Document:

Exhibit 10.3

 

QUOIN PHARMACEUTICALS, LTD.

 

AMENDED AND RESTATED CHARTER OF THE AUDIT
COMMITTEE

OF THE BOARD OF DIRECTORS

(the “Charter”)

 

Dated October
28, 2021

 

		I.	PURPOSES.

 

The purposes of the audit committee (the “Audit Committee”)
of the board of directors (the “Board”) of Quoin Pharmaceuticals, Ltd. (the “Company”) shall be
as provided for in the Israeli Companies Law, 5759-1999 (the “Companies Law”), and subject to the provisions of the
Companies Law to:

 

		1.	Be appointed also as the committee for review of the Company’s financial statements (the “FS Committee”)
as required under the Companies Law and the regulations promulgated thereunder and in such capacity to oversee the accounting and financial
reporting processes of the Company and audits of the financial statements of the Company;

 

		2.	Recommend to the Board regarding the appointment and approval of the compensation of the independent registered public accounting
firm engaged to audit the Company’s financial statements;

 

		3.	In its capacity as the FS Committee, oversee and monitor (i) the integrity of the Company’s financial statements, (ii) the Company’s
compliance with legal and regulatory requirements as they relate to financial statements or accounting matters, (iii) the independent
registered public accounting firm’s qualifications, independence and performance, and (iv) the Company’s internal accounting
and financial controls;

 

		4.	In its capacity as the FS Committee, to provide the Board with the results of its monitoring and recommendations derived therefrom;

 

		5.	In its capacity as the FS Committee, to provide to the Board such additional information and materials as it may deem necessary to
make the Board aware of significant financial matters that require the attention of the Board;

 

		6.	Monitor deficiencies in the management of the Company, inter alia, in consultation with the independent registered public accounting
firm and internal auditor, and advise the Board on how to correct the deficiencies;

 

		7.	Decide whether to approve and recommend to the Board to approve engagements or transactions that require audit committee approval
under the Israeli Companies Law, relating generally to certain related party transactions;

 

		8.	Decide as to what transactions shall be considered as “Extraordinary Transactions” as such term is defined in the Companies
Law in connection to related party transaction.

 

		9.	Meet and receive reports from both the internal auditors and independent registered public accounting firm dealing with matters that
arise in connection with their audits; and

 

     

     

    

 

		10.	Conduct any investigation appropriate to fulfilling its responsibilities, and have direct access to the independent registered public
accounting firm as well as anyone in the organization.

 

In addition, the Audit Committee will undertake those specific duties
and responsibilities required under the rules and regulations of The Nasdaq Stock Market, those listed below and such other duties as
the Board may from time to time prescribe.

 

		II.	MEMBERSHIP.

 

Subject to the provisions of the Companies Law concerning the appointment
and qualifications required from the Audit Committee members, such members will be appointed by, and will serve at the discretion of,
the Board. The Audit Committee will consist of at least three members of the Board. Members of the Audit Committee must meet the following
criteria (as well as any other criteria required by the U.S. Securities and Exchange Commission (the “SEC”) or the
Companies Law):

 

		1.	Each member will be an independent director, as defined in (i) Nasdaq Rule 5605, (ii) Section 10A(m)(3) of the Securities Exchange
Act of 1934, as amended, and (iii) the rules and regulations of the SEC, provided, that, one non-independent, non-employee
director may serve on the Audit Committee if (a) the Board has made the required determination under Nasdaq Rule 5605(c) and (b) such
Nasdaq rule is in effect or has not otherwise been superseded;

 

		2.	Each member will be able to read and understand fundamental financial statements, in accordance with Nasdaq rules and the Companies
Law;

 

		3.	No member has participated in the preparation of the financial statements of the Company or any current subsidiary of the Company
at any time during the past three years; and

 

		4.	At least one member will qualify as an audit committee financial expert, under Nasdaq and SEC rules and regulations.

 

Subject to the provisions of the Companies Law concerning the appointment
and qualifications required from the Audit Committee members, the Board shall annually appoint the members of the Audit Committee as soon
as practical after the Company’s annual meeting of shareholders, and the Audit Committee members may elect a chairman.

 

Without limiting the foregoing, the following persons may not serve
on the Audit Committee:

 

		1.	The chairman of the Board;

 

		2.	Any person who is a holder of control (as defined in the Companies Law) or a relative of such a person;

 

		3.	Any person who has any relationship that, in the opinion of the Board, would interfere with the exercise of his or her independent
judgment as a member of the Audit Committee; and

 

		4.	Any employee or executive in the Company.

 

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		III.	RESPONSIBILITIES.

 

The responsibilities of the Audit Committee shall include the following:

 

		1.	Reviewing on a continuing basis the adequacy of the Company’s system of internal controls, including meeting periodically with
the Company’s management and the independent registered public accounting firm to review the adequacy of such controls, and to review
before release the disclosure regarding such system of internal controls required under SEC rules to be contained in the Company’s
periodic filings and the attestations or reports by the independent registered public accounting firm relating to such disclosure (to
the extent such attestations or reports are required under applicable law);

 

		2.	Pre-approving audit and non-audit services provided to the Company by the independent registered public accounting firm. The Audit
Committee shall consult with management but shall not delegate these responsibilities. The Audit Committee shall also review and approve
disclosures relating to fees and non-audit services required to be included in the SEC reports. Subject to the Board and shareholder approval
if and to the extent required by applicable law, the Audit Committee shall have the authority to approve all audit engagement fees and
terms and all non-audit engagements, as may be permissible, with the independent registered public accounting firm;

 

		3.	Reviewing on a continuing basis the activities, organizational structure and qualifications of the Company’s internal audit/financial
control function;

 

		4.	Reviewing and providing guidance with respect to the independent audit and the Company’s relationship with its independent registered
public accounting firm by (i) reviewing the independent registered public accounting firm’s proposed audit scope and approach; (ii)
obtaining on a periodic basis a formal written statement from the independent registered public accounting firm regarding relationships
and services with the Company which may impact independence and presenting this statement to the Board; (iii) actively engaging in a dialogue
with the independent registered public accounting firm with respect to any disclosed relationships or services that may impact the objectivity
and independence of the independent registered public accounting firm and recommending that the Board take appropriate action to satisfy
itself with regard to the registered public accounting firm’s independence; (iv) discussing with the Company’s independent
registered public accounting firm the financial statements and audit findings, including any significant adjustments, management judgments
and accounting estimates, significant new accounting policies and disagreements with management and any other matters required to be discussed
by applicable standards of the Public Company Accounting Oversight Board; and (v) reviewing reports submitted to the Audit Committee by
the independent registered public accounting firm in accordance with the applicable SEC requirements;

 

		5.	Reviewing the qualifications, performance and independence of the Company’s independent registered public accounting firm;

 

		6.	In its capacity as the FS Committee, reviewing with management and the Company’s independent registered public accounting firm
such accounting policies (and changes therein) of the Company, including any financial reporting issues which could have a material impact
on the Company’s financial statements, as are deemed appropriate for review by the Audit Committee prior to any interim or year-end
filings with the SEC or other regulatory body;

 

		7.	In its capacity as the FS Committee, reviewing and discussing with management and the independent registered public accounting firm
the annual audited financial statements and quarterly unaudited financial statements, including the Company’s disclosures under
“Operating and Financial Review and Prospects,” prior to filing the Company’s annual report with the SEC;

 

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		8.	In its capacity as the FS Committee, conducting a post-audit review of the financial statements and audit findings, including any
significant suggestions for improvements provided to management by the independent registered public accounting firm;

 

		9.	In its capacity as the FS Committee, reviewing before release the unaudited quarterly operating results and annual audited operating
results in the Company’s quarterly earnings release;

 

		10.	In its capacity as the FS Committee, reviewing before release the disclosure regarding the Company’s system of accounting and
internal controls required under SEC rules to be contained in the Company’s periodic filings and the attestations or reports, if
required under applicable law, by the independent registered public accounting firm relating to such disclosure;

 

		11.	Overseeing compliance with the requirements of the SEC for disclosure of registered public accounting firm’s services and Audit
Committee members, member qualifications and activities;

 

		12.	In its capacity as the FS Committee, receiving periodic reports from the Company’s independent registered public accounting
firm and management of the Company to review the selection, application and disclosure of the Company’s significant accounting policies
and to assess the impact of other financial reporting developments that may have a bearing on the Company;

 

		13.	In its capacity as the FS Committee, reviewing with management and the independent registered public accounting firm the effect of
regulatory and accounting initiatives as well as off-balance sheet structures on the Company’s financial statements;

 

		14.	Reviewing with management and the independent registered public accounting firm any correspondence with regulators or governmental
agencies and any employee complaints or published reports that raise material issues regarding the Company’s financial statements,
internal controls, auditing matters, or accounting policies;

 

		15.	Enforcing the Company’s independent registered public accounting firm’s accountability to the Audit Committee and instructing
the independent registered public accounting firm that they are to directly report to the Audit Committee, regarding any issue disputed
with management. The Audit Committee shall be responsible for the resolution of any disagreement between management and the registered
public accounting firm regarding financial reporting, for the purpose of preparing or issuing an audit report or related work;

 

		16.	In its capacity as the FS Committee, reviewing the findings of any examination by regulatory agencies regarding the Company’s
financial statements or accounting policies;

 

		17.	In its capacity as the FS Committee, reviewing, in conjunction with counsel, any legal matters that could have a significant impact
on the Company’s financial statements;

 

		18.	Reviewing the Company’s policies relating to the avoidance of conflicts of interest and reviewing past or proposed transactions
between the Company, members of the Board and management as well as internal control policies and procedures with respect to officers’
use of expense accounts and perquisites, including the use of corporate assets. The Audit Committee shall consider the results of any
review of these policies and procedures by the Company’s independent registered public accounting firm;

 

		19.	Providing oversight to the Company’s chief financial officer;

 

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		20.	Reviewing any auditing or accounting issues concerning the Company’s employee benefit plans;

 

		21.	If necessary, instituting special investigations relating to financial statements or accounting policies with full access to all books,
records, facilities and personnel of the Company;

 

		22.	As appropriate, obtaining advice and assistance from outside legal, accounting or other advisors, and retaining such persons to provide
such services. The Company shall provide appropriate funding to the Audit Committee to pay the advisors;

 

		23.	Reviewing and approving in advance any proposed related party transactions to the extent required under the Companies Law and Nasdaq
and other rules;

 

		24.	Establishing and maintaining free and open means of communication between the Audit Committee, the Company’s independent registered
public accounting firm, the Company’s internal audit/financial control department and management with respect to auditing and financial
control matters, including providing such parties with appropriate opportunities to meet privately with the Audit Committee;

 

		25.	Establishing procedures for receiving, retaining and treating complaints received by the Company regarding accounting, internal accounting
controls or auditing matters and procedures for the confidential, anonymous submission by employees of concerns regarding questionable
accounting or auditing matters;

 

		26.	Reviewing and assessing on an annual basis the adequacy of its own charter, structure, processes and membership requirements;

 

		27.	Determining the appropriate funding to be provided by the Company for payment of compensation to any legal, accounting or other advisors
employed by the Audit Committee;

 

		28.	Reviewing and discussing periodically with management all material off-balance sheet transactions, arrangements, obligations (including
contingent obligations) and other relationships of the Company with unconsolidated entities or other persons, that may have a material
current or future effect on financial condition, changes in financial condition, results of operations, liquidity, capital resources,
capital reserves or significant components of revenues or expenses;

 

		29.	In its capacity as the FS Committee, inquiring about the application of the Company’s accounting policies and its consistency
from period to period, and the compatibility of these accounting policies with generally accepted accounting principles, and (where appropriate)
the Company’s provisions for future occurrences which may have a material impact on the financial statements of the Company;

 

		30.	In its capacity as the FS Committee, discussing periodically with the independent registered public accounting firm, without management
being present, (i) their judgments about the quality, appropriateness, and acceptability of the Company’s accounting principles
and financial disclosure practices, as applied in its financial reporting, and (ii) the completeness and accuracy of the Company’s
financial statements;

 

		31.	At least annually, reviewing and discussing with management the Company’s major financial risk exposures and the steps management
has taken to monitor and control such exposures (including management’s risk assessment and risk management policies including its
investment policies and performance for cash and short-term investments);

 

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		32.	Reviewing and approving any material change or waiver in the Company’s ethics codes regarding directors or senior executive
officers, and disclosures made in the Company’s annual report in such regard;

 

		33.	Overseeing the hiring policies for employees or former employees of the independent registered public accounting firm, so that such
hiring shall be in compliance with any applicable laws and regulations; and

 

		34.	Performing such additional activities and consider such other matters within the scope of its responsibilities or duties according
to applicable law and/or as the Audit Committee and/or the Board deems necessary or appropriate.

 

While the Audit Committee has the responsibilities and powers set forth
in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company’s financial
statements and disclosures are complete and accurate and are in accordance with U.S. generally accepted accounting principles, International
Financial Reporting Standards or such other accounting standards adopted by the Company, and applicable rules and regulations.

 

		IV.	MEETINGS.

 

The Audit Committee will meet as often as it determines, but not less
frequently than once every quarter.

 

The Audit Committee, in its discretion, will ask members of management
or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary. The Audit Committee will meet
separately with the chief executive officer and separately with the chief financial officer of the Company at such times as are appropriate
to review the financial affairs of the Company. The Audit Committee will meet periodically in separate executive session with the independent
registered public accounting firm as well as any financial controllers of the Company, at such times as it deems appropriate to fulfill
the responsibilities of the Audit Committee under this charter.

 

The independent registered public accounting firm shall be invited
to every meeting of the Audit Committee that relates to the financial statements of the Company. The internal auditor shall be invited
to all Audit Committee meetings. In addition, the internal auditor may request that the chairperson of the Audit Committee convene a meeting
to discuss a particular issue, and the chairperson shall convene the Audit Committee within a reasonable period of time, if the chairperson
finds it appropriate to do so.

 

A majority of the Audit Committee members shall constitute a quorum.
The action of a majority of those present at a meeting, at which a quorum is present, shall be the act of the Audit Committee.

 

		V.	MINUTES.

 

The Audit Committee will maintain written minutes of its meetings,
which minutes will be filed with the minutes of the meetings of the Board.

 

		VI.	COMPENSATION.

 

Members of the Audit Committee may receive compensation for their service
as Audit Committee members, subject to the provisions of the Companies Law.

 

Members of the Audit Committee may not receive any compensation from
the Company except the fees that they receive for service as members of the Board or any committee thereof.

 

		VII.	DELEGATION OF AUTHORITY.

 

Subject to the provisions of the Companies Law, the Audit Committee
may delegate to one or more designated members of the Audit Committee the authority to pre-approve audit and permissible non-audit services,
provided such pre-approval decision is presented to the full Audit Committee at its scheduled meetings.

 

 

6Exhibit 10.4

 

Adopted by the Board of Directors: October
28, 2021

 

CHARTER OF THE COMPENSATION COMMITTEE

OF THE BOARD OF DIRECTORS

OF

QUOIN
PHARMACEUTICALS, LTD.

 

Purpose

 

The
Compensation Committee (the "Committee") shall report to and assist the Board of Directors (the "Board")
of Quoin Pharmaceuticals, Ltd., an Israeli corporation (the "Company"). The purpose of the Committee is to oversee the
discharge of the responsibilities of the Board relating to compensation of the Company’s executive officers, and as provided
for in the Israeli Companies Law, 5759-1999 (the “Companies Law”), and subject to the provisions of the Companies Law

 

The Committee shall seek to
ensure that the Company structures its compensation plans, policies and programs as to attract and retain the best available personnel
for positions of substantial responsibility with the Company, to provide incentives for such persons to perform to the best of their abilities
for the Company and to promote the success of the Company’s business. In reviewing and approving the Company’s overall executive
compensation program, if applicable, the Committee shall consider the results of the most recent stockholder advisory vote on executive
compensation required by Section 14A of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

 

Committee Membership

 

The Committee shall consist
of no fewer than three members and each member of the Committee shall be an "independent director" as defined by Rule 5605(a)(2)
of The Nasdaq Stock Market LLC ("NASDAQ"); provided, however, that the Company may avail itself of any phase-in periods
and other exemptions permitted under applicable NASDAQ rules, regulations and standards. In addition, in affirmatively determining the
independence of any director who will serve on the Committee, the Board shall consider all factors specifically relevant to determining
whether a director has a relationship with the Company which is material to that director’s ability to be independent from management
in connection with the duties of a Committee member, including, but not limited to: (i) the source of compensation of the director, including
any director, consulting, advisory or other compensatory fee paid by the Company to the director; and (ii) whether the director is affiliated
with the Company, a subsidiary of the Company or an affiliate of a subsidiary of the Company.

 

At least two members of the
Committee also shall qualify as "outside" directors within the meaning of Section 162(m) of the Internal Revenue Code (the "Code")
and as "non-employee" directors within the meaning of Rule 16b-3 under the Exchange Act.

 

The members of the Committee
shall be appointed and may be replaced by the Board with or without cause. A member of the Committee may resign by delivering his or her
written notice of resignation to the chairperson of the Board, to take effect at a date specified therein, or upon delivery of such written
notice if no date is specified. Unless the Board elects a chairperson of the Committee, the Committee shall elect a chairperson by majority
vote.

 

    

     

    

 

Meetings

 

The Committee shall meet as
often as necessary to carry out its responsibilities, generally not less frequently than quarterly. The Committee chairperson shall preside
at each meeting. In the event the Committee chairperson is not present at a meeting, the Committee members present at that meeting shall
designate one of its members as the acting chairperson of such meeting. Written minutes of Committee meetings shall be maintained. The
Committee may also act by unanimous written consent in lieu of a meeting. The Committee may form and delegate authority and duties to
subcommittees as it deems appropriate.

 

Committee Authority and Responsibilities

 

The Committee shall have the
following authority and responsibilities:

 

General Compensation
and Benefits

 

		1.	The Committee shall periodically review general compensation and benefit
programs of the Company.

 

roles and responsibilities
under the Companies LAW

 

		1.	Recommend to the Board the Compensation Policy (as defined by the Companies
Law) for directors and officers, and, once every three years, to make a recommendation regarding the extension of the Compensation Policy
if approved for a period of more than three years; 

 

		2.	Recommend to the directors regarding the update of the Compensation Policy,
from time to time, and examine its implementation; 

 

		3.	Decide whether to approve the terms of office and employment of directors
and officers when approval of the compensation committee is required in accordance with the Companies Law; 

 

		4.	Decide, in circumstances set forth under the Companies Law, whether to exempt
the approval of terms of office of a CEO from the requirements of shareholder approval.

 

Executive Compensation

 

		1.	The Committee shall at least annually: (a) review and recommend for approval
by the Board the corporate goals and objectives relevant to the compensation of the CEO; (b) evaluate the CEO’s performance in light
of those goals and objectives; and (c) recommend for approval by the Board, the CEO’s compensation level, including the CEO’s
base salary, bonus, incentive compensation levels, equity compensation, special or supplemental benefits or payments and other forms of
compensation and any employment agreement, consulting arrangement, severance or retirement arrangement or change of control agreement
or provision covering the CEO. The CEO shall not be present during the voting or deliberations by the Committee on his/her compensation.

 

		2.	The Committee shall at least annually review, with input from the CEO, the
performance of the other executive officers of the Company and set their compensation levels, including base salary, bonus, incentive
compensation levels, equity compensation, special or supplemental benefits or payments and other forms of compensation and any employment
agreement, consulting arrangement, severance or retirement arrangement or change of control agreement or provision covering such officers.
The Committee may, in its discretion, invite the CEO to be present during the approval of, or deliberations with respect to, the compensation
of other executive officers.

 

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		3.	The Committee shall periodically review and make recommendations to the
Board with respect to incentive-compensation and equity-based plans.

 

		4.	The Committee shall exercise all rights, authority and functions of the
Board under all of the Company’s stock option, stock incentive, employee stock purchase and other equity-based plans, including
without limitation, the authority to interpret the terms thereof, to grant options thereunder and to make stock awards thereunder; provided,
however, that, except as otherwise expressly authorized to do so by this charter, any such plan or a resolution of the Board, the Committee
shall not be authorized to amend any such plan. To the extent permitted by and consistent with applicable law and the provisions of a
given equity-based plan, the Committee may delegate to one or more executive officers of the Company the power to grant options or other
stock awards pursuant to such equity-based plan to employees of the Company or any subsidiary of the Company who are not directors or
executive officers of the Company. The Committee, or a majority of the independent directors serving on the Board, shall approve any inducement
awards to be granted in reliance on the exemption from stockholder approval contained in NASDAQ Rule 5635(c)(4).

 

		5.	Oversee the Company’s policies on structuring compensation programs
for executive officers to, where determined appropriate, preserve tax deductibility and, as and when required, establish and certify the
attainment of performance goals pursuant to Section 162(m) of the Code.

 

		6.	Review and recommend to the Board for approval the appropriate structure
and amount of compensation of the Company’s directors, including all forms of cash compensation paid to Board members and the grant
of all forms of equity compensation provided to Board members.

 

		7.	Oversee the Company’s compliance with the rules and regulations of
the Securities and Exchange Commission (the "SEC") and NASDAQ related to stockholder approval of certain executive compensation
matters and equity compensation plans.

 

		8.	Review and discuss with management the "Compensation Discussion and
Analysis" section of the Company’s proxy statement, Form 10-K or other document (when required by the rules and regulations
of the SEC to be included therein) and based on that review, determine whether or not to recommend to the Board that the "Compensation
Discussion and Analysis" be included in the proxy statement, Form 10-K or other document, in accordance with applicable SEC rules
and regulations.

 

		9.	Prepare and approve the "Compensation Committee Report" section
of the Company’s proxy statement, Form 10-K or other document (when required by the rules and regulations of the SEC to be included
therein).

 

		10.	Consider and implement policies with respect to oversight, assessment and
management of risks associated with the Company’s compensation policies. 

 

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		11.	Review and establish appropriate insurance coverage for the Company’s directors and officers.

 

Committee Performance

 

		1.	Conduct an annual evaluation of its performance in fulfilling its duties
and responsibilities under this Charter.

 

		2.	At least annually, review and assess the adequacy of this Charter and recommend
any proposed modifications to the Board.

 

Advisors

 

The Committee shall have the
power, in its sole discretion, to select, retain and terminate any compensation consultants, independent legal counsel and other advisors,
including the sole authority to approve their fees and other retention terms. The Committee shall be directly responsible for the appointment,
compensation and oversight of the work of any compensation consultant, legal counsel and other adviser retained by the Committee. The
Committee shall not select or obtain advice from any such expert, outside consultant, external legal, accounting, compensation or other
advisor without first taking into consideration the factors relevant to such advisor’s independence specified in NASDAQ Rule 5605(d)(3)
and considering and addressing any conflicts of interest between the Company and such advisor, which would require disclosure pursuant
to Item 407(e)(3)(iv) of Regulation S-K (or any successor disclosure item). The fees, expenses or compensation owed to any person retained
by the Committee and any ordinary administrative expenses of the Committee incurred in carrying out its duties and responsibilities shall
be borne by the Company. Notwithstanding the foregoing, the Committee chairperson shall, unless the exigencies of a specific situation
require otherwise, first advise the Company's Chief Financial Officer of any such potential material expenditures.

 

 

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