Document:

EX-10.8

 Exhibit 10.8 

AGREEMENT FOR THE PROVISION OF A LOAN FACILITY 

OF UP TO US$ 5,000,000 

Dated June 19, 2014 

Between 
 KREOS CAPITAL IV (EXPERT
FUND) LIMITED a company incorporated in Jersey whose registered office is at 47 Esplanade, St Helier, Jersey (the “Lender”, which expression shall include its successors and assigns); 

and 
 REWALK ROBOTICS LTD., a company incorporated
in Israel under registered number 513121376 whose registered office is at 0 HaCarmel Street, Yokneam Illit 2069200, Israel (the “Borrower”). 

WHEREAS: 
  

	1.	The Borrower wishes to borrow up to the Total Loan Facility (as defined below) and the Lender wishes to make the Total Loan Facility available to the Borrower on the terms of this agreement (the “Loan
Agreement”); and 

  

	2.	The Borrower hereby confirms that on or about the date hereof it shall enter into the Initial Security Documents as security for monies borrowed by the Borrower hereunder under which it shall grant to the Lender, as
security for monies borrowed by the Borrower hereunder, (A) a first priority fixed charge over the Equipment and the Intellectual Property of the Borrower as well as all shares held by the Borrower in Argo Medical Technologies Inc. and Argo
Medical Technologies GmbH (the “Fixed Charge”), and (B) a first priority floating charge over all the assets of the Borrower as of the date hereof or hereafter acquired (the “Floating Charge”).

 LOAN FACILITY TERMS: 
  

			
	Total Loan Facility	  	Up to US$5,000,000.
		
	Expiry Date	  	September 30, 2014 (subject to Clause 3.4 below).
		
	Advance Payment	  	Last month deposit for each Tranche (as defined below).
		
	Repayment Term	  	Thirty six (36) months (in respect of each Tranche) as follows: thirty-six (36) repayments of principal and interest accrued thereon, all as set forth in Clause 3.4 below).
		
	Transaction Fee	  	1.00% of the Total Loan Facility, payable upon execution of this Loan Agreement.
		
	End of Loan Payment	  	1% of the total amount withdrawn by the Borrower out of the Total Loan Facility.
		
	Minimum Drawdown Amount	  	US$ 1,000,000 (subject to Clause 3.4 below).

 

	1	DEFINITIONS 

 In this Loan Agreement, including the recitals set out above, unless otherwise defined:

  

	1.1	“Accounts” means the audited annual consolidated profit and loss account and balance sheet of the Borrower. 

  

	1.2	“Advance Payment” has the meaning given in Clause 5.1 and is in the amount set forth above in the Loan Facility Terms; 

 

	1.3	“Affiliate” means, in relation to any person, a subsidiary of that person or a holding company of that person or any other subsidiary of that holding company; 

 

	1.4	“Applicable Interest Rate” has the meaning given in Clause 6.1; 

  

	1.5	“Assignee” has the meaning given in Clause 16.4; 

  

	1.6	“Business Day” means any day on which banks are generally open for business in London and Tel Aviv other than a Friday, Saturday or Sunday; 

 

	1.7	“Charged Assets” means the assets and undertaking charged or to be charged to the Lender from time to time pursuant to the Security Documents; 

 

	1.8	“Companies Registrar” means the Registrar of Companies in Israel;

	1.9	“Contractual Currency” has the meaning given to it in Clause 5.2.4; 

  

	1.10	“Debentures” Means the Debenture – First Ranking Fixed Charge and the Debenture – First Ranking Floating Charge signed between the Borrower and the Lender on June 19, 2014.

  

	1.11	“Drawdown” means the drawdown of a Tranche under the Loan Facility; 

  

	1.12	“Drawdown Date” means, unless otherwise provided herein, the date on which any Tranche is actually advanced to the Borrower by the Lender; 

 

	1.13	“Drawdown Notice” means a drawdown notice served in accordance with Clause 3.2 in the form attached hereto as Schedule A (as may be amended with the prior written consent of the Lender);

  

	1.14	“End of Loan Payment” means the End of Loan Payment set forth above under the Loan Facility Terms; 

  

	1.15	“Equipment” means all the equipment of the Borrower as listed in Schedule B. 

  

	1.16	“Event of Default” means any of the events or circumstances described in Clause 9; 

  

	1.17	“Expiry Date” means the date set forth above under the heading Loan Facility Terms;

 

 

	1.18	“Financial Indebtedness” means (i) monies borrowed, (ii) finance or capital leases, (iii) receivables sold or discounted (other than on a non-recourse basis), (iv) other transactions
having the commercial effect of borrowing, (v) the market to market value of derivative transactions entered into in connection with protection against or benefit from fluctuation in any rate or price, (vi) counter-indemnity
obligations in respect of guarantees or other instruments issued by a bank or financial institution, (vii) any other transaction or arrangement having the commercial effect of a borrowing, and (viii) liabilities under guarantees or
indemnities for any of the obligations referred to in items (i) to (vii); 

  

	1.19	“Group” means (i) the Borrower and its subsidiaries (if any), (ii) any holding company of the Borrower, and (iii) any subsidiaries of such holding companies from time to time and
“Group Company” means any member of the Group; 

  

	1.20	“Intellectual Property” means copyrights and related rights (including, without limitation, rights in computer software), patents, supplementary protection certificates, utility models, trademarks,
trade names, service marks, domain name registrations, registered and unregistered rights in designs, database rights, semi-conductor topography rights, plant variety rights, rights in undisclosed or confidential information (such as know-how, trade
secrets and inventions (whether patentable or not)), and other similar intellectual property rights (whether registered or not) and applications for such rights as may exist anywhere in the world; 

 

	1.21	“Initial Security Documents” means the documents listed in Schedule C and dated on or about the date of this Loan Agreement;

	1.22	“LIBOR” means the average rate of interest at which banks borrow funds from each other, in marketable size, in the London interbank market, for an interest period of three (3) months, as published
by the British Bankers’ Association. 

  

	1.23	“Loan” means the loan to be made in accordance with the terms of this Loan Agreement; 

  

	1.24	“Loan Facility” means the loan facility set out in this Loan Agreement; 

  

	1.25	“Loan Term” means with respect to each Tranche, the period commencing on the Drawdown Date and expiring on thirty six (36) Monthly Repayment Date thereafter; 

 

	1.26	“Material Adverse Change” is (a) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower. provided, however, that a “Material Adverse
Change” shall not include (a) changes in the management of the Borrower; (b) the Borrower’s product not being approved by the US Food and Drug Administration; (c) Borrower’s failure to perform an initial public offering
of its securities; (d) any declaration or acts of war, hostilities or terrorism or any escalation or worsening of any acts of war, armed hostilities or terrorism in any country or region in which the Borrower or any of its subsidiaries or a
material portion of their business is situated, or in which major customer(s) or sources of supply are situated; or (e) changes in general economic conditions or changes affecting the industry generally in which Borrower or any of its
subsidiaries operate. 

 

 

	1.27	“Minimum Drawdown Amount” means the minimum amount permitted to be drawn down in each Tranche as set forth above under the heading Loan Facility Terms; 

 

	1.28	“Monthly Repayment Date” means the first Business Day of a calendar month, and “First Monthly Repayment Date” shall mean the first Monthly Repayment Date following the Drawdown Date;

  

	1.29	“Permitted Indebtedness” means (a) bank credit not to exceed US$100,000; (b) indebtedness for current taxes or other governmental or regulatory assessments which are not delinquent, or
which are contested in good faith by the appropriate procedures and for which appropriate reserves are maintained; (c) indebtedness in favor of the Lender; (d) indebtedness incurred for the acquisition of supplies or inventory on normal
trade credit as provided in the budget as approved by the Borrower’s board of directors from time to time (with a deviation of not more of 10%); (e) indebtedness in favor of customs and revenue authorities arising as a matter of law to
secure payments of customs duties in connection with the importation of goods; (f) any indebtedness in favor of the Office of Chief Scientist; and (g) indebtedness which have been approved by Lender, at its reasonable discretion, provided
that such debt is subordinated to the Lender. 

  

	1.30	“Permitted Security Interests” means: (a) security interests on any property held or acquired in the ordinary course of business securing the purchase price of such property or indebtedness
incurred or assumed solely for

	 	
the purpose of financing all or any part of the cost of acquiring such property; (b) debt approved by Lender with a subordination agreement approved by the Lender; (c) bankers’
indebtedness, rights of setoff and similar indebtedness incurred on deposits made in the ordinary course of business; and (d) materialmen’s, mechanics’, repairmen’s, employees’ or other like indebtedness arising in the
ordinary course of business. 

  

	1.31	“Related Fund” in relation to a fund (the “First Fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the First Fund or, if it is
managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the First Fund; 

 

	1.32	“Repayment Schedule” has the meaning given in Clause 5.2.1; 

  

	1.33	“Security Documents” means the Initial Security Documents, and any other applicable document evidencing the security over assets of the Borrower (or any Group Company), or (for the avoidance of doubt)
any document creating a Security Interest in favor of the Lender; 

  

	1.34	“Security Interest” means any mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien, hypothecation, assignment by way of security or otherwise, trust arrangement, title
retention or encumbrance or enforceable right of a third party, any other type of Security Interest or preferential arrangement having a similar effect to any of the foregoing or in the nature of security of any kind whatsoever and in any
jurisdiction; 

 

 

	1.35	“Security Period” means the period commencing on the first Drawdown Date and ending on the date on which all amounts due and payable by the Borrower under this Loan Agreement and the Security Documents
have been repaid in full, including the End of Loan Repayment; 

  

	1.36	“Taxes” means all present and future income, value added and other taxes, levies, imposts, deductions, charges and withholdings in the nature of taxes (other than taxes on the profits and overall income
of the Lender) whatsoever together with interest thereon and penalties with respect thereto made on or in respect thereof; 

  

	1.37	“Total Loan Facility” means the amount set forth above under the heading Loan Facility Terms; 

  

	1.38	“Tranche” an amount drawn down pursuant to this Loan Agreement as set forth above under the heading Loan Facility Terms; 

 

	1.39	“Transaction Fee” has the meaning given in Clause 10.1 and is the amount set forth above in the Loan Facility Terms; 

 

	1.40	“Warrant Instrument” means a warrant instrument in agreed form to be issued by the Borrower to the Lender on the date of this Loan Agreement. 

 

	2	INTERPRETATION 

 In this Loan Agreement (unless the context requires otherwise) any reference to: 

 

	2.1	any law or legislative provision includes a reference to any subordinate legislation made under that law or legislative provision before the date of this

	 	
Loan Agreement, to any modification, re-enactment or extension of that law or legislative provision made before that date and to any former law or legislative provision which it consolidated or
re-enacted before that date; 

  

	2.2	any gender includes a reference to other genders and the singular includes a reference to the plural and vice versa; 

  

	2.3	a Clause or Schedule is to a Clause or Schedule (as the case may be) of or to this Loan Agreement; 

  

	2.4	a “person” shall be construed as including a reference to an individual, firm, company, corporation, unincorporated body of persons or any country (or state thereof or any agency thereof);

  

	2.5	an “amendment” includes a supplement, novation or re-enactment executed by both Lender and Borrower in writing and “amended” is to be construed accordingly; 

 

	2.6	“assets” includes present and future properties, undertakings, revenues, rights and benefits of every description; 

  

	2.7	an “authorization” includes an authorization, consent, approval, resolution, license, exemption, filing, registration and notarization; 

 

	2.8	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental,
inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organization;

 

 

	2.9	“other” and “otherwise” are not to be construed ejusdem generis with any foregoing words where a wider construction is possible and “including” and “in particular”
are to be construed as being by way of illustration or emphasis only and are not to be construed as, nor shall they take effect as, limiting the generality of any foregoing words; 

 

	2.10	a document being in “agreed form” is a document which is previously agreed in writing by or on behalf of the Lender and the Borrower,; 

 

	2.11	any reference to an Event of Default being continuing is a reference to an Event of Default that has not been remedied to the reasonable satisfaction of the Lender; and 

 

	2.12	the headings in this Loan Agreement are inserted for convenience only and do not form part of this Loan Agreement and do not affect its interpretation. 

 

	3	LOAN FACILITY 

  

	3.1	Lender’s Commitment 

  

	3.1.1	Subject to Clause 3.5 below, the Lender shall and agrees hereby to make available to the Borrower a loan facility of up to the Total Loan Facility under the terms of this Loan Agreement, to be drawn down as set out in
the Loan Facility Terms and in accordance with Clause 3.2 before the Expiry Date of the Loan Facility. 

 The Borrower shall
not be under any commitment or obligation to drawn down or borrow any amount of loan from the Lenders under this Loan Agreement or otherwise. 
  

	3.1.2	The Lender shall not be under any commitment to advance any Tranche or any part thereof after the Expiry Date or upon the earlier termination of the Loan Facility in accordance with Clause 3.4.

	3.1.3	The unutilized portion (if any) of the Loan Facility shall be cancelled after the Expiry Date, whereupon the Total Loan Facility available for Drawdown shall be reduced accordingly. 

 

	3.1.4	In granting the Loan Facility the Lender is relying on the representations and warranties contained in Clause 7. 

  

	3.1.5	Each Drawdown made under the Loan Facility shall be secured by the Security Documents. 

  

	3.2	Date of Advance(s) of the Loan 

 Subject to Clause 3.1.2, (and subject to the
satisfaction of the relevant conditions set forth in Clause 3.5), each Tranche shall be advanced and made available to the Borrower within ten (10) Business Days from receipt by the Lender of an executed Drawdown Notice. Each Drawdown Notice
shall constitute a separate and independent obligation of the Borrower incorporating the terms of this Loan Agreement. No more than one Drawdown Notice may be served in respect of each Tranche. Each Tranche requested to be advanced pursuant to a
Drawdown Notice shall be in an amount equal to or greater than the Minimum Drawdown Amount except for the last Tranche in the amount of the remaining Total Loan Facility which can be made in a lower amount. 

 

	3.3	Method of Disbursement 

 The payment by the Lender to the account specified in the
Drawdown Notice shall constitute the making of the Loan (or the relevant part thereof) and the Borrower shall thereupon become indebted, as principal and direct obligor, to the Lender in an amount equal to the Loan (or the relevant part thereof).

 

 

	3.4	Termination or Modification of Funding Commitment  

  

	 	The Lender’s commitment to advance each Tranche of the Loan in accordance with the terms of this Loan Agreement is limited in aggregate to the amount of the Total Loan Facility; provided, however, that the Lender,
acting in its sole discretion, may terminate or modify its funding commitment pursuant to this Loan Agreement at any time if, in the opinion of the Lender: 

  

	3.4.1	there is any Material Adverse Change in the general affairs, business, management, results of operations, or financial condition of the Group whether or not arising from transactions in the ordinary course of business;.

  

	3.4.2	there is any material deviation by the Borrower from its business plan (as it may have been supplemented in writing with the prior consent of the Lender) presented to the Lender prior to the date of this Loan Agreement,
provided however that such deviation results in Material Adverse Change; 

  

	3.4.3	on either the date of the Drawdown Notice or at the Drawdown Date: 

  

	 	(i)	an Event of Default has occurred and is continuing or would result from the borrowing to be made pursuant to the Drawdown Notice; or 

 

	 	(ii)	the Borrower’s representations and warranties in Clause 7.1 or those which are set out in any Security Document

	 	
would not be true in all material respects if repeated on each of those dates with respect to the circumstances then existing taking into account the time that has lapsed since the
representations and warranties were made; 

  

	3.5	Conditions Precedent requirements relative to the Advance of the Loan 

  

	3.5.1	The Lender’s obligation to provide the Loan (or any part thereof) is subject to the satisfaction by the Borrower of the following conditions: 

 

	 	(i)	the provision of a duly executed copy of the resolutions of the Borrower’s board of directors and, to the extent required, shareholders, authorizing the transactions contemplated by this Loan Agreement and the
execution and delivery to the Lender of this Loan Agreement and associated documents, including but not limited to, the Security Documents; 

  

	 	(ii)	certified copies of the Certificate of Incorporation and the Articles of Association of the Borrower; 

  

	 	(iii)	all necessary consents of shareholders, warrant holders, and other third parties (including landlords, to the extent required) with respect to the entering into of this Loan Agreement and the execution of associated
documents, including but not limited to, any Security Documents, have been obtained; 

 

 

	 	(iv)	submission of the Security Documents to the Companies Registrar or any equivalent in any relevant foreign jurisdiction and registration of the Security therein and the approval thereof, subject to compliance with all
applicable laws in respect of such registration within the time frame provided for under applicable law. 

  

	 	(v)	the Borrower’s compliance with Clause 10.1 and evidence of the Borrower’s compliance with Clause 12.2.3 below. 

  

	 	(vi)	delivery of a copy of the financial model and forecasts for the Group as reasonably requested by the Lender; 

  

	 	(vii)	the most recent reports to the Board of the Borrower; 

  

	 	(viii)	certified copies of any policies of insurance maintained by the Borrower or any other Group Company in respect of the Charged Assets including such insurances as are required pursuant to and complying in all material
respects with the requirements of Clause 12 shall be provided to the Lender; 

  

	 	(ix)	Reserved; 

  

	 	(x)	Subject to the Permitted Security Interests, the Charged Assets being free and clear of all Security Interests of third parties whatsoever; and 

 

	 	(xi)	the legal opinion of counsels for the Borrower - Shenhav & Co., Advocates and Notary, in form and substance satisfactory to the Lender. 

 

	3.5.2	Each copy document delivered under this Clause 3.5 shall be either in its original form or certified as a true and up to date copy by a director or the company secretary of the Borrower. 

 

	3.5.3	This Agreement, the Security Documents and the Warrant Instrument shall be delivered to the Borrower in original form. 

  

	3.5.4	The Borrower on the date of this Loan Agreement shall deliver to the Lender an original of the Warrant Instrument. 

  

	3.6	Waiver Possibility 

  

	 	If the Lender advances all or any part of the Loan to the Borrower prior to the satisfaction of all or any of the conditions referred to in Clause 3.5 (which the Lender has no obligation to do) the Borrower shall
satisfy or procure the satisfaction of such condition or conditions which have not been satisfied within fourteen (14) Business Days of the Drawdown Date (or within such longer period as the Lender may agree or specify in writing), provided,
that the Lender at its sole discretion may waive the satisfaction of any condition. 

  

	3.7	Equipment 

  

	 	 The existing Equipment of the Borrower as listed in Schedule B (as may be amended from time to time with the consent of the Borrower and the
Lender) shall be part of the Security Interest of the Lender and be included in the Fixed Charge. Future purchases of any Equipment purchased until (and including) the last day of the Security Period (“New

 

	 	
Equipment”) shall, in addition be made subject to the provisions of this Loan Agreement and form part of the Security and shall be charged by way of either listing such New Equipment
to the relevant schedule in the Debenture - Fixed Charge, to be amended accordingly, or, at the Lender’s election, as a separate supplemental Fixed Charge (which shall be part of the Security Documents hereunder), and submitted to and
registered with the Companies Registrar (at the Lender’s request, Schedule B hereto shall be replaced or supplemented from time to time to reflect any addition of such New Equipment as aforesaid); it being agreed that, at any time until
the end of the Security Period, the Borrower shall be obliged to register any additional Fixed Charge and/or US Security Interest in favor of the Lender only at such time as the aggregate value of the New Equipment exceeds US$ 50,000, provided that
in any event, upon Lender’s request, the Borrower shall register a Fixed Charge and/or US Security Interest on any New Equipment in favor of the Lender within seven (7) days following the last Business Day of each calendar year during the
Security Period, regardless of the value of such New Equipment. For the avoidance of doubt, in addition, the Equipment is subject to the Floating Charge and any New Equipment shall become subject to the Floating Charge as soon as an interest therein
is acquired by Borrower (without any further action being required to effect the same). 

  

	3.8	Intellectual Property 

  

	 	The registered Intellectual Property of the Borrower as of the date hereof is listed in Schedule D (as may be amended from time to

	 	
time with the consent of the Borrower and the Lender) and is covered by the Fixed Charge. 

  

	 	Future applications for registration of Intellectual Property of the Borrower shall, in addition, be made subject to the provisions of this Loan Agreement and form part of the Security Interest of the Lender and be
charged by way of either listing such new Intellectual Property on the relevant schedule in the Fixed Charge and/or US Security Interest, as applicable, to be amended accordingly, or, at the Lender’s election, as a separate supplemental Fixed
Charge and/or US Security Interest (and, at the Lender’s request, Schedule D hereto shall be replaced or supplemented from time to time to reflect any addition of such new Intellectual Property as aforesaid), and, in either case,
submitted to and registered with the Companies Registrar, and with respect to applications for registration of Intellectual Property submitted to the Companies Registrar, submitted to the Israeli Patent Office or to the United States Patent and
Trademark Office until (and including) the last day of the Security Period (“New Registered Intellectual Property”) shall, in addition, be submitted to and registered with the Israeli Patent Office and/or the United States Patent
and Trademark Office, as applicable; it being agreed that, at any time until the end of the Security Period, the Borrower shall be obliged to create and register any such additional Fixed Charge in favor of the Lender, as follows: 

 

	 	(i)	 with respect to New Registered Intellectual Property, the Borrower shall be obliged to notify the Lender within five (5) Business Days of the day
of filing of each New Registered 

 

	 	
Intellectual Property, and upon Lender’s request, within seven (7) Business Days from registration of such New Registered Intellectual Property by the Borrower and if such registration
is not possible under the rules governing such New Registered Intellectual Property, then, no later than seven (7) days from the date on which the charge of such New Registered Intellectual Property becomes registrable; 

 

	 	(ii)	with respect to other new unregistered Intellectual Property, if any, at the request of the Lender and in any event within seven (7) days following the last Business Day of each calendar year and if such
registration is not possible under the rules governing such new registered Intellectual Property, then, no later than seven (7) days from the date on which the charge of such new registered Intellectual Property becomes registrable; and

  

	 	(iii)	with respect to any future applications for registration of Intellectual Property submitted by the Borrower in countries other than Israel and the United States, , the Borrower shall be obliged to notify the Lender
within five (5) Business Days of the day of filing of each such application, and upon Lender’s request, the Borrower will be obliged to create and register an additional Fixed Charge (as aforesaid) in favor of the Lender within seven
(7) Business Days from request of the Lender and if such registration is not possible under the rules governing

	 	
such Intellectual Property, then, no later than seven (7) Business Days from the date on which the charge of such Intellectual Property becomes registrable. 

 

	 	 	For the avoidance of doubt, in addition, the Intellectual Property of the Borrower is subject to the Floating Charge and any New Intellectual Property of the Borrower shall become subject to the Floating Charge as soon
as an interest therein is acquired by Borrower (without any further action being required to effect the same). 

  

	3.9	Charged Assets 

  

	3.9.1	Unless the Lender shall otherwise agree in writing, the Borrower shall use the Loan solely for the purpose of general working capital. The Lender shall not be under any obligation to concern itself with the application
of the Loan. 

  

	3.9.2	The Charged Assets charged to the Lender pursuant to the Security Documents shall form security for the monies borrowed by the Borrower. 

 

	4	TERM 

  

	4.1	This Loan Agreement is effective upon execution by the Lender and the Borrower and shall continue until the later of (i) the Expiry Date (subject to Section 3.1.2) and (ii) the date upon which the
Borrower shall have performed all its obligations hereunder. 

  

	4.2	 If the conditions set out in Clause 3.5 have not been satisfied within forty-five (45) days of the execution of this Loan Agreement (except to
the extent waived in writing by the Lender), the Lender shall in its sole discretion have the

 

	 	
option to either terminate this Loan Agreement or extend the period in which such conditions must be satisfied. 

 

	4.3	For as long as no amount was actually withdrawn by the Borrower under this Loan Agreement, or if the Borrower elects to prepay the Loan in whole, subject to the conditions set forth in Section 5.4 below, then, upon
such payment, Borrower shall have the right to terminate this Loan Agreement, provided, however, that there are no further outstanding obligations of the Borrower under this Loan Agreement. 

 

	5	REPAYMENT AND PREPAYMENT 

  

	5.1	Advance Payment 

  

	 	On delivery of each Drawdown Notice with respect to a Tranche, the Borrower shall pay to the Lender (by way of deduction by Lender from the amount of the Tranche actually advanced to the Borrower) the advance payment
specified above in the Loan Facility Terms with respect to the applicable Tranche (the “Advance Payment”) which shall be held by the Lender and applied in or towards payment of the last repayment in respect of that particular
Tranche. 

  

	5.2	Repayments 

  

	5.2.1	the Borrower shall pay all unpaid and accrued interest in respect of each Tranche (principal and interest accrued thereon) separately by way of standing order (“Hora’at Keva”), by way of
thirty-six (36) monthly payments as follows: with respect to each Tranche, the Borrower shall pay, in respect of each Tranche,

	 	
principal and interest accrued thereon in thirty-six (36) equal monthly payments, each such payment in an amount equal to 3.3109% of the amount of such Tranche. Each monthly payment shall be
paid to the Lender on the first Business Day of each calendar month or, if such day is not a Business Day, the first Business Day thereafter, commencing on (and including) the first calendar month following the Drawdown Date of such Tranche, all as
specified in a fully-amortizing repayment schedule issued by the Lender prior to the Drawdown Date (the “Repayment Schedule”). 

Subject to Clause 5.2.2, each payment received by the Lender in respect of any Tranche shall be applied as follows: 

 

	5.2.1.1	firstly, to discharge all outstanding fees, costs and expenses of or due to the Lender in respect of such Tranche; 

  

	5.2.1.2	secondly, to discharge all accrued interest in respect of such Tranche; and 

  

	5.2.1.3	thirdly, to reduce the outstanding principal balance of such Tranche. 

  

	5.2.2	For the avoidance of doubt, the Lender may in its discretion apply any payment received or recovered from the Borrower to discharge any unpaid amount in respect of any Tranche. 

 

	5.2.3	Any amount repaid or prepaid may not be redrawn. 

  

	5.2.4	 If the Drawdown Date is not a Monthly Repayment Date, the Borrower shall pay to the Lender on the Drawdown Date (by way of deduction by the Lender of
the amount of the Tranche actually advanced to the Borrower) the Interim Repayment which shall discharge interest accrued on the Tranche for the period from the Drawdown Date to First Monthly

 

	 	
Repayment Date. For the purpose of this Clause 5.2.4 “Interim Repayment” shall mean the payment in respect of interest accruing during the period from each Drawdown Date to the first
Monthly Repayment Date being the amount of interest accruing at the Applicable Interest Rate on the amount drawn down for the period from and including the Drawdown Date to First Monthly Repayment Date. 

 

	5.3	Currency of Payments 

 Repayment of the Loan and payment of all other amounts owed to
the Lender will be paid in Euros (the “Contractual Currency”), unless otherwise agreed by the parties in writing. The Borrower shall bear the costs in the event of and in respect of any conversion of a currency to the Contractual
Currency. The exchange rate will be defined at the time of each Drawdown. 
  

	5.4	Prepayments 

 The Borrower shall be entitled to prepay the Loan, in whole but not in
part, subject to the following conditions: 
  

	5.4.1	The Borrower shall submit to the Lender an irrevocable written notice for prepayment of the applicable Tranche, at least thirty (30) days in advance, indicating the amount to be prepaid (the “Prepayment
Sum”) and the date of prepayment, provided that such prepayment shall be made on the last day of a calendar month;

	5.4.2	In the event that the Borrower prepays the Loan in accordance with this Section 5.4, the Prepayment Sum shall be the outstanding principal of the Loan (without any interest) plus (i) in case of prepayment within
24 months from the applicable Drawdown Date, the net present value of all future interest payments which would have accrue until the lapse of the applicable Loan Term with respect to the outstanding principal of the Loan at the time of
prepayment, discounted back at LIBOR; or (ii) in case of prepayment on a date that is more than 24 months but less than 36 months from the Drawdown Date, an amount equal to 1% of the outstanding principal of the Loan at that time
(without any interest). 

  

	5.4.3	The Borrower shall also pay the Lender: 

  

	5.4.3.1	the End of Loan Payment; 

  

	5.4.3.2	all unpaid Transaction Fee (if any); and 

  

	5.4.3.3	all other sums payable by the Borrower to the Lender hereunder (including without limitations the fees and payment to be made according to the provisions of Section 10 and Section 11 hereinbelow); 

 

	6	INTEREST 

  

	6.1	Interest on the principal amount of each Tranche from time to time shall accrue from day to day until repayment of the applicable Tranche at a rate of 12.50% per annum (i.e., the equivalent of a fixed repayment per
month of 3.3109% of the amount of each Tranche), from the Drawdown Date until the repayment in full of such Tranche (the “Applicable Interest Rate”). Interest on each Tranche and each part thereof shall be calculated and paid in the
Contractual Currency. 

 

	6.2	Time of payment of any sum due from the Borrower is of the essence under this Loan Agreement. If the Borrower fails to pay any sum to the Lender on its due date for payment and during five (5) Business Days
thereafter, the Borrower shall pay to the Lender forthwith on demand interest on such sum from the original due date to the date of actual payment (as well after as before judgment) at a rate equal to the Applicable Interest Rate plus 5% per
annum. 

  

	6.3	Unless otherwise instructed in writing by the Lender, immediately upon each due date for effecting any interest payment under or pursuant to this Loan Agreement and the Security Documents to which the Borrower is or is
to be party, or upon actually paying any interest in advance of the due date for any reason, the Borrower shall report such payment to the relevant Israeli tax authorities, on behalf of the Lender, pay in full the value added tax liability arising
in accordance with Section 6D of the Israeli Value Added Tax Regulations 5736-1976 and the Israeli Value Added Tax Law 5735-1975, and shall provide the Lender with documentation evidencing such payment, provided, however, that commencing
upon Lender’s request and continuing afterward until otherwise notified by Lender, the Borrower shall pay in full any applicable value added tax directly to Lender (or such agent of the Lender as the Lender may direct in written) against
delivery of an invoice. 

  

	7	REPRESENTATIONS AND WARRANTIES OF THE BORROWER 

	7.1	The Borrower warrants and represents the following as of the date hereof: 

  

	7.1.1	ReWalk Robotics Ltd. is a private limited company duly organized and validly existing under the laws of Israel. 

  

	7.1.2	The Borrower has the corporate capacity, and has taken all corporate action and obtained all consents, including third party consents, necessary for it: 

 

	 	(i)	to execute this Loan Agreement and the Security Documents to which the Borrower is or is to be party; 

  

	 	(ii)	to borrow under this Loan Agreement and to make all the payments contemplated by, and to comply with all its other obligations under this Loan Agreement and the Security Documents to which the Borrower is or is to be
party; and 

  

	 	(iii)	to grant the Lender first priority Security Interest in respect of the Charged Assets (subject to the OCS rules and regulations as set forth in the Debentures) pursuant to the Security Documents to which the Borrower is
or is to be party; 

  

	7.1.3	this Loan Agreement and the Security Documents will, upon execution and delivery (and, where applicable, registration as provided for in this Loan Agreement and the Security Documents): 

 

	 	(i)	constitute the Borrower’s legal, valid and binding obligations enforceable against the Borrower in accordance with their respective terms; and

 

 

	 	(ii)	create legal, valid and binding Security Interests enforceable in accordance with their respective terms (subject to the OCS rules and regulations as set forth in the Debentures), subject to any relevant insolvency laws
affecting creditors’ rights generally; 

  

	7.1.4	the execution and (where applicable) registration by the Borrower of this Loan Agreement and each Security Document to which it is or is to be party, and the borrowing by the Borrower of the Loan and its compliance with
this Loan Agreement and each Security Document to which it is or is to be party, will not involve or lead to a contravention of: 

  

	 	(i)	any applicable law or other legal requirement; or 

  

	 	(ii)	the constitutional documents of the Borrower; or 

  

	 	(iii)	any contractual or other obligation or restriction which is binding on the Borrower or any of its assets; 

  

	7.1.5	all consents, licenses, approvals and authorizations required by the Borrower in connection with the entry into, performance, validity and enforceability of this Loan Agreement and the Security Documents to which it is
or is to be party have been or (upon execution thereof) shall have been obtained by the Drawdown Date and are (or upon execution thereof shall be) in full force and effect during the life of this Loan Agreement;

	7.1.6	all financial and other information furnished by or on behalf of the Borrower in connection with the negotiation of this Loan Agreement and the Security Documents pursuant to this Loan Agreement or the Security
Documents was true and accurate in all material respects when given, there are no other facts or matters the omission of which would have made any statement or information contained therein misleading in any material respect and all projections and
statements of belief and opinion given to the Lender were made in good faith after due and careful enquiry; 

  

	7.1.7	all payments made or to be made by the Borrower under or pursuant to this Loan Agreement and the Security Documents to which the Borrower is or is to be party shall be made following deduction or withholding for, or on
account of, any taxes for which withholding is required pursuant to applicable law and/or tax ruling of the applicable tax authorities. 

  

	7.1.8	the Accounts were prepared in accordance with accounting principles and practices generally accepted in Israel or the US, and consistently applied and fairly represent (in conjunction with the notes thereto) the
financial condition of the Borrower as at the date to which they were drawn up and the results of the Borrower’s operations during the financial year then ended; 

 

	7.1.9	since execution of the Accounts, there has been no Material Adverse Change in the business or financial condition of the Borrower and/or any of its subsidiaries; 

 

	7.1.10	 there is no action, proceeding or claim pending or, so far as the Borrower is aware or ought reasonably to be aware, threatened against any Group
Company before any court or administrative agency which might have a

 

	 	
material adverse effect on the business, condition of operations of the Borrower or any subsidiary; 

  

	7.1.11	subject to the Permitted Security Interests, the Borrower owns good and marketable title in all the Charged Assets, free from all Security Interests and other interests and rights of every kind, and all the Charged
Assets are in good operating condition and repair, and are adequate for the uses to which they are being put, and none of such Charged Assets are in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not
material in nature or cost. It is clarified that part of the Charged Assets are subject to restrictions set forth in the R&D Law and the regulation promulgated thereunder; and 

 

	7.1.12	the Borrower’s representations and warranties set out in this Clause 7 shall survive the execution of this Loan Agreement until the end of the Security Period and shall be deemed to be repeated on each Drawdown
Date and each date of repayment with respect to the facts and circumstances then existing, as if made at such time. 

  

	7.2	REPRESENTATIONS AND WARRANTIES OF THE LENDER 

  

	7.2.1	It is duly organized and validly existing under the laws of its jurisdiction of incorporation, and has the full power and authority to consummate the transactions contemplated hereunder. The consummation of the
transactions contemplated hereunder and the performance of this Agreement by it do not violate the provisions of its corporate documents, or any applicable law, and will not result in any breach of, or constitute a default under, any agreement or
instrument to which it is a party or under which it is bound.

	7.2.2	The execution and performance of this Agreement by it have been duly authorized by all necessary actions, and this Agreement has been duly executed and delivered by it. This Agreement is valid and binding upon it and
enforceable in accordance with its terms. 

  

	8	UNDERTAKINGS 

  

	 	The Borrower undertakes to the Lender to comply with the following provisions of this Clause 8 at all times during the Security Period, except as the Lender may otherwise permit: 

 

	8.1.1	the Borrower will (and will procure that each Group Company will) obtain, effect and keep effective all permissions, licenses, consents and permits which may from time to time be required (i) in connection with the
Charged Assets and (ii) to conduct its business; 

  

	8.1.2	With the exception of the Permitted Security Interest, the Borrower will (and to the extent any Group Company has charged its assets pursuant to a Security Document, the Borrower shall procure that this Group Company
shall) own only for its own account the Charged Assets free from all Security Interests, except for those created by the Security Documents, and shall not (and shall ensure that no other Group Company will) create or permit to subsist any security
over any of its assets; 

  

	8.1.3	 the Borrower will not (and shall procure that each Group Company will not) sell, assign, transfer or otherwise dispose of any of the Charged Assets
(except for the Charged Assets charged under the Floating Charge (as set forth in

 

	 	
the Debentures), which may be sold, assigned, transferred or otherwise disposed in the ordinary course of business), without the Lender’s prior written consent, and shall give immediate
notice to the Lender of any judicial process or encumbrance affecting the Charged Assets; 

  

	8.1.4	Reserved; 

  

	8.1.5	the Borrower will provide the Lender (and will procure that each Group Company will provide the Lender) with: 

(i) a monthly report, in the form and contain such information to the extent provided to other shareholders of the Borrower. 

(ii) such other information (financial or otherwise) as the Lender may reasonably request from time to time concerning any of the Group
Company and its affairs (including, without limitation, information concerning the Charged Assets, its assets from time to time and any request for amplification or explanation of any item in the financial statements, budgets or other material
provided by the Borrower under this Loan Agreement). 
  

	8.1.6	the Borrower will provide to the Lender all documents, confirmations and evidence required by the Lender to satisfy its “know your customer” requirements or similar identification checks in order to meet its
obligations from time to time under applicable money laundering, or similar, laws and regulations; 

  

	8.1.7	the Borrower will provide the Lender with annual audited consolidated financial statements for each Group Company within one hundred and fifty (150) days of the end of fiscal year of the respective Group Company;

	8.1.8	the Borrower will (and will procure that each Group Company will) within ten (10) days from the board of directors’ approval, provide a budget showing a projected consolidated balance sheet as of the end of
each financial year, a projected profit and loss account, and a cash flow forecast for the forthcoming financial year; 

  

	8.1.9	the Borrower will deliver (and shall procure that each Group Company will deliver) to the Lender copies of all notices, minutes, consents and other materials formally sent to the board of directors at the same time they
are delivered to the directors. Upon the occurrence of an Event of Default and for as long as the Borrower shall be in default, the Lender shall be entitled to have a representative to attend all meetings of the Borrower’s (and each Group
Company’s) board of directors in a non-voting observer capacity, provided that such representative shall have executed a confidentiality undertaking in a form satisfactory to both the Lender and the Borrower. The Lender’s observer may be
excluded from participation in certain meeting(s) of the board of directors (or any part thereof), if based on the legal advice of the legal counsel of the Company such observer may have a personal or conflict of interest in the subject matter
thereof. The Borrower agrees (and shall procure that each Group Company agrees) to give notice of all board meetings to the Lender at the same time as to its directors. 

 

	8.1.10	the Borrower will (and will procure that each Group Company will) maintain in force and promptly obtain or renew, and will promptly send certified copies to the Lender of, all consents to the extent required:

  

	 	(i)	for the Borrower and each Group Company to perform its obligations under this Loan Agreement and each Security Document, as relevant;

 

 

	 	(ii)	for the validity or enforceability of this Loan Agreement and any Security Document; and 

  

	 	(iii)	for the Borrower and each Group Company to continue to own the Charged Assets, 

  

	 	and the Borrower will, and will procure that each Group Company will, comply with the terms of all such consents; 

  

	8.1.11	the Borrower will notify the Lender as soon as it becomes aware of: 

  

	 	(i)	the occurrence of an Event of Default; or 

  

	 	(ii)	any matter which indicates that an Event of Default has occurred or, may have occurred, 

  

	 	and will thereafter keep the Lender fully up to date with all developments; 

  

	8.1.12	the Borrower will (and shall ensure that each Group Company will) maintain adequate risk protection through insurances on and in relation to its business and assets to the extent reasonably required on the basis of good
business practice taking into account, inter alia, its (and any Group Company’s) financial position and nature of operations. All insurances must be with reputable independent insurance companies or underwriters;

	8.1.13	the Borrower shall not (and shall ensure that no Group Company will) incur or allow to remain outstanding any Financial Indebtedness, except: 

 

	 	(i)	Any Permitted Indebtedness or any other indebtedness under this Loan Agreement; 

  

	 	(ii)	where a Group Company is lending to or borrowing from the Borrower or another Group Company; 

  

	 	(iii)	non-speculative hedging transactions entered into in the ordinary course of business in connection with protection against interest rate or currency fluctuations; or 

 

	 	(iv)	arising in the ordinary course of business with suppliers of goods with a maximum duration of 90 days; 

  

	8.2	The Borrower shall, to the extent reasonably possible, affix to the Equipment (as listed in Schedule B attached hereto and as to be amended from time to time with the consent of the Borrower and the Lender)
permanent indications of Lender’s interest in the Equipment, and shall not remove or hide them and shall comply with Lender’s request in assisting Lender with all perfection requirements under the laws of the State of Israel and pursuant
to and in accordance with the provisions of the Security Documents; 

  

	8.2.1	 With the exception of the Permitted Indebtedness, the Borrower shall not (and shall ensure that no Group Company will) incur or allow to remain
outstanding any Financial Indebtedness owing to any shareholder of a Group Company (excluding other Group Companies) or any persons or

 

	 	
companies related to them, unless such Financial Indebtedness is on terms (including interest, repayment and subordination) satisfactory to the Lender; 

 

	8.2.2	With the exception of the Permitted Security Interest, the Borrower shall not (and shall ensure that no other Group Company will) create or permit to subsist any Security Interest over any of its assets;

  

	8.2.3	the Borrower shall not (and shall ensure that no other Group Company will): 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are leased to or intended to be re-acquired by any Group Company; or 

 

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the
acquisition of an asset. 

  

	8.2.4	the Borrower will not (and shall ensure that no other Group Company will) make any distribution by way of dividend or otherwise without the prior written consent of the Lender;

	8.2.5	the Borrower shall be responsible for all costs associated with the Charged Assets including all tax assessments, insurance premiums, operating costs and repair and maintenance costs as well as any fees associated with
registering of any security granted in connection with this Loan; and 

  

	8.2.6	the Borrower shall at the request of the Lender from time to time (and shall procure that each Group Company) execute and deliver such further documents creating Security Interests in favor of the Lender over such
Charged Assets and in such form as the Lender may reasonably require in its discretion from time to time to: (i) secure all monies, obligations and liabilities of the Borrower and/or any Group Company to the Lender or (ii) facilitate the
realization of the Charged Assets or (iii) exercise the powers conferred on the Lender or a receiver appointed under any Security Document, from time to time. 

 

	8.2.7	During the Loan Term the Borrower shall provide the Lender with a first offer for additional debt or loan financing fifteen (15) Business Days prior to the time that such requests are provided to other financing
sources (the “Notice of First Offer”). Should the Lender and the Borrower fail to agree on the terms and conditions of such financing within five (5) Business Days from the date of receipt of the Notice of First Offer by the
Lender, then the Borrower may accept a funding source other than the Lender. 

 

 

	9	EVENTS OF DEFAULT 

  

	9.1	An Event of Default occurs if: 

  

	9.1.1	the conditions set out in Clause 3.5 (except to the extent waived in writing by Lender) are not satisfactorily accomplished within forty five (45) days of signature of this Loan Agreement unless the period for
satisfactory accomplishment is extended in accordance with Clause 4.2; or 

  

	9.1.2	any Group Company fails to pay when due and payable or (if so payable) on demand any sum payable under this Loan Agreement or the Security Documents or under any document relating to the Security Documents; or

  

	9.1.3	any other breach by any Group Company (as relevant) of any material provision of this Loan Agreement or any Security Document occurs, or if the Borrower or any Group Company does not comply with, perform or observe any
other material obligation accepted or material undertaking given by it to the Lender, unless the Lender (at its sole discretion) notifies the Borrower in writing that it is satisfied that the breach has not put any of the security for the Loan
immediately at risk and that it considers that the breach is capable of remedy, and within ten (10) Business Days after the Lender serves on the Borrower a notice of default under this Loan Agreement, or such longer period as the Lender may
specify in such notice, the Borrower remedy the breach to the satisfaction of the Lender; or 

  

	9.1.4	any representation, warranty or statement made by the Borrower, or by an officer of, any Group Company in this Loan Agreement or the Security Documents or in the Drawdown Notice or any other notice or document relating
to this Loan Agreement or any other

	 	
Security Document is incorrect, untrue or misleading in any material respect when it is made or deemed repeated; or 

 

	9.1.5	Financial Indebtedness of any Group Company in an amount which the Lender considers to be material (which shall not be below US$ 100,000) is not paid when due or any Security Interests over any of the assets of any
Group Company is lawfully enforced; or 

  

	9.1.6	any order shall be made by any competent court, a petition presented or any resolution shall be passed by any Group Company for the appointment of a liquidator, administrator or receiver of, or for the winding up of,
any Group Company or a moratorium is imposed or declared over any or all of the assets and business of any Group Company and, in any such case, such order, resolution or declaration is not set aside, cancelled or revoked within thirty (30) days
after being made or passed provided that (i) the Borrower has informed the Lender in writing shortly after first notification that it intends to contest such enforcement order and (ii) the Borrower has actively contested such enforcement
order within 10 days after being made or passed; or 

  

	9.1.7	 an encumbrancer takes possession of or a receiver, liquidator, supervisor, compulsory manager, trustee, administrator or similar official is appointed
over the whole or, in the opinion of the Lender, any material part of, the assets of any Group Company or a distress, execution or other process is levied or enforced upon or sued out against the whole or, in the opinion of the Lender, a material
part of the assets of any Group Company, and, in any such case, either such procedure is not terminated within thirty (30) days

 

	 	
after commencement provided that (i) the Borrower has informed the Lender in writing shortly after first notification that it intends to contest such enforcement order and (ii) the
Borrower has actively contested such enforcement within 10 days after commencement of such enforcement order; or 

  

	9.1.8	any judgment made against any Group Company is not paid, stayed or discharged within 14 days; or 

  

	9.1.9	any Group Company shall stop payment or shall be unable to, or shall admit inability to, pay its debts as they fall due, or shall be adjudicated or declared bankrupt or insolvent, or shall enter into any composition or
other arrangement with its creditors generally; or 

  

	9.1.10	any event shall occur which under the law of any jurisdiction to which any Group Company is subject has an effect equivalent or similar to any of the events referred to in Clause 9.1.6, 9.1.7 or 9.1.9; or

  

	9.1.11	any Group Company ceases, threatens to cease, or suspends carrying on its business or a part of its business which is material in the context of this Loan Agreement and the Security Documents; or 

 

	9.1.12	it becomes unlawful or impossible (i) for the Borrower and/or each Group Company (as relevant) to discharge any liability under this Loan Agreement or to comply with any other obligation which the Lender considers
material under this Loan Agreement or the Security Documents, or (ii) for the Lender to exercise or enforce any right under, or to enforce any Security Interest created by, this Loan Agreement or the Security Documents; or

	9.1.13	any provision of this Loan Agreement or the Security Documents proves to have been or becomes invalid or unenforceable, or a security interest created by the Security Documents proves to have been or becomes invalid or
unenforceable or such a security interest proves to have ranked after, or loses its priority to, another security interest or any other third party claim or interest, provided however that if the Borrower and/or any Group Company proposes
replacement security which the Lender accepts, and such replacement security is constituted in a manner acceptable to the Lender within such period of time as the Lender may require, such event shall cease to constitute an Event of Default; or

  

	9.1.14	the security constituted by the Security Documents is in any way materially imperiled or in jeopardy (including by way of depreciation in value beyond a normal depreciation), provided however that if the Borrower and/or
any Group Company proposes replacement security which the Lender accepts, and such replacement security is constituted in a manner acceptable to the Lender within such period of time as the Lender may require, such event shall cease to constitute an
Event of Default; or 

  

	9.1.15	any other event (whether related or not) occurs in the business affairs, operations, assets or condition (financial or otherwise) of the Group, the effect of which is, in the reasonable opinion of the Lender, to
materially imperil, delay or prevent the due fulfillment by the Borrower and each Group Company of any of its obligations or undertakings under this Loan Agreement or the Security Documents; or

 

 

	9.1.16	any event of default (howsoever described) specified in the Security Documents shall occur. 

  

	9.2	Lender’s Rights 

  

	 	On or at any time following the occurrence of any Event of Default the Lender may: 

  

	9.2.1	serve on the Borrower a notice stating that all obligations of the Lender to the Borrower under this Loan Agreement including (without limitation) the obligation to advance the Loan (or any part thereof) are terminated;
and/or 

  

	9.2.2	serve on the Borrower a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Loan Agreement and the Security Documents are immediately due and payable; and/or

  

	9.2.3	take any other action which, as a result of the Event of Default or any notice served under Clauses 9.2.1 or 9.2.2 above, the Lender is entitled to take under the Security Documents or any applicable law.

  

	9.3	End of Lender’s Obligations 

  

	 	On the service of a notice under Clause 9.2.1 and/or Clause 9.2.2, all the obligations of the Lender to the Borrower under this Loan Agreement shall terminate 

 

	9.4	Acceleration 

  

	 	On the service of a notice under Clause 9.2.2, the following sums shall become immediately due and payable: 

  

	9.4.1.1	the outstanding principal amount of the Loan; 

  

	9.4.1.2	all accrued and unpaid interest;

	9.4.1.3	in respect of each Tranche, the aggregate of the monthly interest payments scheduled to be paid by the Borrower on each Monthly Repayment Date (as is set out in the most recent Repayment Schedule issued by the Lender)
for the period from the date of prepayment to the expiry of the Loan Term, in each case discounted from the applicable Monthly Repayment Date to the date of prepayment at the rate of 2% per annum; 

 

	9.4.1.4	the End of Loan Payment; 

  

	9.4.1.5	all unpaid fees, costs and expenses; and 

  

	9.4.1.6	all other sums payable by the Borrower to the Lender under this Loan Agreement and the Security Documents. 

  

	9.5	Waiver of Event of Default 

  

	 	The Lender, at its sole and absolute discretion, may waive any Event of Default hereunder, prior to or after the event or events giving rise thereto, provided that such waiver may be effected only by written notice
provided by the Lender to the Borrower to that effect (and subject further to Clause 16.3 below); it being understood and acknowledged, that if and so long as no notice of waiver of an Event of Default was so provided, such Event of Default shall be
deemed as having occurred and in effect for all purposes hereunder. 

  

	9.6	Change of Control 

  

	9.6.1	 All the obligations of the Lender to the Borrower under this Loan Agreement shall terminate if there is a Change of Control (as defined below) in the
Borrower. In such event, unless the Lender agrees otherwise by written notice to the Borrower, immediately and simultaneously with the closing of

 

	 	
the transaction that constitutes a Change of Control the Borrower shall prepay the outstanding Loan in accordance with Clause 5.4 above. 

 

	9.6.2	For purposes of this Clause 9.6, a “Change of Control” shall mean any of the following events (whether in one or in a series of related transactions): (a) merger, consolidation, or reorganization
of the Borrower with or into another entity after which the shareholders who held the majority of the voting power in the Borrower prior to such transaction do not retain a majority of the voting power in the Borrower after the transaction, or
(b) the sale of all or substantially all the assets of the Borrower (on a consolidated basis with its Subsidiaries), or (c) the sale of shares of the Borrower (whether by the Borrower or by shareholders of the Borrower) after which the
shareholders who held the majority of the voting power in the Borrower prior to such transaction do not retain a majority of the voting power in the Borrower after the transaction, excluding sale of shares in equity financing, sale of shares in a
public market or sale of shares to employees , or (d) the exclusive license of all or a material portion of the Borrower’s Intellectual Property, to, any other entity or person, other than a wholly-owned subsidiary of the Borrower.

  

	 	Notwithstanding anything to the contrary in this Section 9.6 or otherwise in this Agreement, it is agreed that in the event that a Change of Control occurs before any amount was withdrawn by the Borrower under this
Agreement, then the Borrower shall be entitled to terminate this Agreement and the Security Documents with no liability whatsoever towards the Lender provided that the Transaction Fee, the End of Loan

	 	
Payment Fee and other fees and expenses incurred by the Lender in connection to this Loan Agreement and any of the Security Documents have been already paid. 

 

	10	FEES, EXPENSES AND TAXES 

  

	10.1	Transaction Fee  

  

	 	The Parties hereby agree and acknowledge that the Transaction Fee and other expenses shall be paid by the Borrower to the Lender as follows: 

 

	 	(i) upon the execution of this Loan Agreement, a one-time transaction fee in an amount of US$50,000; and (ii) all expenses related to registration of the Security; and (iii) all expenses of Lender in
connection with the negotiation and execution of this Loan Agreement, including, without limitation, costs of due diligence and reasonable fees of attorneys, appraisers, examiners and consultants, up to US$ 20,000 plus applicable VAT.

  

	10.2	Documentary Costs 

  

	 	The Borrower shall promptly pay to the Lender on the Lender’s demand, the reasonable legal expenses and disbursements incurred by the Lender in connection with the following, plus VAT, to the extent applicable:

  

	10.2.1	any amendment or supplement to this Loan Agreement or the Security Documents or any proposal for such amendment to be made that was initiated by the Borrower; and 

 

	10.2.2	any consent or waiver by the Lender concerned under or in connection with this Loan Agreement or the Security Documents or any request for such a consent or waiver; and

 

 

	10.2.3	any step taken by the Lender with a view to the protection, exercise or enforcement of any right or security interest created by this Loan Agreement or the Security Documents or for any similar purpose.

  

	10.3	Certain taxes and duties 

  

	 	The Borrower shall promptly pay any documentary, stamp or other equivalent tax or duty payable on or by reference to this Loan Agreement or the Security Documents, and shall, on the Lender’s demand, fully indemnify
the Lender against any costs, losses, liabilities and expenses resulting from any failure or delay by the Borrower to pay such a tax. 

  

	10.4	Recovery of Overdue Fees 

  

	 	Without prejudice to any other provisions of this Loan Agreement, the Lender shall be entitled (and the Borrower hereby irrevocably authorizes the Lender), at any time and from time to time, to apply any credit balance
to which the Borrower are then entitled on any account with the Lender in satisfaction of the sum or sums from time to time owing by the Borrower to the Lender under and/or pursuant to this Clause 10.4 The Lender shall give notice to the Borrower of
any such application promptly thereafter. 

  

	10.5	Liability for Taxes 

  

	10.5.1	The Borrower shall make all payments to be made by it without any Tax deduction, unless a Tax deduction is required by law. The Borrower shall promptly upon becoming aware that it must make a Tax deduction (or that
there is any change in the rate or the basis of a Tax deduction) notify the Lender.

	10.5.2	If the Borrower is required to make a Tax deduction, the Borrower shall make that Tax deduction and any payment required in connection with that Tax deduction within the time allowed and in the minimum amount required
by law. 

  

	10.5.3	Within thirty (30) days of making either a Tax deduction or any payment required in connection with that Tax deduction, the Borrower shall deliver to the Lender evidence reasonably satisfactory to it that the Tax
deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 

  

	10.6	Illegality and Increased Costs 

  

	10.6.1	If it is or becomes contrary to any law or regulation for the Lender to make available the Loan Facility or to maintain its obligations to do so or fund the Loan, the Lender shall promptly notify the Borrower whereupon
(a) the Lender’s obligations to make the Loan Facility available shall be terminated and (b) the Borrower shall be obliged to prepay the Loan either (i) forthwith or (ii) on a future specified date on or before the latest
date permitted by the relevant law or regulation. 

  

	10.6.2	 If the result of any change in (or in the interpretation, administration or application of), or to the generally accepted interpretation or
application of, or the introduction of, any law or regulation is to subject the Lender to Taxes or change the basis of the payment of Taxes by the Lender with respect to any payment under this Loan Agreement (other than Taxes on the overall net
income, profits or gains of the Lender), then (i) the Lender shall notify the

 

	 	
Borrower in writing of such event promptly upon its becoming aware of the same; and (ii) the Borrower shall on demand, made at any time whether or not the Loan has been repaid, pay to the
Lender the amount of the increased costs which the Lender has suffered as a result. 

  

	11	INDEMNITIES 

  

	11.1	Indemnity for Non-Scheduled Payments 

  

	 	Without derogating from Clause 9 above, the Borrower shall indemnify the Lender fully on its demand in respect of all expenses, liabilities and losses which are suffered or incurred by the Lender, as a result of or in
connection with: 

  

	11.1.1	any Tranche not being borrowed on the date specified in the Drawdown Notice for any reason other than a default by the Lender; 

  

	11.1.2	any failure (for whatever reason) by the Borrower to make payment of any amount due under this Loan Agreement or the Security Documents on the due date or, if so payable, on demand; or 

 

	11.1.3	the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of the Loan under Clause 9.4, and in respect of any Taxes for which the Lender is liable or held liable in connection with
any amount paid or payable to the Lender (whether for its own account or otherwise) under this Loan Agreement or the Security Documents. 

  

	11.2	Third Party Claims Indemnity 

  

	 	The Borrower shall indemnify the Lender fully on its demand in respect of claims, demands, proceedings, liabilities, taxes, losses and expenses of every kind, including without limitation legal fees and expenses which
were

	 	
brought against, or incurred by, the Lender, in any country, in relation to: 

  

	11.2.1	any action lawfully taken, or omitted or neglected to be taken, under or in connection with this Loan Agreement or the Security Documents by the Lender or by any receiver appointed under the Security Documents after the
occurrence of any Event of Default; and 

  

	11.2.2	any breach or inaccuracy of any of the representations and/or warranties contained in Clause 7 hereof or in the Security Documents or any breach of any covenant, commitment or agreement by the Borrower contained in
Clause 8 hereof or elsewhere in this Loan Agreement or in the Security Documents. 

  

	12	RISK AND INSURANCE 

  

	12.1	All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.

  

	12.2	The Borrower shall: 

  

	12.2.1	bear all risk of loss of or damage to the Charged Assets whether insured against or not; 

  

	12.2.2	 maintain with an insurance company approved by the Lender, in accordance with good and prudent practices of owners of such Charged Assets, fully
comprehensive insurance under a standard form of “new for old” all risks policy including terrorism, third party, and business interruption for a 6 month period covering (i) loss of or damage to, the Charged Assets and against such
other risks as assets of the same type as the Charged Assets are normally (or when used in the

 

	 	
manner or for the purposes for which the Charged Assets are to be used) insured, and the new replacement value of the Charged Assets; and (ii) all liability whatsoever (including liability
of the Lender) to any third party whomsoever including any employee, agent or sub-contractor of the Lender or the Borrower who may suffer damage to or loss of property or death or personal injury, whether arising directly or indirectly from the
Charged Assets or their use; 

  

	12.2.3	procure that the Lender and, if the Lender so requests, any affiliates of the Lender is an additional insured and that the interest of the Lender is noted under the policy and that the Lender is loss payee;

  

	12.2.4	upon request produce to the Lender the policy and all premium receipts; 

  

	12.2.5	promptly notify the Lender of any event which may give rise to a claim under the policy and upon request irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; and

  

	12.2.6	upon request assign by way of security, or following the occurrence of an Event of Default, a complete assignment to the Lender, the Borrower’s rights under such policy and irrevocably appoint the Lender to
institute any necessary proceedings. 

  

	13	END OF LOAN PAYMENT 

  

	 	Upon the final repayment of the Total Loan Facility, the Borrower shall pay the Lender the End of Loan Payment. Upon payment of the End of Loan Payment, subject to the terms of this Loan Agreement and the Security
Documents (including the making of all payments hereunder and thereunder), the Lender shall take

	 	
appropriate action to release the security over the Charged Assets. Failure to pay End of Loan Payment shall constitute a breach of this Loan Agreement. 

 

	14	POWER OF ATTORNEY 

  

	14.1	The Borrower by way of security hereby irrevocably appoints the Lender and separately any receiver appointed under any Security Document severally to be its attorney in its name and to act on its behalf and to execute
and complete any deeds or documents which the Lender may require for perfecting its title to or for vesting the Charged Assets both present and future in the Lender or its respective nominees or in any purchaser and otherwise generally to sign seal
and deliver and otherwise perfect any such legal or other Security Interest referred to in Clause 1.34 and all such deeds and documents and to do all such acts and things as may be required for the full exercise of the powers conferred hereunder or
under any Security Document including any sale, lease, disposition, realization or getting in and this appointment shall operate as a general power of attorney made under applicable law. The Borrower hereby covenants with the Lender and separately
with any such receiver to ratify and confirm any deed, document, act and thing and all transactions which any such attorney may lawfully execute or do. 

  

	15	NOTICES 

  

	15.1	 Any notice, demand or other communication (“Notice”) to be given by any party under, or in connection with, this Loan Agreement shall
be in writing and signed by or on behalf of the party giving it. Any Notice shall be served by sending it by fax to the

 

	 	
number set out in Clause 15.2, or delivering it by hand to the address set out in Clause 15.2 and in each case marked for the attention of the relevant party set out in Clause 15.2 (or as
otherwise notified from time to time in accordance with the provisions of this Clause 15). Any Notice so served by fax or hand shall be deemed to have been duly given or made as follows: 

 

	15.1.1	if sent by fax, at the time of transmission; or 

  

	15.1.2	in the case of delivery by hand, when delivered, 

  

	 	provided that in each case where delivery by fax or by hand occurs after 5pm on a Business Day (local time in the place of receipt) or on a day which is not a Business Day, service shall be deemed to occur at 9am on the
next following Business Day (local time in the place of receipt). 

 References to time in this Clause 15 are to local time
in the country of the addressee. 
  

	15.2	The addresses and fax number of the parties for the purpose of this Clause 15 are as follows: 

  

	15.2.1	Lender: 

 Address: 47 esplanade Saint Helier, Jersey 

with a copy to: 

Kadouch & Co., Law Offices, 

8b Abba Eban 
 46733 Herzliya

 Israel 
 For the
attention of Emmanuel Kadouch, Adv. 
 Fax: +972-9-9525450 

Email: emmanuel@kadouchlaw.com

 Borrower: 

Address: 0 HaCarmel Street, 

Yokneam Illit 2069200, Israel 

Fax: +972 4 959 0125 
 For the
attention of: Ami Kraft 
 with a copy to: 

Shenhav & Co., Advocates & Notary 

4 Hanechoshet Street, Tel Aviv For the attention of Dr. Ayal Shenhav Adv. 

Email: ayal@shenhavlaw.co.il 
  

	15.3	A party may notify the other party to this Loan Agreement of a change to its name, relevant addressee, address or fax number for the purposes of this Clause 15, provided that such notice shall only be effective on:

  

	15.3.1	the date specified in the notification as the date on which the change is to take place; or 

  

	15.3.2	if no date is specified or the date specified is less than five Business Days after the date on which notice is given, the date following five Business Days after notice of any change has been given. 

 

	15.4	In proving service it shall be sufficient to prove that the envelope containing such notice was properly addressed and delivered to the address shown thereon or that the facsimile transmission was made and a facsimile
confirmation report was received, as the case may be. 

  

	16	GENERAL 

  

	16.1	 All agreements, covenants, representations and warranties of each of the Borrower contained in this Loan Agreement or in the Drawdown Notices or other
documents delivered pursuant hereto or in connection herewith and continuing, shall survive and remain binding the execution and delivery, and the expiration,

 

	 	
cancellation or other termination of this Loan Agreement and/or the Drawdown Notice. 

  

	16.2	If the Borrower shall fail to perform any of its obligations under any Drawdown Notice duly and promptly, the Lender may, at its option and at any time, perform the same without waiving any default on the part of the
Borrower, or any of the Lender’s rights. The Borrower shall reimburse the Lender, within five (5) Business Days after notice thereof is given to the Borrower, for all expenses and liabilities incurred by the Lender in the performance of
the Borrower’s obligations. 

  

	16.3	No failure to exercise, nor any delay in exercising, on the part of the Lender, any right or remedy hereunder shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any
further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Loan Agreement are cumulative and not exclusive of any rights or remedies provided by law or in equity. Waiver by the Lender of any
default shall not constitute waiver of any other default. 

  

	16.4	The Borrower may not assign or transfer its rights, benefits and obligations under this Loan Agreement. The Lender shall have the right, in its sole discretion, to assign, sell, pledge, grant a security interest in or
otherwise encumber its rights under this Loan Agreement and/or one or more Drawdown Notices to any reputable financing institutions (an “Assignee”), or may be acting as an agent for any Assignee in entering into any Drawdown Notice.
The Borrower hereby irrevocably consents to any

	 	
assignment, sale, pledge, grant of a security interest or any other disposal to an Assignee. The Borrower agrees that if it receives notice from the Lender that it is to make payments under this
Loan Agreement and/or any Drawdown Notice to such Assignee rather than to the Lender, or that any of its other obligations under the relevant Drawdown Notice are to be owed to the named Assignee, the Borrower shall comply with any such notice.
Subject to the foregoing, this Loan Agreement and each Drawdown Notice inures to the benefit of, and is binding upon, the successors and assigns of the Lender. 

  

	16.5	The Borrower consents to the disclosure of information by the Lender to its Affiliates, Related Funds and to other parties to the Security Documents and potential Assignees. 

 

	16.6	Clause titles are solely for convenience and are not an aid in the interpretation of this Loan Agreement. 

  

	16.7	If, at any time, any provision herein is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor
the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

  

	16.8	A person who is not a party to this Loan Agreement has no right to enforce or enjoy the benefits of this Loan Agreement. 

  

	16.9	 This Loan Agreement, together with the Security Documents, constitutes the entire agreement between the parties with respect to the subject matter
hereof. This Loan Agreement may not be 

 

	 	
modified except in writing executed by the Lender and the Borrower. No supplier or agent of the Lender is authorized to bind the Lender or to waive or modify any term of this Loan Agreement.

  

	16.10	This Loan Agreement may be executed in counterparts (including facsimile copies), each of which shall be an original, but all such counterparts shall together constitute one and the same instrument. 

 

	16.11	This Loan Agreement and any obligations arising out of or in connection with it are governed by the laws of the State of Israel without regard to the conflict of laws provisions thereof. The

	 	
courts of Tel Aviv - Jaffa have exclusive jurisdiction to settle any dispute arising out of or in connection with this Loan Agreement (including a dispute relating to the existence, validity or
termination of this Loan Agreement or any obligation arising out of or in connection with this Loan Agreement (a “Dispute”). The parties to this Loan Agreement agree that the courts of Israel are the most appropriate and convenient
courts to settle Disputes and accordingly no party to this Loan Agreement will argue to the contrary. Notwithstanding the above, the Lender may be entitled to initiate proceedings against the Parent in any applicable jurisdiction.

 

 SCHEDULE A 

FORM OF DRAWDOWN NOTICE 

DRAWDOWN NOTICE 
 Drawdown 

No. [    ] 
 dated 

between 
  

			
	KREOS CAPITAL IV (EXPERT FUND) LIMITED	 	REWALK ROBOTICS LTD.
		
	the (“Lender”)	 	the (“Borrower”)

 This Drawdown Notice forms a Schedule to a Loan Agreement between the Lender and the Borrower dated
[            ] 2014 (the “Loan Agreement”) 
 The Lender has granted the
Borrower a loan facility pursuant to the terms and conditions set out in the Loan Agreement and attached Schedules. 
 Words and expressions in this
Drawdown Notice shall have the same meanings as in the Loan Agreement. 

  
 29 

 PART 1 

Loan Details 
  

			
	Total Loan Facility	  	up to US$ 5,000,000
		
	Amount of Loan Facility to be drawn down pursuant to this Drawdown Notice	  	[             ]
		
	Loan Term	  	[             ]
		
	Bank Account Details for remittance of funds	  	[             ]

 We confirm that: 
  

	(a)	the representations and warranties made by us in the Loan Agreement are true and accurate on the date of this Drawdown Notice as if made on such date; and 

 

	(b)	no Event of Default has occurred and is continuing or would result from the delivery of this Drawdown Notice. 

for and on behalf of 

[             ] 

Authorized Signatory
                                         
        
 Name
                                         
                                 

Dated [            ] 201[     ] 

  
 30 

 SCHEDULE B 

LIST OF EQUIPMENT 

  
 31 

 SCHEDULE C 

INITIAL SECURITY DOCUMENTS 
 Debenture
Fixed Charge. 
 Debenture Floating Charge. 
 US IP Security
Agreement 
 Security Agreement 
 Guaranty from Argo Medical
Technologies Inc. 
 Guaranty from Argo Medical Technologies GmbH. 

  
 32 

 SCHEDULE D 

REGISTERED INTELLECTUAL PROPERTY 

  
 33 

 Duly executed by the parties on the date first set out on the first page of this Loan Agreement. 

BORROWER 
  

			
	REWALK ROBOTICS LTD.
	By:	 	  

	Its:	 	  

	Date:	 	  

 LENDER 
 For and on
behalf of 
 KREOS CAPITAL IV (EXPERT FUND) LIMITED 
  

			
	By:	 	  

	Its:	 	  

	Date:	 	  

  
 34EX-10.12

 Exhibit 10.12 

ARGO MEDICAL TECHNOLOGIES LTD. 

2012 EQUITY INCENTIVE PLAN 

1. PURPOSES. 
 (a)
Eligible Share Award Recipients. The persons eligible to receive Share Awards are the Employees, Directors and Consultants of the Company and its Affiliates. 

(b) Available Share Awards. The purpose of the Plan is to provide a means by which eligible recipients of Share Awards may be given an
opportunity to benefit from increases in value of the Shares through the granting of the following Share Awards: (i) Incentive Share Options and (ii) Nonstatutory Share Options. 

(c) General Purpose. The Company, by means of the Plan, seeks to retain the services of the group of persons eligible to receive Option
Awards, to secure and retain the services of new members of this group and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Affiliates. 

2. DEFINITIONS. The following capitalized terms have the following meanings. Other capitalized terms are defined
elsewhere herein. 
 (a) “Affiliate” means (i) any person or entity that directly or indirectly controls, is
controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest as determined by the Committee in its discretion. The term
“control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise. 

(b) “Award” means, individually or collectively, a grant under the Plan and/or the Sub Plan of Options, Restricted
Share, Restricted Share Units, Share Appreciation Rights, Performance Units, Performance Shares and other shares or cash awards as the Committee may determine. 

(c) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to
each Award granted under the Plan and/or the Sub Plan. The Award Agreement is subject to the terms and conditions of the Plan and/or the Sub Plan. 

(d) “Board” means the Board of Directors of the Company. If a Committee has been appointed to administer this Plan,
references herein to the term “Board” shall apply to such Committee to the extent such Committee has been delegated authority over the applicable subject matter. 

(e) “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York
City, New York are authorized or obligated by federal law or executive order to be closed. 

 (f) “Cause” shall mean, in the case of a particular Award, unless the
applicable Award Agreement states otherwise: (1) if the Participant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of “cause”, the definition contained
therein; or (ii) if no such agreement exists, or if such agreement does not define “cause”: (a) conviction of, or plea of guilty or no contest to, any felony or any crime involving moral turpitude or dishonesty or the commission
of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (b) participation in a fraud, misappropriation, or embezzlement of Company and/or its Affiliate funds or property or act of
dishonesty against the Company and/or its Affiliate; (c) material violation of any rule, regulation, policy or plan for the conduct of (as the case may be) any director, officer, employee, member, manager, consultant or service provider of or
to the Company or its Affiliates or its or their business (which, if curable, is not cured within 5 Business Days after notice thereof is provided to the Participant); (d) conduct that results in or is reasonably likely to result in harm to the
reputation or business of the Company or any of its Affiliates; (e) gross negligence or willful misconduct with respect to the Company or an Affiliate; (f) material violation of U.S. state, federal or other applicable (including non-U.S.)
securities laws or (g) material breach of Participant’s proprietary information and inventions agreement (h) any disclosure of confidential information of the Company or breach of any obligation not to compete with the Company or not
to violate a restrictive covenant. 
 (g) “Change in Control” shall, in the case of a particular Award, unless the
applicable Award Agreement states otherwise or contains a different definition of “Change in Control,” be deemed to occur upon: 

(i) An acquisition (whether directly from the Company or otherwise) of any voting securities of the Company (the “Voting
Securities”) by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)), immediately after which
such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of the combined voting power of the Company’s then outstanding Voting Securities. 

(ii) The individuals who constitute the members of the full Board of Directors of the Company cease, by reason of a financing, merger,
combination, acquisition, takeover or other non-ordinary course transaction affecting the Company, to constitute at least fifty-one percent (51%) of the members of the full Board of Directors of the Company; or 

(iii) Approval by the full Board of Directors of the Company and, if required, shareholders of the Company of, or execution by the Company of
any definitive agreement with respect to, or the consummation of (it being understood that the mere execution of a term sheet, memorandum of understanding or other non-binding document shall not constitute a Change of Control): 

(A) A merger, consolidation or reorganization involving the Company, where either or both of the events described in clauses (i) or
(ii) above would be the result; 

  
 2 

 (B) A liquidation or dissolution of or appointment of a receiver, rehabilitator, conservator or
similar person for, or the filing by a third party of an involuntary bankruptcy against, the Company; provided, however, that to the extent necessary to comply with Section 409A of the Code, the occurrence of an event described in this
subsection (B) shall not permit the settlement of Restricted Share Units granted under this Plan; or 
 (C) An agreement for the sale
or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a subsidiary of the Company). 

(h) “Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. Any reference to a section
of the Code shall be deemed to include any regulations promulgated thereunder. 
 (i) “Committee” means a committee
of one or more members of the Board appointed by the Board in accordance with subsection 3(c) to administer this Plan. 
 (j)
“Company” means Argo Medical Technologies Ltd. 
 (k) “Consultant” means any person,
including an advisor engaged by the Company or an Affiliate to render consulting or advisory services and who is compensated for such services. 

(l) “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an
Employee, Director or Consultant, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company
or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s Continuous Service; provided
further that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a
Consultant of an Affiliate or a Director will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any
leave of absence approved by that party, including sick leave, military leave, relocation or any other personal or family leave of absence. 

(m) “Covered Employee” means the chief executive officer and the other highest compensated officers of the Company for
whom total compensation is required to be reported to shareholders under the Exchange Act, as determined for purposes of Section 162(m) of the Code. 

(n) “Director” means a member of the Board. 

(o) “Disability” means that the Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment; provided, however, for purposes of determining the term of an Incentive Share Option, the term Disability shall have the meaning ascribed to it Section 22(e)(3) of the Code.
The determination 

  
 3 

 
of whether an individual has a Disability shall be determined under procedures established by the Committee. Except in situations where the Committee is determining Disability for purposes of the
term of an Incentive Share Option within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the
Company or any Affiliate in which a Participant participates. 
 (p) “Employee” means any person, including an
Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining eligibility to receive incentive Share Options, an Employee shall mean an employee of the Company or a parent or subsidiary
corporation within the meaning of Code Section 424. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate. 

(q) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(r) “Fair Market Value” means, as of any date, the value of the Shares determined as follows: 

(i) If the Shares is listed on any established stock exchange or a national market system, including without limitation, the New York Stock
Exchange or the NASDAQ Stock Market, or quoted on a national exchange or other recognized securities quotation system (such as the OTC Bulletin Board/OTCQB Market), the Fair Market Value of a Share shall be the closing sales price for such Share as
quoted on such exchange, market or quotation system (or the exchange or market with the greatest volume of trading in the Share) on the last market trading day prior to the day of determination (or the closing price on the date immediately preceding
such date if no sales activity occurred on the day of determination), as reported by Bloomberg or such other source as the Board deems reliable. 

(ii) In the absence of such markets for the Shares, the Fair Market Value shall be determined in good faith by the Board and such
determination shall be conclusive and binding on all persons; provided that, (a) with respect to Awards that are Incentive Share Options, the Board shall make such determination in accordance with the provisions of Section 422 of the Code
and subject to all applicable U.S. Treasury Regulations and any other applicable guidance promulgated pursuant thereto; (b) with respect to Awards that are not Incentive Share Options, the determination shall be in accordance with and
applicable to U.S. Treasury Regulations and any other applicable guidance promulgated pursuant thereto. 
 (s) “Incentive Share
Option” means an Option intended to qualify as an incentive Share option within the meaning of Section 422 of the Code and the U.S. Treasury Regulations promulgated thereunder. 

(t) “IPO” means the occurrence of each of the following: (i) either (A) a registration statement covering an
initial public offering or public resale of the Company’s securities by the Company and/or its shareholders is declared effective by the Securities and Exchange Commission or (B) the Company consummates a “reverse merger”
transaction with a public vehicle and (ii) the Company (or its successor) becomes or is a reporting company under the 

  
 4 

 
Securities Exchange Act of 1934, as amended, with its ordinary shares listed or quoted on a national exchange or other recognized securities quotation system (such as the OTC Bulletin Board/OTCQB
Market). 
 (u) “Listing Date” means the first date upon which the Company’s ordinary shares is (i) listed
(or approved for listing) upon notice of issuance on any securities exchange, (ii) designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system if such securities exchange or
interdealer quotation system has been certified or (iii) quoted on any recognized securities quotation system (such as the OTC Bulletin Board/OTCQB Market). 

(v) “Non-Employee Director” means a Director who either (i) is not a current Employee or Officer of the Company
or its parent or a subsidiary, does not receive compensation (directly or indirectly) from the Company or its parent or a subsidiary for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which
disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction as to which disclosure would be
required under Item 404(a) of Regulation S-K and is not engaged in a business relationship as to which disclosure would be required under Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee
director” for purposes of Rule 16b-3. 
 (w) “Nonstatutory Share Option” means an Option not intended to
qualify as an Incentive Share Option and does not meet the requirements of, and is not governed by, the rules of Sections 421 through 424 of the Code. 

(x) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange
Act and the rules and regulations promulgated thereunder. 
 (y) “Option” means an Incentive Share Option, a
Nonstatutory Share Option or any other option granted pursuant to the Plan or any Sub Plan. 
 (z) “Outside
Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation” (within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a
former employee of the Company or an “affiliated corporation” receiving compensation for prior services (other than benefits under a tax qualified pension plan), was not an officer of the Company or an “affiliated corporation” at
any time and is not currently receiving direct or indirect remuneration from the Company or an “affiliated corporation” for services in any capacity other than as a Director or (ii) is otherwise considered an “outside
director” for purposes of Section 162(m) of the Code. 
 (aa) “Parent” means any corporation (other than
the Company) in an unbroken chain of corporations or other entities ending with the Company, if each of the corporations or other entities (other than the Company) owns shares possessing 50% or more of the total combined voting power of ail classes
of shares in one of the other corporations in such chain. A corporation or other entity that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 

  
 5 

 (bb) “Participant” means a person to whom an Award is granted pursuant to
the Plan or, if applicable, such other person who holds an outstanding Award. 
 (cc) “Performance Goals” will have
the meaning set forth in Section 11 of the Plan. 
 (dd) “Performance Period” means any period as determined by
the Committee in its sole discretion. 
 (ee) “Performance Share” means an Award denominated in Shares which may be
earned in whole or in part upon attainment of Performance Goals or other vesting criteria as the Committee may determine pursuant to Section 10. 

(ff) “Performance Unit” means an Award which may be earned in whole or in part upon attainment of Performance Goals or
other vesting criteria as the Committee may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10. 

(gg) “Period of Restriction” means the period during which the transfer of Shares of Restricted Shares are subject to
restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the
Committee. 
 (hh) “Plan” means this 2012 Equity Incentive Plan. 

(ii) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect
from time to time. 
 (jj) “Securities Act” means the Securities Act of 1933, as amended. 

(kk) “Share” means Ordinary A Share, par value of NIS 0.01 per share, of the Company. 

(ll) “Service Provider” means an Employee, Director or Consultant. 

(mm) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations or other
entities beginning with the Company, if each of the corporations or other entities other than the last corporation or entity in the unbroken chain owns share possessing 50% or more of the total combined voting power of all classes of shares in one
of the other corporations or entities in such chain. A corporation or other entity that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 

(nn) “Sub Plan” means any sub plan subject to the terms of the Plan. 

(oo) “Ten Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the
Code) shares possessing more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or of any of its Affiliates. 

  
 6 

 3. ADMINISTRATION. 

(a) Administration by Board. The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as
provided in subsection 3(c). Any interpretation of the Plan by the Board and any decision by the Board under the Plan shall be final and binding on all persons. 

(b) Powers of Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 (i) to determine from time to time which of the persons eligible under the Plan shall be granted Awards; when and how each Award shall be
granted; what type or combination of types of Award shall be granted; the provisions and terms of each Award granted (which need not be identical), including the time or times when a person shall be permitted to receive Share pursuant to an Award;
the number of shares of Share with respect to which an Award shall be granted to each such person; and to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting
provisions, and to specify the provisions of the Award relating to such grant; 
 (ii) to construe and interpret (i) the Plan and apply
its provisions and (ii) Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any
Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective; 
 (iii) to
promulgate, amend and rescind rules and regulations relating to the administration of the Plan or an Award; 
 (iv) to authorize any person
to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; 
 (v) to delegate its authority to one
or more Officers of the Company with respect to Awards that do not involve Covered Employees or “insiders” within the meaning of Section 16 of the Exchange Act; 

(vi) to determine whether each Option is to be an Incentive Share Option or a Nonstatutory Share Option; 

(vii) to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding
Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under his or her Award or creates or increases a Participant’s tax liability with respect to an
Award, such amendment shall also be subject to the Participant’s consent; 
 (viii) to determine the duration and purpose of leaves of
absences which may be granted to a Participant without constituting termination of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under the Company’s employment
policies; 

  
 7 

 (ix) to make decisions with respect to outstanding Awards that may become necessary upon a change
in corporate control or an event that triggers anti-dilution adjustments; 
 (x) to exercise discretion to make any and all other
determinations which it determines to be necessary or advisable for the administration of the Plan; and 
 (xi) generally, to exercise such
powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company which are not in conflict with the provisions of the Plan. 

(c) Delegation to Committee. 

(i) General. The Board may delegate administration of the Plan to a Committee or Committees of one (1) or more members of the
Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of
the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to the
Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the
administration of the Plan. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies,
however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written
consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such
rules and regulations for the conduct of its business as it may determine to be advisable. 
 (ii) Committee Composition when ordinary
share is Publicly Traded. At such time as the ordinary share of the Company is publicly traded, unless otherwise determined by the Board not to comply with the exemption requirements of rule 16b-3 and/or Section 162(m) of the Code, a
Committee shall consist solely of two (2) or more Outside Directors, in accordance with Section 162(m) of the Code, and/or solely of two (2) or more Non-Employee Directors, in accordance with Rule 16b-3. Within the scope of such authority,
the Board or the Committee may (1) delegate to a committee of one or more members of the Board who are not Outside Directors the authority to grant Awards to eligible persons who are either (a) not then Covered Employees and are not
expected to be Covered Employees at the time of recognition of income resulting from such Award or (b) not persons with respect to whom the Company wishes to comply with Section 162(m) of the Code and/or (2) delegate to a committee of
one or more members of the Board who are not Non-Employee Directors the authority to grant Awards to 

  
 8 

 
eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards
are granted under the Plan by a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors who are also Outside Directors. 

4. SHARES SUBJECT TO THE PLAN. 

(a) Share Reserve. Subject to the provisions of Section 15 relating to adjustments upon changes in shares, the Share that may be
issued pursuant to Awards shall not exceed in the aggregate of 26,000 (Twenty Six Thousand) Ordinary, “A” Shares. During the terms of the Awards, the Company shall keep available at all times the number of Shares required to satisfy such
Awards. 
 (b) Reversion of Shares to the Share Reserve. If any Award shall for any reason expire or otherwise terminate, in whole or
in part, without having been exercised in full, the Shares not acquired under such Award shall revert to the Plan and again become available for issuance under the Plan. Notwithstanding anything to the contrary contained herein, shares subject to an
Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of an Award, (b) shares delivered or withheld by the Company to satisfy any tax withholding
obligation, or (c) shares covered by any other Awards that were not issued upon the settlement of the Award. 
 (c) Source of
Shares. The Shares subject to the Plan may be, in whole or in part, authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner. 

(d) Subject to adjustment in accordance with Section 15, no Participant shall be granted, during any one (1) year period, Options to
purchase Shares with respect to more than 26,000 (Twenty Six Thousand) Ordinary “A” Shares in the aggregate or any other Awards with respect to more than 26,000 (Twenty Six Thousand) Ordinary “A” Shares in the aggregate. If an
Award is to be settled in cash, the number of Shares on which the Award is based shall count toward the individual share limit set forth in this Section 4. 

(e) Any Shares subject to an Award that is canceled, forfeited or expires prior to exercise or realization, either in full or in part, shall
again become available for issuance under the Plan. 
 5. ELIGIBILITY. 

(a) Eligibility for Specific Share Awards. Incentive Share Options may be granted only to Employees. Options Awards other than
Incentive Share Options may be granted to Employees, Directors and Consultants. 
 (b) Ten Percent Shareholders. 

(i) A Ten Percent Shareholder shall not be granted an Incentive Share Option unless the exercise price of such Option is at least one hundred
ten percent (110%) of the Fair Market Value of the Shares at the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant. 

(ii) Prior to the Listing Date, a Ten Percent Shareholder shall not be granted a Nonstatutory Share Option unless the exercise price of such
Option is at least (i) one hundred ten percent (110%) of the Fair Market Value of the Shares at the date of grant. 

  
 9 

 (c) Consultants. 

(i) Prior to the Listing Date, a Consultant shall not be eligible for the grant of an Award if, at the time of grant, either the offer or the
sale of the Company’s securities to such Consultant is not exempt under Rule 701 of the Securities Act (“Rule 701”) because of the nature of the services that the Consultant is providing to the Company, or because the
Consultant is not a natural person, or as otherwise provided by Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities Act as well as comply
with the securities laws of all other relevant jurisdictions. 
 (ii) From and after the Listing Date, a Consultant shall not be eligible
for the grant of an Award if, at the time of grant, a Form S-8 Registration Statement under the Securities Act (“Form S-8”) is not available to register either the offer or the sale of the Company’s securities to such
Consultant because of the nature of the services that the Consultant is providing to the Company, or because the Consultant is not a natural person, or as otherwise provided by the rules governing the use of Form S-8, unless the Company determines
both (i) that such grant (A) shall be registered in another manner under the Securities Act (e.g., on a Form S-3 Registration Statement) or (B) does not require registration under the Securities Act in order to comply with the
requirements of the Securities Act, if applicable, and (ii) that such grant complies with the securities laws of all other relevant jurisdictions. 

(iii) As of April 7, 1999, Rule 701 and Form S-8 generally are available to consultants and advisors only if (i) they are natural
persons; (ii) they provide bona fide services to the issuer, its parents, its majority-owned subsidiaries or majority-owned subsidiaries of the issuer’s parent; and (iii) the services are not in connection with the offer or sale of
securities in a capital-raising transaction, and do not directly or indirectly promote or maintain a market for the issuer’s securities. 
 6.
OPTION PROVISIONS. 
 Each Option shall be in such form and shall contain such terms and conditions as the
Board shall deem appropriate and set forth in the Award Agreement approved by the Board. All Options shall be separately designated as Incentive Share Options or Nonstatutory Share Options of U.S. Participants or 3(i) Option and Options granted
under Section 102 of the Ordinance (as defined under the applicable Sub Plan) for Israeli Participants at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for Shares purchased on exercise
of each type of Option. No Option shall be treated as an Incentive Share Option unless this Plan has been approved by the shareholders of the Company in a manner intended to comply with the shareholder approval requirements of Section 422(b)(1)
of the Code, provided that any 

  
 10 

 
Option intended to be an Incentive Share Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonstatutory
Share Option unless and until such approval is obtained. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of
each of the following provisions: 
 (a) Procedure for Exercise. An Option shall be deemed exercised when the Company receives
(i) written or electronic notice of exercise in accordance with the Award Agreement) from the person entitled to exercise the Option, and (ii) full payment for the shares with respect to which the Option is exercised, together with any
applicable withholding taxes. Full payment may consist of any consideration and method of payment authorized by the Board and permitted by the Award Agreement and the Plan. The exercise price shall be denominated in the currency of the primary
economic environment of, either the Company or the participant (that is the functional currency of the Company or the currency in which the Participant is paid) as determined by the Company. 

(b) Until an IPO, Shares issued upon the exercise of Option, shall be voted by an irrevocable proxy (attached to the Award Agreement) (the
“Proxy”) pursuant to the directions of the Board, such Proxy to be assigned to representatives designated by Board (the “Representatives”). Such Representatives shall be indemnified and held harmless
by the Company against any cost or expense (including counsel fees) reasonably incurred by him/her, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in
connection with the voting of the Proxy unless arising out of such Representative’s own fraud or bad faith, to the extent permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification the
Representative(s) may have as a director or otherwise under the Company’s Article of Association and/or any agreement, any vote of shareholders or disinterested directors, insurance policy or otherwise. 

(c) Term. Subject to the provisions of subsection 5(b) regarding Ten Percent Shareholders, no Option shall be exercisable after
the expiration of ten (10) years from the date it was granted, or the date set forth at the Award Agreement, as earlier. 
 (d)
Exercise Price of an Incentive Share Option. Subject to the provisions of subsection 5(b) regarding Ten Percent Shareholders, the exercise price of each Incentive Share Option shall be not less than one hundred percent (100%) of
the Fair Market Value of the Shares subject to the Option on the date the Option is granted or such other amount as may be required pursuant to the Code. Notwithstanding the foregoing, an Incentive Share Option may be granted with an exercise price
lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code. 

(e) Exercise Price of a Nonstatutory Share Option. Subject to the provisions of subsection 5(b) regarding Ten Percent Shareholders, the
exercise price of each Nonstatutory Share Option granted prior to the Listing Date shall be not less than one hundred percent (100%) of the Fair Market Value of the Share subject to the Option on the date the Option is granted or such other
amount as may be required pursuant to the Code. The exercise price of each 

  
 11 

 
Nonstatutory Share Option granted on or after the Listing Date shall be not less than one hundred percent (100%) of the Fair Market Value of the Share subject to the Option on the date the
Option is granted. Notwithstanding the foregoing, a Nonstatutory Share Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another
option in a manner satisfying the provisions of Section 424(a) of the Code. 
 (f) Consideration. The purchase price of Shares
acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes and regulations, either (i) in cash and/ or check at the time the Option is exercised or (ii) at the discretion of the Board at the time of the
grant of the Option (or subsequently in the case of a Nonstatutory Share Option) (1) by delivery to the Company of other Shares, or (2) in any other form of legal consideration that may be acceptable to the Board. The Board shall have the
authority to postpone the date of payment on such terms as it may determine. 
 (g) Transferability of an Incentive Share Option. An
Incentive Share Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant. Notwithstanding the foregoing, the Participant may,
by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled to exercise the Option. 

(h) Transferability of a Nonstatutory Share Option. A Nonstatutory Share Option granted prior to the Listing Date shall not be
transferable except by will or by the laws of descent and distribution and, to the extent provided in the Agreement, and shall be exercisable during the lifetime of the Participant only by the Participant. A Nonstatutory Share Option granted on or
after the Listing Date shall be transferable to the extent provided in the Award Agreement. If the Nonstatutory Share Option does not provide for transferability, then the Nonstatutory Share Option shall not be transferable except by will or by the
laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant. Notwithstanding the foregoing, the Participant may, by delivering written notice to the Company, in a form satisfactory to the
Company, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled to exercise the Option. 

(i) Vesting Generally. The total number of Shares subject to an Option may, but need not, vest and therefore become exercisable in
periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Board may deem
appropriate. The vesting provisions of individual Options may vary. 
 (j) Termination of Continuous Service. In the event an
Participant’s Continuous Service terminates (other than upon the Participant’s death or Disability), and unless otherwise specified in the applicable Award Agreement, the Participant may exercise his or her Option (to the extent that the
Participant was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (i) the date three (3) months following the termination of the Participant’s Continuous
Service (or such shorter period specified in the Award Agreement or such different period as the Board may prescribe, which 

  
 12 

 
period shall not be less than thirty (30) days for Options granted prior to the Listing Date unless such termination is for Cause), or (ii) the expiration of the term of the Option as
set forth in the Award Agreement. If, after termination, the Participant does not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate. 

(k) Extension of Termination Date. An Participant’s Award Agreement may also provide that if the exercise of the Option following
the termination of the Participant’s Continuous Service (other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the
Securities Act, then the Option shall terminate on the earlier of (i) the expiration of the term of the Option set forth in subsection 6(c) or (ii) the expiration of a period of three (3) months after the termination of the
Participant’s Continuous Service during which the exercise of the Option would not be in violation of such registration requirements. 

(l) Disability of Participant. Unless otherwise provided in its Award Agreement, in the event that an Participant’s Continuous
Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option (to the extent that the Participant was entitled to exercise such Option as of the date of termination), but only within such period
of time ending on the earlier of (i) the date twelve (12) months following such termination (or such shorter period specified in the Award Agreement which period shall not be less than six (6) months for Options granted prior to the
Listing Date or such longer period as specified in the Award Agreement and approved by the Board) or (ii) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Participant does not exercise his
or her Option within the time specified herein, the Option shall terminate. 
 (m) Death of Participant. Unless otherwise provided in
its Award Agreement, in the event (i) an Participant’s Continuous Service terminates as a result of the Participant’s death or (ii) the Participant dies within the period (if any) specified in the Award Agreement after the
termination of the Participant’s Continuous Service, then the Option may be exercised (to the extent the Participant was entitled to exercise such Option as of the date of death) by the Participant’s estate, by a person who acquired the
right to exercise the Option by bequest or inheritance or by a person designated to exercise the option upon the Participant’s death pursuant to subsection 6(g) or 6(h), but only within the period ending on the earlier of (1) the date
Twelve (12) months following the date of death (or such shorter period specified in the Award Agreement which period shall not be less than six (6) months for Options granted prior to the Listing Date as specified in the Award Agreement
and approved by the Board) or (2) the expiration of the term of such Option as set forth in the Award Agreement. If, after death, the Option is not exercised within the time specified herein, the Option shall terminate. 

(n) Termination of Continuous Service for Cause. Notwithstanding Sections (j)-(m) above, in the event of termination of
Participant’s employment with the Company or any of its Affiliates, or if applicable, the termination of services given to the Company or any of its Affiliates by Consultants of the Company or any of its Affiliates for Cause (as defined above),
all outstanding Awards granted to such Participant (whether vested or not) will immediately expire and terminate on the date of such termination and the holder of Awards shall not have any right in connection to such outstanding Awards, unless
otherwise determined by the Board. The Shares covered by such Awards shall revert to the Plan. 

  
 13 

 (o) Compliance With Laws, etc. Notwithstanding the foregoing, following the Listing Date,
in no event shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable law or the applicable rules and regulations of the
Securities and Exchange Commission or the applicable rules and regulations of any securities exchange, inter-dealer quotation system or other recognized securities quotation system on which the securities of the Company are listed, quoted or traded.

 7. SHARE APPRECIATION RIGHTS. 

(a) Grant of Share Appreciation Rights. Subject to the terms and conditions of the Plan and the relevant Sub Plan, a Share Appreciation
Right may be granted to Service Providers at any time and from time to time as will be determined by the Committee, in its sole discretion. 

(b) Number of Shares. The Committee will have complete discretion to determine the number of Share Appreciation Rights granted to any
Participant. 
 (c) Exercise Price and Other Terms. The Committee, subject to the provisions of the Plan, will have complete
discretion to determine the terms and conditions of Share Appreciation Rights granted under the Plan. 
 (d) Share Appreciation Right
Agreement. Each Share Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Share Appreciation Right, the conditions of exercise, and such other terms and conditions as the
Committee, in its sole discretion, will determine. 
 (e) Expiration of Share Appreciation Rights. A Share Appreciation Right granted
under the Plan will expire upon the date determined by the Committee, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(a) also will apply to Share Appreciation Rights. 

(f) Payment of Share Appreciation Right Amount. Upon exercise of a Share Appreciation Right, a Participant will be entitled to receive
payment from the Company in an amount determined by multiplying: 
 (i) The difference between the Fair Market Value of a Share on the date
of exercise over the exercise price; times 
 (ii) The number of Shares with respect to which the Share Appreciation Right is exercised.

 At the discretion of the Committee, the payment upon Share Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some
combination thereof. 

  
 14 

 8. RESTRICTED SHARE. 

(a) Grant of Restricted Share. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may
grant Shares of Restricted Share to Service Providers in such amounts as the Committee, in its sole discretion, will determine. 
 (b)
Restricted Share Agreement. Each Award of Restricted Share will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Committee, in its sole
discretion, will determine. Unless the Committee determines otherwise, Shares of Restricted Share will be held by the Company as escrow agent until the restrictions on such Shares have lapsed. 

(c) Transferability. Except as provided in this Section 88, Shares of Restricted Share may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction and subject to any applicable laws. 

(d) Other Restrictions. The Committee, in its sole discretion, may impose such other restrictions on Shares of Restricted Share as it
may deem advisable or appropriate. 
 (e) Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of
Restricted Share covered by each Restricted Share grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction. The restrictions will lapse at a rate determined by the
Committee. 
 (f) Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted
Share will be entitled to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement and subject to applicable laws. If any such dividends or distributions are paid in
Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Share with respect to which they were paid. 

(g) Return of Restricted Share to Company. On the date set forth in the Award Agreement, the Restricted Share for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan. 
 9. RESTRICTED SHARE
UNITS. 
 (a) Grant. Restricted Share Units may be granted at any time and from time to time as determined by the
Committee. Each Restricted Share Unit grant will be evidenced by an Award Agreement that will specify such other terms and conditions as the Committee, in its sole discretion, will determine, including all terms, conditions, and restrictions related
to the grant, the number of Restricted Share Units and the form of payout, which, subject to Section 9(d), may be left to the discretion of the Committee. 

(b) Vesting Criteria and Other Terms. The Committee will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Share Units that will be paid out to the Participant. 

  
 15 

 (c) Earning Restricted Share Units. Upon meeting the applicable vesting criteria, the
Participant will be entitled to receive a payout as specified in the Award Agreement. 
 (d) Form and Timing of Payment. Payment of
earned Restricted Share Units will be made as soon as practicable after the date(s) set forth in the Award Agreement. The Committee, in its sole discretion, may pay earned Restricted Share Units in cash, Shares, or a combination thereof. Shares
represented by Restricted Share Units that are fully paid in cash again will be available for grant under the Plan. 
 (e)
Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Share Units will be forfeited to the Company. 
 10.
PERFORMANCE UNITS AND PERFORMANCE SHARES. 
 (a) Grant of
Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as will be determined by the Committee, in its sole discretion. The Committee will have complete discretion
in determining the number of Performance Units/Shares granted to each Participant. 
 (b) Value of Performance Units/Shares. Each
Performance Unit will have an initial value that is established by the Committee on or before the date of grant. 
 (c) Performance
Objectives and Other Terms. The Committee will set performance objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met,
will determine the number or value of Performance Units/Shares that will be paid out to the Participant. The Committee may set performance objectives based upon the achievement of Company and/or Affiliate wide, divisional, or individual goals, or
any other basis determined by the Committee in its discretion. Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Committee, in its sole
discretion, will determine. 
 (d) Earning of Performance Units/Shares. After the applicable Performance Period has ended, the holder
of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance
objectives or other vesting provisions have been achieved. 
 (e) Form and Timing of Payment of Performance Units/Shares. Payment of
earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period. The Committee, in its sole discretion, may pay earned Performance Units/Shares in the form of cash, in Shares (which have
an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 

(f) Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance
Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. 

  
 16 

 11. PERFORMANCE GOALS. 

(a) Awards of Restricted Share, Restricted Share Units, Performance Shares and Performance Units and other incentives under the Plan may be
made subject to the attainment of performance goals relating to one or more business criteria and may provide for a targeted level or levels of achievement (“Performance Goals”) including assets; bond rating; cash flow; cash
position; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; earnings per Share; economic profit; economic value added; equity or shareholder’s equity; growth in earnings; growth in revenue;
market share; net income; net profit; net sales; noninterest income as percent of total income; operating earnings; operating income; profit before tax; ratio of debt to debt plus equity; ratio of operating earnings to capital spending; results of
regulatory reviews and examinations; return on equity; return on net assets; return on sales; revenue; sales growth; or total return to shareholders. 

(b) Any Performance Goals may be used to measure the performance of the Company and/or the Affiliate as a whole or a business unit of the
Company and/or the Affiliate and may be measured relative to a peer group or index. The Performance Goals may differ from Participant to Participant and from Award to Award. Prior to the determination date, the Committee will determine whether any
significant element(s) will be included in or excluded from the calculation of any Performance Goal with respect to any Participant. In all other respects, Performance Goals will be calculated in accordance with the Company’s financial
statements, generally accepted accounting principles, or under, a methodology established by the Committee prior to the issuance of an Award, which is consistently applied and identified in the financial statements, including footnotes, or the
management discussion and analysis section of the Company’s and/or the Affiliate annual report. 
 12. COVENANTS OF
THE COMPANY. 
 (a) Availability of Shares. During the terms of the Awards, the Company shall keep
available at all times the number of authorized of Share required to satisfy such Awards. 
 (b) Securities Law Compliance. The
Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell Shares upon exercise of the Awards; provided, however, that this
undertaking shall not require the Company to register under the Plan, any Award or any Shares issued or issuable pursuant to any such Award under the Securities Act. If, after reasonable efforts, the Company is unable to obtain from any such
regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Shares under the Plan, the Company shall be relieved from any liability for failure to issue and sell Shares upon
exercise of such Awards unless and until such authority is obtained. 

  
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 13. USE OF PROCEEDS FROM SHARE.

 Proceeds from the sale of Shares pursuant to Awards shall constitute general funds of the Company. 

14. MISCELLANEOUS. 
 (a)
Acceleration of Exercisability and Vesting. Subject to applicable law, the Board in its sole discretion shall have the power to accelerate the time at which a certain Award may first be exercised or the time during which an Award or any part
thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award Agreement stating the time at which it may first be exercised or the time during which it will vest. 

(b) Shareholder Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to,
any Shares subject to such Award unless and until such Participant has satisfied all requirements for exercise of the Award pursuant to its terms. 

(c) No Employment or other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an
Employee with or without notice and with or without Cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate or (iii) the service of a Director pursuant to the
Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 

(d) Incentive Share Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of
Shares with respect to which Incentive Share Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Affiliates) exceeds one hundred thousand dollars ($100,000), the Awards or
portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Share Options. 

(e) Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Shares under any Award,
(i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is
knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award; and (ii) to give written assurances
satisfactory to the Company stating that the Participant is acquiring Shares subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Shares. The foregoing requirements,
and any assurances given pursuant to such requirements, shall be inoperative if (1) the issuance of the Shares upon the exercise or acquisition of Shares under the Award has been registered under a then currently effective registration
statement under the Securities Act or (2) 

  
 18 

 
as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The
Company may, upon advice of counsel to the Company, place legends on Share certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends
restricting the transfer of the Shares. 
 (f) Withholding Obligations. 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 which the Company or any Subsidiary or Affiliate is required by any applicable law to withhold in connection with
any Awards (collectively, “Withholding Obligations”). Such actions may include, without limitation, (i) requiring a Participant to remit to the Company in cash an amount sufficient to satisfy such Withholding
Obligations; (ii) subject to applicable law, allowing the Participant to provide Shares to the Company, in an amount that at such time, reflects a value that the Board 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 Board to be sufficient to satisfy such Withholding Obligations; or (iv) any combination of the foregoing. The Company shall not
be obligated to allow the exercise of any Award by or on behalf of a Participant until all tax consequences arising from the exercise of such Award are resolved in a manner acceptable to the Company. 

15. ADJUSTMENT UPON CHANGES IN SHARE. 

(a) Capitalization Adjustments. If any change is made in the shares generally or the Shares subject to the Plan, or the Shares subject
to any Award, without the receipt of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, share dividend, dividend in property other than cash, share split, liquidating dividend, combination
of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company), the Plan will be appropriately adjusted in the class(es) and maximum number of securities subject to the
Plan pursuant to subsection 4(a) and the maximum number of securities subject to award to any person pursuant to subsection 5(c), and the outstanding Awards will be appropriately adjusted in the class(es) and number of securities and price per share
of the Shares subject to such outstanding Awards. The Board shall make such adjustments, and its determination shall be final, binding and conclusive. (For this purpose, the conversion of any convertible securities of the Company shall not be
treated as a transaction “without receipt of consideration” by the Company.) 
 (b) Dissolution or Liquidation. In the
event of a dissolution or liquidation of the Company, then the Company shall immediately notify Participant who holds outstanding Awards of such dissolution or liquidation, and such Participant shall have thirty (30) days to exercise any
outstanding vested options held by him at that time. Upon the expiration of such thirty days period, all remaining outstanding options shall terminate immediately. 

  
 19 

 (c) Change in Control. In the event of a Change in Control, then, without the consent or
action required of any holder of an Award (in such holder’s capacity as such): 
 (i) Any surviving corporation or acquiring
corporation or any parent or affiliate thereof, as determined by the Board in its discretion, shall assume or continue any Awards outstanding under the Plan in all or in part or shall substitute to similar share awards in all or in part; or 

(ii) In the event any surviving corporation or acquiring corporation does not assume or continue any Awards or substitute to similar share
awards, for those outstanding under the Plan, then: (a) all unvested Awards shall expire (b) vested options shall terminate if not exercised at or prior to such Change in Control; or 

(iii) Upon Change in Control the Board may, in its sole discretion, accelerate the vesting, partially or in full, in the sole discretion of
the Board and on a case-by-case basis of one or more Awards as the Board may determine to be appropriate prior to such events. 
 (d)
Notwithstanding the above, in case of Change in Control, in the event all or substantially all of the shares of the Company are to be exchanged for securities of another Company, then each holder of an Award shall be obliged to sell or exchange, as
the case may be, any shares such holder hold or purchased under the Plan, in accordance with the instructions issued by the Board, whose determination shall be final. 

(e) Each holder of an Award acknowledges that in the event that the Company’s shares shall be listed, quoted or registered for trading in
any public market, the rights of such holder to sell the shares may be subject to certain limitations (including a lock-up period), as may be requested by the Company or its underwriters, and the holder of such Award unconditionally agrees and
accepts any such limitations. 
 (f) Notwithstanding the above said, the Board may, in its sole discretion, decide other terms regarding the
treatment of the outstanding Awards, in case of Change in Control and/or in case of IPO. 
 16. SHARES SUBJECT
TO RIGHT OF FIRST REFUSAL. 
 (a) Notwithstanding anything to
the contrary in the Article of Association of the Company, none of the Participants shall have a right of first refusal or preemptive right in relation with any sale of shares in the Company. 

(b) Sale of Shares by the Participant shall be subject to the right of first refusal of other shareholders as set forth in the Article of
Association of the Company. 
 (c) Prior to an IPO, and in addition to the right of first refusal, any transfer of Shares of the Company by
a Participant shall require the approval of the Board as to the transferee. The Board may refuse to approve the transfer of Shares to any competitor of the Company or to any other person or entity the Board determines, in its discretion, may be
detrimental to the Company. 
 (d) Notwithstanding anything to the contrary unless otherwise determined by the Board, until such time as the
Company shall complete an IPO, a Participant shall not have the right to sell Shares unless otherwise determined by the Board. 

  
 20 

 17. AMENDMENT OF THE PLAN AND
AWARDS. 
 (a) Amendment of Plan. The Board at any time, and from time to time, may amend the Plan. 

(b) Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or
advisable to provide eligible Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Share Options and/or to bring the Plan and/or Incentive
Share Options granted under it into compliance therewith. 
 (c) Amendment of Awards. The Board at any time, and from time to time,
may amend the terms of any one or more Awards. 
 18. TERMINATION OR SUSPENSION OF
THE PLAN. 
 (a) Plan Term. The Board may suspend or terminate the Plan at any time. Unless sooner
terminated, the Plan shall terminate on the day before the tenth (10th) anniversary of the date the Plan is adopted by the Board or approved by the shareholders of the Company, whichever is earlier. No Award may be granted under the Plan while
the Plan is suspended or after it is terminated. 
 (b) No Impairment of Rights. Suspension or termination of the Plan shall not
impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the Participant. 
 19.
TAX CONSEQUENCES. 
 (a) Any tax consequences arising from the grant or exercise of any Award, from the
payment for Shares covered thereby or from any other event or act (of the Company and/or its Affiliates, or the Participant), hereunder, shall be borne solely by the Participant. The Company and/or its Affiliates shall withhold taxes according to
the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the Participant shall agree to indemnify the Company and/or its Affiliates and hold them harmless against and from any and all
liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Participant. 

(b) The Company shall not be required to release any share certificate to a Participant until all required payments have been fully made. 

  
 21 

 20. NOTICE TO COMPANY OF
DISQUALIFYING DISPOSITION. 
 Without derogating from all of the above, each Employee who receives an
Incentive Share Option must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired upon the exercise of an Incentive Share Option. A “Disqualifying
Disposition” is any disposition (including any sale) of such Shares before the later of (a) two (2) years after the date the Employee was granted the Incentive Share Option, or (b) one (1) year after the date the
Employee acquired Shares by exercising the Incentive Share Option. If the Employee has died before such Share is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

21. EFFECTIVE DATE OF PLAN. 

The Plan shall take effect upon its adoption by the Board (the “Effective Date”), except that solely with respect to
grants of Incentive Share Options the Plan shall also be subject to approval within one year of the Effective Date, by a majority of the votes cast on the proposal at a meeting or a written consent of shareholders. 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, which is not an Incentive Share Option. Upon approval of the Plan by the shareholders of the Company as set forth above, all Incentive Share
Options granted under the Plan on or after the Effective Date shall be fully effective as if the shareholders of the Company had approved the Plan on the Effective Date. Notwithstanding the foregoing, in the event that approval of the Plan by the
shareholders of the Company is required under applicable law, in connection with the application of certain tax treatment or pursuant to applicable stock exchange rules or regulations or otherwise, such approval shall be obtained within the time
required under the applicable law. 
 22. CHOICE OF LAW. 

(i) Choice of Law. This Plan, all Awards and all documents evidencing awards and all other related documents will be governed
by, and construed in accordance with, the laws of the State of Israel, provided that the tax treatment and the tax rules and regulations applying to a grant in any specific jurisdiction shall be the local tax laws of such jurisdiction. 

(ii) Israeli and other Participants. Any grant of an Award to an Israeli Employees or to an Israeli Non-Employees (as each of
such terms is defined in the Sub Plan applicable to Israeli Participants) shall be made in accordance with and pursuant to the provisions of this Plan and the Sub Plan applicable to Israeli Participants. In addition, any grant of Awards to
Participants from other jurisdiction may be subject to a Sub Plan applicable to such Participant’s jurisdiction. 
 (iii)
Severability. If it is determined that any provision of this Plan, Sub Plan or an Award Agreement is invalid and unenforceable, the remaining provisions of this Plan, Sub Plan and/or the Award Agreement, as applicable, will continue in
effect. 

  
 22

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