Document:

Exhibit 4.3

 

ENLIVEX
THERAPEUTICS LTD.

 

Global
Share Incentive Plan (2019)

 

1.
Name And Purpose.

 

1.1 This plan,
which has been adopted by the Board of Directors of the Company, Enlivex Therapeutics Ltd., shall be known as the Enlivex Therapeutics
Ltd. Global Share Incentive Plan (2019), as amended from time to time (the “Plan”).

 

(a) 1.2 The purposes of the Plan are
to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive
to Service Providers of the Company and its affiliates and subsidiaries, if any, and to promote the Company’s business by
providing such individuals with opportunities to receive Awards pursuant to the Plan and to strengthen the sense of common interest
between such individuals and the Company’s shareholders.

 

1.3 Awards
granted under the Plan to Service Providers in various jurisdictions may be subject to specific terms and conditions for such grants
may be set forth in one or more separate appendix to the Plan, as may be approved by the Board of Directors of the Company from
time to time.

 

2.
Definitions.

 

“Administrator”
shall mean the Board of Directors or a Committee.

 

“Appendix”
shall mean any appendix to the Plan adopted by the Board of Directors containing country-specific or other special terms relating
to Awards including additional terms with respect to grants of certain types of equity-based Awards.

 

“Award”
shall mean a grant of Options or Restricted Share Units under the Plan or allotment of Shares (including Restricted Shares) or
other equity-based awards hereunder. All Awards shall be confirmed by an Award Agreement, and subject to the terms and conditions
of such Award Agreement.

 

“Award Agreement”
shall mean a written instrument setting forth the terms applicable to a particular Award.

 

“Board of
Directors” or “Board” shall mean the board of directors of the Company.

 

“Cause”
shall, with regard to each specific Participant, have the same meaning ascribed to such term or a similar term as set forth in
any agreements and/the Participant’s employment agreement or other documents to which the Company or any of its parent, subsidiaries
and/or affiliates and the Participant are a party concerning the provision of services by the Participant to the Company or any
of its parent, subsidiaries and/or affiliates, or, in the absence of such a definition: (a) the commission of a crime of moral
turpitude, unless the Board determines that such commission will not adversely affect the Company or any of its parent, subsidiaries
and/or affiliates, or their reputation, or the ability of the Participant’s to serve the Company or any of its parent, subsidiaries
and/or affiliates; (b) any act of personal dishonesty by the Participant in connection with the Participant’s responsibilities
to the Company or any of its parent, subsidiaries and/or affiliates, including, but not limited to, theft, embezzlement, or self-dealing;
(c) any material breach (as determined by the Company in its sole discretion) by the Participant engagement in competing activities,
any disclosure of confidential information of the Company or any of its parent, subsidiaries and/or affiliates or breach of any
obligation not to violate a restrictive covenant; or (d) a material breach of the Participant’s employment agreement or the
agreement governing the provision of services by a non-employee Service Provider which are not cured (if curable) within seven
(7) days after receipt of written notice thereof.

 

     

     

    

 

“Committee”
shall mean a compensation committee or other committee as may be appointed and maintained by the Board of Directors, in its discretion,
to administer the Plan, to the extent permissible under applicable law, as amended from time to time.

 

“Company”
shall mean Enlivex Therapeutics Ltd., a company organized under the laws of the State of Israel, and its successors and assigns.

 

“Consideration”
shall mean with respect to outstanding Awards, the right to receive, for each Share subject to the Award immediately prior to the
Transaction, the consideration (whether shares, cash, or other securities or property) received in the Transaction by holders of
Shares of the Company for each Share held on the effective date of the Transaction, or any type of consideration determined by
the Administrator, at its sole discretion.

 

“Companies
Law” shall mean the Israeli Companies Law, 5759-1999, as amended from time to time.

 

“Consultant”
means any entity or individual who (either directly or, in the case of an individual, through his or her employer) is an advisor
or consultant to the Company or its subsidiary or affiliate.

 

“Corporate
Charter” shall mean Articles of Association of the Company and any subsequent amendments or replacements thereto.

 

“Disability”
shall have the meaning ascribed to such term or a similar term in the Participant’s employment agreement (where applicable),
or in the absence of such a definition, the inability of the Participant, in the opinion of a qualified physician acceptable to
the Company, to perform the major duties of the Participant’s position with the Company because of the sickness or injury
of the Participant for a consecutive period of 180 days.

 

“Fair Market
Value” shall mean, as of any date, the value of Shares, determined as follows:

 

(i) If the Shares
are listed on any Securities Exchange, the Fair Market Value of an ordinary Share of the Company shall be (a) the closing sales
price for such shares (or the closing bid, if no sales were reported) as traded on such exchange or market (or the exchange or
market with the greatest volume of trading in the Shares) on the last market trading day prior to the day of determination, as
reported in a recognized daily business newspaper or internet site or such other source as the Board deems reliable, or (b) to
the extent required under the rules of the Securities Exchange in which the Shares are traded, as determined in accordance with
these rules.

 

(ii) In the absence
of such exchanges for the Shares, the Fair Market Value shall be determined in good faith by the Board of Directors.

 

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“Liquidation”
shall mean the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.

 

“Options”
shall mean options to purchase Shares awarded under the Plan.

 

“Participant”
shall mean a recipient of an Award hereunder who executes an Award Agreement.

 

“Restricted
Shares” means an Award of Shares under this Plan that is subject to the terms and conditions of Section 7.

 

“Restricted
Share Units” means an Award entitling a Participant to receive Shares under this Plan that is subject to the terms and
conditions of Section 8.

 

“Securities
Exchange” means any established stock
exchange or a national market system, The Company Shares are currently traded on NASDAQ.

 

“Service
Provider” shall mean an employee, director, office holder or Consultant of the Company or its subsidiary or affiliate.

 

“Shares”
shall mean ordinary shares of the Company, nominal value NIS 0.40 per share.

 

“Transaction”
shall mean each of the following events: (i) a merger or consolidation of the Company with or into another corporation resulting
in such other corporation being the surviving entity or the direct or indirect parent of the Company or resulting in the Company
being the surviving entity and there is a change in the ownership of shares of the Company, such that another person or entity
owning fifty percent (50%) or more of the outstanding voting power of the Company’s securities by virtue of the transaction;
or (ii) an acquisition of all or a majority of the shares of the Company by any person (including an existing non-majority shareholder
of the Company or its affiliate of shares not held by any affiliate of such shareholder); or (iii) the sale and/or transfer (including
by way of an exclusive license) of all or substantially all of the assets of the Company; or (iv) such other transaction with a
similar effect, as shall be determined by the Administrator; or (v) any other transaction that the Administrator determines, at
its sole discretion, should be deemed a Transaction for the purposes of this Plan.

 

3.
Administration of the Plan.

 

3.1 The Plan
will be administered by the Administrator. If the Administrator is a Committee, such Committee will be appointed in accordance
with applicable law, and to the extent applicable, shall consist of such number of members of the Board of Directors of the Company
(not less than two in number), as may be determined from time to time by the Board of Directors, each of whom is a “non-employee
director” within the meaning of Rule 16b-3, which has been adopted by the U.S. Securities and Exchange Commission under the
U.S. Securities Exchange Act of 1934, as amended. Subject to applicable law, the Board of Directors shall appoint such members
of the Committee, may from time to time remove members from, or add members to, the Committee, and shall fill vacancies in the
Committee however caused.

 

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3.2 The Committee,
if appointed, shall select one of its members as its Chairman and shall hold its meetings at such times and places as it shall
determine. Actions at a meeting of the Committee at which a majority of its members are present or acts approved in writing by
all members of the Committee shall be the valid acts of the Committee. The Committee may appoint a secretary, who shall keep records
of its meetings and shall make such rules and regulations for the conduct of its business and the implementation of the Plan, as
it shall deem advisable, subject to the directives of the Board of Directors and in accordance with applicable law.

 

3.3 Subject
to the general terms and conditions of the Plan, and in particular Section 3.4 below, the Administrator shall have full authority
in its discretion, from time to time and at any time, to determine (i) eligible Participants, (ii) the number of Options, Shares,
Restricted Share Units or other equity based awards to be covered by each Award, (iii) the time or times at which the Award shall
be granted, (iv) the vesting schedule and other terms and conditions applying to Awards, including acceleration provisions, (v)
the form(s) of written agreements applying to Awards, and (vi) any other matter which is necessary or desirable for, or incidental
to, the administration of the Plan and the granting of Awards. The Board of Directors may, in its sole discretion, delegate some
or all of the powers listed above to the Committee, to the extent permitted by the the Company’s Law, its Corporate Charter
or other applicable law, rules and regulations.

 

3.4 No member
of the Board of Directors or of the Committee shall be liable for any action or determination made in good faith with respect to
the Plan or any Award granted hereunder. Subject to the Company’s decision and to all approvals legally required, each member
of the Board of Directors or the Committee shall be indemnified and held harmless by the Company against any cost or expense (including
counsel fees) reasonably incurred by him or her, or any liability (including any sum paid in settlement of a claim with the approval
of the Company) arising out of any act or omission to act in connection with the Plan unless arising out of such member’s
own willful misconduct or bad faith, to the fullest extent permitted by applicable law. Such indemnification shall be in addition
to any rights of indemnification the member may have as a director or otherwise under the Company’s Corporate Charter, any
agreement, any vote of shareholders or disinterested directors, insurance policy or otherwise.

 

3.5 The interpretation
and construction by the Administrator of any provision of the Plan or of any Award hereunder shall be final and conclusive. In
the event that the Board appoints a Committee, the interpretation and construction by the Committee of any provision of the Plan
or of any Award hereunder shall be conclusive unless otherwise determined by the Board of Directors. To avoid doubt, the Board
of Directors may at any time exercise any powers of the Administrator, notwithstanding the fact that a Committee has been appointed.

 

3.6 The
Administrator shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing
the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and
applicable stock exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions
of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration
of the Plan. The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any
agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the
Plan, as further detailed in Section 13.2 below.

 

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3.7 Without
limiting the generality of the foregoing, the Administrator may adopt special appendices and/or guidelines and provisions for
persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions, to comply with
applicable laws, regulations, or accounting, listing or other rules with respect to such domestic or foreign jurisdictions.

 

4.
Eligible Participants.

 

4.1 No Award
may be granted pursuant to the Plan to any person serving as a member of the Committee or to any other director or officer (Nose
Misra) of the Company at the time of the grant, unless such grant is approved in the manner prescribed for the approval of
compensation of directors and office holders (Nose Misra) under the Companies Law.

 

4.2 Subject to the limitation set
forth in Section 4.1 above and any restriction imposed by applicable law, Awards may be granted to any Service Provider of the
Company or its affiliates. The grant of an Award to a Participant hereunder shall neither entitle such Participant to receive an
additional Award or participate in other incentive plans of the Company, nor disqualify such Participant from receiving an additional
Award or participating in other incentive plans of the Company.

 

5.
Reserved Shares.

 

The Company shall determine the number
of Shares reserved hereunder from time to time, and such number may be increased or decreased by the Company from time to time.
Any Shares under the Plan, in respect of which the right hereunder of a Participant to purchase and/or receive the same shall for
any reason terminate, expire or otherwise cease to exist, shall again be available for grant as Awards under the Plan. Any Shares
that remain unissued and are not subject to Awards at the termination of the Plan shall cease to be reserved for purposes of the
Plan. Until termination of the Plan the Company shall at all times reserve a sufficient number of Shares to meet the requirements
of the Plan.

 

6.
Award Agreement.

 

6.1 The Administrator
in its discretion may award to Participants Awards available under the Plan. The terms of the Award will be set forth in the Award
Agreement. The date of grant of each Award shall be the date specified by the Administrator at the time such award is made, or
in the absence of such specification, the date of approval of the Award by the Administrator.

 

6.2 The Award
Agreement shall state, inter alia, the number of Options or Shares, Restricted Shares, Restricted Share Units, or equity-based
units covered thereby, the type of Option or Share-based or other grant awarded, the vesting schedule, and any special terms applying
to such Award (if any), including the terms of any country-specific or other applicable Appendix, as determined by the Administrator.

 

6.3 A Participant
shall not have any rights with respect to such Award, unless and until such Participant has delivered a fully executed copy of
the Award Agreement evidencing the Award to the Company and has otherwise complied with the applicable terms and conditions of
such Award.

 

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7.
Restricted Shares.

 

7.1 Eligibility.
Restricted Shares may be issued to all Participants either alone or in addition to other Awards granted under the Plan. The Administrator
shall determine the eligible Participants to whom, and the time or times at which, grants of Restricted Shares will be made, the
number of shares to be awarded, the purchase price (if any) to be paid by the Participant (subject to Section 7.2), the time or
times at which such Awards may be subject to forfeiture (if any), the vesting schedule (if any) and rights to acceleration thereof,
and all other terms and conditions of the Awards. The Administrator may condition the grant or vesting of Restricted Shares upon
the attainment of specified performance targets or such other factors as the Administrator may determine, in its sole discretion.
Unless otherwise determined by the Administrator, the Participant shall not be permitted to sell or transfer Restricted Shares
awarded under this Plan during a period set by the Administrator (if any) (the “Restriction Period”) commencing
with the date of such Award, as set forth in the applicable Award Agreement.

 

7.2 Terms.
The purchase price of Restricted Shares shall be determined by the Administrator, but shall not be less than as permitted under
applicable law. Awards of Restricted Shares must be accepted within a period of 21 days (or such other period as the Administrator
may specify at grant) after the grant date, by executing an Award Agreement and by paying whatever price (if any) the Administrator
has designated thereunder.

 

7.3 Legend. 
Each Participant receiving Restricted Shares shall be issued a share certificate in respect of such Restricted Shares, unless the
Administrator elects to use another system, such as book entries by the transfer agent, as evidencing ownership of Restricted Shares.
Such certificate shall be registered in the name of such Participant, and shall bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Award, substantially in the following form (as well as other legend required by
the Administrator pursuant to Section 19.3 below):

 

“The anticipation, alienation,
attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares represented hereby are subject to the terms
and conditions (including forfeiture) of the Enlivex Therapeutics Ltd. Global Incentive Plan (2019), and an Award Agreement entered
into between the registered owner and the Company dated _________. Copies of such Plan and Award Agreement are on file at Enlivex
Therapeutics Ltd.”

 

7.4 Custody.
The Administrator may require that any share certificates evidencing such shares be held in custody by the Company or any third
party determined by the Company, until the restrictions thereon shall have lapsed, and that, as a condition of any Restricted Shares
Award, the Participant shall have delivered a duly signed share transfer deed, endorsed in blank, relating to the Shares covered
by such Award.

 

7.5 Rights as
Shareholder. Except as provided in this Section 7.5 and Sections 7.3 and 7.4 above and as otherwise determined by the Administrator
and set forth in the Award Agreement, the Participant shall have, with respect to the Restricted Shares, all of the rights of a
holder of Shares including, without limitation, the right to receive any dividends, the right to vote such shares and, subject
to and conditioned upon the full vesting of Restricted Shares, the right to tender such shares.

 

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7.6 Lapse of Restrictions.
If and when the Restriction Period expires without a prior forfeiture of the Restricted Shares subject to such Restriction Period,
the certificates for such shares shall be delivered to the Participant. All legends shall be removed from said certificates at
the time of delivery to the Participant except as otherwise required by applicable law. Notwithstanding the foregoing, actual certificates
shall not be issued to the extent that book entry recordkeeping is used.

 

8.
Restricted Share Units and Other Equity-Based Awards. 

 

8.1 Eligibility.
Restricted Share Units may be granted at any time and from time to time as determined by the Administrator, either alone or in
addition to other Awards granted under the Plan. The Administrator shall determine the eligible Participants to whom, and the time
or times at which, grants of Restricted Share Units will be made, the number of Restricted Share Units to be awarded, the number
of Shares subject to the Restricted Share Units, the vesting schedule and rights to acceleration thereof, and all other terms and
conditions of the Awards. The Administrator may condition the grant or vesting of Restricted Share Units upon the attainment of
specified performance targets or such other factors as the Administrator may determine, in its sole discretion.

 

8.2 Vesting of
Restricted Share Units. Shares shall be issued to or for the benefit of Participant
promptly following each vesting date determined by the Administrator, provided that Participant is still a Service Provider on
the applicable vesting date. After each such vesting date the Company shall promptly cause to be issued for the benefit of Participant
Shares with respect to Restricted Share Units that became vested on such vesting date. It is clarified that no Shares shall be
issued pursuant to the Restricted Share Units to Participant until the vesting criteria determined by the Administrator is met.

 

8.3 Terms.
Prior to the actual issuance of any Shares, each Restricted Share Unit will represent an unfunded and unsecured obligation of the
Company, payable only from the general assets of the Company.

 

8.4 Rights as
Shareholder. A Participant holding Restricted Share Units shall not be, nor have
any of the rights or privileges of, a shareholder of the Company in respect of any Shares issuable upon the vesting of any part
of the Restricted Share Units unless and until such Shares shall have been issued by the Company to such Participant (as evidenced
by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will
be made for a dividend or other right for which the record date is prior to the date the Shares are issued, unless otherwise provided
herein.

 

8.5
Other Equity-Based Awards. Other equity-based awards (including,
without limitation, performance share awards) may be granted either alone or in addition to or other Awards granted under the Plan
to all eligible Participants pursuant to such terms and conditions as the Administrator may determine, including without limitation,
in one or more appendix adopted by the Administrator and appended to this Plan.

 

9.
Exercise of Options.

 

9.1 Options
shall be exercisable pursuant to the terms under which they were awarded and subject to the terms and conditions of the Plan and
any applicable Appendix, as specified in the Award Agreement.

 

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9.2 The exercise
price for each Share to be issued upon exercise of an Option shall be such price as is determined by the Administrator in its discretion,
provided that the price per Share is not less than the par value of each Share, or to the extent required pursuant to applicable
law to qualify for favorable tax treatment (as determined by the Administrator), not less than 100% of the Fair Market Value of
a Share on the date of grant.

 

9.3 An Option,
or any part thereof, shall be exercisable by the Participant’s signing and returning to the Company at its principal office,
a “Notice of Exercise” in such form and substance as may be prescribed by the Administrator from time to time, together
with full payment for the Shares underlying such Option, and the execution and delivery of any other document required pursuant
to the applicable Award Agreement.

 

9.4 Each payment
for Shares under an Option shall be in respect of a whole number of Shares, shall be effected in cash or by check payable to the
order of the Company, or such other method of payment acceptable to the Company as determined by the Administrator, and shall be
accompanied by a notice stating the number of Shares being paid for thereby.

 

9.5 Until
the Shares are issued (as evidenced by the appropriate entry in the share register of the Company or of a duly authorized transfer
agent of the Company) a Participant shall have no right to vote or right to receive dividends or any other rights as a shareholder
shall exist with respect to such Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued)
such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record
date is prior to the date the Shares are issued, except as provided in Section 11 of the Plan. No Shares shall be issued until
payment has been made or provided for, as provided herein.

 

9.6 To the
extent permitted by law, if the Share is traded on a Securities Exchange or otherwise publicly traded or quoted, payment for the
Shares underlying an Option may be made all or in part by the delivery on a form prescribed or approved by the Company of an irrevocable
direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the
Company in payment of the exercise price (or the relevant portion thereof, as applicable) and any withholding taxes, or on such
other terms and conditions as may be acceptable to the Administrator. No Shares shall be issued until payment has been made or
provided for, as provided herein.

 

9.7  The Administrator
may designate certain periods, at its reasonable discretion, with respect to all or certain groups of Participants and/or with
respect to certain types of Awards, during which the vesting and/or exercise of Awards and/or sale of Shares shall be restricted
or prohibited, including without limitation, in order to comply with applicable laws in any relevant jurisdiction and/or rules
of any exchange on which the Company’s shares are traded. During such blackout periods, Participants will not be able to
exercise the Options (or other Awards) and/or receive and/or sell the Shares held by or on behalf of the Participants and the Company
shall not bear any liability to Participants for any claim, loss or liability that may result from such restrictions. 

 

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9.8 Without
derogating from the foregoing, for as long as the Company’s securities are traded a the Securities Exchange, and to the extent
required by the Securities Exchange rules, a Participant shall not be able to exercise any Options on the determining date with
respect to the distribution of share dividends, offer by way of rights issue, distribution of dividends, consolidation of share
capital, and reduction or split in share capital or other event (each hereinafter referred to as a “Corporate Event”).
In addition, if the “X Date” (as such term is used in the Securities Exchange rules) with respect to a Corporate Event
occurs before the determining date relating to such Corporate Event, then the exercise of Options shall not occur on such X Date.

 

9.9 The Company
shall not be required to issue or deliver any certificate or certificates for Shares purchased upon the exercise of options prior
to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all Securities Exchanges, if any,
on which is then listed; (b) the completion of any registration or other qualification of such Shares under any U.S. federal or
state law or under Israeli law or under the rulings or regulations, which the Administrator shall, in its absolute discretion,
deem necessary or advisable; (c) the obtaining of any approval or other clearance from any U.S. federal or state or Israeli governmental
agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; and (d) the payment to
the Company of all amounts which it is required to withhold under U.S. federal, state, Israeli or local law upon exercise of the
option;

 

10.
Termination of Relationship as Service Provider.

 

10.1 Effect of
Termination; Exercise after Termination. Any unvested Awards as of the Date of
Termination shall terminate effective as of the Date of Termination, and the Shares covered by the unvested portion of the Award
shall revert to the Plan. Unless otherwise determined by the Administrator, if a Participant ceases to be a Service Provider, such
Participant may exercise its outstanding Options within such period of time as is specified in the Award Agreement or the Plan
to the extent that the Options are vested on the Date of Termination (but in no event later than the expiration of the term of
the Option as set forth in the Award Agreement). If, after termination, the Participant does not exercise the vested Options within
the time specified in the Award Agreement or the Plan, the Option shall terminate, and the Shares covered by such Option shall
revert to the Plan. In the absence of a provision specifying otherwise in the relevant Award Agreement or unless otherwise
resolved by the Administrator, then:

 

(a) In the event
that the Participant ceases to be a Service Provider for any reason other than termination for Cause, or as a result of Participant’s
death or Disability, then the vested Options shall remain exercisable until the earlier of: (a) a period of three (3) months from
the Date of Termination; or (b) expiration of the term of the Option as set forth in Section 14.   

 

(b) In the event
that the Participant ceases to be a Service Provider for Cause, then all Options will terminate immediately upon the Date of Termination,
such that the unvested portion of the Options will not vest, and the vested portion of the Options will no longer be exercisable.

 

(c) In the event
that the Participant ceases to be a Service Provider as a result of Participant’s Disability, then the vested Options shall
remain exercisable until the earlier of: (a) a period of twelve (12) months from the Date of Termination; or (b) expiration of
the term of the Option as set forth in Section 14.

 

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(d) In the event
that the Participant dies while a Service Provider, the vested portion of the Option shall remain exercisable by the Participant’s
estate or by a person who acquires the right to exercise the Option by bequest or inheritance until the earlier of: (a) a period
of twelve (12) months following the Participant’s date of death; or (b) expiration of the term of the Option as set forth
in Section 14.  

 

(e) All Restricted
Shares still subject to restriction under the applicable Restriction Period as of the Date of Termination, as set forth in the
Award Agreement, shall be forfeited or otherwise subject to repurchase by the Company as of the Date of Termination, notwithstanding
the circumstances of such termination of engagement.

 

(f) All Restricted
Share Units shall cease vesting immediately upon the Date of Termination, and the unvested Restricted Share Units awarded to the
Participant shall be forfeited, notwithstanding the circumstances of such termination of engagement.

 

(g) For the purposes
of this Section 10.1, a Participant shall be deemed to have been terminated for Cause, regardless of the actual reason for termination
of employment or services, if within 90 days of the Date of Termination, the Company determines that the Participant has engaged
in activity, either prior to or following the Date of Termination, that would have been grounds for termination for Cause as defined
herein.

 

10.2 Date of Termination.
 For purposes of the Plan and any Award or Award Agreement, and unless otherwise set forth in the relevant Award Agreement,
the “Date of Termination” (whether for Cause or otherwise) shall be the effective date of termination of the
Participant’s employment or engagement as a Service Provider.

 

10.3 Leave of
Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder shall be suspended during any unpaid
leave of absence (except, for the avoidance of doubt, periods of legally protected leave of absence pursuant to applicable law).

 

10.4 Change of
Status. A Participant shall not cease to be considered a Service Provider in the event of any (a) leave of absence approved
by the Company or its affiliates, provided that such leave of absence was approved by entity for which the Participant is engaged
with, or pursuant to applicable law; or (b) transfers between locations of the Company and/or its affiliates or between the Company,
and its parent, subsidiary, affiliate, or any successor thereof; or (c) changes in status (employee to director, employee to consultant,
etc.), although such change may affect the specific terms applying to the Participant’s Award.

 

11.
Adjustments.

 

Upon the occurrence
of any of the following described events, and subject to any applicable rules or directives of the Securities Exchange upon which
the Shares are traded a Participant’s rights to purchase Shares under the Plan shall be adjusted as hereinafter provided:

 

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11.1 Changes in
Capitalization; Reorganization. Subject to any required action by the shareholders of the Company, the number of Shares covered
by each outstanding Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no Award
have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Award, as well as the price
per Share covered by each outstanding Award, shall be proportionately adjusted for any increase or decrease in the number of issued
Shares resulting from a share split, reverse share split, combination or reclassification of the Shares, or any other increase
or decrease in the number of issued Shares effected without receipt of consideration by the Company. For such purpose, the conversion
of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”
In the event of a reorganization effected for purposes of changing the domicile of the parent company affiliated with the Company,
whereby the Company becomes a wholly owned subsidiary of an affiliated entity (the “New Parent”), outstanding
Awards may be assumed or substituted with awards subject to the New Parent’s shares with equivalent economic value to the
outstanding Awards or as otherwise determined to be appropriate by the Administrator in the circumstances. The adjustments, assumptions
or substitutions provided above (as applicable) shall be made by the Administrator at its sole discretion, whose determination
in that respect shall be final, binding and conclusive. 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 price of Shares subject to an Award.

 

11.2 Transactions.
In the event of a Transaction, the outstanding (including the unexercised, vested, unvested or restricted) portion of each outstanding
Award shall be assumed or substituted with an equivalent Award or the right to receive Consideration by the acquiring or successor
corporation or an affiliate thereof, as shall be determined by such entity and/or the Administrator, subject to the terms hereof. In
the event that the successor corporation or any affiliate thereof does not provide for such an assumption, and/or substitution
of outstanding Awards and/or the provision of Consideration for outstanding Awards, then unless determined otherwise with respect
to a specific outstanding Award, the Administrator shall have sole and absolute discretion to determine the effect of the Transaction
on the portion of Awards outstanding immediately prior to the effective time of the Transaction, which may include any one or more
of the following, whether in a manner equitable or not among individual Participants or groups of Participants: (i) all or a portion
of the outstanding Awards shall become exercisable in full on a date no later than two (2) days prior to the date of consummation
of the Transaction, or on another date and/or dates or at an event and/or events as the Administrator shall determine at its sole
and absolute discretion, provided that unless otherwise determined by the Administrator, the exercise and/or vesting of all Awards
that otherwise would not have been exercisable and/or vested in the absence of a Transaction, shall be contingent upon the actual
consummation of the Transaction; and/or (ii) that all or a portion or certain categories of the outstanding Awards shall be cancelled
upon the actual consummation of the Transaction, and instead the holders thereof will receive Consideration, or no consideration,
in the amount and under the terms determined by the Administrator at it sole and absolute discretion; and/or (iii) that an adjustment
or interpretation of the terms of the Awards shall be made in order to facilitate the Transaction and/or otherwise as required
in context of the Transaction.

 

11.3 Liquidation.
In the event of Liquidation, the Administrator shall have sole and absolute discretion to determine the effect of the Liquidation
on the outstanding unexercised, unvested or restricted portion of Awards, which may include the acceleration or cancelation of
all or a portion of the unexercised, unvested or restricted portion of the outstanding Awards.

 

    11

     

    

 

11.4 Cancelation
of Awards. In the event that the Administrator determines in its discretion that, in the context of a Transaction or Liquidation,
certain Awards have no monetary value and thus do not entitle the holders of such Awards to any consideration under the terms of
the Transaction or Liquidation, the Administrator may determine that such Awards shall terminate effective as of the effective
date of the Transaction, or upon determination of the Administrator in the event of Liquidation. Without limiting the generality
of the foregoing, the Administrator may provide for the termination of any Award, effective as of the effective date of the Transaction
or Liquidation, that has an exercise price that is greater than the per share Fair Market Value at the time of such Transaction
or Liquidation, without any consideration to the holder thereof.

 

11.5 Administrator’s
Authority.  The Administrator’s authority to make determinations, adjustments and clarifications in connection with the
treatment of Awards shall be interpreted as widely as possible, to allow the Administrator maximal power and flexibility to interpret
and implement the provisions of the Plan in the event of a recapitalization, Transaction or Liquidation, provided that the Administrator
shall determine in its discretion that a Participant’s vested rights are not thereby adversely affected without the Participant’s
express written consent. Without derogating from the generality of the foregoing, the Administrator shall have the authority, at
its sole discretion, to change the vesting schedule of Awards, accelerate Awards, and determine that the treatment of Awards, whether
vested or unvested, in a Transaction or Liquidation may differ among individual Participants or groups of Participants, provided
that the overall economic impact of the different approaches determined by the Administrator shall be substantively equivalent
as of the date of the closing of the Transaction or the effective date of Liquidation.

 

11.6 Distribution
of Dividends. In the event of distribution of dividends, in cash of in kind, to all shareholders of the Company (including
by way of court approved distribution pursuant to Section 303 of the Companies Law, or other applicable law), the exercise price
of outstanding Options not yet exercised on the date determining the right to receive such dividend shall be adjusted and reduced
by the gross dividend amount distributed by the Company per share (or its value in the event of dividend in kind). Other than the
adjustments in the exercise price detailed in this Section 10.4, the distribution of dividend by the Company, in cash of in kind,
will not affect the number of Shares covered by each outstanding Award and/or will not require the Company to make any other adjustments
with respect to Awards and or the Shares covered by each Award.

 

12.
Non-Transferability of Awards and Shares.

 

12.1 No Option
or Restricted Share Unit may be assigned, transferred, pledged or mortgaged, other than by will or by the laws of descent and distribution
or unless otherwise required under applicable law; and during the Participant’s lifetime, an Option may be exercised only
by such Participant.

 

12.2 The transfer
of Shares to be issued upon the exercise of the Options shall be limited as set forth in the Plan and as may be described in the
Award Agreement.

 

12.3 Restricted
Shares may not be assigned, transferred, pledged or mortgaged, other than by will or laws of descent and distribution, prior to
the date on which the date on which any applicable restriction, performance or deferred period lapses. Shares (including Restricted
Shares) for which full payment has not been made, if applicable, may not be assigned, transferred, pledged or mortgaged, other
than by will or laws of descent and distribution.

 

    12

     

    

 

12.4 For avoidance
of doubt, the foregoing shall not be deemed to restrict the transfer of a Participant’s rights in respect of Awards or Shares
(including Shares purchasable pursuant to the exercise of an Option or the vesting of a Restricted Share Unit), upon the death
of such Participant to such Participant’s estate or other successors by operation of law or will, whose rights therein shall
be governed by Section 10.1(d) hereof, and as may otherwise be determined by the Administrator, or as otherwise required under
applicable law.

 

13.
Term and Amendment of the Plan.

 

13.1 The Plan
shall expire on the date which is ten (10) years from the date of its adoption by the Board of Directors. To avoid doubt, the expiration
of the Plan will not affect the validity of Awards granted prior to such expiration date.

 

13.2 Notwithstanding
any other provision of the Plan, the Administrator may at any time, and from time to time, amend, in whole or in part, any or all
of the provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory
requirement), or suspend or terminate it entirely, retroactively or otherwise, or amend the terms
of any Award theretofore granted, prospectively or retroactively; provided, however, that, except (a) to correct obvious drafting
errors or as otherwise required by law or (b) as specifically provided herein, no such amendment, suspension, or termination of
the Plan, or amendment of any Award, or other action by the Administrator, shall reduce the rights of any Participant with respect
to vested Awards, without the Participant’s consent.

 

14.
Term of Option.

 

Unless otherwise
explicitly provided in an Award Agreement, if any Option, or any part thereof, has not been exercised and the Shares covered thereby
not paid for within ten (10) years after the date on which the Option was granted, as set forth in the Award Agreement (or any
other period set forth in the instrument granting such Option pursuant to Section 6), such Option, or such part thereof, and the
right to acquire such Shares shall terminate, all interests and rights of the Participant in and to the same shall expire, and,
in the event that in connection therewith any Shares are held in trust as aforesaid, such trust shall expire.

 

15.
Continuance of Engagement.

 

Neither the Plan
nor any grant of Shares or Awards to a Participant shall impose any obligation on the Company or any related company thereof, to
continue the employment or engagement of any Participant as a Service Provider, and nothing in the Plan or in any Award granted
pursuant thereto shall confer upon any Participant any right to continue to serve as a Service Provider of the Company or a related
company thereof or restrict the right of the Company or a related company thereof to terminate such employment or engagement at
any time.

 

16.
Application of Funds.

 

The proceeds received
by the Company from the sale of Shares pursuant to Awards granted under the Plan will be used for general corporate purposes of
the Company or any related company thereof.

 

    13

     

    

 

17.
Taxes.

 

17.1 Any tax
consequences arising from the grant, or vesting or exercise of any Award, from the payment for Shares covered thereby, or from
any other event or act (of the Company, and/or its affiliates, or the Participant), hereunder, shall be borne solely by the Participant.
The Company and/or its affiliates shall withhold taxes according to the requirements under the applicable laws, rules, and
regulations, including withholding taxes at source. Furthermore, the Participant shall agree to indemnify the Company and/or its
affiliates and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including
without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made
to the Participant. The Company or any of its affiliates may make such provisions and take such steps as it may deem necessary
or appropriate for the withholding of all taxes required by law to be withheld with respect to Awards granted under the Plan and
the exercise thereof, including, but not limited, to (i) deducting the amount so required to be withheld from any other amount
(or Shares issuable) then or thereafter to be provided to the Participant, including by deducting any such amount from a Participant’s
salary or other amounts payable to the Participant, to the maximum extent permitted under law and/or (ii) requiring the Participant
to pay to the Company or any of its affiliates the amount so required to be withheld as a condition of the issuance, delivery,
distribution or release of any Shares and/or (iii) by causing the exercise and sale of any Awards or Shares held by on behalf of
the Participant to cover such liability, up to the amount required to satisfy the statutory withholding requirements. In addition,
the Participant will be required to pay any amount due in excess of the tax withheld and transferred to the tax authorities, pursuant
to applicable tax laws, regulations and rules.

 

17.2 The receipt
of an Award and/or the acquisition of Shares issued upon the exercise of the Awards may result in tax consequences. The description
of tax consequences set forth in the Plan or any Appendix hereto does not purport to be complete, up to date or to take into account
any special circumstances relating to a Participant.

 

17.3 THE PARTICIPANT
IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING OR EXERCISING ANY AWARD IN LIGHT OF
HIS OR HER PARTICULAR CIRCUMSTANCES.

 

18.
Conditions Upon Issuance of Shares. 

 

18.1 Legal Compliance.
Shares shall not be issued pursuant to the exercise of an Option or with respect to any other Award unless the exercise of such
Option or grant of such Award and the issuance and delivery of such Shares shall comply with applicable laws and shall be further
subject to the approval of counsel for the Company with respect to such compliance. The inability of the Company to obtain authority
from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell
such Shares as to which such requisite authority shall not have been obtained.

 

    14

     

    

 

18.2 Investment
Representations. As a condition to the exercise of an Option or receipt of an Award, the Administrator may require the person
exercising such Option or receiving such Award to represent and warrant at the time of any such exercise or the time of receipt
of the Award that the Shares are being purchased only for investment and without any present intention to sell or distribute such
Shares, and make other representations as may be required under applicable securities laws if, in the opinion of counsel for the
Company, such representations are required, all in form and content specified by the Administrator.

 

18.3 Legend. The
Administrator may require each person receiving Shares pursuant to an Award granted under the Plan to represent to and agree with
the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof and such other securities
law related representations as the Administrator shall request. In addition to any legend required by the Plan, the certificates
for such Shares may include any legend which the Administrator deems appropriate to reflect any applicable restrictions on transfer.
All certificates for Shares delivered under the Plan shall be subject to such share transfer orders and other restrictions as the
Administrator may deem advisable under the rules, regulations and other requirements of any relevant securities authority, any
stock exchange upon which the Shares are then listed or any national securities association system upon whose system the Shares
are then quoted, any applicable securities law, and any applicable corporate law, and the Administrator may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions.

 

19.
Miscellaneous.

 

Whenever applicable in the Plan, the singular
and the plural, and the masculine, feminine and neuter shall be freely interchangeable, as the context requires. The Section headings
or titles shall not in any way control the construction of the language herein, such headings or titles having been inserted solely
for the purpose of simplified reference. Words such as “herein”, “hereof”, “hereto”, “hereinafter”,
“hereby”, and “hereinabove” when used in the Plan refer to the Plan as a whole, including any applicable
Appendices, unless otherwise required by context.

 

*           *           *

 

 

15Exhibit 4.15

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED BECAUSE SUCH INFORMATION (i) IS NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. EXCLUDED INFORMATION HAS BEEN MARKED AT THE APPROPRIATE PLACES AS FOLLOWS: [*****]

 

RESEARCH
AGREEMENT

 

This
Research Agreement (“Agreement”) is made and entered in Jerusalem as of May 12, 2019 (the “Effectivev
Date”), by and between Enlivex Therapeutics Ltd., a company duly incorporated under the laws of the State of
Israel having its registered office at 14 Einstein St. Ness-Ziona, Israel (the “Company”) AND:

 

Cell
Generation (C-G) Ltd. (Registration No. 515999373), a company duly incorporated under the laws of the State of Israel [*****],
Israel (the “C-G”),

 

Each
of the parties above may be referred to as “Party” or “Parties”

 

	Whereas:	The
                                         Company wishes that C-G, employing the services of Prof. Dror Mevorach, who shall serve
                                         as the principal investigator (the “Investigator”) carry out the Study,
                                         as defined below, in accordance with the Protocol, as defined below; AND
	 	 
	Whereas:	C-G
                                         agrees to carry out the Study, employing the services of the Investigator; AND
	 	 
	Whereas:	The
                                         Parties agree to comply with the terms specified in the Ministry Guidelines, as defined
                                         below, including without limitation Appendix 4 to the Guidelines and other applicable
                                         Israeli laws, rules and regulations;

 

NOW,
THEREFOR, the parties agree, declare and stipulate as follows:

 

		1.	THE
                                         PREAMBLE AND DEFINITIONS:

 

		1.1.	The
                                         Preamble to this Agreement and all its Schedules constitute an integral part thereof.
                                         The terms specified in the Preamble, which are defined hereinafter, shall be interpreted
                                         according to the meaning ascribed to them hereinafter.
	 	 	 
		1.2.	In
                                         addition to terms defined elsewhere in this Agreement or its Schedules, the following
                                         terms shall have the meaning ascribed to them hereinafter:

 

	The
    “Study”:	the
    clinical trial detailed in the Protocol.
	 	 
	The
    “Protocol”: 	the
    Study plan prepared by the Company numbered ENX- CL-00-001, titled [*****] attached to this Agreement as Schedule
    A as may be amended from time to time in accordance with the terms of this Agreement.
	 	 
	The
    “Study Staff”:	the
    personnel, designated by C-G for the performance of the Study.
	 	 
	The
    “Study Subjects”:	patients
    participating in the Study.
	 	 
	“MOH”:	the
    Israeli Ministry of Health.
	 	 
	“Ministry
    Guidelines”: 	the
    MOH Guidelines titled “Clinical Trials of Human Subjects” issued in February 2016 including all exhibits thereto,
    as may be amended from time to time or superseded by successor laws, rules, regulations or guidelines.
	 	 
	“Appendix
    4”: 	Appendix
    4 to the Ministry Guidelines titled “Warrants of the Sponsor”, attached to this Agreement as Schedule B.
	 	 
	“ICH-GCP”:
    	ICH
    Harmonised Tripartite Guideline for Good Clinical Practice 135/95, dated 17 July 1996.
	 	 
	“Helsinki
    Declaration”: 	World
    Medical Association Declaration of Helsinki entitled “Ethical Principles for Medical Research Involving Human Subjects”,
    as amended and modified from time to time.

 

Confidential

 

     

     

    

 

In
this Agreement, (including the Schedules hereto), “including”, “includes” means including,
without limiting the generality of any description preceding such terms.

 

		2.	PRE-CONDITION:

 

It
is a condition precedent to the validity of this Agreement that this Agreement shall come into effect only after approval is received
from the relevant Helsinki Committee (“EC”). The performance of the Study shall commence only after the Committee
approved the Study. Each of the Parties and the Investigator shall comply with all the requirements of the relevant EC and shall
execute such assurances and other documents as such EC may request to be executed thereby.

 

		3.	THE
                                         STUDY:

 

		3.1.	Compliance.
                                         C-G undertakes to perform the Study, employing the services of the Investigator,
                                         at the facilities of C-G, in compliance with the following: (1) the Study Protocol; (2)
                                         the Ministry Guidelines; (3) the instructions and terms specified in the EC’s approval;
                                         (4) the ICH-GCP; (5) the Helsinki Declaration; (6) any other applicable laws, rules,
                                         regulations, standards and guidelines regulating such studies which are applicable in
                                         Israel; and the (7) written instructions and prescriptions issued by the Company. Should
                                         any contradiction arise between the Ministry Guidelines and the Protocol or this Agreement,
                                         the Ministry Guidelines shall prevail.

 

		3.2.	Conduct.
                                         The Study will be conducted in a manner required of a reasonable and prudent clinical
                                         investigator(s) or physician(s). The Study shall be managed by the Investigator at C-G’s
                                         facilities. C-G shall ensure that only qualified and trained staff in the scope of Study
                                         activities will be allowed to participate in the performance of the Study. C-G, through
                                         the Investigator, may designate one or more members of the Study Staff as sub-investigator(s),
                                         subject to the prior written approval of the Company, which will not be unreasonably
                                         withheld, delayed or conditioned (each, a “Sub-investigator(s)”).
                                         C-G shall take reasonable steps to ensure that all members of the Study Staff (including
                                         any Sub-investigator) are informed of their obligations pursuant to this Agreement and
                                         shall be responsible for their performance hereunder and compliance with the terms of
                                         this Agreement.

 

		3.3.	Successor
                                         Investigator. In the event that the Investigator, shall be unable to conduct the
                                         Study, or shall cease to be available for the conduct of the Study and for the performance
                                         of the undertakings set forth in this Agreement, C-G shall use reasonable commercial
                                         efforts to appoint, within [*****] of the Investigator becoming unavailable as
                                         aforesaid, a successor investigator who is suitably qualified and whose identity shall
                                         be approved in advance by the Company, such approval not to be unreasonably withheld,
                                         delayed or conditioned (the “Successor Investigator”). Any Successor
                                         Investigator must agree to comply with the terms and conditions of this Agreement. Should
                                         C-G not be able to appoint such Successor Investigator within the said period, each of
                                         the Company and C-G shall be entitled to terminate this Agreement without further liability
                                         to either Party. In the event of such early termination, the Company shall pay C-G the
                                         agreed Remuneration, as defined below, for work already performed (as specified in Section
                                         9.5 below), and substantiated out-of-pocket costs arising from non-cancelable commitments
                                         and/or expenses incurred by C-G prior to such early termination with regard to the performance
                                         of this Agreement.

 

		3.4.	No
                                         warranty of results. For the removal of doubt, it is hereby clarified that nothing
                                         specified in this Agreement shall be construed as a warranty by C-G that the Study’s
                                         results shall be useful in any manner or commercially exploitable.

 

		3.5.	Informed
                                         Consent. C-G and the Investigator shall ensure that each and all of the Study Subjects
                                         (or their authorized legal representatives) shall have given their written informed consent
                                         to participate in the Study, prior to their participation in the Study. The Company and/or
                                         its designee shall provide the form of the informed consent to be used for the Study,
                                         which shall be subject to the approval of the relevant EC (“ICF”).
                                         In the case of modifications to the form of ICF, the Investigator shall provide the Company
                                         with an opportunity to review and approve the revised ICF. Without derogating from the
                                         generality of the foregoing, it is agreed that such informed consent shall be obtained:
                                         (i) in circumstances in which the prospective Study Subject (or his or her representative
                                         as aforesaid) is given reasonable and sufficient opportunity to consider whether or not
                                         to participate in the Study; and (ii) in compliance with all applicable laws, regulations,
                                         standards and guidelines.

 

Confidential

 

    2

     

    

 

		3.6.	Duty
                                         to Inform. C-G shall take all practicable steps to ensure that any person involved
                                         in the performance of the Study is informed of his or her obligations pursuant to this
                                         Agreement and agrees to abide by the terms of this Agreement.

 

		3.7.	Debarment.
                                         C-G and the Investigator represent and warrant that, neither they, nor, to the best
                                         of C-G’s knowledge any of the Study Staff, have ever been: (a) debarred, disqualified
                                         or banned from conducting clinical studies; or (b) threatened to be debarred or indicted
                                         for a crime or otherwise engaged in conduct for which a person can be debarred, disqualified
                                         or banned as aforesaid. C-G agrees to promptly notify the Company in writing in the event
                                         of any such debarment, threat or indictment occurring during the term of this Agreement.
                                         During the term of this Agreement, C-G agrees not to employ or otherwise engage any individual
                                         who will be performing any work under this Agreement who has been (i) debarred or (ii)
                                         convicted of a crime for which a person can be debarred.

 

		3.8.	Biological
                                         Samples. “Biological Samples” means blood, fluid, cells and/or
                                         tissue samples and tangible materials directly or indirectly derived from such samples,
                                         collected from Study Subjects. C-G and Investigator will collect and provide to Company
                                         Biological Samples obtained from Study Subjects as set forth in the Protocol, the ICF
                                         and as approved by the EC, for the purpose of performance of the Study. Company undertakes
                                         with respect to such Biological Samples provided to it, as follows: (i) the Biological
                                         Samples shall be used solely for the purposes expressly detailed in the Protocol, ICF
                                         and Committee approval; (ii) upon completion of Company’s research and development
                                         activities as described in the Protocol with respect to the Biological Samples, Company
                                         at its own cost and expense shall destruct and/or otherwise dispose of all unused Biological
                                         Samples; (iii) it shall not transfer and/or sell and/or lease to any third party and
                                         shall not otherwise commercialize the Biological Samples and/or any part thereof, and/or
                                         shall not allow any third party, other than its subcontractors who are bound by similar
                                         restrictions, to use or examine the Biological Samples, for whatever purpose. Company
                                         shall at all times retain the Biological Samples in a safe manner and shall take reasonable
                                         actions to protect the Biological Samples from unauthorized access or use, theft, and
                                         misuse. Company shall handle and use Biological Samples in compliance with all applicable
                                         Israeli laws, rules and regulations (including all Israeli Ministry of Health regulations
                                         and/or guidelines) pertaining to Biological Samples and the use thereof.

 

		3.9.	The
                                         Protocol. The Company reserves the right to amend the Protocol at any time, any such
                                         amendment submitted by the Company to be pre-approved in writing by C-G and the EC. C-G
                                         and the Study Staff shall not deviate from any aspect of the Protocol without the prior
                                         written consent of the Company, except where necessary to protect the safety or welfare
                                         of Study Subjects. In such event, the Investigator shall promptly notify the Company
                                         and its designee of such deviation and any requested changes to the ICF, which changes
                                         must be approved by the Company in advance.

 

		3.10.	No
                                         Conflict of Interest. Where the C-G is subject to professional and/or employment
                                         rules (such as conflicts of interest or ethics policies) established by C-G and/or others,
                                         C-G shall cause Investigator to represent that he shall comply fully with such rules,
                                         including, as applicable, obtaining any required approval(s) prior to initiating the
                                         research and making any required reports. C-G further represents no collateral benefit
                                         has been offered to it for participating in the Study, such as promises of gifts, future
                                         employment, or travel that is not related to the Study; and no gifts or other benefits
                                         have been offered to any of C-G employees’ family members. C-G agrees to promptly
                                         advise the Company in writing in the event any such conflicts of interest should arise
                                         during the term of this Agreement.

 

Confidential

 

    3

     

    

 

		3.11.	Company
                                         will provide for each subject (including Study Subject and C-G Recruitments (as defined
                                         below)), at Company’s expense, procedure-insurance, volunteer-personal payment
                                         and transportation.

 

		4.	ADVERSE
                                         EVENT:

 

		4.1.	In
                                         the event one or more of the Study Subjects sustain any adverse event related to the
                                         Study, the Investigator shall inform the EC and/or the authorized national health authorities.
                                         In the event one or more of the Study Subjects sustains any adverse event related to
                                         the Study, other than the expected adverse events that occur in leukaphersis, the Investigator
                                         shall inform the Company and/or the EC and/or the authorized national health authorities.
                                         The Investigator and C-G are also entitled to immediately cease the performance of the
                                         Study and report their decision to the Company.

 

		4.2.	In
                                         the case of any SAE or SUSAR, the Company will immediately take all measures at its disposal,
                                         to evaluate the risk to the other Study Subject and will instruct the Investigator which
                                         measures to take with regard to that risk and the Investigator and C-G shall provide
                                         the Company with all reasonable assistance and shall promptly take all measures as may
                                         reasonably be required by the Company with respect thereto.

 

		5.	CONFIDENTIALITY:

 

		5.1.	All
                                         information marked in writing by the Company as “confidential” and obtained
                                         by C-G, the Investigator and/or the Study Staff from or on behalf of the Company in connection
                                         with the Study (collectively “Confidential Information”) shall be
                                         treated as confidential both during the Study and for a period of [*****] following its
                                         expiration or termination for any reason. It is agreed that the Protocol and the Results
                                         and the Company IP (as such terms are defined below) shall be deemed to be Confidential
                                         Information (whether or not marked confidential). The Confidential Information shall
                                         not be disclosed to any third party without the prior written approval of the Company
                                         or be used other than for the activities and/or purposes of this Agreement. Each of C-G
                                         and the Investigator shall safeguard Confidential Information with the same degree of
                                         care that C-G maintains or protects its own confidential information, but in any event,
                                         no less than a reasonable degree of care. The foregoing obligations of non-disclosure
                                         and non-use shall not apply to the extent that such information (i) is, or becomes part
                                         of the public domain through no act or omission of the Investigator and or C-G and/or
                                         (ii) was lawfully obtained by C-G or by the Investigator from another source that is
                                         not bound by confidentiality obligations to the Company; (iii) was already known to C-G
                                         from a source that is not bound by any obligation of confidentiality, prior to the time
                                         of disclosure by the Company, as evidenced in written records at the time of disclosure;
                                         or (iv) was independently discovered or developed by C-G, outside the scope of this Agreement,
                                         without use of and/or reference to Confidential Information of the Company, as evidenced
                                         by written records.

 

		5.2.	Notwithstanding
                                         the foregoing, C-G and the Investigator may disclose Confidential Information: (i) to
                                         those of the Study Staff and C-G’s employees, agents or subcontractors who have
                                         a “need to know” such information for the performance of the Study and/or
                                         for the fulfillment of C-G’s obligations hereunder, provided that the aforementioned
                                         are legally bound by similar confidentiality and non-use obligations and further provided
                                         that C-G shall remain responsible for unauthorized disclosure and/or use of the Confidential
                                         Information by any such person and/or entity; or (ii) if such Confidential Information
                                         is required to be disclosed by any law, rule, regulation, court order, or by the MOH
                                         and any other competent authority, provided that C-G or the Investigator, as the
                                         case may be, promptly, in accordance with applicable law, notifies the Company thereof
                                         in order to enable the Company to seek an appropriate protective order or other reliable
                                         assurance that confidential treatment will be accorded to such information. In any event
                                         such disclosure shall be made to the minimum extent required.

 

Confidential

 

    4

     

    

 

		5.3.	At
                                         the request of the Company, C-G shall return to the Company, or destroy (at the Company’s
                                         election) all Confidential Information and all copies or other manifestations of Confidential
                                         Information in the possession or control of the Investigator, C-G and/or the Study
                                         Staff, except for documents and/or materials that C-G is required to retain pursuant
                                         to this Agreement and any applicable law or regulation.

 

		5.4.	Each
                                         of the Parties undertakes to comply with its respective obligations under all applicable
                                         laws, regulations and guidelines governing the confidentiality and privacy of all individually
                                         identifiable personal and health information, including the Patient’s Rights Law
                                         1996, the Israeli Protection of Privacy Law, 1981 and any regulations and rules promulgated
                                         under the foregoing, to the extent applicable to such Party. It is hereby agreed that
                                         neither C- G nor the Investigator shall release any details of the identity of Study
                                         Subjects and the Company undertakes that if, for any reason whatsoever, it should become
                                         privy to individually identifiable health information of any Study Subjects, it shall
                                         maintain such information confidential and may only use such information as permitted
                                         in the Study Subjects’ authorization or ICF and in accordance with applicable laws,
                                         regulations and guidelines as aforesaid.

 

		5.5.	In
                                         the event of violations or unauthorized disclosures by C-G, the Investigator or other
                                         Study Staff, notification must be given to the Company and the Committee promptly upon
                                         becoming aware thereof.

 

This
provision shall survive the termination of this Agreement for any reason whatsoever.

 

		6.	REPORTS
                                         AND RECORD KEEPING:

 

		6.1.	During
                                         the course of the Study, the Investigator shall meet with the representatives of the
                                         Company during normal working hours, and as reasonably required in order to report to
                                         the Company and to update the Company on an ongoing and continuous basis with respect
                                         to the performance of the Study. The Investigator shall provide the Company and/or its
                                         designee with properly completed electronic case report forms within 7 (seven) business
                                         days after each visit by a Study Subject.

 

		6.2.	Subject
                                         to Section 5.2 above, C-G agrees to permit representatives of the Company and/or its
                                         designee to examine its facilities and to examine all data, documents, records and work
                                         product relating to the Study procedures, in order to determine their adequacy, validate
                                         case reports against original data in its files and to monitor work performed to the
                                         extent relevant or necessary to ascertain compliance with the Protocol applicable laws
                                         and regulations and the terms of this Agreement. Such inspection shall be coordinated
                                         in advance with C-G, shall take place in times and dates mutually agreed upon and shall
                                         be conducted in a reasonable manner that shall, not unreasonably interfere with or disturb
                                         the work and activities being conducted by C-G.

 

		6.3.	C-G
                                         shall permit any regulatory authority access to its facilities and any Study related
                                         documents, records and data and to make copies of such documents, records and data. C-G
                                         and the Investigator shall cooperate with any such inspection. If permitted, the Investigator
                                         and/or C-G shall promptly notify the Company in writing if any regulatory authority schedules
                                         an inspection or, without scheduling, commences an inspection as aforesaid. To the extent
                                         permissible by the relevant regulatory authority, the Company and/or its designee shall
                                         be permitted to be present in such inspection to the extent relating to the Study. In
                                         addition Company shall be entitled to review and provide comments to any correspondence
                                         with or to a regulatory authority relating to the Study.

 

		6.4.	C-G
                                         and the Investigator shall take any reasonable action requested by the Company to cure
                                         deficiencies noted during an audit or inspection. C-G shall (and shall procure that the
                                         Investigator shall, where applicable): (i) prepare and maintain complete and accurate
                                         written records, accounts, notes, reports and data of the Study, including source data
                                         and case report forms (on case report forms supplied by the Company, and any correspondence
                                         with the EC, the MOH and any other regulatory authorities (collectively, “Study
                                         Records”) in accordance with the Protocol and applicable laws, regulations
                                         and guidelines; and (ii) retain all such Study Records after completion of the Study
                                         for such period as determined by any applicable law or regulation, which is 15 (fifteen)
                                         years according to the Ministry Guidelines. Upon termination of the said retention period,
                                         C-G shall transfer all such Study Records to the Company, or if so requested by the Company,
                                         destroy such Study Records. In no event shall any Study Records be discarded or destroyed
                                         without first notifying the Company and receiving its instructions.

 

Confidential

 

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		6.5.	Without
                                         derogating from the foregoing in Section 6.3 above, C-G shall notify and provide the
                                         Company with copies of any inquiries, correspondence or communications to or from any
                                         governmental or regulatory authority related to the Study within [*****] from dispatch
                                         and/or receipt thereof (as the case may be).

 

		7.	PUBLICATIONS

 

		7.1.	Notwithstanding
                                         Section 5 above (Confidentiality), publication of the Results (as defined below) in scientific
                                         literature is encouraged and the Investigator shall be entitled, consistent with accepted
                                         academic and/or scientific standards, to publish the Results in scientific journals,
                                         manuscripts or at scientific meetings, subject to the stipulations set forth herein (each,
                                         a “Publication”).

 

		7.2.	The
                                         Company reserves the right to review any paper written utilizing data generated from
                                         the Study prior to such paper’s presentation or submission for publication purposes.

 

		7.3.	C-G
                                         and/or Investigator, will ensure that, as required by accepted academic and/or scientific
                                         standards, each Publication will adequately acknowledge and appropriately reflect the
                                         contribution of the investigators, researchers and/or employees of each of the Company,
                                         C-G and/or the source of the information included therein, in accordance with customary
                                         scientific practice.

 

		7.4.	At
                                         least [*****] prior to submitting or presenting a manuscript or other materials relating
                                         to the Study to a publisher, reviewer, or at a scientific meeting, C-G shall provide
                                         the Company a copy of all such manuscripts and materials. The Company shall have the
                                         right, within [*****] to: (i) review and comment on any proposed Publication, and C-G
                                         and/or the Investigator (as the case may be) will give due consideration to the Company’s
                                         comments and make its/his/her best efforts to take them into account, but C-G and/or
                                         Investigator shall maintain the final editorial discretion with regard to the content
                                         of any such Publication; and/or (ii) object to the proposed Publication because it contains
                                         Confidential Information for which patent protection should be sought (prior to publication),
                                         or which should be held confidential. Upon the Company’s written request any Confidential
                                         Information shall be deleted from such Publication and/or the Publication will be withheld
                                         for an additional [*****], at the request of the Company, where the Company considers
                                         such delay necessary for the protection of its intellectual property rights.

 

		7.5.	Without
                                         derogating from the foregoing, C-G and the Investigator acknowledge that the Study is
                                         a part of a multi-center study and the Company wishes to publicize a joint publication
                                         which includes results of all sites, hence none of the Investigator, C-G, nor any member
                                         of the Study Staff shall publicize the Results before the first joint publication, unless
                                         such publication is not published within [*****] from the completion of the Study at
                                         all Study sites, unless permitted by the Company.

 

		7.6.	The
                                         Company undertakes, that should it publicize the Results, it shall publish them in full
                                         as required by applicable law, regulations and guidelines and avoid quoting matters out
                                         of context.

 

		8.	STUDY
                                         RESULTS, PROPRIETARY RIGHTS AND INVENTIONS:

 

		8.1.	Each
                                         of the Parties declares and covenants that it has all powers, rights and title required
                                         to enter into this Agreement and that to the best of its knowledge, there is no legal
                                         or contractual impediment preventing such Party from entering into this Agreement.

 

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		8.2.	With
                                         the exception of the Study Subject’s personal and confidential medical records,
                                         all rights, title and interest in and to the Confidential Information, as well as in
                                         and to all Study Records, and documents (including completed case report forms) and Study
                                         results generated from the Study (collectively, the “Results”) is
                                         and shall remain the sole and exclusive property of the Company and shall not be disclosed
                                         by C-G, Investigator and/or anyone on their behalf, to any third party without the prior
                                         written approval of the Company.

 

		8.3.	Any
                                         inventions, discoveries, improvements, developments, and know how (whether patentable
                                         or not) made, developed or conceived by C-G and/or Study Staff and/or representatives
                                         and/or agents alone or together with others, as a result of the work and/or activities
                                         performed during the course of the Study in accordance with the Protocol and/or relating
                                         to the Study and/or relating to Confidential Information of the Company, as well as all
                                         patent applications, patents, copyright and other intellectual property relating to any
                                         of the foregoing (“Company IP”) shall be promptly disclosed to the
                                         Company and shall become the Company’s sole and exclusive property. As between
                                         the Parties, all other inventions which do not constitute Company IP, developed by C-G
                                         and/or the Investigator and/or the Study Staff shall remain and/or become the property
                                         of C-G.

 

		8.4.	It
                                         is expressly agreed that neither Party, transfers by operation of this Agreement to the
                                         other Party hereto any patent right, copyright or other proprietary right which either
                                         Party hereto owns, except as specifically set forth herein. Nothing contained herein
                                         shall be deemed to grant the Investigator, C-G a license to use the Results and any Company
                                         IP (if any) for any purposes whatsoever except for the performance of the Study pursuant
                                         hereto, and/or pursuant to Section 8.5 below.

 

		8.5.	For
                                         the removal of doubt, nothing contained in this Agreement shall prevent C-G and/or the
                                         Investigator and/or the Study Staff from using the Results for internal non-commercial
                                         academic research or any other scholarly purposes only, both during the term of this
                                         Agreement and following its termination subject to the provisions of Section 5 above
                                         (Confidentiality) and Section 7 above (Publications) above.

 

		9.	TERM
                                         AND TERMINATION:

 

		9.1.	The
                                         term of this Agreement shall commence on the Effective Date until the Study is either
                                         completed according to the Study Protocol and submission of all reports, case report
                                         forms and other documentation required hereunder, or if earlier, until terminated by
                                         any of the Parties pursuant to this Section 9.

 

		9.2.	Either
                                         Party shall have the right to terminate this Agreement for any reason or without reason
                                         at any time upon [*****] prior written notice to the other Party, and in accordance with
                                         the terms of Sections 9.5 - 9.6 below.

 

		9.3.	Notwithstanding
                                         the foregoing, in the case of any suspicion of or the occurrence of an SAE, SUSAR and/or
                                         to protect the safety of the patients participating in the Study, and depending on EC
                                         written evaluation indicating such an action, the Company may terminate the Study and/or
                                         this Agreement immediately by written notice to C-G; or pursuant to Section 3.3 (Successor
                                         Investigator) above.

 

		9.4.	Without
                                         derogating from C-G’s rights according to any law, C-G reserves the right to terminate
                                         this Agreement, without further liability, in the case of the cancellation or expiration
                                         of the approvals specified in Section 2 above.

 

		9.5.	In
                                         the event such early termination of this Agreement for any reason, the Company shall
                                         pay C-G all the following payments: (i) the agreed Remuneration according to Schedule
                                         C, for work actually performed in accordance with this Agreement until the effective
                                         date of termination; and (ii) in the event of such early termination which is not due
                                         to a breach of this Agreement by C-G, the Company shall reimburse C-G for [*****], and
                                         (iii), the balance between the aggregate amount of Remuneration and the Advance (as defined
                                         below) (plus VAT) actually paid to C-G, and the amount of [*****], in consideration for
                                         any expenses incurred by C-G in preparation for the Study.

 

Confidential

 

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		9.6.	Subject
                                         to Section 9.5 above, upon termination of this Agreement for any reason, any unexpended
                                         funds previously paid by the Company shall be refunded to the Company.

 

		9.7.	Termination
                                         of the Study and/or this Agreement for any reason shall not affect any of the rights
                                         and obligations of the Company which shall have accrued prior to the effective date of
                                         the termination.

 

		9.8.	Upon
                                         termination of the Study and/or this Agreement for any reason (and in the case of termination
                                         prior to the completion of the Study, subject to any arrangements reached between the
                                         Parties with respect to the appropriate phase-out for Study Subjects):

 

		9.8.1.	C-G
                                         and the Investigator shall cease enrolling patients in the Study and shall cease conducting
                                         procedures on Study Subjects; and
	 	 	 
		9.8.2.	C-G
                                         shall deliver to the Company all Confidential Information and all copies or other manifestations
                                         of Confidential Information in the possession or control of the Investigator and/or C-G,
                                         except for documents and/or materials that C-G, is required to retain pursuant to Section
                                         6.4 above.

 

		10.	REMUNERATION:

 

		10.1.	In
                                         consideration for C-G’s fulfilment of its obligations hereunder and the performance
                                         of the Study, the Company shall pay C-G:

 

		10.1.1.	the
                                         total amount, [*****], for each complete individual collection (the “Collection
                                         Remuneration”);
	 	 	 
		10.1.2.	[*****]
                                         for each individual with a screening failure (the “Screening Remuneration”);
                                         and .
	 	 	 
		10.1.3.	It
                                         is specifically agreed that Company is able to handle at least [*****] Study Subject
                                         per week. In the event that C-G is required to recruit suitable Study Subjects (“C-G
                                         Recruitments”), so long as they comply with the requirements of this Agreement
                                         the Company will pay C-G an additional payment in the amount of [*****] for each Study
                                         Subject recruited by C-G (the “Recruitment Remuneration”).

 

All
as specified in the budget and payment schedule attached to this Agreement as Schedule C and constituting an integral
part hereof. The Collection Remuneration, the Screening Remuneration and the Recruitment Remuneration shall hereinafter be referred
to as the “Remuneration”.

 

		10.2.	Payment
                                         of the Remuneration shall be made within [*****] of receipt by the Company of a payment
                                         request issued by C-G, providing a breakdown of the number of Study Subjects, visits
                                         and activities performed and corresponding fees and costs, in accordance with the payment
                                         schedule in Schedule C. Within [*****] of the Effective Date, the Company
                                         shall pay C-G a non-refundable advance in the amount of ILS 430,000, plus VAT (the “Advance”).

 

		10.3.	C-G
                                         shall provide the Company with a receipt for each payment made by the Company.

 

		10.4.	For
                                         the removal of doubt, it is hereby clarified that the Remuneration set out in Schedule
                                         C hereto constitutes the sole consideration payable by the Company under this
                                         Agreement for the performance of the Study and is inclusive of all applicable taxes and
                                         overhead, excluding Value Added Tax. C-G shall be responsible for the allocation and
                                         distribution of the payments hereunder and the Company shall have no obligation in connection
                                         therewith, nor shall the Company be liable in any respect for such allocation or distribution
                                         to the Investigator, Sub-investigators or other Study Staff, or subcontractor of C-G.
                                         It is understood and agreed that no payment and/or reimbursement will be made by the
                                         Company for patients enrolled into the Study in violation of the Protocol, or for whom
                                         serious deviations from the Protocol are made.

 

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		10.5.	The
                                         Company shall deduct and withhold any withholding taxes or similar taxes required to
                                         be so deducted and withheld from any payment to C-G pursuant to this Agreement at the
                                         tax rate prescribed by applicable law, or at the reduced rate specified in any certificate
                                         (if any) furnished to the Company by C-G. The Company shall pay such taxes to the proper
                                         taxation authority and furnish C-G with a certificate or other evidence of the deduction
                                         and payment thereof.

 

		10.6.	The
                                         Company shall reimburse Study Subjects for all necessary costs of medical treatment required
                                         by any Study Subject for any illness or condition caused by the proper performance of
                                         any procedures required to be performed under the Protocol, provided that such
                                         procedure is performed in accordance with the Protocol and the terms of this Agreement
                                         and without gross negligence or willful misconduct, or failure to act on the part of
                                         C-G, the Study Staff or the Investigator (“Hospitalization Expenses”),
                                         provided, however, that such expenses are not covered and/or undertaken
                                         by any healthcare program or other insurance of the relevant Study Subjects. The Hospitalization
                                         expenses shall be paid by Company to the Study Subjects directly.

 

		11.	CLAIMS,
                                         LIABILITY AND INSURANCE:

 

		11.1.	The
                                         Company shall bear sole responsibility and bear any payment and/or compensation and/or
                                         liability for any damage whatsoever caused to any person, as a result of the performance
                                         of the Study in accordance with the Protocol, except and to the extent that such damage
                                         is attributable to any of the causes set out in Sections 11.2.1 and 11.2.2 below.

 

		11.2.	The
                                         Company shall indemnify and hold harmless, C-G, the Study Staff, the Investigator and
                                         their employees and/or agents and/or officers and/or representatives of C-G involved
                                         in the performance of the Study (collectively, the “Indemnified Parties”)
                                         from and against any and all claims, demands, causes of action and suits of whatsoever
                                         kind or nature based on damages claimed to have been caused as a result of the following:
                                         (i) the performance of the Study; (ii) the performance of any procedures prescribed in
                                         the Protocol and/or pertaining to the Study; and/or (iii) the use by the Company of the
                                         Results of the Study (the “Loss”). The above indemnity shall not apply
                                         where:

 

		11.2.1.	The
                                         Loss was caused as a result of the gross negligent or wrongful act or omission, malfeasance
                                         or willful misconduct of C-G, the Investigator and/or any member of the Study Staff and/or
                                         any other Indemnified Party involved in the performance of the Study.
	 	 	 
		11.2.2.	The
                                         Loss was caused as a result of a failure, by C-G, the Investigator, any member of the
                                         Study Staff and/or any other Indemnified Party or anyone in their behalf, to comply with
                                         the terms of this Agreement and/or the Protocol and/or with any applicable laws, regulations,
                                         guidelines or other governmental requirement.

 

		11.3.	The
                                         Company shall pay all reasonable expenses associated with any proceedings taking place
                                         as a result of a complaint and/or legal claim submitted by any person in respect of any
                                         Loss in respect of which the Company is obligated to indemnify the Indemnified Parties
                                         pursuant to Section 11.2 above.

 

		11.4.	In
                                         the event of any complaint and/or legal claim for which indemnification is sought under
                                         Section 11.2:

 

		11.4.1.	C-G
                                         undertakes to notify the Company in writing [*****] business days from the day C-G, and/or
                                         the Investigator acquired such knowledge, of any claim, or injury relating to the Study
                                         in respect of which indemnification may be sought pursuant to Section 11.2 above;
	 	 	 
		11.4.2.	the
                                         Indemnified Parties shall cooperate with Company in the investigation and defense of
                                         any such claim or suit relating to the Loss and shall not settle any such claim or suit
                                         without the prior written consent of the Company;
	 	 	 
		11.4.3.	the
                                         Company shall have the exclusive right to control the defense and/or settlement of any
                                         such claim or suit, including without limitation the right to select defense counsel,
                                         provided that the Company shall not agree to any settlement or consent judgment
                                         which requires an admission of liability or wrongdoing by an Indemnified Party or that
                                         imposes any restrictions or obligations on the part of any Indemnified Party, without
                                         the consent of such Indemnified Party (such consent and approval not to be unreasonably
                                         withheld, conditioned or delayed). The Indemnified Parties shall be entitled, at their
                                         sole discretion, to select and obtain representation by separate legal counsel, at their
                                         sole cost.

 

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		11.5.	Without
                                         derogating from its liabilities stated above, the Company shall at its own expense purchase
                                         and maintain a Clinical Trial Insurance policy to insure its legal liability pursuant
                                         to this Agreement, including this Section 11 acquiring an on claims made basis –
                                         for the period of this Agreement plus an additional extended reporting period until the
                                         statute of limitations term of any Loss have elapsed according to the Israeli Statute
                                         of Limitations Law and up to 7 years. Such insurance shall be in reasonable amounts which
                                         shall not be less than [*****] and on reasonable terms in the circumstances, having regard,
                                         in particular, to the nature of the Study and the requirements set forth in the MOH Guidelines.
                                         The named insured under such insurance shall be the Company, C-G and shall include the
                                         Investigator and the other Indemnified Parties, in accordance with and subject to the
                                         MOH Guidelines. The policy or policies so issued shall include a “cross-liability”
                                         provision pursuant to which the insurance is deemed to be separate insurance for each
                                         named insured (without right of subrogation as against any of the insured under the policy,
                                         or any of their representatives, employees, officers, directors or anyone in their name)
                                         and shall further provide that the insurer will be obliged to notify C-G in writing at
                                         least [*****] in advance of the expiry or cancellation of the policy or policies.

 

This
Section 11 shall survive the termination of this Agreement and remain in full force and effect.

 

		12.	LIMITATION
                                         OF LIABILITY:

 

NOTWITHSTANDING
ANYTHING ELSE TO THE CONTRARY IN THIS AGREEMENT, HOWEVER WITHOUT DEROGATING IN ANY WAY FROM COMPANY’S INDEMNITY OBLIGATIONS
OR FOR LIBAILITY RESULTING FORM BERACH OF SECTION 5 (CONFIDENTIALITY) ABOVE, NITHER OF THE PARTIES SHALL BE LIABLE TO THE OTHER
PARTY FOR LOSS OF PROFITS, FOR LOSS OF CONTRACTS, LOSS OF GOODWILL OR OTHER SPECIAL, INDIRECT OR CONSEQUENTIAL LOSS WHETHER ARISING
FROM NEGLIGENCE, BREACH OF CONTRACT OR HOWSOEVER ARISING IN CONNECTION WITH THIS AGREEMENT.

 

		13.	LAW
                                         AND VENUE:

 

Any
dispute between the Parties, including its breach and/or its implementation and/or its termination, shall be decided exclusively
by the competent court of law in Tel-Aviv-Jaffa, Israel which shall have exclusive jurisdiction and the law that shall apply shall
be the statutes and laws of the State of Israel.

 

		14.	SHARE
                                         HOLDINGS, PURCHASE OPTION:

 

		14.1.	C-G
                                         hereby represents and warrants that as of the Effective Date, the issued and outstanding
                                         share capital of the Company is owned by the Investigator .

 

		14.2.	C-G
                                         shall not issue any of its equity, directly or indeirectly (including stock, options,
                                         warrants, convertible securities) without prior consent of the Company, such consent
                                         not to be unreasonably withheld, delayed or conditioned.

 

		14.3.	C-G
                                         shall take all necessary steps so as to ensrue that the Investigator shall, without prior
                                         consent of the Company, such consent not to be unreasonably withheld, delayed or conditioned
                                         transfer any of its C-G shares, other than to family members,.

 

		14.4.	The
                                         Company shall have the option to acquire all of the outstansding shares of C-G. The exercise
                                         price of the option shall be defined in good faith by an appraiser acceptable to both
                                         parties. The option could be exercised starting on the [*****] of this Agreement, and
                                         any extension thereof.

 

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		15.	MISCELLANEOUS:

 

		15.1.	Superiority.
                                         Should any contradiction arise between the provisions of this Agreement and any of
                                         its Schedules, including the Protocol, the payment schedule and/or any other document
                                         executed in connection with this Agreement, save for Appendix 4 and for the Study Protocol
                                         which shall govern with respect to the medical and clinical aspects of the conduct of
                                         the Study, the provisions of this Agreement shall prevail.

 

		15.2.	Non
                                         employment; Relationship of the Parties. For the purpose of this Agreement, C-G and/or
                                         the Study Staff and/or the Investigator shall be deemed an independent contractor and
                                         shall not be considered a partner, agent, employee or representative of the Company.
                                         Neither C-G and/or any Study Staff member shall have the power to act for, bind the other
                                         or incur obligations on the Company’s behalf without the Company’s prior
                                         written consent.

 

		15.3.	Good
                                         Faith. Both Parties shall be under a duty to act in good faith in the performance
                                         and enforcement of this Agreement.

 

		15.4.	Publicity.
                                         C-G, the Investigator and any Sub-investigator(s), Study Staff, support staff, employees
                                         and/or agents of C-G, shall not issue, publish or disseminate or cause to be issued,
                                         published or disseminated any press release or public communication relating to this
                                         Agreement, the Study or any of the transactions contemplated herein or use the name or
                                         any trademark, logo or otherwise refer to the Company or any affiliate of the Company
                                         without the prior written consent of the Company. C-G and the Investigator shall refer
                                         all inquiries from reporters, financial analysts or others, regarding this Agreement,
                                         the Study or any of the transactions contemplated herein, to the Company without comment
                                         except in such manner as may be approved in advance by the Company in writing.

 

		15.5.	Continuing
                                         Obligations. The rights and obligations of each of the Parties hereto under any provision
                                         of this Agreement, which is expressly or by implication intended to survive beyond the
                                         term of this Agreement, including but not limited to the provisions of Section 7 (Publication),
                                         Section 5 (Confidentiality), Section 11 (Claims, Liability and Insurance), Section 8
                                         (Study Results, Proprietary Rights and Inventions and the provisions of Sections 3.8,
                                         4, 6, 9, 10, 11, 12, 13 and 14, shall survive the expiration or termination of this Agreement
                                         for any reason.

 

		15.6.	Notices.
                                         Except as otherwise provided in this Agreement, all notices permitted or required
                                         by this Agreement shall be made in writing and shall be deemed to have been duly served
                                         (i) upon personal delivery (ii) upon transmission by facsimile or electronic mail (receipt
                                         of which has been orally confirmed by the recipient) except that any notice of termination
                                         sent by electronic mail shall also be sent in any other manner set out herein, or (iii)
                                         Seven (7) business days after deposit, postage prepaid, return receipt requested, if
                                         sent by registered mail and addressed to the address of the Parties set out below or
                                         in accordance with such other address information as the Party to receive notice may
                                         provide in writing to the other Parties in accordance with the above notice provisions.
                                         Any notice given by any other method will be deemed to have been duly served upon receipt
                                         thereof.

 

If
to the Company:

Enlivex
Therapeutics Ltd.

14
Einstein st, POB 4002 Ness-Ziona, 7414001, Israel Attention :Clinical Operations

Email
: info@enlivexpharm.com

Attention
: Shmulik Hess

 

If
to C-G: Cell-Generation, Ltd.

[*****]

[*****]

Email:
[*****]

Attention:
Dror Mevorach, MD

 

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		15.7. 	Assignment.
                                         This Agreement is personal to the Parties and may not be assigned without the prior
                                         written consent of the other Party. Notwithstanding the above, (i) C-G shall be entitled
                                         to assign its rights and obligations hereunder to any legal entity established in connection
                                         with or for the benefit of C-G provided that such entity undertakes in writing
                                         to be bound by all the terms and conditions of this Agreement; and (ii) the Company shall
                                         be entitled to assign its rights and obligations hereunder to any of its affiliates or
                                         to any third party in connection with the sale of all or substantially all of its securities
                                         or assets, with written notice to C-G, and provided that such assignee undertakes
                                         in writing to be bound by all of the obligations of the Company hereunder.

 

This
Agreement shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns

 

		15.8. 	Subcontracting.
                                         C-G shall not subcontract any service described in this Agreement or any of its obligations
                                         hereunder to another entity without the Company’s prior written approval and, in
                                         the event of such subcontracting, C-G shall remain responsible for the performance of
                                         all of its obligations under this Agreement and for any non-performance of any such obligations
                                         by it and/or any such subcontractor. The Company shall be entitled to perform any of
                                         its responsibilities hereunder through subcontractors, it being agreed however that the
                                         Company shall remain responsible for the performance of such subcontractors vis-à-vis
                                         C-G.

 

		15.9. 	Captions.
                                         Any paragraph or other captions are inserted for convenience only and shall not be
                                         considered a part of or affect the interpretation or construction of any of the provisions
                                         of this Agreement.

 

		15.10. 	Waivers.
                                         No course of dealing in respect of, nor any omission or delay in the exercise of,
                                         any right, power, or privilege by either Party shall operate as a waiver thereof, nor
                                         shall any single or partial exercise thereof preclude any further or other exercise thereof
                                         or of any other, as each such right, power, or privilege may be exercised either independently
                                         or concurrently with others and as often and in such order as each Party may deem expedient.

 

		15.11. 	Entire
                                         Agreement; Amendments. This Agreement, including, without limitation, its Schedules,
                                         contains the entire agreement of the Parties with respect to its subject matter. No oral
                                         or prior written statements or representations not incorporated herein shall have any
                                         force or effect, nor shall any part of this Agreement be amended, supplemented, waived
                                         or otherwise modified except in a writing signed by both Parties.

 

		15.12. 	Severability.
                                         If any provision of this Agreement is determined by a court of competent jurisdiction
                                         to be invalid, illegal, or unenforceable the Parties shall negotiate in good faith the
                                         terms of an alternative legal provision which achieves, to the greatest extent possible,
                                         the same effect as the original provision and the balance of this Agreement shall be
                                         interpreted as if such provision were so modified.

 

		15.13. 	Counterparts.
                                         This Agreement may be executed in any number of counterparts (including counterparts
                                         transmitted by facsimile), each of which shall be deemed to be an original, but all of
                                         which taken together shall be deemed to be an original, but all of which taken together
                                         shall be deemed to constitute one and the same instrument.

 

[Signature
page follows]

 

Confidential

 

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[Signature
page of Research Agreement]

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed and each of the undersigned hereby warrants
and represents that he or she has been and is, on the Effective Date , duly authorized by all necessary and appropriate action
to execute this Agreement.

 

	Cell
    Generation (C-G) Ltd.:	 	Enlivex
    Therapeutics Ltd.:
	 	 	 
	By:
    	/s/ Dror Mevorach	 	By:	/s/
    Shmulik Hess
	Name: 
    	Dror Mevorach,
    CSO	 	Name: 	Shmulik Hess,
    CEO

 

I
the undersigned, Professor Dror Mevorach, hereby declare and confirm that I have read and understood the Agreement, I agree to
be appointed as the Investigator for the Study on behalf of C-G, and I undertake to comply with all the conditions, provisions,
instructions and stipulations of the Agreement and shall refrain from any act or omission that may constitute or give rise to
a breach of the Agreement..

 

______________

The Investigator

 

Schedules:

 

Schedule
A - The Protocol

Schedule
B - Appendix 4 to the Ministry Guidelines entitled “Warrants of the Sponsor”

Schedule
C - Remuneration

 

Confidential

 

    13

     

    

 

 Schedule
C:

Remuneration

 

[*****]

 

 

 

14

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