Document:

Exhibit
10.6

 

EXECUTION
COPY

 

JOINT VENTURE AGREEMENT

 

 

This
Joint Venture Agreement (“Agreement”) is made and entered into effective as of the 14th
day of January, 2014 by and between Neogames Network Limited (“NG”), a corporation incorporated under
the laws of Malta, with its principal offices located at 135 High Street, Sliema, SLM 1548, Malta and Pollard Banknote Limited
(“Pollard”), a corporation incorporated under the laws of Canada with its registered office located at
1499 Buffalo Place, Winnipeg, MB Canada R3T 1L7, each individually sometimes referred to as a “Party” and collectively
as the “Parties”.

 

WHEREAS, Pollard and its subsidiary
entities are full service lottery vendors in the business of manufacturing instant lottery tickets and providing related programming,
design and marketing support to national and state lotteries in North America, Europe, Asia and Central and South America; and

 

WHEREAS, NG, in itself, or through
its affiliated entities, is a leading global developer, provider and operator of internet lottery, scratch cards, instant win games
and slots and other online gaming solutions (the “NG Gaming Offering”); and

 

WHEREAS, the State of Michigan,
Bureau of State Lottery (the “Lottery”) issued a Request for Proposals (RFP Number: MSL 12-001) dated January 8,
2013, soliciting competitive proposals from qualified vendors to provide the Lottery with the development, implementation, operational
support and maintenance of an online lottery system (the “iLottery System”) and various lottery games (the “iLottery
Games”) (the Request for Proposals and any addendum thereto are collectively referred to as the “RFP”);
and

 

WHEREAS Pollard, in consultation
with and reliance upon NG as its Substantial Subcontractor (as such term is defined in the RFP), submitted a proposal on March 21,
2013 (the “Proposal”) for the development, implementation, operational support and maintenance of the iLottery
System and the iLottery Games based on the NG Gaming Offering; and

 

WHEREAS the Lottery has selected
Pollard as the “Successful Bidder” or “Contractor” (as such terms are defined in the RFP) to provide the
Lottery with the iLottery System, iLottery Games and related services; and

 

WHEREAS Pollard and NG desire to
establish a joint venture (the “Joint Venture”) for the purpose of enabling Pollard, as prime contractor, to
enter into a contract with the Lottery for the development, implementation, operational support and maintenance of the iLottery
System and iLottery Games pursuant to the terms and conditions of the RFP and the Proposal and in reliance upon NG, as Pollard’s
Substantial Subcontractor, as the developer, provider and operator of the NG Gaming Offering (the “Contract”),;
and

 

WHEREAS, it is the intention of
the Parties that the benefits and obligations of the Contract be borne equally by the Parties to their mutual benefit and risk;
and

 

WHEREAS the Parties wish to set
out the basic terms and conditions pursuant to which the Joint Venture will be formed, operated and governed;

 

     

     

    

 

EXECUTION COPY

 

NOW THEREFORE, in consideration
of the mutual covenants contained herein and for other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the Parties agree as follows:

 

		1.	Basic Structure

 

		1.1.	Purpose. The purpose of the Joint Venture is to define the terms and conditions under
which NG shall be responsible for the performance of the NG Services and Pollard shall be responsible for the performance of the
Pollard Services in connection with the Contract or in respect of any other existing, related or different products or business
activities undertaken by the Joint Venture as may be agreed by the Parties pursuant to the terms and conditions set out below (collectively,
the “Joint Venture Activities”).

 

		1.2.	Scope of Exploitation. The Parties acknowledge and agree that, as between the Parties,
the Joint Venture shall have the sole and exclusive right to develop, implement, support and maintain the iLottery System for and
on behalf of the Lottery within the State of Michigan (the “Territory”) during the Term (defined below). In
addition, and without limiting the generality of Paragraph 2.9 below, the Parties shall consider additional sales opportunities
for the NG Gaming Offering during the Term.

 

		1.3.	Duration. Unless otherwise extended or terminated pursuant to the terms of this Agreement,
this Agreement shall come into effect as of the date of this Agreement and continue in effect until the expiration or termination
of the Contract (the “Term”).

 

		1.4.	Exclusivity. Subject to Paragraph 7.1, the Parties acknowledge and agree that during
the Term, neither of them shall participate in the Territory in any venture or ventures which are in any way competitive with the
Joint Venture. Without limiting the generality of the foregoing, it is understood that a Party will be deemed to be competitive
with the Joint Venture if it is engaged in or otherwise involved in the development, implementation, operational support or maintenance
of an internet gaming platform in the Territory.

 

		1.5.	Contributions. The Parties agree to contribute those goods, services, property and
expertise (collectively, the “Contributions”) as set out in Schedule “B” attached hereto
(the “Contributions Schedule”), which Contributions shall be the sole contributions of any kind (whether financial
or otherwise) required of either Party at the outset of the Joint Venture. Each of the Parties will be the exclusive provider of
its respective Contributions to the Joint Venture, meaning that the Joint Venture will not acquire from any other third party in
connection with the Contract, contributions which are similar to each Party’s respective Contributions.

 

		1.6.	Mutual Approval. Except as expressly set out in this Agreement, and further to the
Parties engaging in consultation pursuant to Paragraph 2.1 below, each Party shall have final approval over those aspects and matters
of the Joint Venture wholly-relating to their respective Contributions. All other aspects of the Joint Venture, the Joint Venture
Activities and the iLottery System shall be subject to mutual approval of the Parties (“Mutual Approval”). In
particular, and without limiting the generality of the foregoing, the following matters relating to the Joint Venture shall be
subject to Mutual Approval:

 

		(i)	all elements of the iLottery System (whether provided for in the Proposal or developed subsequently)
including, without limitation, the design specifications and functionality thereof;

 

     

     

    

 

EXECUTION
COPY

 

		(ii)	the entry by Pollard on behalf of the Joint Venture into the Contract and any Third Party Contracts
(defined below);

 

		(iii)	the manner, nature and extent of additional contributions (financial or otherwise) that may be
required (and from which party) to maximize Joint Venture profit and/or cashflow;

 

		(iv)	the reimbursement out of Gross Receipts of reasonable expenses incurred and evidenced in writing
by either NG or Pollard on behalf of the Joint Venture other than those categories of expenses specifically listed as reimbursable
expenses in Schedule “C” hereto;

 

		(v)	the pledge of any assets of either Pollard or NG on behalf of the Joint Venture to secure any obligation
of the Joint Venture; and

 

		(vi)	all elements of the Marketing Plan (whether provided for in the Proposal or developed subsequently)
including, without limitation, the development of retailer and affiliate programs;

 

		(vii)	the institution of any litigation, arbitration or other judicial or administrative proceedings
by or on behalf of the Joint Venture.

 

In the event that the Parties cannot mutually
agree within twenty one (21) Business Days on any aspect of the Joint Venture requiring Mutual Approval (including after engaging
in consultation as per Paragraph 2.1 below), the Parties shall refer the matter to arbitration in accordance with the provisions
of Paragraph 8.3(c) hereof.

 

		2.	THE PARTIES’ Operational Services

 

		2.1.	Consultation. Forthwith upon full execution of this Agreement, the Parties agree
to consult with each other on a regular basis in order to finalize, adopt and implement a detailed strategic and operational plan
with respect to the specifications, functionality, pricing and other attributes of the Proposal and the iLottery System (the “Strategic
Plan”).

 

		2.2.	Steering Committee. The Parties agree to consult with each other regularly during
the Term on the Strategic Plan and to discuss such Additional Opportunities (defined below) and/or such other matters as the needs
and requirements of the Joint Venture evolve and/or change. To facilitate such consultation, and to ensure the timely implementation
of the Strategic Plan, the Parties shall establish a steering committee which shall be comprised of (i) two designated representatives
from Pollard (the “Pollard Representatives”), (ii) two designated representatives from NG (the “NG
Representatives”) and (iii) such number of other participants as the Pollard Representatives or the NG Representatives
may invite from time to time (collectively, the “Steering Committee”).

 

     

     

    

 

EXECUTION
COPY

 

Until the launch of the iLottery
System, the Steering Committee shall meet whether in person or electronically, at least once every two weeks or more frequently
as the members of the Steering Committee may determine and, thereafter, at least once every month.

 

The Steering Committee shall
have full power and responsibility to manage the implementation of the Strategic Plan. Decisions of the Steering Committee, and
approval of any aspect of the Joint Venture requiring Mutual Approval pursuant to Paragraph 1.6, shall be subject to the unanimous
consent of each of the Pollard Representatives and the NG Representatives.

 

		2.3.	Discussions with Lottery. Pollard, at all times, shall keep NG fully involved in
all of its discussions and negotiations with the Lottery in connection with the Contract, and shall not agree to undertake any
obligation or grant any warranty in connection with the Contract, which relates to NG Services, without keeping NG fully informed
of such undertaking or warranty and obtaining NG’s prior consent to it.

 

		2.4.	Engagement with Third Party Service Providers. The engagement by the Joint Venture
of third party service providers (each, a "Service Provider") in any material contracts, including with respect
to payment processing, player identity, geo-location and hosting services, shall be conducted solely by Pollard subject, in each
instance, to the Mutual Approval of the Parties pursuant to Subsection 1.6(ii) (each, a “Third Party Contract”).

 

Pollard, at all times, shall
keep NG fully involved in all of its discussions and negotiations with Service Providers, and shall, as appropriate, request that
the benefit of any rights, legal or equitable, conferred upon Pollard pursuant to any Third Party Contract, be extended to NG,
including with respect to the indemnification of NG and the protection of NG’s confidential and proprietary information and
materials. In the event that any of these rights are not extended to NG, Pollard shall immediately notify NG to that effect and
Pollard will facilitate the negotiations between NG and Service Provider of such legal agreements as NG may require. NG acknowledges
and agrees that the conferment of third party beneficiary status pursuant to any Third Party Contract, although desirable, may
not be attainable.

 

		2.5.	NG’s Services. Pollard hereby engages NG to provide the following NG Services
and NG hereby accepts such engagement and agrees to be solely responsible for, and to pay (subject to reimbursement of those categories
of expenses listed in Schedule “C” hereto), any and all sums incurred relating to its services as follows (collectively,
the “NG Services”) upon and subject to the terms and conditions of this Agreement:

 

		(i)	development, integration, operational support and maintenance of the iLottery System;

 

		(ii)	development and integration of iLottery Games for and on behalf of the Lottery within the State
of Michigan in order to fulfill the requirements of the Contract;

 

		(iii)	acting as a point of contact to the Service Providers under any Third Party Contracts, in connection
with the technical aspects of the iLottery System and iLottery Games; and

 

     

     

    

 

EXECUTION
COPY

 

		(iv)	third party integrations.

 

NG shall be the exclusive provider
of such services to Pollard.

 

NG acknowledges and agrees that
the quality of the technology, products and content developed by NG for use in the operation of the iLottery System shall be of
the highest commercial standard consistent with industry best practices.

 

		2.6.	Pollard Services. NG hereby engages Pollard to provide the following Pollard Services
and Pollard hereby accepts such engagement and agrees to be solely responsible for, and to pay (subject to reimbursement of those
categories of expenses listed in Schedule “C” hereto), any and all sums incurred relating to its services as follows
(collectively, the "Pollard Services") upon and subject to the terms and conditions of this Agreement:

 

		(i)	management of the relationship between the Joint Venture and the Lottery, subject to Paragraphs
2.1, 2.2 and 2.3;

 

		(ii)	contracting party to the Contract, subject to Paragraph 2.3;

 

		(iii)	contracting party to the Third Party Contracts, subject to Paragraphs 2.3 and 2.4.

 

		(iv)	advisory services, including content development, strategic planning, sales and marketing support,
brand management, research and development and advice regarding integration of other Lottery products;

 

		(v)	account management services including business planning, cash flow management and forecasting,
accounts receivable management (including billing, and collection) and accounting services (including accounts payable and internal
financial reporting);

 

		(vi)	identification, preparation and execution of all marketing, promotional and advertising efforts
in respect of the iLottery System, iLottery Games and related content (the “Marketing Plan”) to create awareness
and to promote responsible gaming;

 

		(vii)	instant ticket game expertise including access to Pollard’s game design capabilities including
artwork and graphic design, play style, game logic, prize structures and game programming, as appropriate;

 

		(viii)	First-level customer support services through the employment of such number of staff as may be
required from time to time at Pollard’s leased facilities in Michigan.

 

Pollard shall be the exclusive provider
of such services to NG.

 

     

     

    

 

EXECUTION
COPY

 

		2.7.	Joint Services. Any of the services and obligations to be performed pursuant to the
Contract not specifically assigned to NG or Pollard pursuant to Paragraphs 2.5 or 2.6, including without limitation in connection
with customer support, data centers and project staffing, shall be considered the joint responsibility of the Parties and undertaken
and paid for on an equal basis by the Parties (the “Joint Services”).

 

		2.8.	Server. The Parties shall be responsible mutually for the set up of the data centres,
including the servers, in the Territory in accordance with the requirements of the Lottery under the Contract, including, all relevant
hardware and software, while NG will be responsible for the technical aspects and Pollard for the operational aspects of the set
up and operation of the servers. Pollard shall ensure that NG is provided with remote access to the servers as to allow it to install
the iLottery System and iLottery Games.

 

		2.9.	Additional Opportunities.
                                         In addition to the obligations set forth above, the parties agree to mutually
                                         explore any other opportunities (the “Additional Opportunities”) for the
                                         further marketing, distribution and exploitation of the NG Gaming Offering to other national
                                         and state lotteries in the United States & Canada. NG expressly acknowledges
                                         and agrees that the Joint Venture shall have an
                                         exclusive pre-emptive right to exploit any and all Additional Opportunities that may
                                         be conceived and that the participation of the Joint Venture in any such Additional Opportunities
                                         is subject to Mutual Approval pursuant to Paragraph 1.6 and otherwise on an equal basis
                                         as between the parties. The parties further agree that any
                                         and all third-party offers, solicitations or enquiries in respect of Additional Opportunities
                                         shall be presented to the other Joint Venture party in order that the Joint Venture may
                                         determine whether to pursue such opportunity.

 

		3.	Joint Venture Revenue

 

		3.1.	Disposition of Gross Receipts. Except as otherwise expressly agreed by the Parties
in writing, gross receipts actually received and derived from the Contract (“Gross Receipts”) shall be allocated
and disposed of on a continuous rolling-basis as follows:

 

		(i)	First, to payment of all taxes, duties, and governmental tariffs, if any, (including but not limited
to goods and services taxes and any applicable provincial, state or federal sales, consumption, use or excise taxes, import or
export duties, stamp duties, withholding taxes or other assessments but excluding income taxes) derived from and/or imposed on
the operation by the Joint Venture of the iLottery System;

 

		(ii)	Second, subject to Mutual Approval, to the reimbursement of direct and verifiable third party expenses;

 

		(iii)	Third, to the reimbursement of the pro-rata share of those categories of direct and verifiable
reasonable expenses related to the Joint Services (which are not third party expenses) or the pro-rata share of those categories
of direct and verifiable reasonable expenses listed in Schedule “C” actually incurred by either NG or Pollard and evidenced
in writing, without mark-up, in the operation of the iLottery System or in respect of the Marketing Plan;

 

		(iv)	Fourth, balance of Gross Receipts (“Net Receipts”) to be shared ratably between
NG and Pollard on equal shares (50%-50%).

 

     

     

    

 

EXECUTION COPY

 

Except as otherwise expressly
agreed by the Parties in writing, there shall be no deductions from or allocation of, Gross Receipts other than as set forth above
in this Paragraph 3.1. To the extent that Gross Receipts are, at any time, insufficient for the purposes of reimbursing direct
and verifiable third party expenses pursuant to Paragraph 3.1(ii) or direct and verifiable expenses of the Parties pursuant
to Paragraph 3.1(iii), such obligations or commitments shall, in accordance with the principles outlined in Paragraph 4.2, be borne
by the party incurring the obligation or commitment and reimbursed ratably (as to 50%) by the other party.

 

		3.2.	Tax; Insurance. Each Party shall be solely responsible for, and shall pay, any and
all income taxes derived from and/or imposed on it as a consequence of its participation in the Joint Venture; Each Party shall
be solely responsible for, and shall pay, all its insurance costs in connection with its participation in the Joint Venture. Pollard
shall independently maintain throughout the Term, the minimum levels of insurance coverage specified in the RFP and, in the case
of claims-made Commercial General Liability policies, shall secure tail coverage for at least three (3) years following the
expiration or termination for any reason of this Agreement. NG shall independently maintain throughout the Term such comparable
minimum levels of insurance as are appropriate in connection with its participation in the Joint Venture.

 

		3.3.	Collection Account. All Gross Receipts actually received shall be deposited in a
collection account (the “Collection Account”) maintained by Pollard, subject to Subparagraph 7.1(i). If either
of the Parties receives any Gross Receipts (either inadvertently or not) prior to the disposition of funds set forth in Paragraph
3.1 above, it shall be deemed to hold such monies in trust for the benefit of the Joint Venture.

 

		3.4.	Reporting/Audit Rights. Pollard shall render to NG the accounting statements in respect
of Gross Receipts and Net Receipts on a monthly basis during the Term, whether or not any Net Receipts are shown to be due to the
Parties, and such statements shall be accompanied by payment of Net Receipts, if any, for that particular monthly period. Pollard
agrees to keep accurate books of account and records and shall allow NG or its representatives, during the Term and for a period
of twelve months thereafter, to audit said books of account and records and to make copies thereof at each Party’s sole expense.
If any underpayment in the amount of 5% or more is disclosed by an audit, the actual and reasonable costs of that audit shall be
borne by Pollard.

 

		3.5.	Other Revenues. Except as otherwise agreed in writing by the Parties, any and all
revenues derived from Joint Venture Activities, operations or business of any kind whatsoever pursuant to this Agreement (including
revenues derived from Additional Opportunities) shall be shared ratably between NG and Pollard on equal shares (50%-50%).

 

		4.	Rights/Interest in Joint Venture

 

		4.1.	Interest in Joint Venture. Each of Pollard and NG shall retain all right, title and
interest in and to all documents, materials, software, facilities or other items developed or prepared by such Party under this
Agreement or respectively contributed to the Joint Venture. The Joint Venture shall not acquire any ownership or other interest
in any property of the Parties by reason only of this Agreement, it being understood that all present and future property of each
Party, including intellectual property rights, is and shall remain their separate property.

 

     

     

    

 

EXECUTION
COPY

 

		4.2.	Costs and Expenses Relating to the Joint Venture. Any obligations incurred by each
of Pollard and NG in connection with the Joint Venture (other than their respective obligations in respect of the Contributions
and, in the case of Pollard, the Pollard Services or, in the case of NG, the NG Services), shall be borne by the Parties in equal
proportions and neither Pollard nor NG will undertake or incur any obligations or commitments on behalf of the other or on behalf
of the Joint Venture (except as expressly set out in this Agreement).

 

		4.3.	License of Rights to Pollard. Concurrent with the execution of this Agreement, and
effective as of the date of the Contract, the Parties agree to execute the form of Software License and Services Agreement attached
as Schedule “A” to this Agreement and forming an integral part hereof (the “License Agreement”).
Subject to Pollard’s ongoing performance of the Pollard Services, NG shall grant to Pollard during the Term, an irrevocable
(subject to the terms of the License Agreement) and exclusive right to use, in the Territory during the term of the Contract, the
NG Intellectual Property Rights (as defined below) contained in or in respect of, the iLottery System and the iLottery Games in
accordance with the conditions of the License Agreement. It is the intention of the Parties that the License Agreement (i) be
consistent with the terms and conditions of the Contract, (ii) be consistent with the terms and conditions of this Agreement,
and (iii) contain such other representations, warranties, conditions, covenants and indemnities and other terms that are customary
for transactions of this kind and which are consistent with the representations, warranties, conditions, covenants, indemnities
and other terms owed by Pollard to the Lottery pursuant to the Contract, including without limitation, liquidated damage provisions.

 

		4.4.	Intellectual Property Rights. All right, title and interest of whatever nature in
and to all NG Intellectual Property Rights (including any customizations, scale-up and developments that may be made in order to
comply with the requirements of the RFP, the Contract or any existing or future regulation), are, and shall remain, the exclusive
property of NG. Except as expressly set forth in the License Agreement, Pollard acknowledges that, as between itself and NG, it
shall not acquire any right in the NG Intellectual Property Rights.

 

For the purpose of this Agreement,
the term “NG Intellectual Property Rights” means any and all intellectual property rights, including without
limitation patents, trademarks, design rights, copyrights, database rights, trade secrets and all rights of an equivalent nature
anywhere in the world, as well as any right in any documents, proposal, materials, software, or other items, related to the NG
Gaming Offering or provided, developed or prepared by NG in connection with the iLottery System and iLottery Games, including any
customizations, scale up and developments to the NG Gaming Offering that may be made in order to comply with the requirements of
the RFP, the Contract or any existing or future regulation.

 

		5.	Representations and Warranties/Indemnities/Insurance

 

		5.1.	NG Representations and Warranties. NG represents, warrants and covenants to Pollard
as follows and acknowledges that Pollard has relied upon the completeness and accuracy of such representations, warranties and
covenants in entering into this Agreement:

 

     

     

    

 

EXECUTION
COPY

 

		(i)	the execution, delivery and performance by it of this Agreement are within its corporate power
and have been duly authorized by all necessary corporate action on its part;

 

		(ii)	this Agreement constitutes a valid and binding agreement enforceable in accordance with its terms
and does not conflict with any other agreements to which it is a party;

 

		(iii)	NG has the unimpaired and unencumbered right to convey the rights granted in this Agreement and
the License Agreement and that the use of the NG Gaming Offering, the NG Intellectual Property Rights and any elements thereof
by Pollard in its performance of the Contract or in the development, implementation, operational support and maintenance of the
iLottery System will not, to the best of its knowledge, violate any rights or copyright interests of any person or entity (and
NG has obtained any consents, waivers or licenses so required);

  

		(iv)	it is or will be the legal and beneficial owner or authorized licensor of all intellectual property
rights in the NG Gaming Offering, the NG Intellectual Property Rights and any elements thereof, the use of which by Pollard in
its performance of the Contract or in the development, implementation, operational support and maintenance of the iLottery Systems,
to the best of its knowledge, does not and will not infringe on any Intellectual Property Rights whatsoever of any person and that
neither the iLottery System nor any iLottery Games will, to the extent legally or beneficially owned or licensed by NG: (1) be
libelous, slanderous, defamatory, obscene, pornographic, abusive or otherwise offensive, objectionable or unlawful; (2) constitute
or encourage conduct that would constitute a criminal offence; or (3) fail to comply with any applicable laws, rules, regulations
or court orders;

 

		(v)	it will comply with all applicable regulatory requirements relating to or in connection with internet
gaming; and

 

		(vi)	there is no claim, suit, action or other proceeding, that NG is aware of that has been currently
filed, pending or threatened in respect of the NG Gaming Offering or the NG Intellectual Property Rights (including, without limitation,
any infringement claims).

 

		5.2.	Pollard Representations and Warranties. Pollard represents, warrants and covenants
to NG as follows and acknowledges that NG has relied upon the completeness and accuracy of such representations, warranties and
covenants in entering into this Agreement:

 

		(i)	the execution, delivery and performance by it of this Agreement are within its corporate power
and have been duly authorized by all necessary corporate action on its part;

 

		(ii)	this Agreement constitutes a valid and binding agreement enforceable in accordance with its terms
and does not conflict with any other agreements to which it is a party;

 

		(iii)	Pollard has the unimpaired and unencumbered right to convey the rights granted in this Agreement
and that the use of any intellectual and industrial property rights owned by, or licensed for use to, Pollard including, without
limitation (1) copyrights, (2) trademarks, (3) trade secrets, (4) industrial and artistic designs and (5) proprietary,
possessory or other ownership rights and interests (collectively, the “Pollard Intellectual Property”) and any
elements thereof by NG in the development of the iLottery System and any iLottery Games will not, to the best of its knowledge,
violate any rights or copyright interests of any person or entity (and Pollard shall have obtained any consents, waivers or licenses
so required);

 

     

     

    

 

EXECUTION
COPY

 

		(iv)	it is the legal and beneficial owner or authorized licensor of all intellectual property rights
in the Pollard Intellectual Property and any elements thereof, the use of which by NG in the development of the iLottery System
and any iLottery Games, to the best of its knowledge, does not and will not infringe on any intellectual property rights whatsoever
of any person and the Pollard Intellectual Property will not: (1) be libelous, slanderous, defamatory, obscene, pornographic,
abusive or otherwise offensive, objectionable or unlawful; (2) constitute or encourage conduct that would constitute a criminal
offence; or (3) fail to comply with any applicable laws, rules, regulations or court orders.

 

		(v)	it will comply with all applicable regulatory requirements relating to or in connection with the
Pollard Services hereunder;

 

		(vi)	there is no claim, suit, action or other proceeding, that Pollard is aware of that has been currently
filed, pending or threatened in respect of the Pollard Intellectual Property (including, without limitation, any infringement claims);
and

 

		(vii)	it shall not undertake, authorise or permit the reproduction, reverse engineering, modification,
adaptation, error correction, amendment or creation of works on the basis of the NG Gaming Offering or the NG Intellectual Property
Rights. For the avoidance of doubt, the term "adaptation" shall include the development of additional or amended features
or design elements.

 

		5.3.	Indemnity. Each Party (“Indemnifier”), at its own expense, will
indemnify, defend and hold harmless the other Party, its affiliates and partners and their respective employees, representatives,
agents, associates and affiliates (together, the “Indemnified Parties”), for direct costs and damages suffered
or incurred by the Indemnified Party in excess of any sums received under the Indemnifier’s insurance policy, in connection
with any claim, suit, action, or other proceeding (each a “Claim”) brought against any Indemnified Parties to
the extent such Claim is based on, in connection with, or arising from Indemnifier’s breach of: (i) in the case of Pollard,
the Pollard Services or, in the case of NG, the NG Services, (ii) its covenants, representations or warranties, (iii) confidentiality
obligations, (iv) subject to Paragraph 7 of the License Agreement, infringement or alleged infringement of third party intellectual
property rights or (v) from direct costs or liquidated damages assessed against or incurred by the Indemnified Party pursuant
to the Contract, to the extent arising directly from the act or omission of the Indemnifier or anyone acting on its behalf, unless
the loss, cost or damage is caused by or arises from any act or omission, negligence or misconduct by an Indemnified Party or any
third person. Indemnifier will pay all costs, damages, and expenses, including, but not limited to, actual legal fees and costs
awarded against or otherwise incurred by the Indemnified Parties hereunder in connection with or arising from any such claim, suit,
action or proceeding but specifically excluding indirect or consequential losses, loss of profits, punitive or exemplary damages.

 

     

     

    

 

EXECUTION
COPY

 

		6.	Limitation of liability

 

		6.1.	To the extent permitted under applicable law, neither Party, nor any of its affiliates, partners
and their respective employees, representatives, agents and associates, shall be liable toward the other Party for any indirect,
consequential, incidental or special damages suffered by the other Party, arising from any claim or action hereunder (including
without limitation loss of profits) based on contract, tort or other legal theory, and whether advised of the possibility of such
damages.

 

		6.2.	Nothing in this Paragraph 6 or elsewhere in this Agreement shall operate to exclude or limit either
Party’s liability toward the other Party for (i) death or personal injury caused by its negligence or intentional misconduct;
(ii) fraud; or (iii) breach of confidentiality Services.

 

		7.	Termination

 

		7.1.	Notwithstanding the foregoing, this Agreement may be terminated by either Party:

 

		(i)	immediately upon written notice if the other Party becomes insolvent, files a petition in bankruptcy,
makes an assignment for the benefit of its creditors or otherwise ceases to carry on business, or threatens to cease to carry on
business, proposes an arrangement or compromise to its creditors, or undergoes any corporate or other form of reorganization or
restructuring for purposes of dealing with its creditors; or

 

		(ii)	immediately upon written notice if the other Party breaches any of its obligations under this Agreement
(including any representations and warranties) in any material respect, any of which breaches is not remedied within thirty (30)
days following written notice to such breaching Party.

 

		7.2.	Effects of Termination.

 

		(i)	If this Agreement is terminated pursuant to Paragraph 7.1, the exclusivity obligations of Paragraph
1.4 shall immediately cease to apply and the terminating party (in the case of termination pursuant to Subparagraph 7.1(i)) or
the non-breaching party (in the case of a termination pursuant to Subparagraph 7.1(ii)), shall have the exclusive right to perform
the Contract or to otherwise participate in tenders or competitive ventures in the Territory. If this Agreement is terminated pursuant
to Paragraph 7.1, whereby Pollard is the non-terminating party (in the case of termination pursuant to Subparagraph 7.1(i)) or
the breaching party (in the case of a termination pursuant to Subparagraph 7.1(ii)), then this Agreement and the License Agreement
shall automatically terminate and any right granted hereunder and thereunder shall expire and license be revoked.

 

		(ii)	Except as expressly set out in this Agreement, any termination pursuant to Paragraph 7.1 shall
be without prejudice to, and shall not be considered a waiver of, any other rights and/or remedies that the Parties may have under
contract, at law and in equity.

 

     

     

    

 

EXECUTION
COPY

 

		(iii)	The provisions of Paragraph 3, (in respect of the division of Net Receipts accrued prior to termination
or expiration) and each of Paragraphs 4.4, 5, 7 and 8 shall survive any termination or expiration of this Agreement.

 

		(iv)	The Parties agree that upon the expiration or early termination of this Agreement, each shall promptly
return to the other any property of the other Party that may have been in its possession during the Term of this Agreement.

 

		8.	Miscellaneous

 

		8.1.	Confidentiality. Other than as may be required by any applicable law, government
order or regulation, by order or decree of any court of competent jurisdiction and to the extent so required, or by prior written
Mutual Approval, the Parties to this Agreement shall not publicly divulge, or in any manner disclose to any third party, any information,
materials or matters that are proprietary or confidential to the other Party and the Parties shall do all such things as are reasonably
necessary to prevent any such information becoming known to any Party other than the Parties involved with the transaction. Any
publicity or press releases related to this Agreement or any of the specific terms and conditions of this Agreement shall be subject
to Mutual Approval. The Parties agree that the provisions of the Confidentiality Agreement, signed by the Parties as of October 17th,
2011, shall continue to apply with regard to the Parties’ obligations under this Agreement.

  

		8.2.	Force Majeure. The Parties shall be released from their responsibility for partial
or complete non-execution of their liabilities under the Agreement should this non-execution be caused by circumstances such as
fire, flood, earthquake, war, blockade, export/import embargo, strikes or other labor disturbances, power spikes or shortages or
any other circumstances beyond their control (“Force Majeure”), and if these circumstances have had a direct
damaging effect on the execution of the Agreement. This clause shall have effect only through the duration of the relevant Force
Majeure circumstances. If the Force Majeure lasts for more than three months the Parties shall be released permanently from their
responsibilities.

 

The Party who is unable to fulfill
its obligations under the Agreement is to inform the other Party immediately regarding the occurrence and causation of the above
circumstances.

 

		8.3.	Miscellaneous Provisions.

 

		(a)	This Agreement will bind and inure to the benefit of each Party's permitted successors and assigns.
Neither Party may assign this Agreement in whole nor in part, without the other Party’s prior written consent, except for
assignment by a Party to an entity, directly or indirectly, controlling, controlled by or under common control with such Party,
in which case, a prior written notification to the other Party of thirty (30) days is required.

 

		(b)	This Agreement will be governed by and construed in accordance with the laws of the State of Michigan,
and the laws of Michigan shall apply, without reference to conflicts of law rules, and without regard to its location of execution
or performance.

 

     

     

    

 

EXECUTION
COPY

 

		(c)	In the event that a dispute arises with respect to the provisions of this Agreement or the validity,
interpretation, performance, breach or termination of the Agreement, the Parties shall apply reasonable effort to solve such dispute
in good faith within 14 days of such dispute arising. Should they fail to do so, the dispute shall be referred to and resolved
by arbitration before a single arbitrator appointed by the Parties. If within fourteen (14) days of service of written notice by
either Party requesting agreement to the appointment of the arbitrator, the Parties have failed to appoint an agreed arbitrator,
the appointing authority shall be the American Arbitration Association. The arbitrator shall have final decision-making authority
in respect of the matter on behalf of the Joint Venture and the decision shall be binding on the Parties save as permitted under
applicable law. The provision of the rules of the American Arbitration Association shall apply in respect of any arbitration
conducted pursuant to this Agreement. Any arbitration commenced pursuant to this Agreement shall be conducted in English, in Detroit,
Michigan.

 

		(d)	Nothing in Paragraph 8.3(c) shall be construed as prohibiting any Party from applying to a
court for interim equitable relief. Any such application, or an application to a court for the implementation of any such measures
ordered by the arbitrator, shall not be deemed to be an infringement or waiver of the arbitration agreement and shall not affect
the relevant powers reserved to the arbitrator.

 

		(e)	The section headings contained herein are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. Whenever possible, each provision of this Agreement will be interpreted in
such a manner as to be effective and valid under applicable law, but if any provision of this Agreement is found prohibited by,
invalid or unenforceable under applicable law, that provision will be enforced to the maximum extent permissible, and the other
provisions of this Agreement will remain in force.

 

		(f)	The Parties are independent contractors and neither this Agreement, nor any terms and conditions
contained herein may be construed as creating or constituting a partnership, agency nor employment relationship between the Parties.

 

		(g)	Any failure of any Party hereto to comply with any obligation, covenant, agreement or condition
herein may be waived in writing by the other Parties hereto, but such waiver or failure to insist upon strict compliance with such
obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other
failure.

 

		(h)	Whenever this Agreement requires or permits consent by or on behalf of any Party hereto, such consent
shall be given in writing. This Agreement may only be modified, or any rights under it waived, by a written document executed by
both Parties.

 

		(i)	No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar), nor shall any such waiver constitute a continuing waiver unless otherwise
expressly so provided.

 

		(j)	This Agreement, together with its schedules and any other documents specifically referred to herein
and which are incorporated by reference herein are the complete and exclusive agreement between the Parties with respect to the
subject matter hereof, superseding and replacing any and all prior agreements, communications, and understandings, both written
and oral, regarding such subject matter.

 

     

     

    

 

EXECUTION
COPY

 

		(k)	Each party hereto agrees to act in good faith with respect to the other Party or Parties hereto
in exercising its rights and discharging its obligations under this Agreement. Each Party further agrees to use its reasonable
best efforts to ensure that the purposes of this Agreement are realized and to take all further steps as are reasonably necessary
to implement the provisions of this Agreement. Each Party hereto agrees to execute, deliver and file whatever document or instrument
is necessary or advisable to realize the purposes of this Agreement.

 

		(l)	This Agreement may be executed in any number of counterparts, all of which taken together shall
constitute a single instrument. Execution and delivery of this Agreement may be evidenced by facsimile of pdf transmission.

 

IN WITNESS WHEREOF, the Parties
have caused their duly authorized representatives to execute this Agreement as of the date set forth on the first page of
this Agreement.

 

	POLLARD BANKNOTE LIMITED	 	NEOGAMES NETWORK
        Limited
	 	 	 
	 	 	 
	 	 	By:	 
	By:	 	 	 
	 	 	 
	Its: 	          	 	Its: 	            
	 	 	 
	Date:	 	 	Date:	 

 

     

     

    

 

EXECUTION COPY

 

SCHEDULE “A”

 

SOFTWARE LICENSE AND SERVICES AGREEMENT

 

     

     

    

 

EXECUTION
COPY

 

SCHEDULE “B”

 

Contributions Schedule

 

 

NG Contributions. At its sole expense (subject
to reimbursement of those categories of expenses listed in Schedule “C” hereto), NG agrees to contribute the following
Contributions to the Joint Venture on a continuing basis as required during the Term (collectively, the “NG Contributions”):

 

		(a)	NG Gaming Offering with such customizations as are necessary to conform with the requirements of the iLottery System, including
the initial gaming offering of twenty (20) lottery games, required by the Lottery within the framework of the iLottery Games in
accordance with the RFP;

 

		(b)	Customization of the four (4) additional games, to be provided by Pollard, which are required by the Lottery in the RFP
in addition to the initial gaming offering set forth above, and incorporation of these games into the iLottery Games offering (the
 “Additional Games”); and

 

		(c)	NG Intellectual Property Rights, subject to the terms of the License Agreement;

 

Pollard Contributions. At its sole expense (subject
to reimbursement of those categories of expenses listed in Schedule “C” hereto), Pollard agrees to contribute the following
Contributions to the Joint Venture on a continuing basis as required during the Term (collectively, the “Pollard Contributions”):

 

		(a)	Pollard Intellectual Property, including any and all of its rights in the Additional Games.

 

     

     

    

 

EXECUTION
COPY

 

SCHEDULE “C”

 

Expense Reimbursement

 

 

The Parties expressly agree that the following
categories of direct and verifiable expenses shall be reimbursable out of Gross Receipts pursuant to Paragraph 3.1 of this Agreement
or, to the extent that Gross Receipts are, at any time, insufficient for the purposes of reimbursement, paid by the Party who has
incurred the obligation or commitment and reimbursed as to 50% by the other party pursuant to Paragraphs 3.1 and 4.2 of the Agreement:

 

Reimbursable NG Services

 

		(a)	Integration of the NG Gaming Offering and other third party components of the iLottery System and iLottery Games (each a ‘third
party integration’);

 

		(b)	operational support and maintenance of the iLottery System; and

 

		(c)	Training in connection with NG Gaming Offering.

 

Reimbursable Pollard Services

 

		(a)	Engaging Service Providers in Third Party Contracts;

 

		(b)	employment costs related to the Customer Service Centre including salaries, payroll-related taxes, premiums, fees, vacation
pay, statutory holiday pay, benefits, pension contributions, etc.;

 

		(c)	expenses related to execution of Marketing Plan; and

 

		(b)	Customization and furnishing of the Customer Service Center facility and ongoing operations.

 

Reimbursable Joint Services

 

Expenses related to:

 

		(a)	Provision of customer support services and staffing;

 

		(b)	Data centers, including set-up, equipment purchases and ongoing operations; and

 

		(c)	Project staffing.Exhibit 10.7

 

Neogames S.à r.l. - 2015 Option
Plan (Amended 2019)

 

1.            Name.
This plan, as adopted by the board of directors of Neogames S.à r.l., a Luxembourg private limited liability company (société
 à responsabilité limitée), having its registered office at 64, rue Principale, L-5367 Schuttrange, Luxembourg,
Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B186309 and whose share
capital amounts to EUR 12,500 represented by 125,000,000 shares with no par value (the “Company”) on January 29,
2015, and as amended from time to time, shall be known as the “Neogames S.a.r.l 2015 Option Plan” (the “Plan”).

 

2.            Purpose
of the Plan. The purposes of this Plan are to enable the Company to link the compensation and benefits of individuals and entities
providing services to the Company and/or its Affiliates with the success of the Company and with long-term shareholder value.

 

3.            Headings
and Definitions

 

3.1.         The
section headings are intended solely for the reader’s convenience and in no event shall they constitute a basis for the interpretation
of the Plan.

 

3.2.         In
this Plan, the following terms shall have the meanings set forth beside them:

 

	"Affiliate"	
        Corporate entities controlled, directly
        or indirectly, by the Company. For the purposes of this definition, “control” means the possession, directly or indirectly,
        of the power to direct or cause the direction of the management and policies of that corporate entity, whether through ownership
        of voting securities or by contract or otherwise. For the elimination of doubt and without derogating from the generality of the
        forgoing, the holding of 50% or more of the share capital of a person or the right to appoint 50% or more of its directors shall
        be deemed to constitute control;

         

	"Applicable Law"	
        The legal requirements applicable to the
        administration of option plans, any applicable laws, rules and regulations of any country or jurisdiction where Options are
        granted under the Plan, as such laws, rules, regulations and requirements shall be in place from time to time including any Stock
        Exchange rules or regulations;

         

	 “Board”	
        The Company’s board of directors,
        or, subject to Applicable Law and the Company's incorporation documents, including the articles of association, any committee empowered
        by the Board for the purpose of implementation of this Plan (or any aspect thereof);

         

 

     

    2

    

 

	“Cause”	
        Irrespective of any definition included
        in any other document held by a Participant and unless otherwise determined by the Board in the Participant’s Option Agreement,
        the term Cause shall include any of the following-

         

        (a) A breach of any material provision
        of the employment or engagement agreement between the Company or an Affiliate and a Participant, including but not limited to,
        a breach of any confidentiality duty of a Participant (including in regards to the confidentiality of this Plan and any grant made
        thereunder), inappropriate use of confidential information of the Company or an Affiliate or an event of breach of trust or breach
        of any non-competition obligation of a Participant;

         

        (b) Any act which constitutes a breach
        of a Participant’s fiduciary duty towards the Company or an Affiliate, including without limitation disclosure of confidential
        information of the Company or an Affiliate and acceptance or solicitation to receive unauthorized or undisclosed benefits, irrespective
        of their nature, or funds or promises to receive either, from individuals, Consultants or corporate entities that the Company or
        an Affiliate does business with;

         

        (c) Any act of fraud by a Participant
        or embezzlement of funds of the Company or an Affiliate;

         

        (d) Any conduct or omission by, or
        state of affairs related to, the Participant reasonably determined by the Board to be materially detrimental to, or against the
        interests of, the Company or an Affiliate;

         

        (e) Any conviction of any felony involving
        moral turpitude or affecting the Company or an Affiliate;

         

        (f) Circumstances justifying the revocation
        and/or reduction of a Participant’s entitlement to severance pay under Applicable Law; or

         

        (g) Any other reason which is defined
        as Cause in the Participant’s personal employment contract;

         

        For the avoidance of doubt it is clarified
        that the determination as to whether a Participant is being terminated for Cause shall be made in good faith by the Board and shall
        be final and binding on the Participant;

         

	"Company"	
        Neogames S.a.r.l, a company incorporated
        under the laws of the grand Duchy of Luxembourg, or any Successor Company resulting from the merger or consolidation of the Company
        in which the Company is not the surviving entity, or any company which assumes the Plan within any M&A Transaction or Structural
        Change;

         

	“Consultant”	
        Shall mean any person or entity, except
        an Employee, engaged by the Company or an Affiliate, in order to render services to such company, including any individual engaged
        by an entity providing services to the Company or an Affiliate as aforementioned;

         

 

     

    3

    

 

	“Employee”	
        Shall mean any person, who has signed an
        employment agreement and has commenced employment with the Company or any Affiliate, or anyone who is on the payroll of such company
        and specifically excluding anyone who may under Applicable Law be deemed an employee of the Company or an Affiliate if an employment
        agreement was not signed and he is not on the payroll of such company;

         

	“Exercise Price”	
        Shall mean the consideration required to
        be paid by a Participant in order to exercise an Option and to purchase one Share;

         

	“Expiration Date”	
        With respect to an Option, the earlier
        of (i) the time such Option is fully exercised, or (ii) ten (10) years from the Grant Date of such Option, or (ii) the
        time on which such Option expires in accordance with Sections 9 and 11 below;

         

	
        “Fair Market Value”

         
	
        Shall mean, as of any date, the value of
        an ordinary share of the Company determined as follows:

         

        (i) If the ordinary shares are listed
        on any recognized Stock Exchange, the Fair Market Value shall be the closing sales price for such ordinary shares (or the closing
        bid, if no sales were reported), as quoted on such Stock Exchange for the last market trading day prior to the time of determination;

         

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

         

        (iii) In the absence of any of the
        above, the Fair Market Value thereof shall be as determined in good faith by the Board of Directors of the Company.

         

	"Grant Date"	
        The date of the Board resolution approving
        the grant of the Options, unless otherwise determined by the Board;

         

	“Option”	
        An option to purchase one Share, granted
        to a Participant, subject to the provisions of this Plan and the applicable Option Agreement;

         

	“Option Agreement”	
        A written agreement between the Company
        and a Participant or a notice provided by the Company setting forth the terms and conditions under which Options are granted to
        a Participant;

         

	“Participant”	
        Shall mean anyone to which an Option was
        granted in accordance with section 5 of the Plan;

         

	“Plan”	
        Shall mean this Neogames S.a.r.l 2015 Option
        Plan, including any amendments thereto;

        

 

     

    4

    

 

	“Share”	
        An ordinary share of the Company, [par
        value 0.0001 Euro], which is issued or issuable to a Participant upon exercise of an Option;

         

	
        "Spin-off Transaction"

         
	
        Any transaction in which assets of the
        Company are transferred or sold to a company or corporate entity in which the shareholders of the Company hold the same respective
        ownership stakes they are then holding in the Company [i.e. – transfer of assets to a 'sister company' of the Company];

         

	
        “Stock Exchange”

         
	
        Any stock exchange, on which ordinary shares
        of the Company are listed, or such other market or a national market system, on which the Company’s ordinary shares’
        prices are regularly quoted;

         

	
        "Structural Change"

         
	
        Any re-domestication of the Company, share
        flip, creation of a holding company for the Company which will hold substantially all of the shares of the Company or any other
        transaction involving the Company in which the shares of the Company outstanding immediately prior to such transaction continue
        to represent, or are converted into or exchanged for shares that represent, immediately following such transaction, at least a
        majority, by voting power, of the share capital of the surviving, acquiring or resulting corporation;

         

	“M&A Transaction”	
        Any of the following (yet excluding any Structural Change or
        Spin-off Transaction):

        (a) A sale of all or substantially all the assets of the
        Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries
        of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary
        or subsidiaries;

        (b) A merger of the Company with or into another entity,
        including a reverse triangular merger; or

        (c) A sale of more than 50% of the issued and outstanding
        share capital of the Company to a third party unrelated to persons or entities who are shareholders of the Company immediately
        prior to the adoption of this plan, whether by a single transaction or a series of related transactions which occur over a period
        of time or within the scope of the same acquisition agreement or related acquisition agreements;

         

	“Successor Company”	
        Shall mean any entity with or into which
        the Company was merged or consolidated, or to which certain operations or certain assets of the Company were transferred, or which
        purchased substantially all the Company’s assets or shares, including any parent of such entity;

         

	“Tax”	
        Any applicable tax and other compulsory
        payments such as social security and health tax contributions required to be paid under any applicable law in relation to the Options
        or the rights deriving there-from;

        

 

     

    5

    

 

	
        “Termination”

         
	
        For an Employee, the termination of employment,
        and for a Consultant, the expiration, or termination of such person’s consulting or advisory relationship with the Company
        or an Affiliate, or the occurrence of any termination event as set forth in such person’s Option Agreement;

         

        For the purpose of this plan the following
        shall not be considered as Termination (i) for an Employee – paid vacation, sick leave, paid maternity leave, infant
        care leave, medical emergency leave, military reserve duty, or any other leave of absence authorized in writing by the Board; and
        (ii) for a Consultant- any temporary interruption in such person’s availability to provide services to the Company and/or
        an Affiliate, which has been authorized in writing by Board;

         

        Termination shall not include any transfer
        of a Participant between the Company and any Affiliate or between Affiliates, nor shall it include any change in a Participant's
        engagement status between an "Employee" and "Consultant" and vice versa (without derogating the different tax
        implications that may result from such change of status);

         

	“Termination Date”	
        With regard to any Employee, the first
        date following the Grant Date on which there are no longer employment relations between such Employee and the Company or an Affiliate,
        for any reason whatsoever; however for the purpose of Termination for Cause, the Termination Date is the date on which a notice
        regarding such termination was sent by the Company or an Affiliate to the Employee;

         

        With regard to any Consultant, the earlier
        of (i) the date of termination of the agreement between the Consultant and the Company or an Affiliate; or (ii) the date
        on which a notice regarding such termination of agreement was sent by the Company or an Affiliate, or by the Consultant, to the
        other party;

         

	"Transfer"	
        With respect of any Option or Share –
        the sale, assignment, transfer, pledge, mortgage or other disposition thereof or the grant of any right to a third party thereto;

         

	“Vesting Date”	
        The date upon which the Option becomes
        exercisable and set forth in the Option Agreement.

        

 

     

    6

    

 

4.           Administration
of the Plan

 

4.1.         The
Board shall have the power to administer the Plan.

 

4.2.         Subject
to the provisions of the Plan, applicable law and the Company's incorporation documents, the Board shall have the authority, at
its discretion: (i) to grant Options to Participants; (ii) to determine the terms and provisions of each Option granted
(which need not be identical), including, but not limited to, the number of Options to be granted to each Participant, provisions
concerning the time and the extent to which the Options may be exercised, the underlying Shares sold and the nature and duration
of restrictions as to the Transferability of Options and/or Shares; (iii) to amend, modify or supplement (with the consent
of the applicable Participant, if such amendments adversely affect the terms of his Options) the terms of each outstanding Option,
unless included otherwise under the terms of the Plan; (iv) to interpret the Plan; (v) to prescribe, amend, and rescind
rules and regulations relating to the Plan, including the form of Option Agreements and rules governing the grant of
Options in jurisdictions in which the Company or any Affiliate operate; (vi) to authorize conversion or substitution under
the Plan of any or all Options or Shares and to cancel or suspend Options, as necessary, provided that, unless consent is received
from the Participants, the interests of the Participants are not materially harmed; (vii) to accelerate or defer (with the
consent of the Participant) the right of a Participant to exercise in whole or in part, any previously granted Options; (viii) to
authorize any person to execute on behalf of the Company any instrument required to effectuate the grant of an Option previously
granted by the Board; and (ix) to make all other determinations deemed necessary or advisable for the administration of the
Plan.

 

4.3.         This
Plan shall apply to grants of Options made following the adoption of this Plan by the Board.

 

4.4.         All
decisions, determinations, and interpretations of the Board shall be final and binding on all Participants unless otherwise determined
by the Board.

 

5.            Eligibility.
Options may be granted to Employees or Consultants, provided that if services have not commenced, the grant will be made subject
to commencement of actual services.

 

6.            Shares
Issuance upon Exercise of Options. Notwithstanding anything herein or in the Option Agreement to the contrary, the issuance
of any Share upon the exercise of an Option is subject to the approval of the shareholders of the Company in accordance with the
Articles of Association of the Company and any applicable law.

 

7.            Options

 

7.1.         Grant

 

7.1.1.            The
Board may grant Options from time to time at their sole discretion. The Options granted pursuant to the Plan, shall be evidenced
by a written Option Agreement. Each Option Agreement shall state, among other matters, the number of Options granted, the Vesting
Dates, the Exercise Price, the tax route and such other terms and conditions as the Board at its discretion may prescribe, provided
that they are consistent with this Plan.

 

7.2.         Vesting.

 

7.2.1            The
Board shall set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine
the number of Options that will vest. The Board may set vesting criteria based upon continued engagement with the Company or any
Affiliate or based upon both continued engagement and the achievement of Company-wide, business unit, or individual goals , or
any other condition as determined by the Board in its discretion. The vesting conditions and schedule shall be set in the applicable
Option Agreement. No Option shall be exercised after the Expiration Date. The vesting provisions of individual Options may vary.

 

     

    7

    

 

7.2.2            Unless
determined otherwise by the Board, the vesting of the Options shall be postponed during any un-paid leave of absence. Upon return
to service, the vesting shall continue and each of the remaining Vesting Dates shall be postponed by the number of days of such
period of un-paid leave (i.e. shifting the entire remaining vesting schedule and extending it by the number of unpaid leave days).
Despite the aforementioned, the following shall not postpone the vesting of the Options: paid vacation, sick leave, paid maternity
leave, infant care leave, medical emergency leave, military reserve duty. )

 

7.2.3            The
vesting of the options shall continue upon any transfer of a Participant between the Company and any Affiliate or between Affiliates.

 

7.3.          An
Option may be subject to such other terms and conditions, not inconsistent with the Plan, on the time or times when it may be
exercised as the Board may deem appropriate.

 

7.4.          Exercise
of Options

 

7.4.1.           An
Option shall be exercised by submission to the Company of a notice of exercise, in a form set by the Company, accompanied by payment
as hereinafter described. The exercise of an Option shall occur upon receipt of a notice of exercise by the Company accompanied
by payment in full of the Exercise Price payable for each of the Shares being purchased pursuant to such exercise, and as soon
as practicable thereafter, and subject to the provisions of section 8.3 below, the Company will issue the Share(s) underlying
such exercised Option, provided that the Shares so issued shall not be delivered to the Participant or any third party unless
and until all applicable Tax was paid to the Company’s full satisfaction and subject to compliance with Applicable Law.

 

7.4.2.            Except
as otherwise provided in the Plan or in an Option Agreement, an Option may be exercised in full or in part, subject to the Expiration
Date provided it is not exercised for a fraction of a Share, as further detailed in section 8.3 below.

 

7.4.3.           Notices
of exercise of Options, which are submitted after the Expiration Date or which relate to Options that have not yet vested, or
which relate to Options that have not yet vested, or which do not contain all of the details required by the exercise form, shall
not be accepted and shall have no force whatsoever.

 

7.4.4.           The
Participant shall sign any document required under any Applicable Law or by the Company for the purposes of issuance of the Shares.

 

7.4.5.           As
a condition to the exercise of an Option, the Company may require the person exercising such Option to represent and warrant at
the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell
or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

     

    8

    

 

7.5.          Consideration.

 

7.5.1.           The
Exercise Price of each Share subject to an Option shall be determined by the Board in its sole and absolute discretion in accordance
with Applicable Law, subject to any guidelines as may be determined by the Board from time to time. Each Option Agreement will
contain the Exercise Price determined for each Option covered thereby. The Exercise Price may or may not be equal to the Fair
Market Value of the ordinary Shares of the Company, and any evaluation executed in relation to such shares shall not obligate
the Company when determining the Exercise Price of any Option.

 

7.5.2.           The
Exercise Price shall be paid in cash or cheque at the time the Option is exercised, or by any other means as determined by the
Board. Should the Company's ordinary shares be listed for trade on a Stock Exchange the Board may consider allowing a cashless
exercise, or any other exercise method, subject to the provisions of Applicable Law. If, as of the date of exercise of an Option
the Company is then permitting cashless exercises, the Participants will be able to engage in a “same-day sale” cashless
brokered exercise program, involving one or more brokers, through such a program that complies with the Applicable Laws and that
ensures prompt delivery to the Company of the amount required to pay the Exercise Price and any Tax.

 

7.5.3.           The
Exercise Price shall be denominated in the currency of the primary economic environment of the Company (that is the functional
currency of the Company).

 

8.             Terms
and Conditions of the Options. Options granted under the Plan shall be evidenced by the related Option Agreement and shall
be subject to the following terms and conditions and to such other terms and conditions included in the Option Agreement not inconsistent
therewith, as the Board shall determine:

 

8.1.          Non
Transferability of Options. Unless otherwise determined by the Board, an Option shall not be Transferable by the Participant
other than in accordance with section 9.2.1.2 below. Options or rights arising therefrom shall not be subject to mortgage, attachment
or other willful encumbrance, and no power of attorney shall be issued in respect thereof, whether such enter into force immediately
or at a future date.

 

8.2.          One
Time Benefit. The Options and underlying Shares are extraordinary, one-time benefits granted to the Participants, and are not
and shall not be deemed a salary component for any purpose whatsoever, including in connection with calculating severance compensation
under any Applicable Law.

 

8.3.          Fractions.
An Option may not be converted into a fraction of a Share. In lieu of issuing fractional Shares, on the vesting of a fraction of
an Option, the Company shall convert any such fraction of an Option, which represents a right to receive 0.5 or more of a Share,
to one Share and shall extinguish any such fraction of an Option, which represents a right to receive less than 0.5 of a Share
without issuing any Shares.

 

8.4.          Term.
No full or partial exercise of an Option shall be carried out following the Expiration Date of such Option.

 

9.             Termination
of Employment or Engagement.

 

9.1.          Unvested
Options. Unless otherwise determined by the Board, in the case of Termination, any Option or portion thereof that was not vested
as of the Termination Date shall immediately expire on the Termination Date.

 

     

    9

    

 

9.2.          Vested
Options

 

9.2.1.       Termination
other than for Cause.

 

9.2.1.1.            Unless
otherwise determined by the Board, in the case of Termination other than for Cause, any Option or portion thereof that is vested
as of the Termination Date may be exercised, but only within such period (subject, however, to the provisions of section 11 below
concerning early expiration or other treatment upon certain events) of time ending on the earlier of (i) thirty (30) days
following the Termination Date, or (ii) the Expiration Date, but only to the extent to which such Option was exercisable at
the time of the Termination Date. If, after the Termination Date, the Participant does not exercise his or her Option within the
time specified above or in the Option Agreement, the Option shall expire.

 

9.2.1.2.            Unless
otherwise determined by the Board, in the event of (i) Termination as a result of the Participant’s death or disability
or (ii) the Participant dies within the period stated in section 9.2.1.1, then the Option may be exercised (to the extent
exercisable as of the date of death) by the Participant in the event of disability, the Participant’s legal guardian, the
Participant’s estate, or by a person who acquired the right to exercise the Option by bequest or inheritance (the “Assignees”),
but only within the period (subject, however, to the provisions of section 11 below concerning early expiration or other treatment
upon certain events) ending on the earlier of (1) the date twelve (12) months following the date of death or the Termination
Date due to disability (as the case may be) (or such longer or shorter period specified in the Option Agreement) or (2) the
Expiration Date. If, after death or termination due to disability (as the case may be), the Option is not exercised within the
time specified herein, the Option shall expire. The Transfer of Options to any Assignee shall be subject to the provision of a
written notice to the Company and to the execution by the Assignee of any documents required by the Company. All of the terms of
any Option, whether in this Plan, the Option Agreement and/or any other document in respect of such Option, shall be binding upon
the Assignees.

 

9.2.1.3.            If
the exercise of an Option following the Termination Date or death would be prohibited at any time solely because the issuance of
Shares would violate requirements of any Applicable Law,, then the Option shall expire: (i) in the event of a Termination
- at the end of a period of thirty (30) days in the aggregate, or (ii) in the event of death - at the end of a period of twelve
(12) months in the aggregate, during which the exercise of the Option would not be in violation of such requirements.

 

9.2.1.4.            It
is clarified that during such periods following the Termination Date the Participant's entitlement to Options shall not continue
to vest.

 

9.2.1.5.            The
Board shall have the sole authority to extend the exercise periods detailed in sections 9.2.1.1 – 9.2.1.3 above at its sole
discretion.

 

9.2.2.       Termination
for Cause. If a Participant’s employment or engagement with the Company is terminated for Cause, any Option or portion
thereof that has not been exercised as of the Termination Date shall immediately expire on the Termination Date.

 

9.3.          No
Participant shall be entitled to claim against the Company that he or she was prevented from continuing to vest Options as of
the Termination Date. Such Participant shall not be entitled to any compensation in respect of the Options which would have vested
in his favor had such Participant’s employment or engagement with the Company not been terminated.

 

     

    10

    

 

10.           No
Right to Employment, Service, Options or Shares. The grant of an Option, the vesting of any Option or the issuance of a Share
under the Plan shall impose no obligation on the Company or an Affiliate to continue the employment of any Employee or the engagement
with any Consultant and shall not lessen or affect the Company's or an Affiliate's right to terminate the employment or service
relationship of such Participant at any time and/or for any or no reason with or without Cause, even if such Termination is immediately
prior to the vesting of any Option. No Participant or other person shall have any claim to be granted any Options or to the vesting
of any Options, whether expired immediately following grant or prior to vesting. There is no obligation for uniformity of treatment
of Participants, or holders or beneficiaries of Options and the terms and conditions of Options and the Board's determinations
and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants
are similarly situated).

 

Nothing contained in
the Plan shall prevent the Company from adopting, adjusting or continuing in effect compensation arrangements, which may, but need
not, provide for the grant of Options or Shares.

 

11.           Adjustments
to the Shares subject to the Plan

 

11.1.        Adjustment
Due to Change in Capital. If the ordinary shares of the Company shall at any time be changed or exchanged by distribution of
a share dividend (bonus shares), share split, combination or exchange of shares, recapitalization, or any other like event by or
of the Company, and as often as the same shall occur, then the number and class of the Shares underlying the Options subject to
the Plan and the Exercise Price of the Options shall be appropriately and equitably adjusted so as to maintain through such an
event the proportionate equity portion represented by the Options and the total Exercise Price of the Options, provided,
however, that no adjustment shall be made by reason of the distribution of subscription rights (rights offering) on outstanding
ordinary shares or other issuance of shares by the Company. Fractions of shares shall be dealt with in accordance with the provisions
of section 8.3 above. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities convertible
into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise
Price of Shares underlying an Option.

 

11.2.        Adjustment
Due to a Structural Change. In the event of a Structural Change, the Shares underlying the Options subject to the Plan shall
be exchanged or converted into shares of the Company or Successor Company in accordance with the exchange effectuated in relation
to the ordinary shares of the Company, and the Exercise Price and quantity of shares underlying the Options shall be adjusted in
accordance with the terms of the Structural Change. The adjustments required shall be determined in good faith solely by the Board
and shall be subject to the receipt of any approval required, including any tax ruling, if necessary.

 

11.3.        Adjustment
Due to a Spin-Off Transaction. In the event of a Spin-Off Transaction, the Board may determine that the holders of Options
shall be entitled to receive equity in the new company formed as a result of the Spin-Off Transaction, in accordance with equity
granted to the ordinary shareholders of the Company within the Spin-Off Transaction, taking into account the terms of the Options,
including the vesting schedule and Exercise Price. The determination regarding the Participant's entitlement within the scope of
a Spin-Off Transaction shall be in the sole and absolute discretion of the Board.

 

     

    11

    

 

11.4.        M&A
Transaction.

 

11.4.1      Without
derogating from the Board’s general power under the Plan, in the event of any M&A Transaction, the Board shall be entitled
(but not obliged), at its sole discretion, to determine any of the following: (i) provide for an assumption or exchange of
Options and/or Shares for options and/or shares and/or other securities or rights of the Successor Company or parent or affiliate
thereof; and/or (ii) provide for an exchange of Options or Shares for a monetary compensation (including for avoidance of
doubt a cash-out of the Options for the net value (i.e., a cashless exercise)); and/or (iii) determine that any or all unvested
Options and un-exercised vested Options shall expire on the date of such M&A Transaction unless an exercise notice was submitted
prior to the M&A Transaction; and/or (iv) determine that the exchange, assumption, conversion or purchase detailed above
will be made subject to any payment or escrow arrangement, or any other arrangement determined within the scope of the M&A
Transaction in relation to other shares of the Company. In the case of assumption and/or substitution of Options, appropriate adjustments
shall be made so as to reflect such action and all other terms and conditions of the Option Agreements shall remain substantially
unchanged, including but not limited to the vesting schedule, all subject to the determination of the Board, which determination
shall be at its sole discretion and final. The grant of any substitutes for the Options and/or Shares to Participants further to
a M&A Transaction, as provided in this section, shall be considered as full compliance with the terms of this Plan. The value
of the exchanged Options and/or Shares pursuant to this section 11.4 shall be determined in good faith solely by the Board, based
among others on the Fair Market Value, and its decision shall be final and binding on all the Participants.

 

Unless determined otherwise
by the Board of Directors, and without derogating from the aforementioned, any Options not assumed or exchanged for options and/or
shares and/or other securities or rights or not cashed-out, shall expire immediately prior to the consummation of the M&A Transaction.

 

11.4.2      For
the purposes of this section 11.4, the mechanism for determining the assumption or exchange as aforementioned shall be as may be
agreed upon between the Board and the Successor Company.

 

11.4.3      Without
derogating from the above, in the event of a M&A Transaction the Board shall be entitled, at its sole discretion, to require
the Participants to exercise all vested Options within a set time period and sell all or any of their Shares (including any Shares
previously issued to the Participant in respect of any Options exercised by him or her) on the same terms and conditions as applicable
to the other shareholders selling their Company’s ordinary shares as part of the M&A Transaction. Each Participant acknowledges
and agrees that the Board shall be entitled to authorize any one of its members to sign share transfer deeds in customary form
in respect of the Shares held by such Participant and that such share transfer deed shall bind the Participant.

 

11.4.4      Despite
the aforementioned, if and when the method of treatment of Options within the scope of an M&A Transaction determined according
to the above will in the sole opinion of the Board prevent the M&A Transaction from occurring, or materially risk the M&A
Transaction, the Board may determine different treatment for different Options held by Participants such that not all Options will
be treated equally within the scope of the M&A Transaction.

 

11.4.5      In
the event in which the exercise price of the Options is higher than the per-share value of the shares of the Company in such an
M&A Transaction ("out-of-the-money options"), the Board shall be entitled to cancel and terminate such Options effective
upon consummation of the M&A Transaction without consideration.

 

11.4.6      In
the event in which the Options shall be cancelled upon the M&A Transaction, the Company shall provide notice to such Participants
in such manner as notice is provided regarding the M&A Transaction to any other shareholders of the Company not represented
in the Board. Such notice shall be sent to the last known address of the Participants according to the records of the Company.
The Company shall not be under any obligation to ensure that such notice was actually received by the Participants.

 

     

    12

    

 

11.4.7      It
is clarified that this section 11.4 shall apply inter alia in the event of several transactions which in the aggregate constitute
(or will constitute) an M&A Transaction in accordance with sub-section (c) of the definition of M&A Transaction, and
in each such transaction the Administrator shall have the full power and authority under this Section 11.4.

 

11.4.8      Notwithstanding
anything else to the contrary set out herein and in any Option Agreement, the Board shall have the right, at its absolute discretion
to accelerate the vesting of certain or all Options, to require Participants to exercise Options (or any part of them) into Shares,
including through a cash-less exercise mechanism, and/or require Participants to participate in any sale of Shares (by selling
any or all Shares issued in respect of such Participant's Options), or cash-out and cancel Options by way of cashless exercise
as part of: (i) an M&A Transaction, or (ii) a sale of all or part of the Company's shares by one or some of the shareholders
of the Company (including in case of sale of shares to another shareholder of the Company); in each case, under the same terms
applying to any such transaction (however not necessarily in a pro-rata amount), including the same price per share and same contingent
payment arrangement and indemnification arrangements. It being clarified that in case of a cashless exercise or cash-out of Options,
the Participants shall be entitled to receive for each Option held by them and cancelled by the Company, the difference between
the price per share payable at such transaction and the Exercise Price applicable for such Option (and in the event that the Exercise
Price of the Share underlying the Option equals to or exceeds the price per share at such transaction, the Board shall have a right
that such Options shall be cancelled for no consideration). The Board may, at its sole discretion, cancel any or all of the Options
which are not vested at the time of the consummation of any of the foregoing transactions.

 

11.5.        Liquidation.
In the event of the proposed dissolution or liquidation of the Company, all Options will expire immediately prior to the consummation
of such proposed action, unless otherwise provided by the Board.

 

11.6.        The
Participants shall execute any documents required by the Company or any Successor Company or parent of affiliate thereof in order
to affect any of the actions determined within the scope of this section 11. The failure to execute any such document may cause
the expiration and cancellation of any Option held by such Participant, as determined by the Board in its sole and absolute discretion.

 

11.7.        Any
adjustment according to this section shall be subject to the receipt of a tax ruling or approval from the tax authorities, if and
as necessary.

 

12.           Taxes
and Withholding Tax

 

12.1.        Any
Tax imposed in respect of the Options and/or Shares, including, but not limited to, in respect of the grant of Options, and/or
the exercise of Options into Shares, and/or the Transfer, waiver, or expiration of Options and/or Shares, and/or the sale of Shares,
shall be borne solely by the Participants, and in the event of death by their heirs or transferees. The Company, the Affiliates
or anyone on their behalf shall not be required to bear the aforementioned Taxes, directly or indirectly, nor shall they be required
to gross up such Tax in the Participants’ salaries or remuneration. The applicable Tax shall be deducted from the proceeds
of sale of Shares or shall be paid to the Company or an Affiliate by the Participants. Without derogating from the aforementioned,
the Company and Affiliate shall be entitled to withhold Taxes according to the requirements of any Applicable Laws, rules, and
regulations, and to deduct any Taxes from payments otherwise due to the Participant from the Company or an Affiliate (if applicable).

 

     

    13

    

 

12.2.        The
Company's obligation to deliver Shares upon exercise of an Option or to sell or transfer Shares is subject to payment (or provision
for payment satisfactory to the Board) by the Participant of all Taxes due by him under any Applicable Law.

 

12.3.        The
Participants shall indemnify the Company and/or the applicable Affiliate, immediately upon request, for any Tax (including interest
and/or fines of any type and/or linkage differentials in respect of Tax and/or withheld Tax) for which the Participant is liable
under any Applicable Law or under the Plan, and which was paid by the Company, the Affiliate, or which the Company or the Affiliate
are required to pay. The Company and the Affiliate may exercise such indemnification by deducting the amount subject to indemnification
from the Participants’ salaries or remunerations.

 

12.4.        For
avoidance of doubt it is clarified that the tax treatment of any Option granted under this Plan is not guaranteed and although
Options may be granted under a certain tax route, they may become subject to a different tax route in the future.

 

13.           Registration
of the Shares on a Stock Exchange

 

13.1.        Should
reorganization or certain other arrangements regarding the Company’s share capital be necessary prior to the registration
of the Company’s ordinary shares or their respective depositary receipts on a Stock Exchange, such arrangements or reorganization
may be also carried out in respect of the Participants and their Options and/or Shares.

 

13.2.        The
Participant acknowledges that in the event that the Company’s ordinary shares or their respective depositary receipts shall
be registered for trading in any Stock Exchange, or in the event of a private offering of shares, the Participant’s rights
to exercise their Options or sell the Shares may be subject to certain limitations (including a lock-up period), as will be requested
by the Company or its underwriters, and the Participant unconditionally agrees and accepts any such limitations.

 

13.3.        The
Company does not undertake to cause the ordinary shares or the Shares to be listed on a Stock Exchange, or that the registration
of the ordinary shares or the Shares for trade, if at all, shall take place within a certain period of time.

 

14.           The
Rights Attached to the Shares

 

14.1.        Equal
Rights. The Shares constitute part of the ordinary shares of the Company, and they shall have equal rights for all intents
and purposes as the rights attached to the ordinary shares of the Company, subject to the provisions of this Plan and any Option
Agreement. The Shares, being part of the ordinary shares of the Company, shall not be protected against dilution in any manner
whatsoever, unless otherwise determined by the Board. It is hereby clarified that the Shares shall not constitute a separate class
of shares, but shall be an integral part of the Company’s ordinary shares.

 

Any change of the Company’s
Articles of Association or any other incorporation document, which may change the rights attached to the Company’s ordinary
shares, shall also apply to the Shares, and the provisions hereof shall apply with the necessary modifications arising from any
such change.

 

     

    14

    

 

The grant of Options
and issuance of Shares under this Plan shall not restrict the Company in any way regarding future creation of additional and/or
other classes of shares, including classes of shares, which may in any manner be preferred over the currently existing ordinary
shares which are offered to Participants under this Plan. Subject to section 11.1 above, the grant of Options and Shares under
this Plan shall not entitle any Participant to receive any compensation in the event of any change of the Company’s capital.

 

14.2.        Dividend
Rights. No Participant shall have any rights to receive dividends in respect of the Shares underlying any outstanding Options,
until such Options are exercised into Shares and these Shares are issued to the Participant. Following the issuance of such Shares
by the Company, such Shares will entitle the Participant to receive any dividend, to which other holders of ordinary shares in
the Company are entitled.

 

14.3.            Transfer
and Sale of Shares. Despite any provision included in the Company's incorporation documents, Shares shall not be sold or transferred
prior to a M&A Transaction or an IPO, unless otherwise determined by the Board, other than by will or laws of descent and distribution.

 

14.4.        Bring
Along. For the avoidance of doubt it is clarified that as part of the ordinary shares of the Company, Shares issued upon exercise
of Options or in connection thereto shall be subject to any bring-along provision included in the incorporation documents of the
Company or any shareholders agreement or similar agreement(s) by which some or all holders of ordinary shares of the Company
are bound. Without derogating from the foregoing, the Board may require any or all Participants to sell any or all of his or her
Shares as part of an M&A Transaction or as part of any other transaction mentioned in Section 11.4.8 above, under the
same terms as the other shareholders of the Company.

 

14.5.        Voting
Rights. No Participant shall have any rights to vote in the Company’s meetings in respect of underlying Shares, until
such Shares are issued to the Participant. Following the issuance of such Shares by the Company, the Participant shall have the
same voting rights as other holders of ordinary shares in the Company. Notwithstanding the aforesaid, and unless determined otherwise
by the Board, as long as the Company’s ordinary shares are not traded on a Stock Exchange, any Shares issued upon the exercise
of an Option shall be voted by an irrevocable proxy, such proxy to be assigned to the person or persons designated by the Board.
The Participants will be required, as a condition to the receipt of the Options granted pursuant to this Plan and as a condition
to the issuance of any Shares, to sign such a proxy. Unless otherwise determined by the Board, the proxy will be transferred upon
any transfer of Shares unless such transfer occurs upon a M&A Transaction or upon or after an IPO of the Company.

 

		15.	Repurchase Right:

 

The following shall apply only
until the listing of the Company’s ordinary shares on a Stock Exchange, and if required shall be subject to the receipt of
any approval required by applicable law:

 

15.1.        Repurchase
in the case of Termination for Cause: In the event that the Participant’s employment or engagement with the Company or an
Affiliate is terminated for Cause, or if following Termination it is found that the Participant committed an act constituting
Cause, any Shares already issued to the Participant as a result of exercise of Options shall be returned to the Company upon request
of the latter for the lower of the original purchase price (the Exercise Price) and the then Fair Market Value of such Shares.

 

     

    15

    

 

15.2.        Repurchase
in the case of working for a competitor: The Company shall have the right to purchase, for the lower of the original purchase price
and the then Fair Market Value, any Shares already issued to a Participant, whose employment or engagement with the Company or
an Affiliate was terminated for any reason, in the event that after the Termination, such Participant will commence working or
providing services to a competitor of the Company or an Affiliate or to a subsidiary or affiliate of such competitor. For the purposes
of this Section, a “competitor” shall mean any person or entity that operates, conducts, or manages a business in the
field of the Company’s business. This restriction is limited to a time period of 2 years after the termination of employment.

 

15.3.        In
the event that the Board has determined that a Participant’s Shares shall be repurchased under any of the aforesaid sections
15.1-15.2, then the Participant shall be obliged to sell, any Shares that such Participant has received under the Plan, in accordance
with the instructions issued by the Board. The determination of the Board in this regard shall be final.

 

15.4.        If
the Company is not permitted under Applicable Law to repurchase Shares under sections 15.1-15.2, the Company may assign such right
under the Plan to the Company’s existing shareholders (save, for avoidance of doubt, for other Participants who hold Shares
resulting from the exercise of Options granted under the Plan or any other employee benefit plan).

 

16.           Changes
to the Plan. The Board shall be entitled, from time to time, to update and/or change the terms of this Plan, in whole or in
part, at its sole discretion, provided that in the Board’s opinion such a change shall not materially derogate from the rights
attached to the Options and/or Shares already granted under this Plan, unless mutually agreed otherwise between the Participant
and the Company. The Board shall be entitled to terminate this Plan at any time, provided that such termination shall not materially
affect the rights of Participants, to whom Options have already been granted.

 

17.           Effective
Date and Duration of the Plan

 

17.1.        The
Plan shall be effective as of the day it was adopted by the Board and shall terminate at the end of ten (10) years from such
day of adoption.

 

17.2.        The
Company shall obtain the approval of the Company’s shareholders for the adoption of this Plan or for any amendment to this
Plan, if shareholders’ approval is necessary or desirable to comply with any Applicable Law, including without limitation
the securities laws of jurisdictions applicable to Options granted to Participants under this Plan, or if shareholders’ approval
is required by any authority or by any governmental agency or by any national securities exchange, including without limitation
the US Securities and Exchange Commission.

 

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

 

18.           Successors
and Assigns. The Plan and any Option granted thereafter shall be binding on all successors and assignees of the Company and
a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such
estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.

 

     

    16

    

 

19.           Miscellaneous

 

19.1.        Notices.
Notices and requests regarding this Plan shall be sent in writing by registered mail or by courier to the addresses of the Company
and the Participant or by facsimile transmission (provided that written confirmation of receipt is provided) with a copy by mail,
as follows: if to the Company: at its principal offices; if to the Participant - to the Participant’s address, as registered
in the Company’s registries. Such notices shall be deemed received at the addressee as follows: if sent by registered mail
- within three (3) business days following their deposit for mailing at a post office located in the country of addressee,
or seven (7) business days following their deposit for mailing at a post office located outside the country of addressee,
and if hand-delivered or sent by facsimile with confirmation of receipt - on the day of delivery (or refusal to receive).

 

19.2.        This
Plan (together with the applicable Option Agreement(s) entered into with any Participant) constitutes the entire agreement
and understanding between the Company and such Participant in connection with the grant of Options to the Participant. Any representation
and/or promise and/or undertaking made and/or given by the Company or by whosoever on its behalf, which has not been explicitly
expressed herein or in an Option Agreement, shall have no force and effect.

 

20.            Governing
Law. The Plan shall be governed by, construed and enforced in accordance with the laws of Luxembourg, without giving effect
to principles of conflicts of law.

 

* * * * *

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]