this Plan applied by the Successor Corporation to such
assumed or substituted Awards.

 

For the purposes of
this Section 15.2.1, the Award shall be considered assumed or substituted if, following a Merger/Sale, the Award confers on the holder
thereof the right to purchase or receive, for each Share underlying an Award immediately prior to the Merger/Sale, either (i) the consideration
(whether shares or other securities, cash or other property, or rights, or any combination thereof) distributed to or received by holders
of Shares in the Merger/Sale for each Share held on the effective date of the Merger/Sale (and if holders were offered a choice or several
types of consideration, the type of consideration as determined by the Committee, which need not be the same type for all Grantees), or
(ii) regardless of the consideration received by the holders of Shares in the Merger/Sale, solely shares or any type of Awards (or their
equivalent) of the Successor Corporation at a value to be determined by the Committee in its discretion, or a certain type of consideration
(whether shares or other securities, cash or other property, or rights, or any combination thereof) as determined by the Committee. Any
of the consideration referred to in the foregoing clauses (i) and (ii) shall be subject to the same vesting and expiration terms of the
Awards applying immediately prior to the Merger/Sale, unless determined by the Committee, in its discretion, that the consideration shall
be subject to different vesting and expiration terms, or other terms, and the Committee may determine that it be subject to other or additional
terms. The foregoing shall not limit the Board’s authority to determine that in lieu of such assumption or substitution of Awards
for Awards of the Successor Corporation, such Award will be substituted for shares or other securities, cash or other property, or rights,
or any combination thereof, including as set forth in Section 15.2.2 hereunder.

 

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15.2.2. 
 Unless otherwise determined by the Committee, to the extent any Awards are not assumed or substituted by the Successor Corporation,
such Awards shall vest in full and be entitled to receive the consideration payable to shareholders generally (subject to any applicable
Exercise Price and taxes in respect of any Award) in the Merger/Sale.

 

15.2.3. 
Regardless of whether or not Awards are assumed or substituted, the Board may (but shall not be obligated to):

 

15.2.3.1. 
provide for the Grantee to have the right to exercise the Award in respect of Shares covered by the Award which would otherwise
be exercisable or vested, under such terms and conditions as the Board shall determine, and the cancellation of all unexercised Awards
(whether vested or unvested) upon or immediately prior to the closing of the Merger/Sale, unless the Board provides for the Grantee to
have the right to exercise the Award, or otherwise for the acceleration of vesting of such Award, as to all or part of the Shares covered
by the Award which would not otherwise be exercisable or vested, under such terms and conditions as the Board shall determine;

 

15.2.3.2. 
provide for the cancellation of each outstanding Award at or immediately prior to the closing of such Merger/Sale, and if and to
the extent payment shall be made to the Grantee of an amount in shares or other securities of the Company, the acquiror or of a corporation
or other business entity which is a party to the Merger/Sale, cash or other property, or rights, or any combination thereof, as determined
by the Board to be fair in the circumstances, and subject to such terms and conditions as determined by the Board. The Board shall have
full authority to select the method for determining the payment (being the intrinsic (“spread”) value of the option, Black-Scholes
model or any other method). Inter alia, and without limitation of the following determination being made in other circumstances,
the Board’s determination may provide that payment shall be set to zero if the value of the Shares is determined to be less than
the Exercise Price, or in respect of Shares covered by the Award which would not otherwise be exercisable or vested, or that payment may
be made only in excess of the Exercise Price; and/or

 

15.2.3.3. 
provide that the terms of any Award shall be otherwise amended, modified or terminated, as determined by the Board to be fair in
the circumstances.

 

15.2.4. 
The Board may determine: (i) that any payments made in respect of Awards shall be made or delayed to the same extent that payment
of consideration to the holders of the Shares in connection with the Merger/Sale is made or delayed as a result of escrows, indemnification,
earn outs, holdbacks or any other contingencies or conditions; (ii) the terms and conditions applying to the payment made or payable to
the Grantees, including participation in escrow, indemnification, releases, earn-outs, holdbacks or any other contingencies; and (iii)
that any terms and conditions applying under the applicable definitive transaction agreements shall apply to the Grantees (including,
appointment and engagement of a shareholders or sellers representative, payment of fees or other costs and expenses associated with such
services, indemnifying such representative, and authorization to such representative within the scope of such representative’s authority
in the applicable definitive transaction agreements).

 

15.2.5. 
The Board may determine to suspend the Grantee’s rights to exercise any vested portion of an Award for a period of time prior
to the signing or consummation of a Merger/Sale transaction.

 

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15.2.6.  Without
limiting the generality of this Section 15, if the consideration in exchange for Awards in a Merger/Sale includes any securities and
due receipt thereof by any Grantee (or by the Trustee for the benefit of such Grantee) may require under Applicable Law (i) the
registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or
(ii) the provision to any Grantee of any information under the Securities Act or any other securities laws, then the Board may
determine that the Grantee shall be paid in lieu thereof, against surrender of the Shares or cancellation of any other Awards, an
amount in cash or other property, or rights, or any combination thereof, as determined by the Board to be fair in the circumstances,
and subject to such terms and conditions as determined by the Board. Nothing herein shall entitle any Grantee to receive any form of
consideration that such Grantee would be ineligible to receive as a result of such Grantee’s failure to satisfy (in the
Board’s sole determination) any condition, requirement or limitation that is generally applicable to the Company’s
shareholders, or that is otherwise applicable under the terms of the Merger/Sale, and in such case, the Board shall determine the
type of consideration and the terms applying to such Grantees.

 

15.2.7. 
Neither the authorities and powers of the Board or the Committee under this Section 15.2, nor the exercise or implementation
thereof, shall (i) be restricted or limited in any way by any adverse consequences (tax or otherwise) that may result to any holder of
an Award, and (ii) as, inter alia, being a feature of the Award upon its grant, be deemed to constitute a change or an amendment
of the rights of such holder under this Plan, nor shall any such adverse consequences (as well as any adverse tax consequences that may
result from any tax ruling or other approval or determination of any relevant tax authority) be deemed to constitute a change or an amendment
of the rights of such holder under this Plan, and may be effected without consent of any Grantee and without any liability to the Company
or its Affiliates, or to their respective officers, directors, employees and representatives, and the respective successors and assigns
of any of the foregoing. The Board or Committee need not take the same action with respect to all Awards or with respect to all Service
Providers. The Board or Committee may take different actions with respect to the vested and unvested portions of an Award. The Board or
Committee may determine an amount or type of consideration to be received or distributed in a Merger/Sale which may differ as among the
Grantees, and as between the Grantees and any other holders of shares of the Company.

 

15.2.8. 
The Board may determine that upon a Merger/Sale any Shares held by Grantees (or for Grantee’s benefit) are sold in accordance
with instructions issued by the Board in connection with such Merger/Sale, which shall be final, conclusive and binding on all Grantees.

 

15.2.9. 
All of the Board's or the Committee’s determinations pursuant to this Section 15 shall be at its sole and absolute discretion,
and shall be final, conclusive and binding on all Grantees (including, for clarity, as it relates to Shares issued upon exercise or vesting
of any Awards or that are Awards, unless otherwise determined by the Board or Committee, as applicable) and without any liability to the
Company or its Affiliates, or to their respective officers, directors, employees, shareholders and representatives, and the respective
successors and assigns of any of the foregoing, in connection with the method of treatment, chosen course of action or determinations
made hereunder.

 

15.2.10. 
With respect to any Grantees who are subject to United States Federal income tax, if and only to the extent required to comply
with Section 409A of the Code, any actions set forth in this Section 15.2 may only be taken to the extent there has been a “change
in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company
(in each case as defined in U.S. Treasury Regulation 1.409A-3(i)(5)).

 

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15.2.11.  If
determined by the Board, the Grantees shall be subject to the definitive agreement(s) in connection with the Merger/Sale as applying
to holders of Shares including, such terms, conditions, representations, undertakings, liabilities, limitations, releases,
indemnities, appointing and indemnifying shareholders/sellers representative, participating in transaction expenses,
shareholders/sellers representative expense fund and escrow arrangement, in each case as determined by the Board. Each Grantee shall
execute (and authorizes any person designated by the Company to so execute, as well as (if applicable) the Trustee holding any
Shares for the Grantee’s behalf) such separate agreement(s) or instruments as may be requested by the Company, the Successor
Corporation or the acquiror in connection with such in such Merger/Sale or otherwise under or for the purpose of implementing this
Section 15.2, and in the form required by them. The execution of such
separate agreement(s) may be a condition to the receipt of assumed or substituted Awards, payment in lieu of the Award, the exercise
of any Award or otherwise to be entitled to benefit from shares or other securities, cash or other property, or rights, or any
combination thereof, pursuant to this Section 15.2 (and the Company (and, if applicable, the Trustee) may exercise its authorization
above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such agreements). 

 

15.3. 
Reservation of Rights. Except as expressly provided in this Section 15 (if any), the Grantee of an Award hereunder shall
have no rights by reason of any Recapitalization of shares of any class, any increase or decrease in the number of shares of any class,
or any dissolution, liquidation, reorganization (which may include a combination or exchange of shares, spin-off or other corporate divestiture
or division, or other similar occurrences), or Merger/Sale. Any issue by the Company of shares of any class, or securities convertible
into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number, type
or price of shares subject to an Award. The grant of an Award pursuant to this Plan shall not affect in any way the right or power of
the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structures or to merge or to
consolidate or to dissolve, liquidate or sell, or transfer all or part of its business or assets or engage in any similar transactions.

 

		16.	NON-TRANSFERABILITY OF AWARDS; SURVIVING BENEFICIARY.

 

16.1. 
All Awards granted under this Plan by their terms shall not be transferable, other than by will or by the laws of descent and distribution,
unless otherwise determined by the Committee or under this Plan, provided that with respect to Shares issued upon exercise of Awards,
Shares issued upon the vesting of Awards or Awards that are Shares, the restrictions on transfer shall be the restrictions referred to
in Section 17 (Conditions upon Issuance of Shares) hereof. Subject to the above provisions, the terms of such Award, this Plan and any
applicable Award Agreement shall be binding upon the beneficiaries, executors, administrators, heirs and successors of such Grantee. Awards
may be exercised or otherwise realized, during the lifetime of the Grantee, only by the Grantee or by his guardian or legal representative,
to the extent provided for herein. Any transfer of an Award not permitted hereunder (including transfers pursuant to any decree of divorce,
dissolution or separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse) and any grant
of any interest in any Award to, or creation in any way of any direct or indirect interest in any Award by, any party other than the Grantee
shall be null and void and shall not confer upon any party or person, other than the Grantee, any rights. A Grantee may file with the
Committee a written designation of a beneficiary, who shall be permitted to exercise such Grantee’s Award or to whom any benefit
under this Plan is to be paid, in each case, in the event of the Grantee’s death before he or she fully exercises his or her Award
or receives any or all of such benefit, on such form as may be prescribed by the Committee and may, from time to time, amend or revoke
such designation. If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee’s estate shall
be deemed to be the Grantee’s beneficiary. Notwithstanding the foregoing, upon the request of the Grantee and subject to Applicable
Law the Committee, at its sole discretion, may permit the Grantee to transfer the Award to a trust whose beneficiaries are the Grantee
and/or the Grantee’s immediate family members (all or several of them).

 

16.2. 
Notwithstanding any other provisions of this Plan to the contrary, no Incentive Stock Option may be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or in accordance with a
beneficiary designation pursuant to Section 16.1. Further, all Incentive Stock Options granted to a Grantee shall be exercisable during
his or her lifetime only by such Grantee.

 

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16.3. 
 As long as the Shares are held by the Trustee in favor of the Grantee, all rights possessed by the Grantee over the Shares are
personal, and may not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

 

16.4. 
If and to the extent a Grantee is entitled to transfer an Award and/or Shares underlying an Award in accordance with the terms
of this Plan and any other applicable agreements, such transfer shall be subject (in addition, to any other conditions or terms applying
thereto) to receipt by the Company from such proposed transferee of a written instrument, on a form reasonably acceptable to the Company,
pursuant to which such proposed transferee agrees to be bound by all provisions of this Plan and any other applicable agreements, including
without limitation, any restrictions on transfer of the Award and/or Shares set forth herein (however, failure to so deliver such instrument
to the Company as set forth above shall not derogate from all such provisions applying on any transferee).

 

16.5. 
The provisions of this Section ‎16 shall apply to the Grantee and to any purchaser, assignee or transferee of any Shares.

 

		17.	CONDITIONS UPON ISSUANCE OF SHARES; GOVERNING PROVISIONS.

 

17.1. 
Legal Compliance. The grant of Awards and the issuance of Shares upon exercise or settlement of Awards shall be subject
to compliance with all Applicable Law as determined by the Company, including, applicable requirements of federal, state and foreign law
with respect to such securities. The Company shall have no obligations to issue Shares pursuant to the exercise or settlement of an Award
and Awards may not be exercised or settled, if the issuance of Shares upon exercise or settlement would constitute a violation of any
Applicable Law as determined by the Company, including, applicable federal, state or foreign securities laws or other law or regulations
or the requirements of any stock exchange or market system upon which the Shares may then be listed. In addition, no Award may be exercised
unless (i) a registration statement under the Securities Act or equivalent law in another jurisdiction shall at the time of exercise or
settlement of the Award be in effect with respect to the shares issuable upon exercise of the Award, or (ii) in the opinion of legal counsel
to the Company, the shares issuable upon exercise of the Award may be issued in accordance with the terms of an applicable exemption from
the registration requirements of the Securities Act or equivalent law in another jurisdiction. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, if any, deemed by the Company to be necessary to the lawful issuance and sale
of any Shares hereunder, and the inability to issue Shares hereunder due to non-compliance with any Company policies with respect to the
sale of Shares, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite
authority or compliance shall not have been obtained or achieved. As a condition to the exercise of an Award, the Company may require
the person exercising such Award to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any Applicable
Law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company, including to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares, all in form and content specified by the Company.

 

17.2. 
Provisions Governing Shares. Shares issued pursuant to an Award shall be subject to this Plan and shall be subject to the
Articles of Association of the Company, and any other governing documents of the Company and all policies, manuals and internal regulations
of the Company, as in effect from time to time.

 

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17.3.  Share
Purchase Transactions; Forced Sale. In the event that the Board approves a Merger/Sale effected by way of a forced or compulsory
sale (whether pursuant to the Company’s Articles of Association, pursuant to Section 341 of the Companies Law or any agreement
amongst some or all of the Company's shareholders or otherwise) or in the event of a transaction for the sale of all shares of the
Company, then, without derogating from such provisions and in addition thereto, the Grantee shall be obligated, and shall be deemed
to have agreed to the offer to effect the Merger/Sale (and the Shares held by or for the benefit of the Grantee shall be included in
the shares of the Company approving the terms of such Merger/Sale for the purpose of satisfying the required majority), and shall
sell all of the Shares held by or for the benefit of the Grantee on the terms and conditions applying to the holders of Shares, in
accordance with the instructions then issued by the Board, whose determination shall be final. No Grantee shall contest, bring any
claims or demands, or exercise any appraisal rights related to any of the foregoing. Each Grantee shall execute (and authorizes any
person designated by the Company to so execute, as well as (if applicable) the Trustee holding any Shares for the Grantee’s
behalf) such documents and agreements, as may be requested by the Company relating to matters set forth in or otherwise for the
purpose of implementing this Section 17.3. The execution of such separate
agreement(s) may be a condition by the Company to the exercise of any Award and the Company (and, if applicable, the Trustee) may
exercise its authorization above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such
agreements. 

 

17.4. 
Data Privacy; Data Transfer. Information related to Grantees and Awards hereunder, as shall be received from Grantee or
others, and/or held by, the Company or its Affiliates from time to time, and which information may include sensitive and personal information
related to Grantees (“Information”), will be used by the Company or its Affiliates (or third parties appointed by any
of them, including the Trustee) to comply with any applicable legal requirement, or for administration of this Plan as they deems necessary
or advisable, or for the respective business purposes of the Company or its Affiliates (including in connection with transactions related
to any of them). The Company and its Affiliates shall be entitled to transfer the Information among the Company or its Affiliates, and
to third parties for the purposes set forth above, which may include persons located abroad (including, any person administering this
Plan or providing services in respect of this Plan or in order to comply with legal requirements, or the Trustee, their respective officers,
directors, employees and representatives, and the respective successors and assigns of any of the foregoing), and any person so receiving
Information shall be entitled to transfer it for the purposes set forth above. The Company shall use commercially reasonable efforts to
ensure that the transfer of such Information shall be limited to the reasonable and necessary scope. By receiving an Award hereunder,
Grantee acknowledges and agrees that the Information is provided at Grantee’s free will and Grantee consents to the storage and
transfer of the Information as set forth above.

 

17.5. 
Clawback Provisions. All Awards (including the gross amount of any proceeds, gains or other economic benefit the Grantee
actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award)
will be subject to recoupment by the Company to the extent required to comply with Applicable Law or any policy of the Company (subject
to Applicable Law) providing for the reimbursement of incentive compensation, whether or not such policy was in place at the time of grant
of an Award.

 

		18.	AGREEMENT REGARDING TAXES; DISCLAIMER.

 

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

 

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

 

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

 

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

 

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18.5. 
The Company or any Subsidiary or Affiliate may take such action as it may deem necessary or appropriate, in its discretion, for
the purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Company or any Subsidiary
or Affiliate (or any applicable agent thereof) is required by any Applicable Law to withhold in connection with any Awards (collectively,
“Withholding Obligations”). Such actions may include (i) requiring a Grantees to remit to the Company in cash an amount
sufficient to satisfy such Withholding Obligations and any other taxes and compulsory payments, payable by the Company or an Affiliate
in connection with the Award or the exercise or (if applicable) the vesting thereof; (ii) subject to Applicable Law, allowing the Grantees
to provide Shares to the Company, in an amount that at such time, reflects a value that the Committee determines to be sufficient to satisfy
such Withholding Obligations; (iii) withholding Shares otherwise issuable upon the exercise of an Award at a value which is determined
by the Committee to be sufficient to satisfy such Withholding Obligations; (iv) withholding from other compensation payable by the Company
or an Affiliate to the Grantee; or (v) any combination of the foregoing. The Company shall not be obligated to allow the exercise or vesting
of any Award by or on behalf of a Grantee until all tax consequences arising therefrom are resolved in a manner acceptable to the Company.

 

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

 

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

 

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

 

		19.	RIGHTS AS A SHAREHOLDER; VOTING AND DIVIDENDS.

 

19.1.  Subject
to Section 12.4, a Grantee shall have no rights as a shareholder of the Company with respect to any Shares covered by an Award until
the Grantee shall have exercised or (as applicable) vests the Award, paid the Exercise Price therefor and becomes the record holder
of the subject Shares. In the case of 102 Awards, the Trustee shall have no rights as a shareholder of the Company with respect to
the Shares covered by such Award until the Trustee becomes the record holder for such Shares for the Grantee’s benefit, and
the Grantee shall not be deemed to be a shareholder and shall have no rights as a shareholder of the Company with respect to the
Shares covered by the Award until the date of the release of such Shares from the Trustee to the Grantee and the transfer of record
ownership of such Shares to the Grantee (provided, however, that the Grantee shall be entitled to receive from the Trustee any cash
dividend or distribution made on account of the Shares held by the Trustee for such Grantee’s benefit, subject to any tax
withholding and compulsory payment). No adjustment shall be made for dividends (ordinary or extraordinary, whether in shares or
other securities, cash or other property, or rights, or any combination thereof) or distribution of other rights for which the
record date is prior to the date on which the Grantee or Trustee (as applicable) becomes the record holder of the Shares covered by
an Award, except as provided in Section 15 hereof.

 

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19.2. 
With respect to all Awards issued in the form of Shares hereunder or upon the exercise or (if applicable) the vesting of Awards
hereunder, any and all voting rights attached to such Shares shall be subject to Section 20, and the Grantee shall be entitled to
receive dividends distributed with respect to such Shares, subject to the provisions of the Company’s Articles of Association, as
amended from time to time, and subject to any Applicable Law.

 

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

 

		20.	NO REPRESENTATION BY COMPANY.

 

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

 

		21.	NO RETENTION RIGHTS.

 

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

 

		22.	PERIOD DURING WHICH AWARDS MAY BE GRANTED.

 

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

 

		23.	AMENDMENT OF THIS PLAN AND AWARDS.

 

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

 

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23.2. 
Subject to changes in Applicable Law that would permit otherwise, without the approval of the Company’s shareholders, there
shall be (i) no increase in the maximum aggregate number of Shares that may be issued under this Plan as Incentive Stock Options (except
by operation of the provisions of Section 15.1), (ii) no change in the class of persons eligible to receive Incentive Stock Options,
and (iii) no other amendment of this Plan that would require approval of the Company’s shareholders under any Applicable Law or
the rules of the applicable stock market or exchange, if any, on which the Shares are principally quoted or traded. Unless not permitted
by Applicable Law, if the grant of an Award is subject to approval by shareholders, the date of grant of the Award shall be determined
as if the Award had not been subject to such approval. Failure to obtain approval by the shareholders shall not in any way derogate from
the valid and binding effect of any grant of an Award that is not an Incentive Stock Option.

 

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

 

		24.	APPROVAL.

 

24.1. 
This Plan shall take effect upon its adoption by the Board and approval by the shareholders of the Company (the “Effective
Date”).

 

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

 

24.3. 
102 Awards are conditional upon the filing with or approval by the ITA, if required, as set forth in Section 9.49. Failure to so
file or obtain such approval shall not in any way derogate from the valid and binding effect of any grant of an Award, which is not a
102 Award.

 

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

 

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

 

    33

     

    

 

25.2.  This
Section 25.2 shall only apply to Awards granted to Grantees who are subject to United States Federal income tax. With respect
to Awards subject to Section 409A of the Code, this Plan is intended to comply with the requirements of Section 409A of the Code,
and the provisions of this Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section
409A of the Code, and this Plan shall be operated accordingly. If any provision of this Plan or any term or condition of any Award
would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so
as to avoid this conflict. Notwithstanding anything in this Plan to the contrary, if the Board considers a Grantee to be a
“specified employee” under Section 409A of the Code at the time of such Grantee’s “separation from
service” (as defined in Section 409A of the Code), and any amount hereunder is “deferred compensation” subject to
Section 409A of the Code, any distribution of such amount that otherwise would be made to such Grantee with respect to an Award as a
result of such “separation from service” shall not be made until the date that is six months after such
“separation from service,” except to the extent that earlier distribution would not result in such Grantee incurring
interest or additional tax under Section 409A of the Code. If an Award includes a “series of installment payments”
(within the meaning of Section 1.409A-2(b)(2)(iii) of the U.S. Treasury Regulations), a Grantee’s right to such series of
installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if an
Award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the U.S. Treasury Regulations), a
Grantee’s right to such dividend equivalents shall be treated separately from the right to other amounts under the Award.
Notwithstanding the foregoing, the tax treatment of the benefits provided under this Plan or any Award Agreement is not warranted or
guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses
that may be incurred by a Grantee on account of non-compliance with Section 409A of the Code.

 

		26.	GOVERNING LAW; JURISDICTION.

 

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

 

		27.	NON-EXCLUSIVITY OF THIS PLAN.

 

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

 

		28.	MISCELLANEOUS.

 

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

 

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

 

28.3.  Fractional
Shares. No fractional Share shall be issuable upon exercise or vesting of any Award. Unless a different rounding rule is applied
by the Company, the number of Shares to be issued shall be rounded down to the nearest whole Share, with any Share remaining at the
last vesting date due to such rounding to be issued upon exercise at such last vesting date.

 

    34

     

    

 

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

 

28.5. 
Limitations on Liability. Notwithstanding any other provisions of this Plan, no individual acting as a director, officer
or other employee of the Company or any Affiliate will be liable to any Grantee, former Grantee, spouse, beneficiary, or any other person
for any claim, loss, liability, or expense incurred in connection with this Plan or any Award, and such individual will not be personally
liable with respect to this Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director,
officer or other employee of the Company or any Subsidiary.

 

28.6. 
Captions and Titles. The use of captions and titles in this Plan or any Award Agreement or any other agreement entered into
in connection with an Award is for the convenience of reference only and shall not affect the meaning or interpretation of any provision
of this Plan or such agreement.

 

28.7. 
Unfunded Status of Awards. This Plan is intended to be an “unfunded” plan for incentive compensation. With respect
to any payments not yet made to a Grantee pursuant to an Award, nothing contained in this Plan or Award Agreement shall give the Grantee
any rights that are greater than those of a general creditor of the Company or any Affiliate.

 

28.8. 
Provisions for Foreign Grantees. The Committee may modify Awards granted to Grantees who are foreign nationals or employed
outside Israel, establish subplans or procedures under this Plan or take any other necessary or appropriate action to address Applicable
Law, including, without limitation, (a) differences in laws, rules, regulations or customs of such foreign jurisdictions with respect
to tax, securities, currency, employee benefit or other matters, (b) listing and other requirements of any foreign securities exchange,
and (c) any necessary local governmental or regulatory exemptions or approval.

 

28.9. 
Non-Uniform Determinations. The Committee’s determinations under this Plan and Award Agreements need not be uniform
and any such determinations may be made by it selectively among persons who receive, or are eligible to receive, Awards under this Plan
(whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled,
among other things, to make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective
Award Agreements, as to (i) the persons to receive Awards, (ii) the terms and provisions of Awards and (iii) whether a Grantee’s
employment has been terminated for purposes of this Plan.

 

***

 

 

35Exhibit 10.6

 

REE
AUTOMOTIVE, LTD. EMPLOYEE STOCK PURCHASE PLAN

 

Section
1. Purpose. This REE Automotive, Ltd. Employee Stock Purchase Plan (the “Plan”)
is intended to provide Eligible Employees of the Company and the Participating Companies with an opportunity to acquire a proprietary
interest in the Company through the purchase of Shares. The Plan has two components: (a) one component (the “423 Component”)
is intended to qualify as an “employee stock purchase plan” under Section 423(b) of the Code, and the Plan will be interpreted
in a manner that is consistent with that intent, and (b) the other component (the “Non-423 Component”), which is not
intended to qualify as an “employee stock purchase plan” under Section 423 of the Code, authorizes the grant of options pursuant
to rules, procedures or sub-plans adopted by the Committee that are designed to achieve tax, securities laws or other objectives for
Eligible Employees. Rights granted under the Non-423 Component shall be granted pursuant to separate Offerings containing such sub-plans,
appendices, rules or procedures as may be adopted by the Committee and designed to achieve tax, securities laws or other objectives for
Eligible Employees and Participating Companies but shall not be intended to qualify as an “employee stock purchase plan”
under Section 423 of the Code. Except as otherwise provided herein or as may be determined by the Committee, the Non-423 Component
will operate and be administered in the same manner as the 423 Component. Offerings intended to be made under the Non-423 Component will
be designated as such by the Committee at or prior to the time of such Offering.

 

For
purposes of the Plan, the Committee may designate separate Offerings under the Plan in which Eligible Employees will participate. The
terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical,
provided that the terms of participation are the same within each separate Offering under the 423 Component (as determined under Section
423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide
for simultaneous Offerings under the 423 Component and the Non-423 Component of the Plan.

 

Section
2. Definitions

 

Wherever
the following terms are used in the Plan, they shall have the meanings specified below unless the context clearly indicates otherwise.

 

(a)
“Affiliate” means any entity that, directly or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with, the Company.

 

(b) “Applicable
Law” means the requirements relating to the administration of employee stock purchase plans under U.S. federal and state securities,
tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which Shares
are listed or quoted and the applicable laws and rules of any non-U.S. country or other jurisdiction where rights under the Plan are
granted.

 

(c)
“Board” means the Board of Directors of the Company.

 

(d) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference
to a provision in the Code shall include any successor provision thereto.

 

     

     

    

 

(e) “Commission”
means the Securities and Exchange Commission.

 

(f) “Committee”
means a committee of the Board established or appointed by the Board to administer the Plan. If the Board does not designate such committee,
references herein to the “Committee” shall refer to the Board.

 

(g) “Company”
means REE Automotive, Ltd., an Israeli company, including any successor thereto.

 

(h) “Compensation”
means all base salary, wages, annual bonuses and commissions paid to an Eligible Employee
by the Company or a Participating Company as compensation for services to the Company or Participating Company, before deduction for
any salary deferral contributions made by the Eligible Employee to any tax-qualified or
nonqualified deferred compensation plan, including overtime, vacation pay, holiday pay,
parental leave pay, jury duty pay and funeral leave pay, but excluding car allowances, transit payments, relocation assistance, reimbursements
(such as travel expenses, financial planning, tuition assistance, adoption assistance and similar reimbursements and advances), imputed
income, cost-of-living allowances, tax gross-ups, nonqualified deferred compensation plan payments, severance or termination pay, third
party sick pay, income relating to equity or equity-based compensation, cash incentive compensation, commissions, special cash awards
or bonuses (such as recognition awards or referral bonuses), and other irregular and special payments that are non-recurring, and income
received in connection with stock options or other equity-based awards.

 

(i) “Corporate
Transaction” means a merger, consolidation, acquisition of property or stock,
separation, reorganization or other corporate event described in Section 424 of the Code.

 

(j) “Designated
Broker” means the financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on behalf
of Participants who have purchased Shares under the Plan.

 

(k) “Effective
Date” means, once the Plan is adopted by the Board and approved by the shareholders of the Company in accordance with ‎Section
20(k) of the Plan, the later of (i) the date on which the registration statement covering the offering of the Shares is declared effective
by the Commission and (ii) a date to be determined by the Committee.

 

(l) “Eligible
Employee” means:

 

(i) With
respect to the 423 Component, an Employee who (i) has been employed by the Company or a
Participating Company for at least six (6) months and (ii) is customarily employed for at least twenty (20) hours per week and more than
five (5) months in any calendar year; provided that executive officers, members of the Board and managing directors, in each case
who are “highly compensated employees” of the Company or a Participating Company (within the meaning of Section 414(q) of
the Code), shall not constitute “Eligible Employees.” Notwithstanding the foregoing, the Committee (a) may exclude from participation
in the Plan or any Offering any other Employees
who are “highly compensated employees” or sub-set of such “highly compensated
employees” provided the exclusion is applied
in an identical manner to all “highly compensated employees” of the Company and all Participating Companies whose Employees
are offered options under the Plan or any Offering in a manner that is compliant with Section 423 of the Code and (b) shall exclude
any Employees located outside of the United States to the extent permitted under Section 423 of the Code

 

    2

     

    

 

(ii) With
respect to the Non-423 Component, such Employees as determined by the Committee; provided that no Employee may qualify as an Eligible
Employee under the Non-423 Component if such Employee is subject to taxation in the United States.

 

(m) “Employee”
means any person who renders services to the Company or a Participating Company as an employee
pursuant to an employment relationship with such employer, and, with respect to the 423 Component, a person who is an employee
within the meaning of Section 3401(c) of the Code. For purposes of the Plan, the employment
relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of absence approved
by the Company or a Participating Company that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period
of leave exceeds three (3) months, or such other period of time specified in Treasury Regulation Section 1.421-1(h)(2), and the individual’s
right to re-employment is not guaranteed by statute or contract, the employment relationship shall be deemed to have terminated on the
first day immediately following such three-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2).

 

(n) “Enrollment
Form” means an agreement pursuant to which an Eligible Employee may elect to enroll
in the Plan, to authorize a new level of payroll deductions, or to stop payroll deductions
and withdraw from an Offering Period.

 

(o) “ESPP
Share Account” means an account into which Shares purchased with accumulated payroll deductions at the end of an Offering Period
are held on behalf of a Participant.

 

(p) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder.
Any reference to a provision in the Exchange Act shall include any successor provision thereto.

 

(q) “Fair
Market Value” means, as of any date, the closing price of a Share on the Trading Day immediately preceding the date of determination
(or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred), on the principal stock
market or exchange on which Shares are quoted or traded, or if Shares are not so quoted or traded, the fair market value of a Share as
determined by the Committee in its discretion and such determination shall be conclusive and binding on all persons.

 

    3

     

    

 

(r) “Offering”
means an offer under the Plan of a right to purchase Shares that may be exercised during an Offering Period. Unless otherwise specified
by the Committee, each Offering to the Eligible Employees of the Company or a Participating Company shall be deemed a separate Offering,
even if the dates and other terms of the applicable Offering Periods of each such Offering are identical, and the provisions of the Plan
will separately apply to each Offering. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering
under the 423 Component need not be identical, provided that the terms of the 423 Component and an Offering thereunder together satisfy
Treas. Reg. § 1.423-2(a)(2) and (a)(3).

 

(s) “Offering
Date” means the first Trading Day of each Offering Period as designated by the Committee.

 

(t) “Offering
Period” has the meaning set forth in ‎Section 5.

 

(u) “Offering
Period Limit” has the meaning set forth in Section ‎Section 7.

 

(v) “Participant”
means an Eligible Employee who is actively participating in the Plan.

 

(w) “Participating
Companies” means the Subsidiaries and Affiliates that have been designated as eligible to participate in the Plan, and such
other Subsidiaries and Affiliates that may be designated by the Committee from time to time in its sole discretion. For purposes of the
423 Component, only the Company and its Subsidiaries may be Participating Companies; provided, however, that at any given
time, a Subsidiary that is a Participating Company under the 423 Component will not be a Participating Company under the Non-423 Component.
The Committee may so designate any Subsidiary or Affiliate, or revoke any such designation, at any time and from time to time, either
before or after the Plan is approved by the shareholders of the Company.

 

(x)
“Plan” means this REE Automotive, Ltd. Employee
Stock Purchase Plan, as set forth herein, and as amended from time to time.

 

(y) “Purchase
Date” means the last Trading Day of each Offering Period.

 

(z) “Purchase
Price” means the purchase price designated by the Committee with respect to each Offering (which purchase price,
for purposes of the 423 Component, shall not be less than 85% of the Fair Market Value of a Share on the Offering Date or on the Purchase
Date, whichever is lower); provided, however, that, in the event no purchase price is designated by the Committee with
respect to any Offering, the purchase price for the Offering Periods in such Offering shall be 85% of the Fair Market Value of a Share
on the Offering Date or on the Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted by the Committee
pursuant to ‎Section 18 of the Plan and shall not be less than the par value of a Share.

 

(aa) “Securities
Act” means the Securities provision Act of 1933, as amended from time to time, and the rules, regulations and guidance thereunder.
Any reference to a provision in the Securities Act includes any successor thereof.

 

(bb) “Share”
means an ordinary share of the Company.

 

    4

     

    

 

(cc) “Subsidiary”
means any corporation, domestic or foreign, of which not less than 50% of the combined voting power is held by the Company or a Subsidiary,
whether or not such corporation exists now or is hereafter organized or acquired by the Company or a Subsidiary. In all cases, the determination
of whether an entity is a Subsidiary shall be made in accordance with Section 424(f) of the Code.

 

(dd) “Trading
Day” means any day on which the national stock exchange upon which the Shares
are listed is open for trading or, if the Shares are not listed on an established stock
exchange or national market system, a business day, as determined by the Committee in good faith.

 

(ee) “Treasury
Regulation” means the Treasury regulations of the Code. Any reference to a provision in a Treasury regulation includes any
successor provision thereto.

 

Section
3.  Administration.

 

(a) Administration
of Plan. The Plan shall be administered by the Committee which shall have the authority
to construe and interpret the Plan, prescribe, amend and rescind rules relating to the Plan’s
administration and take any other actions necessary or desirable for the administration of the Plan
including, without limitation, adopting sub-plans applicable to particular Participating
Companies or locations, which sub-plans may be designed to be outside the scope of Section
423 of the Code and under the Non-423 Component. With respect to the Non-423 Component, the rules of such sub-plans may take precedence
over other provisions of the Plan, with the exception of Section 13 hereof, but unless otherwise superseded by the terms of such sub-plan,
the provisions of the Plan shall govern the operation of such sub-plan. The Committee may correct any defect or supply any omission or
reconcile any inconsistency or ambiguity in the Plan. The decisions of the Committee shall
be final and binding on all persons. All expenses of administering the Plan shall be borne
by the Company. Notwithstanding anything in the Plan to the contrary and without limiting the generality of the foregoing, the Committee
shall have the authority to change the minimum amount of Compensation for payroll deductions pursuant to ‎Section 6(a) of the Plan,
the frequency with which a Participant may elect to change their rate of payroll deductions pursuant to ‎Section 6(b), the dates
by which a Participant is required to submit an Enrollment Form pursuant to ‎Sections 6(b) ‎and 10(a) of the Plan, and the effective
date of a Participant’s withdrawal due to termination of employment or change in status pursuant to ‎Section 11, and the withholding
procedures pursuant to ‎Section 20(n).

 

(b) Delegation
of Authority. To the extent permitted by Applicable Law, the Committee may delegate to (i) one or more officers of the Company some
or all of its authority under the Plan and (ii) one or more committees of the Board some or all of its authority under the Plan.

 

    5

     

    

 

Section
4.  Eligibility. In order to participate in an Offering, an Eligible Employee must deliver a completed Enrollment Form to
the Company at least five (5) business days prior to the Offering Date (unless a different time is set by the Committee for all Eligible
Employees with respect to such Offering) and must elect his or her payroll deduction rate as described in ‎Section 6. Notwithstanding
any provision of the Plan to the contrary, no Eligible Employee
shall be granted an option under the Plan if (i) immediately after the grant of the
option, such Eligible Employee (or any other person whose stock
would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code)
would own capital stock of the Company or hold outstanding options to purchase
stock possessing 5% or more of the total combined voting power or value of all classes of stock
of the Company or any Subsidiary or (ii) such option would permit his or her rights to purchase
stock under all employee stock purchase plans (described in Section 423 of the Code)
of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock
(determined at the time the option is granted) for each calendar year in which such option is outstanding at any time, in accordance
with the provisions of Section 423(b)(8) of the Code.

 

Section
5.  Offering Periods. The Plan shall be implemented by a series of Offering Periods, each of which shall be six (6) months
in duration, with new Offering Periods commencing on or about January 1 and July 1 of each year (or such other times as determined by
the Committee). The Committee shall have, prior to the commencement of a particular Offering Period, the authority to change the duration,
frequency, start and end dates of Offering Periods (subject to a maximum Offering Period of twenty-seven (27) months).

 

Section
6.  Participation.

 

(a) Enrollment;
Payroll Deductions. An Eligible Employee may elect to participate in the Plan by properly completing an Enrollment Form, which may
be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation
in the Plan is entirely voluntary. By submitting an Enrollment Form, which may be electronic, the Eligible Employee authorizes payroll
deductions from his or her pay check in an amount equal to at least one percent (1%), but not more than twenty percent (20%) of his or
her Compensation on each pay day occurring during an Offering Period (or such other maximum percentage as the Committee may establish
from time to time before an Offering Period begins). Payroll deductions shall commence as soon as practicable following the Offering
Date and end on the latest practicable payroll date on or before the Purchase Date. The Company shall maintain records of all payroll
deductions but shall have no obligation to pay interest on payroll deductions or to hold such amounts in a trust or in any segregated
account. Unless expressly permitted by the Committee, a Participant may not make any separate contributions or payments to the Plan.

 

(b) Election
Changes. During an Offering Period, a Participant may decrease or increase his or her rate of payroll deductions applicable to such
Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll
deductions at least fifteen (15) days before the Purchase Date. A Participant may decrease or increase his or her rate of payroll deductions
for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen days
before the start of the next Offering Period.

 

    6

     

    

 

(c) Automatic
Re-enrollment. The deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offering Periods unless the
Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with this ‎Section 6, (ii)
withdraws from the Plan in accordance with ‎Section 10, or (iii) terminates employment or otherwise becomes ineligible to participate
in the Plan.

 

(d) Non-U.S.
Employees. In order to facilitate participation in the Plan, the Committee may provide for such special terms applicable to Participants
who are citizens or residents of a non-U.S. jurisdiction, or who are employed by a Participating Company outside of the United States,
as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted
by Section 423 of the Code, with respect to the 423 Component, such special terms may not be more favorable than the terms of rights
granted under the 423 Component to Eligible Employees who are residents of the United States. Such special terms may be set forth in
an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to govern Offerings under
the 423 Component or the Non-423 Component, as determined by the Committee). With respect to the Non-423 Component only, to the extent
that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the provisions of the appendix
or sub-plan shall govern. Without limiting the foregoing, the Committee is specifically authorized to adopt rules and procedures, with
respect to Participants who are non-U.S. nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries
from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions
by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures, establishment
of bank or trust accounts to hold payroll deductions or contributions.

 

Section
7. Grant of Option. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to
purchase, on the Purchase Date, a number of Shares determined by dividing the Participant’s accumulated payroll deductions by the
applicable Purchase Price; provided, that the maximum number of Shares that may be purchased by each Participant during an Offering
Period shall not exceed 25,000 Shares (subject to adjustment in accordance with ‎Section 18 and the limitations set forth in ‎Section
4 and ‎Section 13 of the Plan) (the “Offering Period Limit”).

 

Section
8. Exercise of Option/Purchase of Shares. A Participant’s option to purchase Shares will be exercised automatically on
the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum
number of whole Shares that can be purchased with the amounts in the Participant’s notional account, subject to the Offering Period
Limit and the limitations set forth in ‎Section 4 and ‎Section 13 of the Plan. No fractional Shares may be purchased, but contributions
unused in a given Offering Period due to being less than the cost of a Share will be carried forward to the next Offering Period, subject
to earlier withdrawal by the Participant in accordance with ‎Section 10 or termination of employment or change in employment status
in accordance with ‎Section 11. During a Participant’s lifetime, the Participant’s option to purchase Shares under the
Plan is exercisable only by the Participant.

 

    7

     

    

  

Section
9. Transfer of Shares. As soon as administratively practicable after each Purchase Date, the Company will arrange for the delivery
to each Participant of the Shares purchased upon exercise of his or her option. The Committee may permit or require that the Shares be
deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require that
the Shares be retained with such Designated Broker for a specified period of time. Participants will not have any voting, dividend or
other rights of a shareholder with respect to the Shares subject to any option granted hereunder until such Shares have been delivered
pursuant to this ‎Section 9.

 

Section
10. Withdrawal.

 

(a) Withdrawal
Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form indicating his or her
election to withdraw at least fifteen (15) days before the Purchase Date. The accumulated payroll deductions held on behalf of a Participant
in his or her notional account (that have not been used to purchase Shares) shall be paid to the Participant promptly following receipt
of the Participant’s Enrollment Form indicating his or her election to withdraw and the Participant’s option shall be automatically
terminated. If a Participant withdraws from an Offering Period, no payroll deductions will be made during any succeeding Offering Period,
unless the Participant re-enrolls in accordance with ‎Section 6(a) of the Plan.

 

(b) Effect
on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period will not have any effect upon
his or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from
which the Participant withdraws.

 

Section
11. Termination of Employment; Change in Employment Status.

 

(a) Notwithstanding
‎Section 10, upon termination of a Participant’s employment for any reason prior to the Purchase Date, including death, disability
or retirement, or a change in the Participant’s employment status following which the Participant is no longer an Eligible Employee,
the Participant will be deemed to have withdrawn from an Offering in accordance with ‎Section 10 and the payroll deductions in the
Participant’s notional account (that have not been used to purchase Shares) shall be returned to the Participant, or in the case
of the Participant’s death, to the person(s) entitled to such amounts by will or the laws of descent and distribution, and the
Participant’s option to purchase Shares shall be automatically terminated. If the Participant’s termination of employment
or change in status occurs within ten (10) days before a Purchase Date, the accumulated payroll deductions shall be used to purchase
Shares on the Purchase Date.

 

(b) Unless
otherwise determined by the Committee, a Participant whose employment transfers or whose employment terminates with an immediate rehire
(with no break in service) by or between the Company or a Participating Company will not be treated as having terminated employment for
purposes of participating in the Plan or an Offering; however, if a Participant transfers from an Offering under the 423 Component to
an Offering under the Non-423 Component, the exercise of the Participant’s option to purchase Shares will be qualified under the
423 Component only to the extent that such exercise complies with Section 423 of the Code.  If a Participant transfers from an Offering
under the Non-423 Component to an Offering under the 423 Component, the exercise of the Participant’s option to purchase Shares
will remain non-qualified under the Non-423 Component.

 

    8

     

    

  

Section
12. Interest. No interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan.

 

Section
13. Shares Reserved for Plan.

 

(a) Number
of Shares. The maximum number of Shares available for issuance under the Plan shall initially not exceed in the aggregate [●]
Shares,1 subject to adjustment as provided in ‎Section 18. The Shares may be newly issued Shares, treasury Shares or
Shares acquired on the open market. The total number of Shares available for purchase under the Plan shall be increased on the first
day of each Company fiscal year following the Effective Date in an amount equal to the lesser of (i) [●] Shares,2
(ii) 1.0% of the total number of Shares outstanding as of the end of the last day of the immediately preceding calendar year and (iii)
such number of Shares as determined by the Board in its discretion; provided that the maximum number of Shares that may be issued
under the Plan in any event shall be 29,510,507 Shares (subject to any adjustment in accordance with ‎Section 18). If any purchase
of Shares pursuant to an option under the Plan is not consummated, the Shares not purchased under such option will again become available
for issuance under the Plan.

 

(b) Over-subscribed
Offerings. The number of Shares which a Participant may purchase in an Offering under the Plan may be reduced if the Offering is
over-subscribed. No option granted under the Plan shall permit a Participant to purchase Shares which, if added together with the total
number of Shares purchased by all other Participants in such Offering would exceed the total number of Shares remaining available under
the Plan. If the Committee determines that, on a particular Purchase Date, the number of Shares with respect to which options are to
be exercised exceeds the number of Shares then available under the Plan, the Company shall make a pro rata allocation of the Shares remaining
available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable.

 

Section
14. Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option
or any rights to receive Shares hereunder may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will
or the laws of descent and distribution, or as provided in ‎Section 17) by the Participant. Any attempt to assign, transfer, pledge
or otherwise dispose of such rights or amounts shall be without effect.

 

Section
15. Application of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company
for any corporate purpose to the extent permitted by Applicable Law, and the Company shall not be required to segregate such payroll
deductions or contributions.

 

 

 

 

	1	The number of shares to be equal to two percent (2%) of the total
number of the Company ordinary shares outstanding immediately following the Closing.
	 	 

		2	The number of shares to be equal to two percent (2%) of the total
number of the Company ordinary shares outstanding immediately following the Closing.

 

    9

     

    

 

Section
16. Statements. Participants will be provided with statements at least annually which shall set forth the contributions made
by the Participant to the Plan, the Purchase Price of any Shares purchased with accumulated funds, the number of Shares purchased, and
any payroll deduction amounts remaining in the Participant’s notional account.

 

Section
17. Designation of Beneficiary. If permitted by the Committee, a Participant may file, on forms supplied by the Committee,
a written designation of beneficiary who, in the event of the Participant’s death, is to receive any Shares from the Participant’s
ESPP Share Account or any payroll deduction amounts remaining in the Participant’s notional account.

 

Section
18. Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate Transactions.

 

(a) Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the Company’s structure affecting the Shares occurs, then in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such
manner as it deems equitable, adjust the number of Shares and class of Shares that may be delivered under the Plan, the Purchase Price
per Share and the number of Shares covered by each outstanding option under the Plan, and the numerical limits of ‎Section 7 and
‎Section 13.

 

(b) Dissolution
or Liquidation. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation of the Company,
any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end immediately prior
to the proposed dissolution or liquidation. The new Purchase Date will be before the date of the Company’s proposed dissolution
or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic,
of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time,
the Participant has withdrawn from the Offering in accordance with ‎Section 10 (or deemed to have withdrawn in accordance with ‎Section
11).

 

Section
19. Corporate Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed or an equivalent
option substituted by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation
refuses to assume or substitute the option, the Offering Period with respect to which the option relates will be shortened by setting
a new Purchase Date on which the Offering Period will end. The new Purchase Date will occur before the date of the Corporate Transaction.
Prior to the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new
Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such date, the Participant
has withdrawn (or, pursuant to ‎Section 11, been deemed to have withdrawn) from the Offering in accordance with ‎Section 10.
Notwithstanding the foregoing, in the event of a Corporate Transaction, the Committee may also elect to terminate all outstanding Offering
Periods in accordance with ‎Section 20(i).

 

    10

     

    

 

Section
20. General Provisions.

 

(a) Equal
Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code,
all Eligible Employees who are granted options under the Plan shall have the same rights and privileges.

 

(b) No
Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue
as an Employee or in any other capacity.

 

(c) Rights
as Shareholder. A Participant will become a shareholder with respect to the Shares that are purchased pursuant to options granted
under the Plan when the Shares are transferred to the Participant or, if applicable, to the Participant’s ESPP Share Account. A
Participant will have no rights as a shareholder with respect to Shares for which an election to participate in an Offering Period has
been made until such Participant becomes a shareholder as provided herein.

 

(d) Successors
and Assigns. The Plan shall be binding on the Company and its successors and assigns.

 

(e) Entire
Plan. The Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect
to the subject matter hereof.

 

(f) Compliance
with Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with all Applicable Laws
and regulations. Shares shall not be issued with respect to an option granted under the Plan unless the exercise of such option and the
issuance and delivery of the Shares pursuant thereto shall comply with all Applicable Laws, including, without limitation, the Securities
Act, the Exchange Act, and the requirements of any stock exchange upon which the Shares may then be listed.

 

(g) Disqualifying
Dispositions. Each Participant shall give the Company prompt written notice of any disposition or other transfer of Shares acquired
pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer is made within two years after the Offering
Date or within one year after the Purchase Date. Notwithstanding the foregoing, Participants shall not transfer Shares acquired pursuant
to the exercise of an option acquired under the Plan to a broker other than the Designated Broker within two years after the Offering
Date or within one year after the Purchase Date.

 

(h) Term
of Plan. The Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 20(i), shall have
a term of ten (10) years.

 

(i) Amendment
or Termination. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any reason. If
the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once Shares have
been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated) or permit Offering Periods to
expire in accordance with their terms (and subject to any adjustment in accordance with ‎Section 18). If any Offering Period is terminated
before its scheduled expiration, all amounts that have not been used to purchase Shares will be returned to Participants (without interest,
except as otherwise required by law) as soon as administratively practicable.

 

    11

     

    

 

(j) Governing
Law. The Plan and any agreements hereunder shall be administered, interpreted and enforced in accordance with the laws of the State
of Israel, disregarding any state’s choice of law principles requiring the application of a jurisdiction’s laws other than
the State of Israel. Certain definitions, which refer to the laws of such jurisdiction, shall be construed in accordance with other such
laws. The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive jurisdiction over any dispute arising out of or in
connection with the Plan and any award granted hereunder.

 

(k) Shareholder
Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after the
date the Plan is adopted by the Board.

 

(l) Section
423. The Plan (other than the Non-423 Component) is intended to qualify as an “employee stock purchase plan” under Section
423 of the Code. Any provision of the Plan (other than the Non-423 Component) that is inconsistent with Section 423 of the Code shall
be reformed to comply with Section 423 of the Code.

 

(m) Section
409A; Limitation of Liability. The Plan and all options are intended to be exempt from Section 409A of the Code as “statutory
stock options” within the meaning of Treasury Regulation §1.409A-1(b)(5)(ii), and the Plan and the options will be interpreted
and administered accordingly. Notwithstanding anything to the contrary in the Plan, neither the Company nor the Committee, nor any person
acting on behalf of the Company or the Committee, will be liable to any Participant or other person by reason of any acceleration of
income, any additional tax, or any other tax or liability asserted by reason of the failure of the Plan or any option to be exempt from
or satisfy the requirements of Section 409A of the Code.

 

(n) Withholding.
To the extent required by applicable Federal, state or local law, a Participant must make arrangements satisfactory to the Company for
the payment of any withholding or similar tax obligations that arise in connection with the Plan. At any time, the Company or any Subsidiary
may, but will not be obligated to, withhold from a Participant’s compensation the amount necessary for the Company or any Subsidiary
to meet applicable withholding obligations, including any withholding required to make available to the Company or any Subsidiary any
tax deductions or benefits attributable to the sale or early disposition of Shares by such Participant. In addition, the Company or any
Subsidiary may, but will not be obligated to, withhold from the proceeds of the sale of Shares or any other method of withholding that
the Company or any Subsidiary deems appropriate to the extent permitted by, where applicable, Treasury Regulation Section 1.423-2(f).
The Company will not be required to issue any Shares under the Plan until such obligations are satisfied.

 

(o) Severability.
If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted.

 

(p) Headings.
The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the
Plan.

 

(q) Participating
Company. A Participating Company may withdraw from the Plan as of any Offering Date by giving written notice to the Board, which
notice must be received by at least thirty (30) days prior to such Offering Date.

 

 

12

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